Document:

PHOENIX INVESTMENT PARTNERS, LTD.

EMPLOYEE STOCK PURCHASE PLAN

1    PURPOSE.  The purpose of the Plan is to provide employees of Phoenix
     Investment Partners, Ltd. and any Designated Parent or Designated
     Subsidiary with an opportunity to purchase Common Stock of Phoenix
     Investment Partners, Ltd. through accumulated payroll deductions.  It
     is the intention of the Company to have the Plan qualify as an
     "Employee Stock Purchase Plan" under Section 423 of the Internal
     Revenue Code of 1986, as amended.  The provisions of the Plan,
     accordingly, shall be construed so as to extend and limit
     participation in a manner consistent with the requirements of that
     section of the Code.

2    DEFINITIONS.

     a.   "Board" shall mean the Board of Directors of Phoenix Investment
          Partners, Ltd.

     b.   "Code" shall mean the Internal Revenue Code of 1986, as amended.

     c.   "Common Stock" shall mean the Common Stock of Phoenix Investment
          Partners, Ltd.

     d.   "Company" shall mean Phoenix Investment Partners, Ltd., any
          Designated Subsidiary and any Designated Parent.

     e.   "Compensation" shall mean:

          i.   In the case of an Employee other than a PXP Wholesaler, the
               Employee's annual base salary;

          ii.  In the case of a PXP Wholesaler, such Employee's wages as
               reportable on Internal Revenue Service Form W-2 pursuant to
               Section 3401(a) of the Code, which defines wages for
               purposes of income tax withholding; excluding, however,
               distributions from a plan of deferred compensation, bonuses
               that are both discretionary with such Employee's manager and
               not calculated with reference to sales performance, imputed
               income, incentive compensation paid under the Management
               Incentive Plan or the Investment Incentive Plan and any
               other extraordinary or nonrecurring type of compensation.
               Notwithstanding the foregoing, the Compensation of a PXP
               Wholesaler shall include amounts deferred pursuant to
               Section 402(a)(8) of the Code (with respect to cash or
               deferred arrangements defined in Section 401(k)(2) of the
               Code) and salary reduction contributions made on behalf of
               such Employee to any cafeteria plan maintained by the
               Company pursuant to Section 125 of the Code.

     f.   "Designated Parent" shall mean any Parent which has been
          designated by the Board from time to time in its sole discretion
          as eligible to participate in the Plan.

     g.   "Designated Subsidiary" shall mean any Subsidiary which has been
          designated by the Board from time to time in its sole discretion
          as eligible to participate in the Plan.

     h.   "Employee" shall mean any individual who is a common law
          employee of the Company whose customary employment with the
          Company is at least twenty_(20) hours per week.

     i.   "Exercise Date" shall mean the last day of each Offering Period.

     j.   "Fair Market Value" shall mean, as of any date, the closing sales
           price for Common Stock (or the closing bid, if no sales were
           reported) as quoted on the New York Stock Exchange for the last
           market trading day on the date of such determination, as reported in
           The Wall Street Journal or such other source as the Board deems
           reliable.

     k.    "Grant Date" shall mean the first day of each Offering Period.

     l.    "Offering Period" shall mean a period of approximately six (6) months
           during which an option granted pursuant to the Plan may be exercised,
           commencing on the first Trading Day on or after May 1 and terminating
           on the last Trading Day in the period ending the following October
           31, or commencing on the first Trading Day on or after November 1 and
           terminating on the last Trading Day in the period ending the
           following April 30.  The duration of Offering Periods may be changed
           pursuant to Section 4 of this Plan.

     m.    "Parent" shall mean a corporation, domestic or foreign, which holds
           not less than 50% of the voting shares of Phoenix Investment
           Partners, Ltd. or any Parent thereof.

     n.    "Plan" shall mean this Employee Stock Purchase Plan.

     o.    "Purchase Price" shall mean an amount equal to 85% of the Fair Market
           Value of a share of Common Stock on the Grant Date or on the Exercise
           Date, whichever is lower; PROVIDED, HOWEVER, that the Purchase Price
           may be increased by the Board pursuant to Section 20.

     p.    "Reserves" shall mean the number of shares of Common Stock covered by
           each option under the Plan which have not yet been exercised and the
           number of shares of Common Stock which have been authorized for
           issuance under the Plan but not yet placed under option.

     q.    "Subsidiary" shall mean a corporation, domestic or foreign, of which
           not less than 50% of the voting shares are held by Phoenix Investment
           Partners, Ltd. or any Subsidiary thereof.

     r.    "Trading Day" shall mean a day on which the New York Stock Exchange
           is open for trading.

     s.    "PXP Wholesaler" shall mean any Employee whose title is Senior Vice
           President, Investment Consultant, Retail Division or Vice President,
           Investment Consultant, Retail Division.

3    ELIGIBILITY.

     a.  Any Employee of the Company on a given Grant Date shall be eligible to
         participate in the Plan.

     b.  Notwithstanding Section 3(a), no Employee shall be granted an option
         under the Plan:

         i.  To the extent that such Employee (or any other person whose stock
             would be attributed to such Employee pursuant to Section 424(d) of
             the Code), immediately after the option is granted, would own stock
             and/or hold outstanding options to purchase stock possessing five
             percent (5%) or more of the total combined voting power or value of
             all classes of the capital stock of the Company, a Parent or any
             Subsidiary, or

        ii.  To the extent that such Employee's rights to purchase stock under
             all employee stock purchase plans of the Company, any Parent and
             any Subsidiary accrues at a rate which exceeds Twenty-Five Thousand
             Dollars ($25,000) worth of stock (determined at the fair market
             value of the shares at the time such option is granted) for each
             calendar year in which such option is outstanding at any time.

4    OFFERING PERIODS.  The Plan shall be implemented by consecutive Offering
     Periods with a new Offering Period commencing on the first Trading Day on
     or after May 1 and November 1 each year, or on such other date as the Board
     shall determine, and continuing thereafter until terminated in accordance
     with Section 20 hereof.  The Board shall have the power to change the
     duration of Offering Periods (including the commencement dates thereof)
     with respect to future offerings without stockholder approval if such
     change is announced at least five (5) days prior to the scheduled beginning
     of the first Offering Period to be affected thereafter; PROVIDED, HOWEVER,
     that no Offering Period shall be longer than twenty-seven (27) months.

5    PARTICIPATION.

     a.  An eligible Employee (as defined in Section 3 of this Plan) may become
         a participant in the Plan by completing an enrollment form provided by
         the Company authorizing payroll deductions and filing it with the
         Company prior to the applicable Grant Date.

     b.  Payroll deductions for a participant shall commence on the first
         payroll following the Grant Date and shall end on the last payroll in
         the Offering Period to which such authorization is applicable, unless
         sooner terminated by the participant as provided in Section 10 hereof.

6    PAYROLL DEDUCTIONS.

     a.  At the time a participant files his or her enrollment form, he or she
         shall elect to have payroll deductions made on each pay day during the
         Offering Period in an amount not exceeding fifteen percent (15%) of the
         Compensation which he or she receives on each pay day during the
         Offering Period.

     b.  All payroll deductions made for a participant shall be credited to his
         or her account under the Plan and shall be withheld in whole
         percentages only.  A participant may not make any additional payments
         into such account.

     c.  A participant may discontinue his or her participation in the Plan as
         provided in Section 10 hereof, or may increase or decrease the rate of
         his or her payroll deductions during the Offering Period by completing
         or filing with the Company a new enrollment form authorizing a change
         in payroll deduction rate.  The Board may, in its discretion, limit the
         number of participation rate changes during any Offering Period.  The
         change in rate shall be effective with the next processed payroll.  A
         participant's enrollment form shall remain in effect for successive
         Offering Periods unless terminated as provided in Section 10 hereof.

     d.  Notwithstanding the foregoing, to the extent necessary to comply with
         Section 423(b)(8) of the Code and Section 3(b) hereof, a participant's
         payroll deductions may be decreased to zero percent (0%) at any time
         during an Offering Period.  Payroll deductions shall not resume at the
         next succeeding Offering Period, unless the participant delivers to the
         Company a new enrollment form.

7    GRANT OF OPTION.  On the Grant Date of each Offering Period, each eligible
     Employee participating in such Offering Period shall be granted an option
     to purchase on the Exercise Date of such Offering Period (at the applicable
     Purchase Price) up to a number of shares of the Company's Common Stock
     determined by dividing such Employee's payroll deductions accumulated prior
     to such Exercise Date and retained in the Participant's account as of the
     Exercise Date by the applicable Purchase Price; subject to the limitations
     set forth in Sections_3(b) and 11 hereof.  Exercise of the option shall
     occur as provided in Section 8 hereof, unless the participant has withdrawn
     pursuant to Section 10 hereof.  The Option shall expire on the last day of
     the Offering Period.

8    EXERCISE OF OPTION.  Unless a participant withdraws from the Plan as
     provided in Section_10 hereof, his or her option for the purchase of shares
     shall be exercised automatically on the Exercise Date, and the maximum
     number of shares subject to option shall be purchased for such participant
     at the applicable Purchase Price with the accumulated payroll deductions in
     his or her account. During a participant's lifetime, a participant's option
     to purchase shares hereunder is exercisable only by him or her.

9    DELIVERY.  Upon a participant's request, the Company shall arrange the
     delivery to such participant, as appropriate, the shares purchased upon
     exercise of his or her option.  Absent such request, such shares shall be
     retained in the Participant's account in accordance with the terms and
     conditions specified in the participant's enrollment form.

10   WITHDRAWAL.

     a.  A participant may withdraw all but not less than all the payroll
         deductions credited to his or her account and not yet used to exercise
         his or her option under the Plan at any time by giving written notice
         to the Company on a form provided by the Company.  All of the
         participant's payroll deductions credited to his or her account shall
         be paid to such participant promptly after receipt of notice of
         withdrawal and such participant's option for the Offering Period shall
         be automatically terminated, and no further payroll deductions for the
         purchase of shares shall be made for such Offering Period.  If a
         participant withdraws from an Offering Period, payroll deductions shall
         not resume at the beginning of the succeeding Offering Period unless
         the participant delivers to the Company a new subscription agreement.

     b.  A participant's withdrawal from an Offering Period shall not have any
         effect upon his or her eligibility to participate in any similar plan
         which may hereafter be adopted by the Company or in succeeding Offering
         Periods which commence after the termination of the Offering Period
         from which the participant withdraws.

11   TERMINATION OF EMPLOYMENT.  Upon a participant's ceasing to be an
     Employee for any reason, he or she shall be deemed to have elected to
     withdraw from the Plan and the payroll deductions credited to such
     participant's account during the Offering Period but not yet used to
     exercise the option shall be returned to such participant or, in the case
     of his or her death, to the person or persons entitled thereto under
     Section 15 hereof, and such participant's option shall be automatically
     terminated.

12   INTEREST.  No interest shall accrue on the payroll deductions of a
     participant in the Plan.

13   STOCK.

     a.  Subject to adjustment upon changes in capitalization of the Company as
         provided in Section 19 hereof, the maximum number of shares of the
         Company's Common Stock which shall be made available for sale under the
         Plan shall be 1.4% of the outstanding shares of Common Stock on August
         5, 1999.  If, on a given Exercise Date, the number of shares with
         respect to which options are to be exercised exceeds the number of
         shares then available under the Plan, the Company shall make a pro rata
         allocation of the shares remaining available for purchase in as uniform
         a manner as shall be practicable and as it shall determine to be
         equitable.

     b.  The participant shall have no interest or voting right in shares
         covered by his option until such option has been exercised.

     c.  Shares to be delivered to a participant under the Plan shall be
         registered in the name of the participant.

14   ADMINISTRATION.  The Plan shall be administered by the Phoenix Investment
     Partners, Ltd. Benefit Plans Committee (and any power given in this Plan to
     the Board may be delegated by the Board to such Committee).  The Benefit
     Plans Committee shall have full and exclusive discretionary authority to
     construe, interpret and apply the terms of the Plan, to determine
     eligibility and to adjudicate all disputed claims filed under the Plan.
     Every finding, decision and determination made by the Benefit Plans
     Committee shall, to the full extent permitted by law, be final and binding
     upon all parties.

15   DEATH OF PARTICIPANT.  In the event of the death of a participant, the
     Company shall deliver any shares and/or cash held in the participant's
     account under the Plan to the executor or administrator of the estate of
     the participant, or if no such executor or administrator has been appointed
     (to the knowledge of the Company), the Company, in its discretion, may
     deliver such shares and/or cash to the spouse or to any one or more
     dependents or relatives of the participant, or if no spouse, dependent or
     relative is known to the Company, then to such other person as the Company
     may designate.

16   TRANSFERABILITY.  Neither payroll deductions credited to a participant's
     account nor any rights with regard to the exercise of an option or to
     receive shares under the Plan may be assigned, transferred, pledged or
     otherwise disposed of in any way (other than by will, the laws of descent
     and distribution or as provided in Section 15 hereof) by the participant.
     Any such attempt at assignment, transfer, pledge or other disposition shall
     be without effect, except that the Company may treat such act as an
     election to withdraw funds from an Offering Period in accordance with
     Section 10 hereof.

17   USE OF FUNDS.  All payroll deductions received or held by the Company
     under the Plan may be used by the Company for any corporate purpose, and
     the Company shall not be obligated to segregate such payroll deductions.

18   REPORTS.  Individual accounts shall be maintained for each participant in
     the Plan.  Statements of account shall be given to participating Employees
     at least annually, which statements shall set forth the amounts of payroll
     deductions, the Purchase Price, the number of shares purchased and the
     remaining cash balance, if any.

19   ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, DISSOLUTION, LIQUIDATION,
     MERGER OR ASSET SALE.

     a.  CHANGES IN CAPITALIZATION.  Subject to any required action by the
         stockholders of Phoenix Investment Partners, Ltd., the Reserves, and
         the price per share and the number of shares of Common Stock covered by
         each option under the Plan which has not yet been exercised shall be
         proportionately adjusted for any increase or decrease in the number of
         issued shares of Common Stock resulting from a stock split, reverse
         stock split, stock dividend, combination or reclassification of the
         Common Stock, or any other increase or decrease in the number of shares
         of Common Stock effected without receipt of consideration by Phoenix
         Investment Partners, Ltd.; PROVIDED, HOWEVER, that conversion of any
         convertible securities of Phoenix Investment Partners, Ltd. shall not
         be deemed to have been "effected without receipt of consideration".
         Such adjustment shall be made by the Board, whose determination in that
         respect shall be final, binding and conclusive.  Except as expressly
         provided herein, no issuance by Phoenix Investment Partners, Ltd. of
         shares of stock of any class, or securities convertible into shares of
         stock of any class, shall affect, and no adjustment by reason thereof
         shall be made with respect to, the number or price of shares of Common
         Stock subject to an option.

     b.  DISSOLUTION OR LIQUIDATION.  In the event of the proposed dissolution
         or liquidation of Phoenix Investment Partners, Ltd., the Offering
         Period then in progress shall be shortened by setting a new Exercise
         Date (the "New Exercise Date"), and shall terminate immediately prior
         to the consummation of such proposed dissolution or liquidation, unless
         provided otherwise by the Board.  The New Exercise Date shall be before
         the date of Phoenix Investment Partners, Ltd.'s proposed dissolution or
         liquidation.  The Board shall notify each participant in writing, at
         least ten (10) business days prior to the New Exercise Date, that the
         Exercise Date for the participant's option has been changed to the New
         Exercise Date and that the participant's option shall be exercised
         automatically on the New Exercise Date, unless prior to such date the
         participant has withdrawn from the Offering Period as provided in
         Section 10 hereof.

     c.  MERGER OR ASSET SALE.  In the event of a proposed sale of all or
         substantially all of the assets of Phoenix Investment Partners, Ltd.,
         or the merger of Phoenix Investment Partners, Ltd. with or into another
         corporation, each outstanding option shall be assumed or an equivalent
         option substituted by the successor corporation or a Parent or
         Subsidiary of the successor corporation.  In the event that the
         successor corporation refuses to assume or substitute for the option,
         the Offering Period then in progress shall be shortened by setting a
         New Exercise Date.  The New Exercise Date shall be before the date of
         the proposed sale or merger of Phoenix Investment Partners, Ltd.  The
         Board shall notify each participant in writing, at least ten (10)
         business days prior to the New Exercise Date, that the Exercise Date
         for the participant's option has been changed to the New Exercise Date
         and that the participant's option shall be exercised automatically on
         the New Exercise Date, unless prior to such date the participant has
         withdrawn from the Offering Period as provided in Section 10 hereof.

20   AMENDMENT OR TERMINATION.

     a.  The Board of Directors of Phoenix Investment Partners, Ltd. may at any
         time and for any reason terminate or amend the Plan and such action
         shall be binding upon any Designated Parent or any Designated
         Subsidiary.  Except as provided in Section 19 hereof, no such
         termination can affect options previously granted, provided that an
         Offering Period may be terminated by the Board of Directors on any
         Exercise Date if the Board determines that the termination of the
         Offering Period or the Plan is in the best interests of Phoenix
         Investment Partners, Ltd. and its stockholders.  Except as provided in
         Section 19 and Section 20 hereof, no amendment may make any change in
         any option theretofore granted which adversely affects the rights of
         any participant.  To the extent necessary to comply with Section 423 of
         the Code (or any other applicable law, regulation or stock exchange
         rule), Phoenix Investment Partners, Ltd. shall obtain shareholder
         approval in such a manner and to such a degree as required.

     b.  Without stockholder consent and without regard to whether any
         participant rights may be considered to have been "adversely affected,"
         the Board (or its committee) shall be entitled to change the Offering
         Periods, limit the frequency and/or number of changes in the amount
         withheld during an Offering Period, establish the exchange ratio
         applicable to amounts withheld in a currency other than U.S. dollars,
         permit payroll withholding in excess of the amount designated by a
         participant in order to adjust for delays or mistakes in the Company's
         processing of properly completed withholding elections, establish
         reasonable waiting and adjustment periods and/or accounting and
         crediting procedures to ensure that amounts applied toward the purchase
         of Common Stock for each participant properly correspond with amounts
         withheld from the participant's Compensation, and establish such other
         limitations or procedures as the Board (or the Benefit Plans Committee)
         determines in its sole discretion advisable which are consistent with
         the Plan.

     c.  In the event the Board determines that the ongoing operation of the
         Plan may result in unfavorable financial accounting consequences, the
         Board may, in its discretion and, to the extent necessary or desirable,
         modify or amend the Plan to reduce or eliminate such accounting
         consequence including, but not limited to:

         i.  altering the Purchase Price for any Offering Period including an
             Offering Period underway at the time of the change in Purchase
             Price; and

        ii.  shortening any Offering Period so that the Offering Period ends on
             a New Exercise Date, including an Offering Period underway at the
             time of the Board action.

     Such   modifications  or  amendments  shall  not  require  stockholder
     approval or the consent of any Plan participants.

21   NOTICES.  All notices or other communications by a participant to the
     Company under or in connection with the Plan shall be deemed to have been
     duly given when received in the form specified by the Company at the
     location, or by the person, designated by the Company for the receipt
     thereof.

22   CONDITIONS UPON ISSUANCE OF SHARES.  Shares shall not be issued with
     respect to an option unless the exercise of such option and the issuance
     and delivery of such shares pursuant thereto shall comply with all
     applicable provisions of law, domestic or foreign, including, without
     limitation, the Securities Act of 1933, as amended, the Securities Exchange
     Act of 1934, as amended, the rules and regulations promulgated thereunder,
     and the requirements of the New York Stock Exchange and shall be further
     subject to the approval of counsel for Phoenix Investment Partners, Ltd.
     with respect to such compliance.

23   EQUAL RIGHTS AND PRIVILEGES.  All Employees granted options under the
     Plan shall have the same rights and privileges within the meaning of
     Section 423(b)(5) of the Code.

24   TERM OF PLAN.  The Plan shall become effective upon its adoption by the
     Board.  It shall continue in effect for a term of ten (10) years unless
     sooner terminated under Section 20 hereof.

<PAGE>

PHOENIX INVESTMENT PARTNERS, LTD.

EMPLOYEE STOCK PURCHASE PLAN

WITHDRAWAL FORM

The  undersigned   participant  in  the  Offering  Period  of  the  Phoenix
Investment Partners,  Ltd.  Employee  Stock  Purchase  Plan  which began on
___________, ____ (the "Grant Date") hereby notifies the Company that he or
she  hereby  withdraws from the Offering Period.  He or she hereby  directs
the Company to  pay  to  the undersigned as promptly as practicable all the
payroll deductions credited  to  his  or  her  account with respect to such
Offering Period.  The undersigned understands and  agrees  that  his or her
option  for  such  Offering  Period will be automatically terminated.   The
undersigned understands further  that no further payroll deductions will be
made for the purchase of shares in  the  current  Offering  Period  and the
undersigned shall be eligible to participate in succeeding Offering Periods
only by delivering to the Company a new enrollment form.

Name and Address of Participant:

________________________________

________________________________

________________________________

Signature:

________________________________

Date:___________________________<PAGE>

                                                                   Exhibit 10.25

                    LISTING AND STRATEGIC ALLIANCE AGREEMENT

      THIS LISTING AND STRATEGIC ALLIANCE AGREEMENT is dated as of the 5th day
of April, 2000 (this "Agreement"), by and between (a) Bowater Incorporated, a
Delaware corporation ("Bowater"), and (b) PaperExchange.com, Inc., a Delaware
corporation ("PaperExchange.com").

      WHEREAS, Bowater is engaged in the manufacture, sale and distribution of
certain paper-related products including newsprint;

      WHEREAS, PaperExchange.com provides a real-time on-line trading exchange
(the "Exchange") for paper and other products to registered users of
PaperExchange.com services (the "Members");

      WHEREAS, Bowater is a Member of PaperExchange.com pursuant to the terms of
the Membership Agreement between the parties except as otherwise provided herein
(the "Membership Agreement"); and

      WHEREAS, Bowater and PaperExchange.com desire to enter into an agreement
with respect to the purchase and sale of certain products by Bowater and a
strategic alliance to facilitate the adoption of electronic commerce in the
pulp, paper and packaging industry.

      NOW THEREFORE, the parties, in consideration of the undertakings and
commitments set forth herein, agree as follows:

      1. Listings; Exclusivity. Bowater agrees to use its commercially
reasonable efforts to list for sale on the Exchange (either open market or
directed tons) first quality newsprint ("Newsprint") in the minimum amount
during each quarter as set forth on Schedule 1 attached hereto or as mutually
agreed to by Bowater and PaperExchange.com in writing; provided that, for a
period of seven (7) consecutive calendar days during each calendar month during
the Term (as hereinafter defined), Bowater may, in its sole discretion, withdraw
from its listing all or any portion of the listed Newsprint. The listing shall
be made at prices in Bowater's sole discretion (provided that the listed prices
shall not be greater than reasonable regional market prices) and the other terms
and conditions of such listing shall be commercially reasonable. Provided that
Bowater complies with the immediately preceding two sentences, it shall not be a
default by Bowater under this Agreement if Bowater does not sell in any period
the minimum amount set forth in Schedule 1 or any other amount. Bowater further
agrees to list on the Exchange requests for purchase for a portion of its
requirements for wastepaper and to use its reasonable commercial efforts to
purchase a portion of its wastepaper requirements on a non-exclusive basis
through the Exchange. Bowater further agrees that through June 30, 2002, the
Exchange will be Bowater's exclusive third-party provider of e-commerce services
for the sale of Newsprint. For the avoidance of doubt, Bowater and
PaperExchange.com agree that neither (a) Bowater's use of its electronic order
fulfillment system and related communications with customers through Bowater's
own electronic media (including, without limitation, Bowater's web site and
email), nor (b) Bowater's use of the Internet or other e-commerce services for
the sale of products other than Newsprint shall, in either case, be prohibited
by the terms of this Agreement. Additionally,

* Confidential Treatment Requested: material has been omitted and filed
separately with the Commission.

<PAGE>

it is contemplated that Bowater may from time to time list and sell pulp and
other paper-related products through PaperExchange.com's web site exchange.

      2. Further Use of the Exchange. Bowater agrees to work with
PaperExchange.com, using commercially reasonable efforts, to explore its
expanded use of the Exchange, including without limitation, expanding its
purchase and sale of paper-related products on the Exchange. Nothing in this
Agreement, however, shall require Bowater to list, sell or purchase on the
Exchange or require the Exchange to accept for listing additional products
unless the parties agree to do so.

      3. Integration Project. On a mutually agreeable timetable,
PaperExchange.com and Bowater will engage in the development of a plan to
implement an integration project. As part of such project, PaperExchange.com and
Bowater shall endeavor to link Bowater's internal information technology system
for a specific facility or production unit to PaperExchange.com's web site in
order to facilitate internet-based transactions through PaperExchange.com's web
site. Such project may include inventory, production scheduling, billing, and
receivable system integration. The implementation of this integration project
will be subject to Bowater and PaperExchange.com supplementing the terms of this
Section 3 with additional documentation to the extent reasonably required to
further define the scope and substance of such integration project and to
provide each party with reasonable protections as to confidentiality of
information, security and similar matters.

      4. Term and Termination.

            4.1 Term. The term of this Agreement shall be for a period
commencing on the date of this Agreement through (and including) June 30, 2002
(together with any successor one-year renewals, the "Term") and shall
automatically renew for one-year terms thereafter unless, at least thirty (30)
days prior to the expiration of the then current Term, either party terminates
this Agreement as of the end of that current Term upon written notice to the
other party. The parties agree to use good faith efforts to negotiate the terms
of a renewal of this Agreement if, in the good faith judgment of each party,
this Agreement is meeting their business needs.

            4.2 Additional Termination Right of Bowater. Bowater shall have the
additional right to terminate this Agreement at any time during the Term upon
thirty (30) days prior written notice in the event that in its good faith
judgment the services provided by PaperExchange.com's web site are not meeting
Bowater's business needs.

      5. General Provisions.

            5.1 PaperExchange.com hereby agrees that it will use commercially
reasonable efforts to add sufficient sales force and allocate sufficient
budgetary resources based upon the parties' mutually agreed upon expectations,
prior to the commencement of the First Measuring Period, to promote the
newsprint component of its web site in a manner similar to that of the
containerboard and printing and writing components of its web site. The parties
agree to work together to form mutually agreed upon expectations of the sales
force and budgetary resources to be allocated pursuant to this Section.

                                       2
<PAGE>

            5.2 Bowater and PaperExchange.com are independent contractors.
Nothing in this Agreement is intended to or will constitute either party as an
agent, legal representative, joint venturer or partner of the other for any
purpose.

            5.3 A waiver of a breach of any term of this Agreement will not be
construed as a waiver of any succeeding breach of that term or as a waiver of
the term itself. A party's performance after the other's breach will not be
construed as a waiver of that breach.

            5.4 All notices required or permitted under this Agreement and all
requests for approvals, consents, and waivers must be in writing and must be
delivered to the parties at their respective addresses by a method providing for
proof of delivery. Any notice or request will be deemed to have been given on
the date of receipt.

      If to PaperExchange.com:                  If to Bowater:

      PaperExchange.com, Inc.                   Bowater Incorporated
      545 Boylston Street, 8th Floor            55 East Camperdown Way
      Boston, MA  02116                         P.O. Box 1028
      Attention:  President and CEO             Greenville, SC  29601
      Telecopier No.: (617) 536-1573            Attention: James H. Dorton
                                                Vice President, Corporate
                                                Development and Strategy
                                                Telecopier No.:  (864) 282-9594

      with copies to:                           with copies to:

      Bingham Dana LLP                          Bowater Incorporated
      150 Federal Street                        55 East Camperdown Way
      Boston, MA  02110                         P.O. Box 1028
      Attention:  Jonathan K. Bernstein, Esq.   Greenville, SC  29601
      Telecopier No.: (617) 951-8736            Attention: Anthony H. Barash
                                                Senior Vice President, Corporate
                                                Affairs and General Counsel
                                                Telecopier No.: (864) 282-9468

            5.5 Neither party may assign its rights or obligations under this
Agreement without the prior written consent of the other. The Agreement shall be
binding upon and inure to the benefit of the parties and their successors and
permitted assigns.

            5.6 Except as this Agreement otherwise provides, no amendment to
this Agreement will be binding unless agreed to in writing and executed by the
parties, and no approval, consent, or waiver will be enforceable unless the
granting party signs it.

            5.7 Each term of this Agreement is severable. If a court, agency, or
arbitrator having jurisdiction determines that any term is invalid or
unenforceable under applicable law, that determination will not affect the other
terms of this Agreement, as the case may be, which other terms will continue to
be enforced as if the invalid or unenforceable terms were omitted.

                                       3
<PAGE>

            5.8 Any advertising, publicity, release, or other disclosure of
information concerning this Agreement or the relationship between the parties
must be approved in writing by both parties, except to the extent disclosure is
legally required, including, without limitation, in connection with securities
laws. In addition, each of PaperExchange.com and Bowater agrees not to disclose
to any person or entity any Confidential Information (as defined below) of the
other party except as required by law. Where disclosure is required by law
(except in connection with securities laws), each party hereby agrees to (a)
give the other notice of the legal requirement promptly following that party
becoming aware of the requirement and in any event prior to disclosure, (b)
provide all reasonable assistance in restricting the disclosure to the maximum
extent lawfully possible, whether by protective order or otherwise, and (c)
disclose only the Confidential Information that is required to be disclosed, and
solely to those persons or entities to whom the party is required to disclose
the Confidential Information. Each party agrees to notify the other in writing
of any disclosure, misuse or appropriation of Confidential Information of the
other that may come to its attention. For purposes of this Agreement,
"Confidential Information" means, without limitation, electronic data
processing, information, hardware, software and systems technology,
manufacturing and research concepts, techniques, processes, designs, cost data,
customer information, sales and marketing information and other technical,
sales, customer and proprietary information of either party except to the extent
that it is or becomes known publicly through no fault of the other party, is
learned by the other party on a non-confidential basis from a third party
entitled to disclose it, or was already known by the other party before receipt
of the information from the disclosing party. In order to maintain information
of the other party as confidential, each party agrees to take all security
precautions reasonably necessary to protect the information from disclosure and
to keep it confidential, including without limitation, providing protection from
theft, preventing unauthorized duplication or discovery, and restricting access
to the information.

            5.9 This Agreement, in conjunction with the Membership Agreement as
modified hereby, states the complete agreement between the parties concerning
the subject matter hereof, and supersedes earlier oral and written
communications between the parties concerning the subject matter hereof. In the
event of any inconsistency between the Membership Agreement and this Agreement,
the terms of this Agreement shall govern. The parties also agree that section 23
of the Membership Agreement shall not apply to any dispute between the parties
arising out of this Agreement or the Membership Agreement. In addition,
notwithstanding section 9 or 10 of the Membership Agreement, no fee will be due
from Bowater as a result of any sale by it on the Exchange until thirty (30)
days after the date on which the sales transaction has been completed and
Bowater has received payment.

            5.10 This Agreement shall constitute a contract under seal. The
validity and construction of this Agreement shall be governed by and construed
in accordance with the internal laws (and not the choice-of-law rules) of The
Commonwealth of Massachusetts.

            5.11 This Agreement may be executed in multiple counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

                           [signature page to follow]

                                       4
<PAGE>

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

                              PaperExchange.com, Inc.

                              By: /s/ Duane DeSisto
                                  -----------------------------------
                              Name: Duane DeSisto
                                    ---------------------------------
                              Title: CFO
                                     --------------------------------

                              Bowater Incorporated

                              By: /s/ Arnold Nemirou
                                  -----------------------------------
                              Name: Arnold Nemirou
                                    ---------------------------------
                              Title: Chairman and CEO
                                     --------------------------------

                                       5
<PAGE>

                                                                      Schedule 1

                          MEASURING PERIODS AND TONNAGE

--------------------------------------------------------------------------------
            Measuring Period                             Minimum Metric
                                                             Tons of
                                                            Newsprint
--------------------------------------------------------------------------------
July 1, 2000 through September 30, 2000                       *****
--------------------------------------------------------------------------------
October 1, 2000 through December 31, 2000                     *****
--------------------------------------------------------------------------------
January 1, 2001 through March 31, 2001                        *****
--------------------------------------------------------------------------------
April 1, 2001 through June 30, 2001                           *****
--------------------------------------------------------------------------------
July 1, 2001 through September 30, 2001                       *****
--------------------------------------------------------------------------------
October 1, 2001 through December 31, 2001                     *****
--------------------------------------------------------------------------------
January 1, 2002 through March 31, 2002                        *****
--------------------------------------------------------------------------------
April 1, 2002 through June 30, 2002                           *****
--------------------------------------------------------------------------------
                                              TOTAL:          *****
--------------------------------------------------------------------------------

* Confidential Treatment Requested: material has been omitted and filed
separately with the Commission.

                                       6

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