Document:

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                                                                   Exhibit 10.11

                                TalentPoint, Inc.

                            SENIOR SUBORDINATED NOTE

This Note has not been registered under the Securities Act of 1933, as amended,
and may not be sold or otherwise transferred in the absence of such registration
or an exemption therefrom under such Act.

This Note and the rights and obligations evidenced hereby are subordinate, in
the manner and to the extent set forth in that certain Subordination Agreement
(the "Subordination Agreement") dated as of June 13, 2000, among TalentPoint,
Inc., Parthenon Investors, L.P., PCIP Investors, and Fleet National Bank, to the
indebtedness (including interest) owed by the Borrower pursuant to the Loan
Agreement; and each holder of this instrument, by its acceptance hereof, shall
be bound by the provisions of the Subordination Agreement.

This note was originally issued with original issue discount for federal income
tax purposes.  For federal income tax information regarding the amount of the
original issue discount and the issue price, issue date and yield to maturity of
this Note, contact the Chief Financial Officer of TalentPoint, Inc. by telephone
at (610) 971-9171.

U.S. $9,659,436                                                    June 16, 2000

     FOR VALUE RECEIVED, TalentPoint, Inc., a Pennsylvania corporation (the
"Company"), hereby promises to pay to Parthenon Investors, L.P., or registered
--------
assigns (the "Noteholder"), at the Company's principal office, or at such other
              ----------
place as the Noteholder shall from time to time have designated to the Company
in writing, on June 16, 2004 (the "Maturity Date"), NINE MILLION SIX HUNDRED
                                   -------------
FIFTY NINE THOUSAND FOUR HUNDRED THIRTY SIX United States Dollars (U.S.
$9,659,436) (the "principal amount").  Interest will accrue daily (computed on
                  ----------------
the basis of a 360-day year) on the principal amount hereof from time to time
unpaid to and including June 16, 2001 at a rate of thirteen percent (13.0%) per
annum, and thereafter to and including the Maturity Date at a rate of sixteen
percent (16.0%) per annum), and shall accrue on overdue principal and, to the
extent permitted by applicable law, on overdue installments of interest, at a
rate of four percent (4.0%) in excess of the interest rate otherwise then
applicable.  Subject to Section 5 hereof, interest shall be payable quarterly in
arrears on March 31, June 30, September 30 and December 31 of each year,
commencing September 30, 2000, and on the date of any prepayment (in whole or in
part), and at maturity, whether by acceleration or otherwise. Interest payable
after maturity (by acceleration or otherwise) shall be payable upon demand.

                                       1
<PAGE>

     At the Company's option, each interest payment due on this Note (as defined
below), other than interest on overdue principal and overdue installments of
interest which shall be paid solely in cash, may be made in cash or by issuing
additional senior subordinated notes in an original principal amount equal to
the amount of the interest payable (the "Interest Notes"); provided, however,
                                                           --------  -------
that the Company must pay in cash the portion of each interest payment equal to
the amount of federal and state taxes that would be owed by the Noteholder
(assuming a marginal combined federal and state effective tax rate of 50%) on
the interest accrued on this Note, together with any amounts included in the
taxable income of Noteholder pursuant to Sections 1271 through 1275 of the
Internal Revenue Code of 1986, as amended, during the interest period in respect
of which interest is being paid, as reasonably determined by the Noteholder and
furnished to the Company at least 10 days prior to the applicable interest
payment date. The Interest Notes shall be in the form of this Note, except that
(a) each Interest Note shall be dated the date of its issuance, (b) Section 1 of
each Interest Note shall be modified to reflect the fact that the Interest Note
is an Interest Note, and (c) all interest payments on all Interest Notes shall
be made solely in cash.  Each issuance of Interest Notes shall be made so that
each holder of Notes (as hereinafter defined) shall receive Interest Notes in a
principal amount bearing the same ratio, as nearly as may be, to the total
principal amount of all such Interest Notes then being issued as the principal
amount of Notes held by such holder bears to the aggregate principal amount of
all Notes then outstanding.

1.   GENERAL.  This Note (this "Note") is one of a series of notes issued
                                ----
pursuant to the Securities Purchase Agreement dated as of June 13, 2000 (the
"Agreement") by and among the Company, Parthenon Investors, L.P. and PCIP
Investors.  Certain capitalized terms used in this Note are defined in Section 6
hereof.

2.   PAYMENT PROVISIONS.  The Company covenants that so long as this Note is
outstanding:

     2.1. Payment at Maturity of Note.  On the Maturity Date, or on any
          ---------------------------
accelerated maturity of this Note under Section 4 hereof, the Company will pay
the entire principal amount of this Note then outstanding, together with all
accrued and unpaid interest hereon.

     2.2. Voluntary Prepayments.  The Company may at any time and from time to
          ---------------------
time prepay all or any part of the principal amount or accrued but unpaid
interest of this Note, without premium or penalty.

     2.3. Prepayment Provisions.  Upon each prepayment of this Note, in whole or
          ---------------------
in part, the Company will pay to the Noteholder the principal amount to be
prepaid and any unpaid interest accrued thereon to the prepayment date.  From
(and including) the date such payment is actually made, interest on the
principal amount so prepaid shall cease to accrue.  In the case of a partial
prepayment, such prepayment shall be made pro rata among all the Notes by
principal amount.

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     2.4. Manner and Time of Payment.  All payments made by the Company pursuant
          --------------------------
to this Note shall be made without defense, set off or counterclaim, in same day
funds and delivered to the holders of the Notes not later than Noon (New York
time) on the date such payment is due, provided that funds received by such
                                       --------
holders after Noon (New York time) shall be deemed to have been paid by the
Company on the next succeeding Business Day.  Whenever any payment to be made
hereunder shall be stated to be due on a day which is not a Business Day, the
payment shall be made on the next succeeding Business Day and such additional
period shall be included in the computation of the payment of interest
hereunder.

     2.5. Transfer.
          --------

          2.5.1.  Transfer of Note.  With ten (10) days prior notice to the
                  ----------------
     Company, the Noteholder shall have the right at any time, to sell, assign,
     transfer or negotiate all or any part of this Note to one or more Persons
     (other than a Company Competitor).  The Noteholder may grant participations
     in all or any part of this Note or the loans evidenced thereby to one or
     more Persons.  In the case of any sale, assignment, transfer or negotiation
     of all or part of this Note authorized under this Section 2.5 (but not in
     the case of a participation), the assignee, transferee or recipient shall
     have, to the extent of such sale, assignment, transfer or negotiation, the
     same rights, benefits and obligations as it would if it were the Noteholder
     with respect to this Note or the loans evidenced thereby.

          2.5.2.  Registration of Transfer.  The Company shall keep at its
                  ------------------------
     principal office a register in which the Company shall provide for the
     registration of this Note and for the transfer of the same.  Upon surrender
     for registration of transfer of this Note at the principal office of the
     Company, the Company shall, at its expense, promptly execute and deliver
     one or more new Notes of like tenor and of a like aggregate principal
     amount, registered in the name of such transferee or transferees and, in
     the case of a transfer in part, such transferor.

          2.5.3.  Transferee; Confidentiality.  In connection with any sale,
                  ---------------------------
     assignment or transfer of this Note or any grant of any participation in
     this Note, the holder of such Note effecting any such transaction shall
     give notice to the Company and the Agent Bank of the identity of such
     parties and obtain agreements from the transferees that all nonpublic
     information given to such parties respecting the Company and its
     subsidiaries will be held in strict confidence pursuant to a written
     confidentiality agreement reasonably satisfactory to the Company.

3.   AFFIRMATIVE AND NEGATIVE COVENANTS.  The Company covenants that so long as
this Note is outstanding:

                                       3
<PAGE>

     3.1. Notice of Default.  The Company will provide to the Noteholder,
          -----------------
promptly on the Company's receipt thereof, any notice of default received by it
under any Loan Document.

     3.2. Information.  The Company will provide to the Noteholder all of the
          -----------
documents, financial statements, notices and other information required to be
provided to the Agent Bank under the Loan Agreement from time to time or at any
time.

     3.3. Books, Records and Inspections.  The Company will permit the
          ------------------------------
Noteholder to visit and inspect any of the Company's properties and the
properties of each of its Subsidiaries, to examine their books of account and
records, to make copies and extracts therefrom, to observe the taking of any
physical inventories of their properties by them or their accountants, to
discuss their affairs, finances and accounts with their officers and employees,
and their independent public accountants (whose reasonable fees and expenses
shall be paid by the Company), all upon reasonable prior notice to the Company
and at such reasonable times (during normal business hours) and intervals as the
Noteholder requests.

     3.4. Amendments to Other Documents.  The Company will not, and will not
          -----------------------------
permit any of its Subsidiaries to, consent to or request any amendment,
modification or supplement to or waiver of any provision of any of the
Transaction Agreements (other than the Loan Documents) in a manner that would
reasonably be expected to affect the interests of the Noteholder materially and
adversely without in each case having obtained the prior written consent of the
Noteholder.

     3.5. Minimum EBITDA.  From the date hereof and thereafter for so long as
          --------------
there is any amount outstanding under this Note, the Company and its
Subsidiaries shall have consolidated EBITDA not less than the amounts set forth
below for the periods set forth below:

     Period                              Amount
     ------                              ------

Three months ended March 31, 2000        $      13,000
Six months ended June 30, 2000             ($1,449,000)
Nine months ended September 30, 2000       ($7,500,000)
Twelve months ended December 31, 2000     ($11,800,000)

Three months ended March 31, 2001          ($3,600,000)
Six months ended June 30, 2001             ($5,500,000)
Nine months ended September 30, 2001       ($6,000,000)
Twelve months ended December 31, 2001      ($4,500,000)

Three months ended March 31, 2002        $   4,000,000
Three months ended June 30, 2002         $   7,000,000
Three months ended September 30, 2002    $   9,000,000

                                       4
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Three months ended December 31, 2002     $  12,000,000

Three months ended March 31, 2003        $  13,000,000
Three months ended June 30, 2003         $  13,000,000
Three months ended September 30, 2003    $  13,000,000
Three months ended December 31, 2003     $  13,000,000

Three months ended March 31, 2004        $  13,000,000

     3.6. Capital Expenditures.  The Capital Expenditures of the Company and its
          --------------------
subsidiaries shall not exceed $3,000,000 in the aggregate for the twelve month
period ending December 31, 2000 unless the Company shall have received the
consent of the Noteholder.

     3.7. Working Capital Ratio.  The ratio of the Company's current assets to
          ---------------------
the Company's current liabilities shall be at least 1.10 to 1.00.  For the
purposes of this section, the Company's current liabilities shall not include
amounts due under any Note issued pursuant to the Securities Purchase Agreement.

4.   EVENTS OF DEFAULT.

     If one or more of the following events (herein referred to as "Events of
Default") shall occur and be continuing:

     4.1. Payment Default.  The Company shall fail to pay (a) any principal of
          ---------------
this Note when the same becomes due and payable, whether upon maturity,
prepayment, acceleration or otherwise or (b) any interest on this Note, for a
period of five (5) Business Days after the same shall become due and payable or
(c) any other amount due hereunder within 30 days after demand therefor; or

     4.2. Acceleration of Other Indebtedness.  Any default or event of default
          ----------------------------------
shall have occurred under any Indebtedness of the Company or any Subsidiary in
excess of $1,000,000 in the aggregate resulting in the acceleration of such
Indebtedness, whether by having become due and payable by its terms or by having
been declared due and payable prior to its stated maturity; provided, however,
that if any such default or event of default is cured by the Company in
accordance with the terms of such Indebtedness, then no default shall be deemed
to have occurred under this Note; or

     4.3. Other Terms.  The Company shall default in the performance or
          -----------
observance of any covenant or condition of this Note (other than those described
or referred to in any other paragraph of this Section 4) and such default shall
continue for more than 60 days after the first to occur of (a) the Chief
Executive Officer or the Chief Financial Officer obtaining actual

                                       5
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knowledge of such default or (b) the Company's receipt of written notice of such
default from the Noteholder; or

     4.4. Breach of Representations or Warranties.  Any representation or
          ---------------------------------------
warranty made by the Company in the Agreement or in any statement or certificate
at any time given by it in writing in connection herewith or therewith shall
(taken as a whole) be false in any material respect on the date when made; or

     4.5. Involuntary Bankruptcy, Appointment of Receiver, etc. (a) A court
          ----------------------------------------------------
having jurisdiction shall enter a decree or order for relief in respect of the
Company or TalentPoint Technology, Inc. in an involuntary case under the
Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect, or any other similar relief shall be granted and
remain unstayed under any applicable federal or state law; or (b) an involuntary
case is commenced against the Company or TalentPoint Technology, Inc. under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or a decree or order of a court having jurisdiction in the premises is
entered for the appointment of a receiver, liquidator, sequestrator, trustee,
custodian or other officer having similar powers over the Company or TalentPoint
Technology, Inc. or over all or a substantial part of any of their respective
properties, or an interim receiver, trustee or other custodian of the Company or
TalentPoint Technology, Inc. for all or a substantial part of their respective
properties is involuntarily appointed, or a warrant of attachment, execution or
similar process is issued against any substantial part of the property of the
Company or TalentPoint Technology, Inc., and in the case of each of the events
specified in this clause (b) such event continues for 60 days without being
dismissed, bonded, stayed, vacated or discharged; or

     4.6. Voluntary Bankruptcy, Appointment of Receiver, etc.  The Company or
          --------------------------------------------------
TalentPoint Technology, Inc. shall have an order for relief entered with respect
to it or commence a voluntary case under the Bankruptcy Code or any applicable
bankruptcy, insolvency or other similar law, or shall consent to the entry of an
order for relief in an involuntary case, or to the conversion of an involuntary
case to a voluntary case, under any such law, or shall consent to the
appointment of or taking possession by a receiver, trustee or other custodian
for all or a substantial part of its property; or the Company or TalentPoint
Technology, Inc. shall make any assignment for the benefit of creditors;

     4.7. Judgments and Attachments.  One or more judgments or decrees shall be
          -------------------------
entered against the Company or any of its Subsidiaries (and shall not have been
vacated, discharged or stayed or bonded pending appeal within 60 days from the
entry thereof) involving aggregate liability (to the extent not paid or fully
covered by insurance) in excess of $1,000,000; then, (a) upon the occurrence of
any Event of Default described in Section 4.5 or 4.6, the unpaid principal
amount of this Note, together with accrued interest thereon, shall automatically
become immediately due and payable, without presentment, demand, protest or
other requirements of any kind, all of which are hereby expressly waived by the
Company, and (b)

                                       6
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upon the occurrence of any other Event of Default the Required Noteholders may,
upon written notice to the Company, declare this Note to be due and payable,
whereupon the principal amount of this Note, together with accrued interest
thereon, shall automatically become immediately due and payable, without any
other notice of any kind, and without presentment, demand, protest or other
requirements of any kind, all of which are hereby expressly waived by the
Company; provided, however, that the acceleration of principal and interest with
         --------  -------
respect to this Note and the exercise of judicial and foreclosure remedies shall
be subject to the restrictions referred to in Section 5 below.

5.   SUBORDINATION.

     The Subordination Agreement is incorporated in this Note by this reference
and constitutes a part of this Note with the same force and effect as if set
forth at length herein.  The indebtedness this Note evidences is, in all
respects, subordinate and subject in right of payment in full of all Senior
Indebtedness (as the Subordination Agreement defines that term) to extent
provided in the Subordination Agreement.  Each holder of this Note, by accepting
the same, agrees to and will be bound by those provisions.

6.   DEFINITIONS.

     The following terms used in this Note shall have the following meanings:

     6.1. "Agent Bank" at any time has the meaning set forth in the Loan
           ----------
Agreement at such time.

     6.2. "Bankruptcy Code" means Title 11 of the United States Code and any
           ---------------
successor statute.

     6.3. "Business Day" means any day excluding Saturday, Sunday and any day
           ------------
which is a legal holiday under the laws of the State of New York or is a day on
which banking institutions located in New York, New York, are authorized or
required by law or other governmental action to close.

     6.4. "Capital Expenditures" shall have the meaning set forth in the Loan
           --------------------
Agreement.

     6.5. "Company Competitor" shall mean any company that is engaged
           ------------------
principally in the business of recruitment, recruitment software development,
sales force, management and customer service training, employee survey, pre-
employment testing and assessment or Oracle technology consulting.

     6.6. "Default" means any event, act or condition which with notice or lapse
           -------
of time, or both, would constitute an Event of Default.

                                       7
<PAGE>

     6.7.  "EBITDA" shall have the meaning set forth in the Loan Agreement as of
            ------
the date hereof and without giving effect to any amendment or replacement
thereof, unless otherwise agreed by the Noteholder.

     6.8.  "Incorporated by Reference" means, with respect to any referenced
            -------------------------
provision of the Loan Agreement, the incorporation of that provision to this
Note with the same effect and for all purposes as if set forth in full in this
Note, together with any referenced definitions or schedules and any cross
referenced provisions included in such referenced provision of the Loan
Agreement, except that, where any such included cross referenced provision has
been likewise Incorporated by Reference and as so incorporated has been modified
or supplemented, such cross reference shall be deemed to be to the cross
referenced provision as so Incorporated by Reference, as so modified or
supplemented.

     6.9.  "Indebtedness" has the meaning set forth in the Loan Agreement, as in
            ------------
effect on the date hereof.

     6.10. "Loan Agreement" means the Loan Agreement dated as of December 27,
            --------------
1999 among the Company, Fleet National Bank, as Agent and a lender, and the
other financial institutions party thereto, together with any schedules,
exhibits, appendices or other attachments thereto, as such Agreement may be
amended, restated, extended, renewed, supplemented, refinanced, replaced or
otherwise modified from time to time.

     6.11. "Loan Documents" at any time means, collectively, the Loan Agreement,
            --------------
the related security agreements, guarantees, pledge agreements, notes and the
other documents executed and delivered by the Company or any of its Subsidiaries
pursuant to the terms thereof at such time.

     6.12. "Notes" means this Note, each other Note (as defined in the
            -----
Agreement), each Interest Note issued pursuant to any Note and each successor
Note issued upon transfer or exchange of any Note.

     6.13. "Person" at any time has the meaning set forth in the Loan Agreement
            ------
at such time.

     6.14. "Subsidiary" at any time has the meaning set forth in the Loan
            ----------
Agreement at such time.

     6.15. "Transaction Agreements" has the meaning set forth in the Securities
            ----------------------
Purchase Agreement.

                                       8
<PAGE>

7.   MISCELLANEOUS.

     7.1. Amendments and Waivers. Any provision of this Note may be amended,
          ----------------------
modified, terminated or waived only with the written consent of the Noteholder
and the Company.  Any waiver or consent shall be effective only in the specific
instance and for the specific purpose for which it was given.  No notice to or
demand on the Company in any case shall entitle the Company to any further
notice or demand in similar or other circumstances. Any amendment, modification,
termination, waiver or consent effected in accordance with this Section 7.1
shall be binding upon the Noteholder at the time of such effectuation and each
future holder thereof.

     7.2. Independence of Covenants.  All covenants hereunder shall be given
          -------------------------
independent effect so that if a particular action or condition is not permitted
by any of such covenants, the fact that it would be permitted by an exception
to, or be otherwise within the limitation of, another covenant shall not avoid
the occurrence of an Event of Default or Default if such action is taken or
condition exists.

     7.3. Notices.  All notices, demands or other communications to be given or
          -------
delivered to the Company or the Noteholder under or by reason of the provisions
of the Notes shall be in writing and delivered personally, mailed by certified
or registered mail, return receipt requested and postage prepaid, sent via a
nationally recognized overnight courier, or via facsimile.  Such notices,
demands and other communications will be sent to the address indicated in
Section 12.4 of the Securities Purchase Agreement or, if no address is specified
for the Noteholder in such Section 12.4, to it at its record address reflected
in the transfer register for the Note, or, in each case to such other address or
to the attention of such other Person as the recipient party shall have
specified by prior written notice to the sending party; provided that the
                                                        --------
failure to deliver copies of notices as indicated above shall not affect the
validity of any notice.  Any such communication shall be deemed to have been
given (i) on the date actually received, if personally delivered, or sent by
nationally recognized overnight courier or sent via facsimile or e-mail or (ii)
on the third Business Day following the date on which the piece of mail
containing such communication is posted if sent by certified or registered mail.

     7.4. Failure or Indulgence Not Waiver; Remedies Cumulative.  No failure or
          -----------------------------------------------------
delay on the part of the Noteholder in the exercise of any power, right or
privilege hereunder or under this Note shall impair such power, right or
privilege or (in the absence of a written waiver that complies with Section 7.3)
be construed to be a waiver of any default or acquiescence therein, nor shall
any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privilege.
All rights and remedies existing under the Note are cumulative to, and not
exclusive of, any rights or remedies otherwise available.

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     7.5. Severability.  If and to the extent that any provision in this Note
          ------------
shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions of this Note, or of such
provision or obligation in any other jurisdiction, or of such provision to the
extent not invalid, illegal or unenforceable shall not in any way be affected or
impaired thereby.

     7.6. Headings.  Section and subsection headings in this Note are included
          --------
herein for convenience of reference only and shall not constitute a part of this
Note for any other purpose or be given any substantive effect.

     7.7. Governing Law.  This Note shall be governed by and construed in
          -------------
accordance with the domestic substantive laws of the Commonwealth of
Pennsylvania, without giving effect to any choice or conflict of law provision
or rule that would cause the application of the laws of any other jurisdiction.

     7.8. Consent to Jurisdiction.  The Company, by its execution hereof, and
          -----------------------
the Noteholder, by its acceptance hereof, (i) hereby irrevocably submits to the
jurisdiction of the state courts of the State of Pennsylvania or the United
States District Court located in the District of Pennsylvania for the purpose of
any action, claim, cause of action or suit (in contract, tort or otherwise),
inquiry, proceeding or investigation arising out of or based upon this Note or
relating to the subject matter hereof, (ii) hereby waives to the extent not
prohibited by applicable law, and agrees not to assert by way of motion, as a
defense or otherwise, in any such action, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is
exempt or immune from attachment or execution, that any such proceeding brought
in one of the above-named courts is improper, or that this Note or the subject
matter hereof may not be enforced in or by such court, and (iii) hereby agrees
not to make any motion or take any other action seeking or intending to cause
the transfer or removal of any such action, claim, cause of action or suit (in
contract, tort or otherwise), inquiry, proceeding or investigation to any court
other than one of the above-named courts whether on the grounds of inconvenient
forum or otherwise.  Each of the Company and the Noteholder hereby consents to
service of process in any such proceeding in any manner permitted by
Pennsylvania law, and agrees that service of process by registered or certified
mail, return receipt requested, at its address specified pursuant to Section 7.3
hereof is reasonably calculated to give actual notice.

     7.9. WAIVER OF JURY TRIAL.  TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW
          --------------------
WHICH CANNOT BE WAIVED, THE COMPANY, BY ITS EXECUTION HEREOF, AND THE
NOTEHOLDER, BY ITS ACCEPTANCE HEREOF, HEREBY WAIVES, AND COVENANTS THAT IT NOT
WILL ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY
JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR
SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION
ARISING OUT OF OR BASED UPON THIS NOTE OR THE SUBJECT

                                       10
<PAGE>

                                                                   Exhibit 10.11

MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING. THE COMPANY ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE NOTEHOLDER
THAT THIS SECTION 7.9 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THE
NOTEHOLDER IS RELYING AND WILL RELY IN PURCHASING THIS NOTE. ANY PERSON MAY FILE
AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 7.9 WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT OF EACH PERSON REFERENCED HEREIN TO THE WAIVER OF ITS
RIGHT TO TRIAL BY JURY.

     IN WITNESS WHEREOF, the undersigned has caused this Note to be executed by
a duly authorized officer as of the date first written above.

                                         TalentPoint, Inc.

                                         By: /s/ Elliot Clark
                                            -------------------------------
                                            Name:  Elliot Clark
                                            Title: Chief Operating Officer

                                       11<PAGE>

                                                                   Exhibit 10.13

                        EXCHANGE AND CONVERSION AGREEMENT

          THIS EXCHANGE AND CONVERSION AGREEMENT is made this 16th day of June,
2000, among TalentPoint, Inc., a Pennsylvania corporation ("the Company"),
Parthenon Investors, L.P., a Delaware limited partnership ("Parthenon"), PCIP
Investors, a Delaware general partnership ("PCIP"), JMH Partners Corp., a
Delaware corporation ("JMH"), Shad Run Investments, L.P., a Delaware limited
partnership ("Shad Run"), TSG Co-Investors, LLC, a Delaware limited liability
company ("TSG" and together with Parthenon, PCIP, JMH and Shad Run, the
"Investors").

                                   RECITALS

          WHEREAS, the Investors collectively own 98,948 shares of Class B
common stock, $0.01 par value per share, of the Company (the "Class B Common
Stock"), with each Investor owning the number of shares of Class B Common Stock
set forth next to its name below:

                                         Number of Shares of
                                         Class B Common Stock
                  Investor                Owned by Investor
                  --------                -----------------

                  Parthenon                     89,150
                    PCIP                         1,549
                     JMH                         3,787
                  Shad Run                       2,837
                     TSG                         1,625
                                                ------
                    Total                       98,948
                                                ======

          WHEREAS, the Company intends to conduct an initial public offering of
the common stock of the Company (the "IPO") on the terms set forth on a
registration statement on Form S-1 (the "Registration Statement") to be filed
with the United States Securities and Exchange Commission (the "SEC");
<PAGE>

          WHEREAS, effective upon the filing of the Registration Statement with
the SEC (the "Filing Date"), the parties have agreed that the Investors will
exchange 19,208 shares of Class B Common Stock  (collectively, the "Pre-IPO
Exchange Shares") for 454,653 shares of Class A common stock, $0.01 par value
per share, of the Company (the "Class A Common Stock"), with the number of Pre-
IPO Exchange Shares being exchanged by each Investor on the Filing Date being
the number set forth next to such Investor's name below:

                                          Number of Pre-IPO
                                        Exchange Shares Being
                       Investor         Exchanged Upon Filing
                       --------         ---------------------
                                                Date
                                                ----

                      Parthenon               17,872
                         PCIP                    211
                         JMH                     518
                       Shad Run                  386
                         TSG                     221
                                              ------
                        Total                 19,208
                                              ======

          WHEREAS, effective upon the closing of the IPO (the "Closing") the
parties agree that the Investors will exchange an additional 19,208 shares of
Class B Common Stock (collectively, the "IPO Exchange Shares" and, together with
the Pre-IPO Exchange Shares, the "Class B Exchange Shares") for shares of Class
A Common Stock at the price per share at which the common stock of the Company
will be initially offered to the public (the "IPO Price"), based on the
redemption value of the IPO Exchange Shares (as more particularly set forth
herein), with the number of IPO Exchange Shares being exchanged by each Investor
upon the Closing being the number set forth next to such Investor's name below:

                                              Number of IPO
                                             Exchange Shares
                                         Exchanged into Class A
                                            Common Stock Upon
                       Investor                  Closing
                       --------                  -------

                       Parthenon                  17,872
                        PCIP                        210
                        JMH                         518

                                      -2-
<PAGE>

                      Shad Run                      387
                        TSG                         221
                                                 ------
                       Total                     19,208
                                                 ======

          WHEREAS, upon the Closing, the parties have agreed that the Investors
will convert 60,532 shares of their Class B Common Stock (the "Class B
Conversion Shares") into 3,026,600 shares of Class A Common Stock, with each
Investor converting that number of shares of Class B Common Stock set forth next
to its name below:

                                      Number of Class B
                                      Conversion Shares
                                    Converted into Class A
                                    Common Stock Upon the
                    Investor               Closing
                    --------               -------

                    Parthenon               53,406
                      PCIP                   1,128
                      JMH                    2,751
                    Shad Run                 2,064
                      TSG                    1,183
                                            ------
                      Total                 60,532
                                            ======

          WHEREAS, the Company and each Investor have agreed to modify, on the
date hereof, the terms of that certain Amended and Restated Investor Put Right
Agreement, dated as of December 23, 1999, by and between the Company and such
Investor (each, an "Investor Put Agreement"), to modify, on the date hereof, the
terms of that certain Call Right Agreement, dated as of December 16, 1999, by
and between the Company and such Investor (each, a "Call Right Agreement") and
to terminate each such agreement upon the Closing.

          NOW THEREFORE, in consideration of the premises and the mutual
covenants contained in this Agreement, the parties to this Agreement, intending
to be legally bound, hereby agree as follows:

                                      -3-
<PAGE>

     1    EXCHANGE OF PRE-IPO EXCHANGE SHARES.

          1.1  Exchange of Pre-IPO Exchange Shares.  Effective upon the Filing
               -----------------------------------
Date, and without the requirement of any further action on the part of the
Company or any Investor, all of the Pre-IPO Exchange Shares held by the
Investors will be exchanged for an aggregate of 454,653 shares of Class A Common
Stock, with each Investor exchanging the number of shares of Pre-IPO Exchange
Shares and receiving the number of shares of Class A Common Stock pursuant to
such exchange as set forth next to such Investor's name below:

                     Shares of Pre-IPO Exchange      Shares of Class A Common
      Investor    Shares Being Currently Exchanged  Stock Issued Upon Exchange
      --------    --------------------------------  --------------------------

     Parthenon               17,872                           401,131
       PCIP                     211                             8,470
       JMH                      518                            20,666
     Shad Run                   386                            15,500
       TSG                      221                             8,886
                             ------                           -------
       Total                 19,208                           454,653
                             ------                           -------

          1.2  Deliveries.  Simultaneously with, or promptly following,  the
               ----------
Filing Date, each Investor shall deliver to the Company and the Company shall
accept from each Investor, the stock certificates representing the Pre-IPO
Exchange Shares exchanged by such Investor pursuant to Section 1.1 hereof, duly
endorsed or accompanied by appropriate stock powers and the Company shall
thereupon deliver to such Investor a stock certificate representing the Class A
Common Stock issued in exchange therefor.  The parties agree that from and after
the Filing Date  until the time that the stock certificates representing the
Pre-IPO Exchange Shares ("Pre-IPO Certificates") are tendered to the Company to
receive new certificates for the Class A Common Stock issued in exchange for the
Pre-IPO Exchange Shares, the Pre-IPO Certificates shall no longer represent
shares of Class B Common Stock (to the extent of the Pre-IPO  Exchange Shares
set forth next to each Investor's name in Section 1.1), but shall instead
represent shares of Class A Common Stock issued in exchange therefor.

          1.3  Modification of Investor Put Agreement and Call Right Agreements.
               ----------------------------------------------------------------
Effective as of the Filing Date, each Investor Put Agreement and each Call Right
Agreement is hereby amended such that the total number of shares of Class B
Common Stock subject to the primary put right in Section 2.1 of each Investor
Put Agreement and subject to the Class B Call Option set forth in Section 2.1 of
each Call Right Agreement is reduced to one-half of the number of shares
previously subject to the primary put right and the Class B Call Option,
respectively, e.g., reduced to a number of shares of Class B Common Stock
corresponding in each case to the number

                                      -4-
<PAGE>

of IPO Exchange Shares currently held by each Investor. In order to evidence the
agreement set forth in this Section 1.3, simultaneously with the execution of
this Agreement, the Company and each Investor shall execute (i) Amendment No. 1
to the Amended and Restated Investor Put Agreement substantially in the form
attached hereto as Exhibit A; and (ii) Amendment No. 1 to the Call Right
                   ---------
Agreement substantially in the form attached hereto as Exhibit B.
                                                       ---------

          1.4  No Conversion.  The Investors agree that they shall not be
               -------------
entitled to convert their IPO Exchange Shares into Class A Common Stock pursuant
to the provisions of the Company's Articles of Incorporation, as amended, and
that the Company shall issue a separate Class B Common Stock certificate to each
Investor representing the IPO Exchange Shares upon the tender of outstanding
Class B Common Stock certificates to the Company.

     2    EXCHANGE OF IPO EXCHANGE SHARES

          2.1  Exchange of IPO Exchange Shares.  Effective upon the Closing, and
               -------------------------------
without the requirement of any further action on the part of the Company or any
Investor, each Investor hereby exchanges each of its IPO Exchange Shares for a
number of shares of Class A Common Stock equal to the quotient of (a) $572.68
plus interest on such amount accrued at a rate of eight percent (8%) per annum
from December 16, 1999 to the date of the Closing, divided by (b) the IPO Price.

          2.2  Deliveries.  Effective upon the Closing, each Investor shall
               ----------
deliver to the Company and the Company shall accept from such Investor, the
stock certificates representing the IPO Exchange Shares exchanged by such
Investor pursuant to Section 2.1 hereof, duly endorsed or accompanied by
appropriate stock powers, and the Company shall thereupon deliver to such
Investor a stock certificate representing the shares of Class A Common Stock
issued in exchange therefor.

          2.3  Termination of Investor Put Agreement and Call Right Agreement.
               --------------------------------------------------------------
Effective upon the Closing and without the requirement of any further action on
the part of the Company or any Investor, the Company and the Investors hereby
agree that the Investor Put Agreements and the Call Right Agreements shall be
terminated and shall be of no further force or effect.

     3    EXCHANGE OF CLASS B CONVERSION SHARES

          3.1  Exchange of Class B Conversion Shares.  Effective upon the
               -------------------------------------
Closing, and without the requirement of any further action on the part of the
Company or any Investor, the Investors hereby convert all of their Class B
Conversion Shares into an aggregate of 3,026,600 shares of Class A Common Stock,
with each Investor converting the number of Class B Conversion Shares and
receiving that number of shares of Class A Common Stock upon such conversion as
is set forth next to such Investor's name below:

                                      -5-
<PAGE>

      Investor    Shares of Class B     Number of Shares of Class A
      --------    Conversion Shares        Common Stock Issued
                  -----------------          Upon Conversion
                                             ---------------

     Parthenon          53,406                 2,670,300
       PCIP              1,128                    56,400
       JMH               2,751                   137,550
     Shad Run            2,064                   103,200
       TSG               1,183                    59,150
                        ------                 ---------
       Total            60,532                 3,026,600
                        ======                 =========

          3.2  Deliveries.  Effective upon the Closing, each Investor shall
               ----------
deliver to theCompany the stock certificates representing the Class B Conversion
Shares converted by such Investor pursuant to Section 3.1, duly endorsed or
accompanied by appropriate stock powers, and the Company shall deliver to such
Investor stock certificates representing the shares of Class A Common Stock
issued to such Investor upon such conversion.

     4    TERMINATION

          4.1  Termination.  Section 2 and Section 3 hereof shall terminate and
               -----------
be wholly without force or effect in the event that the Closing has not occurred
by December 31, 2000.

     5    REPRESENTATIONS AND WARRANTIES OF INVESTORS

          Each Investor, severally and not jointly with other Investors, hereby
represents, warrants, covenants, agrees and acknowledges to the Company the
following to be true and correct in all respects as to itself:

          5.1  Authority.  The Investor has full power and authority to execute
               ---------
and deliver this Agreement and the other instruments to be executed and
delivered by it pursuant hereto and to consummate the transactions contemplated
hereby.  This Agreement has been duly executed and delivered by the Investor and
constitutes the legal, valid and binding obligation of the Investor enforceable
in accordance with its terms, except as enforcement may be limited by
insolvency, bankruptcy, moratorium or other laws affecting creditors' rights
generally and except as enforcement may be limited by principles of equity.  The
execution and delivery by the Investor of this Agreement and the consummation by
the Investor of the transactions contemplated hereby will not violate any law or
any judgment, decree, award or order of any court or other federal, state or
local department,

                                      -6-
<PAGE>

official, commission, authority, board, bureau, agency or other public body,
domestic or foreign ("Governmental Entity") to which the Investor is subject. No
approval, authorization, consent or other order or action of or filing with any
Governmental Entity (other than those filings required by the SEC in connection
with the IPO) or any other individual or entity is required for the execution
and delivery by the Investor of this Agreement or such other agreements and
instruments or the consummation by the Investor of the transactions contemplated
hereby or thereby.

          5.2  Title; Third-Party Options.  There are no contracts, options,
               --------------------------
commitments or rights of any kind, by or through the Investor, with, to or in
any third party to acquire all or any portion of the Class B Exchange Shares or
the Class B Conversion Shares held by the Investor and the Investor has good
title to such shares and owns such shares free and clear of any claim, mortgage,
assignment, conditional sale, lease, easement, consignment, bailment, contingent
interest, pledge, lien, option, charge, security interest, preemptive right,
encumbrance or other restrictions of any kind or nature whatsoever, but not a
restriction imposed by the Securities Act  (as defined in Section 5.13) or any
other securities laws other than restrictions imposed by contracts, including
the Stockholders Agreement dated as of December 16, 1999 among the Company, the
Investors and those persons identified therein as Management Stockholders (the
"Stockholders Agreement"), which, by the terms thereof, will lapse upon the
consummation of the IPO.

          5.3  No View to Distribution or Resale.  The Investor will acquire
               ---------------------------------
Class A Common Stock in exchange for the Class B Exchange Shares and the
Conversion Shares, as the case may be, under this Agreement solely for its own
account without a view to the distribution or resale thereof, and the Investor
does not have any contract, undertaking, agreement or arrangement to sell or
otherwise transfer or dispose of any of  such shares in any manner to any person
except as contemplated by this Agreement.

          5.4  No Transfer Without Registration or Exemption.  The Investor will
               ---------------------------------------------
not, except as contemplated by this Agreement, sell, transfer or otherwise
dispose of any of its Class A Common Stock in any manner, unless at the time of
any such transfer:  (i) a Registration (as defined in Section 5.13) under the
Securities Act  and under the Applicable Laws (as defined in Section 5.13) is in
effect with respect to the Class A Common Stock to be sold, transferred or
disposed of, and the Investor complies with all of the requirements of the
Securities Act and the Applicable Laws with respect to the proposed transaction;
or (ii) the Investor has obtained and has provided to the Company an opinion
from counsel satisfactory to the Company (as to both the counsel rendering such
opinion and the substance of the opinion) that the proposed sale, transfer or
disposition does not require Registration under the Securities Act or the
Applicable Laws.

          5.5  Shares of Class A Common Stock Are Not Registered. The Class A
               -------------------------------------------------
Common Stock issuable by the Company pursuant to this Agreement in exchange for
Class B Exchange Shares and upon conversion of the Class B Conversion Shares has
not been sold to the Investors by the Company pursuant to a Registration under
the Securities Act.  Except as may otherwise be provided in the Registration
Rights Agreement dated as of December 16, 1999 by and among the Company and the
Investors (the "Registration Rights Agreement"), (i) any subsequent Registration
under the

                                      -7-
<PAGE>

Applicable Laws will not authorize sales, transfers or dispositions of any
shares of Class A Common Stock so issued by any Investor, and (ii) neither the
Company nor any other person has any obligation or intention to effect the
Registration of such Class A Common Stock for sale, transfer or disposition by
the Investor under the Securities Act or the Applicable Laws, or to take any
action or provide any information (including, without limitation, the filing of
reports or the publication of information required by Rule 144 under the
Securities Act) which would make available any exemption from the Registration
requirements of the Securities Act or the Applicable Laws. The Investors must
therefore hold their shares of Class A Common Stock indefinitely except as
contemplated by this Agreement, and unless a subsequent Registration or
exemption therefrom is available and is obtained. No federal or state agency has
reviewed the transactions set forth in this Agreement or approved or disapproved
the shares of Class A Common Stock for investment or any other purpose. All
shares of Class A Common Stock have been issued and sold to the Investors in
reliance upon a specific exemption from the Registration requirement of the
Securities Act which depends, in part, upon the accuracy of the representations,
warranties, covenants, acknowledgments and agreements of the Investors set forth
in this Agreement.

          5.6  Securities Legend.  A legend will be placed on the certificates
               -----------------
evidencing all shares of Class A Common Stock issued pursuant to this Agreement
and stop-transfer instructions will be issued to any transfer agent with respect
to such shares of Class A Common Stock, to ensure compliance with the provisions
of this Agreement the Securities Act and the Applicable Laws.

          5.7  Investment Risk. The Investor can bear the economic risk of its
               ---------------
acquisition and ownership of its shares of Class A Common Stock, including the
total loss of  its investment, has no need for liquidity in this investment and,
either individually or with its advisers, has such knowledge and experience in
financial and business matters that it is capable of evaluating the merits and
risks of the Company and the investment in the Class A Common Stock.

          5.8  Review of Company's Business and Records.  Prior to the execution
               ----------------------------------------
of this Agreement, the Investor and its advisers have been provided with full
and free access and opportunity to inspect, review, examine and inquire about
all books, records and information (financial or otherwise) of the Company its
business and affairs, and the Investor and its advisers have made such
inspection, review, examination and inquiry as they have deemed appropriate; and
the Investor and its advisers have been offered the opportunity to ask such
questions and obtain such additional information concerning the Company and its
business and affairs as each Investor and its advisers have requested so as to
understand the nature of the investment in the Class A Common Stock and to
verify the accuracy of the information obtained as a result of their
investigation.

          5.9  Review of Company's Registration Statement.  The Investor has
               ------------------------------------------
received a draft of the Company's Registration Statement on Form S-1 and all
other documents requested by the Investor have been carefully reviewed by it and
the Investor understands the information contained therein.

                                      -8-
<PAGE>

          5.10  Knowledge and Experience. The Investor or its representatives,
                ------------------------
as the case may be, together with its advisers, have such knowledge and
experience in financial, tax, and business matters, and, in particular,
investments in securities, so as to enable them to utilize the information made
available to them in connection with the Class A Common Stock to evaluate the
merits and risks of an investment in the Class A Common Stock and to make an
informed investment decision with respect thereto.

          5.11  Accredited and Institutional Investor Status.  The Investor is
                --------------------------------------------
at least one of the following: (i) an "accredited investor," as such term is
defined under Regulation D under the Securities Act, or (ii) a "financial
institution or institutional investor" or a "financial institution or
institutional buyer" as such terms are used in the state securities law in the
state of organization of such Investor.

          5.12  No Reliance. The Investor is not relying on the Company or any
                -----------
of its employees or agents with respect to the legal, tax, economic and related
considerations of an investment in the Class A Common Stock, and the Investor
has relied on the advice of, or have consulted with, only his or its own
advisers with respect to such matters.

          5.13  Definitions.  As used herein:  the term "Registration" means
                -----------
registration under the Securities Act and, with respect to the Applicable Laws,
such registration thereunder (or, with respect to any of the Applicable Laws
which do not provide for registration, such compliance therewith which is
similar to registration) which has then resulted in statutory or administration
authorization for the proposed transaction; the term "Securities Act" means the
Securities Act of 1933, as amended, and the rules and regulations thereunder;
and the term "Applicable Laws" means any applicable state securities laws and,
to the extent applicable to offers or sales of securities, the Securities
Exchange Act of 1934, as amended, and the rules and regulations under the
foregoing.

     6    REPRESENTATIONS AND WARRANTIES OF THE COMPANY

          The Company represents and warrants to each Investor the following to
be true and correct in all respects:

          6.1  Organization and Standing.  The Company is a corporation duly
               -------------------------
organized, validly existing and in good standing under the laws of the
Commonwealth of Pennsylvania, with full corporate power and authority to own,
lease and operate its respective properties and assets and to carry on its
respective business and operations.

          6.2  Authority.  The Company has full corporate power and authority to
               ---------
execute and deliver this Agreement and to consummate the transactions
contemplated hereby.  All corporate acts and other proceedings required to be
taken by or on the part of the Company to authorize the Company to execute,
deliver and perform this Agreement have been duly and properly taken.  This
Agreement has been duly executed and delivered by the Company and constitutes
the legal, valid and

                                      -9-
<PAGE>

binding obligation of the Company, enforceable in accordance with its terms
except as enforcement may be limited by insolvency, bankruptcy, moratorium or
other laws affecting creditors' rights generally and except as enforcement may
be limited by principles of equity. The execution and delivery by the Company of
this Agreement and the consummation by the Company of the transactions
contemplated hereby will not violate any law or any judgment, decree, award or
order of any court or other Governmental Entity to which the Company is subject,
nor will it conflict with, or be prohibited, limited or restricted in any way by
the documents executed and delivered by the Company in connection with the
transactions contemplated hereby. No approval, authorization, consent or other
order or action of or filing with any Governmental Entity (other than those
filings required by the SEC in connection with the IPO) or any other individual
or entity is required for the execution and delivery by the Company of this
Agreement or such other agreements and instruments or the consummation by the
Company of the transactions contemplated hereby.

          6.3  No Material Misstatements.  The prospectus included in the draft
               -------------------------
Registration Statement dated as of June __, 2000 does not, and the final
prospectus filed pursuant to Rule 424(b) under the Securities Act in connection
with the IPO will not, contain any untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements contained
therein, in light of the circumstances under which they were given, not
misleading.

     7    MISCELLANEOUS

          7.1  Waiver of Piggyback Registration Rights.  Each Investor hereby
               ---------------------------------------
waives its rights under Section 3 of the Registration Rights Agreement to
require the Company to register in the IPO any securities held by such Investor.
The parties agree that the waiver set forth in this Section 7.1 shall be
effective only with respect to the registration of an Investor's securities in
the IPO and will not affect an Investor's right to exercise its rights under
Section 3 of the Registration Rights Agreement with respect to any other
Registration Statement (as defined in the  Registration Rights Agreement) other
than (a) the Registration Statement (or any pre-effective or post-effective
amendment thereto) filed with respect to the IPO or (b) any Registration
Statement filed pursuant to Rule 462 under the Securities Act in connection with
the IPO.

          7.2  Adjustments.  The class and number of any shares referred to in
               -----------
this Agreement will be adjusted proportionately for any change in the class of
or any increase or decrease in the number of outstanding shares resulting from
stock splits, reverse stock splits, stock dividends, stock combinations,
consolidations, mergers, reclassifications, recapitalizations or other similar
transactions that take place after the date hereof and prior to the Closing.

          7.3  Deposit of Shares.  At the request of the underwriters in the
               -----------------
IPO, the Investors shall deposit the IPO Exchange Shares prior to the Closing
pursuant to a Custody and Power of Attorney Agreement upon customary terms and
in form and substance reasonably satisfactory to the Investors, appointing up to
two representatives of Parthenon Investors, L.P. as custodians and attorneys in
fact to effectuate the deliveries contemplated by Sections 2.2 and 3.2.

                                      -10-
<PAGE>

          7.4  Failure to Deliver Shares.  In addition to Section 1.2 hereof, if
               -------------------------
an Investor (the "Transferring Holder") becomes obligated to deliver to the
Company certificates representing any Class B Exchange Shares or Class B
Conversion Shares (any or all thereof being referred to in this Section 7.4 as
the "Shares") pursuant to any part of this Agreement and fails to deliver such
Shares in accordance with the terms of this Agreement, the Company may, at its
option, in addition to all other remedies it may have, send to the Transferring
Holder the stock certificates for the shares of Class A Common Stock into which
the Class B Exchange Shares or Class B Conversion Shares are exchanged or
converted hereunder and, without written notice to the Transferring Holder,
cancel on the Company's books the stock certificate(s) representing such Class B
Exchange Shares and Class B Conversion Shares.  The Transferring Holder failing
to deliver share certificates in accordance with this Agreement shall reimburse
the Company for any legal or other expenses reasonably incurred by the Company
in connection with the enforcement of obligations under this Agreement or
utilizing the remedies set forth in this Section 7.4.

          7.5  Consents.  The execution of this Agreement by the Company and the
               --------
Investors shall constitute consent of all such parties to the exchange and
conversion by the Investors of the Class B Exchange Shares and the exchange of
the Class B Conversion Shares, to the extent such consent is required under the
terms of the Company Charter or any agreement to which the Company and/or any
such Investor is a party.

          7.6  Assignment and Binding Effect.  This Agreement may not be
               -----------------------------
assigned by any party hereto without the prior written consent of the Company
and those Investors holding a majority in interest of the Class B Common Stock.
Subject to the foregoing, all of the terms and provisions of this Agreement
shall be binding upon and inure to the benefit of and be enforceable by the
successors and assigns of the parties, including upon any transfers of any Class
B Exchange Shares or Class B Conversion Shares.  Each Investor hereby agrees
that it shall not sell or otherwise transfer any Class B Exchange Shares or
Class B Conversion Shares unless the proposed purchaser or other transferee of
such shares (a) acknowledges that such shares are subject to the provisions of
this Agreement and (b) further agrees to comply with the provisions of this
Agreement to the same extent as if such purchaser or other transferee were the
selling or transferring Investor.  Any attempted sale or transfer of Class B
Exchange Shares or Class B Conversion Shares in violation of this Section 7.6
shall be null and void, and the Company shall not in any way give effect to any
such impermissible sale or transfer.

          7.7  Waiver.  Any term or provision of this Agreement may be waived at
               ------
any time by the party entitled to the benefit thereof by a written instrument
executed by such party.

          7.8  Notices.  Any notice, request, demand, waiver, consent, approval
               -------
or other communication which is required or permitted hereunder shall be in
writing and shall be deemed given only if delivered personally (to the attention
of the person identified) to the address of such person maintained on the book
and records of the Company, or sent by telecopy, telegram or by certified mail,
postage prepaid, or to such other address as the addressee may have specified in
a

                                      -11-
<PAGE>

notice duly given to the sender as provided herein. Such notice, request,
demand, waiver, consent, approval or other communication will be deemed to have
been given as of the date so delivered or telegraphed or, if mailed, three
business days after the date so mailed.

          7.9  Governing Law.  This Agreement shall be governed by and
               -------------
interpreted and enforced in accordance with the substantive laws of the
Commonwealth of Pennsylvania.

          7.10 No Benefit to Others.  The representations, warranties, covenants
               --------------------
and agreements contained in this Agreement are for the sole benefit of the
parties hereto and their executors, legal representatives, successors and
assigns, and they shall not be construed as conferring and are not intended to
confer any rights on any other persons.

          7.11 Contents of Agreement.  This Agreement together with any
               ---------------------
documents referred to herein set forth the entire agreement of the parties
hereto and supersede any prior agreement or understanding of the parties with
respect to the transactions contemplated hereby.  This Agreement may not be
amended except by an instrument in writing signed by the parties hereto, and no
claimed amendment, modification, termination or waiver shall be binding unless
in writing and signed by the party against whom or which such claimed amendment,
modification, termination or waiver is sought to be enforced.

          7.12 Cooperation.  The parties hereto shall use their best efforts to
               -----------
take, or cause to be taken, such action, to execute and deliver, or cause to be
executed and delivered, such additional documents and instruments and to do, or
cause to be done, all things necessary, proper or advisable under the provisions
of this Agreement and under applicable law, both before and after the date
hereof, to consummate and make effective the transactions contemplated by this
Agreement.

          7.13 Severability.  Any provision of this Agreement which is invalid
               ------------
or unenforceable in any jurisdiction shall be ineffective to the extent of such
invalidity or unenforceability without invalidating or rendering unenforceable
the remaining provisions hereof, and any such invalidity or unenforceability in
any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

                                      -12-
<PAGE>

          7.14 Counterparts.  This Agreement may be executed in any number of
               ------------
counterparts, which when taken together, shall constitute but one and the same
instrument.  Any and all counterparts may be executed by facsimile.

                           Execution Page to Follow

                                      -13-
<PAGE>

                                                                   Exhibit 10.13

     IN WITNESS WHEREOF, the parties have executed and delivered this Exchange
and Conversion Agreement on the date first above written.

                                         TALENTPOINT, INC.

                                         By: /s/ Elliot Clark
                                             ---------------------------
                                         Name: Elliot Clark
                                         Title: Chief Operating Officer

                                         PARTHENON INVESTORS, L.P.

                                         By: /s/ John Rutherford
                                             ---------------------------
                                         Name: John Rutherford
                                         Title: Managing Director

                                         PCIP INVESTORS, a Delaware
                                         general partnership

                                         By: /s/ John Rutherford
                                             ---------------------------
                                         Name: John Rutherford
                                         Title: Partner

                                         JMH PARTNERS CORP.

                                         By: /s/ W. Anthony Brook
                                             ---------------------------
                                         Name: W. Anthony Brook
                                         Title: Chairman

                       Executions Continued on Next Page

                                      -14-
<PAGE>

                                    SHAD RUN INVESTMENTS, L.P.

                                    By:  Shad Run Investments, Inc., its
                                         General Partner

                                    By: /s/ Sara M. Hendrickson
                                       ------------------------------
                                    Name:  Sara M. Hendrickson
                                    Title: President

                                    TSG CO-INVESTORS, LLC

                                    By: /s/ G. Kevin Fechtmeyer
                                       ------------------------------
                                    Name:  G. Kevin Fechtmeyer
                                    Title: Vice President

                               End of Executions

                                      -15-

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