Document:

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                        INDEPENDENT CONTRACTOR AGREEMENT

         This Agreement dated January __, 2001 is made between PSB BANCORP,
INC., a Pennsylvania bank holding company with primary business office located
at 11 Penn Center, Suite 2601, 1835 Market Street, Philadelphia, Pennsylvania
19103 (the "Company") and Frank J. Moran, an individual residing at [INSERT]
ADDRESS] (the "Independent Contractor").

                                   BACKGROUND

         A. The Company is a bank holding company engaged in the banking
business through its wholly owned bank subsidiary, First Penn Bank .

         B. The Company desires to hire the Independent Contractor as an
independent contractor to act as General Counsel for the Company.

         C. The Independent Contractor desires to perform such services for the
Company as an independent contractor pursuant to the terms and conditions set
forth herein.

                                    AGREEMENT

                  NOW, THEREFORE, in consideration of the premises and mutual
covenants contained herein and for good and valuable consideration the receipt
and sufficiency of which hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows:

         1. WORK TO BE PERFORMED. The Company and the Independent Contractor
agree that the Independent Contractor will perform the work described in Exhibit
"A" in accordance with this Agreement.

         2. TERMS OF PAYMENT. The Independent Contractor shall be paid a monthly
fee of $4,739.00 .
<PAGE>

         3. EXPENSES. The Company shall not be liable to the Independent
Contractor for any expenses paid or incurred by the Independent Contractor
unless otherwise agreed to in writing.

         4. SUPPLIES/WORK HOURS. The Independent Contractor shall supply at his
own expense, all transportation, materials, supplies and equipment required to
accomplish the work agreed to be performed in accordance with this Agreement. In
addition, the Independent Contractor shall set his own work hours and shall not
be required to maintain a pre-determined work schedule but shall be under the
supervision of the President of the Company.

         5. PAYROLL TAXES. Payroll taxes including federal, state and local
taxes shall not be withheld or paid by the Company on behalf of the Independent
Contractor or for the employees of the Independent Contractor. The Independent
Contractor shall not be treated as an employee of the Company with respect to
the services performed hereunder for federal or state tax purposes. The
Independent Contractor shall be responsible to pay all taxes as mandated by law.

         6. FRINGE BENEFITS. Because the Independent Contractor is not an
employee of the Company's, the Independent Contractor shall not be eligible for,
and shall not participate in, any employee benefits of the Company including
pension, health or other fringe benefits.

         7. WORKER'S COMPENSATION. The Company shall not obtain worker's
compensation insurance on behalf of the Independent Contractor or the employees
of the Independent Contractor. The Independent Contractor shall comply with the
worker's compensation law concerning its business and its employees.

         8. TERM OF AGREEMENT. This Agreement shall commence on the date of this
Agreement for an initial term of three (3) years unless terminated in accordance
with the provisions set forth in either Paragraph 9 or 10 herein below.

         9. TERMINATION WITHOUT CAUSE. Either party may terminate this Agreement
by giving written notice to the other party at least 60 days prior to the end of
the then current term. Such termination may be made with or without cause.
During the 60 day period after such notice
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is sent, the parties shall continue to perform the covenants set forth herein
and shall act toward each other in good faith. If the Company terminates the
Agreement under Paragraph 9 hereof, then Independent Contractor shall be
entitled to the aggregate of the unpaid monthly fees for the remaining term of
the Agreement.

         10. TERMINATION WITH CAUSE. Either party may terminate this Agreement
with reasonable cause effective immediately upon the giving of written notice of
termination for cause. The grounds for reasonable cause shall include a material
violation of this Agreement or the performance of any act exposing the other
party to liability for personal injury or property damage. Company may terminate
this Agreement immediately upon written notice if Independent Contractor acts in
a manner which is reasonably likely to damage the Company's reputation, business
or relationship with its suppliers or customers.

         11. INDEMNITY; INSURANCE. The Independent Contractor shall indemnify
and hold harmless the Company for all acts or decisions made by the Independent
Contractor while performing services for the Company. The Independent Contractor
represents and warrants to the Company that she/he carries appropriate insurance
coverages (including, without limitation, general liability insurance in the
amount of not less than $100,000 per occurrence) for the services to be
performed and covenants to carry such policies during the term hereof.

         12. CONFIDENTIALITY/RESTRICTIVE COVENANT. The Independent Contractor
acknowledges and agrees that the Company's confidential information, including
the identity of, and access to, its customers and clients, is a special and
unique asset of the Company. In recognition of this fact, the Independent
Contractor agrees that during the term hereof and at any time thereafter the
Independent Contractor will not disclose to any third party any of the Company's
confidential information, including the identity of, or any information relating
to, any of the Company's customers or clients. In addition, during the term
hereof and for a period of twelve (12) months thereafter, the Independent
Contractor agrees that he will not, directly or indirectly, induce any customer
or client of the Company to terminate its relationship with the Company.

         13. EQUITABLE RELIEF. The Independent Contractor acknowledges that the
restrictions
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contained in Paragraph 12, in view of the nature of the business in which the
Company is engaged, are reasonable and necessary in order to protect the
legitimate interests of the Company, and that any violation the restrictions
would result in irreparable injury to the Company, and the Independent
Contractor therefore acknowledges that, in the event of the Independent
Contractor's violation of any of these restrictions, the Company shall be
entitled to obtain from any court of competent jurisdiction preliminary and
permanent injunctive relief as well as damages and an equitable accounting of
all earnings, profits and other benefits arising from such violation, which
rights shall be cumulative and in addition to any other rights or remedies to
which the Company may be entitled.

         14. NON-WAIVER. The failure of either party to this Agreement to
exercise any of its rights under this Agreement at any time shall not constitute
a breach thereof and shall not be deemed to be a waiver of such rights or a
waiver of any subsequent breach.

         15. NO AUTHORITY TO BIND CLIENT. The Independent Contractor shall have
no authority to enter into contracts or agreements on behalf of the Company.
This Agreement shall not create a partnership or joint venture between the
parties.

         16. REPRESENTATION OF INDEPENDENT CONTRACTOR. The Independent
Contractor represents and warrants to the Company that it has complied with all
federal, state and local laws regarding business permits and licenses, if any,
that may be required to carry out the work to be performed under this Agreement.

         17. NOTICES. Any notice given in connection with this Agreement shall
be given in writing and delivered either by hand to the party or by certified
mail, return receipt requested, or by fax to the party at that party's address
stated herein. Any party may change its address stated herein by giving notice
of the change in accordance with this Paragraph.

         18. ASSIGNMENT OF CONTRACT. The Independent Contractor shall not assign
this Agreement in whole or in part. Any such attempt to assign this Agreement
shall be null and void.
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         19. CHOICE OF LAW. Any dispute under this Agreement or related to this
Agreement shall be decided in accordance with the laws of the Commonwealth of
Pennsylvania.

         20. DISPUTE RESOLUTION. Except as permitted in accordance with
Paragraph 13 of this Agreement, the Independent Contractor and the Company agree
that any dispute or conflict arising out of or relating to this Agreement shall
first be submitted for good faith nonbinding mediation. The mediator shall be
selected by agreement of the parties. If complete agreement cannot be reached
within 120 days of submission, any remaining disputes shall be submitted for
binding arbitration, unless the parties mutually agree otherwise. All
proceedings conducted hereunder shall be governed by the rules and standards set
forth by the American Arbitration Association, unless the parties mutually agree
otherwise, and shall be conducted in Delaware County, Pennsylvania. The expense
of all proceedings (other than for legal representation) conducted hereunder
shall be borne equally by the parties. The award rendered by the arbitrator or
arbitrators shall be final, and judgment may be entered upon it in accordance
with applicable law in any court having jurisdiction thereof.

         21. ENTIRE AGREEMENT. This is the entire Agreement between the parties
and cannot be changed or modified orally. This Agreement may be supplemented,
amended or revised only by a writing which is signed by each of the parties. All
exhibits referenced herein are made a part of this Agreement.

         22. SEVERABILITY. If any part of this Agreement shall be held to be
unenforceable, the remainder of this Agreement shall remain in full force and
effect.
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                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first above written.

                                          COMPANY:

                                          PSB BANCORP, INC.

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

                                          INDEPENDENT CONTRACTOR:

                                          ----------------------------------
                                                   Frank J. Moran
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                                    EXHIBIT A

                                   EXHIBIT "A"
                         LIST OF GENERAL COUNSEL DUTIES

The following is a general statement of duties and they are as follows:

         1. Attendance at all meetings of the Board of Directors of PSB Bancorp,
Inc. and such other Committees that PSB Bancorp, Inc. may request general
counsel to attend;

         2. Legal review of all contractual documents including but not limited
to leases, vendor contracts, service contracts, sales agreements, loan
participation agreements and other contracts of a general nature;

         3. Provide legal advice as requested by the Officers and Directors of
PSB Bancorp, Inc. on a continuing basis concerning routine general operations of
the Company;

         4. Maintain basic representation in all bankruptcy matters including
the following: Opening a bankruptcy file and maintaining communications with the
Court and the debtor's attorney; filing claim petitions with the Court;
reviewing all Orders of the Court as well as any and all Petitions and Motions
filed by the Debtor; maintaining general communications necessary with the
Creditors attorneys; referring where appropriate specific bankruptcy matters to
specialized bankruptcy counsel;

         5. Review of all banking related compliance materials sent to PSB
Bancorp, Inc. and, where appropriate, sending necessary correspondence to the
appropriate officials concerning the impact of such regulatory directives, etc.
also included within
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these duties are reviews of any and all federal regulations issued by federal
regulatory agencies.

         6. Providing legal advice with regard to estate law, commercial law,
banking law and regulations, forwarded to General Counsel from various
departments of PSB Bancorp, Inc. and/or its subsidiaries;

         7. Representation of PSB Bancorp, Inc. and/or its subsidiaries in minor
contractual legal matters in the Court of Common Pleas, Philadelphia, Delaware,
Chester, Montgomery and Bucks counties and also at the District Court level;

         8. Coordinate insurance claims made against PSB Bancorp, Inc. and/or
its subsidiaries acting as a conduit between PSB Bancorp, Inc. and/or its
subsidiaries and its employees and the applicable insurance company;

         9. Maintaining files for the collection of Federal regulatory agency,
newsletters, comments, regulatory changes, opinions and where appropriate
sending legal analysis of these documents to bank personnel;

         10. Where necessary, consulting with the Board concerning retaining
services of outside counsel for representation in matters requiring specialized
knowledge of an attorney;

         11. Maintaining an open line for inquiries from the tellers and all
employees having basic questions concerning Powers of Attorney, etc.;

         12. Providing all members of PSB Bancorp, Inc. and/or its subsidiaries
with a means to access to an attorney for the purposes of answering basic legal
questions;

         13. Providing informational memorandum on present and proposed
regulatory matters concerning PSB Bancorp, Inc. and/or its subsidiaries;
<PAGE>

         14. Providing informational memorandum and analysis of developments in
the law having particular relevance to banking institutions.<PAGE>

                                                                Exhibit 10.40

THIS AGREEMENT made the 11th day of October, 2000.

BETWEEN:

                               Douglas H. Dittrick
                               364 Manchester Road
                               Ridgewood, New Jersey 07450
                               (hereinafter referred to as the "Board Member")

OF THE FIRST PART;

- and -
                                    cMeRun Corp.,
                                    a corporation incorporated pursuant to the
                                    laws of the State of Delaware (hereinafter
                                    referred to as the "Company")

AND WHEREAS the Company wishes to retain the services of the Board Member to
provide Services to the Company;

NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the mutual
covenants and conditions hereinafter contained, the parties agree as follows:

                       ARTICLE 1.00 - APPOINTMENT AND TERM

1.1 APPOINTMENT The Company hereby retains the Board Member to act as a director
of the Company effective September 20, 2000. The Company will make press
releases and other appropriate announcements regarding this appointment upon
written consent by the Board Member. This appointment is subject to approval by
the shareholders of the Company. The Board Member agrees to perform the duties
and exercise such powers consistent with the Board Member's position and such
additional powers as may from time to time be assigned or vested in the Board
Member by the Bylaws of the Company or by the resolutions of the Board of
Directors of the Company. In particular, the Board Member shall, without
limiting the foregoing:

     (a)     assist in the development of the profile of the Company with the
             general public and with the financial community; and

     (b)     introduce the Company and its executive officers to contacts of the
             Board Member who would be of assistance to the Company in obtaining
             funds or achieving other objectives of the Company;

all such duties being hereinafter referred to as the "Services". The Board
Member shall perform the Services faithfully and to the best of his abilities.
While the role of external director is not a full-time position, the Board
Member agrees to devote such time and attention as is reasonably necessary for
the fulfillment of the Services and is consistent with standards for external
directors.

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                                      -2-

1.2 TERM The Board Member is retained hereunder for a term commencing on the
date hereof and continuing until a successor has been duly chosen and has been
qualified as provided in the Bylaws of the Company (the "Term").

1.3 INDEMNIFICATION The Company hereby indemnifies the Board Member in
accordance with (i) the Bylaws of the Company and (ii) the General Corporation
Law of the State of Delaware.

                           ARTICLE 2.00 - COMPENSATION

2.1 BOARD MEETING FEE The Board Member shall also be compensated as a director
of the Company in the same manner as other members of the Board of Directors for
attending board meetings. The Board Member acknowledges that, as of the date
hereof, no compensation has been determined by the Compensation Committee of the
Board of Directors.

2.2 EXPENSES The Board Member shall also be entitled to be reimbursed for any of
his expenses incurred while performing the Services on behalf of the Company
that fall within the parameters of the Company's expense policy including
entertainment, meals, travel and accommodation expenses. All expenses must be
presented to the Company on an Expenses Report accompanied by receipts.

                           ARTICLE 3.00 - TERMINATION

3.1 TERMINATION BY COMPANY This Agreement may be terminated by the Company for
any reason prior to the expiration of the Term if the Board Member is in default
in the performance of the Services and such default continues for a period of
thirty (30) days after notice thereof, hereinafter referred to as "cause", or
upon the death or disability of the Board Member. Disability shall occur if the
Board Member is unable to attend to his duties due to medical reasons for a
continuous period of 30 days during the Term.

3.2 TERMINATION BY THE BOARD MEMBER This Agreement may only be terminated by the
Board Member by resignation prior to the expiration of the Term if the Company
is in default in the performance of any of its covenants, obligations or
agreements herein contained and such default shall continue for a period of
thirty (30) days following notice thereof.

3.3 TERMINATION BY MUTUAL AGREEMENT It is acknowledged that this Agreement may
be terminated at any time upon the mutual agreement of the parties hereto.

<PAGE>

                                      -3-

                           ARTICLE 4.00 - STOCK OPTION

4.1 OPTION ISSUANCE The Company hereby grants to the Board Member options to
purchase a total of 100,000 common shares of the Company at a strike price equal
to the fair market value of the Company's common stock at the close of business
on October 11, 2000. 33,333 options shall vest on October 11, 2001, 33,333
options shall vest on October 11, 2002 and the balance shall vest on October 11,
2003. Any unexercised options will expire on October 11, 2004.

4.2 CHANGE OF CONTROL Should a Change of Control occur in the Company, all
unvested options shall vest immediately upon written notice given of the Change
of Control. All vested options must be exercised within 3 months of the date of
notice. To the extent possible, options will be in registered stock.

A Change of Control shall occur upon the occurrence of any one of the following
events following the effective date of this Agreement:

     (a)     Any person, association or company acquires or becomes the
             beneficial owner of either directly or indirectly, more than forty
             percent (40%) of the voting shares of the Company, or

     (b)     Any resolution is passed or any action or proceeding is taken with
             respect to the liquidation, dissolution or winding-up of the
             Company.

4.3 TERMINATION Should the Company terminate the Board Member or the Board
Member terminate his position on the Board for any reason other than change of
control, all options will be governed by the terms and conditions of the
Company's 2000 Equity Incentive Plan.

                ARTICLE 5.00 - CONFIDENTIALITY AND NON-DISCLOSURE

5.1    In this Article, the following words have the following meanings:

     (a)     "BUSINESS SECRETS" means confidential or sensitive business
             information, including without limitation, data, business
             strategies, plans, contracts, financial records and budgets,
             marketing techniques, pricing policies, costing information, and
             information relating to or pertaining to targeted acquisitions of
             the Company.

     (b)     "CONTRACTORS" of the Company means customers, suppliers, partners,
             co-venturers and other contractors of the Company and also includes
             potential customers of the Company in respect of whom access to
             Business Secrets has been obtained for the purpose of evaluating
             proposed projects or for submitting of tenders, bids or proposals.

     (c)     "COMPANY", in this Article 5.00 only, shall mean the Company and
             any and all affiliated or related corporations.

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                                      -4-

     (d)     "DOCUMENTATION" means all materials constituting or containing
             Technology or Business Secrets, including electronic storage media.

     (e)     "TECHNOLOGY" means all computer programs, protocols, product
             technical specifications including installation, performance and
             maintenance specifications, patents, designs, drawings, manuals and
             generally all knowledge, know-how, expertise and information of a
             technical nature, whether or not protected under patent, design,
             copyright or other intellectual property laws, and includes any and
             all future changes, modification, additions, improvements and
             enhancements thereof.

5.2 The Board Member will not divulge Technology or Business Secrets belonging
to the Company or Contractors of the Company to any persons whatsoever, other
than to:

     (a)     employees of Company;

     (b)     persons to whom the Board Member is authorized and directed to
             release such Technology or Business Secrets, and only then to the
             extent of such authorization.

5.3  The Board Member shall always:

     (a)     exercise reasonable care and diligence to protect the
             confidentiality and integrity or Technology or Business Secrets
             belonging to the Company or its Contractors; and

     (b)     strictly adhere to all policies, procedures and directions of the
             Company relating to the protection and custody of Technology and
             Business Secrets of the Company or its Contractors.

5.4 All Technology and Business Secrets belonging to the Company will be assumed
by the Board Member to be confidential.

5.5 The Board Member will only use Technology and Business Secrets belonging to
the Company in performance of the Board Member's duties hereunder and for no
other use whatsoever.

5.6 The obligation of confidentiality in this Article shall apply unless the
Board Member can establish that such Technology or Business Secrets were
generally known in the industry.

5.7 Upon any termination of this agreement for any reason, the Board Member
shall forthwith return to the Company all Documentation relating to the
Technology and Business Secrets of either the Company or its Contractors, and if
any such information is electronically copied and stored by the Board Member,
upon request he shall destroy such electronically stored copies.

<PAGE>

                                      -5-

5.8 The obligations of the Board Member set out in this Article shall continue
in full force and effect after termination of this Agreement regardless of the
reason or cause of such termination.

5.9 The Board Member agrees that during the term of this agreement and for a
period of two (2) years immediately following the termination of this Agreement:

     (a)     within Canada or the United States, directly or indirectly, own,
             manage, operate, control, be employed by, participate in, or be
             connected in any manner with the ownership, management, operation,
             or control of any business which is directly competitive with the
             Company or any business which the Company plans to engage in which
             the Board Member has received Business Secrets with respect thereto
             (determined, in the case of termination, as of the date thereof),
             it being specifically recognized by the Board Member that due to
             the nature of the Internet and web related businesses of the
             Corporation that such geographical restriction is reasonable and
             necessary to protect the Company;

     (b)     the Board Member will not induce any executive or employee of the
             Company or any of its affiliates to leave the service of the
             Company, nor will it employ, in any business competitive with the
             Company, such executive or employee for a period of six (6) months
             following such executive's or employee's employment with the
             Company;

     (c)     the Board Member agrees not to divert or attempt to divert (by
             solicitation or other means) the customers or Prospective Customers
             of the Company who are or were customers or Prospective Customers
             of the Company at any time throughout the duration of this
             Agreement (Prospective Customers being defined as entities with
             which the Company is then in formal negotiations or discussions, as
             evidenced by correspondence or other documentation);

Should the Board Member breach this covenant, in addition to other relief to
which the Company may be entitled, the Employee agrees that the Company shall,
in addition to all other remedies, also be entitled to injunctive relief from a
court of competent jurisdiction, enjoining the Board Member, his or her agents,
attorneys, and all others acting on his or her behalf from any further actions
in breach of this Agreement.

                        ARTICLE 6.00 - GENERAL PROVISIONS

6.1 NOTICES All notices, requests, demands, or other communications required or
designed to be given or made by one party to another shall be given in writing
by personal delivery or prepaid registered mail or by facsimile transmission or
other means of instantaneous transmission in regular commercial usage at such
time, verified by a transmission report, as follows:

<PAGE>

                                      -6-

                    to the Company:          cMeRun Corp.
                                             One Cabot Road
                                             Hudson, MA  01749
                                             Attention:  Corporate Secretary
                                             Facsimile:  978-567-5953

                    to the Board Member:     Douglas H. Dittrick
                                             364 Manchester Road
                                             Ridgewood, New Jersey 07450

                                             Facsimile:

or at such other address as may be given by any of them to the others. Any
notice or other communication so given or made shall be conclusively deemed to
have been given and received when delivered personally, if delivered personally,
provided that if it is delivered on a day which is not a business day then the
notice or communication shall be deemed to have been given and received on the
next business day following such date, or on the fifth (5th) business day
following the date of mailing, if mailed by prepaid registered mail, except in
the event of disruption of mail services, in which event any notice shall be
delivered personally.

6.2 TIME OF THE ESSENCE Time is of the essence of this Agreement and every part
of this Agreement and no extension or variation of this Agreement shall operate
as a waiver of this provision.

6.3 CHOICE OF LAW This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts and the laws of
the United States of America applicable therein, and the parties hereto attorn
to the non-exclusive jurisdiction of the courts of such Commonwealth.

6.4 ENTIRE AGREEMENT This Agreement and the terms hereof constitute the entire
agreement between the parties hereto with respect to all of the matters herein
and its execution has not been induced by, nor do any of the parties hereto rely
upon or regard as material, any representations or writings not incorporated
herein and made a part hereof and this Agreement shall not be amended or altered
or qualified except by memorandum in writing signed by both of the parties.

6.5 SEVERABILITY If any of the provisions contained in this Agreement are, for
any reason, held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provision
of this Agreement, but this Agreement shall be construed as if such invalid,
illegal or unenforceable provision or provisions had never been contained in
this Agreement unless the deletion of such provision or provisions would result
in such a material change as to cause the completion of the transactions
contemplated in this Agreement to be unreasonable.

6.6 FURTHER ASSURANCES The parties convenant and agree to execute such further
and other documents and undertake such other actions as may be reasonably
required to give effect to the terms and intent of the transactions contemplated
in this Agreement.

<PAGE>

                                      -7-

6.7 SUCCESSORS AND ASSIGNS The provisions hereof, where the context permits,
shall enure to the benefit of and be binding upon the heirs, executors,
administrators or other legal representatives of the Board Member and the
successors and assigns of the Company. With respect to the Board Member, this
Agreement, being personal, may not be assigned.

6.8 TIME PERIODS When calculating the period of time within which or following
which any act is to be done or step taken pursuant to this Agreement, the date
which is the reference day in calculating such period shall be excluded.

6.9 EXTENDED MEANINGS In this Agreement, where the context requires, the
singular number includes the plural and vice versa, the masculine gender
includes the feminine and neuter genders and vice versa, and the word "person"
is not limited to an individual but includes any entity recognized by law.

6.10 HEADINGS All headings are included solely for convenience of reference and
are not intended to be full or accurate descriptions of the contents thereof.

6.11 RECITALS Each of the parties acknowledges that the recitals of this
Agreement, so far as they relate to such party, are true and correct in
substance and in fact.

6.12 COUNTERPARTS This Agreement may be extended in separate counterparts, each
of which shall serve as an original for all purposes and all of which together
shall constitute one and the same agreement.

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

                                        CMERUN CORP.

                                        ----------------------------------
                                          James S. Lovie
                                          Chief Executive Officer

                                        ----------------------------------
                                          Douglas H. Dittrick

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