Document:

<PAGE>

                                                                     Exhibit 4.1

                     PROMISSORY NOTE MODIFICATION AGREEMENT

     THIS INSTRUMENT, entered into as of this 15/th/ day of July 2002, by and
between VillageEDOCS ("Borrower") and James W. Townsend (the "Lender").

                              W I T N E S S E T H:

     WHEREAS, the Lender is the holder of that certain promissory notes (the
"Notes") from Borrower, a schedule of which is attached as Exhibit A, which
Notes represents working capital advances made for the benefit of Borrower by
Lender; and

     WHEREAS, said Notes provide that under certain conditions and at the option
of Lender such Notes are convertible into equity securities of the Borrower; and

     WHEREAS, the original due date of said Notes are listed on Exhibit A; and

     NOW, THEREFORE, in consideration of One Dollar ($1.00) paid by Borrower and
other good and valuable consideration, receipt of which is acknowledged by
Lender, the parties agree as follows:

     1.   Recitals. The above recitals are true and correct and are incorporated
herein by reference.

     2.   Piggyback Registration Right. In further consideration of the Lender's
extending credit and other financing accommodations to Borrower, the Borrower
hereby agrees that with respect to all previously unregistered shares of common
stock held by the Borrower, whether issued for cash or for conversion of the
Notes ("Registrable Securities"), if the Borrower shall determine to register
any of its shares of Common Stock for its own account, other than a registration
relating solely to employee benefit plans, or a registration relating solely to
a Rule 145 transaction, or a registration on any registration form that does not
permit secondary sales, the Borrower will:

          (a)  promptly give to Lender written notice thereof; and

          (b)  use its best efforts to include in such registration (and
     any related qualification under the blue sky laws or other compliance), and
     in any underwriting involved therein, all the Registrable Securities
     specified in a written request or requests, made by Lender within Twenty
     (20) days after the written notice from the Borrower is given. Such written
     request may specify all or a part of Lender's Registrable Securities, and
     shall specify that the Lender's Registrable Securities are intended to be
     sold in a public distribution.

If the registration of which the Borrower gives notice is for a registered
public offering involving an underwriting, the Borrower shall so advise the
Lender as a part of the written notice. In such event, the right of the Lender
to registration pursuant to this agreement shall be conditioned upon Lender's
participation in such underwriting and the inclusion of the Lender's Registrable
Securities in the underwriting to the extent provided herein. The Lender shall
(together with the Borrower) enter into an underwriting agreement in customary
form with the representative of the underwriter or underwriters selected by the
Borrower.

<PAGE>

Notwithstanding any other provisions of this agreement, if the representative of
the underwriters advises the Borrower in writing that marketing factors require
a limitation on the number of shares to be underwritten, the representative may
(subject to the limitations set forth below) exclude all Registrable Securities
from, or limit the number of Registrable Securities to be included in, the
registration and underwriting. The Borrower shall so advise the Lender, and the
number of shares of securities that are entitled to be included in the
registration and underwriting shall be allocated first to the Borrower for
securities being sold for its own account and thereafter to the Lender, pro rata
with any other holders of Common Stock having registration rights. If the Lender
does not agree to the terms of any such underwriting, he shall be excluded
therefrom by written notice from the Borrower or the underwriter. Any
Registrable Securities or other securities excluded or withdrawn from such
underwriting shall be withdrawn from such registration.

If shares are so withdrawn from the registration or if the number of shares of
Registrable Securities to be included in such registration was previously
reduced as a result of marketing factors, the Borrower shall then offer to all
persons who have retained the right to include securities in the registration
the right to include additional securities in the registration in an aggregate
amount equal to the number of shares so withdrawn, with such shares to be
allocated among the persons requesting additional inclusion pro rata amongst
those persons requesting inclusion.

All registration expenses incurred in connection with any registration,
qualification or compliance pursuant to Section 2 hereof shall be borne by the
Borrower. In the case of each registration effected by the Borrower pursuant to
this agreement, the Borrower will keep Lender advised in writing as to the
initiation of each registration and as to the completion thereof, at its
expense, the Borrower will use its best efforts to:

          (a)  Keep such registration effective for a period of one hundred
     twenty (120) days or until the Lender has completed the distribution
     described in the registration statement relating thereto, whichever first
     occurs; provided, however, that (i) such 120-days period shall be extended
     for a period of time equal to the period the Lender refrains from selling
     any securities included in such registration at the request of an
     underwriter of Common Stock (or other securities) of the Borrower; and (ii)
     in the case of any registration of Registrable Securities on Form S-3 which
     are intended to be offered on a continuous or delayed basis, such 120-day
     period shall be extended, if necessary, to keep the registration statement
     effective until all such Registrable Securities are sold, provided that
     Rule 145, or any successor rule under the Securities Act of 1933, as
     amended (the "Securities Act"), permits an offering on a continuous or
     delayed basis, and provided further that applicable rules under the
     Securities Act governing the obligation to file a post-effective amendment
     permit, in lieu of filing a post-effective amendment that (I) includes any
     prospectus required by Section 10(a)(3) of the Securities Act or (II)
     reflects facts or events representing a material or fundamental change in
     the information set forth in the registration statement, the incorporation
     by reference

<PAGE>

     of information required to be included in (I) and (II) above to be
     contained in periodic reports filed pursuant to Section 13 or 15(d) of the
     Securities Exchange Act of 1934, as amended (the "Exchange Act") in the
     registration statement.

          (b)  Prepare and file with the Securities and Exchange Commission (the
     "Commission") such amendments and supplements to such registration
     statement and the prospectus used in connection with such registration
     statement as may be necessary to comply with the provisions of the
     Securities Act with respect to the disposition of all securities covered by
     such registration statement;

          (c)  Furnish such number of prospectuses and other documents incident
     thereto, including any amendment of or supplement to the prospectus, as the
     Lender from time to time may reasonably request;

          (d)  Notify the Lender at any time when a prospectus relating thereto
     is required to be delivered under the Securities Act of the happening of
     any event as a result of which the prospectus included in such registration
     statement, as then in effect, includes an untrue statement of a material
     fact or omits to state a material fact required to be stated therein or
     necessary to make the statements therein not misleading or incomplete in
     the light of the circumstances then existing, and at the request of Lender,
     prepare and furnish to the Lender a reasonable number of copies of a
     supplement to or an amendment of such prospectus as may be necessary so
     that, as thereafter delivered to the purchasers of such shares, such
     prospectus shall not include an untrue statement of a material fact or omit
     to state a material fact required to be stated therein or necessary to make
     the statements therein not misleading or incomplete in the light of the
     circumstances then existing; and

          (e)  Otherwise use its best efforts to comply with all applicable
     rules and regulations of the Commission, and make available to its security
     holders, as soon as reasonably practicable, an earnings statement covering
     the period of at least twelve months, but not more than eighteen months,
     beginning with the first month after the effective date of the Registration
     Statement, which earnings statement shall satisfy the provisions of Section
     11(a) of the Securities Act.

The Borrower will indemnify Lender with respect to which registration,
qualification, or compliance has been effected pursuant to this agreement
against all expenses, claims, losses, damages, and liabilities (or actions,
proceedings, or settlements in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any prospectus, offering circular, or other document (including any related
registration statement, notification, or the like) incident to any such
registration, qualification, or compliance, or based on any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, or any violation by the
Borrower of the Securities Act or any rule or regulation thereunder applicable
to the Borrower and relating to action or inaction required of the Borrower in
connection with any such registration, qualification, or

<PAGE>

compliance, and will reimburse the Lender for any legal and any other expenses
reasonably incurred in connection with investigating and defending or settling
any such claim, loss, damage, liability, or action, provided that the Borrower
will not be liable in any such case to the extent that any such claim, loss,
damage, liability, or expense arises out of or is based on any untrue statement
or omission based upon written information furnished to the Borrower by the
Lender and stated to be specifically for use therein. It is agreed that the
indemnity provision contained in this agreement shall not apply to amounts paid
in settlement of any such loss, claim, damage, liability, or action if such
settlement is effected without the consent of the Borrower (which consent has
not been unreasonably withheld).

The Lender will, if Registrable Securities held by him are included in the
securities as to which such registration, qualification, or compliance is being
effected, indemnify the Borrower, each of its directors, officers, partners,
legal counsel, and accountants and each underwriter, if any, of the Borrower's
securities covered by such a registration statement, each person who controls
the Borrower or such underwriter within the meaning of Section 15 of the
Securities Act, against all claims, losses, damages and liabilities (or actions
in respect thereof) arising out of or based on any untrue statement (or alleged
untrue statement) of a material fact contained in any such registration
statement, prospectus, offering circular, or other document, or any omission (or
alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, and will reimburse
the Borrower and its directors, officers, partners, legal counsel, and
accountants, persons, underwriters, or control persons for any legal or any
other expenses reasonably incurred in connection with investigating or defending
any such claim, loss, damage, liability, or action, in each case to the extent,
but only to the extent, that such untrue statement (or alleged untrue statement)
or omission (or alleged omission) is made in such registration statement,
prospectus, offering circular, or other document in reliance upon and in
conformity with written information furnished to the Borrower by the Lender and
stated to be specifically for use therein; provided, however, that the
obligations of the Lender hereunder shall not apply to amounts paid in
settlement of any such claims, losses, damages, or liabilities (or actions in
respect thereof) if such settlement is effected without the consent of the
Lender (which consent shall not be unreasonably withheld).

Each party entitled to indemnification under this agreement (the "Indemnified
Party") shall give notice to the party required to provide indemnification (the
"Indemnifying Party") promptly after such Indemnified Party has actual knowledge
of any claim as to which indemnity may be sought, and shall permit the
Indemnifying Party to assume the defense of such claim or any litigation
resulting therefrom, provided that counsel for the Indemnifying Party, who shall
conduct the defense of such claim or any litigation resulting therefrom, shall
be approved by the Indemnified Party (whose approval shall not unreasonably be
withheld), and the Indemnified Party may participate in such defense at such
party's expense, and provided further that the failure of any Indemnified Party
to give notice as provided herein shall not relieve the Indemnifying Party of
its obligations under this section, to the extent such failure is not
prejudicial. No Indemnifying Party, in the defense of any such claim or
litigation, shall, except with the consent of each

<PAGE>

Indemnified Party, consent to entry of any judgment or enter into any settlement
that does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party of a release from all liability
in respect to such claim or litigation. Each Indemnified Party shall furnish
such information regarding itself or the claim in question as an Indemnifying
Party may reasonably request in writing and as shall be reasonably required in
connection with defense of such claim and litigation resulting therefrom.

If the Indemnification provided for in this agreement is held by a court of
competent jurisdiction to be unavailable to an Indemnified Party with respect to
any loss, liability, claim, damage, or expense referred to therein, then the
Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder,
shall contribute to the amount paid or payable by such Indemnified Party as a
result of such loss, liability, claim, damage, or expense in such proportion as
is appropriate to reflect the relative fault of the Indemnifying Party on the
one hand and of the Indemnified Party on the other in connection with the
statements or omissions that resulted in such loss, liability, claim, damage, or
expense as well as any other relevant equitable considerations. The relative
fault of the Indemnifying Party and of the Indemnified Party shall be determined
by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission to state a material fact relates to
information supplied by the Indemnifying Party or by the Indemnified Party and
the parties' relative intent, knowledge, access to information, and opportunity
to correct or prevent such statement or omission.

Notwithstanding the foregoing, to the extent that the provisions on
indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are in conflict with
the foregoing provisions, the provisions in the underwriting agreement shall
control.

The Lender shall furnish to the Borrower such information regarding the Lender
and the distribution proposed by the Lender as the Borrower may reasonably
request in writing and as shall be reasonably required in connection with any
registration, qualification, or compliance referred to in Section 2.

The registration rights granted to the Lender herein may be freely assigned,
transferred or otherwise conveyed.

     3.   Miscellaneous.

          (a)  Except as specifically modified hereby, all terms of the Notes,
as modified, are ratified and confirmed. Specifically, Borrower and Lender agree
to modify the due date of the Notes such that the Notes and any interest accrued
thereon shall be repaid at the Lender's option, whenever one of the following
events occurs:

<PAGE>

                      i.   A controlling interest in the Borrower is acquired by
                           a third party; or
                      ii.  October 31, 2005; or
                      iii. The Borrower receives net cash proceeds from an
                           equity financing of $3,000,000 or more subsequent to
                           the date of this Promissory Note Modification
                           Agreement.

Additionally, Borrower and Lender agree that all or part of the unpaid principal
or accrued and unpaid interest of the Notes is convertible into the Borrower's
Common Stock at any time at the option of Lender at a conversion price equal to
the lower of $0.10 or the average of the Borrower's Common Stock closing bid
price on the OTC:BB, BBX, NASDAQ or other established securities exchange or
market for the ten (10) consecutive trading days prior to the date Lender
delivers written notice of his conversion election to Borrower. Partial
conversions shall be allowed and upon a full conversion the Notes shall be
deemed satisfied and paid in full. Notwithstanding, the Borrower shall have the
first right of refusal as to the Lender's exercise of conversion rights, meaning
that the Borrower at its option and upon receiving Lender's notice of intent to
convert, may repay the interest and principal amounts due under the Notes in
lieu of issuing shares of Borrower's common stock.

          (b)  Borrower acknowledges that the Notes, as modified, are in full
force and effect and are binding upon it, its successors and assigns without any
right or claim of offset other sum due. Lender expressly reserves all rights
against Borrower.

          (c)  Borrower has caused this Promissory Note Modification Agreement
to be executed by its duly authorized officer.

     IN WITNESS WHEREOF, the undersigned have signed this Agreement the day and
year first above written.

WITNESSES:                          BORROWER:
                                    VillageEDOCS.

_________________________           By: /s/ K. Mason Conner
                                       ----------------------------------------
                                         K. Mason Conner
_________________________           Its: President and Chief Executive Officer

                                    LENDER:
                                    James W. Townsend

                                    By: /s/ James W. Townsend
                                       -------------------------
                                            James W. Townsend

<PAGE>

                                   Exhibit "A"

 Schedule of Unsecured Convertible Promissory Notes Issued to James W. Townsend

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------

   Date of      Principal      Due        Interest    Monthly      Accrued Int.
     Note        Amount       Date          Rate      Interest      6/30/2002
--------------------------------------------------------------------------------

<S>         <C>             <C>          <C>         <C>        <C>
  6/30/1999     246,176.72     6/30/2002      10%     2,051.47       73,853.02

  6/30/1999      61,569.86     6/30/2002      10%       513.08       18,470.96

  11/7/2000     100,000.00    10/31/2003      10%       833.33       16,472.22

  1/12/2001     100,000.00    10/31/2003      10%       833.33       14,677.42
           ---------------                                      ----------------
            $   507,746.58                                        $ 123,473.62
           ===============                                      ================

--------------------------------------------------------------------------------
</TABLE>JVWEB, INC.

                     YEAR 2002 CONSULTANT COMPENSATION PLAN

1.       Purpose

         The JVWeb, Inc. 2002 Consultant Compensation Plan (the "Plan") is
intended to promote the interests of JVWeb, Inc. and its subsidiaries
(collectively the "Corporation") by offering those outside consultants of the
Corporation who assist in the development and success of the business of the
Corporation, the opportunity to participate in a compensation plan designed to
reward them for their services and to encourage them to continue to provide
services to the Corporation.

2.       Definitions

         For all purposes of this Plan, the following terms shall have the
following meanings:

         "Common Stock" means JVWeb, Inc. common stock, $.01 par value.

         "Conditional Shares" means shares of Common Stock awarded under this
Plan subject to conditions imposed by the Committee (as defined herein) or the
conditions set forth in Section 6.2 or both.

         "JVWeb" means JVWeb, Inc., a Delaware corporation.

         "Subsidiary" means any company of which JVWeb, Inc. owns, directly or
indirectly, the majority of the combined voting power of all classes of stock.

         "Unconditional Shares" means shares of Common Stock awarded under this
Plan subject to no conditions.

3.       Administration

         The Plan shall be administered by a committee (the "Committee") of not
less than two directors of JVWeb selected by, and serving at the pleasure of,
JVWeb's Board of Directors (the "JVWeb Board").

         JVWeb or any Subsidiary will recommend to the Committee persons to whom
shares may be awarded. The Committee shall make all final decisions with respect
to the persons to whom awards shall be granted ("Participants"), the number of
shares that shall be covered by each award or sale, the time or times at which
awards shall be granted or sales shall be made, the timing of when awards shall
vest, the terms and provisions of the instruments by which awards or sales shall
be evidenced, the interpretation of the Plan and all determinations necessary or
advisable for its administration.

4.       Eligibility

         Only individuals who are outside consultants, or directors, officers,
partners or employees of outside consultants, of JVWeb or any Subsidiary shall
be granted awards.

5.       Stock Subject to the Plan

         The stock, which may be awarded or sold pursuant to this Plan, shall be
shares of Common Stock. When shares of Common Stock are awarded or sold, JVWeb
may award or sell authorized but unissued Common Stock, or JVWeb may award or
sell issued Common Stock held in its treasury. Each of the respective boards of
JVWeb and all Subsidiaries involved in the award or sale will fund the Plan to
the extent so required to provide Common Stock for the benefit of Participants.
The total number of shares of Common Stock which may be granted or sold under
this Plan shall not exceed 1,000,000 shares in the aggregate. Any shares awarded
and later forfeited are again subject to award or sale under the Plan.

6.       Share Awards and Sales

         6.1      Grant of Share Awards

                  The Committee may award to Participants Unconditional Shares
and Conditional Shares. The Committee will determine for each Participant
selected to be awarded Unconditional Shares and Conditional Shares the time or
times when Unconditional Shares or Conditional Shares shall be awarded and the
number of shares of Common Stock to be covered by each Unconditional Shares or
Conditional Share award. Unless expressly specified as Conditional Shares by the
Committee, all shares of Common Stock awarded under this Plan shall be
Unconditional Shares. No Unconditional Shares or Conditional Shares shall be
awarded unless JVWeb (in the judgement of the Committee) has received from the
Participant either (a) a full performance of the services for which the
Unconditional Shares or Conditional Shares are being awarded, or (b) (i) a
partial performance of the services for which the Unconditional Shares or
Conditional Shares are being awarded and the value of such partial performance
(in the judgement of the Committee) equals or exceeds the aggregate par value of
the Unconditional Shares or Conditional Shares to be awarded and (ii) a binding
obligation from the Participant to provide in the future the remainder of the
services for which the Unconditional Shares or Conditional Shares are being
awarded.

         6.2      Conditions

                  Shares of Common Stock issued to a Participant as a
Conditional Shares award will be subject to the following conditions as well as
all other conditions imposed by the Committee ("Share Conditions"):

         (a) Except as set forth in Paragraphs 6.4 and 6.5, if Share Conditions
are not satisfied, Conditional Shares will be forfeited and returned to JVWeb
or, in the event such Conditional Shares were provided to the Participant from
shares of Common Stock purchased by the Subsidiary, then the Conditional Shares
will be returned to the Subsidiary. In either case, all rights of the
Participant to such Conditional Shares will terminate without any payment of
consideration by JVWeb or the Subsidiary with which the Participant is
associated, unless the Participant maintains his association with JVWeb or a
Subsidiary for the period of time (if any) determined by the Committee.

         (b) During the condition period ("Condition Period") relating to a
Conditional Share award, none of the Conditional Shares subject to such award
may be sold, assigned, bequeathed, transferred, pledged, hypothecated or
otherwise disposed of in any way by the Participant.

         (c) The Committee may require the Participant to enter into an escrow
agreement providing that the certificates representing Conditional Shares sold
or granted pursuant to the Plan will remain in the physical custody of JVWeb or
the applicable Subsidiary or an escrow holder during the Condition Period.

         (d) Certificates representing Conditional Shares sold or granted
pursuant to the Plan may bear a legend making an appropriate reference to the
conditions imposed on the Conditional Shares.

         (e) The Committee may impose other conditions on any Conditional Shares
issued pursuant to the Plan as it may deem advisable, including without
limitations, restrictions under the Securities Act of 1933, as amended, under
the requirements of any stock exchange upon which such share or shares of the
same class are then listed and under any state securities laws or other
securities laws applicable to such shares.

         6.3      Rights of a Stockholder

                  Except as set forth in Paragraph 6.2(b), the recipient of a
Conditional Share award will have all of the rights of a stockholder of JVWeb
with respect to the Conditional Shares, including the right to vote the
Conditional Shares and to receive all dividends or other distributions made with
respect to the Conditional Shares.

         6.4      Lapse of Conditions

                  In the event of the termination of association of a
Participant during the Condition Period by reason of death, disability, or
termination of association, the Committee may, at its discretion, remove Share
Conditions on Conditional Shares.

                  Conditional Shares to which the Share Conditions have not so
lapsed will be forfeited and returned to the Corporation as provided in
Paragraph 6.2(a).

         6.5      Lapse of Conditions at Discretion of the Committee

                  The Committee may shorten the Condition Period or remove any
or all Share Conditions if, in the exercise of its absolute discretion, it
determines that such action is in the best interests of the Corporation and
equitable to the Participant.

         6.6      Listing and Registration of Shares

                  JVWeb may, in its reasonable discretion, postpone the issuance
and/or delivery of any shares of Common Stock awarded or sold pursuant to this
Plan until completion of stock exchange listing, or registration, or other
qualification of such shares under any law, rule or regulation.

         6.7      Designation of Beneficiary

                  A Participant may, with the consent of the Committee,
designate a person or persons to receive, in the event of death, any shares of
Common Stock to which such Participant would then be entitled pursuant to this
Plan. Such designation will be made upon forms supplied by and delivered to the
Committee and may be revoked in writing by the Participant. If a Participant
fails effectively to designate a beneficiary, then such Participant's estate
will be deemed to be the beneficiary.

7.       Capital Adjustments

         The number and consideration of Common Stock covered by each award
granted or each sale under this Plan and the total number of shares that may be
granted or sold under the Plan shall be proportionally adjusted to reflect,
subject to any required action by stockholders, any stock dividend or split,
recapitalization, merger, consolidation, spin-off, reorganization, combination
or exchange of shares or other similar corporate change.

8.       Change of Control

         Notwithstanding the provisions of Section 7, in the event of a change
of control, all Share Conditions on all Conditional Shares will lapse. For
purposes of this plan, a "Change of Control" of JVWeb shall be deemed to have
occurred at such time as (a) any "person" (as that term is used in Section 13(d)
and 14(d) of the Securities Exchange Act of 1934), becomes the "beneficial
owner" (as defined in Rule 13d-3 under the foregoing act), directly or
indirectly, of securities of JVWeb representing 30% or more of the combined
voting power of JVWeb's outstanding securities ordinarily having the right to
vote at the election of directors; or (b) individuals who constitute the JVWeb
Board on the date hereof (the "Incumbent Board") cease for any reasons to
constitute at least a majority thereof, provided that any person becoming a
director subsequent to the date hereof whose election was approved by at least a
majority of the directors comprising the Incumbent Board, or whose nomination or
election was approved by a majority of the JVWeb Board serving under an
Incumbent Board, shall be, for purposes of this clause (b), considered as if he
or she were a member of the Incumbent Board; or (c) merger, consolidation or
sale of all or substantially all the assets of JVWeb occurs, unless such merger
or consolidation shall have been affirmatively recommended to JVWeb's
stockholders by a majority of the Incumbent Board; or (d) a proxy statement
soliciting proxies from stockholders of JVWeb, by someone other than the current
management of JVWeb seeking stockholder approval of a plan of reorganization,
merger or consolidation of JVWeb with one or more corporations as a result of
which the outstanding shares of JVWeb's securities are actually exchanged for or
converted into cash or property or securities not issued by JVWeb unless the
reorganization, merger or consolidation shall have been affirmatively
recommended to JVWeb's stockholders by a majority of the Incumbent Board.

9.       Approvals

         The issuance of shares pursuant to this Plan is expressly conditioned
upon obtaining all necessary approvals from all regulatory agencies from which
approval is required.

10.      Effective Date of Plan

         The effective date of the Plan is June 22, 2002.

11.      Term and Amendment of Plan

         This Plan shall expire on June 21, 2012 (except to Conditional Shares
outstanding on that date). JVWeb Board may terminate or amend the Plan in any
respect at any time, except no action of the JVWeb Board, the Committee or
JVWeb's stockholders, however, may, without the consent of a Participant, alter
or impair such Participant's rights under any Conditional Shares previously
granted.

12.      No Right of Association

         Neither the action of JVWeb in establishing this Plan, nor any action
taken by any JVWeb Board or any Subsidiary or the Committee, nor any provision
of the Plan itself, shall be construed to limit in any way the right of JVWeb to
terminate a Participant's association with the Corporation at any time.

13.      Withholding Taxes

         JVWeb or any Subsidiary, as applicable, shall have the right to deduct
withholding taxes from any payments made pursuant to the Plan or to make such
other provisions as it deems necessary or appropriate to satisfy its obligations
to withhold federal, state or local income or other taxes incurred by reason of
payment or the issuance of Common Stock under the Plan. Whenever under the Plan,
Common Stock is to be delivered upon vesting of Conditional Shares, the
Committee shall be entitled to require as a condition of delivery that the
Participant remit or provide for the withholding of an amount sufficient to
satisfy all federal, state and other government withholding tax requirements
related thereto.

14.      Plan not a Trust

         Nothing contained in the Plan and no action taken pursuant to the Plan
shall create or be construed to create a trust of any kind, or a fiduciary
relationship, between the Corporation and any Participant, the executor,
administrator or other personal representative, or designated beneficiary of
such Participant, or any other persons. If and to the extent that any
Participant or such Participant's executor, administrator or other personal
representative, as the case may be, acquires a right to receive any payment from
the Corporation pursuant to the Plan, such right shall be no greater than the
right of an unsecured general creditor of the Corporation.

15.      Notices

         Each Participant shall be responsible for furnishing the Committee with
the current and proper address for the mailing of notices and delivery of Common
Stock pursuant to the Plan. Any notices required or permitted to be given shall
be deemed given if addressed to the person to be notified at such address given
to the Committee by such person and mailed by regular United States mail,
first-class and prepaid. If any item mailed to such address is returned as
undeliverable to the addressee, mailing will be suspended until the Participant
furnishes the proper address. This provision shall not be construed as requiring
the mailing of any notice or notification if such notice is not required under
the terms of the Plan or any applicable law.

16.      Severability of Provisions

         If any provisions of this Plan shall be held invalid or unenforceable,
such invalidity or unenforceability shall not affect any other provisions
hereof, and this Plan shall be construed and enforced as if such provisions had
not been included.

17.      Payment to Minors, etc.

         Any benefit payable to or for the benefit of a minor, an incompetent
person or other person incapable of receipting therefor shall be deemed paid
when paid to such person's guardian or the party providing or reasonably
appearing to provide for the care of such person, and such payment shall fully
discharge the Committee, the JVWeb Board, the Corporation and other parties with
respect thereto.

18.      Headings and Captions

         The headings and captions herein are provided for reference and
convenience only, shall not be considered part of the Plan, and shall not be
employed in the construction of the Plan.

19.      Controlling Law

         This Plan shall be construed and enforced according to the laws of the
State of Texas to the extent not preempted by federal law, which shall otherwise
control.

20.      Enforcement of Rights

         In the event the Corporation or a Participant is required to bring any
action to enforce the terms of this Plan, the prevailing party shall be
reimbursed by the non-prevailing party for all costs and fees, including actual
attorney fees, for bringing and pursuing such action.

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