Document:

EXHIBIT 10.6

[PROGINET LOGO]

 OEM AGREEMENT

entered into between

PROGINET Corporation, a company established and incorporated under the laws of
the state of Delaware, U.S.A., having its principal place of business at 200
Garden City Plaza, Garden City, New York 11530, United States of America,

                                    - hereinafter referred to as "PROGINET" -
and PARTNER, a company established and incorporated under the laws of
-------------- with its principal place of business at
-----------------------------------.

- hereinafter referred to as "PARTNER" -

PRELIMINARY REMARKS

         WHEREAS, PROGINET has developed or otherwise lawfully acquired certain
         proprietary computer programs, support services and trade secrets
         including, but not limited to, PROGINET SOFTWARE, which is licensed
         worldwide by PROGINET, its Subsidiaries and Distributors as defined
         herein after;

         WHEREAS, PARTNER has developed or otherwise lawfully acquired certain
         proprietary computer programs, support services and trade secrets
         including, but not limited to, OEM PRODUCT which is licensed worldwide
         by PARTNER, its Subsidiaries and Distributors as defined hereinafter;

         WHEREAS, PARTNER is interested to integrate the PROGINET SOFTWARE
         software, with and in order to enhance OEM PRODUCT;

         WHEREAS, PROGINET agrees to license to PARTNER, on a non-exclusive
         basis, its PROGINET SOFTWARE to be integrated with OEM PRODUCT and to
         be distributed worldwide by PARTNER through its direct and indirect
         channels;

         WHEREAS, PROGINET wishes that Services to Customers with regard to the
         Product shall be performed by PARTNER;

         WHEREAS, PROGINET agrees to provide all necessary information and
         support to PARTNER, as provided for in this agreement, in order to
         provide Services to Customers with regard to the Product;

         WHEREAS, PARTNER and/or its Distributors desire to distribute the
         Product worldwide and to provide Services for the Product worldwide.

         NOW THEREFORE, in consideration of the covenants and mutual promises,
         terms and conditions set forth hereinafter, as well as other good and
         valuable consideration, the receipt and sufficiency of which is hereby
         acknowledged, the parties agree as follows:

<PAGE>

1.
DEFINITIONS

         In this OEM Agreement, the following terms shall have the following
         respective meanings:

         1.       "PARTNER" shall mean PARTNER, its employees, contractors,
                  consultants and all its Subsidiaries worldwide.

         2.       "OEM PRODUCT" shall mean the PARTNER Products.

         3.       "CUSTOMER" shall mean any end-user of the Product distributed
                  by PARTNER or Distributors.

         4.       "Distributor" shall mean any third party who is granted a
                  sublicense by PARTNER and who may license copies of the
                  Product and/or who may provide Services to Customers.

         5.       "Documentation" shall mean end-user manuals, programmers
                  guides, educational materials, product descriptions and
                  specifications, technical manuals, supporting materials, and
                  all systems guides which are distributed in print, magnetic,
                  electronic, or video format, in connection with PROGINET
                  SOFTWARE and/or the Services.

         6.       "Revenue" shall mean all monies due and payments resulting
                  from licensing and/or maintenance of the Product, or from
                  Services.

         7.       "Product" shall mean the PROGINET SOFTWARE as integrated with
                  OEM PRODUCT distributed by PARTNER and/or its Distributors.

         8.       "PROGINET SOFTWARE" shall mean the one or all of the following
                  separate software products developed or otherwise lawfully
                  acquired by PROGINET:

                           SECURPASS a password management solution. Platforms
                           supported are: OS/390, Windows 95,98,NT, UNIX,
                           NetWare.
                           FUSION FTMS a data movement solution. Platforms
                           supported are: OS/390, Windows 95,98,NT, OS/2, Dec
                           VAX, UNIX, NetWare.
                           CYBERFUSION an Internet File Transfer solution.
                           Platforms supported are: OS/390, Windows 95,98,NT.

                  This OEM AGREEMENT pertains only to the --------------
                  solution developed or otherwise lawfully acquired by PROGINET,
                  regardless of whether it will be delivered under the name
                  "PROGINET SOFTWARE" or any other name.

         9.       "SERVICES" shall mean any services, including training,
                  development, support, and consulting, to be provided by
                  PARTNER and/or Distributors to Distributors and/or Customers
                  with regard to the Product.

         10.      "SOURCE CODE" shall mean the human-readable form of the
                  Product and the soft copy of all technical documentation of
                  any version, release or update of any computer program, that
                  must be converted into machine readable language by the use of
                  compilers, assemblers and/or interpreters and which includes
                  codes that have been compiled but require linking to binary
                  code in order to be machine readable. Source Code must include
                  sufficient information such that it can be used to provide the
                  software and Services to Customers.
<PAGE>

         11.      "SUBSIDIARY" shall mean any legal entity as to which PROGINET
                  has the actual control now or hereafter, whereby "control"
                  shall mean the ability to determine the policies of such
                  company, whether resulting from a stock or a share ownership
                  or by other means, generally, but not limited to, holding a
                  majority of the stock or shares of such Subsidiary.

         12.      "USER" A user is defined by accounts on platforms that have
                  the ability to have their passwords reset by means of the
                  product.

     2. GRANT OF RIGHTS

         1.       PROGINET hereby grants to PARTNER the non-exclusive,
                  non-transferable, but worldwide right to

                  a)       create ancillary, supplemental and derivative works
                           with regard to PROGINET SOFTWARE and its
                           Documentation, and to integrate and package PROGINET
                           SOFTWARE with OEM PRODUCT, and to integrate, package,
                           modify and make excerpts from the Documentation into
                           other support material and documentation, under the
                           sole responsibility of PARTNER. PARTNER shall be the
                           sole proprietor of all works prepared by PARTNER,
                           exclusive of any works and products that are now
                           owned or developed by PROGINET.

                  b)       distribute, sell, promote, demonstrate, reproduce,
                           license, lease, rent, publicly display, publicly
                           perform and create ancillary, supplemental and
                           derivative works related to the Products as well as
                           the Products' documentation or portions thereof,
                           through itself and/or its Distributors to
                           Distributors and/or Customers to use, display,
                           perform and copy for safeguard purposes, in any
                           medium and on any platform now known or later
                           developed. All such use and distribution is subject
                           to the terms, as specified, in this OEM Agreement.

         2.       PARTNER shall be entitled to use PROGINET SOFTWARE for its
                  internal purposes, for development, maintenance, training, and
                  demonstration purposes free of charge. Proginet shall be
                  entitled to use OEM PRODUCT for its internal purposes, for
                  development, maintenance, training, and demonstration purposes
                  free of charge.

         3.       PARTNER shall not be entitled to distribute PROGINET SOFTWARE
                  in its non-integrated form.

         4.       PARTNER shall be entitled to modify the existing Documentation
                  and/or to prepare newly developed documentation with regard to
                  the Product and to incorporate such documentation into
                  PARTNER's formatted sales, marketing and documentation
                  materials.

         5.       PARTNER may, distribute the Product under its own trademarks
                  and/or trade names. PARTNER shall provide notices related to
                  PROGINET's ownership and trademarks during the initialization
                  of the Product, and in such other places, if any, to insure
                  reasonable protection of PROGINET marks. The parties are to
                  inform each other of any such changes of trademarks and/or
                  trade names.

         6.       PARTNER will provide adequate disclosure in its Sales License
                  Agreement with customers, of inclusion of Proginet's software
                  in the licensed product related to proprietary ownership by
                  Proginet.
<PAGE>

     3. SUPPORT AND MAINTENANCE

         1.       PROGINET agrees to deliver to PARTNER one master copy of all
                  PROGINET SOFTWARE components and all future PROGINET SOFTWARE
                  releases, versions, updates, and upgrades developed hereafter
                  on electronic media and format as well as one master copy of
                  the Documentation on electronic media, during the life of this
                  OEM Agreement. PARTNER will provide all support to customers
                  for the licensed software.

         2.       Support Services will be provided for those licensees who have
                  fully paid all license and support fees due. PROGINET agrees
                  to provide maintenance and support services, over the phone,
                  24 hours/seven days a week, to PARTNER to the extent necessary
                  to provide promptly the Services to Distributors and/or
                  Customers as follows:

     Error Severity Levels Of Service

                  PROGINET shall exercise commercially reasonable efforts to
                  correct any software defects reported by licensee in the
                  current or previously released and unmodified release of the
                  PROGINET SOFTWARE- in accordance with the priority level
                  reasonably assigned to such software defect. The service
                  levels are as follows:

                    SEVERITY "1" ISSUES, are assigned to a system which is not
                    operational and the licensee is prepared to turn requested
                    documentation over to the Support staff for resolution. For
                    severity 1 issues the PARTNER staff, and licensee staff must
                    be willing to work around the clock with PROGINET staff to
                    resolve the problem.

                    SEVERITY "2" ISSUES, are assigned when software is not in
                    complete failure, but is failing often and the failures are
                    having a high impact on the licensee's ability to do work.

                    SEVERITY "3" ISSUES, are assigned to problems which do not
                    affect the licensee's ability to essentially conduct normal
                    business activities. Delayed action by support resources is
                    appropriate, with a solution provided at a future time
                    convenient to the licensee and PROGINET.

         Exclusions

         PROGINET shall have no obligation to support:

                  a)       altered, damaged or modified licensed software:

                  b)       licensed software that is not the then current or
                           previous Sequential Release;

                  c)       licensed software problems caused by licensee's
                           negligence, abuse or misapplication, or other causes
                           beyond the control of Proginet; or

                  d)       Licensed Software installed on any Platform which is
                           not supported by PROGINET SOFTWARE. See Section 1.
                           DEFINITIONS for supported platforms by Product. These
                           platforms will be amended as platform support changes
                           occur.
<PAGE>

         3.       Any additional training of Services related to the Product not
                  covered by paragraph 2 herein before shall be provided for by
                  PROGINET to PARTNER and/or its Distributors, upon PARTNER's
                  request, at PROGINET's most competitive standard pricing.

         4.       First and Second Level Customer Support will be provided by
                  PARTNER for the licensee.

     4. ROYALTIES AND PAYMENT

         1.       PARTNER agrees to pay to PROGINET a royalty fee based upon the
                  schedule included herein as Enclosure 1.

         2.       For this purpose, PARTNER agrees to submit to PROGINET a copy
                  of each license and/or maintenance agreement entered into by
                  PARTNER, within 5 (in words: five) days of receipt of such
                  signed agreement

         3.       PARTNER agrees to submit to PROGINET a copy of each license
                  and/or maintenance agreement entered into by PARTNER, within
                  10 (in words: ten) days of receipt of such signed agreement.

         4.       PARTNER agrees to furnish PROGINET with a statement of
                  PROGINET SOFTWARE royalties on a quarterly basis within 10 (in
                  words: ten) days following the end of each calendar quarter
                  setting forth the payments made and due to PROGINET during the
                  preceding calendar quarter.

         5.       PROGINET agrees to inspect the statement of royalties in due
                  course and agrees to report to PARTNER in writing any
                  objections within 10 (in words: ten) days.

         6.       All payments to be made by PARTNER to PROGINET should be due
                  and payable within 5 (in words: five) days after receipt of
                  payment. If PARTNER is in default with any undisputed payment
                  or any payment as to which a final and binding judgment has
                  been entered into, PARTNER agrees to the payment of an
                  interest rate of 1.5% (in words: one and one half percent) per
                  month as a contractual penalty. All disputed payments
                  eventually determined to be due and payable to PROGINET are
                  subject to the rate as defined above.

         7.       Payments that are not received by PARTNER from the contractual
                  partner that are more than 90 (in words: ninety) days late,
                  will be made by PARTNER to PROGINET within 5 (in words: five)
                  business days after the ninety day period expires.

<PAGE>

         8.       All payments to be made shall be in US Dollars. Such funds are
                  to be remitted via wire transfer as follows:

         Wire Transfer Instructions:

            --------------------------------------- ---------------------------
            Company Name:                           PROGINET Corp.
            Bank Name:                              Citibank N.A.
            Bank Address:                           204 Old Country Road
                                                    Mineola, New York, 11501
                                                    USA
            Account Number:                         234 14 118
            Bank ABA Number:                        021000089
            {also known as

            Routing Number}
            Bank ABA Number:                        021000089
            (also known as
            Routing Number)
            --------------------------------------- ---------------------------

<PAGE>

5.       MARKETING/SALES RESPONSIBILITIES

         1.       PARTNER will be responsible for all the effort and investment
                  for the marketing promotion and sales of the mainframe reset
                  module based on the licensed technology. PARTNER agrees to
                  provide Proginet copies of all prepared materials within two
                  weeks of such material(s) being prepared.

6.       TRAINING, JOINT DEVELOPMENT AND SERVICES

         1.       PROGINET agrees to provide to PARTNER an initial training
                  package encompassing a 2 (in words: two) days training on
                  PROGINET SOFTWARE for PARTNER and/or its Distributors or
                  PARTNER's developers. This initial training pack will be
                  provided by PROGINET at no charge, except all out of pocket
                  expenses, actually incurred will be paid by PARTNER.

         2.       Any additional training shall be provided by PROGINET at a 33%
                  discounted rate off of PROGINET's standard rate (currently
                  $2,000 per day), per day, plus out of pocket expenses.

         3.       PROGINET and PARTNER agree to make specific functionality
                  enhancements to the product as mutually agreed. These
                  enhancements will have detailed specifications and be
                  completed in a timely manner as documented separately in
                  writing, from time to time. This specifications document must
                  be completed and approved by both parties.

         4.       PROGINET will provide consulting services and support to
                  assist customer deployment when requested; provided that such
                  services have been scheduled and approved in advance. Rates
                  will be as defined in the fee schedule attached to this
                  agreement.

7.       WARRANTIES AND REPRESENTATIONS

         1.       PROGINET represents and warrants that PROGINET SOFTWARE as
                  well as any information submitted by PROGINET in this regard
                  is substantially free of defects and substantially has the
                  promised qualities and is performing in all material aspects
                  according to the Documentation.

         2.       PROGINET represents and warrants that PROGINET SOFTWARE is
                  free and clear of any liens or encumbrances.

         3.       PROGINET represents and warrants that PROGINET SOFTWARE is
                  Year 2000 Compliant and that the use of any date prior to,
                  during and after the year 2000 does not affect the performance
                  or functionality of PROGINET SOFTWARE whatsoever, pursuant to
                  PROGINET's "Definition of Year 2000 Compliance" attached as
                  follows:

                  The definition of year 2000 Compliance implies that neither
                  performance nor functionality is affected by dates prior to,
                  during and after the year 2000.

                  In particular:

                  RULE 1: No value for current date will cause any interruption
                  in operation.

                  RULE2: Date-based functionality must behave consistently for
                      dates prior to, during and after year 2000.
<PAGE>

                  RULE3: In all interfaces and data storage, the century in any
                      date must be specified either explicitly or by unambiguous
                      algorithms or inferencing rules.

                  RULE 4: Year 2000 must be recognized as a leap year.

         4.       Except as specifically provided otherwise in this OEM
                  agreement, PROGINET does not provide any other warranties or
                  representations.

         5.       PROGINET agrees to indemnify PARTNER to the full extent,
                  including reasonable attorneys fees, from any claims brought
                  against PARTNER, its employees, contractors, consultants, and
                  Distributors, of any third party in connection with any defect
                  of PROGINET SOFTWARE for a proven infringement of any patent
                  or copyright rights relating to PROGINET SOFTWARE.

         6.       PARTNER agrees to indemnify PROGINET to the full extent,
                  including reasonable attorneys fees, from any claims brought
                  against PROGINET, its employees, contractors, consultants, and
                  Distributors, of any third party in connection with any defect
                  of OEM PRODUCT for a proven infringement of any patent or
                  copyright rights relating to OEM PRODUCT.

         7.       The statute of limitations with regard to any claims of
                  PARTNER against PROGINET shall expire within 6 (in words: six)
                  months after PARTNER obtained actual knowledge of its claim.

         8.       The statute of limitations with regard to any claims of
                  PROGINET against PARTNER shall expire within 6 (in words: six)
                  months after PROGINET obtained actual knowledge of its claim.

8.       INTELLECTUAL PROPERTY RIGHTS/INFRINGEMENT

         1.       Both parties recognize the intellectual property rights, such
                  as patents, trademarks, copyrights, trade secrets etc. of the
                  respective other party.

         2.       PARTNER agrees to include a notice regarding PROGINET's
                  copyrights and/or trademarks to protect PROGINET's proprietary
                  information consistent with applicable standards in the
                  respective market.

         3.       PARTNER shall be solely entitled to any intellectual property
                  rights resulting from the preparation of the Product developed
                  by PARTNER, its employees, contractors and consultants.
                  PROGINET shall be solely entitled to all intellectual property
                  rights resulting from the preparation of PROGINET SOFTWARE
                  developed by PROGINET, its employees, contractors, and
                  consultants.

         4.       PROGINET represents and warrants that PROGINET is the legal
                  proprietor of PROGINET SOFTWARE and that PROGINET has full
                  rights, title and interest, including the right to grant the
                  licenses herein, and that PROGINET SOFTWARE does not infringe
                  any patent, trademark, copyright, trade secret or other
                  proprietary right whatsoever worldwide.

         5.       Cure. As soon as Proginet or PARTNER has reason to believe a
                  Claim is likely to be made against PARTNER, its customers or
                  any of its subsidiaries, Proginet shall, promptly and at its
                  sole expense, use its best efforts to settle, avoid, or
                  otherwise cure the Claim by one of the following procedures:

<PAGE>

                  1)  Obtain a license for PARTNER, its customers and its
                      subsidiaries to continue using PROGINET SOFTWARE in
                      accordance with this Agreement.

                  2)  Modify PROGINET SOFTWARE to make it non-infringing, while
                      maintaining the equivalent or better functionality,
                      features, and performance.

                  3)  Replace PROGINET SOFTWARE with a non-infringing product,
                      either from Proginet or another supplier, having the
                      equivalent or better functionality, features and
                      performance.

         6.       Cancellation of License. If, despite its best efforts to do
                  so, Proginet is unable to effect a cure under the paragraph
                  entitled "Cure" of this clause, and a permanent injunction
                  ordering PARTNER, its customers or its subsidiaries to cease
                  further use of the goods is issued by a court of competent
                  jurisdiction, either party may cancel the purchase contract
                  under which the goods were ordered, either in whole or in
                  part, whereupon PARTNER and its subsidiaries may return all or
                  any portion of the Goods to Proginet for a full refund; and
                  either party may terminate this Agreement. Any license granted
                  under this Agreement with respect to the returned software
                  will terminate as of the effective date of the cancellation.

9.       CONFIDENTIALITY

         1.       Both parties agree to keep confidential any and all
                  information received directly or indirectly from the other
                  party, orally or in writing, including the terms and
                  provisions of this OEM Agreement, provided the party receiving
                  this information can reasonably presume that the information
                  is to be dealt as confidential and/or the information is
                  specifically stated as being confidential.

         2.       The duty of confidentiality shall not include any information,
                  which is now or hereafter in the public domain, which
                  information is already legally in the possession of the
                  receiving party, which information has been independently
                  developed by the receiving party and which information has
                  been disclosed by a third party without breach of any
                  obligation of confidentiality.

10.      ESCROW

         1.       PROGINET agrees to deposit and maintain copies of the Source
                  Code of PROGINET SOFTWARE and all its components thereof,
                  including all future modifications, promptly with its escrow
                  agent, in which case fees are to be paid by PARTNER, and / or
                  licensee.

         2.       PARTNER agrees to deposit and maintain copies of the Source
                  Code of any products developed or integrated with of PROGINET
                  SOFTWARE and all its components thereof, including all future
                  modifications, promptly with its escrow agent.

         3.       The Escrow Agent will release a copy of the source code, only
                  after receiving written instruction from PROGINET, or
                  PROGINET's trustee in a bankruptcy or Chapter 11 proceeding.
                  PROGINET will grant the Escrow Agent the irrevocable right to
                  duplicate the software to provide a copy as authorized in the
                  Escrow Agreement.

<PAGE>

11.      RELATIONSHIP BETWEEN THE PARTIES

         Each party is acting as an independent contractor and not as an agent,
         partner, or joint venture of the other party for any purpose. Except as
         provided in this OEM agreement neither party shall have any right,
         power or authority to act or to create any obligation, expressed or
         implied, on behalf of the other party.

12.      TERM AND TERMINATION

         1.       This OEM Agreement shall commence after being signed by both
                  parties and shall be concluded for a period of 2 (in words:
                  two) years from the date of signing. It shall then be extended
                  for further periods of 1 (in words: one) year each, provided
                  it is not terminated by either party with 3 (in words: three)
                  months notice prior to the termination date.

         2.       Each party shall have the right to terminate this agreement
                  for good cause, particularly if the other party does not
                  comply with substantial duties under this OEM agreement, as
                  well as, but not limited to, if any substantial obligation of
                  this OEM agreement has been breached, and bankruptcy
                  proceedings have been adjudicated or if a liquidator has been
                  appointed over the assets of one party.

         4.       The termination shall be made in writing in accordance with
                  Article 14.

         5        All licenses granted with regard to the Product during the
                  term of this OEM agreement, as well as all obligations,
                  including royalty payments with respect thereto, shall survive
                  any termination of this OEM agreement, excepting that the
                  licenses granted to PARTNER in section 2.2 will terminate.

13.      LIMITATION OF LIABILITY

         Except for claims arising under the clauses entitled "Intellectual
         Property Rights/Infringement" in no event shall either party have any
         liability to the other party, whether based on contract, tort
         (including but not limited to strict liability and negligence), or any
         other legal or equitable grounds, for any loss of use, profit, or
         revenue by the other party, or for any indirect, consequential,
         special, or punitive damages incurred or suffered by the other party,
         arising out of or related to this agreement, even if that party has
         been advised of the possibility of such loss or damages. Claims by
         either party for contribution from the other party for third-party
         injury, damage, or loss are not waived, released, or disclaimed.

14.      MISCELLANEOUS

         1.       This OEM agreement contains the complete and entire agreement
                  between the parties and supersedes any previous communication,
                  representation or agreement, whether verbal or written.

         2.       All notices shall be in writing and given by personal
                  delivery, certified mail, return receipt requested, or by
                  commercial overnight courier for next business day delivery,
                  to the recipient's address set forth above. Notice shall be
                  deemed given the date of personal delivery, the fifth business
                  day after mailing, or the next business day after delivery to
                  such courier (unless the return receipt or the courier's
                  records evidence a later delivery).
<PAGE>

         3.       If any part of this agreement is rendered void, unenforceable
                  or incomplete, this shall not affect the validity of the
                  remainder of this agreement. The parties agree in this case to
                  replace the void, unenforceable or incomplete provision by a
                  clause representing the economically intended purpose as
                  closely as possible and which they would have agreed upon if
                  they had actual knowledge that this specific provision was
                  void, unenforceable or incomplete.

         4.       This agreement shall be exclusively governed by the Laws of
                  the United States, in the State of New York.

         5.       Any dispute resulting out or in connection with this OEM
                  agreement shall be subject to the exclusive jurisdiction and
                  shall finally be settled by arbitration through the means of
                  the American Arbitration Association.

         6.       This agreement and the licenses granted herein, may not be
                  assigned, delegated, sublicensed or transferred by either
                  party, without the prior written consent of the other party.
                  Such consent shall not be unreasonably withheld. In the case
                  of a successor company carrying on substantially the same
                  business in connection with a merger, purchase of assets of
                  other reorganization, this agreement and licenses herein will
                  be transferred.

         7.       Neither party shall use the name of the other party in any
                  news release, public announcement, advertisement, or other
                  form of publicity without securing the prior written consent
                  of the other.

         8.       Either party's failure to exercise any of its rights under
                  this Agreement shall not constitute a waiver of any past,
                  present, or future right or remedy.

15.      SIGNATURES

<TABLE>
<CAPTION>

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                    PARTNER                                         Proginet Corporation
<S>                <C>                                             <C>
------------------- ----------------------------------------------- ---------------------------------------------------
Place
------------------- ----------------------------------------------- ---------------------------------------------------
Date:
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Signature
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Name:
------------------- ----------------------------------------------- ---------------------------------------------------
Title
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</TABLE>

<PAGE>

ENCLOSURE 1 PROGINET SOFTWARE PRICING

See Proginet's Price List, attached.EXHIBIT 10.7
                              PROGINET CORPORATION

                         MANAGEMENT CONTINUITY AGREEMENT

AGREEMENT  dated  __________________,  by  and  between  _________________  (the
"Executive") and Proginet  Corporation (the "Company"),  a Delaware  corporation
having its principal office at 200 Garden City Plaza, Garden City, NY 11530.

WHEREAS,  the  Executive  is  _________________________________________  of  the
Company; and

WHEREAS,  the Company recognizes that in order to induce the Executive to remain
in the employ of the Company,  to reinforce his motivation to increase the value
of the Company for its  shareholders,  and to strengthen his objectivity  during
any period when a Change of Control (as defined in paragraph  5(a) below) of the
Company is  contemplated  or could  occur,  it must provide the  Executive  with
security  against the possibility  that his employment  could be terminated as a
result of a Change of Control;

NOW, THEREFORE,  the parties hereby agree, for the mutual  considerations stated
below, as follows:

1.       The term of this  Agreement (the "Term") shall begin on the date hereof
         and shall end on the third  anniversary  of the date hereof;  provided,
         that (i) the Term shall be automatically extended by one year as of the
         end of each year in the Term unless  either  party shall have given the
         other at least thirty days'  written  notice of a desire not to extend,
         (ii) if at any time before a Change of Control  the Board of  Directors
         of the Company (the  "Board")  gives the Executive  written  notice (x)
         that it has  determined  that he has  willfully  refused to perform his
         duties as Executive of the Company, and (y) setting forth in detail the
         conduct upon which such determination is based, and the Executive fails
         to correct such willful refusal to the satisfaction of the Board within
         60 days  following  his  receipt  of such  notice,  then the  Board may
         terminate this Agreement by written notice to the Executive,  and (iii)
         the Term shall in all events end upon the  voluntary  retirement of the
         Executive.

2.       If following a Change of Control (as defined in paragraph  5(a) below),
         the  Company  terminates  the  Executive  without  Cause (as defined in
         paragraph  5(b) below) or the Executive  terminates  his own employment
         for Good Reason (as defined in  paragraph  5(c) below),  the  Executive
         shall be entitled to receive:

         (i)      A  lump  sum  payment  representing  the  then  present  value
                  (computed  using the  interest  rate  assumption  set forth in
                  paragraph  5(d) below) of the sum of (a) the aggregate  amount
                  of base  compensation  that he  would  have  received  for the
                  period of eighteen months  following the  termination  (or, if
                  shorter, the period beginning on the day following the date of
                  the  termination  and ending on the date he  reaches  age 65),
                  assuming that his base  compensation  for that period was paid
                  at the  highest  annual  rate in effect at any time during the

<PAGE>

                  period of three years  immediately  preceding the termination,
                  plus (b) the  amount  of  annual  bonuses  that he would  have
                  received  with  respect  to each  calendar  year  and  partial
                  calendar year in the period of eighteen  months  following the
                  termination  (or, if shorter,  the period beginning on the day
                  following the date of the  termination  and ending on the date
                  he reaches age 65),  assuming  that the amount of such bonuses
                  for each  complete  calendar  year in such  period  would have
                  equalled,  and the  amount of such  bonuses  for each  partial
                  calendar  year in such period  would have  equalled a pro rata
                  portion of, the highest  aggregate amount of such bonuses that
                  he received for any one of the three calendar years  preceding
                  the termination;

         (ii)     Continuation  at Company  expense  for the period of  eighteen
                  months following the termination  (or, if shorter,  the period
                  beginning on the day following the date of the termination and
                  ending on the date he reaches age 65), of his participation in
                  all retirement, medical, life insurance, disability, and other
                  benefit  plans and  programs  of the  Company  in which he was
                  entitled to  participate  before the  termination  (or, in the
                  case of any such  plan or  program  the  terms of which do not
                  permit  such  continued  participation,   equivalent  benefits
                  outside such plan or program); and

         (iii)    Executive  job  placement   counseling  at  Company   expense,
                  provided,  however,  that the job  placement  counseling  firm
                  selected by the Executive shall be reasonably  satisfactory to
                  the Company. Such benefits are limited to one year.

3.       If following a Change of Control (as defined in paragraph  5(a) below),
         the  Company  terminates  the  Executive  with  Cause  (as  defined  in
         paragraph  5(b) below) or the Executive  terminates  his own employment
         without Good Reason (as defined in paragraph 5(c) below), the Executive
         shall be entitled to received six month's compensation and all benefits
         as set forth in  paragraph  2(ii)  above and  Executive  job  placement
         counselling as set forth in paragraph 2(iii) above.

4.       The Company shall pay all costs  incurred by the Executive in enforcing
         the provisions of this Agreement,  including  reasonable legal fees and
         expenses.

5.       (a) A "Change of Control" shall be deemed to have occurred if (i) there
         is a public offering or offerings of securities  aggregating  more than
         75 percent of the total  combined  voting power of the  Company's  then
         outstanding  securities;  (ii) any  "person"  (as such  term is used in
         Sections  13(d) and 14(d) of the  Securities  Exchange Act of 1934,  as
         amended (the "Act") other than Joseph T. Mohen, other than a trustee or
         other fiduciary  holding  securities  under an employee benefit plan of
         the Company or its subsidiaries,  is or becomes the "beneficial  owner"
         (as  defined  in Rule 13d-3 of the Act),  directly  or  indirectly,  of
         securities  of the  Company  representing  more than 20  percent of the
         total  combined   voting  power  of  the  Company's  then   outstanding
         securities,  (iii) there occurs a change of control of the Company of a
         nature  that would be  required to be reported in response to Item 1(a)
         of the  Current  Report on Form 8-K  pursuant to Section 13 or 15(d) of
         the  Securities  Exchange  Act of

                                      -2-
<PAGE>

         1934 (the  "Exchange  Act") or in any other  filing  under the Exchange
         Act;  or,  (iv)  during any period of twelve  consecutive  months  (not
         including  any  period  prior  to the  execution  of  this  Agreement),
         individuals who at the beginning of such period constitute the Board or
         who represent  institutions  that were  represented on the Board at the
         beginning of such period (the "Original  Board"),  and any new director
         (other than a director  designated  by a person who has entered into an
         agreement  with the Company to effect a  transaction  described in item
         (ii) or (v) whose  election by the Board or nomination  for election by
         the  Company's  stockholders  was  approved  by  a  vote  of  at  least
         two-thirds  (b) of the  directors  then still in office who either were
         members of the  Original  Board or whose  election  or  nomination  for
         election was previously so approved, cease for any reason to constitute
         a  majority  of the  Board;  or (vi) the  stockholders  of the  Company
         approve  a merger  or  consolidation  of the  Company  with  any  other
         corporation, other than a merger or consolidation which would result in
         the voting  securities  of the Company  outstanding  immediately  prior
         thereto continuing to represent (either by remaining  outstanding or by
         being  converted  into voting  securities of the  surviving  entity) at
         least 80 percent of the combined voting power of the voting  securities
         of the Company or such surviving entity  outstanding  immediately after
         such  merger  or  consolidation,  or the  stockholders  of the  Company
         approve a plan of complete  liquidation  of the Company or an agreement
         for the sale or disposition by the Company of all or substantially  all
         the Company's assets.

         (b) The  Company  shall  have  "Cause"  to  terminate  the  Executive's
         employment  if a  majority  of the  entire  Board  determines,  after a
         hearing at which the Executive has the  opportunity  to be heard,  that
         the Executive  has committed (i) an act of gross  negligence or willful
         misconduct  which has  caused  material  damage to the  Company  or its
         business,  (ii) a felony  involving  money or other  property,  (iii) a
         crime of moral turpitude, or (iv) embezzlement or other criminal fraud.

         (c) The Executive  shall have "Good Reason" to terminate his employment
         if (i) his duties or reporting responsibilities are materially changed,
         (ii) his base  compensation is reduced or his performance  compensation
         plan is altered in any material  way,  (iii) the terms of the Company's
         annual  and  long-term  incentive  plans and  programs  are  materially
         changed,  (iv) the office where he is primarily expected to perform his
         duties is relocated outside the New York  metropolitan  area, or (v) he
         otherwise suffers a material adverse change in the terms and conditions
         of his employment.

         (d) For purposes of this  Agreement,  present value shall be determined
         using an interest rate equal to that as of the date of the  termination
         of employment.

6.       Nothing  contained  herein  shall be  construed  as  conferring  on the
         Executive any right to continued  employment by the Company  before the
         occurrence of a Change of Control.

7.       This Agreement  shall be governed by the laws of the State of New York,
         without reference to the rules of conflicts of law.

                                      -3-
<PAGE>

         Agreed:                                 Agreed:

       -------------------------------         --------------------------------
         Executive                               For  Board of Directors

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