Document:

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                                                                    Exhibit 10.4
                                 PROMISSORY NOTE

$29,825                                         Dated: April 11, 2001
                                                New York, New York

         FOR VALUE RECEIVED, the undersigned, OPTIMARK HOLDINGS, INC. a Delaware
corporation, ("OPTIMARK") promises to pay to the order of SOFTBANK Capital
Advisors Fund LP, a Delaware limited partnership ("SOFTBANK"), the principal sum
of Twenty Nine Thousand Eight Hundred Twenty-Five and NO/100 DOLLARS ($29,825),
or such lesser principal amount plus interest, in lawful, immediately available
money of the United States of America.

         This Promissory Note ("NOTE") is issued by OptiMark pursuant to that
certain Convertible Loan Agreement dated as of April 11, 2001, (the "LOAN
AGREEMENT") between OptiMark and Softbank. Capitalized terms not otherwise
defined in this Note shall have the meaning set forth in the Loan Agreement,
which definitions are incorporated herein. The terms of the Loan Agreement are
also incorporated herein.

         OptiMark further agrees as follows:

         1. INTEREST RATE. Interest on the outstanding principal balance of this
Note shall accrue at the rate of ten percent (10%) per annum, based on a year of
360 days and actual days elapsed. Interest shall be compounded quarterly, shall
accrue from the Closing Date until the Loan is paid in full and shall be added
to principal as specified in the Loan Agreement. Upon the occurrence and during
the continuance of an Event of Default, interest on the outstanding principal
balance of this Note shall accrue at the Default Rate specified in Section 4.2
of the Loan Agreement and shall also be compounded quarterly However, in no
event shall the interest rate exceed the maximum rate permitted by law. Interest
shall be payable on the Maturity Date specified below.

         2. PAYMENT OF PRINCIPAL AND INTEREST. The outstanding principal balance
of this Note, together with all accrued but unpaid interest, shall be due and
payable on July 10, 2001 (the "MATURITY DATE"). The outstanding principal
balance due on this Note shall be determined as specified in Section 3.2 of the
Loan Agreement. The principal, interest and other sums due on this Note or under
the Loan Agreement shall be reflected by Softbank's records which will be prima
facie evidence of the computation of the amounts owing by OptiMark to Softbank,
absent manifest error.

         3. LOAN AGREEMENT AND PREPAYMENT. This Note is issued pursuant to the
terms of the Loan Agreement and is secured by the Collateral. Voluntary
prepayments of this Note may be made without penalty.

         4. DEFAULT. If an Event of Default shall occur, then all amounts due or
to become due under this Note or under the Loan Agreement or any of the Related
Documents shall become, or may be declared, immediately due and payable, all as
further provided in the Loan Agreement.
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         5. MAXIMUM AMOUNT OF INTEREST. Notwithstanding any contrary provision,
the total liability of OptiMark for payment of interest hereunder shall not
exceed the maximum amount of interest permitted by law, and if any payment made
by the OptiMark includes interest in excess of such a maximum amount, Softbank
shall at any time before or after default apply such excess to the reduction of
principal hereunder.

         6. CONVERSION. The outstanding principal balance of the Loan together
with accrued but unpaid interest may be converted into Next Round Preferred
Stock pursuant to the Loan Agreement.

         7. WAIVERS BY OPTIMARK. Subject to any provisions to the contrary in
the Loan Agreement, OptiMark waives presentment for payment, demand, notice of
nonpayment, notice of protest and protest of this Note, and all notices in
connection with the delivery, acceptance, or dishonor of this Note. OptiMark
agrees that (a) if for any reason any amount due hereunder is paid by cashier's,
certified teller's check or other check, there shall be no discharge of
OptiMark's obligation until said check be finally paid by the issuer thereof;
and (b) OptiMark shall have waived any rights to any accord and satisfaction of
any now or hereafter existing claim in dispute between Softbank and OptiMark (or
any of their respective successors and assigns), all of which provisions and
rights are hereby waived.

         8. NO WAIVER BY SOFTBANK. Softbank shall not by any act of omission or
commission be deemed to waive any of its rights or remedies under this Note or
the Loan Agreement unless such waiver shall be in writing and signed by
Softbank, and then only to the extent specifically set forth therein.

         9. COSTS AND FEES. OptiMark agrees to pay to Softbank all Costs and
Fees (including without limitation, reasonable attorneys' fees) payable under
the provisions of the Loan Agreement, including but not limited to Section 4.1
thereof, all of which provisions are incorporated herein by this reference.

         10. APPLICATION OF ARTICLE 3. OptiMark and Softbank agree that the
provisions of Article 3 of the Uniform Commercial Code of New York pertaining to
instruments shall be applied to this Note, even if this Note is not deemed to be
an "INSTRUMENT" or a "NEGOTIABLE INSTRUMENT" thereunder, except that no assignee
of this Note shall have the status of a "HOLDER-IN-DUE COURSE" under that
Article.

         11. GOVERNING LAW; VENUE. This Note shall be governed by and construed
in accordance with the internal laws of the State of New York. Without impairing
the other agreements made by OptiMark in the Loan Agreement, OptiMark hereby
irrevocably makes the agreements set forth in Sections 9.5 (Governing Law;
Venue) of the Loan Agreement.

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                                          OPTIMARK HOLDINGS, INC.
                                          a Delaware corporation

                                          By  /s/ Robert J. Warshaw
                                             ----------------------------------

                                          Its  CEO
                                             ----------------------------------

                      [Signature Page to Promissory Note]<PAGE>   1
                                                                   EXHIBIT 10.10

                              CONSULTING AGREEMENT

AGREEMENT made as of the 1st of March, 2001 by and

BETWEEN

(a)   Knollwood Associates, LLC whose principal place of business is located at
      470 Knollwood Road, Ridgewood, New Jersey 07450, hereinafter referred to
      as the "Consultant," and

(b)   Applied Graphics Technologies, Inc., whose principal place of business is
      located at 450 West 33rd Street, New York, NY 10001, hereinafter referred
      to as the "Company."

WHEREAS, since January 1, 2001 the Company has engaged Consultant to cause John
Dreyer, in addition to the services provided by him as a Director of the
Company, to perform the consulting services detailed in Appendix A attached
hereto, and the Company wishes to continue to retain the services of Consultant;
and

WHEREAS, on February 27, 2001, the Compensation Committee of the Board of
Directors of the Company authorized the Company to enter into an agreement with
Consultant for the provision of such consulting services on the following terms;
and

WHEREAS, Consultant desires to continue to consult with the Chairman, CFO, COO
and senior management of the Company, and to provide such consulting services;

NOW, THEREFORE, it is agreed as follows:

1.    TERM

      This Agreement shall continue in effect until terminated for any reason by
either party on thirty (30) days prior written notice to the other party.

2.    SERVICES

      During the term, in addition to the services provided by John Dreyer as a
Director of the Company, Consultant agrees to cause John Dreyer to perform, at
such times and places as the Company shall reasonably request, the consulting
services set forth on Appendix A. Consultant shall have no authority to bind the
Company, its officers or any other members of the Company in any transactions or
communications nor shall Consultant make claim to do so.
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3.    CONFIDENTIALITY

      The Consultant shall not, during the continuance of this Agreement or
after the termination thereof, disclose any of the secrets, confidential
information or any financial information relating to the Company. Unless
specifically stated herein, the performance of services by the Consultant for
the Company shall not preclude the Consultant from working for any other Company
or entity.

4.    COMPENSATION

(a) In consideration of the services to be provided by the Consultant
        hereunder, commencing April 1, 2001, the Company shall pay the
        Consultant $12,500 per month in arrears. In addition, in consideration
        for the services rendered by the Consultant from January 1, 2001 to
        March 31, 2001, the Consultant shall receive a lump sum payment of
        $37,500.

(b) In further consideration of the services to be provided hereunder, on
        February 28, 2001, the Company granted John Dreyer options to purchase
        50,000 shares of the Company's common stock at an exercise price of
        $3.50 per share. The options shall vest over a two-year period
        commencing February 28, 2001, and shall vest in 24 equal monthly
        installments. Vesting shall continue for so long as the Agreement
        remains in effect and shall immediately cease upon termination of this
        Agreement. All other terms of the options shall be determined in
        accordance with the terms of the stock option agreement entered into
        between the Company and Mr. Dreyer.

(c) The Company shall reimburse the Consultant per diem for any reasonable
        out-of-pocket expenses incurred by the Consultant pursuant to the terms
        of this Agreement. The Consultant shall submit itemized statements of
        services performed and expenses incurred during any particular month by
        the fifth (5th) day of the next succeeding month.

5.      LIABILITY

        With regard to the services to be performed by the Consultant pursuant
to the terms of this Agreement, the Consultant shall not be liable to the
Company, or to anyone who may claim any right due to any relationship with the
Company, for any acts or omissions in the performance of services on the part of
Consultant, except when said acts or omissions of the Consultant are due to
willful misconduct or gross negligence. The Company shall hold the Consultant
free and harmless from any obligations, costs, claims, judgements, attorneys'
fees, and attachments arising from or growing out of the services rendered to
the Company pursuant to the terms of this Agreement or in any way connected with
the rendering of services, including any costs and/or reasonable attorneys' fees
related to the defense of any claim or action, other than those claims arising
out of Consultant's gross negligence or willful misconduct in connection with
the performance of the services hereunder.
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6.      INDEPENDENT CONTRACTOR; BENEFITS

        The Consultant shall perform all services hereunder as an independent
contractor and not as an employee or agent of the Company. The Consultant shall
not be entitled to any benefits, coverages or privileges, including, without
limitation, social security, unemployment, medical or pension benefits, made
available to employees of the Company.

        IN WITNESS WHEREOF, the parties have hereunto executed this Agreement as
of the 1st day of March, 2001.

APPLIED GRAPHICS TECHNOLOGIES, INC.       KNOLLWOOD ASSOCIATES, LLC

By: /s/ Martin D. Krall                                      By: /s/ John Dreyer
    -------------------                                          ---------------
       Martin D. Krall                                            John Dreyer
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                                   APPENDIX A

                               CONSULTANT SERVICES

-       Major Account Sales and Strategic Selling

-       Such other matters as the Company may reasonably request

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