Document:

Exhibit 10.3
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                                 LOAN AGREEMENT

     This LOAN AGREEMENT  ("Loan  Agreement") is entered into as of the 27th day
of November, 2002 (the "Effective Date") by OptiMark Holdings,  Inc., a Delaware
corporation  ("OptiMark"),   SOFTBANK  Capital  Partners  LP,  SOFTBANK  Capital
Advisors Fund LP and SOFTBANK  Capital LP, each a Delaware  limited  partnership
(together  "Softbank") and, solely with respect to Section 3.5 below,  OptiMark,
Inc., a Delaware corporation and wholly-owned subsidiary of OptiMark ("OptiMark,
Inc.").

                                  INTRODUCTION

     WHEREAS, OptiMark has requested that Softbank extend OptiMark credit in the
principal  amount of $750,000 for the purposes set forth in Section 7.1.1 hereof
and  whereas  Softbank  is  willing  to  extend  such  credit  on the  terms and
conditions contained in this Loan Agreement.

     WHEREAS,  the amount advanced by Softbank to OptiMark pursuant to this Loan
Agreement  may be applied to the purchase of equity in OptiMark  under the terms
and conditions specified in this Loan Agreement.

     Now,  therefore,  in consideration of the mutual promises  contained herein
and  other  good  and  valuable  consideration,   receipt  of  which  is  hereby
acknowledged,  and in order to induce  Softbank to extend such credit,  OptiMark
and Softbank hereby agree as follows:

                                   ARTICLE 1.
                                  DEFINITIONS

          Section 1.1  Definitions  and Exhibits.  Terms defined above or in the
text of this Loan  Agreement  shall have the  meanings set forth  herein.  Other
capitalized terms shall have the meaning set forth in the Definitions  Addendum,
which is attached and incorporated  herein.  All exhibits to this Loan Agreement
are also incorporated herein.

                                   ARTICLE 2.
                                 THE COMMITMENT

         Section 2.1 Term  Commitment.  Subject to the terms and  conditions  of
this  Loan  Agreement,  Softbank  agrees to make a loan on the  Closing  Date to
OptiMark in the principal amount of $750,000 (the "Principal Amount").  The Loan
shall  bear  interest  as  provided  in this Loan  Agreement.  The Loan shall be
evidenced by the Notes and this Loan Agreement.

         Subject to the  conditions set forth in this Loan  Agreement,  Softbank
shall disburse the Loan amount,  less (i)  reimbursement to Softbank of fees and
disbursements  of  Softbank's  counsel in  connection  with this Loan  Agreement
including,  without

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limitation, estimated fees in connection with the filing of Financing Statements
(Form UCC-1) and other instruments advisable to perfect the Liens granted by the
Security Agreement and Guarantees (in an amount specified in writing to OptiMark
at least one (1) Business Day prior to the Closing Date) and (ii)  reimbursement
to  Cummings &  Lockwood,  counsel to  OptiMark,  of fees and  disbursements  in
connection  with (a) past due invoices and (b) this Loan Agreement (in an amount
specified  in writing to  OptiMark  at least one (1)  Business  Day prior to the
Closing Date),  by wire transfer of immediately  available funds to such account
as OptiMark shall notify Softbank in writing at least one (1) Business Day prior
to the Closing Date.

          Section 2.2 Evidence of Indebtedness.  Softbank shall maintain records
evidencing amounts of principal and interest paid by or on behalf of OptiMark to
Softbank  hereunder.  The books and  records of  Softbank  shall be prima  facie
evidence,  absent manifest error, of all amounts of principal,  interest,  Costs
and Fees,  outstanding or repaid  pursuant to this Loan Agreement or any Related
Document.

                                   ARTICLE 3.
                       REPAYMENT, INTEREST AND CONVERSION

          Section  3.1  Payment  Of  Principal  and  Interest.  The  outstanding
principal  balance of the Notes,  together with all accrued but unpaid interest,
shall be due and payable on the 180th  calendar day  following  the Closing Date
(the "Maturity Date").  The outstanding  principal balance due on the Loan shall
be  determined  as specified in Section 3.2. The  principal,  interest and other
sums due on the  Notes  or  under  the Loan  Agreement  shall  be  reflected  by
Softbank's  records which will be prima facie evidence of the computation of the
amounts owing by OptiMark to Softbank, absent manifest error.

          Section 3.2 Interest Rate, Interest Compounding, Outstanding Principal
Balance.  Interest on the outstanding principal balance of the Loan shall accrue
at ten  percent  (10%) per annum,  based on a year of 360 days and  actual  days
elapsed.  Interest shall be compounded  every 90 days following the Closing Date
and shall accrue from the Closing Date until the Loan is paid in full.  Upon the
occurrence and during the  continuance  of an Event of Default,  interest on the
outstanding  principal  balance of the Notes shall  accrue at the  Default  Rate
specified  in Section  4.2 hereof  and shall  also be  compounded  every 90 days
following  the Closing Date.  OptiMark  may, at its election,  from time to time
prior to the Maturity  Date pay accrued and unpaid  interest in cash.  Except as
otherwise  provided in Section 3.5 hereof, all accrued but unpaid interest shall
be due and payable on the Maturity Date in cash. All accrued but unpaid interest
shall be  added to the  outstanding  principal  balance  on the last day of each
90-day period  following the Closing Date and after such  compounding,  interest
shall  accrue on such  increased  principal  balance  thereafter.  If it is ever
determined  that the rate of interest was in excess of any maximum rate (if any)
prescribed  by law,  then that  portion of interest  payments  representing  any
amounts in excess of said  maximum  shall be deemed a payment of  principal  and
applied by Softbank at any time against principal.

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          Section  3.3  Prepayment.  The Loan may be prepaid at any time or from
time to time in whole or in part without prepayment fee, premium or penalty. Any
prepayment  shall  first be  applied  to Costs and Fees,  if any,  described  in
Section 4.1, then to interest and then to  principal,  or in such other order as
Softbank may, in its sole discretion, determine.

          Section 3.4 Manner,  Method,  Place,  Time and Application of Payment,
Reinstatement,  Waivers. Except as otherwise provided in Section 3.5 hereof, all
Obligations  shall  be paid in  lawful  currency  of the  United  States  and in
immediately  available  funds  to  Softbank  by  wire  transfer  in  immediately
available  funds to such bank account as Softbank or any assignee may  designate
in writing.  The liability of OptiMark  hereunder and under any Related Document
shall be reinstated and revived and the rights of Softbank shall continue to the
extent of any amount at any time paid by or on behalf of OptiMark if such amount
shall  thereafter be required to be restored,  returned or forfeited by Softbank
pursuant to any  Requirement  of Law, and  OptiMark's  liability  therefor shall
continue as if such amount had not been paid.

     OptiMark  agrees that if for any reason any amount due  hereunder  or under
any Related  Document is paid by cashier's,  certified  teller's or other check,
there shall be no discharge of OptiMark's obligation until said check be finally
paid by the issuer thereof.

     All payments under this Loan Agreement shall be made without  counterclaim,
set-off, condition or qualification and free and clear of (and without deduction
for) any Taxes,  deductions or charges of any nature whatsoever and irrespective
of any default by Softbank  under this Loan  Agreement or any Related  Document.
All payments (other than prepayments  which shall be applied as specified in the
preceding  Section 3.3) shall be applied  first  against Costs and Fees, if any,
described in Section 4.1, then against indemnities and all amounts due hereunder
other than  principal  and  interest,  then  against  interest due on amounts in
default,  then against interest due on amounts not in default,  and then against
principal.

          Section 3.5 OII Capital Stock.

               (a) On or  prior  to the  Maturity  Date,  in lieu of  Softbank's
receipt of re-payment of the Obligations in lawful currency of the United States
in immediately  available funds as provided in Section 3.4,  Softbank may elect,
in its sole discretion:

                    (i) to require  OptiMark to cause OptiMark,  Inc. to deliver
to Softbank twelve (12) shares (as adjusted pursuant to Sections 3.5(b), (c) and
(d) below) of OII Common  Stock held by  OptiMark,  Inc.  and  seventy-two  (72)
shares (as  adjusted  pursuant  to  Sections  3.5(b),  (c) and (d) below) of OII
Preferred  Stock held by OptiMark,  Inc. as re-payment of the Principal  Amount;
and

                    (ii)  to  receive  payment  of  all  Obligations   less  the
Principal Amount (the "Remainder Obligation") either:

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                              (1) in cash, as set forth in Section 3.4 hereto;
                    or

                              (2) by requiring OptiMark to cause OptiMark,  Inc.
                    to deliver to Softbank that number of  additional  shares of
                    OII  Common  Stock  and OII  Preferred  Stock  (as  adjusted
                    pursuant  to  Sections  3.5(b),  (c) and (d) below)  held by
                    OptiMark, Inc. and equal to the Remainder Obligation,  where
                    (A) each  share of OII Common  Stock  shall be valued at the
                    OII Common Stock Conversion  Price (as adjusted  pursuant to
                    Section  3.5(d)  below) and (B) each share of OII  Preferred
                    Stock shall be valued at the OII Preferred Stock  Conversion
                    Price (as adjusted pursuant to Section 3.5(d) below).

               (b)  Adjustments  to Number of Shares of OII Common Stock and OII
Preferred Stock for Dividends and for Combinations or Subdivisions. In the event
that  OptiMark  Innovations  at any time or from time to time after the  Closing
Date  but on or  prior  to the  Maturity  Date  shall  declare  or pay,  without
consideration,  any dividend on shares of OII Common Stock  payable in shares of
OII Common Stock or any  dividend on shares of OII  Preferred  Stock  payable in
shares of OII  Preferred  Stock or, in either case,  in any right to acquire OII
Common Stock or OII Preferred  Stock,  respectively,  for no  consideration,  or
shall effect a subdivision of the outstanding  shares of OII Common Stock or OII
Preferred  Stock  into a greater  number of  shares of OII  Common  Stock or OII
Preferred  Stock,  respectively (by stock split,  reclassification  or otherwise
than by payment of a dividend in capital stock of OptiMark Innovations or in any
right to acquire such capital stock), or in the event the outstanding  shares of
OII Common Stock or OII Preferred  Stock shall be combined or  consolidated,  by
reclassification  or  otherwise,  into a lesser  number of shares of OII  Common
Stock or OII  Preferred  Stock,  as  applicable,  then the  number of shares OII
Common Stock or OII Preferred  Stock,  as  applicable,  which  OptiMark shall be
required to cause  OptiMark,  Inc.  to deliver to  Softbank  pursuant to Section
3.5(a)   immediately   prior  to  such  event  shall,   concurrently   with  the
effectiveness  of such event,  be  proportionately  decreased or  increased,  as
appropriate.  In the event  that  OptiMark  Innovations  shall  declare  or pay,
without  consideration,  any dividend on the OII Common  Stock or OII  Preferred
Stock payable in any right to acquire OII Common Stock or OII  Preferred  Stock,
respectively,  for no consideration then OptiMark Innovations shall be deemed to
have made a dividend  payable in OII Common Stock or OII Preferred Stock, as the
case may be,  in an  amount  of  shares  equal to the  maximum  number of shares
issuable  upon  exercise  of such  rights to  acquire  OII  Common  Stock or OII
Preferred Stock.

               (c) Adjustments for Reclassification  and Reorganization.  If the
OII Common Stock or OII Preferred Stock (together with the OII Common Stock, the
"OII Stock") which OptiMark shall be required to cause OptiMark, Inc. to deliver
to Softbank  pursuant to Section  3.5(a) shall be exchanged  for or changed into
any other  class or series of  capital  stock of any  issuer,  cash or any other
property,  right, or form of consideration,  whether by capital  reorganization,
reclassification, merger, consolidation, reorganization or otherwise (other than
a subdivision or combination of shares provided for in Section 3.5(b)), then the
number of shares of OII Stock that OptiMark shall be

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required to cause  OptiMark,  Inc.  to deliver to  Softbank  pursuant to Section
3.5(a)  shall,  concurrently  with  the  effectiveness  of such  reorganization,
reclassification,  merger,  consolidation,  reorganization  or other  event,  be
modified so that the OII Stock to be delivered  pursuant to Section 3.5(a) shall
be  replaced  by, in lieu of the  number of shares of OII Stock  which  Softbank
would  otherwise  have been  entitled to  receive,  such number of shares of the
class or series of capital stock, such amount of cash or other property,  right,
or consideration, as the case may be, received by OptiMark, Inc. in exchange for
the OII Stock to be delivered to Softbank pursuant to Section 3.5(a) immediately
before such event.

               (d) Adjustments to Conversion Price for Certain Diluting Issues.

                    (i)  Special  Definitions.  For  purposes  of  this  Section
3.5(d), the following definitions apply:

     "Options"  shall mean  rights,  options,  or  warrants  to  subscribe  for,
purchase or otherwise acquire OII Stock.

     "Additional Shares of OII Common Stock" shall mean all shares of OII Common
Stock issued by OptiMark  Innovations  after the Closing Date, other than shares
of OII Common Stock issued or issuable:

          (1) upon  exercise of Options to purchase  OII Common  Stock issued by
     OptiMark  Innovations to its employees,  directors or consultants  with the
     approval of the board of directors of OptiMark Innovations; or

          (2) for which the number of shares of OII Common  Stock to be received
     by  Softbank  pursuant  to Section  3.5(a) has been  adjusted  pursuant  to
     Sections 3.5(b) or (c).

     "Additional  Shares of OII  Preferred  Stock"  shall mean all shares of OII
Preferred  Stock issued by OptiMark  Innovations  after the Closing Date,  other
than shares of OII Preferred Stock issued or issuable:

          (1) upon exercise of Options to purchase OII Preferred Stock issued by
     OptiMark  Innovations to its employees,  directors or consultants  with the
     approval of the board of directors of OptiMark Innovations; or

          (2) for which  the  number  of  shares  of OII  Preferred  Stock to be
     received by Softbank  pursuant to Section 3.5(a) has been adjusted pursuant
     to Sections 3.5(b) or (c).

     "OII Common Stock Conversion Price" shall be equal to US $2,500, initially,
and shall be subject to adjustment as provided in Section 3.5(d)(iii).

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     "OII  Preferred  Stock  Conversion  Price"  shall be  equal to US  $10,000,
initially, and shall be subject to adjustment as provided in Section 3.5(d)(iv).

          (ii) No Adjustment of Conversion  Price.  Any provision  herein to the
contrary notwithstanding,

                    (1) no adjustment in the OII Common Stock  Conversion  Price
          shall be made in respect of the issuance of  Additional  Shares of OII
          Common Stock unless the consideration  per share (determined  pursuant
          to Section  3.5(d)(v)  hereof) for an  Additional  Share of OII Common
          Stock  issued or deemed to be issued by OptiMark  Innovations  is less
          than the OII Common Stock  Conversion  Price in effect on the date of,
          and immediately prior to, such issue; and

                    (2) no  adjustment  in the OII  Preferred  Stock  Conversion
          Price shall be made in respect of the issuance of Additional Shares of
          OII Preferred  Stock unless the  consideration  per share  (determined
          pursuant to Section  3.5(d)(v)  hereof) for an Additional Share of OII
          Preferred Stock issued or deemed to be issued by OptiMark  Innovations
          is less than the OII Preferred Stock Conversion Price in effect on the
          date of, and immediately prior to, such issue.

          (iii)  Adjustment of OII Common Stock  Conversion  Price. In the event
OptiMark Innovations,  at any time after the Closing Date but on or prior to the
Maturity  Date,  shall  issue  Additional  Shares of OII  Common  Stock  without
consideration  or for a  consideration  per share less than the OII Common Stock
Conversion  Price in effect on the date of and immediately  prior to such issue,
then and in such event,  the OII Common  Stock  Conversion  Price then in effect
shall be reduced,  concurrently  with such issue, to a price  (calculated to the
nearest cent)  determined by multiplying  such OII Common Stock Conversion Price
by a fraction,  the  numerator of which shall be the sum of the number of shares
of OII Common Stock outstanding  immediately prior to such issue plus the number
of shares of OII Common  Stock  which the  aggregate  consideration  received by
OptiMark  Innovations  for the total number of  Additional  Shares of OII Common
Stock so issued  would  purchase at such OII Common  Stock  Conversion  Price in
effect immediately prior to such issuance, and the denominator of which shall be
the number of shares of OII Common Stock  outstanding  immediately prior to such
issue plus the number of such  Additional  Shares of OII Common Stock so issued.
For the  purpose  of the above  calculation,  the number of shares of OII Common
Stock outstanding immediately prior to such issue shall be calculated on a fully
diluted basis,  as if any  outstanding  Options to purchase OII Common Stock had
been fully exercised as of such date.

          (iv) Adjustment of OII Preferred Stock Conversion  Price. In the event
OptiMark Innovations,  at any time after the Closing Date but on or prior to the
Maturity  Date,  shall issue  Additional  Shares of OII Preferred  Stock without
consideration or for a consideration per share less than the OII Preferred Stock

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Conversion  Price in effect on the date of and immediately  prior to such issue,
then and in such event,  the OII Preferred Stock Conversion Price then in effect
shall be reduced,  concurrently  with such issue, to a price  (calculated to the
nearest cent)  determined by  multiplying  such OII Preferred  Stock  Conversion
Price by a fraction,  the  numerator  of which shall be the sum of the number of
shares of OII Preferred Stock  outstanding  immediately prior to such issue plus
the number of shares of OII Preferred  Stock which the  aggregate  consideration
received by OptiMark  Innovations  for the total number of Additional  Shares of
OII  Preferred  Stock so  issued  would  purchase  at such OII  Preferred  Stock
Conversion  Price  in  effect  immediately  prior  to  such  issuance,  and  the
denominator  of which  shall be the  number  of shares  of OII  Preferred  Stock
outstanding  immediately  prior to such issue plus the number of such Additional
Shares of OII Common Stock so issued.  For the purpose of the above calculation,
the number of shares of OII Preferred  Stock  outstanding  immediately  prior to
such issue shall be calculated on a fully diluted basis,  as if any  outstanding
Options to purchase  OII  Preferred  Stock had been fully  exercised  as of such
date.

               (v) Determination of Consideration.  For purposes of this Section
3.5(d), the consideration  received by OptiMark Innovations for the issue of any
Additional  Shares of OII Common Stock or any Additional Shares of OII Preferred
Stock shall be computed as follows:

                    (1) Cash and Property: Such consideration shall:

                    a.  insofar  as it  consists  of cash,  be  computed  at the
          aggregate  amount of cash received by OptiMark  Innovations  excluding
          amounts paid or payable for accrued interest or accrued dividends;

                    b.  insofar as it consists of property  other than cash,  be
          computed  at the fair  value  thereof  at the time of such  issue,  as
          determined  in good  faith  by the  board  of  directors  of  OptiMark
          Innovations; and

                    c. in the event  Additional  Shares of OII Common  Stock are
          issued together with Additional Shares of OII Preferred Stock or other
          assets of the Corporation for consideration  which covers both, be the
          proportion of such consideration so received,  computed as provided in
          clauses (a.) and (b.) above,  as determined in good faith by the board
          of directors of OptiMark Innovations.

                    (2) Options and Convertible  Securities.  The  consideration
     per share received by OptiMark  Innovations  for  Additional  Shares of OII
     Common  Stock or  Additional  Shares of OII  Preferred  Stock  relating  to
     Options shall be determined by dividing:

                    a. the total  amount,  if any,  received  or  receivable  by
          OptiMark  Innovations as consideration  for the issue of such Options,

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          plus the minimum aggregate amount of additional  consideration (as set
          forth in the  instruments  relating  thereto,  without  regard  to any
          provision  contained  therein  designed to protect  against  dilution)
          payable to OptiMark Innovations upon the exercise of such Options, by

                    b. the  maximum  number of shares of OII Stock (as set forth
          in the instruments  relating thereto,  without regard to any provision
          contained  therein designed to protect against the dilution)  issuable
          upon the exercise of such Options.

               (vi) Effect of Adjustment of the Conversion  Prices. In the event
that either the OII Common Stock  Conversion  Price or the OII  Preferred  Stock
Conversion  Price  is  adjusted  pursuant  to  Section  3.5(d)(iii)  or  Section
3.5(d)(iv),  respectively,  the  number  of shares  of OII  Common  Stock or OII
Preferred Stock that OptiMark shall be required to cause OptiMark,  Inc. deliver
to Softbank on the Maturity Date pursuant to Section 3.5(a)(i) shall be adjusted
as follows:

                    (1) the number of shares of OII Common Stock to be delivered
          to Softbank pursuant to Section 3.5(a)(i) shall be equal to US $30,000
          divided  by the OII  Common  Stock  Conversion  Price in effect on the
          Maturity  Date,  provided,  however,  in no event  shall  OptiMark  be
          required to cause OptiMark, Inc. to deliver to Softbank more shares of
          OII Common Stock than are owned by OptiMark,  Inc. on the Closing Date
          (subject  to  adjustment  for  stock  splits,  reverse  splits,  stock
          dividends and similar events); and

                    (2) the  number  of  shares  of OII  Preferred  Stock  to be
          delivered to Softbank  pursuant to Section 3.5(a)(i) shall be equal to
          US $720,000  divided by the OII Preferred  Stock  Conversion  Price in
          effect on the  Maturity  Date,  provided,  however,  in no event shall
          OptiMark be required  to cause  OptiMark,  Inc. to deliver to Softbank
          more shares of OII Preferred Stock than are owned by OptiMark, Inc. on
          the Closing Date  (subject to  adjustment  for stock  splits,  reverse
          splits, stock dividends and similar events).

                                   ARTICLE 4.
                                 OTHER PAYMENTS

          Section 4.1 Costs and Fees. Upon demand  therefor,  OptiMark agrees to
pay to Softbank all Costs and Fees Arising Out Of: the  performance of this Loan
Agreement and any other Related Document; the renewal, modification,  extension,
forbearance (if any), refinancing,  renegotiations or restructuring of this Loan
Agreement  or  any  Related  Document;   collecting  any  and  all  Obligations;
protecting,  preserving  and realizing upon any Collateral or other security for
such amounts;  and/or enforcing this Loan Agreement or any Related Document. The
Costs and Fees due hereunder are part of the  Obligations and are secured by the
Liens  granted by OptiMark to Softbank  pursuant to the Security  Agreement  and
guaranteed pursuant to the Guarantees.

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          Section  4.2  Calculations;  Default  Interest;  Compounded  Interest.
Except as otherwise expressly set forth in this Loan Agreement, all computations
of interest and fees under this Loan Agreement or any Related  Document shall be
made on the basis of a year consisting of 360 days and actual days elapsed.  All
amounts that are not paid when due under this Loan Agreement shall bear interest
at the interest rate of fifteen  percent  (15%) per annum (the "Default  Rate"),
compounded every 90 days after the Default Rate becomes applicable.

                                   ARTICLE 5.
                             CONDITIONS TO LENDING,
                                    SECURITY
                                       and
                                 OTHER COVENANTS

          Section 5.1 Conditions. The obligation of Softbank to make the Loan is
subject to fulfillment by OptiMark of all of the following conditions:

               (a)  Execution and delivery by OptiMark or its  Subsidiaries,  as
applicable, of this Loan Agreement, Notes, Security Agreement, UCC's, Guarantees
and all other executed Related Documents.

               (b) The  representations  and  warranties  contained in Article 6
hereof  and in each  Related  Document  shall be  correct  and  accurate  in all
material respects on and as of Closing as though made on and as of such date and
no Event of Default and no condition  or event which,  with the giving of notice
or lapse of time or both, would become an Event of Default,  shall have occurred
and be continuing on Closing and Softbank  shall have received a certificate  in
the form set  forth on  Exhibit  B  attached  hereto  and  signed  by the  Chief
Executive Officer of OptiMark, dated as of the Closing Date, to that effect.

               (c) OptiMark  shall have  complied in all material  respects with
all covenants and  obligations  to be performed or observed by it at or prior to
such time,  including  but not limited to those set forth in the  Existing  Loan
Agreement;  and shall not be in breach of any of the Existing Loan  Agreement or
the  agreements  referred  to in each of such  Existing  Loan  Agreement  as the
"Related Documents."

               (d) OptiMark  shall have obtained all consents of third  parties,
including,  without  limitation,  any Governmental Body,  required in connection
with the execution and delivery of this Loan Agreement and the Related Documents
and consummation of the transactions contemplated hereby and thereby.

               (e) Softbank shall have received a favorable  written  opinion of
outside counsel for OptiMark,  dated the Closing Date, in substantially the form
of Exhibit C.

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               (f) Softbank shall have received  copies of all corporate  action
taken by OptiMark and its  Subsidiaries  to authorize this Loan  Agreement,  the
Related Documents,  the borrowings hereunder and the Notes,  certified as of the
Closing Date by the Secretary of OptiMark.

               (g) Softbank  shall have received (i)  acknowledgement  copies of
Financing  Statements (Form UCC-1) duly filed under the Uniform  Commercial Code
of all  jurisdictions  as may be  necessary  or,  in the  opinion  of  Softbank,
advisable  to  perfect  the Liens  created  by the  Security  Agreement  and the
Guarantees,  (ii)  acknowledgement  copies of recordings in the U.S.  Patent and
Trademark  Office  of  notices  in  respect  of  patents,  patent  applications,
trademark  registrations  and  trademark  applications  of  OptiMark  and/or the
Subsidiaries  created by the  Security  Agreement or the  Guarantees  if, in the
opinion of  Softbank,  such  filings  should be made and (iii)  evidence  of the
completion of all other recordings and filings and such other actions  necessary
or, in the opinion of Softbank,  advisable  to perfect the Liens  created by the
Security Agreement and the Guarantees.

               (h) There  shall  not be  pending  or  threatened  any  action or
proceeding   before  any  court  or   administrative   agency  relating  to  the
transactions contemplated by this Loan Agreement, the Existing Loan Agreement or
the Related  Documents which could  reasonably be expected to materially  impair
the ability of OptiMark to perform its obligations  under this Loan Agreement or
under the Related  Documents or which could reasonably be expected to materially
impair  the  ability  of  OptiMark  to issue  the  Series F  Preferred  Stock or
materially adversely affect the rights of the Series F Preferred Stock.

               (i) Except as described in  OptiMark's  Quarterly  Report on Form
10-Q for the period ended March 31, 2002 (the "10-Q"),  OptiMark's Annual Report
on Form 10-K for the period  ended  December 31, 2001 on file with the SEC as of
the Effective  Date (the "10-K"),  or otherwise  described on Exhibit  5.1(i) of
this Loan Agreement,  since March 31, 2002, there has been no event, occurrence,
change, development or state of affairs that had or will have a Material Adverse
Effect.

               (j) OptiMark  shall have  executed and  delivered to Softbank the
forms for filing in the U.S. Patent and Trademark  office, in form and substance
as  reasonably   satisfactory  to  Softbank,  in  respect  of  patents,   patent
applications,  trademark  registrations  and trademark  applications of OptiMark
and/or the Subsidiaries created by the Security Agreement or the Guarantees.

               (k) Softbank shall have received such other documents as Softbank
may reasonably request.

          Section 5.2 Conditions Not Fulfilled.  If the above conditions are not
fulfilled  or if the Loan or any  portion  thereof  is not made  because of such
nonfulfillment of conditions, neither Softbank nor OptiMark shall be responsible
to each other or any

                                       10
<PAGE>

other Person for any Loss Arising Out Of  nonfulfillment of the above conditions
or a failure to make the Loan.

          Section  5.3  Security.   As  security  for  the  prompt  payment  and
performance of all Obligations,  OptiMark is concurrently granting to Softbank a
Lien in all collateral  described in the Security Agreement (all such collateral
collectively, the "Collateral").

                                   ARTICLE 6.
                    REPRESENTATIONS, WARRANTIES AND COVENANTS

          Section 6.1 Representations, Warranties and Covenants of OptiMark. The
warranties,  representations, and covenants contained in this Loan Agreement and
in any Related Document shall be deemed to have been relied upon by Softbank and
shall survive the Closing and continue until all  Obligations  have been paid in
full.

         OptiMark  hereby  represents,   warrants,  covenants  and  agrees  with
Softbank that:

          Section  6.1.1.  Good  Standing  and  Power.  OptiMark,  each  of  the
Subsidiaries and OptiMark Innovations are corporations,  each duly organized and
existing,  in  good  standing,  under  the  laws  of  the  jurisdiction  of  its
incorporation, and each has the corporate power to own its property and to carry
on its business as now being  conducted and is duly qualified to do business and
is in  good  standing  in  each  jurisdiction  in  which  the  character  of the
properties  owned or leased by it  therein  or in which the  transaction  of its
business makes such qualification  necessary,  except for failures to be in good
standing or qualified  that would not in the aggregate  have a Material  Adverse
Effect.

          Section 6.1.2. Corporate Authority.  OptiMark has full corporate power
and authority to enter into this Loan Agreement,  and the Security Agreement, to
grant  to  Softbank  the  Liens  described  therein,   to  make  the  borrowings
contemplated  hereby,  to  execute  and  deliver  the  Note  and  to  incur  the
Obligations  provided  for  herein  and  therein,  all of which  have  been duly
authorized  by  all  proper  and  necessary   corporate  action.   Each  of  the
Subsidiaries  has full corporate  power and authority to enter into the Guaranty
to which it is a party, to grant to Softbank the Liens described  therein and to
incur  the  Obligations   provided  for  therein.  No  consent  or  approval  of
stockholders  or of any  Governmental  Body is required  as a  condition  to the
validity  or  performance  by  OptiMark  of this Loan  Agreement  or any Related
Document.

          Section   6.1.3.   Authorizations.   All   authorizations,   consents,
approvals,  registrations,  exemptions  and licenses  with or from  Governmental
Bodies which are necessary for the borrowings hereunder,  the grant of the Liens
on the Collateral, the execution and delivery by OptiMark or the Subsidiaries of
this Loan Agreement,  the Security  Agreement,  the Notes and the Guarantees and
the performance by OptiMark and its Subsidiaries of their respective Obligations
hereunder  and  thereunder  have been effected or obtained and are in full force
and effect.

                                       11
<PAGE>

          Section 6.1.4. Binding Agreement.  This Loan Agreement and the Related
Documents  constitute the valid and legally binding  obligations of OptiMark and
its  Subsidiaries,  as applicable,  enforceable in accordance  with their terms,
subject  to  bankruptcy,  insolvency,  reorganization  and other laws of general
applicability relating to or affecting creditors' rights and, as to enforcement,
to general equity principles.

          Section 6.1.5. Litigation.  Except as described in the 10-Q, the 10-K,
or on  Exhibit  5.1(i)  of this Loan  Agreement,  there  are no  proceedings  or
investigations  pending or, so far as the officers of OptiMark know,  threatened
before any court or arbitrator or before or by any  Governmental  Body which, in
any one case or in the  aggregate,  if determined  adversely to the interests of
OptiMark,  a Subsidiary or OptiMark  Innovations,  would have a Material Adverse
Effect.

          Section 6.1.6. No Conflicts.  There is no statute,  regulation,  rule,
order or  judgment,  and no provision of any  mortgage,  indenture,  contract or
agreement   binding  on  OptiMark,   either  of  its  Subsidiaries  or  OptiMark
Innovations or affecting their properties which would prohibit, conflict with or
in any way prevent the execution, delivery, or carrying out of the terms of this
Loan Agreement and the Related Documents.

          Section 6.1.7.  Financial  Condition.  The Draft Financial  Statements
fairly present,  in all material respects in accordance with GAAP, the financial
condition of OptiMark and its  Subsidiaries  and the results of their operations
and cash flows as of the dates and for the periods  referred  to.  Except as has
been  described in documents  referred to in Section  5.1(i) hereof or otherwise
described  in writing to Softbank  prior to the  execution  and delivery of this
Loan Agreement,  (i) there are no material Liabilities of OptiMark or any of its
Subsidiaries  as of the  date of such  balance  sheet  which  are not  reflected
therein  or in the  notes  thereto,  and (ii)  except as has been  described  on
Exhibit  5.1(i) of this  Loan  Agreement  or  disclosed  in the Draft  Financial
Statements,  the 10-K, the 10-Q and OptiMark's Current Reports on Form 8-K filed
with the SEC on  September  3, 2002 and  September  4,  2002,  there has been no
event, occurrence, change, development or state of affairs that had or will have
a Material  Adverse Effect since March 31, 2002. The Draft Financial  Statements
are fair and accurate in all material  respects  and, to  OptiMark's  knowledge,
will not be subject to material audit adjustments.

          Section 6.1.8. The Security Agreement.  The provisions of the Security
Agreement  will be effective  to maintain in favor of Softbank a valid,  binding
and enforceable,  security interest or lien in all right,  title and interest of
OptiMark in all material parts of the Collateral,  and shall  constitute a first
priority,  perfected  security interest or lien in all right, title and interest
of OptiMark in all material parts of such Collateral.

                                       12
<PAGE>

                                   ARTICLE 7.
                                FURTHER COVENANTS

          Section 7.1  Covenants.  Until  principal  and interest on the Loan is
paid in full,  or deemed  satisfied  pursuant to Section  3.5  hereof,  OptiMark
hereby covenants and agrees that unless Softbank  otherwise  Consents,  OptiMark
shall:

          Section  7.1.1.  Use of  Proceeds.  Use the Loan  proceeds for working
capital  purposes,  and apply such  proceeds  only to such  purposes and in such
manner  as  shall  be  approved  with  reasonable  particularity  prior  to such
application by OptiMark's Board of Directors.

          Section 7.1.2.  Financial Statements and Reports.  Deliver to Softbank
in form and detail reasonably satisfactory to Softbank the following:

               (a) Monthly  Reports.  OptiMark shall furnish to Softbank as soon
as  practicable,  and in any case  within  fifteen  (15) days of the end of each
calendar  month  (except  the last month of  OptiMark's  fiscal  year),  monthly
unaudited  financial  statements,  including  an  unaudited  balance  sheet,  an
unaudited  statements  of  operations  and  comprehensive  loss and an unaudited
statement of cash flows, together with a comparison to OptiMark's operating plan
and budget and statements of the Chief Financial Officer of OptiMark,  or person
acting  in  such  capacity,   explaining  any  significant  differences  in  the
statements from  OptiMark's  operating plan and budget for the month covered and
stating  that such  statements  fairly  present,  in all  material  respects  in
accordance  with GAAP,  the  consolidated  financial  position and  consolidated
financial results of OptiMark for the month covered; and

               (b) Annual Budget.  OptiMark shall furnish to Softbank as soon as
practicable  and in any event no later than  thirty (30) days after the close of
each fiscal year of OptiMark, an annual operating plan and budget, prepared on a
monthly basis, for the next immediate  fiscal year.  OptiMark shall also furnish
to Softbank,  within a reasonable  time of its  preparation,  amendments  to the
annual budget, if any.

          Section 7.1.3. Notices. To the extent known to OptiMark, promptly give
written  notice to  Softbank of the  occurrence  of, and the  occurrence  of any
material  development  in, (a) any Event of Default or any event  which,  upon a
lapse of time or  notice or both,  would  become  an Event of  Default;  (b) any
material  Claim or other  dispute of any nature  whatsoever  concerning,  or any
change in any Requirement of Law, adversely  affecting or relating to, OptiMark,
or (c) any event or  circumstance  that could  reasonably  be expected to have a
Material Adverse Effect.

          Section 7.1.4.  Compliance with Laws. Conduct its operations and cause
those of its  Subsidiaries  to be  conducted,  and use the  Collateral,  only in
compliance  with all policies of insurance and all  Requirements  of Law, except
where any failure could not  reasonably  be expected to have a Material  Adverse
Effect.

                                       13
<PAGE>

          Section 7.1.5. Maintenance of Records.  Maintain adequate and complete
records and books of account in accordance with GAAP,  which books shall reflect
all  financial  transactions  of  OptiMark.  OptiMark  shall also  permit any of
Softbank's  representatives  upon reasonable  request and during normal business
hours to visit and inspect any of the properties of OptiMark, to examine all its
books of  account,  records,  reports  and other  papers and to make  copies and
extracts  therefrom.  Upon  reasonable  request,  Softbank  may also  conduct  a
periodic  audit of OptiMark's  accounts  receivable  and inventory at Softbank's
expense.   In   addition,   OptiMark   shall  also  permit  any  of   Softbank's
representatives to discuss its affairs, finances and accounts with its officers,
employees and independent  public  accountants  (and by this provision  OptiMark
authorizes said accountants to discuss the finances and affairs of OptiMark with
Softbank or its accountants or other agents) all at such reasonable times and as
often as may be reasonably requested.

          Section 7.1.6.  Indemnification.  Indemnify,  defend and hold harmless
Softbank  from and  against  any and all Claims  (whether  known or unknown  and
whether now or hereafter  existing)  Arising Out Of (a) any inaccuracy when made
of any  representation  or  warranty  contained  in this Loan  Agreement  or any
Related  Document or any breach by OptiMark of any covenant or agreement in this
Loan Agreement or any Related  Document;  and (b) the  performance,  enforcement
(including  affirmative  suits  and  the  defense  of  any  Claim  or  liability
whatsoever)  and  collection  of this Loan  Agreement  or any Related  Document.
Notwithstanding  the  foregoing,  OptiMark  shall not be required to  indemnify,
defend or hold harmless  Softbank for any Claims or Losses directly and actually
caused by the gross  negligence or willful  misconduct  of Softbank.  Nothing in
this section is intended to limit or shall limit any  obligation  of OptiMark to
Softbank,  including  but not limited to the repayment  obligations  of OptiMark
contained in Article 3.

          Section 7.1.7.  Preservation  of Existence and Property.  Preserve and
maintain its existence in the  jurisdiction  of its  formation and qualify,  and
cause its Subsidiaries to qualify,  and remain qualified,  and cause each of its
Subsidiaries to remain qualified,  as a foreign corporation in each jurisdiction
where the failure to so qualify could have a Material  Adverse Effect.  OptiMark
shall  take all  reasonable  action  to  maintain  all  rights,  privileges  and
franchises  necessary or desirable to the normal  conduct of its  business,  and
shall comply and cause each of its  Subsidiaries  to comply with all Contractual
Obligations  and  Requirements  of Law except to the extent  that the failure to
comply therewith would not, in the aggregate, have a Material Adverse Effect.

          Section 7.1.8. Incurrence of Indebtedness.  OptiMark shall not create,
incur,  assume  or  suffer  to exist  any  Indebtedness,  or  permit  any of its
Subsidiaries so to do, except (i) Indebtedness to Softbank, (ii) Indebtedness of
OptiMark  (or its  successor)  to  others  that  is  subordinated  by a  written
agreement  satisfactory in form and substance to Softbank to all Indebtedness of
OptiMark (or its  successor) to Softbank and (iii)  Indebtedness  of OptiMark or
the Subsidiaries outstanding on the date hereof.

                                       14
<PAGE>

                                   ARTICLE 8.
                                EVENTS OF DEFAULT

          Section  8.1 Events of Default;  Acceleration  and  Remedies.  Without
regard to previous knowledge or any forbearance by Softbank, the following shall
be  defaults  under  this  Loan  Agreement  and the terms  "Event  of  Default",
"default" or "Default" shall mean any one or more of the following events:

               (a) Payment  Default.  OptiMark shall (i) fail to pay or cause to
be paid when due any  portion of any  Obligation  (other than Costs and Fees) or
fail to deliver or cause to be delivered  the OII Stock  pursuant to Section 3.5
hereof, or (ii) fail to pay or cause to be paid Costs and Fees for ten (10) days
after the same shall be due; or

               (b)  Security  Exposure.  Any Lien of  Softbank  in any  material
portion of the  Collateral  shall,  for any reason,  cease to exist as valid and
binding Liens; or any guarantor of any part of the Obligations  shall attempt to
withdraw the Guaranty,  state that such Guaranty has been discharged or take any
action or permit any action to be taken  which  would  impair  such  guarantor's
ability to perform its obligations under such Guaranty; or

               (c)  Breach  of Other  Covenants  of  Failure  of any  Condition.
OptiMark  shall fail to  perform,  keep or observe any  provision  (other than a
breach  of the  preceding  Sections  7.1.1 or  7.1.8)  not  involving  a payment
obligation of this Loan Agreement, contained in this Loan Agreement and any such
failure shall remain unremedied for thirty (30) days after written  notification
thereof shall have been given to OptiMark by Softbank; or

               (d) Breach of Representation or Warranty.  Any  representation or
warranty made by OptiMark under or in connection with this Loan Agreement or any
Related  Document  shall  prove to have been untrue or  misleading  when made or
becomes untrue in any material respect; or

               (e) Breach of Sections  7.1.1 or 7.1.8 Any failure to comply with
the preceding Section 7.1.1 or 7.1.8; or

               (f) Cross  Defaults.  Any  obligation  (other than its obligation
hereunder)  of  OptiMark  or  any  of  its   Subsidiaries  for  the  payment  of
Indebtedness in an aggregate amount of at least $250,000 is not paid when due or
becomes or is  declared to be due and payable  prior to the  expressed  maturity
thereof,  or there shall have occurred an event which, with the giving of notice
or lapse of time, or both,  would cause any such obligation to become,  or allow
any such obligation to be declared to be, due and payable.

               (g) Bankruptcy  etc.  OptiMark or any of its  Subsidiaries  shall
dissolve or liquidate or take an equivalent  action or an  involuntary  petition
shall have been filed  under any  federal or state  bankruptcy,  reorganization,
insolvency,  moratorium  or  similar  statute  against  OptiMark  or  any of its
Subsidiaries,  or a custodian,  receiver,

                                       15
<PAGE>

trustee,  assignee for the benefit of creditors or other similar  official shall
be appointed to take possession, custody, or control of the property of OptiMark
or any of its Subsidiaries,  unless such petition or appointment is set aside or
withdrawn or ceases to be in effect within sixty (60) days from the date of said
filing or appointment;  or OptiMark or its  Subsidiaries  shall admit in writing
its inability to pay any of its debts as they mature, or shall file any petition
or action for relief relating to any bankruptcy,  reorganization,  insolvency or
moratorium  law, or any other similar law or laws for the relief of, or relating
to,  debtors;  or  OptiMark  or any of its  Subsidiaries  shall  make a  general
assignment  for  the  benefit  of  creditors  or  enter  into  an  agreement  of
composition with its creditors; or

               (h) Change in Authority.  Any material  permit,  license or other
authority of any nature from any Governmental Body now or hereafter required (i)
for the  performance  of OptiMark under this Loan Agreement or any other Related
Documents  shall not be obtained or shall be revoked,  withdrawn  or withheld or
otherwise  failed to remain in full force and effect,  or (ii) in the conduct of
OptiMark's  business  shall not be obtained or shall be  revoked,  withdrawn  or
withheld or  otherwise  failed to remain in full force and effect,  in each case
(i) and (ii), for 30 days after notice of such by Softbank; or

               (i) Judgments.  Either (i) a judgment or order for the payment of
money in excess of Two  Hundred and Fifty  Thousand  Dollars  ($250,000)  or its
equivalent  in  another  currency,   or  (ii)  a  temporary  restraining  order,
preliminary  or final  injunction,  order of  specific  performance  or  similar
judgment,  order or decree  requiring  OptiMark or either of the Subsidiaries to
take, or prohibiting them from taking,  any action,  if such order,  injunction,
judgment or decree would be reasonably likely to have a Material Adverse Effect,
is  entered  against  OptiMark,  either  of the  Subsidiaries  or  any of  their
respective  assets,  and such  judgment,  order,  injunction  or  decree  is not
discharged  or appealed and stayed within sixty (60) days of entry or imposition
thereof.

     Upon any Event of Default,  Softbank may terminate  any of its  obligations
hereunder or under any Related  Document.  With respect to any Event of Default,
(i) in any such  event  described  in  Section  8.1(g),  all  Obligations  shall
automatically  be due  and  payable  without  notice  or  demand  or any  action
whatsoever by Softbank;  and (ii) in all other Events of Default,  Softbank may,
upon notice (of any nature allowed by law) to OptiMark,  declare all Obligations
(or any part  thereof),  to be forthwith  due and payable  without  presentment,
demand, protest or further notice of any kind, all of which are hereby expressly
waived by OptiMark.

     In addition,  upon any Event of Default,  Softbank may without prior notice
or demand, exercise any and all rights available to it under this Loan Agreement
or any Related  Document  in equity or by  applicable  law.  No action  taken by
Softbank shall be deemed to be an election of remedies by Softbank, it being the
intent of the parties that Softbank shall be entitled repeatedly to exercise all
remedies separately or concurrently and in any manner allowed by law.

                                       16
<PAGE>

                                   ARTICLE 9.
                                 MISCELLANEOUS

          Section 9.1  Notices,  etc. All  notices,  requests,  demands or other
communications  which are required or may be given pursuant to the terms of this
Loan Agreement  shall be in writing and shall be deemed to have been duly given:
(i) on the date of delivery if personally delivered by hand, (ii) upon the third
day after such notice is (a)  deposited in the United  States mail, if mailed by
registered or certified mail, postage prepaid,  return receipt requested, or (b)
sent by a nationally recognized overnight express courier, or (iii) by facsimile
upon  written  confirmation  (other  than  the  automatic  confirmation  that is
received from the recipient's  facsimile machine) of receipt by the recipient of
such notice:

         If to Softbank:           SOFTBANK Capital Partners LP
         --------------            SOFTBANK Capital Advisors Fund LP
                                   SOFTBANK Capital LP
                                   1188 Centre Street
                                   Newton Center, Massachusetts 02459
                                   Attention: Steve Murray
                                   Facsimile No.: (617) 928-9301

         With a copy to:           Sullivan & Cromwell
         --------------            1870 Embarcadero Road
                                   Palo Alto, California  94303
                                   Attention:  John L. Savva
                                   Telephone No.: (650) 461-5600
                                   Facsimile No.:  (650) 461-5700

         If to OptiMark:           OptiMark Holdings, Inc.
         --------------            10 Exchange Place
                                   Jersey City, New Jersey 07302
                                   Attention: General Counsel or Secretary
                                   Telephone No.: (201) 536-7000
                                   Facsimile No.:  (201) 946-0742

         With a copy to:           Cummings & Lockwood
         --------------            Four Stamford Plaza
                                   107 Elm Street
                                   Stamford, Connecticut 06902
                                   Attn: Evan S. Seideman
                                   Telephone No: (203) 327-1700
                                   Facsimile No:  (203) 351-4535

Such addresses may be changed,  from time to time, by means of a notice given in
the manner provided in this Section 9.1.

                                       17
<PAGE>

          Section 9.2 No Waiver; Remedies. No failure on the part of Softbank to
exercise, and no delay in exercising, any right under this Loan Agreement or any
Related  Document  shall  operate as a waiver  thereof;  nor shall any single or
partial  exercise of any right under any of the aforesaid  preclude any other or
further  exercise  thereof or the  exercise of any other right from time to time
and as often as  Softbank  may deem  expedient  and without  notice  (except any
notice  which is  specifically  required  by written  agreement).  The  remedies
provided in this Loan Agreement and the Related Documents are cumulative and not
exclusive  of  any  remedies  provided  by law or in  equity,  now or  hereafter
existing.

          Section 9.3 Accounting  Terms.  All accounting  terms not specifically
defined  herein shall be construed in  accordance  with GAAP except as otherwise
stated herein.

          Section 9.4 Assignment. This Loan Agreement shall not be assignable by
OptiMark  without  Softbank's  Consent.  Softbank  may  assign to any Person the
obligation,  subject to OptiMark's  satisfaction of all conditions  precedent in
Section 5.1 hereof,  to make all or a portion of the Loan on the Closing Date to
OptiMark. In addition,  Softbank may sell, transfer, assign, negotiate,  pledge,
or  hypothecate  all or any  portion  of this  Loan  Agreement  or the  Security
Agreement  (except  that if Softbank  assigns all of its rights  under this Loan
Agreement it shall also assign all of its rights  under the Security  Agreement)
to any Person.

          Section 9.5 Governing Law; Venue. This Loan Agreement and each Related
Document  shall be deemed to have been made in New York and the validity of such
documents,  their  construction,   interpretation  and  enforcement,   shall  be
determined  under,  governed by and construed in accordance with the laws of New
York. In any court proceeding,  OptiMark agrees to submit to the jurisdiction of
the state or  federal  court  selected  by  Softbank,  and  venue of any  action
concerning this Loan Agreement or any Related Document shall be in the county of
New York in the State of New York.  OptiMark  hereby  irrevocably  waives to the
fullest extent permitted by law any objection which it may now or hereafter have
to the laying of such venue and any claim that any such forum is an inconvenient
forum.  Nothing in this Section  shall impair the right of Softbank to bring any
action or proceeding against OptiMark or its property in the courts of any other
county or jurisdiction.

          Section 9.6 Entire Loan Documents; Headings; Amendments; Severability;
Time;  Fair  Construction;  Counterparts.  This Loan  Agreement  and the Related
Documents  constitute  the entire  agreement  between the parties  regarding the
terms of this Loan and  supersede any and all other  agreements  relating to the
subject  matter  of this  Loan  Agreement  and the  Related  Documents,  oral or
written,  among any or all of the parties.  The headings of the various sections
and  subsections  of this Loan  Agreement  and of any Related  Document  are for
convenience  of reference  only and do not  constitute a part of the  respective
document and shall not affect the meaning or construction of any provision.

                                       18
<PAGE>

     No amendment, waiver or forbearance of any provision of this Loan Agreement
or of any  Related  Document  shall be  effective  unless the same shall be in a
writing  signed by  Softbank.  Any such  waiver  or  forbearance  shall  only be
effective for the specific  purpose and in the specific  instance  given and not
for other or subsequent purposes or instances and no forbearance or waiver shall
affect  Softbank's  right to refuse  further  forbearances  or  waivers.  If any
portion of this Loan Agreement or any Related  Document is held to be invalid or
unenforceable,  the remaining  portions and provisions  and  conditions  thereof
shall remain in full force and effect.

     Time is of the essence under this Loan Agreement and each Related Document.
Counsel for each party has  participated in the review and revision of this Loan
Agreement  and each party agrees that the rules of  construction  requiring  any
ambiguities  to be resolved  against the drafting party shall not be employed in
the interpretation of this Loan Agreement or any Related Document. The signature
pages of this Loan  Agreement  and of any  Related  Document  may be executed in
counterparts.

          Section 9.7 Confidentiality.  Except as may be required to enforce the
rights and duties established hereunder (including  establishing and maintaining
Softbank's perfected Lien in the Collateral),  the parties hereto shall preserve
in a  confidential  manner all  information  received from the other pursuant to
this Loan  Agreement  and the Related  Documents,  and shall not  disclose  such
information  except to those Persons with which a confidential  relationship  is
maintained  (including  regulators,  legal  counsel,  accountants,  agents or an
assignee or a prospective  assignee of any of Softbank's rights  hereunder),  or
where required by law.

          Section 9.8 No Waiver. Notwithstanding anything contained in this Loan
Agreement,  the execution and delivery of this Loan  Agreement by Softbank shall
not   constitute   a  waiver  by  Softbank  of  any  breach  by  OptiMark  of  a
representation,  warranty,  covenant or condition set forth in the Existing Loan
Agreement.

                  [Remainder of page intentionally left blank]

                                       19
<PAGE>

                   Executed and dated as of November 27, 2002.

OPTIMARK HOLDINGS, INC.,                   SOFTBANK CAPITAL PARTNERS LP,
a Delaware corporation                     SOFTBANK CAPITAL ADVISORS FUND LP,
                                           SOFTBANK CAPITAL LP

By /s/ Robert J. Warshaw
   ---------------------
Its Chief Executive Officer                By: SOFTBANK CAPITAL PARTNERS  LLC
    -----------------------                    Its: General Partner

                                           By: /s/ Steven J. Murray
                                              ------------------------
                                               Name: Steven J. Murray
                                               Title: Admin. Member

Acknowledged and Agreed, solely
with respect to Section 3.5

OPTIMARK, INC.,
a Delaware corporation

By:  /s/ Robert J. Warshaw
     ---------------------
Its: /s/ Chief Executive Officer
     ---------------------------

<PAGE>

                              DEFINITIONS ADDENDUM

     This Definitions Addendum is an attachment to and part of that certain LOAN
AGREEMENT  ("Loan  Agreement")  dated as of November 27, 2002  between  OptiMark
Holdings,  Inc. and Softbank Capital Partners LP, Softbank Capital Advisors Fund
LP, and Softbank  Capital LP. Except as otherwise  stated in the Loan Agreement,
the following terms shall have the following meanings:

     "Advance" means the advance of Loan proceeds on the Closing Date.

     "Arising Out Of" means directly or indirectly  arising out of,  relating in
any manner to, arising in connection  with,  growing out of or stemming from, or
in any manner  caused by or  resulting  from,  whether by action or inaction and
whether  such  action or inaction  be  culpable  and  whether  such action be in
contract, tort or otherwise.

     "Business  Day"  means any day other than (i) a  Saturday,  Sunday or legal
holiday, or (ii) a day on which commercial banks in New York City are authorized
or required by law or executive order to close.

     "Capital  Lease  Obligations"  means,  with  respect  to  any  Person,  the
obligation  of such  Person to pay rent or other  amounts  under any lease  with
respect to any property (whether real,  personal or mixed) acquired or leased by
such Person that is required to be accounted  for under GAAP as a liability on a
consolidated balance sheet of such Person.

     "Claims" means any and all administrative,  legal or other actions, claims,
suits, appeals, settlements, consent decrees, or investigations.

     "Closing"  or "Closing  Date" shall mean the last to occur of: (a) the date
the Loan  Agreement  and the Related  Documents  are executed  and  delivered to
Softbank and (b) the date all conditions  precedent  contained in Section 5.1 of
the Loan Agreement are satisfied.

     "Collateral"  has  the  meaning  set  forth  in  Section  5.3 of  the  Loan
Agreement.

     "Consent" means a written document  containing the approval of and executed
by the Person to be bound by the document.

     "Contractual  Obligation" means, with respect to any Person, each provision
of this Loan Agreement,  each Related Document,  and all provisions of all other
agreements,  contracts,  instrument and  undertakings  to which such Person is a
party or by which it or any of its property is bound.

     "Costs and Fees"  means all  reasonable  out-of-pocket  or  incurred  costs
(including  without  limitation  those  incurred by the  following  persons) and
expenses of every nature, including,  without limitation,  reasonable attorneys'
fees (whether of independent or in-

                                      -i-
<PAGE>

house counsel  whether  incurred  before trial,  at trial,  or appeal and in any
bankruptcy or arbitration  proceeding),  reasonable fees of paralegals,  clerks,
accountants  and other  consultants  or  experts,  and of  collection  and other
agents,  and all other  reasonable  fees,  costs and  expenses  of every  nature
whatsoever  now or  hereafter  incurred  from time to time,  including,  without
limitation, all reasonable expenses related to the Collateral (including without
limitation, all appraisal(s), filing and recording fees).

     "Default" or "Event of Default" has the meaning set forth in Section 8.1 of
the Loan Agreement.

     "Default  Rate"  has the  meaning  set  forth  in  Section  4.2 of the Loan
Agreement.

     "Draft Financial  Statements" means the unaudited (i) consolidated  balance
sheets of the Company as of September  30, 2002 and  September  30,  2001,  (ii)
consolidated  statements of operations  and  comprehensive  loss for the periods
ended  September 30, 2001,  September  30, 2000 and  September  30, 1999,  (iii)
consolidated  statements of cash flows for the periods ended September 30, 2001,
September 30, 2000 and September 30, 1999, and (iv) the  consolidated  statement
of stockholders'  equity for the period ended December 31, 2001, all as provided
to Softbank on or before the Effective Date.

     "Effective  Date" has the  meaning  set forth in the  preamble  of the Loan
Agreement.

     "Existing Loan Agreement"  means the Loan Agreement,  dated May 31, 2002 by
and among  OptiMark,  Softbank and,  solely with respect to Section 3.5 thereof,
OptiMark, Inc.

     "GAAP"  or  "Generally  Accepted  Accounting  Principles"  means  generally
accepted  accounting  principles  as in effect  from time to time in the  United
States.

     "Governmental  Body"  means any  foreign  or  domestic  government;  court;
federal,  state,  county,  municipal  or other  department,  commission,  board,
bureau, agency, administrator, public authority or instrumentality;  arbitrator;
mediator; or other governmental regulator or authority.

     "Guarantees" means the certain Amended and Restated  Guarantees,  dated the
Closing  Date,  between  Softbank  and each of the  Subsidiaries,  in the  forms
attached as Exhibit D hereto.

     "Indebtedness"  means,  with respect to any Person,  (i) all obligations of
such Person for borrowed money or for the deferred purchase price of property or
services (including all obligations,  contingent or otherwise, of such Person in
connection  with  letters  of  credit,   bankers'  acceptances,   Interest  Rate
Protection  Agreement or other similar  instruments,  including  currency swaps)
other than indebtedness to trade creditors and

                                      -ii-
<PAGE>

service  providers  incurred in the  ordinary  course of business and payable on
usual and customary  terms,  (ii) all  obligations  or such Person  evidenced by
bonds, notes,  debentures or other similar  instruments,  (iii) all indebtedness
created or arising under any conditional sale or other title retention agreement
with  respect to  property  acquired by such Person  (even  though the  remedies
available  to  the  seller  or  lender  under  such  agreement  are  limited  to
repossession  or sale of such property),  (iv) all Capital Lease  Obligations of
such Person,  (v) all  obligations of the types  described in clauses (i), (ii),
(iii) or (iv) above secured by (or for which the obligee has an existing  right,
contingent  or  otherwise,  to be secured  by) any Lien upon or in any  property
(including  accounts,  contract  rights  and  other  intangibles)  owned by such
Person, even though such Person has not assumed or become liable for the payment
of such  Indebtedness,  (vi) all preferred  stock issued by such Person which is
redeemable, prior to full satisfaction of OptiMark's obligations under this Loan
Agreement  and the Notes,  other than at the  option of such  Person,  (vii) all
Indebtedness  of others  subject to a Third  Party  Guaranty  by such Person and
(viii) all  Indebtedness  of any  partnership  of which such Person is a general
partner.

     "Interest  Rate  Protection   Agreement"   means  any  interest  rate  swap
agreement,  interest rate cap agreement or similar hedging arrangement used by a
Person to fix or cap a floating rate of interest on Indebtedness to a negotiated
maximum rate or amount.

     "Liability" means any liability (whether known or unknown, whether asserted
or unasserted,  whether  absolute or contingent,  whether  accrued or unaccrued,
whether liquidated or unliquidated, and whether due or to become due), including
any liability for Taxes.

     "Lien" or "Liens" means, with respect to any Person, any security interest,
pledge,  mortgage,  charge,  option,  assignment,  hypothecation,   encumbrance,
attachment, garnishment, sequestration, forfeiture, execution or other voluntary
or involuntary lien upon or affecting the revenues of such Person or any real or
personal  property in which such Person has or hereafter  acquires any interest,
except (i) Liens for Taxes  which are not  delinquent  or which  remain  payable
without  penalty or the  validity or amount of which is being  contested in good
faith by appropriate  proceedings  and reserves  Consented to by Softbank;  (ii)
Liens  imposed by law (such as mechanics'  liens)  incurred in good faith in the
ordinary  course of business  which are not  delinquent or which remain  payable
without  penalty or the  validity or amount of which is being  contested in good
faith by  appropriate  proceedings  and reserves  Consented to by Softbank;  and
(iii) deposits or pledges under workmen's compensation,  unemployment insurance,
social  security,  bids,  tenders,  contracts  (except for repayment of borrowed
money), or leases, or to secure statutory  obligations or surety or appeal bonds
or to secure indemnity, performance or other similar bonds given in the ordinary
course of business.

     "Loan" or "Loans"  means the loan from Softbank to OptiMark in the original
principal amount of $750,000 made pursuant to the Loan Agreement and as the Loan
may be extended, modified or renewed from time to time.

                                      -iii-
<PAGE>

     "Loan  Agreement"  means this Loan  Agreement,  as the same may be amended,
extended or renewed from time to time.

     "Loan Documents" means the Related Documents.

     "Loss" or "Losses" means any and all Costs and Fees,  losses,  liabilities,
deficiencies, obligations, damages and other expenses of every nature, including
without limitation interest and penalties.

     "Material  Adverse  Effect"  means an  adverse  effect  upon the  business,
financial  condition,  results of operations,  property,  assets or prospects of
OptiMark, each of the Subsidiaries,  or, solely with respect to Sections 5.1(i),
6.1.1,  6.1.5, 6.1.7 and 7.1.3,  OptiMark  Innovations,  or upon the validity or
enforceability of the Loan Agreement or any of the other Related  Documents,  or
upon the  collectibility  of the Loan, or upon the  Contractual  Obligations  or
ownership of OptiMark of the Collateral or Softbank's Lien thereon,  or upon the
ability of OptiMark to perform its  obligations  hereunder  or under any Related
Document,  or upon  the  rights  of  Softbank  hereunder  or under  any  Related
Document,  which  adverse  effect  would be viewed as material  by a  reasonably
prudent lender.

     "Maturity  Date" has the meaning given that term in Section 3.1 of the Loan
Agreement.

     "Notes" means the promissory  notes in  substantially  the form attached as
Exhibit A and any other promissory note now or hereafter  evidencing an Advance,
all as extended, renewed or amended from time to time.

     "Obligations" means all obligations for principal or interest on the Notes,
all Costs and Fees,  all  indemnification  obligations  and all other amounts of
every nature  whatsoever due or to become due Softbank under this Loan Agreement
or under any Related Document.

     "OII Common  Stock" means the Common  Stock,  par value $.01 per share,  of
OptiMark Innovations.

     "OII Preferred  Stock" means the  Non-Qualified  Preferred Stock, par value
$0.01 per share, of OptiMark Innovations.

     "OII  Stock"  has the  meaning  set  forth in  Section  3.5(c)  of the Loan
Agreement.

     "OptiMark" means OptiMark Holdings, Inc., a Delaware corporation.

     "OptiMark,   Inc."  means  OptiMark,   Inc.,  a  Delaware  corporation  and
wholly-owned subsidiary of OptiMark.

                                      -iv-
<PAGE>

     "OptiMark   Innovations"  means  OptiMark   Innovations  Inc.,  a  Delaware
corporation.

     "Person" means an individual,  corporation,  partnership, limited liability
company,  association,  trust or any other entity or  organization,  including a
state,  government  or  political  subdivision  or an agency or  instrumentality
thereof.

     "Permitted  Liens"  means each of the Liens  described  on Schedule  5.1(a)
hereto,  and any extensions,  renewals or  modifications  of such liens provided
that the  Indebtedness  secured by such Liens (if to other than Softbank) is not
increased in connection with any such renewals,  extensions or  modifications of
such Liens.

     "Principal  Amount"  has the  meaning  set forth in Section 2.1 of the Loan
Agreement.

     "Related  Documents" means the Loan Agreement,  Notes,  Security Agreement,
the Guarantees and UCC's and all other certificates, documents or agreements now
or hereafter Arising Out Of or executed in connection with or pursuant to any of
the foregoing.

     "Remainder  Obligation" has the meaning set forth in Section  3.5(a)(ii) of
the Loan Agreement.

     "Requirement  of  Law"  means,  with  respect  to any  Person,  the  now or
hereafter  existing  articles or certificate of  incorporation  and bylaws,  the
partnership or limited liability  company  agreement or other  organizational or
governing documents of such Person, and any law, treaty, rule, order,  judgment,
decree, injunction, writ, or regulation, or a final and binding determination of
an arbitrator,  mediator, in each case applicable to or binding upon such Person
or any of its  property  or to  which  such  Person  or any of its  property  is
subject.

     "SEC" has the meaning set forth in Section 6.1.5 of the Loan Agreement.

     "Security  Agreement"  means that certain  Amended and Restated  Pledge and
Security  Agreement,  dated the  Closing  Date,  between the parties in the form
attached as Exhibit E.

     "Series F Preferred  Stock" means the Series F Preferred  Stock,  par value
$.01 per share, of OptiMark.

     "Softbank"  has the meaning set forth in the first  paragraph  of this Loan
Agreement, and any of its successors or assigns.

     "Subsidiaries"  means OptiMark,  Inc. and OptiMark U.S.  Equities,  Inc., a
Delaware corporation.

                                      -v-
<PAGE>

     "Taxes"  means for any Person any federal or state tax,  assessment,  duty,
levy, withholding liability, impost and other charges of every nature whatsoever
imposed by any  Governmental  Body on such  Person or on any of its  property or
because of any, revenue, income, sales, use, product, employee or franchise, and
any interest or penalty with respect to any of the foregoing.

     "10-K" has the meaning set forth in Section 5.1(i) of the Loan Agreement.

     "10-Q" has the meaning set forth in Section 5.1(i) of the Loan Agreement.

     "Third Party Guaranty" means,  with respect to any Person,  any obligation,
contingent  or  otherwise,  of such Person  guaranteeing  or having the economic
effect of  guaranteeing  any  Indebtedness  of any other  Person  (the  "primary
obligor") in any manner,  whether  directly or  indirectly,  and  including  any
obligation  of such  Person,  (i) to purchase or pay (or advance or supply funds
for the purchase or payment of) such  Indebtedness,  (ii) to purchase  property,
securities  or  services  for  the  purpose  of  assuring  the  holder  of  such
Indebtedness of the payment of such  Indebtedness  of (iii) to maintain  working
capital,  equity capital or the financial  condition or liquidity of the primary
obligor so as to enable the primary obligor to pay such Indebtedness.

     "UCC's" means the Uniform Commercial Code financing statements executed and
filed at the closing of the loans by  Softbank to OptiMark  pursuant to the Loan
Agreements.

                                      -vi-

<PAGE>

                           EXHIBIT A TO LOAN AGREEMENT

                                 PROMISSORY NOTE
[$_______]                                            Dated: November ___, 2002
                                                      New York, New York

     FOR VALUE RECEIVED,  the undersigned,  OPTIMARK  HOLDINGS,  INC. a Delaware
corporation,  ("OptiMark")  promises  to pay to the  order of  SOFTBANK  Capital
Partners LP, a Delaware limited partnership  ("Softbank"),  the principal sum of
[____________________________________________________________            Dollars
($_______)], or such lesser principal amount as shall then equal the outstanding
principal amount hereof, plus interest,  in lawful,  immediately available money
of the United States of America.

     This  Promissory  Note  ("Note")  is issued by  OptiMark  pursuant  to that
certain  Loan  Agreement  dated as of the date  hereof,  (the "Loan  Agreement")
between OptiMark and Softbank.  Capitalized  terms not otherwise defined in this
Note shall have the meaning set forth in the Loan Agreement,  which  definitions
are incorporated  herein.  The terms of the Loan Agreement are also incorporated
herein.

     OptiMark further agrees as follows:

     1. Interest Rate.  Interest on the  outstanding  principal  balance of this
Note shall accrue at the rate of ten percent (10%) per annum, based on a year of
360 days and actual days elapsed.  Interest  shall be  compounded  every 90 days
following the Closing Date, shall accrue from the Closing Date until the Loan is
paid in full and shall be added to principal as specified in the Loan Agreement.
Upon the occurrence and during the continuance of an Event of Default,  interest
on the  outstanding  principal  balance of this Note shall accrue at the Default
Rate specified in Section 4.2 of the Loan Agreement and shall also be compounded
every 90 days  following  the  Closing  Date.  However,  in no event  shall  the
interest  rate exceed the  maximum  rate  permitted  by law.  Interest  shall be
payable on the Maturity Date.

     2. Payment of Principal and Interest.  The outstanding principal balance of
this Note,  together  with all  accrued  but unpaid  interest,  shall be due and
payable on the Maturity Date. The outstanding principal balance due on this Note
shall be  determined  as  specified  in Section 3.2 of the Loan  Agreement.  The
principal,  interest and other sums due on this Note or under the Loan Agreement
shall be reflected by Softbank's  records which will be prima facie  evidence of
the  computation of the amounts owing by OptiMark to Softbank,  absent  manifest
error.

     3. Loan Agreement and Prepayment. This Note is issued pursuant to the terms
of the Loan Agreement and is secured by the Collateral. Voluntary prepayments of
this Note may be made without penalty.

     4. Default.  If an Event of Default shall occur, then all amounts due or to
become due under  this Note or under the Loan  Agreement  or any of the  Related

                                       A-1
<PAGE>

Documents shall become, or may be declared,  immediately due and payable, all as
further provided in the Loan Agreement.

     5. Maximum Amount of Interest.  Notwithstanding any contrary provision, the
total  liability of OptiMark for payment of interest  hereunder shall not exceed
the maximum amount of interest  permitted by law, and if any payment made by the
OptiMark includes interest in excess of such a maximum amount, Softbank shall at
any time before or after default apply such excess to the reduction of principal
hereunder.

     6.  Acceleration.  This Note is subject to the  provisions on  acceleration
contained in Section 8.1 of the Loan Agreement.

     7. Waivers by OptiMark.  Subject to any  provisions  to the contrary in the
Loan Agreement,  OptiMark  waives  presentment  for payment,  demand,  notice of
nonpayment,  notice of protest  and  protest of this  Note,  and all  notices in
connection  with the delivery,  acceptance,  or dishonor of this Note.  OptiMark
agrees that (a) if for any reason any amount due hereunder is paid by cashier's,
certified  teller's  check or  other  check,  there  shall  be no  discharge  of
OptiMark's  obligation  until said check be finally paid by the issuer  thereof;
and (b) OptiMark shall have waived any rights to any accord and  satisfaction of
any now or hereafter existing claim in dispute between Softbank and OptiMark (or
any of their  respective  successors and assigns),  all of which  provisions and
rights are hereby waived.

     8. No Waiver by  Softbank.  Softbank  shall not by any act of  omission  or
commission  be deemed to waive any of its rights or remedies  under this Note or
the Loan  Agreement  unless  such  waiver  shall be in  writing  and  signed  by
Softbank, and then only to the extent specifically set forth therein.

     9. Costs and Fees.  OptiMark  agrees to pay to Softbank  all Costs and Fees
(including  without  limitation,  reasonable  attorneys' fees) payable under the
provisions  of the Loan  Agreement,  including  but not  limited to Section  4.1
thereof, all of which provisions are incorporated herein by this reference.

     10.  Application  of  Article  3.  OptiMark  and  Softbank  agree  that the
provisions of Article 3 of the Uniform Commercial Code of New York pertaining to
instruments shall be applied to this Note, even if this Note is not deemed to be
an "instrument" or a "negotiable instrument" thereunder, except that no assignee
of this Note  shall  have the  status of a  "holder-in-due  course"  under  that
Article.

     11.  Governing Law; Venue.  This Note shall be governed by and construed in
accordance  with the internal laws of the State of New York.  Without  impairing
the other  agreements  made by OptiMark in the Loan  Agreement,  OptiMark hereby
irrevocably  makes the  agreements  set forth in Sections  9.5  (Governing  Law;
Venue) of the Loan Agreement.

                  [Remainder of page intentionally left blank]

                                      A-2
<PAGE>

                                         OPTIMARK HOLDINGS, INC.
                                         a Delaware corporation

                                         By
                                           --------------------------------

                                         Its
                                            -------------------------------

        [Signature Page to SOFTBANK Capital Partners LP Promissory Note]

                                      A-3
<PAGE>

                                 PROMISSORY NOTE

[$_______]                                          Dated: November [___], 2002
                                                    New York, New York

     FOR VALUE RECEIVED,  the undersigned,  OPTIMARK  HOLDINGS,  INC. a Delaware
corporation, ("OptiMark") promises to pay to the order of SOFTBANK Capital LP, a
Delaware   limited    partnership    ("Softbank"),    the   principal   sum   of
[______________________  ________________________  Dollars ($_______)],  or such
lesser  principal  amount as shall then equal the outstanding  principal  amount
hereof,  plus interest,  in lawful,  immediately  available  money of the United
States of America.

     This  Promissory  Note  ("Note")  is issued by  OptiMark  pursuant  to that
certain  Loan  Agreement  dated as of the date  hereof,  (the "Loan  Agreement")
between OptiMark and Softbank.  Capitalized  terms not otherwise defined in this
Note shall have the meaning set forth in the Loan Agreement,  which  definitions
are incorporated  herein.  The terms of the Loan Agreement are also incorporated
herein.

     OptiMark further agrees as follows:

     1. Interest Rate.  Interest on the  outstanding  principal  balance of this
Note shall accrue at the rate of ten percent (10%) per annum, based on a year of
360 days and actual days elapsed.  Interest  shall be  compounded  every 90 days
following the Closing Date, shall accrue from the Closing Date until the Loan is
paid in full and shall be added to principal as specified in the Loan Agreement.
Upon the occurrence and during the continuance of an Event of Default,  interest
on the  outstanding  principal  balance of this Note shall accrue at the Default
Rate specified in Section 4.2 of the Loan Agreement and shall also be compounded
every 90 days  following  the  Closing  Date.  However,  in no event  shall  the
interest  rate exceed the  maximum  rate  permitted  by law.  Interest  shall be
payable on the Maturity Date.

     2. Payment of Principal and Interest.  The outstanding principal balance of
this Note,  together  with all  accrued  but unpaid  interest,  shall be due and
payable on the Maturity Date. The outstanding principal balance due on this Note
shall be  determined  as  specified  in Section 3.2 of the Loan  Agreement.  The
principal,  interest and other sums due on this Note or under the Loan Agreement
shall be reflected by Softbank's  records which will be prima facie  evidence of
the  computation of the amounts owing by OptiMark to Softbank,  absent  manifest
error.

     3. Loan Agreement and Prepayment. This Note is issued pursuant to the terms
of the Loan Agreement and is secured by the Collateral. Voluntary prepayments of
this Note may be made without penalty.

     4. Default.  If an Event of Default shall occur, then all amounts due or to
become due under  this Note or under the Loan  Agreement  or any of the  Related
Documents shall become, or may be declared,  immediately due and payable, all as
further provided in the Loan Agreement.

                                       A-4
<PAGE>

     5. Maximum Amount of Interest.  Notwithstanding any contrary provision, the
total  liability of OptiMark for payment of interest  hereunder shall not exceed
the maximum amount of interest  permitted by law, and if any payment made by the
OptiMark includes interest in excess of such a maximum amount, Softbank shall at
any time before or after default apply such excess to the reduction of principal
hereunder.

     6.  Acceleration.  This Note is subject to the  provisions on  acceleration
contained in Section 8.1 of the Loan Agreement.

     7. Waivers by OptiMark.  Subject to any  provisions  to the contrary in the
Loan Agreement,  OptiMark  waives  presentment  for payment,  demand,  notice of
nonpayment,  notice of protest  and  protest of this  Note,  and all  notices in
connection  with the delivery,  acceptance,  or dishonor of this Note.  OptiMark
agrees that (a) if for any reason any amount due hereunder is paid by cashier's,
certified  teller's  check or  other  check,  there  shall  be no  discharge  of
OptiMark's  obligation  until said check be finally paid by the issuer  thereof;
and (b) OptiMark shall have waived any rights to any accord and  satisfaction of
any now or hereafter existing claim in dispute between Softbank and OptiMark (or
any of their  respective  successors and assigns),  all of which  provisions and
rights are hereby waived.

     8. No Waiver by  Softbank.  Softbank  shall not by any act of  omission  or
commission  be deemed to waive any of its rights or remedies  under this Note or
the Loan  Agreement  unless  such  waiver  shall be in  writing  and  signed  by
Softbank, and then only to the extent specifically set forth therein.

     9. Costs and Fees.  OptiMark  agrees to pay to Softbank  all Costs and Fees
(including  without  limitation,  reasonable  attorneys' fees) payable under the
provisions  of the Loan  Agreement,  including  but not  limited to Section  4.1
thereof, all of which provisions are incorporated herein by this reference.

     10.  Application  of  Article  3.  OptiMark  and  Softbank  agree  that the
provisions of Article 3 of the Uniform Commercial Code of New York pertaining to
instruments shall be applied to this Note, even if this Note is not deemed to be
an "instrument" or a "negotiable instrument" thereunder, except that no assignee
of this Note  shall  have the  status of a  "holder-in-due  course"  under  that
Article.

     11.  Governing Law; Venue.  This Note shall be governed by and construed in
accordance  with the internal laws of the State of New York.  Without  impairing
the other  agreements  made by OptiMark in the Loan  Agreement,  OptiMark hereby
irrevocably  makes the  agreements  set forth in Sections  9.5  (Governing  Law;
Venue) of the Loan Agreement.

                  [Remainder of page intentionally left blank]

                                      A-5
<PAGE>

                                          OPTIMARK HOLDINGS, INC.
                                          a Delaware corporation

                                          By
                                            ------------------------------

                                          Its
                                             -----------------------------

             [Signature Page to SOFTBANK Capital LP Promissory Note]

                                      A-6
<PAGE>

                                 PROMISSORY NOTE

[$______]                                           Dated: November [____], 2002
                                                    New York, New York

     FOR VALUE RECEIVED,  the undersigned,  OPTIMARK  HOLDINGS,  INC. a Delaware
corporation,  ("OptiMark")  promises  to pay to the  order of  SOFTBANK  Capital
Advisors Fund LP, a Delaware limited partnership ("Softbank"), the principal sum
of [___________________  ____________________________ Dollars ($_____)], or such
lesser  principal  amount as shall then equal the outstanding  principal  amount
hereof,  plus interest,  in lawful,  immediately  available  money of the United
States of America.

     This  Promissory  Note  ("Note")  is issued by  OptiMark  pursuant  to that
certain  Loan  Agreement  dated as of the date  hereof,  (the "Loan  Agreement")
between OptiMark and Softbank.  Capitalized  terms not otherwise defined in this
Note shall have the meaning set forth in the Loan Agreement,  which  definitions
are incorporated  herein.  The terms of the Loan Agreement are also incorporated
herein.

     OptiMark further agrees as follows:

     1. Interest Rate.  Interest on the  outstanding  principal  balance of this
Note shall accrue at the rate of ten percent (10%) per annum, based on a year of
360 days and actual days elapsed.  Interest  shall be  compounded  every 90 days
following the Closing Date, shall accrue from the Closing Date until the Loan is
paid in full and shall be added to principal as specified in the Loan Agreement.
Upon the occurrence and during the continuance of an Event of Default,  interest
on the  outstanding  principal  balance of this Note shall accrue at the Default
Rate specified in Section 4.2 of the Loan Agreement and shall also be compounded
every 90 days  following  the  Closing  Date.  However,  in no event  shall  the
interest  rate exceed the  maximum  rate  permitted  by law.  Interest  shall be
payable on the Maturity Date.

     2. Payment of Principal and Interest.  The outstanding principal balance of
this Note,  together  with all  accrued  but unpaid  interest,  shall be due and
payable on the Maturity Date. The outstanding principal balance due on this Note
shall be  determined  as  specified  in Section 3.2 of the Loan  Agreement.  The
principal,  interest and other sums due on this Note or under the Loan Agreement
shall be reflected by Softbank's  records which will be prima facie  evidence of
the  computation of the amounts owing by OptiMark to Softbank,  absent  manifest
error.

     3. Loan Agreement and Prepayment. This Note is issued pursuant to the terms
of the Loan Agreement and is secured by the Collateral. Voluntary prepayments of
this Note may be made without penalty.

     4. Default.  If an Event of Default shall occur, then all amounts due or to
become due under  this Note or under the Loan  Agreement  or any of the  Related

                                      A-7
<PAGE>

Documents shall become, or may be declared,  immediately due and payable, all as
further provided in the Loan Agreement.

     5. Maximum Amount of Interest.  Notwithstanding any contrary provision, the
total  liability of OptiMark for payment of interest  hereunder shall not exceed
the maximum amount of interest  permitted by law, and if any payment made by the
OptiMark includes interest in excess of such a maximum amount, Softbank shall at
any time before or after default apply such excess to the reduction of principal
hereunder.

     6.  Acceleration.  This Note is subject to the  provisions on  acceleration
contained in Section 8.1 of the Loan Agreement.

     7. Waivers by OptiMark.  Subject to any  provisions  to the contrary in the
Loan Agreement,  OptiMark  waives  presentment  for payment,  demand,  notice of
nonpayment,  notice of protest  and  protest of this  Note,  and all  notices in
connection  with the delivery,  acceptance,  or dishonor of this Note.  OptiMark
agrees that (a) if for any reason any amount due hereunder is paid by cashier's,
certified  teller's  check or  other  check,  there  shall  be no  discharge  of
OptiMark's  obligation  until said check be finally paid by the issuer  thereof;
and (b) OptiMark shall have waived any rights to any accord and  satisfaction of
any now or hereafter existing claim in dispute between Softbank and OptiMark (or
any of their  respective  successors and assigns),  all of which  provisions and
rights are hereby waived.

     8. No Waiver by  Softbank.  Softbank  shall not by any act of  omission  or
commission  be deemed to waive any of its rights or remedies  under this Note or
the Loan  Agreement  unless  such  waiver  shall be in  writing  and  signed  by
Softbank, and then only to the extent specifically set forth therein.

     9. Costs and Fees.  OptiMark  agrees to pay to Softbank  all Costs and Fees
(including  without  limitation,  reasonable  attorneys' fees) payable under the
provisions  of the Loan  Agreement,  including  but not  limited to Section  4.1
thereof, all of which provisions are incorporated herein by this reference.

     10.  Application  of  Article  3.  OptiMark  and  Softbank  agree  that the
provisions of Article 3 of the Uniform Commercial Code of New York pertaining to
instruments shall be applied to this Note, even if this Note is not deemed to be
an "instrument" or a "negotiable instrument" thereunder, except that no assignee
of this Note  shall  have the  status of a  "holder-in-due  course"  under  that
Article.

     11.  Governing Law; Venue.  This Note shall be governed by and construed in
accordance  with the internal laws of the State of New York.  Without  impairing
the other  agreements  made by OptiMark in the Loan  Agreement,  OptiMark hereby
irrevocably  makes the  agreements  set forth in Sections  9.5  (Governing  Law;
Venue) of the Loan Agreement.

                  [Remainder of page intentionally left blank]

                                      A-7
<PAGE>

                                              OPTIMARK HOLDINGS, INC.
                                              a Delaware corporation

                                              By
                                                -----------------------------

                                              Its
                                                 ----------------------------

      [Signature Page to SOFTBANK Capital Advisors Fund LP Promissory Note]

                                      A-9

<PAGE>

                           EXHIBIT B TO LOAN AGREEMENT

                               CLOSING CERTIFICATE
                    PURSUANT TO SECTION 5.1 OF LOAN AGREEMENT

The  undersigned  (hereinafter  OptiMark),  through its duly elected and current
Chief Executive  Officer,  hereby certifies,  represents and warrants to each of
SOFTBANK Capital Partners LP, SOFTBANK Capital Advisors LP, and SOFTBANK Capital
LP, each a Delaware limited partnership (together "Softbank"),  the following in
connection  with the execution and delivery of that certain Loan Agreement dated
as of November [__], 2002 ("Loan Agreement") between OptiMark and Softbank:

         1. The representations and warranties of OptiMark contained in the Loan
Agreement and in each Related  Document (as defined in the Loan  Agreement)  are
true and correct in all  material  respects as of the date hereof as though made
on and as of such date; and

         2. The  following  officers or agents of  OptiMark  are  authorized  to
execute  the Loan  Agreement  and  every  other  Related  Document  on behalf of
OptiMark  and  each  was at the  time of  such  execution,  and is  now,  a duly
authorized appointed officer or agent of OptiMark duly authorized to execute and
deliver such documents and to bind OptiMark to the terms and conditions thereof.
Each signature on behalf of OptiMark appearing on the Loan Agreement and each of
the Related  Documents is the genuine  signature of such officer.  Any corporate
seal required by law or otherwise to appear on the Loan Agreement or any Related
Document has been affixed by OptiMark.

         The names of the  aforesaid  authorized  officers  and agents and their
true and correct signatures are as follows:

      --------------------------      -------------------------------
      (Name of Officer or Agent)      (Signature of Officer or Agent)

      --------------------------      -------------------------------
      (Name of Officer or Agent)      (Signature of Officer or Agent)

         3. Except as previously disclosed to Softbank in  writing, to  the best
of the undersigned's  knowledge, OptiMark  is not now in default in any material
respect under any material  agreement or other instrument to which it is a party
or by which it is bound;

         4. No event or condition has occurred and is continuing or would result
from the incurring of  obligations  by OptiMark  under the Loan Agreement or any
Related  Documents  which is, or with the lapse of time or notice or both  would
be,  an  Event  of  Default  under  the  Loan  Agreement  or any of the  Related
Documents.

         5.  The  Board of  Directors  of  OptiMark,  pursuant  to duly  adopted
resolutions or by unanimous  consent (either of which is attached  hereto),  has
authorized  the  execution,

                                      B-1
<PAGE>

delivery,  and  performance  by  OptiMark  of its  obligations  under  the  Loan
Agreement and all Related Documents to which it is a party, which resolutions or
consents  remain in full  force and effect  and none of the  proceedings  had or
actions  taken by  OptiMark  with  respect  to any of the  foregoing  have  been
rescinded, revoked or repealed;

         6. No document  delivered pursuant to Section 5.1 of the Loan Agreement
has been  amended  or  canceled  since  the date of  certification  or  delivery
thereof; and

         7. If the Loan  Agreement or any Related  Document was executed  and/or
delivered by OptiMark or any other party prior to the date hereof,  none of such
agreements or documents has been withdrawn or renounced by OptiMark or any other
party thereto and each remains in full force and effect.

         DATED: November ___, 2002            OPTIMARK HOLDINGS, INC.

                                              By:
                                                 ------------------------------
                                                 Name:  Robert Warshaw
                                                 Title: Chief Executive Officer

                                      B-2

<PAGE>

                           EXHIBIT C TO LOAN AGREEMENT

                          OPINION OF OPTIMARK'S COUNSEL

<PAGE>

                           EXHIBIT D TO LOAN AGREEMENT

                                FORM OF GUARANTY

<PAGE>

                           EXHIBIT E TO LOAN AGREEMENT

                           FORM OF SECURITY AGREEMENT1997 STOCK OPTION PLAN, AS AMENDED

  
 Exhibit 4.1 
  
 MERCURY COMPUTER SYSTEMS, INC. 
 1997 STOCK OPTION PLAN 
  

	1.
	 
	PURPOSE OF THE PLAN. 
 

  
 This stock option plan (the “Plan”) is intended to encourage ownership of the stock of Mercury Computer Systems, Inc. (the “Company”) by employees and advisors of the Company and its subsidiaries, to induce
qualified personnel to enter and remain in the employ of the Company or its subsidiaries and otherwise to provide additional incentive for optionees to promote the success of its business. 
  

	2.
	 
	STOCK SUBJECT TO THE PLAN. 
 

  
 (a)    The maximum number of shares of common stock, par value $.01 per share, of the Company (the “Common Stock”) for which options may be granted under this Plan shall be six million six
hundred fifty thousand (6,650,000) shares. The maximum number of shares of Common Stock available for granting incentive stock options under this Plan shall be six million six hundred fifty thousand (6,650,000) shares. These limitations and all
other limitations on the number of shares referenced in this Plan shall be subject to adjustment as provided in Section 12 of the Plan. Shares issued under the Plan may be authorized but unissued shares of Common Stock, or shares of Common Stock
held in treasury by the Company. 
  
 (b)    If an option granted hereunder shall expire or
terminate for any reason without having vested fully or having been exercised in full, the unvested and/or unpurchased shares subject thereto shall again be available for subsequent option grants under the Plan. 
  
 (c)    Stock issuable upon exercise of an option granted under the Plan may be subject to such restrictions on
transfer, repurchase rights or other restrictions as shall be determined by the Committee. 
  

	3.
	 
	ADMINISTRATION OF THE PLAN. 
 

  
 The Plan shall be administered by a committee (the “Committee”) consisting of two or more members of the Company’s Board of Directors. The selection of persons for participation in the Plan and all decisions
concerning the timing, pricing and amount of any grant or award under the Plan shall be made solely by the Committee. The Board of Directors may from time to time appoint a member or members of the Committee in substitution for or in addition to the
member or members then in office and may fill vacancies on the Committee however caused. The Committee shall choose one of its members as Chairman and shall hold meetings at such times and places as it shall deem advisable. A majority of the members
of the Committee shall constitute a quorum and any action may be taken by a majority of those present and voting at any meeting. Any action may also be taken without the necessity of a meeting by a written instrument signed by a majority of the
Committee. The decision of the Committee as to all questions of interpretation and application of the Plan shall be final, binding and conclusive on 

 

  
 all persons. The Committee shall have the authority to adopt, amend and rescind such rules and
regulations as, in its opinion, may be advisable in the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any option agreement granted hereunder in the manner and
to the extent it shall deem expedient to carry the Plan into effect and shall be the sole and final judge of such expediency. No Committee member shall be liable for any action or determination made in good faith. 
  

	4.
	 
	TYPE OF OPTIONS. 
 

  
 Options granted pursuant to the Plan shall be authorized by action of the Committee and may be designated as either incentive stock options meeting the requirements of Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”), or non-qualified options which are not intended to meet the requirements of such Section 422 of the Code, the designation to be in the sole discretion of the Committee. The Plan shall be administered by the Committee in such
manner as to permit options to qualify as incentive stock options under the Code. 
  

	5
	 
	ELIGIBILITY. 
 

  
 Options designated as incentive stock options shall be granted only to employees (including officers and directors who are also employees) of the Company and any of its subsidiaries. Options designated as non-qualified options may be
granted to officers, directors, employees, consultants, and advisors of the Company or of any of its subsidiaries. “Subsidiary” or “subsidiaries” shall be as defined in Section 424 of the Code and the Treasury Regulations
promulgated thereunder (the “Regulations”) and shall include present and future subsidiaries. 
  
 The
Committee shall, from time to time, at its sole discretion, select from such eligible individuals those to whom options shall be granted and shall determine the number of shares to be subject to each option. In determining the eligibility of an
individual to be granted an option, as well as in determining the number of shares to be granted to any individual, the Committee in its sole discretion shall take into account the position and responsibilities of the individual being considered,
the nature and value to the Company or its subsidiaries of his or her service and accomplishments, his or her present and potential contribution to the success of the Company or its subsidiaries, and such other factors as the Committee may deem
relevant. 
  
 No option designated as an incentive stock option shall be granted to any employee of the Company or
any subsidiary if such employee owns, immediately prior to the grant of an option, stock representing more than 10% of the combined voting power of all classes of stock of the Company or a parent or a subsidiary, unless the purchase price for the
stock under such option shall be at least 110% of its fair market value at the time such option is granted and the option, by its terms, shall not be exercisable more than five years from the date it is granted. In determining the stock ownership
under this paragraph, the provisions of Section 424(d) of the Code shall be controlling. In determining the fair market value under this paragraph, the provisions of Section 7 hereof shall apply. 
  

The maximum number of shares of the Company’s Common Stock with respect to which an option or options may be granted to any employee in any one taxable year of
the Company 

 

  
 shall not exceed 200,000 shares, taking into account shares granted during such taxable year under
options that are terminated or repriced. 
  

	6.
	 
	OPTION AGREEMENT. 
 

  
 (a)    Each option shall be evidenced by an option agreement (the “Agreement”) duly executed on behalf of the Company and by the optionee to whom such option is granted, which Agreement shall comply with
and be subject to the terms and conditions of the Plan. The Agreement may contain such other terms, provisions and conditions which are not inconsistent with the Plan as may be determined by the Committee, provided that options designated as
incentive stock options shall meet all of the conditions for incentive stock options as defined in Section 422 of the Code. The date of grant of an option shall be as determined by the Committee. More than one option may be granted to an individual.

  
 (b)    Unless the Agreement specifies otherwise, the Committee may cancel, rescind, suspend,
withhold or otherwise limit or restrict any option (whether vested or unvested, exercised or unexercised) at any time if the optionee is not in compliance with all applicable provisions of the Agreement and the Plan, or if the optionee engages in
any “Detrimental Activity.” For purposes of this Section 6, “Detrimental Activity” shall include: (i) the rendering of services for any organization or engaging directly or indirectly in any business which is or becomes
competitive with the Company, or which organization or business, or the rendering of services to such organization or business, is or becomes otherwise prejudicial to or in conflict with the interests of the Company; (ii) the disclosure to anyone
outside the Company, or the use in other than the Company’s business, without prior written authorization from the Company, of any confidential information or material, as defined in the Company’s Employee Confidentiality Agreement or such
other agreement regarding confidential information and intellectual property that the optionee and the Company may enter into (collectively, the “Confidentiality Agreement”), relating to the business of the Company, acquired by the
optionee either during or after employment with the Company; (iii) the failure or refusal to disclose promptly and to assign to the Company, pursuant to the Confidentiality Agreement or otherwise, all right, title and interest in any invention or
idea, patentable or not, made or conceived by the optionee during employment by the Company, relating in any manner to the actual or anticipated business, research or development work of the Company or the failure or refusal to do anything
reasonably necessary to enable the Company to secure a patent where appropriate in the United States and in other countries; (iv) activity that results in termination of the optionee’s employment for cause; (v) a material violation of any
rules, policies, procedures or guidelines of the Company; (vi) any attempt directly or indirectly to induce any employee of the Company to be employed or perform services elsewhere or any attempt directly or indirectly to solicit the trade or
business of any current or prospective customer, supplier or partner of the Company; or (vii) the optionee being convicted of, or entering a guilty plea with respect to, a crime, whether or not connected with the Company. 
  
 (c)    Upon exercise, payment, or delivery pursuant to an option, the optionee shall certify in a manner acceptable to
the Company that he or she is in compliance with the terms and conditions of the Plan. In the event an optionee engages in any Detrimental Activity as set forth in paragraphs (b)(i)-(viii) of this Section 6 prior to, or during the six (6) months
after, any 

 

  
 exercise, payment, or delivery pursuant to an option, such exercise, payment, or delivery may be
rescinded by the Company within two (2) years thereafter. In the event of any such rescission, the optionee shall pay to the Company the amount of any gain realized or payment received as a result of the rescinded exercise, payment, or delivery, in
such manner and on such terms and conditions as may be required, and the Company shall also be entitled to set-off against the amount of any such gain any amount owed to the optionee by the Company, and to be reimbursed for any attorney’s fees
or other costs or expenses incurred in enforcing this Section 6 of the Plan. 
  

	7.
	 
	OPTION PRICE. 
 

  
 The option price or prices of shares of the Company’s Common Stock for options designated as non-qualified stock options shall be determined by the Committee, but in no event shall the option price of a non-qualified stock
option be less than 100% of the fair market value of such Common Stock at the time the option is granted, as determined by the Committee. The option price or prices of shares of the Company’s Common Stock for incentive stock options shall be
not less than the fair market value of such Common Stock at the time the option is granted as determined by the Committee in accordance with the Regulations promulgated under Section 422 of the Code. If the shares of Common Stock are listed on any
national securities exchange, or traded on the National Association of Securities Dealers Automated Quotation System (“Nasdaq”) National Market System, the fair market value of a share of Common Stock on the date of grant of an option
shall be the closing price, if any, on the largest such exchange, or if not traded on an exchange, the Nasdaq National Market System on such day, or if the date of grant is not a business day, the business day immediately preceding the date of the
grant, or if there are no sales of shares of Common Stock on the date of grant or on the business day immediately preceding the date of grant, the fair market value of a share of Common Stock shall be determined by taking a weighted average of the
means between the highest and lowest sales on the nearest date before and the nearest date after the date of grant in accordance with Treasury Regulations Section 25.2512-2. If the shares are not then either listed on any such exchange or quoted in
NASDAQ/NM, the fair market value shall be the mean between the average of the “Bid” and the average of the “Ask” prices, if any, as reported in the National Daily Quotation Service for the date of grant, or if the date of grant
is not a business day the business day immediately preceding the date of the grant of the option, or, if none, shall be determined by taking a weighted average of the means between the highest and lowest sales prices on the nearest date before and
the nearest date after the date of grant in accordance with Treasury Regulations Section 25.2512-2. If the fair market value cannot be determined under the preceding two sentences, it shall be determined in good faith by the Committee. 

 

	8.
	 
	MANNER OF PAYMENT; MANNER OF EXERCISE. 
 

  
 (a)    Options granted under the Plan may provide for the payment of the exercise price, as determined by the Committee and set forth in the Option Agreement, by delivery of (i)
cash or a check payable to the order of the Company in an amount equal to the exercise price of such options, (ii) shares of Common Stock of the Company owned by the optionee having a fair market value equal in amount to the exercise price of the
options being exercised, (iii) any combination of (i) and (ii), provided, however, that payment of the exercise price by delivery of 

 

  
 shares of Common Stock of the Company owned by such optionee may be made only if such payment does not
result in a charge to earnings for financial accounting purposes as determined by the Committee, or (iv) payment may also be made by delivery of a properly executed exercise notice to the Company, together with a copy of irrevocable instruments to a
broker to deliver promptly to the Company the amount of sale or loan proceeds to pay the exercise price. The fair market value of any shares of the Company’s Common Stock which may be delivered upon exercise of an option shall be determined by
the Committee in accordance with Section 7 hereof. To facilitate clause (iv) above, the Company may enter into agreements for coordinated procedures with one or more brokerage firms. The date of exercise shall be the date of delivery of such
exercise notice. 
  
 (b)    To the extent that the right to purchase shares under an option has
accrued and is in effect, options may be exercised in full at one time or in part from time to time, by giving written notice, signed by the person or persons exercising the option, to the Company, stating the number of shares with respect to which
the option is being exercised, accompanied by payment in full for such shares as provided in subparagraph (a) above. Upon such exercise, delivery of a certificate for paid-up non-assessable shares shall be made at the principal office of the Company
to the person or persons exercising the option at such time, during ordinary business hours, after 9:00 a.m. but not more than thirty (30) days from the date of receipt of the notice by the Company, as shall be designated in such notice, or at such
time, place and manner as may be agreed upon by the Company and the person or persons exercising the option. Upon exercise of the option and payment as provided above, the optionee shall become a stockholder of the Company as to the Shares acquired
upon such exercise. 
  

	9.
	 
	VESTING OF OPTIONS. 
 

  
 Except as otherwise provided in an optionee’s Agreement, each option granted under the Plan shall, subject to Section 10 and Section 12 hereof, be exercisable with reference to the option’s Vesting Reference Date (the date
selected by the Committee) as follows: prior to the First Anniversary Date of the Vesting Reference Date-zero percent (0%); on the First Anniversary Date of the Vesting Reference Date-twenty five percent (25%); on the Second Anniversary Date of the
Vesting Reference Date-fifty percent (50%); on the Third Anniversary Date of the Vesting Reference Date-seventy-five percent (75%); and on the Fourth Anniversary Date of the Vesting Reference Date-one hundred percent (100%). Notwithstanding any
other provisions of this section, in the event of a Change of Control (as hereinafter defined) of the Company, fifty percent (50%) of the unvested shares of each Participant with a minimum of six months’ service will automatically be fully
Vested; in the event of a Change of Control of the Company not approved by the Board of Directors prior to such Change of Control, all of the Shares shall be fully Vested immediately upon such Change of Control. For purposes of the Plan, a
“Change of Control” shall be deemed to have occurred if any of the following conditions have occurred: (1) the merger or consolidation of the Company with another entity where the Company is not the surviving entity and where after the
merger or consolidation (i) its stockholders prior to the merger or consolidation hold less than 50% of the voting stock of the surviving entity and (ii) its Directors prior to the merger or consolidation are less than a majority of the Board of the
surviving entity; (2) the sale of all or substantially all of the Company’s assets to a third party and subsequent to the transaction (i) its stockholders hold less than 50% of the 

 

  
 stock of said third party and (ii) its Directors are less than a majority of the Board of said third
party; (3) a transaction or series of related transactions, including a merger of the Company with another entity where the Company is the surviving entity, whereby 50% or more of the voting stock of the Company is transferred to parties who are not
prior thereto stockholders or affiliates of the Company; or (4) the Continuing Directors shall not constitute a majority of the Board of Directors of the Company. The term “Continuing Directors” shall mean a member of the Board of
Directors of the Company who either was a member of the Board of Directors of the Company on the date this Plan was adopted by the Board of Directors or who subsequently became a director of the Company and whose initial appointment, initial
election or initial nomination for election by the Company’s shareholders subsequent to such date was approved by a vote of a majority of the Continuing Directors then on the Board of Directors of the Company. 
  
 To the extent that an option to purchase shares is not exercised by an optionee when it becomes initially exercisable, it shall not expire
but shall be carried forward and shall be exercisable, on a cumulative basis, until the expiration of the exercise period. No partial exercise may be made for less than fifty (50) full shares of Common Stock. 
  
 Notwithstanding the foregoing, the Committee may in its discretion (i) specifically provide for another time or times of exercise (but not
delay a vesting period) or (ii) accelerate the exerciseability of any option subject to such terms and conditions as the Committee deems necessary and appropriate. 
  

	10.
	 
	TERM AND EXERCISABILITY OF OPTIONS; RELATIONSHIP TO VESTING; NON-EMPLOYEE OPTIONS. 
 

  
 (a)    TERM AND EXERCISABILITY. 
  
 (1)    The term of each option shall be as stated in the optionee’s Agreement, provided, however, that the term of an option shall not exceed ten (10) years from the date of the granting thereof, subject to
earlier termination as provided in the Plan and the Agreement. 
  
 (2)    Except as otherwise
provided in the optionee’s Agreement, or this Section 10, an option granted to any employee who ceases to be an employee of the Company or one of its subsidiaries shall terminate ninety (90) days after the date of such optionee ceases to be an
employee of the Company or one of its subsidiaries, or on the last day of the term of the option, whichever occurs first. 
  
 (3)    Except as otherwise provided in the optionee’s Agreement, if such termination of employment is because of dismissal for cause or because the employee is in breach of any employment agreement, such
option will terminate on the date the optionee ceases to be an employee of the Company or one of its subsidiaries, or on the last day of the term of the option, whichever occurs first. 
  
 (4)    Except as otherwise provided in the optionee’s Agreement, if such 

 

  
 termination of the employment is because the optionee has become permanently disabled (within the
meaning of Section 22(e)(3) of the Code), such option shall terminate on the last day of the twelfth month from the date such optionee ceases to be an employee, or on the last day of the term of the option, whichever occurs first. 

 
 (5)    Except as otherwise provided in the optionee’s Agreement, in the event of the death of an
optionee, any option granted to such optionee shall terminate on the last day of the twelfth month from the date of death, or on the last day of the term of the option, whichever occurs first. 
  

(6)    Except as otherwise provided in the optionee’s Agreement, if such termination of employment is because of the retirement of the
optionee on or after attaining the minimum age, completing the minimum number of years of service, and satisfying of all other conditions specified for retirement status under the Company’s Retirement Policy Statement as in effect at the time
of the grant of the option, such option will terminate on the date that is five (5) years after the date the optionee ceases to be an employee of the Company or one of its subsidiaries, or the last day of the term of the option, whichever occurs
first. 
  
 (7)    Notwithstanding subparagraphs (2) through (6) above, the Committee shall have
the authority to extend the expiration date of any outstanding option in circumstances in which it deems such action to be appropriate. 
  
 (b)    RELATIONSHIP TO VESTING. Except as otherwise provided in the optionee’s agreement, an option granted to an employee who ceases to be an employee of the Company or one of its subsidiaries,
whether by having become permanently disabled, as defined in Sedition 22(e)(3) of the Code, by death, or otherwise, shall be exercisable only to the extent that the right to purchase shares under such option has vested and accrued on the date that
such optionee ceases to be an employee of the Company or one of its subsidiaries. 
  
 (c)    NON-EMPLOYEE OPTIONS. The term of an option granted to a non-employee director, a consultant, or any other person who is not an employee of the Company or one of its subsidiaries shall be stated in the
optionee’s Agreement, provided, however, that the term of an option shall not exceed ten (10) years from the date of the granting thereof, subject to earlier termination as provided in the Plan and the Agreement. An option granted to a
non-employee director, a consultant, or any other person who is not an employee of the Company or one of its subsidiaries shall be exercisable only to the extent so provided in the optionee’s Agreement. 
  

	11.
	 
	OPTIONS NOT TRANSFERABLE. 
 

  
 The right of any optionee to exercise any option granted to him or her shall not be assignable or transferable by such optionee otherwise than by will or the laws of descent and distribution, and any such option shall be
exercisable during the lifetime of such optionee only by him; provided, however, that in the case of a non-qualified stock option, the Committee may permit transferability of such options on such terms and conditions as determined by the Committee
and set forth in the Option Agreement. Any option granted under the Plan shall be null and void and without effect upon the bankruptcy of the optionee to whom the option is 

 

  
 granted, or upon any attempted assignment or transfer, except as herein provided, including without
limitation any purported assignment, whether voluntary or by operation of law, pledge, hypothecation or other disposition, attachment, divorce, trustee process or similar process, whether legal or equitable, upon such option. 

 

	12.
	 
	RECAPITALIZATIONS, REORGANIZATIONS AND THE LIKE. 
 

  
 (a)    In the event that the outstanding shares of the Common Stock of the Company are changed into or exchanged for a different number or kind of shares or other securities of the
Company or of another corporation by reason of any reorganization, merger, consolidation, recapitalization, reclassification, stock split-up, combination of shares, or dividends payable in capital stock, appropriate adjustment shall be made in the
number and kind of shares as to which options may be granted under the Plan and as to which outstanding options or portions thereof then unexercised shall be exercisable, to the end that the proportionate interest of the optionee shall be maintained
as before the occurrence of such event; such adjustment in outstanding options shall be made without change in the total price applicable to the unexercised portion of such options and with a corresponding adjustment in the option price per share.

  
 (b)    In addition, unless otherwise determined by the Committee in its sole discretion, in
the case of any Change of Control of the Company, the purchaser(s) of the Company’s assets or stock may, in his, her or its discretion, deliver to the optionee the same kind of consideration that is delivered to the stockholders of the Company
as a result of such sale, conveyance or Change of Control, or the Committee may cancel all outstanding options in exchange for consideration in cash or in kind, which consideration in both cases shall be equal in value to the value of those shares
of stock or other securities the optionee would have received had the option been exercised (to the extent then exercisable) and no disposition of the shares acquired upon such exercise been made prior to such Change of Control, less the option
price therefor. Upon receipt of consideration by the optionee, his or her option shall immediately terminate and be of no further force and effect. The value of the stock or other securities the optionee would have received if the option had been
exercised shall be determined in good faith by the Committee, and in the case of shares of the Common Stock of the Company, in accordance with the provisions of Section 7 hereof. The Committee shall also have the power and right to accelerate the
exercisability of any options, notwithstanding any limitations in this Plan or in the Agreement upon such Change of Control. Upon such acceleration, any options or portion thereof originally designated as incentive stock options that no longer
qualify as incentive stock options under Section 422 of the Code as a result of such acceleration shall be redesignated as non-qualified stock options. 
  
 (c)    Upon dissolution or liquidation of the Company, all options granted under this Plan shall terminate, but each optionee (if at such time in the employ of or otherwise
associated with the Company or any of its subsidiaries) shall have the right, immediately prior to such dissolution or liquidation, to exercise his or her option to the extent then exercisable. 
  

(d)    No fraction of a share shall be purchasable or deliverable upon the exercise of any option, but in the event any adjustment hereunder of the
number of shares covered by the option shall cause such number to include a fraction of a share, such fraction shall be adjusted to the 

 

  
 nearest smaller whole number of shares. 
  

	13.
	 
	NO SPECIAL EMPLOYMENT RIGHTS. 
 

  
 Nothing contained in the Plan or in any option granted under the Plan shall confer upon any option holder any right with respect to the continuation of his or her employment by the Company (or any subsidiary thereof) or
interfere in any way with the right of the Company (or any subsidiary thereof), subject to the terms of any separate employment agreement to the contrary, at any time to terminate such employment or to increase or decrease the compensation of the
option holder from the rate in existence at the time of the grant of an option. Whether an authorized leave of absence, or absence in military or government service, shall constitute termination of employment shall be determined by the Committee at
the time. 
  

	14.
	 
	WITHHOLDING. 
 

  
 The Company’s obligation to deliver shares upon the exercise of any option granted under the Plan and any payments or transfers under Section 12 hereof shall be subject to the option holder’s satisfaction of all applicable
Federal, state and local income, excise, employment and any other tax withholding requirements. 
  

	15.
	 
	RESTRICTIONS ON ISSUE OF SHARES. 
 

  
 (a)    Notwithstanding the provisions of Section 8, the Company may delay the issuance of shares covered by the exercise of an option and the delivery of a certificate for such
shares until one of the following conditions shall be satisfied: 
  
 (1)    The shares with
respect to which such option has been exercised are at the time of the issue of such shares effectively registered or qualified under applicable Federal and state securities acts now in force or as hereafter amended; or 
  
 (2)    Counsel for the Company shall have given an opinion, which opinion shall not be unreasonably conditioned or
withheld, that such shares are exempt from registration and qualification under applicable Federal and state securities acts now in force or as hereafter amended. 
  
 (b)    It is intended that all exercises of options shall be effective, and the Company shall use its best efforts to bring about compliance with the
above conditions within a reasonable time, except that the Company shall be under no obligation to qualify shares or to cause a registration statement or a post-effective amendment to any registration statement to be prepared for the purpose of
covering the issue of shares in respect of which any option may be exercised, except as otherwise agreed to by the Company in writing. 
  

	16.
	 
	PURCHASE FOR INVESTMENT; RIGHTS OF HOLDER ON SUBSEQUENT REGISTRATION. 
 

  
 Unless the shares to be issued upon exercise of an option granted under the Plan have 

 

  
 been effectively registered under the Securities Act of 1933, as now in force or hereafter amended, the
Company shall be under no obligation to issue any shares covered by any option unless the person who exercises such option, in whole or in part, shall give a written representation and undertaking to the Company which is satisfactory in form and
scope to counsel for the Company and upon which, in the opinion of such counsel, the Company may reasonably rely, that he or she is acquiring the shares issued pursuant to such exercise of the option for his or her own account as an investment and
not with a view to, or for sale in connection with, the distribution of any such shares, and that he or she will make no transfer of the same except in compliance with any rules and regulations in force at the time of such transfer under the
Securities Act of 1933, or any other applicable law, and that if shares are issued without such registration, a legend to this effect may be endorsed upon the securities so issued. In the event that the Company shall, nevertheless, deem it necessary
or desirable to register under the Securities Act of 1933 or other applicable statutes any shares with respect to which an option shall have been exercised, or to qualify any such shares for exemption from the Securities Act of 1933 or other
applicable statutes, then the Company may take such action and may require from each optionee such information in writing for use in any registration statement, supplementary registration statement, prospectus, preliminary prospectus or offering
circular as is reasonably necessary for such purpose and may require reasonable indemnity to the Company and its officers and directors and controlling persons from such holder against all losses, claims, damages and liabilities arising from such
use of the information so furnished and caused by any untrue statement of any material fact therein or caused by the omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the
light of the circumstances under which they were made. 
  
 17.    MODIFICATION OF OUTSTANDING
OPTIONS. 
  
 The Committee may authorize the amendment of any outstanding option with the consent of the optionee
when and subject to such conditions as are deemed to be in the best interests of the Company and in accordance with the purposes of this Plan. 
  

	18
	 
	APPROVAL OF STOCKHOLDERS. 
 

  
 The Plan shall be subject to approval by the vote of stockholders holding at least a majority of the voting stock of the Company present, or represented, and entitled to vote at a duly held stockholders’ meeting, or by
written consent of the stockholders as provided for under applicable state law, within twelve (12) months after the adoption of the Plan by the Board of Directors and shall take effect as of the date of adoption by the Board of Directors upon such
approval. The Committee may grant options under the Plan prior to such approval, but any such option shall become effective as of the date of grant only upon such approval and, accordingly, no such option may be exercisable prior to such approval.

  

	19.
	 
	TERMINATION AND AMENDMENT. 
 

  
 Unless sooner terminated as herein provided, the Plan shall terminate ten (10) years from the date upon which the Plan was duly adopted by the Board of Directors of the Company. The Board of Directors may at any time
terminate the Plan or make such modification or amendment 

 

  
 thereof as it deems advisable; provided, however, that except as provided in this Section 19, the Board
of Directors may not, without the approval of the stockholders of the Company obtained in the manner stated in Section 19, increase the maximum number of shares for which options may be granted or change the designation of the class of persons
eligible to receive options under the Plan, or make any other change in the Plan which requires stockholder approval under applicable law or regulations. 
  

	20.
	 
	RESERVATION OF STOCK. 
 

  
 The Company shall at all times during the term of the Plan reserve and keep available such number of shares of stock as will be sufficient to satisfy the requirements of the Plan and shall pay all fees and expenses necessarily
incurred by the Company in connection therewith. 
  

	21.
	 
	LIMITATION OF RIGHTS IN THE OPTION SHARES. 
 

  
 An optionee shall not be deemed for any purpose to be a stockholder of the Company with respect to any of the options except to the extent that the option shall have been exercised with respect thereto
and, in addition, a certificate shall have been issued theretofore and delivered to the optionee. 
  

	22.
	 
	NOTICES. 
 

  
 Any communication or notice required or permitted to be given under the Plan shall be in writing, and mailed by registered or certified mail or delivered by hand, if to the Company, to its principal place of business, attention:
President, and, if to an optionee, to the address as appearing on the records of the Company.

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