Document:

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                                                                    EXHIBIT 10.9

                           PETROCHEMNET HOLDINGS, INC.

                              EMPLOYMENT AGREEMENT

     This Employment Agreement (this "Agreement") is made this 1st day of May,
1999 by and between PetroChemNet Holdings, Inc., a Delaware corporation (the
"Employer"), and Karen Morgan (the "Employee").

                                   WITNESSETH:

     WHEREAS, the Employer desires to employ the Employee and to enter into an
agreement embodying the terms of such employment; and

     WHEREAS, the Employee desires to enter into this Agreement and to accept
such employment, subject to the terms and provisions of this Agreement.

     NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein and for other good and valuable consideration, the receipt of
which is mutually acknowledged, the Employer and the Employee, intending to be
legally bound, hereby agree as follows:

                                   ARTICLE 1.

                               TERM OF EMPLOYMENT

     Section 1.1. Specified Period.

     Employer hereby employs Employee, and Employee hereby accepts employment
with Employer for the period beginning on May 1, 1999 and ending on April 30,
2001, subject to earlier termination as provided in Article 6.

     Section 1.2. Automatic Renewal.

     After April 30, 2001, this Agreement shall be renewed automatically for
succeeding terms of one year each, subject to earlier termination as provided in
Article 6, unless one party gives notice to the other at least ninety (90) days
prior to the expiration of any term of her or its intention not to renew.

     Section 1.3. "Employment Term" Defined.

     As used herein, the phrase "Employment Term" refers to the entire period of
employment of Employee by Employer hereunder, whether for the period(s) provided
above, or whether terminated earlier as hereinafter provided or extended by
mutual agreement between Employer and Employee.

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                                   ARTICLE 2.

                       DUTIES AND OBLIGATIONS OF EMPLOYEE

     Section 2.1. General Duties.

     Employee shall serve as Executive Vice-President and Chief Operating
Officer of Employer. In such capacity, Employee shall do and perform all
services, acts or things in accordance with the policies set by the Board of
Directors of Employer. Employee shall perform such services in Stamford,
Connecticut, unless otherwise directed by Employer.

     In addition, during the Employment Term, Employee shall be afforded
observation rights for all meetings of the Employer's Board of Directors.

     Section 2.2. Devotion to Employer's Business.

          a) During the Employment Term, Employee shall devote her time and
attention to the business of Employer during normal business hours and for such
additional amounts of time as are customary in the performance of her duties and
responsibilities or as is further required by the Board of Directors of
Employer. However, the expenditure of reasonable amounts of time for education,
charitable or professional activities, service on the Board of Directors in any
corporation or other business entity, and/or management of personal investments
and business affairs shall not be deemed a breach of this Agreement if those
activities do not materially interfere with the services required under this
Agreement or create a conflict of interest with Employer.

          Section 2.3. Confidential Information; Tangible Property; Competitive
Activities.

               a) During the Employment Term and for a period of two years
thereafter, Employee shall hold in confidence and not use or disclose to any
person or entity without the express written authorization of Employer any
Confidential Information of Employer. For purposes of this Section 2.3,
"Employer" shall include all corporations and entities controlled by,
controlling or under common control with, Employer, and "control" shall mean
beneficial ownership of greater than fifty percent (50%) of the voting power of
the corporation or entity. Information and materials received in confidence from
third parties by Employee are included within the meaning of the phrase
"Confidential Information of Employer" as used in this Section. If any
Confidential Information of Employer described in this Section is sought by
legal process, Employee shall promptly notify Employer and will cooperate with
Employer in preserving its confidentiality in connection with any legal
proceeding.

               b) The parties hereto hereby stipulate that the following
information and materials ("Confidential Information of Employer") is important,
material and has independent economic value (actual or potential) from not being
generally known to others who could obtain economic value from its disclosure or
use and constitutes confidential trade secrets that affect the successful
conduct of Employer's business and its goodwill and that any material breach of
any term of this Section 2.3 is a material breach of this Agreement:

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               (I) All software in any media used by the Employer (other than
     publicly available information relating to off-the-shelf software used by
     the Employer) and all components thereof, including any and all proprietary
     routines and subroutines, communications protocols, interfaces and
     linkages, all computer code, including all object code, all source code,
     all manuals and other documentation relating thereto;

               (II) The names, buying habits and practices of Employer's
     existing customers or prospects;

               (III) Employee's business, marketing, merchandising and sales
     methods, plans, techniques and related data;

               (IV) Employer's vendors and suppliers and the contents of
     agreements with such vendors and suppliers including discounts, payment
     terms and credit extended to Employer;

               (V) Costs of services and materials;

               (VI) The prices Employer obtains or has obtained or for which it
     sells or has sold its products or services;

               (VII) Manufacturing and sales costs; Employer's proprietary
     manufacturing processes, information processes, and technical plans;

               (VIII) Compensation paid to employees of Employer or other terms
     of employment;

               (IX) Employer's past and projected sales volume, profit, profit
     margins and other financial information concerning Employer;

               (X) Proposed new products or services;

               (XI) Enhancements of existing products or services;

               (XII) The existence of and contents of contracts and licenses;

               (XIII) Any additional proprietary or confidential information or
     materials resulting from or part of any task assigned to Employee or work
     performed by Employee, during the Employment Term; and

               (XIV) Any additional information or materials deemed by Employer
     to be confidential by marking or stamping "Confidential" or similar words
     on the cover of such information or materials, by advising Employee orally
     or in writing that certain information is confidential or by generally
     treating such information in such a manner that Employee should reasonably
     believe it to be deemed confidential by Employer.

          Employee's obligations under this Section 2.3 shall not apply to (i)
information which Employee can demonstrate is or has become generally known
other than through

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Employee's act in violation of this Agreement and (ii) information which
Employee can demonstrate was lawfully acquired by Employee prior to employment
from sources other than Employer.

          c) All manuals, reports, files, memoranda, models, samples, tools,
machinery, equipment, notes, books, computer hardware, computer software (in
both source and object code form), correspondence, drawings, data and other
written, graphical or electromagnetic records or documentation relating to any
of the products or services of Employer or containing Confidential Information
of Employer which Employee shall prepare, use, construct, observe, possess, or
control shall be and shall remain the sole property of Employer and shall be
returned to Employer immediately upon termination of employment, and Employee
further agrees to return to Employer promptly any such materials which turn up
in Employee's possession subsequent to her termination of employment.

          d) Employee shall not (i) during the Employment Term and (ii) for a
one year period immediately following the termination of Employee's employment
with Employer for any reason, or no reason, directly or indirectly, perform any
services for any person or entity engaged in any business that competes directly
with the products and services provided or sold (whether existing or under
development) on the date of termination of Employee's employment with the
Employer, including without limitation, any person or entity engaged in the
business of spot market trading of petroleum-based chemical products on an
internet based trading platform, but excluding third party services remarketed
or resold by the Employer without the addition of substantial value by the
Employer (collectively, the "Business"); or, without limiting the generality of
the foregoing, be or become or agree to be or become, interested in or
associated with, in any capacity (whether as a partner, shareholder, owner,
officer, director, employee, principal, agent, creditor, trustee, consultant,
co-venturer or otherwise) any individual, corporation, firm, association,
partnership, joint venture or other business entity that competes directly with
the Business (collectively, the "Prohibited Competition"); provided, however,
that nothing contained herein shall prohibit Employee from (i) investing in the
securities of a publicly held company so long as Employee does not perform
services for or otherwise assist such company in the conduct of its business, or
(ii) performing services for a person or entity that competes with the Business
so long as Employee's own services do not compete with the Business, whether
directly or indirectly. Notwithstanding the foregoing, if the Employer fails to
pay Employee any amount required by Section 7.3 or Section 7.4, as applicable,
and such payment remains due for a period of three (3) months, Employee may
engage in Prohibited Competition; provided, that, if Employee engages in such
Prohibited Competition, Employer shall have no obligation to pay Employee the
severance payments set forth in Section 7.3(a) or Section 7.4(a), as applicable,
from and after the date Employee commences the Prohibited Competition.

          e) During the Employment Term, Employee shall not, directly or
indirectly, undertake planning for or organization of any business activity
competitive with Employer's Business, or combine or conspire with other
employees or representatives of Employer for the purpose of organizing any
activity competitive with the Business.

          f) Employee agrees that during the Employment Term and for one (1)
year thereafter, she will not directly or indirectly, or by action in concert
with others, induce or

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influence (or seek to induce or influence) any person who is engaged (as an
employee, agent, independent contractor, or otherwise) by Employer to terminate
her employment or engagement with Employer.

          g) Covenants of this Section 2.3 shall be construed as separate
covenants covering their subject matter in each of the separate counties and
states in the United States in which Employer transacts its business. To the
extent that any covenant shall be judicially unenforceable in any one or more of
said counties or states, said covenant shall not be affected with respect to
each other county and state; each covenant with respect to each county and state
being construed as severable and independent.

          h) Employee hereby covenants and represents that she will not at any
time during the Employment Term, in any fashion, form or manner, directly or
indirectly, use or divulge, disclose or communicate to Employer or any
independent contractors, representatives, or other agents of Employer, any
confidential information belonging to others. Employee hereby represents that to
the best of Employee's knowledge, the performance of Employee's duties with
Employer will not require the disclosure of any such confidential information.
Employee covenants and agrees that in the event the loyal and complete
performance of her duties hereunder would, in her opinion, require disclosure of
any such confidential information, Employee shall immediately report such belief
in writing to Employer. Employee represents and warrants that Employee is free
to enter into this Agreement and to perform each of the terms and covenants of
it.

     Section 2.4. Inventions And Original Works.

          a) Employee agrees that she will promptly make full written disclosure
to Employer, will hold in trust for the sole right and benefit of Employer, and
hereby assigns to Employer, all of her right, title and interest in and to any
and all inventions (and patent rights with respect thereto), original works of
authorship (including all copyrights with respect thereto), developments,
discoveries, computer software, operating methods, improvements or trade secrets
which Employee may solely or jointly conceive or develop or reduce to practice,
or cause to be conceived or developed or reduced to practice, during the course
of performing her duties under this Agreement.

          b) Employee acknowledges that all original works of authorship which
are made by him (solely or jointly with others) within the scope of her duties
under this Agreement and which are protected by copyrights are "works made for
hire," as that term is defined in the United States Copyright Act (17 U.S.C.A.,
Section 101, et seq.) and that Employee is an employee as defined under that
Act. Employee further agrees from time to time to execute written transfers to
Employer of ownership of specific original works of authorship (and all
copyrights therein) made by Employee (solely or jointly with others) which may,
despite the preceding sentence, be deemed by a court of law not to be "works
made for hire" in such form as is acceptable to Employer in its reasonable
discretion.

          c) Sections 2.4(a) and (b) shall not apply, however, to inventions,
original works of authorship, developments, discoveries, computer software,
operating methods, improvements or trade secrets which are outside the scope of
the Business, which do not create a

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conflict of interest with Employer, and which do not materially interfere with
the services required under this Agreement.

     Section 2.5. Maintenance of Records.

     Employee agrees to use commercially reasonable efforts to keep and maintain
adequate and current written records of all inventions, original works of
authorship, and trade secrets developed or made by him (solely or jointly with
others) during the Employment Term. The records will be in the form of notes,
sketches, drawings and other formats that may be specified by Employer. The
records will be available to and remain the sole property of Employer at all
times.

     Section 2.6. Obtaining Letters Patent and Copyright Registration.

     a) Employee agrees to assist Employer to obtain United States or foreign
letters patent, and copyright registrations (as well as any transfers of
ownership thereof) covering inventions and original works of authorship assigned
hereunder to Employer. Such obligation shall continue beyond the termination of
this Agreement, but Employer shall compensate Employee at a reasonable rate no
less than the Employee's then current salary, whether with Employer or another
entity for time actually spent by Employee at Employer's request on such
assistance after such termination.

     b) If Employer is unable for any reason whatsoever, including Employee's
mental or physical incapacity, to secure Employee's signature to apply for or to
pursue any application for any United States or foreign letters patent or
copyright registrations (or any document transferring ownership thereof)
covering inventions or original works of authorship assigned to Employer under
this Agreement, Employee hereby irrevocably designates and appoints Employer and
its duly authorized officers and agents as Employee's agent and attorney-in-fact
to act for and in her behalf and stead to execute and file any such applications
and documents and to do all other lawfully permitted acts to further the
prosecution and issuance of letters, patent or copyright registrations or
transfers thereof with the same legal force and effect as if executed by
Employee. This appointment is coupled with an interest in and to the inventions
and works of authorship and shall survive Employee's death or disability.
Employee hereby waives and quitclaims to Employer any and all claims (past and
present) of any nature whatsoever which Employee now or may hereafter have for
infringement of any patents or copyrights resulting from or relating to an such
application for letters patent or copyright registrations assigned hereunder to
Employer.

                                   ARTICLE 3.

                             OBLIGATIONS OF EMPLOYER

     Section 3.1. General Description.

     Employer shall provide Employee with the compensation, incentives and
benefits specified elsewhere in this Agreement.

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                                   ARTICLE 4.

                            COMPENSATION OF EMPLOYEE

     Section 4.1. Annual Salary.

          a) As compensation for her services hereunder, Employee shall be paid
a salary at the rate of $175,000 per year (the "Base Salary") from May 1, 1999.
The Base Salary shall be due and payable in equal installments, not less
frequently than twice monthly.

          b) Employee shall receive additional increases in Base Salary during
the term of this Agreement as may be determined by Employer in its sole
discretion from time to time, but Employer shall not decrease the Base Salary
set forth in Section 4.1(a) except with Employee's consent.

          c) Not later than June 21, 1999, Employer shall grant Employee,
effective as of May 1, 1999, options to purchase an aggregate of 266,316 shares
of Common Stock, par value $.01 per share, of Employer (collectively, the
"Options") pursuant to Employer's 1999 Stock Plan (the "Plan"). An agreement
between the Employer and Employee granting the Options (the "Option Agreement")
shall provide the following terms; provided, that to the extent the terms set
forth herein conflict with the the terms of the Option Agreement, the terms
herein shall prevail: The exercise price for the Options shall be the fair
market value of the Common Stock on the date of grant. The Options shall have a
ten-year term and shall be immediately exercisable. The shares purchased under
the Options (the "Option Shares") shall be subject to repurchase by the Employer
at the exercise price; provided, however, that the repurchase right of the
Employer shall expire in installments over a four-year period as follows: (i)
with respect to the first 25% of the shares of Common Stock subject to the
Options, the Option Shares shall be released from the repurchase right quarterly
in equal installments during the one-year period commencing on the date of grant
and ending on the first anniversary of the date of grant and (ii) with respect
to the remaining 75% of the shares of Common Stock subject to the Options, the
Option Shares shall be released from the repurchase right monthly in equal
installments for the remaining thirty-six months thereafter.

          d) During the Employment Term, in addition to the Base Salary set
forth in Section 4.1(a), the Employee shall be eligible to receive a performance
based cash bonus with a target rate of 50% of the Base Salary per annum for each
fiscal year in the Employment Term. The amount of the bonus payment payable to
the Employee under this Section 4.1(d), if any, shall be determined by the
Compensation Committee of the Board of Directors of Employer in a manner
consistent with the bonus determinations applicable to the other executive and
senior management employees of Employer.

          e) Subject to approval of the agreement by the Employer's
stockholders, the Employee shall be eligible to participate in a Management
Incentive Agreement, substantially in the form attached hereto as Exhibit A.

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          f) In addition to the Base Salary set forth in Section 4.1(a) and the
performance based cash bonus set forth in Section 4.1(d), Employee shall receive
a bonus of $50,000 upon execution of this Agreement.

     Section 4.2. Tax Withholding.

     Employer shall have the right to deduct or withhold from the compensation
due to Employee hereunder any and all sums required for federal income and
social security taxes and all state or local taxes now applicable or that may be
enacted and become applicable in the future.

                                   ARTICLE 5.

                                EMPLOYEE BENEFITS

     Section 5.1. Annual Vacation.

     From the date hereof until the first anniversary of Employee's employment
with Employer, Employee shall accrue paid vacation in equal installments on a
monthly basis up to a maximum of three (3) weeks of paid vacation for such year.
Thereafter, Employee shall accrue paid vacation in equal installments on a
monthly basis for each year in the Employment Term up to a maximum of four (4)
weeks of paid vacation for each such year. Notwithstanding the foregoing, if in
any such year, the full number of vacation days are not used by the Employee,
such unused vacation days will not accrue to the next year. Employee shall not
be entitled to receive pay instead of unused vacation, except upon termination
of employment. Employee may be absent from her employment for vacation for
periods in excess of five (5) consecutive days only at such times as are
approved by Employer.

     Section 5.2. Benefits.

     Employee shall be eligible to participate in any and all benefit plans
provided by Employer to all employees generally, should Employer elect to
participate in any such plans.

     Section 5.3. Business Expenses.

     Employer shall reimburse Employee for all appropriate expenses for travel
and entertainment by Employee for legitimate business purposes provided that
Employee furnishes to Employer adequate records and documentary evidence for the
substantiation of each such expenditure.

                                   ARTICLE 6.

                            TERMINATION OF EMPLOYMENT

     Section 6.1. Termination.

     Employee's employment hereunder may be terminated by Employee or Employer
as herein provided, without further obligation or liability, except as expressly
provided herein.

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     Section 6.2. Resignation, Death or Disability.

     Employee's employment hereunder shall be terminated by Employee's
resignation, death, or her inability to perform her duties under this Agreement
on a full-time basis, for a continuous period of ninety (90) days or more or for
an aggregate of ninety (90) days within any period of one hundred eighty (180)
days, because of a physical or mental illness as confirmed by a physician chosen
by Employer and reasonably acceptable to Employee ("Disability").

     Section 6.3. Termination For Cause.

          a) A termination for Cause (as defined below) shall not take effect
unless the provisions of this Section 6.3(a) are complied with. The Employee
shall be given written notice by the Board of Directors of Employer of the
Employer's intention to terminate her employment with Employer for Cause, such
notice (A) to state in reasonable detail the particular act or acts or failure
or failures to act that constitute the grounds on which the proposed termination
for Cause is based and (B) to be given within three (3) months of the Board of
Directors of Employer learning of such act or acts or failure or failures to
act. The Employee shall have 30 days after the date that such written notice has
been given to the Employee in which to cure such conduct, to the extent such
cure is possible. If she fails to cure such conduct, the Employee shall then be
entitled to a hearing before the Board of Directors (provided, however, that if
the Employee is a member of the Board of Directors at such time, the Employee
shall abstain from such hearing). Such hearing shall be held within 45 days of
such notice to the Employee, provided she requests such hearing within 10 days
of the written notice from the Board of the intention to terminate him for
Cause. If, within five (5) days following such hearing, the Employee is
furnished written notice by the Board confirming that, in its judgment (with the
Employee abstaining from any such vote), grounds for Cause on the basis of the
original notice exist, she shall thereupon be terminated for Cause.

          b) Employee's employment hereunder may be terminated by Employer at
any time for Cause. "Cause" shall mean:

               (i) Employee has engaged in willful and material misconduct in
connection with her employment, including willful and material failure to
perform her duties as an officer or employee of Employer;

               (ii) Employee has been convicted of or has pleaded guilty or nolo
contendere to a felony other than involving a traffic related infraction that
materially adversely affects the Employee's ability to perform under this
Agreement;

               (iii) Employee has committed fraud, misappropriation of funds or
embezzlement, as found by a court of competent jurisdiction, involving the
assets of the Employer, its customers, suppliers or affiliates; or

               (iv) Employee's use of narcotics, liquor or illicit drugs has had
a detrimental effect on the performance of her employment responsibilities, as
determined by the board of directors of Employer;

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     Section 6.4. Termination Without Cause.

     Employee's employment hereunder may be terminated by the Board of Directors
of Employer at any time without Cause upon sixty (60) days' notice for any
reason, subject to the payment of any amounts required by Section 7.3 or Section
7.4, as applicable.

     Section 6.5. Expiration.

     Employee's employment hereunder shall be terminated upon expiration of the
Employment Term as provided in Sections 1.1 and 1.2.

     Section 6.6. Notice of Termination.

     Any termination of Employee's employment by Employer or by Employee (other
than termination by reason of death) shall be communicated by written Notice of
Termination to the other party hereto. For purposes of this Agreement, a "Notice
of Termination" shall mean a notice which shall include the specific termination
provision in this Agreement relied upon, and shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of
the Employee's employment under the provision so indicated.

     Section 6.7. Date of Termination.

     The "Date of Termination" shall be:

          a) if the Employee's employment is terminated by her death, the date
of her death;

          b) if the Employee's employment is terminated by her retirement or
resignation, the date of her retirement or resignation;

          c) if the Employee's employment is terminated by reason of Employee's
Disability, thirty (30) days after Notice of Termination is given (provided that
Employee is unable to perform her duties on a full-time basis during such thirty
(30) day period);

          d) if the Employee's employment is terminated by Employer for Cause or
without Cause, the date the Notice of Termination is given or after if so
specified in such Notice of Termination.

          e) If there is a Constructive Termination Without Cause following a
Change in Control, then the date the Employee gives notice thereof.

                                   ARTICLE 7.

                     PAYMENTS TO EMPLOYEE, UPON TERMINATION

     Section 7.1. Death, Disability or Retirement.

     In the event of Employee's retirement, death or Disability, all accrued but
unpaid salary and benefits generally available to Employee as of the Date of
Termination shall be payable to Employee or Employee's estate without reduction,
in accordance with the terms of any plan,

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contract, understanding or arrangement forming the basis for such payment. In
addition, Employee (or her representative) shall be entitled to (i) such other
payments as might arise from any other plan, contract, understanding or
arrangement between Employee and Employer at the time of any such event, (ii)
accrued and unpaid salary and vacation through the date of termination, (iii)
the pro rata portion of the bonus to which the Employee would have been entitled
pursuant to Section 4.1(d) for the year in which such termination occurs and
(iv) to exercise any Options or warrants granted under the Plan (as defined
below), to the extent otherwise exercisable on the date of death, Disability or
retirement, at any time within the term of the Option or warrant.

     Section 7.2. Termination For Cause or Resignation.

     In the event Employee's employment with Employer is terminated by Employer
for Cause or Employee resigns, neither Employer nor any parent, subsidiary or
affiliate company of Employer shall have any obligation to Employee under this
Agreement or otherwise, except for accrued but unpaid salary and vacation as of
the Date of Termination or as otherwise may be expressly required by law, no
further Option Shares shall become Eligible Shares and all unexercised Options
shall terminate thirty (30) days following the Date of Termination, at which
time, such Options shall no longer be exercisable to any extent whatsoever.

     Section 7.3. Termination Without Cause Prior to a Change in Control.

     Subject to other provisions in this Article 7 to the contrary, upon the
occurrence of a termination of Employee's employment with Employer without Cause
or by Constructive Termination Without Cause (as defined below) at any time
prior to a Change in Control:

          a) Employer shall pay to Employee, or in the event of Employee's
subsequent death, to Employee's surviving spouse, or if none, to Employee's
estate, as severance pay or liquidated damages, or both, a sum equal to the
greater of (i) the Base Salary Employee would have earned through the end of the
current term but for her early termination or (ii) the annual Base Salary, as in
effect immediately prior to such termination, which sum shall be payable over a
one-year period commencing on the Date of Termination in conformity with
Company's customary practices for executive compensation as such practices may
be modified from time to time and shall be subject to all applicable federal,
state and local withholding, payroll and other taxes.

          b) Employee shall be entitled to any amounts earned, accrued, owing or
otherwise provided for, but not yet paid, under Article 4 or 5 above.

          c) All Option Shares and other Stock Rights (as defined in the Plan),
if any, granted pursuant to the Plan held by the Employee at the time of such
termination which have not yet become Eligible Shares (as defined in the Option
Agreement) at the time of such termination shall become Eligible Shares for an
additional number of shares of Common Stock equal to fifty percent (50%) of the
aggregate of number of shares of Common Stock which are not Eligible Shares at
the time of such termination. To the extent not already exercised, such Options
as may be required to fulfill the number of shares as determined in the previous
sentence shall remain exercisable until the expiration of the original term of
such option. In addition, any warrants

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(referred to as "Purchases" in the Plan) granted to Employee under the Plan
which are held by the Employee at the time of such termination shall remain
exercisable until the expiration of the original term of such warrant.
Notwithstanding the foregoing, in the event of a Change in Control or public
offering of the Employer's shares within one hundred twenty (120) days of such
termination, then (i) the remaining fifty percent (50%) of the aggregate of
number of shares of Common Stock which were not Eligible Shares at the time of
such termination shall become Eligible Shares (and transferred by the Company
back to the Employee for the repurchase price if already repurchased) and (ii)
as necessary to fulfill the preceding, the Company shall extend the term of
those Options which were not exercised at the time of termination. Nothing
contained herein shall be deemed to modify or limit any options or warrants held
by Employee that were not granted pursuant to the Plan.

     Section 7.4. Termination Without Cause Following a Change in Control.

     Subject to other provisions in this Article 7 to the contrary, upon the
occurrence of (i) a termination of Employee's employment with Employer without
Cause at any time following a Change in Control (as defined below) or (ii) a
Constructive Termination Without Cause (as defined below) at any time following
a Change in Control:

          a) Employer shall pay to Employee, or in the event of Employee's
subsequent death, to Employee's surviving spouse, or if none, to Employee's
estate, as severance pay or liquidated damages, or both, a sum equal to the
greater of (i) the Base Salary Employee would have earned through the end of the
current term but for her early termination or (ii) the annual Base Salary, as in
effect immediately prior to such termination, which sum shall be payable over a
one-year period commencing on the date of such termination in conformity with
Company's customary practices for executive compensation as such practices may
be modified from time to time and shall be subject to all applicable federal,
state and local withholding, payroll and other taxes.

          b) Employee shall be entitled to any amounts earned, accrued, owing or
otherwise provided for, but not yet paid, under Article 4 or 5 above.

          c) All Option Shares and Stock Rights, if any, granted under the Plan
held by the Employee at the time of such termination which have not yet become
Eligible Shares at the time of such termination shall become Eligible Shares
whether or not exercised. To the extent not already exercised, such Option
Shares and warrants (referred to as Purchases by the Plan) shall remain
exercisable until the expiration of the original term of such Option or warrant.
Nothing contained herein shall be deemed to modify or limit any options or
warrants held by Employee that were not granted pursuant to the Plan.

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

          "Change in Control" shall mean the closing of (i) a sale by the
Employer of all or substantially all of its assets; (ii) the acquisition in a
single transaction, or a series of related transactions, of shares of capital
stock of the Employer representing at least a majority of the issued and
outstanding shares of capital stock of the Employer (measured on the basis of
voting

                                       12
<PAGE>   13

power) by a person (as defined in Sections 3(a)(9) and 13(d) of the Securities
Exchange Act of 1934), or (iii) a merger or consolidation of the Employer with
or into another entity in a transaction where the shares of the Employer's
capital stock outstanding immediately prior to the closing of such merger or
consolidation represent or are converted into or exchanged for shares that
represent less than a majority of the shares of capital stock of the resulting
or surviving entity outstanding immediately after the closing of such merger or
consolidation. Notwithstanding the foregoing, the term "Change in Control" shall
exclude (1) the closing of the purchase and sale of Employer's preferred stock
and warrants pursuant to the terms of that certain Preferred Stock and Warrant
Purchase Agreement (the "Battery Purchase Agreement") to be entered into by and
among Employer, Battery Ventures V, L.P. and affiliated entities and the other
parties thereto, including without limitation the closing of the issuance and
sale of the Series A Shares or the Series B Shares (in each case as defined in
the Battery Purchase Agreement) and (2) the closing of the acquisition of
CheMatch, Inc. by Employer pursuant to the terms of that certain Agreement and
Plan of Reorganization and the related Plan of Merger, including the issuance of
shares of capital stock of Employer in connection therewith.

          "Constructive Termination Without Cause" shall mean a termination of
the Employee's employment with the Employer at her initiative following the
occurrence, without the Employee's written consent, of one or more of the
following events (except in consequence of a prior termination):

          (i) a reduction by at least ten percent (10%) of Employee's then
current Base Salary;

          (ii) the termination or material reduction of any employee benefit or
perquisite enjoyed by the Employee which is otherwise offered to similarly
situated employees of the Employer generally (other than as part of an
across-the-board reduction applicable to all Employee officers of the Employer);

          (iii) a material diminution in the Employee's duties or the assignment
to the Employee of duties which are materially inconsistent with such duties;

          (iv) the relocation of the Employer's principal office, or the
Employee's own office location as assigned to him by the Employer, to a location
more than 50 miles from Stamford, Connecticut; or

          (v) the failure of the Employer to obtain the assumption in writing of
its obligation to perform this Agreement by any successor to all or
substantially all of the assets of the Employer within 60 days after the
consummation of a Change in Control.

     Section 7.5 Termination Upon Expiration.

     Subject to other provisions in this Article 7 to the contrary, upon the
termination of Employee's employment hereunder pursuant to Section 6.5
(Expiration), Employer shall pay to Employee, or in the event of Employee's
subsequent death, to Employee's surviving spouse, or if none, to Employee's
estate, as severance pay or liquidated damages, or both, a sum equal to

                                       13
<PAGE>   14

seventy-five percent (75%) of the annual Base Salary, as in effect immediately
prior to such termination, which sum shall be payable over a nine-month period
commencing on the date of such termination in conformity with Company's
customary practices for executive compensation as such practices may be modified
from time to time and shall be subject to all applicable federal, state and
local withholding, payroll and other taxes.

     Section 7.6 No Duty to Cover.

     In connection with the payments made pursuant to Sections 7.3, 7.4 and 7.5
hereof, Employee shall have no duty to seek other employment or otherwise
attempt to cover her damages as a condition to receipt of such payments;
provided that, this Section shall not apply in the event Employee claims she is
entitled to any payment in excess of that provided for in Sections 7.3, 7.4 or
7.5, as applicable.

                                   ARTICLE 8.

                               GENERAL PROVISIONS

     Section 8.1. Indemnification.

          a) Employer agrees that if the Employee is made a party, or is
threatened to be made a party, to any action, suit or proceeding, whether civil,
criminal, administrative or investigative (a "Proceeding"), by reason of the
fact that she is or was a director, officer or employee of Employer or is or was
serving at the request of Employer as a director, officer, member, employee or
agent of another corporation, partnership, joint venture, trust or other
enterprise, including service with respect to employee benefit plans, whether or
not the basis of such Proceeding is the Employee's alleged action in an official
capacity while serving as a director, officer, member, employee or agent, the
Employee shall be indemnified and held harmless by Employer to the fullest
extent legally permitted or authorized by Employer's certificate of
incorporation or bylaws or, if greater, by the laws of the State of Delaware,
against all cost, expense, liability and loss (including, without limitation,
attorney's fees, judgments, fines, ERISA excise taxes or penalties and amounts
paid or to be paid in settlement) reasonably incurred or suffered by the
Employee in connection therewith, and such indemnification shall continue as to
the Employee even if she has ceased to be a director, member, employee or agent
of Employer or other entity and shall inure to the benefit of the Employee's
heirs, executors and administrators. Employer shall advance to the Employee all
reasonable costs and expenses incurred by him in connection with a Proceeding
within 20 days after receipt by Employer of a written request for such advance.
Such request shall include an undertaking by the Employee to repay the amount of
such advance if it shall ultimately be determined that she is not entitled to be
indemnified against such costs and expenses.

          b) Neither the failure of Employer (including its Board of Directors,
independent legal counsel or stockholders) to have made a determination prior to
the commencement of any proceeding concerning payment of amounts claimed by the
Employee under Section 8.1(a) above that indemnification of the Employee is
proper because she has met the applicable standard of conduct, nor a
determination by Employer (including its Board of Directors, independent legal
counsel or stockholders) that the Employee has not met such applicable standard

                                       14
<PAGE>   15

of conduct, shall create a presumption that the Employee has not met the
applicable standard of conduct.

          c) The Company will maintain Directors and Officers Liability
Insurance in the amount of at least $5,000,000 (such amount of coverage which
will be reevaluated by the Directors of the Company following a public offering
of the Company's Common Stock).

     Section 8.2. Notices.

     Any notices to be given thereunder by either party to the other shall be in
writing and shall be to have been duly given on the date of delivery if
personally delivered or delivered electronically, with electronic verification,
to the persons identified below, or three days after mailing if mailed by
registered or certified, postage prepaid with return receipt requested addressed
as follows:

         Employee:                Karen Morgan
                                  93 Weed Avenue
                                  Stamford, CT  06902

         Employer:                PetroChemNet Holdings, Inc.
                                  1281 Main Street
                                  Stamford, CT 06902

         with a copy to:          Mintz, Levin, Cohn, Ferris, Glovsky and
                                  Popeo, P.C.
                                  One Financial Center
                                  Boston, MA  02111
                                  Attn:  Andrew J. Merken, Esq.

     Each party may change its address by written notice in accordance with this
Section.

     Section 8.3. Arbitration.

     Any controversy, dispute or claim arising out of or in connection with this
Agreement, or the breach, termination or validity hereof, shall be settled by
final and binding arbitration to be conducted by an arbitration tribunal in
Stamford, Connecticut pursuant to the rules of the American Arbitration
Association. The arbitration tribunal shall consist of three arbitrators. The
party initiating arbitration shall nominate one arbitrator in the request for
arbitration and the other party shall nominate a second in the answer thereto
within thirty (30) days of receipt of the request. The two arbitrators so named
will then jointly appoint the third arbitrator. If the answering party fails to
nominate its arbitrator within the thirty (30) day period, or if the arbitrators
named by the parties fail to agree on the third arbitrator within sixty (60)
days, the office of the American Arbitration Association in Stamford,
Connecticut shall make the necessary appointments of such arbitrator(s). The
decision or award of the arbitration tribunal (by a majority determination, or
if there is no majority, then by the determination of the third

                                       15
<PAGE>   16

arbitrator, if any) shall be final, and judgment upon such decision or award may
be entered in any competent court or application may be made to any competent
court for judicial acceptance of such decision or award and an order of
enforcement. In the event of any procedural matter not covered by the aforesaid
rules, the procedural law of the State of Delaware shall govern.

     Section 8.4. Attorneys' Fees and Costs.

     If any action at law or in equity is necessary to enforce or interpret the
terms of this Agreement, the prevailing party shall be entitled to reasonable
attorneys' fees, costs and necessary disbursements in addition to any other
relief to which that party may be entitled. This provision shall be construed as
applicable to the entire contract.

     Section 8.5. Entire Agreement.

     This Agreement supersedes any and all other agreements, either oral or in
writing, between the parties hereto with respect to the subject matter contained
herein and contains all of the covenants and agreements between the parties with
respect to the subject matter hereof. Each party to this Agreement acknowledges
that no representations, inducements, promises or agreements, orally or
otherwise, have been made by any party, or one acting on behalf of any party,
which are not embodied herein, and that no other agreement, statement or promise
not contained in this Agreement shall be valid or binding on either party.

     Section 8.6. Governing Law.

     This Agreement shall be governed by and construed in accordance with the
internal laws of the State of Delaware. Subject to the provisions of Section
8.3, any claims or legal actions by one party against the other arising out of
the relationship between the parties contemplated herein (whether or not arising
under this Agreement) shall be commenced and maintained in any state or federal
court located in such state, and both parties hereby submit to the jurisdiction
and venue of any such court.

     Section 8.7. Modifications.

     Any modification of this Agreement will be effective only if it is in
writing, has been approved by the Board of Directors of Employer, and is signed
by the Employee and by a duly authorized officer of the Employer.

     Section 8.8. Effect of Waiver.

     The failure of either party to insist on strict compliance with any of the
terms, covenants or conditions of this Agreement by the other party shall not be
deemed a waiver or that term, covenant or condition, nor shall any waiver or
relinquishment of any right or power at any one time or times be deemed a waiver
or relinquishment of that right or power for all or any other times.

                                       16
<PAGE>   17

     Section 8.9. Partial Invalidity.

     If any provision in this Agreement is held by a court of competent
jurisdiction to be invalid, void or unenforceable, the remaining provisions
shall nevertheless continue in full force without being impaired or invalidated
in any way.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       17
<PAGE>   18

    Executed on this the 21st day of June, 1999 as an instrument under seal.

EMPLOYER:                                    EMPLOYEE:

PETROCHEMNET HOLDINGS, INC.

By: /s/ JOHN BOHN                            /s/ KAREN MORGAN
    -----------------------------------      -----------------------------------
Name: John Bohn                              Karen Morgan
Title: President

                                       18<PAGE>   1

                                                                   EXHIBIT 10.10

                        CONSULTANT AND RELEASE AGREEMENT

     THIS CONSULTANT AND RELEASE AGREEMENT is made and entered into by and
between CheMatch.com, Inc. ("Company"), a Delaware corporation formerly named
PetroChemNet Holdings, Inc., and Karen Morgan ("Consultant"), to be effective
the 26th day of January, 2000 (the "Effective Date") subject to Consultant's
right to revoke this Agreement within seven days following the execution of this
Agreement as specified in Section 7.2.

     In consideration of the mutual covenants, promises and representations
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Company and Consultant agree as
follows:

1.   CHANGE OF STATUS FROM EMPLOYEE TO CONTRACTOR:

     1.1. As of the Effective Date, the relationship presently existing between
Company and Consultant is changed from an employment relationship to a
contractor relationship. With respect to all benefit plans and programs of
Company, Consultant's employment by Company shall be terminated and Consultant
shall no longer have any rights under any such benefit plan or program (other
than (a) as expressly provided for herein and (b) Consultant's right to receive
the vested benefits accrued thereunder as may be provided in such benefit plan
or program). As of the Effective Date, Consultant resigns as an officer,
director, agent or representative of the Company and any of its subsidiaries and
affiliates in which Consultant holds office, is a director, or for whom
Consultant acts as an agent or representative. As of the Effective Date,
Consultant also resigns as a fiduciary and member of any and all committees
established with respect to any employee benefit plan maintained by Company or
any of its subsidiaries and affiliates. The resignations described in the two
preceding sentences shall occur automatically and without any further required
action by Consultant, Company or any other person.

     1.2. Upon the payment of Consultant's base salary through January 31, 2000,
Company shall have no further obligations to Consultant for any salary, bonus,
or other compensation of any type for services rendered by Consultant to Company
on or before such date. From and after the Effective Date, Company's obligations
to pay compensation to Consultant for services rendered shall be governed
exclusively by this Agreement.

 2.  EXTENT OF SERVICES: DUTIES OF CONSULTANT:

     2.1. During the Term (as such term is defined in Section 8.1), Consultant
agrees to serve as a consultant of Company in accordance with the provisions of
this Article 2. During the Term, and subject to Consultant's reasonable
availability, Consultant shall provide such consulting and advisory services as
the Board of Directors of Company (the "Board") or the Chief Executive Officer
of Company (the "CEO") may reasonably request, including assisting in such
strategic and financial matters, acquisition strategy or other projects as the
Board or the CEO deems appropriate ("Consulting Services"). When so requested,
Consultant will consult with officers and employees of Company, and others
designated by the Board or the CEO, at reasonable times and places.

     2.2. The Company shall reimburse Consultant for all reasonable
out-of-pocket expenses actually incurred by Consultant in performance of the
Consulting Services, provided that such

                                      -1-
<PAGE>   2

expenses are approved in advance by Company and that Consultant furnishes to
Company adequate records and documentary evidence for the substantiation of
each such expenditure. Consultant shall be provided with the use of an office
in Company's Connecticut office and reasonable administrative, technical and
communications support; provided that (a) such use of the office and support
relates primarily to the business of Company and is not disruptive of normal
business activities and (b) Company's obligations under this sentence shall
end on the earlier of December 31, 2000, or the date Company no longer
maintains an office in Connecticut.

     2.3. During the Term, Consultant shall not engage, directly or indirectly,
in any other business, investment, or activity that is contrary to the interests
of Company or its subsidiaries or affiliates. Consultant agrees that she shall
not knowingly become involved in a conflict of interest with Company or its
subsidiaries or affiliates, or upon discovery thereof, allow such a conflict to
continue. Moreover, Consultant agrees that she shall disclose to or discuss with
Company's General Counsel any facts or circumstances which might involve such a
conflict of interest that has not been approved by the Board or the CEO. Company
and Consultant recognize that it is impossible to provide an exhaustive list of
actions or interests which constitute a "conflict of interest." Moreover,
Company and Consultant recognize there are many borderline situations. In some
instances, full disclosure of facts by Consultant to Company's General Counsel
may be all that is necessary to enable Company to protect its interests. In
others, if no improper motivation appears to exist and the interests of Company
have not suffered, prompt elimination of the outside interest will suffice. In
still others, it may be necessary for Company to terminate the consulting
relationship.

3.   AMENDMENT TO CERTAIN EXISTING AGREEMENTS:

     3.1. Company and Consultant have heretofore entered into (a) that certain
Incentive Stock Option and Stock Repurchase Agreement dated June 21, 1999 (the
"June Option Agreement"), (b) that certain Nonstatutory Stock Option and Stock
Repurchase Agreement dated November 5, 1999 (the "November Option Agreement";
the June Option Agreement and the November Option Agreement are collectively
referred to herein as the "Option Agreements"), and (c) that certain letter
agreement dated June 21, 1999, as amended on October 26, 1999, by and among
Company, Consultant, John Bohn, and Carl McCutcheon providing for certain
incentive payments upon a "fundamental change" of Company (the "Incentive
Payment Agreement"). Consultant has heretofore delivered to Company two Secured
Promissory Notes dated September 26, 1999, one in the original principal amount
of $49,999.80 and the other in the original principal amount of $127,899.29, in
connection with the partial exercise of the June Option Agreement (collectively,
the "Promissory Notes"). Effective as of the Effective Date, the Promissory
Notes, the Option Agreements, and the Incentive Payment Agreement shall be and
are hereby amended to the extent necessary as follows:

               3.1.1. The "Payment Due Date" in each of the Promissory Notes
                      relating to the date Consultant ceases employment with
                      Company or a "Related Corporation" shall be changed to
                      January 26, 2001.

               3.1.2. With respect to each of the Option Agreements, (a) all of
                      the "Option Shares" shall become "Eligible Shares" on the
                      Effective Date, (b) Consultant (or, in the event of the
                      death of Consultant, Consultant's estate, personal
                      representative or beneficiary to whom the option has been
                      assigned pursuant to section 10 thereof) may exercise the
                      option in whole or in part from time to time until
                      June 20, 2009, and (c) all of the "Option Shares" that
                      Consultant

                                      -2-
<PAGE>   3

                      acquires upon exercise of the option shall be deemed to be
                      "Released Shares." Consultant acknowledges that, from and
                      after the Effective Date, Consultant shall not be
                      permitted to exercise an option under the Option Agree-
                      ments by delivery of a promissory note and related pledge
                      agreement.

               3.1.3. For purposes of the Incentive Payment Agreement only,
                      Consultant shall be deemed to be an employee of Company
                      until June 20, 2001.

4.   COMPENSATION FOR FUTURE CONSULTING SERVICES:

     4.1. In full compensation of the readiness and performance of the
Consulting Services to be performed hereunder, Company shall pay to Consultant a
consulting fee in the following sums: (a) $218,750.00, which sum shall be
payable in equal installments over a 15-month period commencing in February,
2000, in conformity with Employer's customary practices for executive
compensation as such practices may be modified from time to time; (b)
$87,500.00, which sum shall be payable in a lump sum on the date bonuses are
paid to executives and senior management employees with respect to Company's
fiscal year ending on December 31, 2000 (or payable on March 1, 2001, if not
paid prior to that date); and (c) $29,166.67, which sum shall be payable in a
lump sum on the date bonuses are paid to executives and senior management
employees with respect to Company's fiscal year ending on December 31, 2001(or
payable on March 1, 2002, if not paid prior to that date).

     4.2. For each month during the period, if any, after the Effective Date
(but in no event beyond the expiration of the Term) that Consultant elects to
continue coverage for herself and any of her eligible dependents under Company's
group health plans pursuant to the continuation of coverage provisions contained
in Sections 601 through 608 of the Employee Retirement Income Security Act of
1974, as amended, Company shall pay to Consultant an amount equal to the
difference, if any, between (a) the monthly premium charged by Company generally
to its former executive employees for such continuation coverage under such
plans and (b) the monthly premium charged by Company generally to its active
executive employees for coverage under such plans.

     4.3. Consultant shall pay all social security, federal income taxes,
unemployment insurance, worker's compensation insurance, pensions, annuities or
other liabilities or taxes incurred by or on behalf or for the benefit of
Consultant arising out of the performance by Consultant of her obligations under
this Agreement.

5.   INDEPENDENT CONTRACTOR RELATIONSHIP:

     5.1. Throughout the entire Term, Consultant shall be an independent
contractor with the full power and authority to select the means, methods and
manner of performing Consulting Services hereunder, however, Consultant shall
secure Company approval of the means, methods, and manner in which Company and
its subsidiaries and affiliates are represented. Consultant will in no way be
considered to be an agent, employee, or servant of Company or any of its
subsidiaries or affiliates. Consultant shall have no authority to bind Company
or any of its subsidiaries or affiliates in any capacity for any purpose. It is
not the purpose or intention of this Agreement or the parties to create, and the
same shall not be construed as creating, any partnership, partnership relation,
joint venture, agency, or employment relationship. Consultant shall be free to
pursue such other business or consulting interests which are not otherwise in
violation of Section 2.3 or Article 6, including full

                                      -3-
<PAGE>   4

time employment, directorships and investments of any kind. Consultant hereby
agrees that she shall not, during the Term, participate in Company's benefit
plans and programs for its employees.

6.   ADDITIONAL DUTIES AND OBLIGATIONS OF CONSULTANT:

     6.1. Consultant and Company have heretofore entered into that certain
Employment Agreement dated May 1, 1999 (the "Employment Agreement"). Consultant
hereby agrees that she shall continue to be subject to the provisions of
sections 2.3, 2.4, 2.5, and 2.6 of the Employment Agreement as if the provisions
of such sections were set forth herein in full; provided, however, that solely
for purposes of applying such provisions, (a) Consultant's performance of
Consulting Services shall be equivalent to employment by Company and (b) the
"Employment Term" under the Employment Agreement shall be considered to end
simultaneously with the expiration of the Term.

     6.2. Consultant shall refrain, both during the consulting relationship and
after the consulting relationship terminates, from publishing any oral or
written statements about Company, any of its subsidiaries or affiliates, or any
of such entities' officers, directors, employees, agents or representatives that
are slanderous, libelous, or defamatory; or that disclose private or
confidential information about Company or any of its subsidiaries or affiliates,
or any of such entities' business affairs, officers, directors, employees,
agents, or representatives; or that constitute an intrusion into the seclusion
or private lives of Company or any of its subsidiaries or affiliates, or any of
such entities' officers, directors, employees, agents, or representatives; or
that give rise to unreasonable publicity about the private lives of Company or
any of its subsidiaries or affiliates, or any of such entities' officers,
directors, employees, agents, or representatives; or that place Company or any
of its subsidiaries or affiliates, or any of such entities' officers, directors,
employees, agents, or representatives in a false light before the public; or
that constitute a misappropriation of the name or likeness of Company or any of
its subsidiaries or affiliates, or any of such entities' officers, directors,
employees, agents, or representatives. Consultant shall not use Company's name,
the name of any of Company's subsidiaries or affiliates, nor the name of any of
such entities' officers, directors, employees, agents or representatives, in any
press release, advertisement, or similar announcement without the prior consent
of the Board or the CEO; provided, however, that use of Company's name in a
format that is not widely disseminated, which is not inconsistent with any
public statement of Company and which relates solely to Consultant's personal
involvement with Company shall not require the prior consent of the Board or the
CEO. A violation or threatened violation of this prohibition may be enjoined by
the courts. The rights afforded Company under this provision are in addition to
any and all rights and remedies otherwise afforded by law.

     6.3. Consultant shall not, either during the existence of the consulting
relationship or thereafter, use or appropriate, directly or indirectly, for
Consultant's own benefit or for the benefit of another, any of the business
opportunities concerning the subject matter of the consulting relationship that
were entrusted to Consultant by Company.

7.   RELEASE:

     7.1. The term "Released Subject Matters" means and includes any and all
activities relating or pertaining to Consultant's prior employment by Company or
services heretofore rendered by Consultant for Company or any of its
subsidiaries or affiliates prior to the Effective Date; the termination of such
prior employment; and/or any and all prior discussions, representations,
understandings, or agreements between, on the one hand, Company or its
subsidiaries or affiliates,

                                      -4-
<PAGE>   5

and/or their agents, representatives, attorneys, or contractors, and, on the
other hand, Consultant or her agents or representatives, regarding her
employment by Company or its subsidiaries or affiliates or services heretofore
rendered to Company or its subsidiaries or affiliates prior to the Effective
Date. The term "Released Subject Matters" includes but is not limited to
(a) any claims by Consultant under the Employment Agreement and (b) any claims
under the Age Discrimination in Employment Act, the Americans with Disabilities
Act of 1990, the Family and Medical Leave Act of 1993, Title VII of the Civil
Rights Act of 1964, 42 U.S.C. Section 1981, and any other statutory, tort, or
common law cause of action (including, without limitation, any claim or cause
of action based on alleged discriminatory (whether age, sex or other type of
discrimination), retaliatory or illegal employment practices).

     7.2. Consultant, on her behalf and on behalf of her representatives, heirs,
administrators, executors, and assigns, and on behalf of any other persons or
entities claiming by, through, or under Consultant, does hereby fully release,
acquit and forever discharge Company and its subsidiaries or affiliates, and
their respective employees, officers, directors, trustees, committee-members,
boards, members of such boards, chairmen of the boards, contractors,
consultants, agents, representatives, attorneys, successors, and assigns (the
"Released Entities"), from and against any and all rights, benefits, payments,
claims, demands, causes of action, suits, debts, accounts, controversies,
agreements, promises, damages, judgments, and/or liabilities whatsoever, in law
or equity, of any and every character, kind and nature whatsoever, for personal
injury, property damage or economic loss, whether known or unknown, contingent
or fixed, either in or arising out of the law of contracts, torts, or under
statutory law, arising out of, resulting from, or based upon the Released
Subject Matters. This release is to be broadly construed and shall extend to and
extinguish any and all claims, demands or causes of action of every kind or
nature whatsoever, known or unknown, suspected or unsuspected, which Consultant
has or hereafter can, shall, or may have, in Consultant's own right or in a
representative capacity, for, upon or by reason of any matter, cause or thing
whatsoever from the beginning of the world to the Effective Date, including
without limitation of the generality hereof, any past, present or future claims,
matters or causes of action that Consultant has or may hereafter have arising
out of, based upon, or in any way relating to any prior actions or inactions
with respect to any of the Released Subject Matters; provided, however, that
such release shall not affect any future obligation which Company may have to
Consultant under the terms of this Agreement. Consultant acknowledges and agrees
that all of the terms and conditions of 29 USC 626 pertaining to the waiver of
her rights under the Age Discrimination in Employment Act have been complied
with, including that she has been given 21 days to consider this Agreement and
this release, that she was advised by Company to consult an attorney and that
she has in fact consulted an attorney prior to executing this Agreement and this
release, and that for a period of 7 days following the execution of this
Agreement, she may revoke this Agreement. If Consultant does not within 7 days
following the execution of this Agreement provide Company with a written notice
of revocation, Consultant shall no longer have the right to revoke this
Agreement.

     7.3. It is expressly agreed that upon the Effective Date, no future
disputes between (a) any of Company or any of its subsidiaries or affiliates or
any of the Released Entities, and (b) Consultant, whether under this Agreement
or otherwise, shall in any way affect the enforceability of the release granted
above.

                                      -Page 5-
<PAGE>   6

8.   TERM AND TERMINATION:

     8.1. The term of this Agreement (the "Term") shall extend from the
Effective Date until April 30, 2001.

     8.2. The consulting relationship established by this Agreement shall
terminate automatically upon expiration of the Term. Upon termination of the
consulting relationship as a result of expiration of the Term, Consultant shall
be entitled to no further payments under this Agreement except for the remaining
payment described in Section 4.1(c), which shall be paid as provided in such
Section.

     8.3. The consulting relationship established by this Agreement shall
terminate automatically upon Consultant's death. Upon termination of the
consulting relationship as a result of Consultant's death, Consultant's heirs,
administrators, or legatees shall be entitled under this Agreement to all of the
remaining unpaid amounts described in Section 4.1, which amounts shall continue
to be paid as provided in such Section.

     8.4. Company shall have the right to terminate the consulting relationship
under this Agreement at any time prior to the expiration of the Term for "cause"
upon the determination by the Board that "cause" exists for the termination of
the consulting relationship. As used in this Section 8.4, the term "cause" shall
mean (a) Consultant has been convicted of a felony (which, through lapse of time
or otherwise, is not subject to appeal); (b) Consultant has willfully engaged in
conduct that Consultant knows or should know is materially injurious to Company
or any of its subsidiaries or affiliates, and/or (c) Consultant's breach of
Section 2.3 or Article 6 of this Agreement which remains uncorrected for 30 days
following written notice to Consultant by Company of such breach. It is
expressly acknowledged and agreed that the decision as to whether "cause" exists
for termination of the consulting relationship by Company is delegated to the
Board for determination. If Consultant disagrees with the decision reached by
the Board, the dispute will be limited to whether the Board reached its decision
in good faith. Upon termination of the consulting relationship for cause,
Consultant shall be entitled to no further payments under Sections 4.1 and 4.2
of this Agreement.

     8.5. In the event that Consultant obtains full time employment with some
third party or agrees to provide full time consulting services to some third
party [the term "full time" means at least thirty (30) hours per week], Company
shall have the right to terminate the consulting relationship under this
Agreement by providing a written notice of termination to Consultant. In the
event of termination of the consulting relationship by Company under this
Section, Consultant shall be entitled under this Agreement to all of the
remaining unpaid amounts of the consulting fee specified in Section 4.1 that
otherwise would have been due Consultant under the terms of this Agreement,
which shall continue to be paid as provided in such Section.

     8.6. This consulting relationship may be terminated at any time for any
reason whatsoever by Consultant upon the giving of one month written notice.
Upon such termination of the consulting relationship by Consultant under this
Section, Consultant shall be entitled to no further payments under Sections 4.1
and 4.2 of this Agreement.

     8.7. Consultant waives, and Company shall not be required to pay, any
severance or severance benefits, in connection with the termination of the
consulting relationship, whether from a Company sponsored severance plan or the
general assets of Company. The consideration and

                                      -Page 6-
<PAGE>   7

remuneration provided for under this Agreement are in lieu of and take the
place of any other severance pay or severance benefit, which Consultant
forfeits.

     8.8. It is understood that the termination of this Agreement shall not
relieve Consultant of any continuing obligations imposed upon Consultant
hereunder, including, but not limited to the obligations specified in Article 6
above. Further, the provisions of Article 7 shall survive the termination of
this Agreement.

9.   MISCELLANEOUS:

     9.1. The obligations of Consultant herein to Company are personal to
Consultant and may not be assigned by Consultant without the express written
consent of Company.

     9.2. The laws of the State of Delaware will govern the interpretation,
validity and effect of this Agreement without regard to the place of execution
or place of performance thereof.

     9.3. If any portion of this Agreement or the release granted in this
Agreement should be declared unenforceable by a court of competent jurisdiction,
such unenforceable portion shall be severed and the remainder of this Agreement
and the release granted by this Agreement shall remain valid and enforceable.

     9.4. Consultant represents, acknowledges, and agrees that the only shares
of common stock of Company that Consultant owns or has a right to acquire or
otherwise receive from Company are described on Appendix 1 attached hereto.
Consultant represents, acknowledges, and agrees that she has no right, title, or
claim to any (a) shares of preferred stock, or options or warrants to acquire
shares of preferred stock, of Company or (b) shares of any class of stock or
other equity interest in, or options or warrants to acquire shares of any class
of stock or other equity interest in, any subsidiary or affiliate of Company.
Consultant acknowledges and agrees that any future claims she may have to shares
of stock of Company (other than as described on Appendix 1 attached hereto) or
shares of stock or other equity interest in any subsidiary or affiliate of
Company shall be void and of no effect unless such claim relates to shares or
other equity interests authorized in a written agreement between Consultant and
Company, which agreement has been signed on behalf of Company by the CEO.

     9.5. This Agreement replaces all previous agreements or discussions
relating to the subject matters hereof and this Agreement, plus the Company's
policies and procedures, constitute the entire agreement between Company and
Consultant with respect to the subject matters of this Agreement. This Agreement
may not be modified in any respect by any verbal statement, representation or
agreement made by any employee, officer or representative of Company, or by any
written document unless it is signed by an officer of Company.

                                      -Page 7-
<PAGE>   8

          IN WITNESS WHEREOF, the parties have executed this Agreement in
duplicate originals effective as of the Effective Date stated above.

                                       CHEMATCH.COM, INC.

                                       By: /s/ CARL D. MCCUTCHEON
                                           ------------------------------------
                                           Name: Carl D. McCutcheon
                                                 ------------------------------
                                           Title: Chairman, President and
                                                   Chief Executive Officer
                                                  -----------------------------
                                           This 26th day of January, 2000

                                       /s/ KAREN MORGAN
                                       ----------------------------------------
                                       KAREN MORGAN
                                       This 26th day of January, 2000

                                    -Page 8-
<PAGE>   9

                                   APPENDIX 1

                              COMPANY COMMON STOCK
                         OWNERSHIP, WARRANTS AND OPTIONS

     1. 196,200 shares of Company's common stock owned personally by Consultant
        and/or by a family limited partnership for the benefit of certain
        members of Consultant's family.

     2. A warrant to acquire 3,000 shares of Company's common stock.

     3. Two stock options awarded under Company's 1997 Employee, Director and
        Consultant Stock Option Plan. One such stock option provided for the
        purchase of up to an aggregate of 75,000 shares of Company's common
        stock at a purchase price per share of $3.33, and the other such stock
        option provided for the purchase of up to an aggregate of 106,500
        shares of Company's common stock at a purchase price per share of $.83.

     4. Two stock options awarded under Company's 1999 Stock Plan. One such
        stock option provided for the purchase of up to an aggregate of 266,316
        shares of Company's common stock at a purchase price per share of
        $1.336, and the other such stock option provided for the purchase of up
        to an aggregate of 6,600 shares of Company's common stock at a purchase
        price per share of $1.47.

                                    -Page 9-

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