Document:

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                                    AGREEMENT

                                     between

SIHL
Allmendstrasse 125
8041 Zurich
Switzerland

                                                      (hereinafter "Vendor")

                                       and

MERCER INTERNATIONAL INC.
Giesshubelstrasse 15
8045 Zurich
Switzerland

                                                      (hereinafter "Purchaser")

                                   concerning

                 the Sale and Purchase of all existing Shares of

                                    LANDQART

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Landqart SPA / 14 December 2001                                            - 2 -
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                                    PREAMBLE

WHEREAS

A.   Landqart is a Swiss company limited by shares registered with the
     Commercial Register of the Canton of Grisons, with a share capital of CHF
     30'000'000 divided into 30'000 fully paid up registered shares with a
     nominal value of CHF 1'000 each (hereinafter referred to as the "Company").
     The Company has not issued any share certificates. The Company is a wholly
     owned subsidiary of the Vendor.

B.   The Company has outstanding debt in the amount of CHF 8'737'000 against
     Vendor. Furthermore, the Company has outstanding short and long term debt
     vis-a-vis Graubundner Kantonalbank (hereinafter referred to as "GKB" in the
     range of CHF 19 million to 21 million.

C.   The Vendor is willing to sell 100% of the Company's shares to the
     Purchaser, and the Purchaser is willing to purchase all such shares.

D.   The Purchaser and Vendor have signed a Letter of Intent on 14 November 2001
     regarding the sale of the Company's shares (hereinafter referred to as the
     "LOI").

E.   The Purchaser has been provided access to detailed information on the
     Company and its management and has undertaken a due diligence examination
     of such information (hereinafter referred to as the "Due Diligence").

F.   Purchaser has received the business plan of the Company's management of
     August 23, 2001 (hereinafter referred to as the "Business Plan") and the
     offering memorandum of Altium Capital of September 2001 and confirms its
     support of the key strategy to further develop the product lines "Security
     and Specialty Papers". Furthermore, Purchaser is in principle willing to
     undertake to secure the production place Landquart in the Canton of Grisons

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Landqart SPA / 14 December 2001                                            - 3 -
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     NOW THEREFORE, the Parties hereto agree as follows:

1.   SALE AND PURCHASE

1.1. OBJECTS OF SALE AND PURCHASE

     Subject to the terms and conditions of this Agreement, Vendor undertakes to
     sell to Purchaser and Purchaser undertakes to purchase from Vendor 100% of
     the issued and outstanding shares of the Company (hereinafter referred to
     as the "Shares").

1.2. PURCHASE PRICE

     The purchase price for the Shares (hereinafter referred to as the "Purchase
     Price") is composed of

     (a)  An initial payment amount of CHF 1,2 millions payable at Closing
          (hereinafter referred to as the "Initial Payment Amount").

     (b)  A deferred payment amount subject to the achievement of a certain
          EBITDA in the period between January 1, - September 30, 2003
          (hereinafter referred to as the "Deferred Payment Amount"). In the
          event that the Company achieved in the period between January 1, -
          September 30, 2003 at least an EBITDA in the amount of CHF 5'372'000,
          i.e. 9/12 of 60% of CHF 11'938'000 (hereinafter referred to as "Target
          EBITDA") the Deferred Payment Amount will be CHF 3.250'000. In case of
          an achieved EBITDA below the Target EBITDA, the Deferred Payment
          Amount shall be reduced on a pro rata basis. The Deferred Payment
          Amount is payable on or before December 15, 2003.

          The calculation of the EBITDA achieved shall be based on unaudited
          interim financial statements of the Company for the nine months
          starting on January 1, 2003 and ending on September 30, 2003. Such
          statements shall be prepared in accordance with the Swiss Code of
          Obligations and shall be consistent with past practice. The
          calculation of the EBITDA shall be based on the principles listed in
          ANNEX 1.2. Vendor has the option to appoint an independent big five
          audit firm to verify the EBITDA achieved by the Company.

1.3. PURCHASE PRICE ADJUSTMENTS

     The Deferred Payment Amount shall be increased after Closing in the event
     that the Company sells any real estate prior to January 1st, 2004 for an
     amount in excess of the book value of that real estate (based on the
     audited annual statements for the year 2000) by 30 % of the net gain (i.e.
     after deduction of transfer tax, taxation of capital gains, notarial and
     registry fees and other costs directly related to the sale of such real
     estate). The sale of parcels 46, 49, 51, 53, 56, 57 and 943 as registered
     with the land register of Landquart to GKB does not entitle Vendor to an
     adjustment pursuant to this Section 1.3.

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Landqart SPA / 14 December 2001                                            - 4 -
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2.   CLOSING

2.1. DATE OF LOCATION

     The closing of this Agreement (hereinafter referred to the "Closing") shall
     take place on or about December 14, 2001 (hereinafter referred to as the
     "Closing Date") in the offices of Bar & Karrer in Zurich, or at such other
     location as mutually agreed upon by the Parties, after all conditions
     precedent to Closing pursuant to Section 3 have been satisfied or waived by
     Purchaser.

2.2. DELIVERY

     At the Closing, Vendor shall present to Purchaser the following documents:

     (a)  Assignment Declaration ("Zessionsurkunde") regarding all Shares, duly
          assigned in favor of Purchaser;

     (b)  Share register of the Company mentioning the Purchaser as sole
          shareholder and the decision of the board of directors of the Company
          approving the transfer of the Shares to Purchaser and the entry of
          Purchaser in to the share register of the Company;

     (c)  Resignation letters of the members of the Company's board of directors
          as requested by the Purchaser effective as of the Closing Date.

2.3. PURCHASER'S OBLIGATIONS

     Upon the Vendor's presentation of said documents, the Purchaser shall give
     the Vendor a check issued by a first class Swiss Bank in the amount of CHF
     1'200'000.

     All actions taken at Closing shall be deemed to have occurred
     simultaneously. If any such action has not occurred on the Closing Date,
     Closing shall not be deemed to have occurred.

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Landqart SPA / 14 December 2001                                            - 5 -
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2.4. EFFECTS

     Ownership as well as all risks and benefits related to the Shares shall
     pass to Purchaser at Closing.

2.5. CONDUCT FROM SIGNING TO CLOSING

     Vendor undertakes to cause the Company that pending Closing the Company
     will (i) operate its business only in the ordinary course consistent with
     past practices; (ii) not enter into any material contracts or agreements;
     (iii) promptly advice the Purchaser in writing of any material adverse
     change in the business of the Company; (iv) maintain the books, records and
     accounts of the Company in the ordinary course and record all transactions
     on a basis consistent with practice; (v) not increase, in any material
     manner, the compensation or employee benefits of any of its directors,
     senior officers or employees or pay or agree to pay any of the foregoing in
     pension, severance or termination amount or other employee benefit not
     required by plans or programs in existence prior to September 30th, 2001,
     and (vi) not make any profit distributions by way of dividends,
     constructive dividends or otherwise.

3.   CONDITIONS PRECEDENT TO CLOSING

     The obligations of the Parties to close under this Agreement are subject to
     the following conditions to be satisfied or waived by the Purchaser prior
     to the Closing Date:

3.1. CHANGE OF CONTROL

     OF Orell Fussli Sicherheitsdruck AG shall have declared in writing that it
     will not terminate its contracts with the Company due to the change of
     control resulting from the transaction envisaged in this Agreement

3.2. WAIVER OF CLAIMS

     The claim of Vendor vis-a-vis the Company in the amount of CHF 8'737'000
     has been waived by Vendor.

3.3. MATERIAL ADVERSE CHANGE

     There shall be no material adverse change in the business of the Company.

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Landqart SPA / 14 December 2001                                            - 6 -
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     The Parties undertake to use all efforts to cause the conditions precedent
     to Closing to be satisfied or waived by Purchaser prior to the Closing
     Date. If these conditions have not been satisfied or waived by Purchaser
     prior to the Closing Date, then this Agreement ceases to be effective and
     no Party shall have any rights against the other Party except for failure
     to use best efforts in accordance with the above undertaking and except
     with regard to the obligations under Section 8.2.

4.   REPRESENTATIONS AND WARRANTIES OF THE VENDOR

     The Vendor hereby represents and warrants to the Purchaser in relation to
     the Company as of the Closing Date as follows:

4.1. SHARES

     The Vendor has good and marketable title to the Shares, free and clear of
     any liens and encumbrances and has full power and authority to sell them to
     Purchaser. Share certificates have never been issued regarding the Shares.
     The Shares represent all issued shares of the Company. No person or company
     has any right to acquire or subscribe to any Shares or shares of the
     Company.

4.2. PATENTS TRADEMARKS AND KNOW-HOW AND GOVERNMENTAL LICENSES
     AND AUTHORISATIONS

     The Company has good and marketable title to the patents and trademarks as
     disclosed in ANNEX 4.2, free and clear of any liens and encumbrances.
     Except as disclosed in the same Annex the Company has not licensed such
     patents and trademarks to third parties. To the best of Vendor's knowledge
     such patents and trademarks are not infringed by third parties. The Company
     owns or validly licenses all patents, trademark and know-how necessary to
     conduct its business. To the best of Vendor's knowledge the Company does
     not infringe and has not infringed any intellectual property rights and
     know how of third parties.

     The Company is in the possession of all governmental licenses and
     authorizations necessary to conduct its business. Such governmental
     licenses and authorizations are valid and have not been revoked and the
     Company is and was in all material respects in compliance with all such
     governmental licenses and authorizations.

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Landqart SPA / 14 December 2001                                            - 7 -
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4.3. FINANCIAL STATEMENTS

     The financial statements of the Company, meaning the audited balance sheet
     and profit and loss statement for the business year 2000 and the unaudited
     interim balance sheet and profit and loss statement as per September 30,
     2001 listed in ANNEX 4.3 (together referred to as "the Financials")
     adequately reflect the financial position and results of the Company on
     December 31, 2000, or September 30, 2001 respectively and have been
     prepared in accordance with the requirements of the Swiss Code of
     Obligations and on a basis consistent with past practice.

     In all material respects, the Financials include all assets and liabilities
     and contain adequate provisions and/or reserves, in particular for taxes
     and pending litigation. This paragraph does not apply to accounting issues
     related to environmental contamination as described in Section 7.1.

4.4. REAL PROPERTY

     The Company has good and valid title to all real estate as disclosed in the
     land register of Landquart, free and clear of any liens and encumbrances
     except as disclosed in the land register of Landquart and the Company does
     not own other real property.

     The Company has good and valid title as lessee to a warehouse at Lebert &
     Co, Postfach 62D-89151 Erbach (bei Ulm) and at STF Intern. Transport- und
     Speditions-GmbH, Gewerbestrasse 24, Ch-2123 Allschwil used for the
     operation of its business.

4.5. COMPLIANCE WITH LAW

     The Company conducts its business and operates in compliance with all
     applicable law, the Purchaser being aware of the documentation "Liste
     Gefahrenpotenziale" of November 2001. With regard to environmental
     contamination issues Section 7.1 shall apply and supersede any other
     provision in this Agreement.

4.6. LITIGATION

     Except for the pending litigation with GEVAG the Company is not involved in
     any legal, arbitral or administrative proceedings nor are such proceedings
     to the best knowledge of Vendor impending or threatened; the Purchaser
     being aware of the potential claim in connection with delivery of bank note
     paper to Orell Fussli in the amount of approximately CHF 200'000.

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Landqart SPA / 14 December 2001                                            - 8 -
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4.7. INSURANCE

     The Company is covered by insurance reasonably necessary or required by
     law.

4.8. NO OTHER REPRESENTATIONS AND WARRANTIES

     The Vendor does not make any other implied or express representations or
     warranties other than those set forth in Section 4.

5.   INDEMNIFICATION

5.1. INDEMNIFICATION BY THE VENDOR

5.1.1. General Principle

     Following the Closing, any and all claims of the Purchaser against the
     Vendor arising out of any breach of the representations or warranties of
     Vendor contained in this Agreement shall exclusively be based on this
     Section 5.

5.1.2. Liability of Vendor

     In the event of any breach of the representations and warranties by the
     Vendor as contained in Section 4, the Purchaser shall be entitled to claim
     a reduction of the Deferred Payment Amount, as adjusted according to
     Section 1.3, ("Minderung") and/or to claim damages within the limits of
     Section 5.1.3 - 5.1.5. Any other contractual or extra-contractual action or
     relief, in particular rescission of this Agreement ("Wandelung") pursuant
     to art. 205 of the Swiss Code of Obligations, is hereby expressly excluded.

5.1.3. Assessment of Claims

     There shall be liability of the Vendor only with respect to such claims
     which, individually, exceed CHF 20'000 (twenty thousand Swiss Francs) each
     and which, in the aggregate exceed CHF 1'000'000 (one million Swiss
     Francs). Once such threshold amount has been exceeded Purchaser may claim
     not only the amount above CHF 1'000'000, but also between CHF 1 and CHF
     1'000'000.

5.1.4. Maximum Recovery

     Notwithstanding anything in this Agreement to the contrary, the Vendor's
     liability, meaning the maximum indemnification payment by Vendor under this
     Section 5 shall not exceed the Deferred Payment Amount, as adjusted
     according to Section 1.3.

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Landqart SPA / 14 December 2001                                            - 9 -
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5.1.5. Exclusions

     Vendor's liability shall be excluded:

     a)   if and to the extent the facts or circumstances giving rise to the
          damage or loss have been duly disclosed by the Vendor during
          negotiation of or in the present Agreement (including, but not limited
          to the disclosure in the Due Diligence, and during management and
          other interviews) or should have been known otherwise by the Purchaser
          on or before the Closing Date; or

     b)   if and to the extent that such breach can be remedied by specific
          performance, the Vendor has, within 60 days following receipt of the
          Purchaser's notice, chosen to do so; or

     c)   if and to the extent that the Purchaser has received recovery for such
          damages or loss under any title whatsoever from a third party
          (including but not limited to recovery under any insurance policy),
          or, if non-recovery is the result of the Purchaser's and, after the
          Closing, the Company's failure to exercise best efforts to obtain
          recovery; or

     d)   if and to the extent the loss could have been avoided by the Purchaser
          and, after the Closing, by the Company had they complied with their
          legal obligation to minimize damages, or

     e)   if and to the extent such damage or loss arises or increases as a
          result of (i) any new issued or modified legislation (including but
          not limited to tax legislation) after the Closing Date, or (ii)
          modified accounting principles after the Closing Date or (iii) any
          voluntary act or omission by the Purchaser or the Company after the
          Closing Date (including but not limited to omission of appropriate
          insurance coverage policies in order to maintain insurance at level
          prior completion of this Agreement); or

     f)   if and to extent that the claim has been properly reserved for in the
          financial statements of the Company; or

     g)   if and to the extent that, as a result of a claim for
          misrepresentation or breach of warranty, any tax payable by the
          Company is reduced.

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Landqart SPA / 14 December 2001                                           - 10 -
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5.2. SURVIVAL AND NOTICE OF CLAIMS

     The representations and warranties of the Vendor contained in Section 4
     above shall be valid and enforceable until seven months after the Closing
     Date ("Ruge-, Gewahrleistungs- und Verjahrungsfrist"). Purchaser can notify
     Vendor at any time during these seven months that a breach of a
     representation and warranty occurred.

6.   FINANCING COMMITMENT OF PURCHASER

     Subsequent to Closing Purchaser will contribute CHF 10.0 to 12.0 million to
     the capital of the Company by a combination of share capital, subordinated
     loans and project finance based on the needs of the Company regarding
     working capital, liquidity and capital expenditures according to the
     Business Plan to extent that such contributions are economically
     justifiable.

7.   COVENANTS

7.1. ENVIRONMENTAL INDEMNITY

     In connection with environmental contamination which were (i) caused prior
     to Closing but were (ii) not disclosed to Purchaser prior to the signing of
     this Agreement or (iii) for which clean-up is not foreseen in the Business
     Plan, the Vendor will reimburse within the limits stated hereinafter the
     Purchaser 50% of all disbursements exceeding CHF 150'000 provided that such
     disbursements are caused by or incurred in connection with an order by a
     competent authority made prior to December 15, 2003 ordering the clean-up
     of any environmental contamination. Such indemnity by the Vendor is only
     due up to the maximum of the Deferred Payment Amount (after any set-off or
     compensation under Section 5) as per Section 1.2 (b) and will be paid by
     compensation, in part or total, with the Deferred Payment Amount. The
     indemnity will only be due if the business continues to operate within the
     present framework and if the order is not made in connection with a change
     in applicable rules or practice of the authorities.

7.2. ACCESS TO INFORMATION PRIOR TO THE CLOSING DATE

     Between Signing and Closing, the Vendor shall and shall cause the
     Company's officers, directors, employees and auditors to furnish to the
     representative of the Purchaser such financial and operating data and other
     information regarding the assets, properties, and the business of the
     Company as Purchaser may reasonably request; provided, however, that such
     investigation shall not unreasonably interfere with the business or
     operation of the Company and provided that the delivery of such data and
     information does not violate applicable laws.

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Landqart SPA / 14 December 2001                                           - 11 -
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7.3. ACCESS TO INFORMATION AFTER THE CLOSING DATE

     Each Party agrees that it will co-operate with and make available to the
     other Party, during normal business hours, all books and records and
     information (without substantial disruption of employment) retained and
     remaining in existence after the Closing Date which are necessary or
     relevant in connection with any tax filing, inquiry or dispute, in any
     third party litigation or any other matter requiring any such records or
     information in relation to the performance of this Agreement. The Party
     requesting any such information shall bear all reasonable out of pocket
     costs and expenses (including, but not limited to reasonable attorneys'
     fees, but excluding reimbursements for salaries and employee benefits)
     incurred in connection with providing such information. Specifically,
     Vendor may require certain financial information relating to the business
     for periods prior to the Closing Date for the purpose of filing federal,
     state, local and/or foreign tax returns and other governmental reports, and
     Purchaser agrees to furnish such information to Vendor at Vendor's request.

7.4. PRESERVATION OF RECORDS

     The Purchaser agrees that it shall preserve and keep all books and records
     relating to the Company for the period prior to the Closing Date in the
     Purchaser's possession for a period of at least 10 years from the Closing
     Date.

7.5. INFORMATION TO EMPLOYEES

     Information for the employees of the Company with respect to the
     transactions pursuant to this Agreement shall be agreed upon by the parties
     in respect of time, form and contents, and be made prior to or simultaneous
     with any public announcement.

7.6. PENSION FUNDS

     Vendor will continue to provide for pension and further cover for the
     employees for a transition period (hereinafter referred to as the
     "Transition Period") beginning on the Closing Date and ending not later
     than June 30, 2002 under the present "Vorsorgeeinrichtung Sihl"
     (hereinafter referred to as the "Vendor's Fund I"), the present
     "Wohlfahtsstiftung der Sihl" (hereinafter referred to as the "Vendor's Fund
     II") and further schemes of the second column like the "Sammelstiftung
     Mythen, Zurich Versicherungsgesellschaft". Purchaser undertakes to cause
     Company to pay or to make arrangements for payment of all contributions
     required under the applicable regulations of the Vendor's Fund I and the
     further schemes during such Transition Period.

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Landqart SPA / 14 December 2001                                           - 12 -
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     Purchaser undertakes to set up during the Transition Period a new pension
     or to designate an existing pension fund (hereinafter referred to as the
     "Purchaser's Fund") which shall insure the employees. Purchaser shall
     inform the Vendor with a notice period of 60 days about the transfer of the
     employees to Purchaser's Fund. The principles of the partial liquidation
     of Vendor's Fund I, Vendor's Fund II and the further schemes, and,
     correspondingly, the transfer of assets and liabilities to Purchaser's
     Fund, including but not limited to the transfer of the claims of the
     employees and others, the transfer of an adequate portion of the employer's
     contribution reserves and other reserves and the transfer and of an
     adequate portion of the free assets ("freies Stiftungsvermogen"), shall be
     agreed upon by the Parties in accordance with applicable law. It is
     understood that such agreement is subject to the approval of the competent
     authorities.

7.7. INSURANCE

     Vendor will use its best efforts to provide insurance coverage to the
     Company consistent with past practice until December 31, 2002. The Company
     will be charged the respective premiums in accordance with past practice.
     Vendor undertakes to procure insurance coverage for the Company by June 30,
     2002 effective January 1, 2003. The Parties will closely co-operate so as
     to ensure that there is no unnecessary loss in insurance coverage,
     especially in case of claims made insurance policies. Upon request Vendor
     will extend these deadlines by up to 3 months.

7.8. OTHER TRANSITIONAL SERVICES AND RIGHTS

     a)   Vendor will continue to provide financial accounting software to the
          Company consistent with past practice until December 31, 2002. The
          Company will be charged the respective costs in accordance with past
          practice. Vendor undertakes to cause the Company to procure an
          independent solution regarding financial accounting software of the
          Company by December 31, 2002 (effective date). The Company estimates
          that the costs for procurement of new financial accounting software
          will be in the range of CHF 50'000 - 100'000.

     b)   Vendor undertakes to transfer to the Company by June 30, 2002
          (effective date) at the latest all contracts with third parties
          currently performed by the Company but entered into in the name of
          Vendor. If consent of such third parties is not obtained by June 30,
          2002, the Company will obtain through a subcontracting arrangement or
          otherwise and subject to the terms of those contracts, all claims,
          rights and benefits and assume all obligations to best achieve the
          economic result of a transfer of those contracts to the Company.

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Landqart SPA / 14 December 2001                                           - 13 -
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     c)   Purchaser will cause the Company to transfer at the Company's cost the
          trademarks Sihlart, Sihl Mill, Sccurshil and Sihlprint to Vendor
          immediately after Closing and effective before June 30, 2002. Vendor
          will grant the Company a licence to use the trademarks Sihl Mills and
          Sihl Art consistent with past practice and without any payment to
          Vendor until December 31, 2004.

7.9. COMPANY'S MEMBERS OF BOARD OF DIRECTORS

     The Purchaser undertakes to hold immediately after Closing an extraordinary
     shareholders' meeting, which will (a) acknowledge the resignation of the
     board members whose resignation has been requested by Purchaser and (b)
     grant discharge to all board members for the business year 2001 and until
     Closing in accordance with art. 698 of the Swiss Code of Obligations.

7.10. DUTY TO CO-OPERATE

     Vendor, Purchaser and Company undertake to co-operate fully, as and to the
     extent reasonably requested by the other Party, in connection with the
     filing of tax returns and any audit, litigation or other proceedings in
     order to safeguard their interests vis-a-vis third parties. In particular,
     Vendor will fully co-operate with the Company and its advisers with regard
     to the national transfers of the patent EP0490825 in Austria, Spain, the UK
     and Italy to the Company and with regard to the transfer and endorsement of
     share certificates No 1-6 of Landqart management and services (formerly
     "Portals-Sihl AG") to the Company.

8.   MISCELLANEOUS

8.1. TRANSACTION COSTS

     All costs relating to this Agreement shall be borne by the Parties hereto,
     with each Party bearing its own costs (including but not limited to
     attorney's fees, financial advisers, taxes, etc.). The stamp duly payable
     on the capital of the Company due to the spin-off in 1999 in the amount of
     approximately CHF 300'000 shall be borne by the Company.

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8.2. CONFIDENTIALITY

     The Parties undertake to keep the contents of this Agreement confidential
     and not to inform any third party (except GKB and the management of the
     Company) about its content unless required to do so by law or applicable
     stock exchange regulations or unless mutually agreed upon by the Parties.

     All documents and information handed out during contractual negotiations
     are confidential and may not be made available or shown to third parties,
     even in case this Agreement will not enter into full force and effect or
     will at a later point in time be regarded as null and void.

8.3. PUBLIC ANNOUNCEMENTS

     Both Vendor and Purchaser shall consult each other before issuing any press
     release or otherwise making any public statement with respect to this
     Agreement and shall not issue any such press release or make any such
     public statement prior to such consultation and without the other Party's
     prior written approval.

8.4. WAIVER/REMEDIES

     Except if applicable law or this Agreement require the exercise of a right
     within a certain period of time, no delay on the part of any Party in
     exercising any right, power or privilege hereunder shall operate as a
     waiver thereof, nor shall any waiver or partial exercise on the part of the
     Parties of any right, power or privilege hereunder, preclude any other or
     further exercise thereof of the exercise of any other right, power or
     privilege which is not precluded by this Agreement.

8.5. AMENDMENTS AND MODIFICATIONS

     This Agreement may not be amended or modified except by a document in
     writing duly executed by the parties hereto. This undertaking itself may
     only be modified by an agreement in writing. The Parties agree that they
     jointly negotiated and prepared this Agreement and that it shall not be
     construed against any Party on the grounds that such Party prepared or
     drafted the same.

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8.6. NOTICES

     Notices hereunder shall be in writing. Notice shall be deemed received upon
     receipt of a registered letter addressed as follows:

     ---------------------------------------------------------------------------
     If to the Vendor:     Sihl, Melk M. Lehner. Allmendstrasse 125, 8041 Zurich

                           Copy to: lic. jur. et oec. Thomas U. Reutter,
                           Bar & Karrer, Seefeldstrasse 19, 8024 Zurich,
                           Switzerland
     ---------------------------------------------------------------------------
     If to the Purchaser:  Mercer International Inc, Giesshubelstrasse 15,
                           8045 Zurich, Switzerland

                           Copy to: Dr. Markus Vischer, Walder Wyss & Partner,
                           Munstergasse 2, Postfach 4081, 8022 Zurich,
                           Switzerland
     ---------------------------------------------------------------------------

8.7. SEVERABILITY

     Each provision of this Agreement shall be interpreted in such manner as to
     be effective and valid under the applicable law, but if any provision of
     this Agreement shall be unenforceable or invalid under applicable law, such
     provision shall be ineffective only to the extent of such unenforceability
     or invalidity and be replaced by such valid enforceable provision which the
     Parties consider, in good faith, to match as closely as possible the
     invalid or unenforceable provision and attaining the same or a similar
     economic effect. The remaining provisions of this Agreement shall continue
     to be binding and in full force and effect.

8.8. ASSIGNMENT

     No party may assign, in whole or in part, or delegate all or any part of
     its rights, interests or obligations under this Agreement to any person
     without the prior written approval of the other Party, such approval is not
     to be unreasonably withheld.

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8.9. GOVERNING LAW

     This Agreement shall be governed and construed in accordance with the
     internal law of Switzerland (excluding Swiss Private International Law and
     International Treaties).

8.10. DISPUTE RESOLUTION

     All disputes arising out of or in connection with this Agreement, including
     disputes on its conclusion, binding effect, amendment and termination shall
     be settled by the Court of Commerce (Handelsgericht) of the canton Zurich.

8.11. COUNTERPARTS

     This Agreement is executed in four counterparts, each of which shall be
     deemed an original but all of which shall constitute one and the same
     instrument.

(Place, Date): Zurich, December 14, 2001  (Place, Date):
               -------------------------                 -----------------------

Sihl

by:  /s/ Thomas Reutter                   by:  /s/ Jimmy Lee
    ------------------------------------      ----------------------------------

Name:    Thomas Reutter                   Name:    Jimmy S. H. Lee

Title:   [UNIDENTIFIABLE]                 Title:   ChairmanQuickLinks
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Exhibit 10.4  

 
 

EMPLOYMENT AGREEMENT    
  

        THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into as of the 21st day of February 2002, by and between Kevin S. Noland, an
individual resident of the State of Georgia (the "Employee"), and A.D.A.M., Inc., a Georgia corporation (the "Company"). 

W
I T N E S S E T H: 

        WHEREAS,
the Company is engaged in the business of producing, marketing, promoting, distributing and licensing anatomical, health and medical content (including without limitation,
products designed for educational markets and consumer markets and complementary and alternative medicine markets) (the "Company's Business"); and 

        WHEREAS,
the Company desires to employ the Employee as its Chief Operating Officer ("COO"), and Employee desires to accept such employment with the Company, all in accordance with the
terms and conditions hereinafter set forth; 

        NOW,
THEREFORE, for and in consideration of the above premises, the mutual covenants and agreements hereinafter set forth and other good and valuable consideration, the receipt,
adequacy, and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows: 

        1.    Employment and Duties.    

        (a)
Subject to the terms and conditions set forth in this Agreement, the Company hereby agrees to employ the Employee, and the Employee hereby agrees to serve the Company, as the COO of
the
Company. In performing his duties hereunder, the Employee shall report to and be directly responsible to the Chief Executive Officer ("CEO"). 

        (b)
During the term of this Agreement, the Employee shall, for the benefit of the Company, use his skills, knowledge, and specialized training to perform the duties and exercise the
powers, functions, and discretion's incident to his position as COO of the Company or which from time to time, consistent with such position, may be assigned to or vested in him by the CEO or Board of
Directors, in an efficient and competent manner and on such terms and subject to such restrictions as the CEO or Board of Directors may from time to time impose. 

        (c)
During the term of this Agreement, the Employee shall perform his duties hereunder at the Company's then current headquarters or as otherwise directed by the CEO or Board of
Directors from time to time. 

        (d)
During the term of this Agreement, the Employee agrees to devote his full business time, energy, and skill to the business of the Company, and to the fulfillment of the Employee's
obligations under this Agreement. In addition to the foregoing and not in limitation thereof, during the term hereof, the Employee shall not carry on, engage in, or otherwise be interested in,
directly or indirectly, any other business or activity that would result in a conflict of interest with the Company's business or that would materially adversely affect the Employee's ability to
perform his duties as set forth in this Agreement. 

        2.    Term.    The Employee's term of employment pursuant to this Agreement shall commence on the date hereof and
shall continue indefinitely until terminated in accordance with this Agreement. Either the Company or Employee may terminate Employee's employment under this Agreement at any time by notice to the
other; provided, however, that if such termination by the Company is Without Cause (as hereinafter defined) or if Employee's resignation is With Good Reason (as hereinafter defined) then, subject to
Section 6(b) below, the Employee shall be entitled to continue to receive twelve (12) months of the Employee's base salary at the same rate as provided to Employee as of the date of
termination, such base salary to be paid on the same installment basis as provided for in Section 3(a). Notwithstanding the foregoing, Employee agrees that he will not terminate his 

 

employment upon less than sixty (60) days' prior written notice unless such termination is With Good Reason. Employee acknowledges and agrees that after the Company's receipt of any notice of
termination from the Employee, the Company may, at its sole option, elect an earlier effective date for the termination of Employee's employment by giving written notice of such earlier date to
Employee at any time prior to the date of termination initially established by Employee. Company agrees that Employee's election to terminate his employment hereunder shall not constitute a sufficient
basis upon which the Company can terminate Employee's employment With Cause. 

        3.    Compensation.    

        (a)
Subject to the terms of this Agreement, as base compensation for Employee's services, the Company shall pay Employee so long as he shall be employed under this Agreement a base
salary that will accrue at a rate of not less than one-hundred fifty-thousand Dollars ($150,000) per annum. It being agreed, however, that Employee's salary shall be subject to all
withholdings pursuant to applicable law or regulation. Employee's base salary shall be payable to Employee on the regularly reoccurring pay period established by the Company, but in no event in less
than monthly installments. The CEO or Board will annually review the base salary of Employee; however, such base salary will not at any time be subject to reduction to any amount less than the dollar
amount set forth in this Section 3(a). 

        (b)
In addition to the annual base salary payable to Employee under paragraph 3(a), Employee will be eligible to participate in grants of stock options from time to time
established for employees of the Company in accordance with the terms and conditions of such plans (or any successor stock option plan adopted by the Company during the term hereof). In the event that
Employee's employment is terminated With Good Reason (as hereinafter defined) or Without Cause (as hereinafter defined) then the Employee's then vested amount of stock options (or any portion of a
stock option grant that has vested according to that grant's vesting schedule) at the time of Employee's termination shall be carried to their full term by the Employee upon termination. For example,
if Employee receives a stock option grant of 15,000 shares with a three-year vesting schedule and a ten-year term, and the Employee is terminated during the second year of the
three-year vesting schedule, Employee will be entitled to carry to term 5,000 options, or one-third of the stock option grant. 

        (c)
The Employee hereby acknowledges that the Employee may be required to work beyond standard working hours in order to perform his duties hereunder. The Employee shall not be entitled
to compensation for overtime or extra hours worked in performance of his duties hereunder except as required by law. 

        (d)
In addition to the compensation described in this Agreement, the Employee shall be entitled to reimbursement by the Company for all actual, reasonable, and direct expenses incurred
by him in the performance of his duties hereunder, provided such expenses were incurred only in accordance with the policies and procedures established by the Company from time to time. 

        4.    Employment Benefits.    

        (a)
The Employee shall have the right to participate in any and all employee benefit programs established or maintained by the Company from time to time, in accordance with the terms and
conditions of such employee benefit programs, including, without limitation, such medical and dental plans, retirement, pension, profit sharing, stock bonus, or stock option plans as may be
established from
time to time by the Company. The Company reserves the right, in its sole discretion, to alter, amend, or discontinue any of such employee benefit programs at any time. 

        (b)
In addition to such public holidays as are observed by the Company, the Employee shall be entitled to vacation days or paid time off in accordance with the Company's then current
policies, which the Company reserves the right, in its sole discretion, to alter, amend, or discontinue at any time. 

2

 

        (c)
The Employee acknowledges that the Company may promulgate employee handbooks, policies, and procedures from time to time, and the Employee agrees to adhere to the terms of any
handbook, policy, or procedures that the Company may promulgate from time to time. The Company reserves the right, in its sole discretion, to alter, amend, or terminate any handbook, policy, or
procedure. 

        5.    Illness, Incapacity or Death During Employment.    

        (a)
If by reason of illness, injury or incapacity, the Employee is unable, despite reasonable accommodation, to perform his services or discharge his duties hereunder on a full time
basis for ninety (90) or more consecutive days or one hundred twenty (120) days in the aggregate during any twelve (12) month period (or any such longer periods as may be required
by law), then the Company may terminate the employment of the Employee by written notice to Employee, and, thereupon, subject to Section 6(b) below, the Employee will be entitled to receive
Employee's base salary, paid in equal monthly installments, for a period of twelve (12) months following the date of such termination. Notwithstanding the foregoing, if the Company maintains a
disability insurance policy for the benefit of the Employee and the Employee qualifies for the payments under such policy, the Company shall be obligated to pay to the Employee only the difference, if
any, between Employee's base salary and the payments under such policy. 

        (b)
In the event of the Employee's death, all obligations of the Company under this Agreement shall terminate, other than the Employee's rights with respect to the payment of that
portion of the base salary earned by the Employee to the date of death, plus reimbursement of all pre-approved expenses that were reasonably incurred by the Employee in performing his
responsibilities and duties for the Company prior to and including such date. 

        6.    Termination of Employment.    

        (a)
If Company terminates Employee's employment hereunder With Cause (as hereinafter defined) or pursuant to Section 5 or Employee resigns Without Good Reason (as hereinafter
defined), all
obligations of Company to provide compensation and benefits under this Agreement shall cease, and Employee shall have no claim against the Company for damages or otherwise by reason of such
termination. Company's election to terminate Employee's employment With Cause shall be without prejudice to any remedy the Company may have against Employee for the breach or
non-performance of any of the provisions of this Agreement. 

        (b)
If Company terminates Employee's employment hereunder Without Cause (as hereinafter defined) or Employee resigns With Good Reason (as hereinafter defined), the Company shall: 

	(1)
	continue
to pay Employee's annual base salary (as in effect on the date Employee's employment so terminates) under Section 3(a) of this Agreement and pursuant to
Section 2;

	(2)
	pursuant
to Section 2, for a twelve (12) month period following Employee's termination, pay the COBRA premiums necessary for Employee to continue the same medical
coverage Employee carried while an active employee provided that the Company shall not be required to make more than the maximum number of payments allowed under COBRA. 

        (c)
"With Cause" means the termination of employment resulting from: 

        (i)
any act or omission which constitutes a material breach by Employee of his obligations under this Agreement; 

        (ii)
the commission by Employee of a felony or any crime involving moral turpitude, fraud or dishonesty; 

3

 

        (iii)
the perpetration by Employee of any act of dishonest whether relating to the Company, the Company's employee or otherwise; 

        (iv)
the use of illegal drugs by the Employee, or drunkenness or substance abuse by the Employee which interferes with the performance of his duties hereunder; 

        (v)
gross incompetence on the part of Employee in the performance of his duties hereunder; 

        (vi)
the issuance of a final consent decree, cease and desist or similar order against Employee by a regulatory agency relating to violations or alleged violations of any federal or
state law or regulation governing the conduct of the business of the Company; or 

        (vii)
any other act or omission (other than an act or omission resulting from the exercise by Employee of good faith business judgment) which materially impairs the financial condition
or business reputation of the Company. 

        (d)
"Without Cause" means the termination of employment resulting from any reason other than those enumerated in subsection (c) above or Section 5 of this Agreement. 

        (e)
"With Good Reason" means the Employee's termination of his employment with the Company as a result of: 

        (i)
the assignment to Employee of any duties materially and adversely inconsistent with the Employee's position as specified in Section 1 hereof (or such other position to which
he may be promoted), including status, offices, responsibilities or persons to whom the Employee reports as contemplated under Section 1 of this Agreement, or any other action by Company which
results in a material adverse change in such position, status, offices, titles, or responsibilities; 

        (ii)
relocation of the Company's principal executive offices outside of the metropolitan Atlanta area as the CEO or Board of Directors of the Company may designate, and Employee elects
not to accept such reassignment by notifying the Company in writing within 45 days of such reassignment, or; 

        (iii)
any other material breach of this Agreement by Company, including the failure to pay Employee on a timely basis the amounts to which he is entitled under this Agreement, after
written notification from the Employee of such breach, setting forth in detail the matters involved, and the Company's failure to cure the problem resulting in such breach within fifteen
(15) days thereafter. 

        (f)
"Without Good Reason" means the Employee's termination of his employment with the Company for any reason other than those enumerated in subsection (e) above. 

        7.    Employee's Obligations upon Termination of Employment.    Upon the termination of his employment hereunder for
whatever reason Employee shall: 

        (a)
tender his resignation from any directorship or office he may hold in the Company or any of its subsidiaries or affiliates, and not at any time represent himself still to be
connected with or to have any connection with the Company or its subsidiaries or affiliates; and 

        (b)
observe all post-employment covenants set forth in this Agreement. 

        8.    Effect of Termination.    The provisions of Sections 6(c), 7, 9 through 15 and 22 of this Agreement shall
survive the termination of this Agreement and the termination of Employee's employment with the Company to the extent required to give full effect to the covenants and agreements contained therein. 

4

 

        9.    Confidentiality.    

        (a)
The Employee agrees that, both during his employment and for the applicable period described in Section 9(b) below after termination of his employment for any reason, the
Employee will hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose, except as set forth in Section 9(c) below or as authorized by
the Company in connection with the performance of the Employee's duties, any Confidential Information (as hereinafter defined) that the Employee may have or acquire (whether or not developed or
compiled by the Employee and whether or not the Employee has been authorized to have access to such Confidential Information) during his employment with the Company. Moreover, in the absence of
Company's prior written consent, the Employee agrees not to make or cause to be made known to any third party any correlation or identity which may exist between the Confidential Information that the
Employee may have or acquire on the one hand, and, on the other hand, any other information now or hereafter made available to the Employee. The term "Confidential Information" as used in this
Agreement shall mean and include any information, data, and know-how relating to the business of the Company that is disclosed to the Employee by the Company or known by the Employee as a
result of the Employee's relationship with the Company and not generally within the public domain (whether constituting a trade secret or not), including, without limitation, the following
information: 

        (i)
technical information, such as formulas, patterns, devices, computer program source and object codes, compositions, inventions, processes, specifications, research, methods,
technique, software, or engineering or technical specification, and any know-how relating to any of the foregoing, and methods of delivery, whether owned by the Company or utilized by the
Company under license from a third party, in each case to the extent that such information is not generally known to the public; 

        (ii)
financial information, such as the Company's earnings, assets, debts, cost-price information, product mark-ups, gross margins, fee structures, volumes of
purchases or sales, or financial data or information
that should not be disclosed to its customers or competitors, whether relating to the Company generally, or to particular services, geographic areas, or time periods; 

        (iii)
supply and service information, such as information concerning the goods and services utilized or purchased by the Company, the names or addresses of suppliers, terms of supply or
service contracts, or of particular transactions, or related information about potential suppliers, to the extent that such information is not generally known to the public, and to the extent that the
combination of suppliers or use of a particular supplier, though generally known or available, yields advantages to Company and the details of which are not generally known; 

        (iv)
marketing information, such as details about ongoing or proposed marketing programs or agreements by or on behalf of the Company, marketing forecasts or results of marketing efforts
or information about impending transactions; 

        (v)
personnel information, such as employees' personal or medical histories, compensation or other terms of employment, actual or proposed promotions, hirings, resignations, disciplinary
actions, terminations or reasons therefor, training methods, performance, or other employee information; 

        (vi)
customer information, such as any compilation of past, existing, or prospective customers, customer proposals or agreements between customers and the Company, status of customer
accounts or credit, or related information about actual or prospective customers; and 

        (vii)
information that was provided to the Company in confidence or that that Company is otherwise required to maintain in confidence due to a legal or contractual obligation. 

5

 

The
term "Confidential Information" does not include information that has become a part of the public domain by the act of one who has the right to disclose such information without violating any
right of the Company or the customer to which such information pertains. Confidential Information which is specific as to techniques, methods, or the like shall not be deemed to be in the public
domain merely because such information is embraced by more general disclosures in the public domain, and any combination of features shall not be deemed within the foregoing exception merely because
individual features are in the public domain if the combination itself and its principles of operation are not in the public domain. 

        (b)
The covenants contained in this Section 9 shall survive the termination of the Employee's employment with the Company for any reason for a period of two (2) years;
provided, however, that
with respect to those items of Confidential Information which constitute a trade secret under applicable law, the Employee's obligations of confidentiality and non-disclosure as set forth
in this Section 9 shall continue to survive after said two-year period to the greatest extent permitted by applicable law. These rights of the Company are in addition to those
rights the Company has under the common law or applicable statutes for the protection of trade secrets. 

        (c)
In the event that the Employee becomes legally compelled (by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose
any of the Confidential Information, the Employee shall provide the Company with prompt written notice of such requirement prior to complying therewith so that the Company may seek a protective order
or other appropriate remedy and/or waive compliance with the terms of this Agreement. In the event that such protective order or other remedy is not obtained or the Company waives compliance with the
provisions hereof, the Employee agrees to furnish only that portion of the Confidential Information that is legally required and to exercise reasonable efforts to obtain an assurance that confidential
treatment will be accorded such Confidential Information. 

        (d)
All writings, tapes, recordings, computer programs, Internet websites and other works in any tangible medium of expression, regardless of the form of medium, which have been or are
prepared by the Employee, or to which the Employee contributes in any way to such preparation, in connection with the Employee's employment by the Company (collectively, the "Works"), and all
copyrights and other rights, titles and interests whatsoever in and to the Works, belong solely and exclusively to the Company as works made for hire; moreover, if and to the extent any court or
agency should conclude that the Works (or any of them) do not constitute or qualify as a "work made for hire," the Employee hereby assigns, grants and delivers, solely and exclusively unto the
Company, all copyrights and other rights, titles, and interests whatsoever in and to the Works. 

        10.    Non-Solicitation of Employees.    The Employee agrees that he will, for so long as he is employed
by the Company and for a period of two (2) years after termination of his employment for any reason, (i) not solicit, entice, persuade, or induce any other employee of the Company to
leave the Company's employ, and (ii) refrain from recruiting or hiring, or attempting to recruit or hire, directly or by assisting others, any other employee of the Company who is employed by
or doing business with the Company at the time of the attempted recruiting or hiring. 

        11.    Non-Solicitation of Customers.    The Employee will, for so long as he is employed by the Company
and for a period of one (1) year after termination of his employment Without Cause or With Good Reason, refrain from soliciting, or attempting to solicit, directly or by assisting others, any
business from any of the customers, including actively sought prospective customers, with whom the Employee had material contact within the last twelve months of Employee's employment hereunder, for
purposes of providing products or services that are similar to or competitive with those provided by the Company, if the Company is also then still engaged in such business. 

        12.    Non-Competition.    Employee expressly covenants and agrees that during the term of his employment
hereunder and for a period of twelve (12) months after termination of his employment 

6

 

and subject to the provisions set forth under Section 2 and Section 3(a) for termination Without Cause, With Good Reason or With Cause as defined herein, he will not, directly or
indirectly, seek, obtain, or accept a "Competitive Position" in the "Restricted Territory" with a "Competitor" of the Company (as such terms are hereafter defined). For purposes of this Agreement, a
"Competitor" of the Company means any business, individual, partnership, joint venture, association, firm, corporation or other entity engaged, whose primary business is in the production, marketing,
promotion or distribution of products or services that are the same as, or similar to, or competitive with, the products or services that are produced, marketed, promoted, or distributed by Company in
connection with the Company's Business; a "Competitive Position" means any employment with any Competitor of the Company whereby Employee has duties for such Competitor that are similar to those
actually performed by him pursuant to the terms hereof; and the "Restricted Territory" means the following geographical area: U.S. Employee acknowledges and agrees that he has been or will be working
within the Restricted Territory as defined above or has had or will have material contact with customers or actively sought prospective customers of the Company located within such areas. The parties
agree to review the geographical area included within the Restricted Territory from time to time at either party's request in order that the Restricted Territory may be reformed so that its coverage
upon Employee's termination will extend only to the geographical area in which the Employee is working at such time, including any area where any operations performed, supervised, or assisted in by
the Employee are conducted and any area where customers or actively sought prospective customers of the Company with whom the Employee had material contact are present. Any reformation to be evidenced
only by written amendment to this Agreement. 

        13.    Severability.    Except as noted below, should any provision of this Agreement be declared or determined by any
court of competent jurisdiction or arbitrator to be unenforceable or invalid for any reason, the validity of the remaining parts, terms, or provisions of this Agreement shall not be affected thereby
and the invalid or unenforceable part, term, or provision shall be deemed not to be a part of this Agreement. The covenants set forth in this Agreement are to be reformed pursuant to Section 14
if held to be unreasonable or unenforceable, in whole or in part, and, as written and as reformed, shall be deemed to be part of this Agreement. 

        14.    Reformation.    If any of the covenants or promises of this Agreement are determined by any court of law or
equity or arbitrator, with jurisdiction over this matter, to be unreasonable or unenforceable, in whole or in part, as written, Employee hereby consents to and affirmatively requests that said court
or arbitrator, to the extent legally permissible, reform the covenant or promise so as to be reasonable and enforceable and that said court or arbitrator enforce the covenant or promise as so
reformed. 

        15.    Injunctive Relief.    The Employee understands, acknowledges and agrees that in the event of a breach or
threatened breach of any of the covenants and promises contained in Sections 9, 10, 11, and 12, the Company will suffer irreparable injury for which there is no adequate remedy at law and the Company
will therefore be entitled to obtain, without bond, injunctive relief enjoining said breach or threatened breach. Employee further acknowledges, however, that the Company shall have the right to seek
a remedy at law as well as or in lieu of equitable relief in the event of any such breach. 

        16.    Assignment.    The terms and provisions of this Agreement shall inure to the benefit of and be binding upon the
Company and its successors and assigns, and upon Employee and his heirs and personal representatives. The term "Company" as used in this Agreement shall be deemed to include the successors and assigns
of the original or any subsequent entity constituting the Company as well as any and all divisions, subsidiaries, or affiliates thereof. 

        17.    Waiver.    The waiver by any party to this Agreement of a breach of any of the provisions of this Agreement
shall not operate or be construed as a waiver of any subsequent or simultaneous breach. 

7

 

        18.    Applicable Law.    This Agreement has been entered into in and shall be governed by and construed under the
laws of the State of Georgia (U.S.A.), without regard to conflicts of laws principles. 

        19.    Headings and Captions.    The headings and captions used in this Agreement are for convenience of reference
only, and shall in no way define, limit, expand, or otherwise affect the meaning or construction of any provision of this Agreement. 

        20.    Notice.    Any notice required or permitted to be given pursuant to this Agreement shall be deemed sufficiently
given when delivered in person, by courier service in which the party acknowledges receipt in writing, or three (3) days after deposit in the United States mail, postage prepaid, for delivery
as registered or certified mail addressed, in the case of the Employee, to him at his residential address as reflected on the records of the Company, and in the case of the Company to the corporate
headquarters of the Company, attention of the CEO, or to such other address as the Employee or the Company may designate in writing at any time or from time to time to the other party. In lieu of
personal notice or notice by deposit in the US mail, a party may be given notice by fax or telex or other similar electronic method so long as receipt is verified. 

        21.    Gender.    All pronouns or any variations thereof contained in this Agreement refer to the masculine, feminine
or neuter, singular or plural, as the identity of the person or persons may require. 

        22.    Arbitration.    The parties hereto agree to submit any controversy or claim arising out of or relating to
Employee's employment by the Company, or the termination thereof, or this Agreement, or the breach thereof (including, without limitation, any claim that any provision of this Agreement or any
obligation of Employee is illegal or otherwise unenforceable or voidable under law, ordinance, or ruling or that Employee's employment by the Company was illegally terminated) for arbitration at the
office of the American Arbitration Association in Atlanta, Georgia, in accordance with the United States Arbitration Act (9 U.S.C. § 1 et seq.) and the rules of the American Arbitration
Association. Company and Employee each consents and submits to the personal jurisdiction and venue of the trial courts of Fulton County, Georgia, and also to the personal jurisdiction and venue of the
United States District Court
for the Northern District of Georgia for purposes of enforcing this provision. All awards of the arbitration shall be binding and non-appealable except as otherwise provided in the United
States Arbitration Act. Judgment upon the award of the arbitrator may be entered in any court having jurisdiction thereof. The arbitration shall take place at a time noticed by the American
Arbitration Association regardless of whether one of the parties fails or refuses to participate. The arbitrator shall have no authority to award punitive damages, but will otherwise have the
authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without limitation, specific performance of any obligation created under this Agreement,
the issuance of an injunction or other provisional relief, or the imposition of sanctions for abuse or frustration of the arbitration process. The parties shall be entitled to engage in reasonable
discovery, including a request for the production of relevant documents. Depositions may be ordered by the arbitrator upon a showing of need. The foregoing provisions shall not preclude either party
from bringing an action in any court of competent jurisdiction for injunctive or other provisional relief as a party may determine is necessary or appropriate. 

        23.    ENTIRE AGREEMENT.    THIS AGREEMENT CONSTITUTES THE ENTIRE AGREEMENT BETWEEN THE COMPANY AND EMPLOYEE WITH
RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT AND SUPERSEDES ANY PRIOR AGREEMENTS OR UNDERSTANDINGS BETWEEN THE COMPANY AND EMPLOYEE WITH RESPECT TO SUCH SUBJECT MATTER. NO AMENDMENT OR WAIVER OF
THIS AGREEMENT OR ANY PROVISION HEREOF SHALL BE EFFECTIVE UNLESS IN WRITING SIGNED BY THE PARTY TO BE SO BOUND. 

8

 

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

	 	 	COMPANY:
	 	 	A.D.A.M., INC.
	

 	
 	

By:

	

 	
 	

Title:

	

 	
 	

EMPLOYEE:
	

 	
 	

 KEVIN S. NOLAND

9

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