Document:

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                                                                   Exhibit 10.44

                              EMPLOYMENT AGREEMENT

         This Employment Agreement (this "Agreement") is made as of April 17,
2000 by NET VALUE HOLDINGS, INC., a Delaware corporation (the "Employer"), and
STEPHEN M. COHEN, an individual resident in the State of New Jersey (the
"Executive").
                                    RECITALS

         WHEREAS, the Employer considers it essential and in the best interests
of its stockholders to foster the employment of key management personnel and
desires to engage the services of the Executive on the terms and conditions
hereinafter set forth; and

         WHEREAS, Executive desires to render services to the Employer on the
terms and conditions provided in this Agreement;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained, the parties hereto, intending to be legally bound, hereby
agree as follows:

         The parties, intending to be legally bound, agree as follows:

                  1.       DEFINITIONS

                  For the purposes of this Agreement, the following terms have
the meanings specified or referred to in this Section 1:

                  "Agreement" means this Employment Agreement, as amended from
time to time.

                  "Benefits" is defined in Section 3.1(b).

                  "Board of Directors" means the board of directors of Employer.

                  "Change of Control" shall mean the occurrence of any one of
the following events: (a) any "person" as such term is used in Section 3(a)(9)
and 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act") other than a subsidiary or other affiliate of Employer), becomes a
"beneficial owner," as such term is used in Rule 13d3 promulgated under the
Exchange Act, of 50% or more of any class of Employer's issued and outstanding
common or preferred stock, which interest in such stock comprises 50% or more of
all issued and outstanding voting shares; (b) the majority of Employer's board
of directors consists of individuals other than Incumbent Directors, which term
means the members of Employer's Board of Directors on the Effective Date of this
Agreement; provided, that any person becoming a director subsequent to such date
whose election or nomination for election was supported by at least one-half of
the directors who then comprised the Incumbent Directors shall be considered to
be an Incumbent Director; or (c) the occurrence of any event which would be
required to be reported by Employer pursuant to Items 1 or 2 of Form 8K under
the Exchange Act, which shall be determined without regard to whether Employer
is actually required file a Form 8K in relation to such transaction or event.

                  "Disability" is defined in Section 6.2.

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                  "Effective Date" means April 17, 2000.

                  "Employment Period" means the term of the Executive's
employment under this Agreement as defined in Section 2.2.

                  "for cause" is defined in Section 6.3.

                  "person" means any individual, corporation (including any
nonprofit corporation), general or limited partnership, limited liability
company, joint venture, estate, trust, association, organization, or
governmental body.

                  "Salary" is defined in Section 3.1(a).

                  2.       EMPLOYMENT TERMS AND DUTIES

                           2.1      EMPLOYMENT

                           Effective on the Effective Date, Employer hereby
employs the Executive, and the Executive hereby accepts employment by the
Employer, upon the terms and conditions set forth in this Agreement.

                           2.2 TERM

                           Subject to the provisions of Section 6, the
Employment Period for the Executive's employment under this Agreement will be
three years, beginning on the Effective Date, and shall be automatically renewed
for consecutive one year renewal terms thereafter, unless, not less than sixty
(60) days prior to the end of the original term or any renewal term, either
party gives the other party written notice of termination of employment which
termination shall be effective as of the end of such original term or renewal
term.

                           2.3 DUTIES

                           The Executive will have such duties as are assigned
or delegated to the Executive by the Board of Directors, and will initially
serve as the Vice-President and General Counsel of Employer. The Executive
agrees to perform in good faith and to the best of his ability all services
which may be required of him hereunder and will devote his best efforts and such
business time, skill, attention and energies as are reasonably necessary to
perform his duties and responsibilities under this Agreement and to promote the
success of the Employer's business. The Executive shall be employed on a
full-time basis by Employer and shall be located at Employer's office within the
metropolitan Philadelphia area, however, acknowledges that he will be required
to travel periodically to other Employer locations and in connection with his
job functions hereunder, generally not to exceed fifty percent 50% of reasonable
business hours. Executive may continue to engage in the following activities:
(a) attending board of directors' or like meetings of other companies in which
Executive or an affiliate has invested or in which Executive has been elected to
serve, and (b) managing his personal investments, provided that such activities
set forth

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in (a) and (b) (individually or collectively) do not materially and adversely
interfere or conflict with the performance of Executive's duties or
responsibilities under this Agreement.

                  3.       COMPENSATION

                           3.1      BASIC COMPENSATION

                           (a) Salary. The Executive will be paid an annual
salary of $150,000, subject to adjustment as provided below (the "Salary"),
which will be payable in equal periodic installments according to the Employer's
customary payroll practices, but no less frequently than monthly. The
Executive's Salary will be reviewed by Employer's Board of Directors not less
frequently than annually, and may be adjusted upward or downward by Employer,
but in no event will the Salary be less than $150,000 per year.

                           (b) Benefits. The Executive will, during the
Employment Period, be permitted to participate in such pension, profit sharing,
bonus (subject to the provisions of Section 3.2), life insurance,
hospitalization, major medical, and other employee benefit plans of the Employer
that may be in effect from time to time, to the extent the Executive is eligible
under the terms of those plans (collectively, the "Benefits").

                           (c) Options. Employer shall grant Executive options
to purchase 300,000 shares at an exercise price, subject to adjustment, of $6.75
per share (the "Options"). Options to purchase 50,000 shares of Employer's
common stock shall vest immediately; Options to purchase 62,500 shares of
Employer's common stock shall vest immediately after the first year of
employment; and the remaining 187,500 Options shall vest pro rata on a monthly
basis (i.e., 5,208.33 per month) throughout the following three (3) year period
so that upon the end of the fourth year of employment, all of the Options shall
have vested in full. The Options will be subject to the terms and conditions of
a stock option plan to be adopted by the Employer covering options of other
executives of the Employer; however, any such plan shall contain standard and
customary protections against dilution (such as stock splits, stock dividends,
recapitalizations, reorganizations and the like), and shall permit cashless
exercise upon standard and customary terms. If after the expiration of the
initial term of employment, Employer elects not to extend the term of employment
for an additional one year for other than "for cause", then, and in that event,
Executive shall vest fully in all of his Options at the end of his initial term
of employment as if Executive had remained employed by Employer for a full term
of four years.

                           The Options shall be covered by a Registration
Statement on Form S-8 to be filed with the Securities and Exchange Commission as
promptly following the Effective Date as is practicable.

                           Executive shall be entitled to registration rights
with respect to the shares of Employer's common stock issuable upon exercise of
the Options in the following manner: (i) Employer shall be obligated at its sole
cost and expense to include resale of the shares issuable upon exercise of the
Options in any registration statement filed with the Securities and Exchange
Commission following the date hereof to the extent that the registration
statement includes the resale

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of shares of common stock on behalf of any other executive officer of Employer;
and (ii) in the event registration pursuant to subparagraph (i) has not occurred
on or before the second anniversary of the Effective Date, the Employer shall be
obligated to include resale of the shares issuable upon the exercise of the
Options in a registration statement to be filed with the Securities and Exchange
Commission and declared effective by no later than the second anniversary of the
Effective Date at the Employer's sole cost and expense.

                           (d) Interim Loan. Employer agrees to provide
Executive with a loan of $100,000 at the beginning of each of his first two (2)
years of employment (the "Loan"). The Loan shall be due together with simple
interest at the rate of eight percent (8%) per annum on April 17, 2004 (the
"Maturity Date"), or on such earlier date that Executive shall have received
aggregate proceeds of $5,000,000 from the sale of his Options or shares
underlying the Options; provided, however, that the Executive shall not be
required to repay the Loan if by the Maturity Date the sum of the proceeds
received by Executive from the sale of his Options or underlying shares through
the Maturity Date plus the remaining equity in the Options as of the Maturity
Date, shall not equal or exceed $5,000,000.

                           3.2      BONUS COMPENSATION

                           Executive shall be eligible to receive annual bonus
compensation at the discretion of Employer's Board of Directors and in
accordance with Employer's executive bonus or incentive compensation plan that
may be in effect from time to time.

                  4.       EXPENSE REIMBURSEMENT

                  The Employer will pay the Executive's dues in such trade and
professional organizations as Employer deems appropriate, and will pay on behalf
of the Executive (or reimburse the Executive for) reasonable expenses incurred
by the Executive at the request of, or on behalf of, the Employer in the
performance of the Executive's duties pursuant to this Agreement, and in
accordance with the Employer's employment policies, including without limitation
reasonable expenses incurred by the Executive in attending conventions,
seminars, other business meetings and for promotional expenses, provided that
any such activities must be related to Employer's business and all individual
expenses (or those aggregated for a single convention, seminar or other business
trip) greater than $5,000 must be approved by Employer's board of directors. The
Executive must file expense reports with respect to such expenses in accordance
with the Employer's policies.

                  5.       VACATIONS AND HOLIDAYS

                  The Executive will be entitled to three (3) weeks' paid
vacation each calendar year in accordance with the vacation policies of the
Employer in effect for its executive officers from time to time. The Executive
will also be entitled to the paid holidays and other paid leave set forth in the
Employer's policies. Vacation days during any calendar year that are not used by
the Executive during such calendar year may be used in any subsequent calendar
year; provided, however, that no more than six weeks' paid vacation may be
accrued or carried forward.

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                  6.       TERMINATION

                           6.1      EVENTS OF TERMINATION

                           The Executive's employment pursuant to this Agreement
may be terminated by Employer only on the following grounds:

                           (a) upon the death of the Executive;

                           (b) upon the disability of the Executive (as defined
in Section 6.2) immediately upon notice from either party to the other; and

                           (c) for cause (as defined in Section 6.3),
immediately upon notice from the Employer to the Executive, or at such later
time as such notice may specify.

                  The Executive may terminate his employment only on the
following grounds:

                           (d) without any cause whatsoever, provided that
Executive gives Employer at least sixty (60) days' prior written notice of his
termination of employment;

                           (e) for any material breach of this Agreement by
Employer, which is not cured within ten (10) days after written notice to
Employer; or

                           (f) the occurrence of a Change in Control, provided
that Executive gives Employer at least sixty (60) days' prior written notice of
his termination of employment.

                           6.2      DEFINITION OF DISABILITY

                           For purposes of Section 6.1, the Executive will be
deemed to have a "Disability" if, for physical or mental reasons, the Executive
is unable to perform the essential functions of the Executive's duties with
reasonable accommodation under this Agreement for 120 consecutive days, or 120
days during any twelvemonth period, as determined in accordance with this
Section 6.2. The Disability of the Executive will be determined by a medical
doctor selected by written agreement of the Employer and the Executive upon the
request of either party by notice to the other. If the Employer and the
Executive cannot agree on the selection of a medical doctor, each of them will
select a medical doctor and the two medical doctors will select a third medical
doctor who will determine whether the Executive has a Disability. The
determination of the medical doctor selected under this Section 6.2 will be
binding on both parties. The Executive must submit to a reasonable number of
examinations by the medical doctor making the determination of disability under
this Section 6.2, and the Executive hereby authorizes the disclosure and release
to the Employer of such determination and all supporting medical records. If the
Executive is not legally competent, the Executive's legal guardian or duly
authorized attorney-in-fact will act in the Executive's stead, under this
Section 6.2, for the purposes of submitting the Executive to the examinations,
and providing the authorization of disclosure, required under this Section 6.2.

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                           6.3      DEFINITION OF "FOR CAUSE"

                           For purposes of Section 6.1, the phrase "for cause"
means: (a) the Executive's material breach of this Agreement, which is not cured
within ten (10) days after written notice to Executive; (b) theft, fraud, or
misappropriation (or attempted misappropriation) of any of the Employer's funds
or property; or (c) a conviction or entry of a guilty plea or plea of no contest
with respect to a felony or other crime involving moral turpitude for which
imprisonment is a possible punishment.

                           6.4      TERMINATION PAY

                           Effective upon the termination of this Agreement, the
Employer will be obligated to pay the Executive (or, in the event of his death,
his designated beneficiary as defined below) the compensation provided in this
Section 6.4:

                                    (a) Termination by the Employer for Cause or
Termination by Executive Without Cause. If the Employer terminates this
Agreement for cause or Executive terminates his employment without cause, the
Executive will be entitled to receive his Salary only through the date such
termination is effective, but will not be entitled to any bonus compensation for
the calendar year during which such termination occurs.

                                    (b) Termination upon Disability. If this
Agreement is terminated by either party as a result of the Executive's
Disability, as determined under Section 6.2, the Employer will pay the Executive
his Salary through the remainder of the calendar month during which such
termination is effective and for the lesser of (i) three consecutive months
thereafter, or (ii) the period until disability insurance benefits commence
under the disability insurance coverage furnished by the Employer to the
Executive. Executive shall also be entitled to receive that part of the
Executive's bonus compensation, if any, for the calendar year during which his
Disability occurs, prorated through the end of the calendar month during which
his termination is effective.

                                    (c) Termination upon Death. If this
Agreement is terminated because of the Executive's death, the Executive will be
entitled to receive his Salary through the end of the calendar month in which
his death occurs, and that part of the Executive's bonus compensation, if any,
for the calendar year during which his death occurs, prorated through the end of
the calendar month during which his death occurs.

                                    (d) Termination by Executive Due to Breach
by Employer or Termination by Employer Without Cause. If this Agreement is
terminated by Executive due to a breach of this Agreement by Employer, or if
this Agreement is terminated by Employer for other than "for cause" then (i)
Employer shall continue to pay to Executive his monthly Salary and bonus, based
upon the average annual bonus paid previously to Executive prior to termination
of this Agreement, for the lesser of one (1) year from the date of termination
or the remaining term under this Employment Agreement; and (ii) the Options plus
all other stock, options or other equity rights in Employer which Executive
received in connection with his employment by Employer shall become immediately
vested to the extent such Options or other securities would have become vested

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had Executive remained employed by Employer for the earlier of one (1) year from
the date of termination or the remaining term under this Employment Agreement.

                                    (e) Termination by Executive Due to a Change
of Control. If this Agreement is terminated by Executive due to a Change of
Control that occurs after September 21, 2000, then (i) Employer shall continue
to pay to Executive his monthly Salary and bonus, based upon the average annual
bonus paid previously to Executive prior to termination of this Agreement, for
the greater of one year from the date of termination or the remaining original
three year Employment Period; and (ii) all Options plus all other stock, options
or other equity rights in Employer which Executive received in connection with
his employment by Employer shall become immediately vested and Employer shall
promptly deliver to Executive stock certificates therefor, if applicable.

                                    (f) Benefits. The Executive's accrual of, or
participation in plans providing for, the Benefits will cease at the effective
date of the termination of this Agreement, and the Executive will be entitled to
accrued Benefits pursuant to such plans only as provided in such plans.

                  7.       NONDISCLOSURE COVENANT

                  Employer and the Executive acknowledge that the services to be
performed by the Executive under this Agreement are unique and valuable and
that, as a result of the Executive's employment, the Executive will be in a
relationship of confidence and trust with Employer and will come into possession
of "Confidential Information" (i) owned or controlled by Employer and its
subsidiaries and affiliates; (ii) in the possession of Employer and its
subsidiaries and affiliates and belonging to third parties; or (iii) conceived,
originated, discovered or developed, in whole or in part, by the Executive. As
used herein "Confidential Information" means trade secrets and other
confidential or proprietary business, technical, personnel or financial
information of Employer, whether or not the Executive's work product, in
written, graphic, oral or other tangible or intangible forms, including but not
limited to specifications, samples, records, data, computer programs, drawings,
diagrams, models, consumer names, ID's or email addresses, business or marketing
plans, studies, analyses, projections and reports, communications by or to
attorneys (including attorney-client privileged communications), memos and
other materials prepared by attorneys or under their direction (including
attorney work product), and software systems and processes that are not readily
available to the public, even it is not specifically marked as a trade secret or
confidential, unless Employer advises the Executive otherwise in writing or
unless the information has been shared by Employer with entities not bound by
nondisclosure agreements. In consideration of the compensation and benefits to
be paid or provided to the Executive by the Employer under this Agreement, the
Executive agrees not to directly or indirectly use or disclose to anyone, either
during the Employment Period or after the termination of this Agreement, except
in the performance of his duties of his employment with Employer or with
Employer's prior written consent, any Confidential Information of Employer. This
nondisclosure covenant does not apply to information that is disclosed or
becomes public through another source; which Executive is required to disclose
pursuant to court order, subpoena or applicable law (provided that Executive
will use reasonable efforts to provide Employer with prompt notice of any such
requests or requirement so that

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Employer may seek an appropriate protective order); or which is disclosed in any
proceeding to enforce or interpret this Agreement. The Executive agrees that in
the event of the termination of the Executive's employment for any reason, the
Executive will deliver to Employer, upon request, all property belonging to
Employer, including all documents and materials of any nature pertaining to the
Executive's work with Employer and will not take with him any documents or
materials of any description, or any reproduction thereof of any description,
containing or pertaining to any Confidential Information.

                  8.       NONCOMPETITION

                  During the term of this Agreement and for a one year period
after termination of this Agreement by Employer for cause or by Executive
without any cause whatsoever (i.e., not as a result of termination by Executive
under Sections 6.1(e), or 6.1(f)), as set forth in Sections 6.1(c) and (d), the
Executive agrees that he shall not (a) work for or be interested in any business
which serves as a holding company primarily for the purpose of acquiring
entities whose products and services are delivered to consumers over the
Internet ("Internet Entities"), (b) engage or be interested in or receive any
compensation from any business in which the services to be rendered by the
Executive to such business directly relates to services or products which are
directly competitive with "primary" services or products offered by the Employer
or a subsidiary or affiliate of Employer at the Executive's termination date; or
(c) induce or attempt to induce any employee, agent or customer of Employer or
any of its subsidiaries or affiliates to terminate or reduce the scope of his,
her or its relationship with Employer. A product or service shall be deemed
"primary" only if such service or product constitutes a primary component of the
core business of Employer or its majority owned subsidiaries and affiliates on
Executive's termination date. For the purposes of this Agreement, the term "work
for or be interested in any business" means that the Executive is a stockholder,
director, officer, employee, partner, individual proprietor, lender or
consultant with that business, but not if (i) his interest is limited solely to
the passive ownership of five percent (5%) or less of any class of the equity or
debt securities of a corporation whose shares are listed for trading on a
national securities exchange or traded in the over-the-counter market, or (ii)
he is interested in a company listed on Schedule 8 hereto, or after termination
hereof, works for such company; provided however, that so long as this
noncompetition agreement is in effect, Executive shall not work for a company
listed on Schedule 8 if such company serves as a holding company primarily for
the purpose of acquiring Internet Entities. In the event that any part of this
Section 8 is adjudged invalid or unenforceable by any court of record, board of
arbitration or judicial or quasi judicial entity having jurisdiction thereof by
reason of length of time, geographical coverage, activities covered, or for any
other reason, then the invalid or unenforceable provisions of this covenant
shall be deemed reformed and amended to the maximum extent permissible under
applicable law and shall be enforced and enforceable as so amended in accordance
with the intention of the parties as expressed herein.

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                  9.       GENERAL PROVISIONS

                           9.1      INJUNCTIVE RELIEF AND ADDITIONAL REMEDY

                           The Executive acknowledges that the injury that would
be suffered by the Employer as a result of a breach of the provisions of any
provision of Sections 7 and 8 of this Agreement would be irreparable and that an
award of monetary damages to the Employer for such a breach would be an
inadequate remedy. Consequently Employer will have the right, in addition to any
other rights it may have, to obtain injunctive relief to restrain any breach or
threatened breach or otherwise to specifically enforce any provisions of
Sections 7 and 8 of this Agreement, and the Employer will not be obligated to
post bond or other security in seeking such relief.

                           9.2      WAIVER

                           The rights and remedies of the parties to this
Agreement are cumulative and not alternative. Neither the failure nor any delay
by either party in exercising any right, power, or privilege under this
Agreement will operate as a waiver of such right, power, or privilege, and no
single or partial exercise of any such right, power, or privilege will preclude
any other or further exercise of such right, power, or privilege or the exercise
of any other right, power, or privilege.

                           9.3      NOTICES

                           All notices, consents, waivers, and other
communications under this Agreement must be in writing and will be deemed to
have been duly given when (a) delivered by hand, (b) sent by facsimile (with
written confirmation of receipt), provided that a copy is mailed by registered
mail, return receipt requested, or (c) when received by the addressee, if sent
by a nationally recognized overnight delivery service (receipt requested), in
each case to the appropriate addresses and facsimile numbers set forth below (or
to such other addresses and facsimile numbers as a party may designate by notice
to the other parties):

             If to Employer:      Net Value Holdings, Inc.
                                  Two Penn Center, Suite 605
                                  Philadelphia, PA 19102
                                  Facsimile No.: (215) 5643133

             With a copy to:      Klehr, Harrison, Harvey, Branzburg  Ellers
                                  260 South Broad Street
                                  Philadelphia, PA 19102
                                  Attention:  Michael C. Forman
                                  Facsimile No.: (215) 568 6603

             If to Executive:     Stephen M. Cohen
                                  1811 Fireside Court
                                  Cherry Hill, NJ  08003

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                           9.4      ENTIRE AGREEMENT; AMENDMENTS

                           This Agreement and the documents referenced herein,
contain the entire agreement between the parties with respect to the subject
matter hereof and supersede all prior agreements and understandings, oral or
written, between the parties hereto with respect to the subject matter hereof.
This Agreement may not be amended orally, but only by an agreement in writing
signed by the parties hereto.

                           9.5      GOVERNING LAW

                           This Agreement will be governed by the laws of the
State of Delaware without regard to conflicts of laws principles.

                           9.6      JURISDICTION

                           Any action or proceeding seeking to enforce any
provision of, or based on any right arising out of, this Agreement may be
brought against either of the parties in the courts of the State of Delaware,
or, if it has or can acquire jurisdiction, in the United States District Court
for the District of Delaware, and each of the parties consents to the
jurisdiction of such courts (and of the appropriate appellate courts) in any
such action or proceeding and waives any objection to venue laid therein.
Process in any action or proceeding referred to in the preceding sentence may be
served on either party anywhere in the world.

                           9.7      ASSIGNABILITY, BINDING NATURE

                           This Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors, heirs (in the case of
the Executive) and assigns. No rights or obligations of the Executive under this
Agreement may be assigned or transferred by the Executive other than his rights
to compensation and benefits, which may be transferred only by will or operation
of law.

                           9.8      SURVIVAL

                           The respective rights and obligations of the parties
hereunder shall survive any termination of the Executive's employment to the
extent necessary to the intended preservation of such rights and obligations.

                           9.9      PRIOR AGREEMENTS

                           The Executive represents and warrants to Employer
that his execution and performance of this Agreement shall not constitute a
breach of any contract, agreement or understanding, whether oral or written, to
which he is a party or by which he is bound.

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                           9.10     ACKNOWLEDGMENT

                           The Executive hereby acknowledges and certifies that
he has read the terms of this Agreement, that he has been informed by Employer
that he should discuss it with an attorney of his choice, and that he
understands its terms and effects. The Executive further acknowledges that based
on his training and experience, he has the capacity to earn a livelihood by
performing services as an employee or otherwise in a business that does not
violate the provisions of Section 8. Employer acknowledges that the terms of
this Agreement have been reviewed and approved by its Board of Directors.

                           9.11     SECTION HEADINGS, CONSTRUCTION

                           The headings of Sections in this Agreement are
provided for convenience only and will not affect its construction or
interpretation. All references to "Section" or "Sections" refer to the
corresponding Section or Sections of this Agreement unless otherwise specified.
All words used in this Agreement will be construed to be of such gender or
number as the circumstances require. Unless otherwise expressly provided, the
word "including" does not limit the preceding words or terms.

                           9.12 SEVERABILITY

                           If any provision of this Agreement is held invalid or
unenforceable by any court of competent jurisdiction, the other provisions of
this Agreement will remain in full force and effect. Any provision of this
Agreement held invalid or unenforceable only in part or degree will remain in
full force and effect to the extent not held invalid or unenforceable.

                           9.13     COUNTERPARTS

                           This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy of this
Agreement and all of which, when taken together, will be deemed to constitute
one and the same agreement. This Agreement (and all other agreements, documents,
instruments and certificates executed and/or delivered in connection herewith)
may be executed by facsimile signatures, each of which shall be deemed an
original copy of this Agreement (or other such agreement, document, instrument
and certificate).

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

                                   EMPLOYER:

                                   NET VALUE HOLDINGS, INC.

                                   By:_____________________________________
                                   Andrew Panzo, Chief Executive Officer
                                   and Chairman of the Board of Directors

                                   EMPLOYEE:

                                   ---------------------------
                                   Stephen M. Cohen

                                       12<PAGE>

THIS COMMON STOCK PURCHASE WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND MAY NOT BE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM. THIS
WARRANT AND SUCH SECURITIES MAY BE TRANSFERRED ONLY IN COMPLIANCE WITH THE
CONDITIONS SPECIFIED IN THIS WARRANT.

                                                               May 8, 2000

                            NET VALUE HOLDINGS, INC.
                          COMMON STOCK PURCHASE WARRANT

         NET VALUE HOLDINGS, INC., a Delaware corporation (the "Company"), for
value received, hereby certifies that Darr Aley (the "Holder") is entitled to
purchase from the Company, at any time or from time to time during the period
specified in Section 2 hereof, 332,416 fully paid and nonassessable shares of
Common Stock, par value $.001, of the Company (the "Common Stock"), at an
exercise price equal to $1.00 per share, subject to adjustment hereunder (the
"Exercise Price"), and subject to the other terms herein. As used herein, the
term "Warrant Shares" means the shares of Common Stock issuable upon exercise of
this Common Stock Purchase Warrant (the "Warrant").

         1. Manner of Exercise; Issuance of Certificates; Payment for Shares.
Subject to the provisions hereof, this Warrant may be exercised by the Holder,
in whole or in part, by the surrender of this Warrant, together with a completed
exercise agreement in the form attached hereto (the "Exercise Agreement"), to
the Company during normal business hours on any business day at the Company's
principal executive offices (or such other office or agency of the Company as it
may designate by notice to the Holder hereof), and upon payment to the Company
in cash, by certified or official bank check or by wire transfer to an account
specified by the Company of the Exercise Price for the Warrant Shares specified
in the Exercise Agreement. The Warrant Shares so purchased shall be deemed to be
issued to the Holder as of the close of business on the date on which this
Warrant shall have been surrendered, the completed Exercise Agreement shall have
been delivered, and payment shall have been made for such shares as set forth
above. Certificates for the Warrant Shares so purchased, representing the
aggregate number of shares specified in the Exercise Agreement, shall be
delivered to the Holder hereof within five business days after this Warrant
shall have been so exercised. The certificates so delivered shall be in such
denominations as may be requested by the Holder hereof and shall be registered
in the name of Holder or such other name as Holder may designate subject to the
transfer restrictions herein and upon payment by Holder of any applicable
transfer taxes. In the event this Warrant is exercised in part, the Company
shall also deliver a new Warrant to the Holder hereof, which Warrant shall be
identical to this Warrant, except that the number of Warrant Shares exercisable
therefor shall be decreased by the number of Warrant Shares so purchased.
<PAGE>

         2. Vesting and Period of Exercise. This Warrant shall vest immediately
as to 192,275 shares of Common Stock and vest pro rata on a monthly basis over
36 months commencing on the date of this Warrant as to the remaining 140,141
shares of Common Stock, provided that, the Holder hereof shall forfeit and
thereafter be unable to exercise any unvested portion of this Warrant following
a breach by Holder of the provisions of Sections 3 or 4 of this Warrant. This
Warrant is exercisable at any time or from time to time on or after the vesting
dates listed above, and before 5:00 p.m., eastern time on the fifth anniversary
of the date of this Warrant (the "Exercise Period").

         3. Non-Disclosure Covenant. The Company and Holder acknowledge that by
virtue of consulting services performed and to be performed by Holder, and by
virtue of Holder's position as a director of the Company, Holder has been and
will continue to be in a relationship of confidence and trust with the Company
and will come into possession of "Confidential Information" (i) owned or
controlled by the Company and its subsidiaries and affiliate companies (as such
term is defined from time to time in periodic reports which the Company files
with the Securities and Exchange Commission); (ii) in the possession of the
Company and its subsidiaries and affiliate companies and belonging to third
parties; or (iii) conceived, originated, discovered or developed, in whole or in
part, by Holder. As used herein "Confidential Information" means trade secrets
and other confidential or proprietary business, technical, personnel or
financial information of the Company, whether or not Holder's work product, in
written, graphic, oral or other tangible or intangible forms, including but not
limited to specifications, samples, records, data, computer programs, drawings,
diagrams, models, consumer names, ID's or e-mail addresses, business or
marketing plans, studies, analyses, projections and reports, communications by
or to attorneys (including attorney-client privileged communications), memos and
other materials prepared by attorneys or under their direction (including
attorney work product), and software systems and processes that are not readily
available to the public, even such items not specifically marked as a trade
secret or confidential, unless the Company advises Holder otherwise in writing
or unless the information has been shared by the Company with entities not bound
by non-disclosure agreements. In consideration of the fees paid, to be paid or
provided to Holder, including the grant of this Warrant, Holder agrees not to
directly or indirectly use or disclose to anyone, either during the term of his
engagement as a consultant to the Company or after the termination of such
engagement, except in the performance of his duties or with the Company's prior
written consent, any Confidential Information of the Company. This
non-disclosure covenant does not apply to information (i) that is disclosed or
becomes public through another source; or (ii) which Holder is required to
disclose pursuant to court order, subpoena or applicable law (provided that
Holder will use reasonable efforts to provide the Company with prompt notice of
any such requests or requirement so that the Company may seek an appropriate
protective order). Holder agrees that in the event of the termination of his
engagement as a consultant to the Company for any reason, Holder will deliver to
the Company, upon request, all property belonging to the Company, including all
documents and materials of any nature pertaining to Holder's engagement with the
Company and will not take with him any documents or materials of any
description, or any reproduction thereof of any description, containing or
pertaining to any Confidential Information.

         4. Non-Competition. During the period commencing on the date of this
Warrant and ending on the date which is the later of one year after the
termination of Holder's engagement as a consultant to the Company or 36 months
after the date of this Warrant (the "Non-Competition Lapse Date"), Holder agrees
that he shall not (a) work for or be interested in any business which serves as

                                       -2-
<PAGE>

a holding company primarily for the purpose of acquiring entities whose products
and services are delivered to consumers over the Internet ("Internet Entities"),
(b) engage or be interested in or receive any compensation from any business in
which the services to be rendered by Holder to such business directly relates to
services or products which are directly competitive with "primary" services or
products offered by the Company or a subsidiary or affiliate company of the
Company at the Non-Competition Lapse Date or (c) induce or attempt to induce
any employee, agent or customer of the Company or any of its subsidiaries or
affiliate companies to terminate or reduce the scope of his, her or its
relationship with the Company. A product or service shall be deemed "primary"
only if such service or product constitutes a primary component of the core
business of the Company, its majority-owned subsidiaries or its affiliate
companies on the Non-Competition Lapse Date. For the purposes of this Agreement,
the term "work for or be interested in" a business means that Holder is a
stockholder, director, officer, employee, partner, individual proprietor, lender
or consultant with that business, but not if his interest is limited solely to
the passive ownership of five percent (5%) or less of any class of the equity or
debt securities of a corporation whose shares are listed for trading on a
national securities exchange or traded in the over-the-counter market. In the
event that any part of this Section 4 is adjudged invalid or unenforceable by
any court of record, board of arbitration or judicial or quasi judicial entity
having jurisdiction thereof by reason of length of time, geographical coverage,
activities covered, or for any other reason, then the invalid or unenforceable
provisions of this covenant shall be deemed reformed and amended to the maximum
extent permissible under applicable law and shall be enforced and enforceable as
so amended in accordance with the intention of the parties as expressed herein.

         5. Certain Agreements of the Company. The Company covenants as follows:

            a. Shares to be Fully Paid. All Warrant Shares shall, upon issuance
in accordance with the terms of this Warrant, be validly issued, fully paid, and
nonassessable and free from all taxes, liens, and charges with respect to the
issue thereof.

            b. Reservation of Shares. During the Exercise Period, the Company
shall at all times have authorized, and reserved for the purpose of issuance
upon exercise of this Warrant, a sufficient number of shares of Common Stock to
provide for the exercise of this Warrant.

            c. Certain Actions Prohibited. The Company shall not, by amendment
of its certificate of incorporation or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities, or any
other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms to be observed or performed by it hereunder, but shall at all
times in good faith assist in the carrying out of all the provisions of this
Warrant and in the taking of all such action as may reasonably be requested by
the Holder of this Warrant in order to protect the exercise privilege of the
Holder of this Warrant against impairment, consistent with the tenor and purpose
of this Warrant. Without limiting the generality of the foregoing, the Company
shall take all such actions as may be necessary or appropriate in order that the
Company may validly and legally issue fully paid and nonassessable shares of
Common Stock upon the exercise of this Warrant.

                                       -3-
<PAGE>

            d. Successors and Assigns. This Warrant shall be binding upon any
entity succeeding to the Company by merger, consolidation, or acquisition of all
or substantially all the Company's assets.

         6. Antidilution Provisions. During the Exercise Period, the Exercise
Price and the number of Warrant Shares shall be subject to adjustment from time
to time as provided in this Section 6.

            a. Subdivision or Combination of Common Stock. If the Company at any
time subdivides (by any stock split, stock dividend, recapitalization,
reorganization, reclassification or otherwise) the Common Stock into a greater
number of shares, then, after the record date for effecting such subdivision,
the Exercise Price in effect immediately prior to such subdivision shall be
proportionately reduced and the number of Warrant Shares shall be
proportionately increased. If the Company at any time combines (by reverse stock
split, recapitalization, reorganization, reclassification or otherwise) the
Common Stock into a smaller number of shares, then, after the record date for
effecting such combination, the Exercise Price in effect immediately prior to
such combination shall be proportionately increased and the number of Warrant
Shares shall be proportionately decreased.

            b. Consolidation, Merger or Sale. In case the Company after the date
hereof (a) shall consolidate with or merge into any other entity and shall not
be the continuing or surviving corporation of such consolidation or merger, (b)
shall permit any other entity to consolidate with or merge into the Company and
the Company shall be the continuing or surviving entity but, in connection with
such consolidation or merger, all outstanding shares of Common Stock shall be
changed into or exchanged for stock or other securities of any other entity or
cash or any other property, (c) shall transfer all or substantially all of its
properties or assets to any other person or entity, or (d) shall effect a
capital reorganization or reclassification of the Common Stock (other than a
capital reorganization or reclassification for which adjustment in the Exercise
Price is provided in Section 6(a)), then, and in the case of each such
transaction, proper provision shall be made so that, upon the basis and the
terms and in the manner provided in this Warrant, the Holder, upon the exercise
hereof at any time after the consummation of such transaction, shall be entitled
to receive (at the aggregate Exercise Price in effect at the time of such
consummation for all Common Stock issuable upon such exercise immediately prior
to such consummation), in lieu of the Common Stock issuable upon such exercise
immediately prior to such consummation, the highest amount of securities, cash
or other property to which Holder would have been entitled as a shareholder upon
such consummation if Holder had exercised this Warrant immediately prior
thereto, subject to adjustments (subsequent to such consummation) as nearly
equivalent as possible to the adjustments provided for in this Section 6. The
Company shall not effect any such consolidation, merger, or sale of assets, or
capital reorganization or reclassification unless prior to the consummation
thereof, the continuing or surviving corporation (if other than the Company)
assumes by written instrument the obligations under this Section 6 and the
obligations to deliver to the Holder of this Warrant such securities, cash or
other property as, in accordance with the foregoing provisions, the Holder may
be entitled to acquire.

            c. Distribution of Assets. In case the Company shall declare or make
any distribution of its assets to all Holders of Common Stock as a partial
liquidating dividend, by way

                                       -4-
<PAGE>

of return of capital or otherwise, other than a dividend payable in shares of
Common Stock or in cash out of earnings of the Company, the Holder shall be
entitled upon exercise of this Warrant to receive the amount of cash, securities
or other property that would have been payable to the Holder had Holder been the
Holder of such shares of Common Stock on the record date for the determination
of stockholders entitled to such distribution.

            d. Notice of Adjustment. Upon the occurrence of any event that
requires any adjustment of the Exercise Price, the Company shall give notice
thereof to the Holder, which notice shall state the Exercise Price resulting
from such adjustment and the increase or decrease, if any, in the number of
Warrant Shares, setting forth in reasonable detail the method of calculation and
the facts upon which such calculation is based.

            e. Adjustment of Exercise Price. No adjustment of the Exercise Price
shall be made in an amount less than 1% of the Exercise Price in effect at the
time such adjustment is otherwise required to be made, but any such lesser
adjustment shall be carried forward and shall be made at the time and together
with the next subsequent adjustment which, together with any adjustments so
carried forward, shall amount to not less than 1% of such Exercise Price. In the
event that any adjustment of the Exercise Price as required herein results in a
fraction of a cent, such Exercise Price shall be rounded up to the nearest cent.

            f. No Fractional Shares If any exercise of this Warrant would result
in the issuance of a fractional share of Common Stock, such fractional share
shall be disregarded and the number of shares of Common Stock issuable upon such
exercise shall be the nearest whole number of shares.

            g. Other Notices. In case at any time:

               i. the Company shall declare any dividend upon the Common Stock
payable in shares of stock of any class or make any other distribution (other
than dividends or distributions payable in cash out of retained earnings) to the
holders of the Common Stock;

               ii. the Company shall offer for subscription pro rata to all
holders of the Common Stock any additional shares of stock of any class or other
rights;

               iii. there shall be any capital reorganization of the Company, or
reclassification of the Common Stock or sale of all or substantially all its
assets to another entity; or

               iv. there shall be a voluntary or involuntary dissolution,
liquidation or winding-up of the Company;

then, in each such case, the Company shall give to the Holder notice of (a) the
date on which the books of the Company shall close or a record shall be taken
for determining the holders of Common Stock entitled to receive any such
dividend, distribution or subscription rights, or for determining the holders of
Common Stock entitled to vote in respect of any such transaction, and (b) the
date (or, if not then known, a reasonable approximation thereof by the Company)
when such transaction shall occur. Such notice shall also specify the date on
which the holders of Common Stock shall be

                                       -5-
<PAGE>

entitled to receive such dividend, distribution or subscription rights or to
exchange their Common Stock for stock or other securities or property
deliverable upon consummation of such transaction. Such notice shall be given at
least 30 days prior to the record date or the date on which the Company's books
are closed in respect thereto. Failure to give any such notice or any defect
therein shall not affect the validity of any action referred to in clauses (i),
(ii), (iii) and (iv) above.

            h. Certain Events. In case any event shall occur as to which
paragraphs (a), (b) or (c) of this Section 6 are not strictly applicable but the
failure to make any adjustment would not fairly protect the rights represented
by this Warrant in accordance with the essential intent of such provisions, the
Company shall give notice of such event as provided in Section 6(d) and shall
make an appropriate adjustment in the Exercise Price and the number of Warrant
Shares to preserve, without dilution, the rights represented by this Warrant.

         7. Tax Obligations. The issuance of certificates for Warrant Shares
upon the exercise of this Warrant shall be made without charge to the Holder for
any issuance tax or other costs in respect thereof; provided that the Holder
shall pay all transfer taxes owed upon the issuance of such shares in the name
of any person or entity designed by the Holder. Upon exercise of the Warrant,
the Company shall have the right to require the Holder to remit to the Company
an amount sufficient to satisfy federal, state and local tax withholding
requirements prior to the delivery of any certificate for shares of Common Stock
purchased pursuant to the Warrant, if in the opinion of counsel to the Company,
such withholding is required under applicable tax laws. If the Holder is
obligated to pay the Company an amount required to be withheld under applicable
tax withholding requirements, then he may pay such amount (i) in cash; (ii) in
the discretion of the Compensation Committee of the Board of Directors, through
the delivery to the Company of previously-owned shares of Common Stock having an
aggregate fair market value equal to the tax obligation, provided that the
previously owned shares delivered in satisfaction of the withholding obligations
must have been held by the Holder for at least six (6) months; (iii) in the
discretion of the Compensation Committee of the Board of Directors, through the
withholding of shares of Common Stock otherwise issuable to the Holder in
connection with the Warrant exercise; or (iv) in the discretion of the
Compensation Committee of the Board of Directors, through a combination of the
procedures set forth in subsections (i), (ii) and (iii) above.

         8. No Rights as a Stockholder. Prior to the exercise of this Warrant,
the Holder hereof, as such, shall not be entitled to any rights of a stockholder
of the Company by virtue of his ownership of this Warrant, including, without
limitation, the right to vote, to consent, to exercise any preemptive right, to
receive any notice of meetings of stockholders for the election of directors of
the Company or any other matter or to receive any notice of any proceedings of
the Company, except as may be specifically provided for herein.

         9. Transfer, Exchange, and Replacement of Warrant.

            a. Replacement of Warrant. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction, or mutilation of
this Warrant and, in the case of any such loss, theft, or destruction, upon
delivery of an indemnity agreement reasonably satisfactory in form and amount to
the Company, or, in the case of any such mutilation, upon surrender and

                                       -6-
<PAGE>

cancellation of this Warrant, the Company, at its expense, shall execute and
deliver, in lieu thereof, a new Warrant of like tenor.

             b. Cancellation; Payment of Expenses. Upon the surrender of this
Warrant in connection with any transfer or replacement as provided in this
Section 9, this Warrant shall be promptly canceled by the Company. The Company
shall pay all taxes and all other expenses (other than legal expenses, if any,
incurred by the Holder) and charges payable in connection with the preparation,
execution, and delivery of Warrants pursuant to this Section 9.

             c. Register. The Company shall maintain, at its principal executive
offices (or such other office or agency of the Company as it may designate by
notice to the Holder hereof), a register for this Warrant, in which the Company
shall record the name and address of the person in whose name this Warrant has
been issued, as well as the name and address of each transferee and each prior
owner of this Warrant.

             d. Exercise or Transfer Without Registration. If, at the time of
the surrender of this Warrant in connection with any exercise or transfer of
this Warrant, this Warrant (or, in the case of any exercise, the Warrant
Shares), shall not be registered under the Securities Act and under applicable
state securities or blue sky laws, the Company may require, as a condition of
allowing such exercise or transfer, that the Holder furnish to the Company a
written opinion of counsel, which opinion and counsel are acceptable to the
Company, to the effect that such exercise or transfer may be made without
registration under the Securities Act and applicable state securities or blue
sky laws.

             e. Restrictions on Transfer of Shares of Common Stock. The Holder
hereby agrees not to pledge, encumber, sell, assign or transfer (collectively,
"Transfer") the shares of Common Stock which the Holder owns as of the date of
this Warrant until such time as the Board of Directors, in consultation with an
investment banking firm engaged by the Company, determines that any such
Transfer would not have an adverse effect on the public trading market for the
Common Stock, provided that these restrictions on transfer shall lapse 18 months
after the date of this Warrant. The Company may place a restrictive legend
setting forth these restrictions on transfer on any stock certificates
representing these shares of Common Stock. The Company may also place stop
transfer orders on these stock certificates with its transfer agent as long as
these restrictions on transfer remain effective.

         10. Notices. All notices, requests, and other communications required
or permitted to be given or delivered hereunder to the Holder shall be in
writing, and shall be personally delivered, or shall be sent by certified or
registered mail or by recognized overnight mail courier, postage prepaid and
addressed, to the Holder at the address shown for the Holder on the books of the
Company, or at such other address as the Holder shall have furnished to the
Company. All notices, requests and other communications required or permitted to
be given or delivered hereunder to the Company shall be in writing, and shall be
personally delivered, or shall be sent by certified or registered mail or by
recognized overnight mail courier, postage prepaid and addressed, to Net Value
Holdings, Inc., Two Penn Center, Suite 605, Philadelphia, PA 19102, Attention:
Chief Executive Officer, Fax: (215) 564-3133, or to such other address as the
Company shall have furnished to the Holder. Any such notice, request or other
communication may be sent by facsimile, but shall in such case be subsequently
confirmed by a writing personally delivered or sent by certified or

                                       -7-
<PAGE>

registered mail or by recognized overnight mail courier as provided above. All
notices, requests and other communications shall be deemed to have been given
either at the time of the receipt thereof at the address specified in this
Section 10 or, if mailed by registered or certified mail or with a recognized
overnight mail courier, upon deposit with the United States Post Office or such
overnight mail courier, postage prepaid and properly addressed.

         11. Governing Law. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE WITHOUT
REGARD TO ITS OR ANY OTHER JURISDICTION'S CONFLICTS OF LAW.

         12. Miscellaneous.

             a. Amendments. This Warrant may only be amended by an instrument in
writing signed by the Company and the Holder.

             b. Headings. The headings of the sections and paragraphs of this
Warrant are for reference purposes only, and shall not affect the meaning or
construction of any of the provisions hereof.

             c. Entire Agreement. This Warrant contains the entire agreement
between the parties with respect to the grant or award of securities by the
Company to the Holder, and the vesting and exercise periods of these securities,
and supersedes all prior agreements and understandings, oral or written, between
the parties hereto regarding such subject matter including, but not limited to,
Amendment No. 2 to Merger Agreement and Plan of Reorganization dated as of July
22, 1999, and letter agreements between the parties dated August 31, 1999,
September 13, 1999 and January 23, 2000.

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer.

                                            NET VALUE HOLDINGS, INC.

                                            By: ________________________________
                                                Andrew P. Panzo
                                                Chief Executive Officer

AGREED TO AND ACCEPTED:

________________________________
Darr Aley

                                       -8-
<PAGE>

                           FORM OF EXERCISE AGREEMENT

                                                         Dated:  ________, ____.

To:_____________________________

         The undersigned, pursuant to the provisions set forth in the within
Warrant, hereby agrees to purchase ________ shares of Common Stock covered by
such Warrant, and makes payment herewith in full therefor at the price per share
provided by such Warrant in cash or by certified or official bank check in the
amount of $_________. Please issue a certificate or certificates for such shares
of Common Stock in the name of and pay any cash for any fractional share to:

                                       Name:____________________________________

                                       Signature:_______________________________
                                       Address:_________________________________
                                               _________________________________

                                       Note: The above signature should
                                             correspond exactly with the name on
                                             the face of the within Warrant.

                                       -9-

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