Document:

Exhibit 10.9

                               eB2B COMMERCE, INC.
                             2000 STOCK OPTION PLAN
                          (As Amended January 16, 2003)

ARTICLE 1 PURPOSE AND DURATION

1.1. PURPOSE OF THE PLAN. The purpose of the Plan is to promote the success of
the Company by providing incentives to Employees, including officers, whether or
not directors, of the Company that will link their personal interests to the
long-term financial success of the Company and to growth in shareholder value,
and to attract, motivate and retain experienced and knowledgeable independent
directors. The Plan is designed to provide flexibility to the Company in their
ability to motivate, attract, and retain the services of Employees upon whose
judgment, interest, and special effort the successful conduct of their
operations is largely dependent. "Corporation" means eB2B Commerce, Inc., a New
Jersey corporation, and "Company" means the Corporation and, except where
otherwise indicated by the context, its Subsidiaries, collectively. These terms
and other capitalized terms are defined in Article 2.

1.2. DURATION OF THE PLAN. The Plan will commence on April 18, 2000, upon
shareholder approval. The Plan shall remain in effect, subject to the right of
the Board of Directors to terminate the Plan at any time pursuant to Article 12
herein, until all Shares subject to it shall have been purchased or acquired
according to the provisions herein. However, in no event may an Award be granted
under the Plan on or after April 18, 2010, which is the tenth (10th) anniversary
of the effective date of this Plan.

ARTICLE 2. DEFINITIONS AND CONSTRUCTION

2.1. DEFINITIONS. Whenever used in the Plan, the following terms shall have the
meanings set forth below and, when the meaning is intended, the initial letter
of the word is capitalized: (a) "Award" means, individually or collectively, a
grant under this Plan of Incentive Stock Options, Nonqualified Stock Options,
Stock Appreciation Rights, Restricted Stock, Performance Units, or Performance
Shares. (b) "Beneficial Owner" shall have the meaning ascribed to such term in
Rule 13d-3 of the General Rules and Regulations under the Exchange Act. (c)
"Board" or "Board of Directors" means the Board of Directors of the Company. (d)
"Cause" shall mean the occurrence of any one of the following: (i) The willful
and continued failure by a Participant to substantially perform his/her duties
(other than any such failure resulting from the Participant's disability), after
a written demand for substantial performance is delivered to the Participant
that specifically identifies the manner in which the Company, as the case may
be, believes that the Participant has not substantially performed his/her
duties, and the Participant has failed to remedy the situation within ten (10)
business days of receiving such notice; or (ii) the Participant's conviction for
committing a felony or other crime involving breach of trust or fiduciary duty
owed to the Company; or (iii) the willful engaging by the Participant in gross
misconduct materially and demonstrably injurious to the Company. However, no
act, or failure to act, on the Participant's part shall be considered "willful"
unless done, or omitted to be done, by the Participant not in good faith and
without reasonable belief that his/her action or omission was in the best
interest of the Company. (e) "Code" means the Internal Revenue Code of 1986, as
amended from time to time. (f) "Committee" means the committee appointed by the
Board to administer the Plan pursuant to Article 3 herein. (g) "Company" means,
collectively, the Corporation and, except where otherwise indicated by the
context, its Subsidiaries. (h) "Corporation" means eB2B Commerce, Inc., a New
Jersey corporation and its successors hereto as provided in Article 14 herein.
(i) "Covered Employee" means any Participant designated prior to the grant of an
award by the Committee who is or may be a "covered employee" within the meaning
of Section 162(m)(3) of the Code in the year in which such award is taxable to
such Participant. (j) "Employee" means (i) any officer or employee of the
Company (including those employees on a temporary leave of absence by the
Company); or (ii) any person who has received and accepted an offer of
employment from the Company. (k) "Exchange Act" means the Securities Exchange
Act of 1934, as amended from time to time. (l) "Exercise Price" shall mean the
price fixed by the Committee at the date of grant. (m) "Fair Market Value" on
any date means (i) if the stock is listed or admitted to trade on a national
securities exchange, the closing price of the stock on the principal national
securities exchange on which the stock is so listed or admitted to trade, on
such date, or, if there is no trading of the stock on such date, then the
closing price of the stock on the preceding date on which there was trading in
such shares; (ii) if the stock is not listed or admitted to trade on a national
securities exchange, the last price for the stock on such date, as furnished by
the National Association of Securities Dealers, Inc. ("NASD") through NASDAQ or
a similar organization if the NASD is no longer reporting such information;

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(iii) if the stock is not listed or admitted to trade on a national securities
exchange and is not reported on NASDAQ, the mean between the bid and asked price
for the stock on such date, as furnished by the NASD or a similar organization;
or (iv) if the stock is not listed or admitted to trade on a national securities
exchange, is not reported on NASDAQ and if bid and asked prices for the stock
are not furnished by the NASD or a similar organization, the value as
established by the Committee at such time for purposes of this Plan. (n)
"Incentive Stock Option" or "ISO" means an option to purchase Stock, granted
under Article 6 herein, which is designated as an Incentive Stock Option and is
intended to meet the requirements of Section 422 of the Code. (o) "Nonqualified
Stock Option" or "NQSO" means an option to purchase Stock, granted under Article
6 herein, which is not intended to be an Incentive Stock Option. (p) "Option"
means an Incentive Stock Option or a Nonqualified Stock Option. (q) "Other
Eligible Person" shall mean any Outside Director or any individual consultant or
advisor who renders or has rendered bona fide services (other than services in
connection with the offering or sale of securities of the Company in a capital
raising transaction) to the Company, and who is selected to participate in this
Plan by the Committee. A non-employee agent providing bona fide services to the
Company (other than as an eligible advisor or consultant) may also be selected
as an Other Eligible Person if such agent's participation in this Plan would not
adversely affect (i) the Corporation's eligibility to use Form S-8 to register
under the Securities Act of 1933, as amended, the offering of shares issuable
under this Plan by the Company or (ii) the Corporation's compliance with any
other applicable laws. (r) "Outside Director" means any director who qualifies
as an "outside director" as that term is defined in Code Section 162(m) and the
regulations issued thereunder. (s) "Participant" means an Employee or Other
Eligible Person who has been granted an Award under the Plan. (t) "Performance
Share" means an Award, designated as a performance share, granted to a
Participant pursuant to Article 9 herein. (u) "Performance Unit" means an Award,
designated as a performance unit, granted to a Participant pursuant to Article 9
herein. (v) "Period of Restriction" means the period during which the transfer
of Shares of Restricted Stock is restricted, during which the Participant is
subject to a substantial risk of forfeiture, pursuant to Article 8 herein. (w)
"Person" shall have the meaning ascribed to such term in Section 3(a)(9) of the
Exchange Act and used in Sections 13(d) and 14(d) thereof, including a "group"
as defined in Section 13(d) thereof. (x) "Plan" means this 2000 Stock Option
Plan, as amended, of eB2B Commerce, Inc., as herein described and as hereafter
from time to time amended. (y) "Restricted Stock" means an Award of Stock
granted to a Participant pursuant to Article 8 herein. (z) "Rule 16b-3" shall
mean Rule 16b-3 (or any successor rule) under the Exchange Act. (aa)
"Subsidiary" shall mean any corporation of which more than fifty percent (50%)
(by number of votes) of the Voting Stock at the time outstanding is owned,
directly or indirectly, by the Company. (bb) "Stock" or "Shares" means the
common stock of the Company. (cc) "Stock Appreciation Right" or "SAR" means an
Award, designated as a Stock Appreciation Right, granted to a Participant
pursuant to Article 7 herein. (dd) "Voting Stock" shall mean securities of any
class or classes of stock of a corporation, the holders of which are ordinarily,
in the absence of contingencies, entitled to elect a majority of the corporate
directors.

2.2. GENDER AND NUMBER. Except where otherwise indicated by the context, any
masculine term used herein also shall include the feminine, the plural shall
include the singular, and the singular shall include the plural.

2.3. SEVERABILITY. In the event any provision of the Plan shall be held illegal
or invalid for any reason, the illegality or invalidity shall not affect the
remaining parts of the Plan, and the Plan shall be construed and enforced as if
the illegal or invalid provision had not been included.

3. ADMINISTRATION

3.1. THE COMMITTEE. The Plan shall be administered by a Committee of the Board
of Directors consisting of at least two (2) directors who shall be appointed
from time to time by, and shall serve at the discretion of, the Board of
Directors. To the extent required to comply with Rule 16b-3 under the Exchange
Act, each member of the Committee shall qualify as a "disinterested person" as
defined in Rule 16b-3 or any successor definition adopted by the Securities and
Exchange Commission. To the extent required to comply with Code Section 162(m),
each member of the Committee also shall be an Outside Director. Notwithstanding
anything herein to the contrary, the Plan may be administered by the Board, in
which case references in the Plan to the Committee shall be deemed to be
references to the Board.

3.2. AUTHORITY OF THE COMMITTEE. Subject to the provisions of the Plan, the
Committee shall have full power to construe and interpret the Plan; to
establish, amend or waive rules and regulations for its administration; to
accelerate the exercisability of any Award or the end of a performance period or
the termination of any Period of Restriction or any award agreement, or any

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other instrument relating to an Award under the Plan; and (subject to the
provisions of Article 12 herein) to amend the terms and conditions of any
outstanding Option, Stock Appreciation Right or other Award to the extent such
terms and conditions are within the discretion of the Committee as provided in
the Plan. Notwithstanding the foregoing, the Committee shall have no authority
to adjust upwards the amount payable to a Covered Employee with respect to a
particular Award, to take any of the foregoing actions or to take any other
action to the extent that such action or the Committee's ability to take such
action would cause any Award under the Plan to any Covered Employee to fail to
qualify as "performance-based compensation" within the meaning of Code Section
162(m)(4) and the regulations issued thereunder. Also notwithstanding the
foregoing, no action of the Committee (other than pursuant to Section 4.3 hereof
or Section 9.4 hereof) may, without the consent of the person or persons
entitled to exercise any outstanding Option or Stock Appreciation Right or to
receive payment of any other outstanding Award, adversely affect the rights of
such person or persons.

3.3. SELECTION OF PARTICIPANTS. The Committee shall have the authority to grant
Awards under the Plan, from time to time, to such Employees (including officers
and directors who are employees) and Other Eligible Persons as may be selected
by it. The Committee shall select Participants from among those who they have
identified as being Employees or Other Eligible Persons.

3.4. DECISIONS BINDING. All determinations and decisions made by the Committee
pursuant to the provisions of the Plan and all related orders or resolutions of
the Board of Directors shall be final, conclusive and binding on all persons,
including the Company, its stockholders, employees, and Participants and their
estates and beneficiaries, and such determinations and decisions shall not be
reviewable.

3.5. DELEGATION OF CERTAIN RESPONSIBILITIES. The Committee may, in its sole
discretion, delegate to an officer or officers of the Company the administration
of the Plan under this Article 3; provided, however, that no such delegation by
the Committee shall be made with respect to the administration of the Plan as it
affects directors of the Company or officers of the Company and provided further
that the Committee may not delegate its authority to correct errors, omissions
or inconsistencies in the Plan. All authority delegated by the Committee under
this Section 3.5 shall be exercised in accordance with the provisions of the
Plan and any guidelines for the exercise of such authority that may from time to
time be established by the Committee.

3.6. PROCEDURES OF THE COMMITTEE. All determinations of the Committee shall be
made by not less than a majority of its members present at the meeting (in
person or otherwise) at which a quorum is present. A majority of the entire
Committee shall constitute a quorum for the transaction of business. Any action
required or permitted to be taken at a meeting of the Committee may be taken
without a meeting if a unanimous written consent, which sets forth the action,
is signed by each member of the Committee and filed with the minutes for
proceedings of the Committee. Service on the Committee shall constitute service
as a director of the Company so that members of the Committee shall be entitled
to indemnification, limitation of liability and reimbursement of expenses with
respect to their services as members of the Committee to the same extent that
they are entitled under the Company's Articles of Incorporation and New Jersey
law for their services as directors of the Company.

3.7. AWARD AGREEMENTS. Each Award under the Plan shall be evidenced by an award
agreement which shall be signed by an authorized officer of the Company and by
the Participant, and shall contain such terms and conditions as may be approved
by the Committee. Such terms and conditions need not be the same in all cases.

3.8. RULE 16b-3 REQUIREMENTS. Notwithstanding any other provision of the Plan,
the Board or the Committee may impose such conditions on any Award (including,
without limitation, the right of the Board or the Committee to limit the time of
exercise to specified periods) as may be required to satisfy the requirements of
Rule 16b-3. Notwithstanding any other provisions of the Plan, all Awards under
this Plan shall be subject to the following conditions, as and to the extent
required by Rule 16b-3: (i) Except in the case of disability or death, no SAR,
ISO, NQSO or other option granted pursuant to Article 6 shall be exercisable for
at least six (6) months after its grant; and (ii) Except in the case of
disability or death, no Restricted Stock, Performance Unit or Performance Share
(or a Share issued in payment thereof) shall be sold for at least six (6) months
after its acquisition.

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ARTICLE 4. STOCK SUBJECT TO THE PLAN

4.1. NUMBER OF SHARES. Subject to adjustment as provided in Section 4.3 herein,
the aggregate number of Shares that may be delivered under the Plan at any time
shall not exceed EIGHT MILLION (8,000,000) SHARES(1) OF COMMON STOCK OF THE
COMPANY PLUS AN ANNUAL INCREASE TO BE ADDED ON THE FIRST DAY OF THE COMPANY'S
FISCAL YEAR BEGINNING IN 2001 EQUAL TO THE LESSER OF (I) TWO MILLION TWO HUNDRED
AND FIFTY THOUSAND (2,250,000) SHARES, (II) FIVE PERCENT (5%) OF THE OUTSTANDING
SHARES ON SUCH DATE, OR (III) A LESSER AMOUNT DETERMINED BY THE COMMITTEE. No
more than one-half (1/2) of such aggregate number of such Shares shall be issued
as Restricted Stock under Article 8 of the Plan and no more than seven million
(7,000,000) shares shall be issued upon exercise of Incentive Stock Options
under Article 6 of the Plan. Stock delivered under the Plan may consist, in
whole or in part, of authorized and unissued Shares or treasury Shares. The
exercise of a Stock Appreciation Right, whether paid in cash or Stock, shall be
deemed to be an issuance of Stock under the Plan. The payment of Performance
Shares or Performance Units shall not be deemed to constitute an issuance of
Stock under the Plan unless payment is made in Stock, in which case only the
number of Shares issued in payment of the Performance Share or Performance Unit
Award shall constitute an issuance of Stock under the Plan.

4.2. LAPSED AWARDS. If any Award (other than Restricted Stock) granted under
this Plan terminates, expires, or lapses for any reason, any Stock subject to
such Award again shall be available for the grant of an Award under the Plan,
subject to Section 7.2 herein.

4.3. ADJUSTMENTS IN AUTHORIZED SHARES. In the event of any merger,
reorganization, consolidation, recapitalization, separation, liquidation, Stock
dividend, split-up, share combination, or other change in the corporate
structure of the Company affecting the Stock, such adjustment shall be made in
the number and class of shares which may be delivered under the Plan, and in the
number and class of and/or price of shares subject to outstanding Options, Stock
Appreciation Rights, Restricted Stock Awards, Performance Shares, and
Performance Units granted under the Plan, as may be determined to be appropriate
and equitable by the Committee, in its sole discretion, to prevent dilution or
enlargement of rights; and provided that the number of shares subject to any
Award shall always be a whole number. Any adjustment of an Incentive Stock
Option under this paragraph shall be made in such a manner so as not to
constitute a modification within the meaning of Section 425(h)(3) of the Code.

ARTICLE 5. ELIGIBILITY AND PARTICIPATION

5.1. ELIGIBILITY. Persons eligible to participate in this Plan include (i) all
employees of the Company who, in the opinion of the Committee, are Employees,
and (ii) Other Eligible Persons.

5.2. ACTUAL PARTICIPATION. Subject to the provisions of the Plan, the Committee
may from time to time select those Employees and Other Eligible Persons to whom
Awards shall be granted and determine the nature and amount of each Award. No
employee, director, or individual consultant shall have any right to be granted
an Award under this Plan even if previously granted an Award.

ARTICLE 6. STOCK OPTIONS

6.1. GRANT OF OPTIONS. Subject to the terms and provisions of the Plan, Options
may be granted to Employees and Other Eligible Persons at any time and from time
to time as shall be determined by the Committee. The Committee shall have the
sole discretion, subject to the requirements of the Plan, to determine the
actual number of Shares subject to Options granted to any Participant. The
Committee may grant any type of Option to purchase Stock that is permitted by
law at the time of grant including, but not limited to, ISOs and NQSOs. However,
only Employees are eligible to receive ISOs and no employee may receive an Award
of Incentive Stock Options that are first exercisable during any calendar year
to the extent that the aggregate Fair Market Value of the Stock (determined at
the time the options are granted) exceeds one hundred thousand dollars
($100,000). Nothing in this Article 6 shall be deemed to prevent the grant of
NQSOs in excess of the maximum established by Section 422 of the Code. Unless
otherwise expressly provided at the time of grant, Options granted under the
Plan will be NQSOs.

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(1) The increase in the amount of shares issuable pursuant to Section 4.1 hereof
is subject to the Company receiving shareholder approval.

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6.2. OPTION AGREEMENT. Each Option grant shall be evidenced by an Option
agreement that shall specify the type of Option granted, the Option price, the
duration of the Option, the number of Shares to which the Option pertains, and
such other provisions as the Committee shall determine. The Option agreement
shall specify whether the Option is intended to be an Incentive Stock Option
within the meaning of Section 422 of the Code, or a Nonqualified Stock Option
whose grant is not intended to be subject to the provisions of Code Section 422.

6.3. OPTION PRICE. The purchase price per share of Stock covered by an Option
shall be determined by the Committee but, in the case of an ISO, shall not be
less than one hundred percent (100%) of the Fair Market Value of such Stock on
the date the option is granted. An Incentive Stock Option granted to an Employee
who, at the time of grant, owns (within the meaning of Section 424(d) of the
Code) Stock possessing more than ten percent (10%) of the total combined voting
power of all classes of Stock of the Company shall have an exercise price which
is at least one hundred ten percent (110%) of the Fair Market Value of the Stock
subject to the Option.

6.4. DURATION OF OPTIONS. Each Option shall expire at such time as the Committee
shall determine at the time of grant provided, however, that no ISO shall be
exercisable later than the tenth (10th) anniversary date of its grant. An
Incentive Stock Option granted to an employee who, at the time of grant, owns
(within the meaning of Section 424(d) of the Code) Stock possessing more than
ten percent (10%) of the total combined voting power of all classes of Stock of
the Company shall not be exerciseable after the expiration of five (5) years
from the anniversary date of its grant.

6.5. EXERCISE OF OPTIONS. Subject to Section 3.8 herein, Options granted under
the Plan shall be exercisable at such times and be subject to such restrictions
and conditions as the Committee shall in each instance approve, which need not
be the same for all Participants.

6.6. PAYMENT. Options shall be exercised by the delivery of a written notice to
the Company setting forth the number of Shares with respect to which the Option
is to be exercised, accompanied by full payment for the Shares. The Option price
upon exercise of any Option shall be payable to the Company in full either (i)
in cash or its equivalent, or (ii) if so permitted by the Committee (a) through
the delivery (including by attestation of ownership) of shares of Stock which
have been outstanding for at least six (6) months (unless the Committee approves
a shorter period) and which have a fair market value at the time of exercise
equal to the total option price, (b) by foregoing compensation under rules
established by the Committee, (c) by having the Company withhold Shares of
Stock, subject to Section 13.2 hereof, or (d) by delivery of an unconditional
and irrevocable undertaking by a broker to deliver promptly to the Company
sufficient funds to pay the option price and any tax withholding resulting from
such exercise, or (e) by any combination of (i), (ii)(a), (ii)(b), (ii)(c), or
(ii)(d). As soon as practicable, after receipt of written notification and
payment, the Company shall deliver to the Participant Stock certificates in an
appropriate amount based upon the number of Options exercised, issued in the
Participant's name.

6.7. RESTRICTIONS ON STOCK TRANSFERABILITY. The Committee shall impose such
restrictions on any Shares acquired pursuant to the exercise of an Option under
the Plan as it may deem advisable, including, without limitation, restrictions
under applicable Federal securities law, under the requirements of any stock
exchange upon which such Shares are then listed and under any blue sky or state
securities laws applicable to such Shares.

6.8. TERMINATION DUE TO DEATH, DISABILITY, OR RETIREMENT. In the event the
employment of an Employee, or an Outside Director's service on the Board, is
terminated by reason of death, any of such Participant's outstanding Options
that are vested shall be exercisable at any time prior to the expiration date of
the Options or within one (1) year after such date of termination of employment,
whichever period is shorter, by such person or persons as shall have acquired
the Participant's rights under the Option pursuant to Article 10 hereof or by
will or by the laws of descent and distribution. In the event of death of the
Participant, all unvested options will be deemed to have expired. In the event
the employment of an Employee, or an Outside Director's service on the Board, is
terminated by reason of disability (as defined under the then established rules
of the Company, as the case may be), any of such Participant's outstanding
Options shall become immediately exercisable, at any time prior to the
expiration date of the Options after such date of termination of employment. In
the event the employment of a Participant is terminated by reason of retirement,
any of such Participant's vested Options shall be immediately exercisable
(subject to Section 3.8 herein) at any time prior to the expiration date of the
Options. In the event of retirement of the Employee or Outside Director from the
Board, all unvested options will be deemed to have expired. In the case of

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Incentive Stock Options, the favorable tax treatment prescribed under Section
422 of the Internal Revenue Code of l986, as amended, may not be available if
the Options are not exercised within the Code Section 422 prescribed time period
after termination of employment for death, disability, or retirement.

6.9. VOLUNTARY TERMINATION. If the employment of an Employee, or an Outside
Director's service on the Board, shall terminate voluntarily, the Participant
shall have the right to exercise such Participant's vested Options within the
ninety (90) days after the date of his termination, but in no event beyond the
expiration of the term of the Options and only to the extent that the
Participant was entitled to exercise the Options at the date of his termination
of employment. All unvested options will be deemed to have expired. In its sole
discretion, the Committee may extend the ninety (90) days, but, however, in no
event beyond the expiration date of the Option.

6.10. TERMINATION FOR CAUSE. If the employment of the Employee or an Outside
Director's service on the Board, shall terminate for Cause, all of the
Participant's outstanding Options shall be immediately forfeited back to the
Company.

6.11. TERMINATION FOR OTHER REASONS. If the employment of an Employee, or an
Outside Director's service on the Board, shall terminate for any reason other
than death, disability, retirement, voluntarily, or for Cause, the Participant
shall have the right to exercise such Participant's vested Options within the
ninety (90) days after the date of his termination, but in no event beyond the
expiration of the term of the Options and only to the extent that the
Participant was entitled to exercise the Options at the date of his termination.
All unvested options will be deemed to have expired.

6.12. NONTRANSFERABILITY OF OPTIONS. Unless the Committee provides otherwise, no
Option granted under the Plan may be sold, transferred, pledged, assigned, or
otherwise alienated or hypothecated, otherwise than by will or by the laws of
descent and distribution. Further, all Options granted to a Participant under
the Plan shall be exercisable during his lifetime only by such Participant.

ARTICLE 7. STOCK APPRECIATION RIGHTS

7.1. GRANT OF STOCK APPRECIATION RIGHTS. Subject to the terms and conditions of
the Plan, Stock Appreciation Rights may be granted to Participants, at the
discretion of the Committee, in any of the following forms: (a) In lieu of
Options; (b) In addition to Options; (c) Independent of Options; or (d) In any
combination of (a), (b), or (c). The maximum numbers of Shares subject to SARs
granted to any individual Participant in any calendar year shall be one million
(1,000,000) Shares, except that the maximum number of Shares subject to SARs
granted to new Employees and Other Eligible Persons in the Fiscal Year of the
Corporation in which his or her services as a new Employee or Other Eligible
Person first commences shall be one million five hundred thousand (1,500,000)
Shares. Subject to the immediately preceding sentence, the Committee shall have
the sole discretion, subject to the requirements of the Plan, to determine the
actual number of Shares subject to SARs granted to any Participant.

7.2. EXERCISE OF SARS IN LIEU OF OPTIONS. SARs granted in lieu of Options may be
exercised for all or part of the Shares subject to the related Option upon the
surrender of the related Options representing the right to purchase an
equivalent number of Shares. The SAR may be exercised only with respect to the
Shares of Stock for which its related Option is then exercisable. Option Stock
with respect to which the SAR shall have been exercised may not be subject again
to an Award under the Plan. Notwithstanding any other provision of the Plan to
the contrary, with respect to an SAR granted in lieu of an Incentive Stock
Option, (i) the SAR will expire no later than the expiration of the underlying
Incentive Stock Option; (ii) the SAR amount may be for no more than one hundred
percent (100%) of the difference between the exercise price of the underlying
Incentive Stock Option and the Fair Market Value of the Stock subject to the
underlying Incentive Stock Option at the time the SAR is exercised; and (iii)
the SAR may be exercised only when the Fair Market Value of the Stock subject to
the Incentive Stock Option exceeds the exercise price of the Incentive Stock
Option.

7.3. EXERCISE OF SARS IN ADDITION TO OPTIONS. SARs granted in addition to
Options shall be deemed to be exercised upon the exercise of the related
Options. The deemed exercise of SARs granted in addition to Options shall not
necessitate a reduction in the number of related Options.

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7.4. EXERCISE OF SARS INDEPENDENT OF OPTIONS. Subject to Section 3.8 herein and
Section

7.5 herein, SARs granted independently of Options may be exercised upon whatever
terms and conditions the Committee, in its sole discretion, imposes upon the
SARs, including, but not limited to, a corresponding proportional reduction in
previously granted Options.

7.5. PAYMENT OF SAR AMOUNT. Upon exercise of the SAR, the holder shall be
entitled to receive payment of an amount determined by multiplying: (a) The
difference between the Fair Market Value of a Share on the date of exercise over
the Exercise Price; by (b) The number of Shares with respect to which the SAR is
exercised.

7.6. FORM AND TIMING OF PAYMENT. Payment to a Participant, upon SAR exercise,
will be made in cash or stock, at the discretion of the Committee, within ten
(10) calendar days of the exercise.

7.7. TERM OF SAR. The term of an SAR granted under the Plan shall not exceed ten
(10) years.

7.8. TERMINATION. In the event the employment of an Employee, or an Outside
Director's service on the Board, is terminated by reason of death, disability,
retirement, voluntarily, for cause, or any other reason, the exercisability of
any outstanding SAR granted in lieu of or in addition to an Option shall
terminate in the same manner as its related Option as specified under Sections
6.8, 6.9, 6.10, and 6.11 herein. The exercisability of any outstanding SARs
granted independent of Options also shall terminate in the manner provided under
Sections 6.8, 6.9, 6.10, and 6.11 hereof.

7.9. NONTRANSFERABILITY OF SARS. No SAR granted under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated,
otherwise than by will or by the laws of descent and distribution. Further, all
SARs granted to a Participant under the Plan shall be exercisable during his
lifetime only by such Participant.

ARTICLE 8. RESTRICTED STOCK

8.1. GRANT OF RESTRICTED STOCK. Subject to the terms and provisions of the Plan,
the Committee, at any time and from time to time, may grant Shares of Restricted
Stock under the Plan to such Participants and in such amounts as it shall
determine. In the case of Covered Employees, the Committee may condition the
vesting or lapse of the Period of Restriction established pursuant to Section
8.3 upon the attainment of one or more of the performance goals utilized for
purposes of Performance Units and Performance Shares pursuant to Article 9
hereof. It is contemplated that Restricted Stock grants will be made only in
extraordinary situations of performance, promotion, retention, or recruitment.

8.2. RESTRICTED STOCK AGREEMENT. Each Restricted Stock grant shall be evidenced
by a Restricted Stock Agreement that shall specify the Period of Restriction, or
periods, the number of Shares of Restricted Stock granted, and such other
provisions as the Committee shall determine.

8.3. TRANSFERABILITY. Except as provided in this Article 8 or in Section 3.8
herein, the Shares of Restricted Stock granted hereunder may not be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated until the
termination of the applicable Period of Restriction or for such period of time
as shall be established by the Committee and as shall be specified in the
Restricted Stock Agreement, or upon earlier satisfaction of other conditions
(including any performance goals) as specified by the Committee in its sole
discretion and set forth in the Restricted Stock Agreement. All rights with
respect to the Restricted Stock granted to a Participant under the Plan shall be
exercisable during his lifetime only by such Participant.

8.4. OTHER RESTRICTIONS. The Committee shall impose such other restrictions on
any Shares of Restricted Stock granted pursuant to the Plan as it may deem
advisable including, without limitation, restrictions under applicable Federal
or state securities laws, and the Committee may legend certificates representing
Restricted Stock to give appropriate notice of such restrictions.

8.5. CERTIFICATE LEGEND. In addition to any legends placed on certificates
pursuant to Section 8.4 herein, each certificate representing Shares of
Restricted Stock granted pursuant to the Plan shall bear the following legend:

                                        7
<PAGE>

"The sale or other transfer of the shares of stock represented by this
certificate, whether voluntary, involuntary, or by operation of law, is subject
to certain restrictions on transfer set forth in the 2000 Stock Option Plan, as
amended, of eB2B Commerce, Inc., in the rules and administrative procedures
adopted pursuant to such Plan, and in a Restricted Stock Agreement dated as of
the date of issuance. A copy of the Plan, such rules and procedures, and such
Restricted Stock Agreement may be obtained from the Chief Financial Officer of
eB2B Commerce, Inc."

8.6. REMOVAL OF RESTRICTIONS. Except as otherwise provided in this Article, and
subject to applicable securities laws, Shares of Restricted Stock covered by
each Restricted Stock grant made under the Plan shall become freely transferable
by the Participant after the last day of the Period of Restriction. Once the
Shares are released from the restrictions, the Participant shall be entitled to
have the legend required by Section 8.4 or Section 8.5 removed from his Stock
certificate.

8.7. VOTING RIGHTS. During the Period of Restriction, Participants holding
Shares of Restricted Stock granted hereunder may exercise full voting rights
with respect to those Shares.

8.8. DIVIDENDS AND OTHER DISTRIBUTIONS. During the Period of Restriction,
Participants holding Shares of Restricted Stock granted hereunder shall be
entitled to receive all dividends and other distributions paid with respect to
those Shares while they are so held. If any such dividends or distributions are
paid in Shares, the Shares shall be subject to the same restrictions on
transferability as the Shares of Restricted Stock with respect to which they
were paid.

8.9. TERMINATION DUE TO RETIREMENT. In the event that the employment of an
Employee, or an Outside Director's service on the Board, is terminated due to
retirement, any remaining Period of Restriction applicable to the Restricted
Stock pursuant to Section 8.3 hereof shall automatically terminate and, except
as otherwise provided in Section 8.4, Section 8.5, or Section 3.8 hereof, the
Shares of Restricted Stock shall thereby be free of restrictions and be freely
transferable. In the event that an Employee terminates his employment with the
Company because of early retirement (as defined under the then established rules
of the Company, as the case may be), the Committee in its sole discretion
(subject to Section 3.8 herein) may waive the restrictions remaining on any or
all Shares of Restricted Stock pursuant to Section 8.3 herein and add such new
restrictions to those Shares of Restricted Stock as it deems appropriate.

8.10. TERMINATION DUE TO DEATH OR DISABILITY. In the event that the employment
of an Employee, or an Outside Director's service on the Board, is terminated
because of death or disability (as defined under the then established rules of
the Company, as the case may be) during the Period of Restriction, any remaining
Period of Restriction applicable to the Restricted Stock pursuant to Section 8.3
herein shall automatically terminate and, except as otherwise provided in
Section 8.4. herein, the shares of Restricted Stock shall thereby be free of
restrictions and be fully transferable.

8.11. TERMINATION FOR OTHER REASONS. In the event that the employment of an
Employee, or an Outside Director's service on the Board, is terminated for any
reason other than for death, disability, or retirement, as set forth in Sections
8.9 and 8.10 herein, during the Period of Restriction, then any shares of
Restricted Stock still subject to restrictions as of the date of such
termination shall automatically be forfeited and returned to the Company;
provided, however, that in the event of an involuntary termination of the
employment of an Employee, or an Outside Director's service on the Board, by the
Company other than for Cause, the Committee, in its sole discretion (subject to
Section 3.8 herein), may waive the automatic forfeiture of any or all such
Shares and may add such new restrictions to such Shares of Restricted Stock as
it deems appropriate.

ARTICLE 9. PERFORMANCE UNITS AND PERFORMANCE SHARES

9.1. GRANT OF PERFORMANCE UNITS OR PERFORMANCE SHARES. Subject to the terms and
provisions of the Plan, Performance Units or Performance Shares may be granted
to Participants at any time and from time to time as shall be determined by the
Committee. The Committee shall have complete discretion in determining the
number of Performance Units or Performance Shares granted to each Participant.

9.2. VALUE OF PERFORMANCE UNITS AND PERFORMANCE SHARES. The Committee shall set
performance goals over certain periods to be determined in advance by the
Committee ("Performance Periods"). Prior to each grant of Performance Units or

                                        8
<PAGE>

Performance Shares, the Committee shall establish an initial value for each
Performance Unit and an initial number of Shares for each Performance Share
granted to each Participant for that Performance Period. Prior to each grant of
Performance Units or Performance Shares, the Committee also shall set the
performance goals that will be used to determine the extent to which the
Participant receives a payment of the value of the Performance Units or number
of Shares for the Performance Shares awarded for such Performance Period. These
goals will be based on the attainment, by the Company, of certain objective
performance measures, which includes, but is not limited to one or more of the
following: total shareholder return, return on equity, return on capital,
earnings per share, market share, stock price, sales, costs, net income, cash
flow, and retained earnings. Such performance goals also may be based upon the
attainment of specified levels of performance of the Company under one or more
of the measures described above relative to the performance of other
corporations. With respect to each such performance measure utilized during a
Performance Period, the Committee shall assign percentages to various levels of
performance which shall be applied to determine the extent to which the
Participant shall receive a payout of the values of Performance Units and number
of Performance Shares awarded. With respect to Covered Employees, all
performance goals shall be objective performance goals satisfying the
requirements for "performance-based compensation" within the meaning of Section
162(m)(4) of the Code, and shall be set by the Committee within the time period
prescribed by Section 162(m) of the Code and related regulations.

9.3. PAYMENT OF PERFORMANCE UNITS AND PERFORMANCE SHARES. After a Performance
Period has ended, the holder of a Performance Unit or Performance Share shall be
entitled to receive the value thereof as determined by the Committee. The
Committee shall make this determination by first determining the extent to which
the performance goals set pursuant to Section 9.2 have been met. It will then
determine the applicable percentage (which may exceed one hundred percent
(100%)) to be applied to, and will apply such percentage to, the value of
Performance Units or number of Performance Shares to determine the payout to be
received by the Participant. In addition, with respect to Performance Units and
Performance Shares granted to any Covered Employee, no payout shall be made
hereunder except upon written certification by the Committee that the applicable
performance goal or goals have been satisfied to a particular extent. The
maximum amount payable in cash to any Covered Employee with respect to any
Performance Period pursuant to any Performance Unit or Performance Share award
shall be five hundred thousand dollars ($500,000), and the maximum number of
Shares that may be issued to any Covered Employee with respect to any
Performance Period pursuant to any Performance Unit or Performance Share award
is two hundred and fifty thousand (250,000) (subject to adjustment as provided
in Section 4.3).

9.4. COMMITTEE DISCRETION TO ADJUST AWARDS. Subject to Section 3.2 regarding
Awards to Covered Employees, the Committee shall have the authority to modify,
amend or adjust the terms and conditions of any Performance Unit award or
Performance Share award, at any time or from time to time, including but not
limited to the performance goals.

9.5. FORM AND TIMING OF PAYMENT. The payment described in Section 9.3 herein
shall be made in cash, Stock, or a combination thereof as determined by the
Committee. Payment may be made in a lump sum or installments as prescribed by
the Committee. If any payment is to be made on a deferred basis, the Committee
may provide for the payment of dividend equivalents or interest during the
deferral period. Any stock issued in payment of a Performance Unit or
Performance Share shall be subject to the restrictions on transfer in Section
3.8 herein.

9.6. TERMINATION OF EMPLOYMENT DUE TO DEATH, DISABILITY, OR RETIREMENT. In the
case of death, disability, or retirement (each of disability and retirement as
defined under the established rules of the Company, as the case may be), the
holder of a Performance Unit or Performance Share shall receive a prorated
payment based on the Participant's number of full months of service during the
Performance Period, further adjusted based on the achievement of the performance
goals during the entire Performance Period, as computed by the Committee.
Payment shall be made at the time payments are made to Participants who did not
terminate service during the Performance Period.

9.7. TERMINATION FOR OTHER REASONS. In the event that the employment of an
Employee, or an Outside Director is terminated for any reason other than death,
disability, or retirement, all Performance Units and Performance Shares shall be
forfeited; provided, however, that in the event of an involuntary termination of
the employment of an Employee or an Outside Director's service on the Board, is
by the Company other than for Cause, the Committee in its sole discretion may
waive the automatic forfeiture provisions and pay out on a prorata basis.

                                        9
<PAGE>

9.8. NONTRANSFERABILITY. No Performance Units or Performance Shares granted
under the Plan may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, otherwise than by will or by the laws of descent and
distribution until the termination of the applicable Performance Period. All
rights with respect to Performance Units and Performance Shares granted to a
Participant under the Plan shall be exercisable during his lifetime only by such
Participant.

ARTICLE 10. BENEFICIARY DESIGNATION

Each Participant under the Plan may, from time to time, name any beneficiary or
beneficiaries (who may be named contingently or successively and who may include
a trustee under a will or living trust) to whom any benefit under the Plan is to
be paid in case of his death before he receives any or all of such benefit. Each
designation will revoke all prior designations by the same Participant, shall be
in a form prescribed by the Committee, and will be effective only when filed by
the Participant in writing with the Committee during his lifetime. In the
absence of any such designation or if all designated beneficiaries predecease
the Participant, benefits remaining unpaid at the Participant's death shall be
paid to the Participant's estate.

ARTICLE 11. RIGHTS OF EMPLOYEES AND OUTSIDE DIRECTORS

11.1. EMPLOYMENT. Nothing in the Plan shall interfere with or limit in any way
the right of the Company to terminate any Employee's employment at any time, nor
confer upon any Employee any right to continue in the employ of the Company.

11.2. PARTICIPATION. No Employee or Outside Director shall have a right to be
selected as a Participant, or, having been so selected, to be selected again as
a Participant.

11.3. NO IMPLIED RIGHTS; RIGHTS ON TERMINATION OF SERVICE. Neither the
establishment of the Plan nor any amendment thereof shall be construed as giving
any Participant, beneficiary, or any other person any legal or equitable right
unless such right shall be specifically provided for in the Plan or conferred by
specific action of the Committee in accordance with the terms and provisions of
the Plan. Except as expressly provided in this Plan, neither the Company shall
be required or be liable to make any payment under the Plan, and to the extent
that any Participant's service, namely an individual consultant, is terminated
under circumstances not provided for under the Plan, the termination provisions
for such Awards will be stipulated in the Participant's award agreement under
Section 3.7 herein.

11.4. NO RIGHT TO COMPANY ASSETS. Neither the Participant nor any other person
shall acquire, by reason of the Plan, any right in or title to any assets, funds
or property of the Company whatsoever including, without limiting the generality
of the foregoing, any specific funds, assets, or other property which the
Company, in its sole discretion, may set aside in anticipation of a liability
hereunder. Any benefits which become payable hereunder shall be paid from the
general assets of the Company. The Participant shall have only a contractual
right to the amounts, if any, payable hereunder unsecured by any asset of the
Company. Nothing contained in the Plan constitutes a guarantee by the Company
that the assets of the Company shall be sufficient to pay any benefit to any
person.

ARTICLE 12. AMENDMENT, MODIFICATION, AND TERMINATION

12.1. AMENDMENT, MODIFICATION, AND TERMINATION. At any time and from time to
time, the Board may terminate, amend, or modify the Plan. However, without the
approval of the stockholders of the Company if required by the Code, by the
insider trading rules of Section 16 of the Exchange Act, by any national
securities exchange or system on which the Stock is then listed or reported, or
by any regulatory body having jurisdiction with respect hereto, no such
termination, amendment, or modification may: (a) Increase the total amount of
Stock which may be issued under this plan, except as provided in Section 4.3
herein; or (b) Change the class of Employees eligible to participate in the
Plan; or (c) Materially increase the cost of the Plan or materially increase the
benefits to Participants; or (d) Extend the maximum period after the date of
grant during which Options or Stock Appreciation Rights may be exercised.

12.2. AWARDS PREVIOUSLY GRANTED. No termination, amendment or modification of
the Plan other than pursuant to Section 4.3 hereof shall in any manner adversely
affect any Award theretofore granted under the Plan, without the written consent
of the Participant.

                                       10
<PAGE>

ARTICLE 13. WITHHOLDING

13.1. TAX WITHHOLDING. The Company shall have the power and the right to deduct
or withhold, or require a Participant to remit to the Company, an applicable
amount sufficient to satisfy Federal, state and local taxes (including the
Participant's FICA obligation) required by law to be withheld with respect to
any grant, exercise, or payment made under or as a result of this Plan.

13.2. STOCK DELIVERY OR WITHHOLDING. With respect to withholding required upon
the exercise of Nonqualified Stock Options, or upon the lapse of restrictions on
Restricted Stock, Participants may elect, subject to the approval of the
Committee, to satisfy the withholding requirement, in whole or in part, by
tendering to the Company shares of previously acquired Stock or by having the
Company withhold Shares of Stock (cashless exercise), in each such case in an
amount having a Fair Market Value equal to the amount required to be withheld to
satisfy the minimum tax withholding obligations described in Section 13.1. The
value of the Shares to be tendered or withheld is to be based on the Fair Market
Value of the Stock on the date that the amount of tax to be withheld is to be
determined. All Stock withholding elections shall be irrevocable and made in
writing, signed by the Participant on forms approved by the Committee in advance
of the day that the transaction becomes taxable. Stock withholding elections
made by Participants who are subject to the short-swing profit restrictions of
Section 16 of the Exchange Act must comply with the additional restrictions of
Section 16 and Rule 16b-3 in making their elections.

ARTICLE 14. SUCCESSORS

All obligations of the Company under the Plan, with respect to Awards granted
hereunder, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase,
merger, consolidation or otherwise, of all or substantially all of the business
and/or assets of the Company.

ARTICLE 15. REQUIREMENTS OF LAW

15.1. REQUIREMENTS OF LAW. The granting of Awards and the issuance of Shares of
Stock under this Plan shall be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or national
securities exchanges as may be required.

15.2. GOVERNING LAW. The Plan, and all agreements hereunder, shall be construed
in accordance with and governed by the laws of the State of New Jersey.EXHIBIT 10.18

                               EB2B COMMERCE, INC.

            SUBSCRIPTION AGREEMENT made as of this ___ day of ___________, 2002
between eB2B Commerce, Inc., a corporation organized under the laws of the State
of New Jersey with offices at 665 Broadway, New York, New York 10012 (the
"Company"), and the undersigned (the "Subscriber").

            WHEREAS, the Company desires to issue up to an aggregate principal
amount of $1,350,000 of 7% senior subordinated secured promissory notes (the
"Notes") in a private placement (the "Offering") on the terms and conditions set
forth herein and in the Confidential Private Placement Term Sheet dated July 11,
2002 (together with all the Exhibits thereto, the "Term Sheet"), and the
Subscriber desires to acquire the principal amount of Notes set forth on the
signature page hereof; and

            WHEREAS, the Notes shall be in the form attached as Exhibit (ii) to
the Term Sheet and shall be convertible into shares (the "Conversion Shares") of
the Company's common stock, par value $.0001 per share (the "Common Stock"), at
an initial conversion price equal to the closing price of the Common Stock for
the trading day immediately preceding the closing of the Offering (the
"Closing") or such other conversion price as mutually determined by the Company
and the Subscribers, subject to adjustment as set forth in the Notes (the
"Conversion Price"); and

            WHEREAS, the Conversion Shares are entitled to registration rights
on the terms set forth in this Subscription Agreement; and

            WHEREAS, the Subscriber is delivering simultaneously herewith a
completed confidential purchaser questionnaire (the "Questionnaire").

            NOW, THEREFORE, for and in consideration of the premises and the
mutual covenants hereinafter set forth, the parties hereto do hereby agree as
follows:

            I.    SUBSCRIPTION FOR NOTES AND REPRESENTATIONS BY AND COVENANTS OF
                  SUBSCRIBER

            1.1 Subscription for Notes. Subject to the terms and conditions
hereinafter set forth, the Subscriber hereby subscribes for and agrees to
purchase from the Company such principal amount of Notes as is set forth upon
the signature page hereof at a price equal to $1.00 for each $1.00 principal
amount of Notes and the Company agrees to sell such Notes to the Subscriber for
said purchase price. The purchase price is payable by certified or bank check
made payable to "American Stock Transfer & Trust Company as escrow agent for
eB2B Commerce, Inc." or by wire transfer of funds, contemporaneously with the
execution and delivery of this Subscription Agreement. American Stock Transfer &
Trust Company (the "Escrow Agent") shall act as such in accordance with the
terms and conditions of an escrow agreement to be entered into among the
Company, Robert Priddy, as representative of all Subscribers (the
"Representative"), and the Escrow Agent. The Notes shall be delivered by the
<PAGE>

Company within five (5) business days following the consummation of the Offering
as set forth in Article III hereof.

            1.2 Reliance on Exemptions. The Subscriber acknowledges that the
Offering has not been reviewed by the United States Securities and Exchange
Commission (the "SEC") or any state agency because of the Company's
representations that this is intended to be a nonpublic offering exempt from the
registration requirements of the 1933 Act of 1933, as amended (the "1933 Act"),
and state securities laws. The Subscriber understands that the Company is
relying in part upon the truth and accuracy of, and the Subscriber's compliance
with, the representations, warranties, agreements, acknowledgments and
understandings of the Subscriber set forth herein in order to determine the
availability of such exemptions and the eligibility of the Subscriber to acquire
the Notes.

            1.3 Investment Purpose. The Subscriber represents that the Notes are
being purchased for its own account, for investment purposes only and not for
distribution or resale to others in contravention of the registration
requirements of the 1933 Act. The Subscriber agrees that it will not sell or
otherwise transfer the Notes or the Conversion Shares (collectively, the
"Securities") unless they are registered under the 1933 Act or unless an
exemption from such registration is available.

            1.4 Accredited Investor. The Subscriber represents and warrants that
it is an "accredited investor" as such term is defined in Rule 501 of Regulation
D promulgated under the 1933 Act, as indicated by its responses to the
Questionnaire, and that it is able to bear the economic risk of any investment
in the Notes. The Subscriber further represents and warrants that the
information furnished in the Questionnaire is accurate and complete in all
material respects.

            1.5 Risk of Investment. The Subscriber recognizes that the purchase
of Notes involves a high degree of risk in that: (i) an investment in the
Company is highly speculative and only investors who can afford the loss of
their entire investment should consider investing in the Company and the Notes;
(ii) transferability of the securities is limited; and (iii) the Company may
require substantial additional funds to operate its business and there can be no
assurance that any other funds will be available to the Company, in addition to
all of the other risks set forth in the Company's SEC Documents (as defined in
Section 2.5 hereof).

            1.6 Information. The Subscriber acknowledges careful review of: (a)
the Company's Registration Statement on Form SB-2 as amended on May 14, 2002,
(b) the Company's Quarterly Report on Form 10-QSB for the period ended March 31,
2002, (c) the Company's Annual Report on Form 10-KSB for the year ended December
31, 2002, (d) the Company's Proxy Statement for the annual meeting of
shareholders held on October 17, 2001, (e) the Company's Current Reports on Form
8-K filed with the SEC on May 14, 2002 and June 19, 2002 (e) the Term Sheet, (f)
this Subscription Agreement, and (g) all exhibits, schedules and appendices
which are part of the aforementioned documents (collectively, the "Offering
Documents"), and hereby represents that: (i) the Subscriber has been furnished
by the Company during the course of this transaction with all information
regarding the Company which it has requested; and (ii) that the Subscriber has
been afforded the opportunity to ask questions of and receive answers from duly

                                        2
<PAGE>

authorized officers of the Company concerning the terms and conditions of the
Offering, and any additional information which it has requested.

            1.7 No Representations. The Subscriber hereby represents that,
except as expressly set forth in the Offering Documents, no representations or
warranties have been made to the Subscriber by the Company or any agent,
employee or affiliate of the Company, and in entering into this transaction the
Subscriber is not relying on any information other than that contained in the
Offering Documents and the results of independent investigation by the
Subscriber.

            1.8 Tax Consequences. The Subscriber acknowledges that the Offering
may involve tax consequences and that the contents of the Offering Documents do
not contain tax advice or information. The Subscriber acknowledges that he must
retain his own professional advisors to evaluate the tax and other consequences
of an investment in the Notes.

            1.9 Transfer or Resale. The Subscriber understands that Rule 144
(the "Rule") promulgated under the 1933 Act requires, among other conditions, a
one-year holding period prior to the resale (in limited amounts) of securities
acquired in a non-public offering without having to satisfy the registration
requirements under the 1933 Act. The Subscriber understands that the Company
makes no representation or warranty regarding its fulfillment in the future of
any reporting requirements under the Securities Exchange Act or 1934, as amended
(the "Exchange Act"), or its dissemination to the public of any current
financial or other information concerning the Company, as is required by the
Rule as one of the conditions of its availability. The Subscriber understands
and hereby acknowledges that the Company is under no obligation to register the
Securities under the 1933 Act, with the exception of certain registration rights
covering the resale of the Conversion Shares set forth in Article IV herein. The
Subscriber consents that the Company may, if it desires, permit the transfer of
the Securities out of the Subscriber's name only when the Subscriber's request
for transfer is accompanied by an opinion of counsel reasonably satisfactory to
the Company that neither the sale nor the proposed transfer results in a
violation of the 1933 Act or any applicable state "blue sky" laws.

            1.10 No Hedging Transactions. The Subscriber hereby agrees not to
engage in any Hedging Transaction until such time as the Conversion Shares have
been registered for resale under the 1933 Act or may otherwise be sold in the
public market without an effective registration statement under the 1933 Act.
"Hedging Transaction" means any short sale (whether or not against the box) or
any purchase, sale or grant of any right (including, without limitation, any put
or call option) with respect to any security (other than a broad-based market
basket or index) that includes, relates to or derives any significant part of
its value from the Company's Common Stock or any rights, warrants, options or
other securities that are convertible into, or exercisable or exchangeable for,
Common Stock.

            1.11 Legends. The Subscriber understands that the certificates
representing the Securities, until such time as they have been registered under
the 1933 Act, shall bear a restrictive legend in substantially the following
form (and a stop-transfer order may be placed against transfer of such
certificates or other instruments):

                                       3
<PAGE>

            THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
            REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
            APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
            FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN
            EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
            SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
            LAWS, OR (B) AN OPINION OF COUNSEL, IN A REASONABLY ACCEPTABLE FORM,
            THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE
            SECURITIES LAWS, OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID
            ACT.

The legend set forth above shall be removed and the Company shall issue a
certificate without such legend to the holder of the Conversion Shares upon
which it is stamped, if (a) such Conversion Shares are being sold pursuant to a
registration statement under the 1933 Act, (b) such holder delivers to the
Company an opinion of counsel, in a reasonably acceptable form, to the Company
that a disposition of the Conversion Shares is being made pursuant to an
exemption from such registration, or (c) such holder provides the Company with
reasonable assurance that a disposition of the Conversion Shares may be made
pursuant to the Rule without any restriction as to the number of securities
acquired as of a particular date that can then be immediately sold.

            1.12 No General Solicitation. The Subscriber represents that the
Subscriber was not induced to invest by any form of general solicitation or
general advertising including, but not limited to, the following: (i) any
advertisement, article, notice or other communication published in any
newspaper, magazine or similar media or broadcast over the news or radio; and
(ii) any seminar or meeting whose attendees were invited by any general
solicitation or advertising.

            1.13 Validity; Enforcement. If the Subscriber is a corporation,
partnership, trust or other entity, the Subscriber represents and warrants that:
(a) it is authorized and otherwise duly qualified to purchase and hold the
Notes; and (b) that this Subscription Agreement has been duly and validly
authorized, executed and delivered and constitutes the legal, binding and
enforceable obligation of the undersigned.

            1.14 Address. The Subscriber hereby represents that the address of
Subscriber furnished by the Subscriber at the end of this Subscription Agreement
is the undersigned's principal residence if the Subscriber is an individual or
its principal business address if it is a corporation or other entity.

            1.15 Foreign Subscriber. If the Subscriber is not a United States
person, such Subscriber hereby represents that it has satisfied itself as to the
full observance of the laws of its jurisdiction in connection with any
invitation to subscribe for the Notes or any use of this Subscription Agreement,
including: (a) the legal requirements within its jurisdiction for the purchase
of the Notes; (b) any foreign exchange restrictions applicable to such purchase;
(c) any governmental or other consents that may need to be obtained; and (d) the
income tax and other tax consequences, if any, that may be relevant to the
purchase, holding, redemption, sale or transfer of the Notes. Such Subscriber's
subscription and payment for, and his or her continued beneficial ownership of

                                        4
<PAGE>

the Securities, will not violate any applicable securities or other laws of the
Subscriber's jurisdiction.

            1.16 NASD Member. The Subscriber acknowledges that if it is a
Registered Representative of a NASD member firm, the Subscriber must give such
firm notice required by the NASD's Rules of Fair Practice, receipt of which must
be acknowledged by such firm on the signature page hereof.

            II.   REPRESENTATIONS BY THE COMPANY

The Company represents and warrants to the Subscriber, except as set forth in
the disclosure schedules attached hereto:

            2.1 Organization and Qualification. The Company is duly organized
and validly existing in good standing under the laws of the jurisdiction in
which it is organized, and has the requisite power and authorization to own its
properties and to carry on its business as now being conducted. The Company is
duly qualified as a foreign corporation to do business and is in good standing
in every jurisdiction in which its ownership of property or the nature of the
business conducted by it makes such qualification necessary, except to the
extent that the failure to be so qualified or be in good standing would not have
a Material Adverse Effect. As used in this Subscription Agreement, "Material
Adverse Effect" means any material adverse effect on the business, properties,
assets, operations, results of operations, financial condition or prospects of
the Company, or on the transactions contemplated hereby, or by the other
Offering Documents or the agreements and instruments to be entered into in
connection herewith or therewith, or on the authority or ability of the Company
to perform its obligations under the Offering Documents. The Company does not
have any operating subsidiaries other than as set forth in the Offering
Documents and all of the non-operating subsidiaries are wholly-owned by the
Company.

            2.2 Authorization; Enforcement; Validity. The Company has the
requisite corporate power and authority to enter into and perform its
obligations under this Subscription Agreement and the other Offering Documents,
to file and perform its obligations under the Offering Documents, and to issue
the Securities in accordance with the terms of the Offering Documents. The
execution and delivery of the Offering Documents by the Company and the
consummation by the Company of the transactions contemplated by the Offering
Documents, including without limitation the issuance of the Securities, have
been duly authorized by the Company's board of directors and no further consent
or authorization is required by the Company, its board of directors or its
stockholders.

            2.3 Issuance of Securities. The issuance, sale and delivery of the
Securities have been duly authorized by all requisite corporate action by the
Company and, upon issuance in accordance with the Offering Documents, shall be
(a) duly authorized, validly issued, fully paid and non-assessable, and (b) free
from all taxes, liens and charges with respect to the issue thereof.

                                        5
<PAGE>

            2.4 No Conflicts. The execution, delivery and performance of the
Offering Documents by the Company and the consummation by the Company of the
transactions contemplated therein, will not (a) result in a violation of the
Company's Certificate of Incorporation, any certificate of designations,
preferences and rights of any outstanding series of preferred stock of the
Company, or the Company's bylaws, (b) conflict with, or constitute a default or
an event which with notice or lapse of time or both would become a default
under, or give to others any rights of termination, amendment, acceleration or
cancellation of, any material agreement, lease, license or instrument (including
without limitation, any document filed as an exhibit to any of the Company's SEC
Documents (as defined below)), or (c) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities
laws and regulations and the rules and regulations of The Nasdaq Stock Market,
Inc.) applicable to the Company or by which any property or asset of the Company
is bound or affected.

            2.5 SEC Documents; Financial Statements. Since March 31, 2002, the
Company has filed all reports, schedules, forms, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements
of the Exchange Act (all of the foregoing filed prior to the date hereof and all
exhibits included therein and financial statements and schedules thereto and
documents incorporated by reference therein being hereinafter referred to as the
"SEC Documents"). The Company has made available to the Subscriber or its
representatives copies of the SEC Documents. As of their respective dates, the
SEC Documents complied in all material respects with the requirements of the
Exchange Act and the rules and regulations of the SEC promulgated thereunder
applicable to the SEC Documents, and none of the SEC Documents, at the time they
were filed with the SEC, contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which
they were made, not misleading. As of their respective dates, the financial
statements of the Company included in the SEC Documents complied as to form in
all material respects with applicable accounting requirements and the published
rules and regulations of the SEC with respect thereto. Such financial statements
have been prepared in accordance with generally accepted accounting principles,
consistently applied, during the periods involved (except (a) as may be
otherwise indicated in such financial statements or the notes thereto, or (b) in
the case of unaudited interim statements, to the extent they may exclude
footnotes or may be condensed or summary statements) and fairly present in all
material respects the financial position of the Company as of the dates thereof
and the results of its operations and cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal year-end audit
adjustments that will not be material).

            2.6 Absence of Litigation. Except as set forth in the Offering
Documents or the SEC Documents, there is no action, suit, proceeding, inquiry or
investigation before or by the Nasdaq Stock Market, Inc., any court, public
board, government agency, self-regulatory organization or body, or arbitrator
pending or, to the knowledge of the Company, threatened against the Company or
any of the Company's officers or directors in their capacities as such which
would have a Material Adverse Effect.

            2.7 Securities Law Compliance. The offer, offer for sale, and sale
of the Notes have not been registered with the SEC. The Notes are to be offered
for sale and sold in reliance upon the exemptions from the registration

                                        6
<PAGE>

requirements of Section 5 of the 1933 Act. The Company will conduct the Offering
in compliance with the requirements of Regulation D under the 1933 Act, and the
Company will file all appropriate notices of offering with the SEC.

            2.8 Disclosure. None of the representations and warranties of the
Company appearing in this Subscription Agreement or any information appearing in
any of the Offering Documents, when considered together as a whole, contains, or
on the Closing Date (as defined in Section 3.1 below) will contain, any untrue
statement of a material fact or omits, or on the Closing Date will omit, to
state any material fact required to be stated herein or therein in order for the
statements herein or therein, in light of the circumstances under which they
were made, not to be misleading.

            III.  TERMS OF SUBSCRIPTION

            3.1 Offering Period. The subscription period will begin as of date
of the Term Sheet and will terminate at 11:59 PM Eastern time on July 15, 2002,
unless extended by the Company for up to an additional 30 days (the "Termination
Date"). Provided the minimum Offering amount ($500,000) shall have been
subscribed for, funds representing the sale thereof shall have cleared, the
Closing shall thereafter take place at the offices of the Company (but in no
event later than three days following the Termination Date). At the Closing,
payment for the Notes issued and sold by the Company shall be made against
delivery of the Notes. The date of the Closing hereunder is hereinafter referred
to as the "Closing Date".

            3.2 Escrow. Pending the sale of the Notes, all funds paid hereunder
shall be deposited by the Company in escrow with the Escrow Agent. The
Subscriber hereby authorizes Robert Priddy to act as a representative for all
purchasers of Notes (the "Investor Representative"). The Investor Representative
shall be a party to the Escrow Agreement, and the related Escrow Release
Agreement, executed in connection with Offering and shall have all of the
authority, on behalf of all purchasers, to perform in accordance with the terms
of the Escrow Agreement and the Escrow Release Agreement.

            3.3 Certificates. The Subscriber hereby authorizes and directs the
Company, upon the Closing, to deliver the Notes to be issued to such Subscriber
pursuant to this Subscription Agreement either (a) to the Subscriber's address
indicated in the Questionnaire, or (b) directly to the Subscriber's account
maintained with Commonwealth Associates, L.P., if any.

            3.4 Return of Funds. The Subscriber hereby authorizes and directs
the Company to return any funds for unaccepted subscriptions to the same account
from which the funds were drawn, including any customer account maintained with
Commonwealth Associates, L.P.

            IV.   REGISTRATION RIGHTS

            4.1 "Piggyback" Registration Rights. At any time after the Closing,
if the Company shall determine to proceed with the actual preparation and filing
of a new registration statement under the 1933 Act in connection with the
proposed offer and sale of any of its securities by it or any of its security

                                        7
<PAGE>

holders (other than a registration statement on Form S-4, S-8 or other limited
purpose form), the Company will give written notice of its determination to all
record holders of the Notes and the Conversion Shares. Holders of the Securities
or their transferees (other than transferees who acquire Securities pursuant to
Rule 144 or an effective registration statement) are hereinafter referred to as
"Holders." Upon the written request from any Holders (the "Requesting Holders"),
within 15 days after receipt of any such notice from the Company, the Company
will, except as herein provided, cause all of the Conversion Shares covered by
such request (the "Requested Stock") held by the Requesting Holders to be
included in such registration statement, all to the extent requisite to permit
the sale or other disposition by the prospective seller or sellers of the
Requested Stock; provided, further, that nothing herein shall prevent the
Company from, at any time, abandoning or delaying any registration. If any
registration pursuant to this Section 4.1 shall be underwritten in whole or in
part, the Company may require that the Requested Stock be included in the
underwriting on the same terms and conditions as the securities otherwise being
sold through the underwriters. In such event, the Requesting Holders shall, if
requested by the underwriters, execute an underwriting agreement containing
customary representations and warranties by selling stockholders and a lock-up
on Conversion Shares and other securities or underlying securities of the
Company not being sold. If in the good faith judgment of the managing
underwriter of such public offering the inclusion of all of the Requested Stock
would reduce the number of shares to be offered by the Company or interfere with
the successful marketing of the shares of stock offered by the Company, the
number of shares of Requested Stock otherwise to be included in the underwritten
public offering may be reduced pro rata (by number of shares) among the
Requesting Holders and all other holders of registration rights who have
requested inclusion of their securities or excluded in their entirety if so
required by the underwriter. To the extent only a portion of the Requested Stock
is included in the underwritten public offering, those shares of Requested Stock
which are thus excluded from the underwritten public offering and any other
securities of the Company held by such holders shall be withheld from the market
by the Holders thereof for a period, not to exceed 90 days, which the managing
underwriter reasonably determines is necessary in order to effect the
underwritten public offering. The obligation of the Company under this Section
4.1 shall not apply after the earlier of (a) the date that all of the Conversion
Shares have been sold pursuant to Rule 144 under the 1933 Act or an effective
registration statement, or (b) such time as the Conversion Shares are eligible
for immediate resale pursuant to Rule 144(k) under the 1933 Act. In addition,
the obligation under this Section 4.1 shall not apply with respect to the
Company's currently filed, but not yet effective, Registration Statement on Form
SB-2, File No. 333-54410.

            4.2 Registration Procedures. To the extent required by Sections 4.1,
the Company will:

            (a) furnish to the Holders participating in such registration and to
the underwriters of the securities being registered such reasonable number of
copies of the registration statement, preliminary prospectus, final prospectus
and such other documents as such underwriters may reasonably request in order to
facilitate the public offering of such securities;

            (b) use its best efforts to register or qualify the securities
covered by such registration statement under such state securities or blue sky
laws of such jurisdictions as the Holders may reasonably request in writing
within 20 days following the original filing of such registration statement,

                                        8
<PAGE>

except that the Company shall not for any purpose be required to execute a
general consent to service of process or to qualify to do business as a foreign
corporation in any jurisdiction wherein it is not so qualified;

            (c) notify the Holders, promptly after it shall receive notice
thereof, of the time when such registration statement has become effective or a
supplement to any prospectus forming a part of such registration statement has
been filed;

            (d) prepare and promptly file with the SEC and promptly notify such
Holders of the filing of such amendment or supplement to such registration
statement or prospectus as may be necessary to correct any statements or
omissions if, at the time when a prospectus relating to such securities is
required to be delivered under the 1933 Act, any event shall have occurred as
the result of which any such prospectus or any other prospectus as then in
effect would include an untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in the light of the
circumstances in which they were made, not misleading; and

            (e) advise the Holders, promptly after it shall receive notice or
obtain knowledge thereof, of the issuance of any stop order by the SEC
suspending the effectiveness of such registration statement or the initiation or
threatening of any proceeding for that purpose and promptly use its best efforts
to prevent the issuance of any stop order or to obtain its withdrawal if such
stop order should be issued.

            The Holders shall cooperate with the Company in providing the
information necessary to effect the registration of their Conversion Shares,
including completion of customary questionnaires. Failure to do so may result in
exclusion of such Holders' Conversion Shares from the registration statement.

            4.3 Expenses.

            (a) With respect to the any registration required pursuant to
Section 4.1 hereof, all fees, costs and expenses of and incidental to such
registration, inclusion and public offering (as specified in paragraph (b)
below) in connection therewith shall be borne by the Company, provided, however,
that the Holders shall bear their pro rata share of the underwriting discount
and commissions and transfer taxes and the cost of their own counsel.

            (b) The fees, costs and expenses of registration to be borne by the
Company as provided in paragraph (a) above shall include, without limitation,
all registration, filing, and NASD fees, printing expenses, fees and
disbursements of counsel and accountants for the Company, and all legal fees and
disbursements and other expenses of complying with state securities or blue sky
laws of any jurisdictions in which the securities to be offered are to be
registered and qualified (except as provided in 4.3(a) above). Fees and
disbursements of counsel and accountants for the Holders and any other expenses
incurred by the Holders not expressly included above shall be borne by the
Holders.

                                        9
<PAGE>

            4.4 Indemnification.

            (a) The Company will indemnify and hold harmless each Holder of
Conversion Shares which are included in a registration statement pursuant to the
provisions of Section 4.1 hereof, its directors and officers, and any
underwriter (as defined in the 1933 Act) for such Holder and each person, if
any, who controls such Holder or such underwriter within the meaning of the 1933
Act, from and against, and will reimburse such Holder and each such underwriter
and controlling person with respect to, any and all loss, damage, liability,
cost and expense to which such Holder or any such underwriter or controlling
person may become subject under the 1933 Act or otherwise, insofar as such
losses, damages, liabilities, costs or expenses are caused by any untrue
statement or alleged untrue statement of any material fact contained in such
registration statement, any prospectus contained therein or any amendment or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances in which
they were made, not misleading; provided, however, that the Company will not be
liable in any such case to the extent that any such loss, damage, liability,
cost or expenses arises out of or is based upon an untrue statement or alleged
untrue statement or omission or alleged omission so made in conformity with
information furnished by or on behalf of such Holder, such underwriter or such
controlling person in writing specifically for use in the preparation thereof.

            (b) Each Holder of Conversion Shares included in a registration
pursuant to the provisions of Section 4.1 hereof will indemnify and hold
harmless the Company, its directors and officers, any controlling person and any
underwriter from and against, and will reimburse the Company, its directors and
officers, any controlling person and any underwriter with respect to, any and
all loss, damage, liability, cost or expense to which the Company or any
controlling person and/or any underwriter may become subject under the 1933 Act
or otherwise, insofar as such losses, damages, liabilities, costs or expenses
are caused by any untrue statement or alleged untrue statement of any material
fact contained in such registration statement, any prospectus contained therein
or any amendment or supplement thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was so made in reliance upon and in
strict conformity with written information furnished by or on behalf of such
Holder specifically for use in the preparation thereof.

            (c) Promptly after receipt by an indemnified party pursuant to the
provisions of paragraph (a) or (b) of this Section 4.4 of notice of the
commencement of any action involving the subject matter of the foregoing
indemnity provisions such indemnified party will, if a claim thereof is to be
made against the indemnifying party pursuant to the provisions of said paragraph
(a) or (b), promptly notify the indemnifying party of the commencement thereof;
but the omission to so notify the indemnifying party will not relieve it from
any liability which it may have to any indemnified party otherwise under this
Section except to the extent the defense of the claim is prejudiced. In case
such action is brought against any indemnified party and it notifies the
indemnifying party of the commencement thereof, the indemnifying party shall
have the right to participate in, and, to the extent that it may wish, jointly

                                       10
<PAGE>

with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party,
provided, however, if counsel for the indemnifying party concludes that a single
counsel cannot under applicable legal and ethical considerations, represent both
the indemnifying party and the indemnified party, the indemnified party or
parties have the right to select separate counsel to participate in the defense
of such action on behalf of such indemnified party or parties; provided that
there shall be no more than one such separate counsel. After notice from the
indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party will not be liable to such indemnified
party pursuant to the provisions of said paragraph (a) or (b) for any legal or
other expense subsequently incurred by such indemnified party in connection with
the defense thereof other than reasonable costs of investigation, unless (i) the
indemnified party shall have employed counsel in accordance with the provisions
of the preceding sentence, (ii) the indemnifying party shall not have employed
counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after the notice of the commencement
of the action or (iii) the indemnifying party has, in its sole discretion,
authorized the employment of counsel for the indemnified party at the expense of
the indemnifying party.

            V.    MISCELLANEOUS

            5.1 Notice. Any notices, consents, waivers or other communications
required or permitted to be given under the terms of this Subscription Agreement
must be in writing and will be deemed to have been delivered: (a) upon receipt,
when delivered personally, (b) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party), or (c) one (1) business day after deposit
with an overnight courier service, in each case properly addressed to the party
to receive the same. The addresses and facsimile numbers for such communications
shall be:

If to the Company:

eB2B Commerce, Inc.
665 Broadway
New York, New York 10012
Telephone: (212) 477-1700
Facsimile: (212) 477-6207
Attention: Richard S. Cohan

With a copy to:

Kaufman & Moomjian, LLC
50 Charles Lindbergh Blvd.
Mitchel Field, New York
Telephone: (516) 222-5100
Facsimile: (516) 222-5110
Attention: Gary Moomjian, Esq.

                                       11
<PAGE>

If to the Subscriber, to its address and facsimile number set forth at the end
of this Subscription Agreement, or to such other address and/or facsimile number
and/or to the attention of such other person as specified by written notice
given to the Company five (5) days prior to the effectiveness of such change.
Written confirmation of receipt (a) given by the recipient of such notice,
consent, waiver or other communication, (b) mechanically or electronically
generated by the sender's facsimile machine containing the time, date, recipient
facsimile number and an image of the first page of such transmission, or (c)
provided by an overnight courier service shall be rebuttable evidence of
personal service, receipt by facsimile or receipt from an overnight courier
service in accordance with clause (a), (b) or (c) above, respectively.

            5.2 Entire Agreement; Amendment. This Subscription Agreement
supersedes all other prior oral or written agreements between the Subscriber,
the Company, their affiliates and persons acting on their behalf with respect to
the matters discussed herein, and this Subscription Agreement and the
instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as
specifically set forth herein or therein, neither the Company nor the Subscriber
makes any representation, warranty, covenant or undertaking with respect to such
matters. No provision of this Subscription Agreement may be amended or waived
other than by an instrument in writing signed by the Company and the holders of
at least a majority of the Securities then outstanding (or if prior to the
Closing, the Subscribers purchasing at least a majority in interest of the Notes
to be purchased at the Closing). No such amendment shall be effective to the
extent that it applies to less than all of the holders of the Securities then
outstanding.

            5.3 Severability. If any provision of this Subscription Agreement
shall be invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Subscription Agreement in that jurisdiction or the validity or
enforceability of any provision of this Subscription Agreement in any other
jurisdiction.

            5.4 Governing Law; Jurisdiction; Jury Trial. All questions
concerning the construction, validity, enforcement and interpretation of this
Subscription Agreement shall be governed by the internal laws of the State of
New York, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the
State of New York. Each party hereby irrevocably submits to the non-exclusive
jurisdiction of the state and federal courts sitting in the Southern District of
New York, for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and
hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it under
this Subscription Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner
permitted by law. Each party hereby irrevocably waives any right it may have,

                                       12
<PAGE>

and agrees not to request, a jury trial for the adjudication of any dispute
hereunder or in connection with or arising out of this Subscription Agreement or
any transaction contemplated hereby.

            5.5 Headings. The headings of this Subscription Agreement are for
convenience of reference and shall not form part of, or affect the
interpretation of, this Subscription Agreement.

            5.6 Successors And Assigns. This Subscription Agreement shall be
binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of the Notes. The Company shall
not assign this Subscription Agreement or any rights or obligations hereunder
without the prior written consent of the holders of at least a majority the
Securities then outstanding, except by merger or consolidation. The Subscriber
may assign some or all of its rights hereunder without the consent of the
Company, provided, however, that any such assignment shall not release the
Subscriber from its obligations hereunder unless such obligations are assumed by
such assignee and the Company has consented to such assignment and assumption,
which consent shall not be unreasonably withheld.

            5.7 No Third Party Beneficiaries. This Subscription Agreement is
intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision
hereof be enforced by, any other person.

            5.8 Survival. The representations and warranties of the Company and
the Subscriber contained in Articles I and II and the agreements set forth this
Article V shall survive the Closing Date for a period of two years.

            5.9 Further Assurances. Each party shall do and perform, or cause to
be done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificates, instruments and documents, as
the other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Subscription Agreement and the consummation of
the transactions contemplated hereby.

            5.10 No Strict Construction. The language used in this Subscription
Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against
any party.

            5.11 Legal Representation. The Subscriber acknowledges that: (a) it
has read this Subscription Agreement and the exhibits hereto; (b) it understands
that the Company has been represented in the preparation, negotiation, and
execution of this Subscription Agreement by Kaufman & Moomjian, LLC, counsel to
the Company; (c) it understands that there is no placement agent for the
Offering and no legal counsel has been retained to represent the Subscribers;
(d) it has either been represented in the preparation, negotiation, and
execution of this Subscription Agreement by legal counsel of its own choice, or
has chosen to forego such representation by legal counsel after being advised to
seek such legal representation; and (e) it understands the terms and
consequences of this Subscription Agreement and is fully aware of its legal and
binding effect.

                                       13
<PAGE>

            5.12 Expenses of Enforcement. The Company shall pay all fees and
expenses (including reasonable fees and expenses of counsel and other
professionals) incurred by the Subscriber or any successor holder of Securities
in enforcing any of its rights and remedies under this Subscription Agreement.

            5.13 Confidentiality. The Subscriber agrees that it shall keep
confidential and not divulge, furnish or make accessible to anyone, the
confidential information concerning or relating to the business or financial
affairs of the Company contained in the Offering Documents to which it has
become privy by reason of this Subscription Agreement until such information has
been publicly disclosed by the Company or until such information is no longer
material.

            5.14 Counterparts. This Subscription Agreement may be executed in
two or more identical counterparts, all of which shall be considered one and the
same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party; provided that a facsimile signature
shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original, not
a facsimile signature.

                                       14
<PAGE>

            IN WITNESS WHEREOF, the parties have executed this Subscription
Agreement as of the day and year first written above.

-------------------------------------     --------------------------------------
Signature of Subscriber                   Signature of Co-Subscriber

-------------------------------------     --------------------------------------
Name of Subscriber                        Name of Co-Subscriber
[please print]                            [please print]

-------------------------------------     --------------------------------------
Address of Subscriber                     Address of Co-Subscriber

-------------------------------------     --------------------------------------
Social Security or Taxpayer               Social Security or Taxpayer
Identification Number of Subscriber       Identification Number of Co-Subscriber

-------------------------------------
Subscriber's Account Number
at Commonwealth Associates, L.P.

-------------------------------------
Dollar Amount of Notes Subscribed For

*If Subscriber is a Registered
Representative with an NASD member firm,
have the following acknowledgment signed
by the appropriate party:

The undersigned NASD member firm
acknowledges receipt of the notice        Subscription Accepted:
required by Rule 3040 of the NASD
Conduct Rules.

                                          By:
-------------------------------------     --------------------------------------
Name of NASD Member                       Name:
                                          Title:
By
  -----------------------------------     --------------------------------------
                                          Dollar Amount of Subscription Accepted
Authorized Officer Accepted

                                       15

<PAGE>

                            Schedule to Exhibit 10.18
                    Private Placement Subscription Agreement

                        Aggregate     Amount of     Amount of      Amount of
                        Amount        1st Note      2nd Note       3rd Note
Subscriber's Name       Invested ($)  Issued ($(1)  Issued ($)(2)  Issued ($)(3)
-----------------       ------------  ------------  -------------  -------------

Robert Priddy           250,000       72,917        57,292         57,292

Alpine Ventures         300,000       87,500        68,750         68,750
  Capital Partners LP

Chesed Congregations     65,000       18,958        14,896         14,896
  of America

Jacob Safier             35,000       10,208         8,021          8,021

J.F. Shea Co., Inc.     250,000       72,917        57,292         57,292

Comvest Venture         200,000       58,333        45,833         45,833
  Partners, LP

Bruce J. Haber           25,000        7,292         5,729          5,729

Richard S. Cohan         25,000        7,292         5,729          5,729

Robert Bacchi            25,000        7,292         5,729          5,729

Michael Dodier           25,000        7,292         5,729          5,729

(1)   Note to be dated as of July 15, 2002.
(2)   Note to be dated as of September 11, 2002.
(3)   Note to be dated as of November 4, 2002.

                                       16

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