Document:

Exhibit 10.23

                              EMPLOYMENT AGREEMENT

                                      with

                                    Sam Brill

      AGREEMENT entered into as of the 5th day of November 2001 (the "Effective
Date") between Sam Brill (the "Employee") and TTR Technologies, Inc., a Delaware
corporation (the "Company").

                               W I T N E S S E T H

      WHEREAS, the Company desires to engage the Employee for the Company in the
position of Vice President of Corporate Strategy, all upon the terms and
conditions contained herein; and

      NOW THEREFORE, in consideration of the promises and mutual agreements
hereinafter contained, the parties hereto agree as follows:

1. Engagement & Duties

      1.1 With effect from the effective date (as defined in Section 2), the
Company employs Employee and Employee accepts employment with the Company as its
Vice President of Corporate Strategy, upon the terms and conditions set forth
herein. The Employee shall perform faithfully and diligently the duties
customarily performed by persons in the position for which Employee is engaged.
Employee shall devote Employee's full business time and efforts to rendition of
such services and to the performance of such duties as are set forth herein.

      The Employee shall further have such duties and responsibilities
commensurate with his position as may be assigned to him from time to time by
the Chief Executive Officer.

      1.2 The Employee's authority shall be subject to the authority of the
Chief Executive Officer, to whom the Employee shall report.

      1.3 The Parties acknowledge and agree that the nature of the Employee's
duties hereunder will also require substantial domestic and possible
international travel.

2. Term; Termination

      2.1 Employee's employment under this Agreement shall commence on the
Effective Date and shall end on the earlier of: (i) the death or disability (as
defined herein) of the Employee, (ii) termination of Employee's employment with
cause (as defined herein); (iii) termination of Employee's employment without
cause by the Company or the Employee upon one (1) month prior written notice;
and (iv) May 5, 2002 (the "Initial Term"); provided, however that at the end of
the Initial Term the
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Company may, in its sole discretion upon the decision of its board of directors,
extend or renew this Agreement for an additional twelve months (the "Additional
Term") on the terms and conditions set forth herein, including without
limitation, the Gross Salary payable hereunder, on at least two (2) weeks
written notice to the Employee, prior to the scheduled expiration of the Initial
Term. Within five (5) business days' of Employee's receipt of the notice to
extend or renew for the Additional Term, Employee shall notify the Company in
writing of acceptance or rejection of the renewal or extension; Employee's
failure to so respond within the designated period shall be deemed to be a
rejection.

      Notwithstanding the foregoing, in the event that Company or Employee shall
have terminated this Agreement without cause, upon the request of the Company
the Employee shall vacate his position and the Company's premises (if
applicable) on a date specified by the Company which is earlier than the end of
the notice period specified in (iii) above upon payment to Employee, in one lump
sum on the effective date of termination, the amount of Gross Salary payable
under Section 3 from the effective date of termination until the end of such
notice period, less required deductions for state and federal withholding tax,
social security and other employee taxes.

      2.2 For the purpose of this Section 2, "disability" shall mean any
physical or mental illness or injury as a result of which Employee remains
absent from work for a period of two (2) successive months, or an aggregate of
two (2) months in any twelve (12) month period. Disability shall occur at the
end of any such period.

      2.3 The Company shall have the right to terminate for "Cause" upon notice
to the Employee in the event of (a) a failure by the Employee to perform his
duties hereunder, or (b) a failure by the Employee to comply with the lawful and
proper instructions of the Chief Executive Officer or the Company's Board of
Directors (hereinafter, the "Board"), or (c) Employee's illegal or unethical
acts or conduct which causes material harm or loss to the Company or otherwise
brings notoriety to the Company or has a material adverse effect on the name or
public image of the Company.

      2.4 Commencing on (and subject to) the Additional Term, in the event of
termination of Employee by the Company for any reason whatsoever other than as
set out in Section 2.1(ii) or Section 2.3 above, the Employee shall be paid a
one-time payment in an amount equal to three (3) months' Gross Salary then
payable under Section 3.1, less required deductions for state and federal
withholding tax, social security and other employee taxes, which payment shall
be made, at the sole discretion of the Company, in one-lump sum payment within
five (5) business days following the date on which the termination shall become
effective or in periodic installments over a period of time not exceeding 3
months following the effective date of termination (but not less than once a
month) until such amount is paid in full, provided, that, notwithstanding
anything to the contrary contained herein, upon termination of Employee by the
Company as herein provided under this Section 2.4, the Employee shall not be
entitled to the amount payable under Section 2.1(iii).

      2.5 During the period following notice of termination until the effective
date of termination by either party for whatever reason, the Employee shall
cooperate

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with the Company and use his good-faith efforts to assist the integration into
the Company the person or persons who will assume the Employee's
responsibilities.

3. Remuneration

      Salary. During the Initial Term and the Additional Term (if any), and
subject to the satisfactory performance of the services required to be performed
hereunder by Employee, the Company shall pay to the Employee for all services
rendered hereunder as salary, payable in accordance with the Company's normal
payroll practices but in no event less than once every calendar month, the
amount of $125,000 per annum (the "Gross Salary"), less required deductions for
state and federal withholding tax, social security and other employee taxes.
Commencing on the first anniversary of the Effective Date, Employee shall be
entitled to a review of his Gross Salary.

4. Stock Options

      As additional consideration, upon the ratification by the Compensation
Committee of the Company's Board of Directors (the "Compensation Committee"),
the Company shall cause to be issued to the Employee options (hereinafter, the
"Option") to purchase up to 250,000 shares of the Company's Common Stock, par
value $0.001 per share (the "Common Stock"), at a per share purchase price equal
to the Market Price (as defined below) on the date of the grant of the Option.
Options shall vest in equal installments over five (5) years, with the first
installment for 50,000 shares of Common Stock vesting on the first anniversary
of the Effective Date; thereafter, the Option with respect to the remaining
shares shall vest in equal annual installments of 50,000 shares on each
subsequent annual anniversary of the Effective Date. The terms of such options
shall be reflected in a separate written option agreement to be entered into by
the parties within thirty (30) days of the Effective Date, which agreement shall
govern with respect to the Option, the exercise thereof and other terms relating
to the Option. As used herein, the term "Market Price" shall mean the average
sale price of the Company's Common Stock on the business day preceding the date
of grant by the Compensation Committee, as quoted on the Nasdaq National Market.

      Notwithstanding anything to the contrary contained herein, in the event
that Employee's employment hereunder (i) expires at the end of the Initial Term
by reason of the election by the Company to not extend or renew the Agreement or
(ii) is terminated by the Company at any time on or after the Additional Term
but before the first anniversary of the Effective Date for any reason other than
for that stated in Section 2.1(ii), then the Option with respect to 50,000
shares of Common Stock shall vest and first become exercisable on the first
anniversary of the Effective Date, provided that if the Employee's employment
hereunder (i) expires at the end of the Initial Term by reason of Employee's
election to not accept the Company's offer to extend or renew such Agreement or
(ii) is terminated by employee at any time on or after the Additional Term but
before the first anniversary of the Effective Date under Section 2.1(iii), then
the Option with respect to 25,000 shares of Common Stock shall vest and first
become exercisable first anniversary of the Effective Date.

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5. Fringe Benefits.

      5.1 Vacation. Employee shall be entitled to an aggregate of 15 business
days of paid vacation per year, during the term hereof, prorated for any portion
of a year to date of termination. The timing and duration of any vacation shall
be as agreed upon by the parties. In addition to the foregoing, the Employee
shall be entitled to paid vacation for the following legal holidays in the
United: New Year's, President's Day, Memorial Day, July 4, Labor Day,
Thanksgiving Day (Thursday and Friday), and Christmas; and during the holidays
of Rosh Hashana, Yom Kippur, first two days and last two days of Succot,
Passover and Shavuot.

      5.2 No Accumulation. The Employee shall not be entitled to accumulate
unused vacation or sick leave or other fringe benefits from year to year without
the written consent of the Company, unless the accumulation of any such unused
leave and/or fringe benefit is necessitated by the Company's actions or
otherwise caused by Employee's performance of Employee's job-related duties at
the Company. Further, Employee shall not be entitled to receive payments in lieu
of any compensation or payment for or in lieu of said fringe benefits prorated
to the date of termination of this Agreement.

      5.3 Health Insurance. The Company intends to establish a Company-wide
health insurance plan under which its employees and their spouses and minor
children may participate. Pending the establishment of a plan that affords
coverage to the Employee in New York, the Employee shall be entitled to be
reimbursed monthly, for medical insurance payments made by the Employee to a
bona fide health and dental insurance provider, in accordance with the Company's
policy as it might change from time to time, up to a maximum monthly amount of
$1,000 payable by the Company. The Company may in its sole discretion and at any
time during the course of this agreement and in compliance with applicable law,
substitute a Company sponsored health and dental insurance program including
without limitation, medical insurance plan for the medical reimbursement
payments specified herein. Subject to the provisions contained in this Section
5.3, the employee's participation in such plans shall be on the same terms and
conditions as other United States-based employees' of the Company.

6. Development Rights

      The Employee agrees and declares that all proprietary information
including but not limited to trade secrets, know-how, patents and other rights
in connection therewith developed by or with the contribution of Employee's
efforts during his employment with the Company shall be the sole property of the
Company. Upon the Company's request (whenever made), Employee shall execute and
assign to the Company all the rights of Employee in the proprietary information.

7. Employee Representations

      The Employee represents and warrants to the Company that the execution and
delivery of this Agreement and the fulfillment of the terms hereof (i) will not
constitute a breach of any agreement or other instrument to which Employee is
party, (ii) does not require the consent of any person, and (iii) shall be
deemed Employee's

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consent not to utilize during the term of his employment any proprietary
information of any third party, including prior employers of the Employee.

8. Confidentiality

      8.1 The term "Information" as used in this section means any and all
confidential and proprietary information including but not limited to any and
all specifications, formulae, prototypes, software design plans, computer
programs, and any and all records, data, methods, techniques, processes and
projections, plans, marketing information, materials, financial statements,
memoranda, analyses, notes, and other data and information (in whatever form),
as well as improvements and know-how related thereto, relating to the Company or
its products. Information shall not include information that (a) was already
known to or independently developed by the Employee prior to its disclosure as
demonstrated by reasonable and tangible evidence satisfactory to the Company;
(b) shall have appeared in any printed publication or patent or shall have
become part of the public knowledge except as a result of breach of this
Agreement by the Employee or similar agreements by other Company employees (c)
shall have been received by the Employee from another person or entity having no
obligation of confidentiality to the Company or (d) is approved in writing by
the Company for release by the Employee.

      8.2 Subject to the provisions of Section 8.3 below, the Employee agrees to
hold in trust and confidence all Information disclosed to Employee and further
agrees not to exploit or disclose the Information to any other person or entity
or use the Information directly or indirectly for any purpose other than for
Employee's work with the Company, unless otherwise consented to in writing by
the Company.

      8.3 The Employee agrees to disclose the Information only to persons
necessary in connection with Employee's work with the Company or who have
undertaken the same confidentiality obligations set forth herein in favor of the
Company. The Employee agrees to assume full responsibility for the
confidentiality of the Information disclosed to Employee and to prevent its
unauthorized disclosure, and shall take appropriate measures to ensure that such
persons acting on his behalf are bound by a like covenant of secrecy.

      8.4 The Employee acknowledges and agrees that the Information furnished
hereunder is and shall remain proprietary to the Company. Unless otherwise
required by statute or government rule or regulation, all copies of the
Information, shall be returned to the Company immediately upon request without
retaining copies thereof.

9. Non-Compete.

      9.1 Unless otherwise expressly consented to in writing by the Company,
Employee will not, directly or indirectly, for his own account or as an
employee, officer, director, consultant, joint venturer, shareholder, investor,
or otherwise (except as an investor in a corporation whose stock is publicly
traded and in which the Employee holds less than 5% of the outstanding shares)
interest him/herself or engage, directly or indirectly, in the design,
development, production, sale or distribution of any product or component that
directly or indirectly competes with a product or component (i) being designed,
produced, sold or distributed by the

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Company or any of its affiliates (ii) or to which the Company or any of its
affiliates shall then have proprietary rights; provided such affiliates operate
in a field directly related to the business of the Company or involve
distribution or promoting of the Company's products or technology.

      9.2 Unless otherwise expressly consented to in writing by the Company,
Employee will not hire or otherwise contract the services of, whether directly
or indirectly (i) an employee of the Company (ii) a former employee of the
Company whose employment with the Company ended less than twelve months prior to
the date of such hiring, or (iii) any corporation or entity in which such
employee or former employee is an officer, director or shareholder holding 25%
of the equity or is employed providing service to that corporation or entity.

      9.3 Employee's undertakings herein under section 9 shall be binding upon
Employee's successors, heirs or assigns, and shall continue until the later of
(i) the expiration of one year from the date of execution of this Agreement or
(ii) the expiration of one year from the date the Employee last represented
him/herself as an employee, agent or representative of the Company or any of its
affiliates, subsidiaries or successors.

      9.4 Employee acknowledges that the restricted period of time specified
under this section 9 are reasonable, in view of the nature of the business in
which the Company is engaged and Employee's knowledge of the Company's business
and products. If such a period of time or geographical location should be
determined to be unreasonable in any judicial proceeding, then the period of
time and area of restriction shall be reduced so that this Agreement may be
enforced in such an area and during such a period of time as shall be determined
to be reasonable by such judicial proceeding.

10. Miscellaneous

      10.1 Benefit & Assignment This Agreement shall inure to the benefit of and
be binding upon the Company, its successors and assigns. The rights and
obligations of the Employee under this Agreement may not be assigned by the
Employee.

      10.2 Entire Agreement This Agreement constitutes the entire understanding
and agreement between the parties, and supersedes any and all prior discussions
and agreements and correspondence, and may not be amended or modified in any
respect except by a subsequent writing executed by both parties.

      10.3 Notices All notices or other communications hereunder shall be in
writing and shall be sent to either party by hand or by Registered or Certified
mail, postage prepaid, return receipt requested, or sent by telegram or
facsimile to the address set forth in the Preamble to this Agreement or to such
other address as the recipient may designate by notice in accordance with the
provisions of this section.

      10.4 Applicable Law. This Agreement shall be interpreted, governed,
construed and enforced according to the internal laws of the State of New York,
without giving effect to its conflict of laws provisions. Each of the parties
consents to the jurisdiction of the United States District Court for the
Southern District of New

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York or the state courts of the State New York, sitting in Manhattan County, in
connection with any dispute arising under this Agreement and hereby waives, to
the maximum extent permitted by law, any objection, including any objection
based on forum non conveniens, to the bringing of any such proceeding in such
jurisdictions.

      10.5 Directors and Officers Insurance. The Company currently has in effect
a standard insurance policy for directors and officers under which Employee, to
the extent that he is deemed to be "key" employee or exercises any or all of the
duties that are exercised by officers or directors of the Company, including
without limitation executive decision making duties, will be covered in
accordance with the terms of such policy.

      IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
signed as of the date stated above.

TTR Technologies, Inc.

By: /s/ Marc D. Tokayer                 /s/ Sam Brill
   ----------------------------         --------------------------------
Title: Chief Executive Officer          Sam Brill

                                       7Exhibit 10.24
                           2000 TTR TECHNOLOGIES, INC.

                              EQUITY INCENTIVE PLAN

                                   ----------

Section 1. Purpose of the Plan

            The purpose of the TTR Technologies, Inc. Equity Incentive Plan (the
"Plan") is to further the interests of TTR Technologies, Inc. (the "Company")
and its shareholders by providing long-term performance incentives to those key
employees and consultants of the Company and its Subsidiaries who are largely
responsible for the management, growth and protection of the business of the
Company and its Subsidiaries.

Section 2. Definitions

            For purposes of the Plan, the following terms shall be defined as
set forth below:

      (a) "Award" means any Option, Performance Unit, SAR (including a Limited
SAR), Restricted Stock, Stock granted as a bonus or in lieu of other awards,
other Stock-Based Award, Tax Bonus or other cash payments granted to a
Participant under the Plan.

      (b) "Award Agreement" shall mean the written agreement, instrument or
document evidencing an Award.

      (c) "Change of Control" means and includes each of the following: (i) the
acquisition, in one or more transactions, of beneficial ownership (within the
meaning of Rule 13d-3 under the Exchange Act) by any person or entity or any
group of persons or entities who constitute a group (within the meaning of
Section 13(d)(3) of the Exchange Act), other than a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or a
Subsidiary, of any securities of the Company such that, as a result of such
acquisition, such person, entity or group either (A) beneficially owns (within
the meaning of Rule l3d-3 under the Exchange Act), directly or indirectly, more
than 50% of the Company's outstanding voting securities entitled to vote on a
regular basis for a majority of the members of the Board of Directors of the
Company or (B) otherwise has the ability to elect, directly or indirectly, a
majority of the members of the Board; (ii) a change in the composition of the
Board of Directors of the Company such that a majority of the members of the
Board of Directors of the Company are not Continuing Directors; or (iii) the
stockholders of the Company approve a merger or consolidation of the Company
with any other corporation, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) at least 50% of the
total voting power represented by the voting securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation, or
the stockholders of

<PAGE>

the Company approve a plan of complete liquidation of the Company or an
agreement for the sale or disposition by the Company of (in one or more
transactions) all or substantially all of the Company's assets.

            Notwithstanding the foregoing, the preceding events shall not be
deemed to be a Change of Control if, prior to any transaction or transactions
causing such change, a majority of the Continuing Directors shall have voted not
to treat such transaction or transactions as resulting in a Change of Control.

      (d) "Code" means the Internal Revenue Code of 1986, as amended from time
to time.

      (e) A "Continuing Director" means, as of any date of determination, any
member of the Board of Directors of the Company who (i) was a member of such
Board on the effective date of the Plan or (ii) was nominated for election or
elected to such Board with the affirmative vote of a majority of the Continuing
Directors who were members of such Board at the time of such nomination or
election.

      (f) "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time.

      (g) "Fair Market Value" means, with respect to Stock, Awards, or other
property, the fair market value of such Stock, Awards, or other property
determined by such methods or procedures as shall be established from time to
time by the Committee in good faith and in accordance with applicable law.
Unless otherwise determined by the Committee, the Fair Market Value of Stock
shall mean the mean of the high and low sales prices of Stock on the relevant
date as reported on the stock exchange or market on which the Stock is primarily
traded, or if no sale is made on such date, then the Fair Market Value is the
weighted average of the mean of the high and low sales prices of the Stock on
the next preceding day and the next succeeding day on which such sales were
made, as reported on the stock exchange or market on which the Stock is
primarily traded.

      (h) "ISO" means any Option designated as an incentive stock option within
the meaning of Section 422 of the Code.

      (i) "Limited SAR" means an SAR exercisable only for cash upon a Change of
Control or other event, as specified by the Committee.

      (j) "Option" means a right granted to a Participant pursuant to Section
6(b) to purchase Stock at a specified price during specified time periods. An
Option may be either an ISO or a nonstatutory Option (an Option not designated
as an ISO).

      (k) "Performance Unit" means a right granted to a Participant pursuant to
Section 6(c) to receive a payment in cash equal to the increase in the book
value of the Company during specified time periods if specified performance
goals are met.

<PAGE>

      (l) "Restricted Stock" means Stock awarded to a Participant pursuant to
Section 6(d) that may be subject to certain restrictions and to a risk of
forfeiture.

      (m) "Stock-Based Award" means a right that may be denominated or payable
in, or valued in whole or in part by reference to the market value of, Stock,
including, but not limited to, any Option, SAR (including a Limited SAR),
Restricted Stock, Stock granted as a bonus or Awards in lieu of cash
obligations.

      (n) "SAR" or "Stock Appreciation Right" means the right granted to a
Participant pursuant to Section 6(e) to be paid an amount measured by the
appreciation in the Fair Market Value of Stock from the date of grant to the
date of exercise of the right, with payment to be made in cash, Stock or as
specified in the Award, as determined by the Committee.

      (o) "Subsidiary" shall mean any corporation, partnership, joint venture or
other business entity of which 50% or more of the outstanding voting power is
beneficially owned, directly or indirectly, by the Company.

      (p) "Tax Bonus" means a payment in cash in the year in which an amount is
included in the gross income of a Participant in respect of an Award of an
amount equal to the federal, foreign, if any, and applicable state and local
income and employment tax liabilities payable by the Participant as a result of
(i) the amount included in gross income in respect of the Award and (ii) the
payment of the amount in clause (i) and the amount in this clause (ii). For
purposes of determining the amount to be paid to the Participant pursuant to the
preceding sentence, the Participant shall be deemed to pay federal, foreign, if
any, and state and local income taxes at the highest marginal rate of tax
imposed upon ordinary income for the year in which an amount in respect of the
Award is included in gross income, after giving effect to any deductions
therefrom or credits available with respect to the payment of any such taxes.

Section 3. Administration of the Plan

            The Plan shall be administered by shall be administered by the Board
of Directors of the Company or, at the discretion of the Board, by a committee
composed of at least two members of the Board. Any such committee designated by
the Board, and the Board itself acting in its capacity as administrator of the
Equity Incentive Plan, is referred to herein as the "Committee." After any such
designation, no member of the Committee while serving as such shall be eligible
for participation in the Plan. Any action of the Committee in administering the
Plan shall be final, conclusive and binding on all persons, including the
Company, its Subsidiaries, employees, Participants, persons claiming rights from
or through Participants and stockholders of the Company.

            Subject to the provisions of the Plan, the Committee shall have full
and final authority in its discretion (a) to select the key employees and
consultants who will receive Awards pursuant to the Plan ("Participants"), (b)
to determine the type or types of

<PAGE>

Awards to be granted to each Participant, (c) to determine the number of shares
of Stock to which an Award will relate, the terms and conditions of any Award
granted under the Plan (including, but not limited to, restrictions as to
transferability or forfeiture, exercisability or settlement of an Award and
waivers or accelerations thereof, and waivers of or modifications to performance
conditions relating to an Award, based in each case on such considerations as
the Committee shall determine) and all other matters to be determined in
connection with an Award; (d) to determine whether, to what extent, and under
what circumstances an Award may be settled, or the exercise price of an Award
may be paid, in cash, Stock, other Awards or other property, or an Award may be
canceled, forfeited, or surrendered; (e) to determine whether, and to certify
that, performance goals to which the settlement of an Award is subject are
satisfied; (f) to correct any defect or supply any omission or reconcile any
inconsistency in the Plan, and to adopt, amend and rescind such rules and
regulations as, in its opinion, may be advisable in the administration of the
Plan; and (g) to make all other determinations as it may deem necessary or
advisable for the administration of the Plan. The Committee may delegate to
officers or managers of the Company or any Subsidiary or to unaffiliated service
providers the authority, subject to such terms as the Committee shall determine,
to perform administrative functions and to perform such other functions as the
Committee may determine, to the extent permitted under Rule 16b-3, Section
162(m) of the Code and applicable law.

Section 4. Participation in the Plan

            Participants in the Plan shall be selected by the Committee from
among the key employees and consultants of the Company and its Subsidiaries,
provided, however, that only key employees shall be eligible to receive ISOs
under the Plan.

Section 5. Plan Limitations; Shares Subject to the Plan

      (a) Subject to the provisions of Section 8(a) hereof, the aggregate number
of shares of common stock, $1.00 par value, of the Company (the "Stock")
available for issuance as Awards under the Plan shall not exceed 3,500,000
shares.

      (b) Subject to the provisions of Section 8(a) hereof, the aggregate number
of Performance Units which may be awarded under the Plan shall not exceed
350,000. If any Performance Units awarded under the Plan shall be forfeited or
canceled, such Performance Units shall thereafter be available for award under
the Plan.

            No Award may be granted if the number of shares to which such Award
relates, when added to the number of shares previously issued under the Plan and
the number of shares which may then be acquired pursuant to other outstanding,
unexercised Awards, exceeds the number of shares available for issuance pursuant
to the Plan. If any shares subject to an Award are forfeited or such Award is
settled in cash or otherwise terminates for any reason whatsoever without an
actual distribution of shares to the Participant, any shares counted against the
number of shares available for issuance pursuant to the Plan with respect to
such Award shall, to the extent of any such forfeiture,

<PAGE>

settlement, or termination, again be available for Awards under the Plan;
provided, however, that the Committee may adopt procedures for the counting of
shares relating to any Award to ensure appropriate counting, avoid double
counting, and provide for adjustments in any case in which the number of shares
actually distributed differs from the number of shares previously counted in
connection with such Award.

Section 6. Awards

      (a) General. Awards may be granted on the terms and conditions set forth
in this Section 6. In addition, the Committee may impose on any Award or the
exercise thereof, at the date of grant or thereafter (subject to Section 8(a)),
such additional terms and conditions, not inconsistent with the provisions of
the Plan, as the Committee shall determine, including terms requiring forfeiture
of Awards in the event of termination of employment by the Participant;
provided, however, that the Committee shall retain full power to accelerate or
waive any such additional term or condition as it may have previously imposed.
All Awards shall be evidenced by an Award Agreement.

      (b) Options. The Committee may grant Options to Participants on the
following terms and conditions:

            (i) Exercise Price. The exercise price of each Option shall be
determined by the Committee at the time the Option is granted, but (except as
provided in Section 7(a)) the exercise price of any ISO shall not be less than
the Fair Market Value (110% of the Fair Market Value in the case of a 10%
shareholder, within the meaning of Section 422(c)(5) of the Code) of the shares
covered thereby at the time the Option is granted.

            (ii) Time and Method of Exercise. The Committee shall determine the
time or times at which an Option may be exercised in whole or in part, whether
the exercise price shall be paid in cash or by the surrender at Fair Market
Value of Stock, or by any combination of cash and shares of Stock, including,
without limitation, cash, Stock, other Awards, or other property (including
notes or other contractual obligations of Participants to make payment on a
deferred basis, such as through "cashless exercise" arrangements, to the extent
permitted by applicable law), and the methods by which Stock will be delivered
or deemed to be delivered to Participants.

            (iii) Incentive Stock Options. The terms of any Option granted under
the Plan as an ISO shall comply in all respects with the provisions of Section
422 of the Code, including, but not limited to, the requirement that no ISO
shall be granted more than ten years after the effective date of the Plan.

      (c) Performance Units. The Committee is authorized to grant Performance
Units to Participants on the following terms and conditions:

            (i) Performance Criteria and Period. At the time it makes an award
of Performance Units, the Committee shall establish both the performance goal or
goals and the performance period or periods applicable to the Performance Units
so awarded. A

<PAGE>

performance goal shall be a goal, expressed in terms of growth in book value,
earnings per share, return on equity or any other financial or other measurement
deemed appropriate by the Committee, or may relate to the results of operations
or other measurable progress of either the Company as a whole or the
Participant's Subsidiary, division or department. The performance period will be
the period of time over which one or more of the performance goals must be
achieved, which may be of such length as the Committee, in its discretion, shall
select. Neither the performance goals nor the performance periods need be
identical for all Performance Units awarded at any time or from time to time.
The Committee shall have the authority, in its discretion, to accelerate the
time at which any performance period will expire or waive or modify the
performance goals of any Participant or Participants. The Committee may also
make such adjustments, to the extent it deems appropriate, to the performance
goals for any Performance Units awarded to compensate for, or to reflect, any
material changes which may have occurred in accounting practices, tax laws,
other laws or regulations, the financial structure of the Company, acquisitions
or dispositions of business or Subsidiaries or any unusual circumstances outside
of management's control which, in the sole judgment of the Committee, alters or
affects the computation of such performance goals or the performance of the
Company or any relevant Subsidiary, division or department.

            (ii) Value of Performance Units. The value of each Performance Unit
at any time shall equal the book value per share of the Company's Stock, as such
value appears on the consolidated balance sheet of the Company as of the end of
the fiscal quarter immediately preceding the date of valuation.

      (d) Restricted Stock. The Committee is authorized to grant Restricted
Stock to Participants on the following terms and conditions:

            (i) Restricted Period. Restricted Stock awarded to a Participant
shall be subject to such restrictions on transferability and other restrictions
for such periods as shall be established by the Committee, in its discretion, at
the time of such Award, which restrictions may lapse separately or in
combination at such times, under such circumstances, or otherwise, as the
Committee may determine.

            (ii) Forfeiture. Restricted Stock shall be forfeitable to the
Company upon termination of employment during the applicable restricted periods.
The Committee, in its discretion, whether in an Award Agreement or anytime after
an Award is made, may accelerate the time at which restrictions or forfeiture
conditions will lapse or remove any such restrictions, including upon death,
disability or retirement, whenever the Committee determines that such action is
in the best interests of the Company.

            (iii) Certificates for Stock. Restricted Stock granted under the
Plan may be evidenced in such manner as the Committee shall determine. If
certificates representing Restricted Stock are registered in the name of the
Participant, such certificates may bear an appropriate legend referring to the
terms, conditions and restrictions applicable to such Restricted Stock.

<PAGE>

            (iv) Rights as a Shareholder. Subject to the terms and conditions of
the Award Agreement, the Participant shall have all the rights of a stockholder
with respect to shares of Restricted Stock awarded to him or her, including,
without limitation, the right to vote such shares and the right to receive all
dividends or other distributions made with respect to such shares. If any such
dividends or distributions are paid in Stock, the Stock shall be subject to
restrictions and a risk of forfeiture to the same extent as the Restricted Stock
with respect to which the Stock has been distributed.

      (e) Stock Appreciation Rights. The Committee is authorized to grant SARs
to Participants on the following terms and conditions:

            (i) Right to Payment. An SAR shall confer on the Participant to whom
it is granted a right to receive, upon exercise thereof, the excess of (A) the
Fair Market Value of one share of Stock on the date of exercise over (B) the
grant price of the SAR as determined by the Committee as of the date of grant of
the SAR, which grant price (except as provided in Section 7(a)) shall not be
less than the Fair Market Value of one share of Stock on the date of grant.

            (ii) Other Terms. The Committee shall determine the time or times at
which an SAR may be exercised in whole or in part, the method of exercise,
method of settlement, form of consideration payable in settlement, method by
which Stock will be delivered or deemed to be delivered to Participants, whether
or not an SAR shall be in tandem with any other Award, and any other terms and
conditions of any SAR. Limited SARs may be granted on such terms, not
inconsistent with this Section 6(e), as the Committee may determine. Limited
SARs may be either freestanding or in tandem with other Awards.

      (f) Bonus Stock and Awards in Lieu of Cash Obligations. The Committee is
authorized to grant Stock as a bonus, or to grant Stock or other Awards in lieu
of Company or Subsidiary obligations to pay cash or deliver other property under
other plans or compensatory arrangements; provided that, in the case of
Participants subject to Section 16 of the Exchange Act, such cash amounts are
determined under such other plans in a manner that complies with applicable
requirements of Rule 16b-3 so that the acquisition of Stock or Awards hereunder
shall be exempt from Section 16(b) liability. Stock or Awards granted hereunder
shall be subject to such other terms as shall be determined by the Committee.

      (g) Other Stock-Based Awards. The Committee is authorized, subject to
limitations under applicable law, to grant to Participants such other
Stock-Based Awards in addition to those provided in Sections 6(b) and (d)
through (e) hereof, as deemed by the Committee to be consistent with the
purposes of the Plan. The Committee shall determine the terms and conditions of
such Awards. Stock delivered pursuant to an Award in the nature of a purchase
right granted under this Section 6(g) shall be purchased for such consideration
and paid for at such times, by such methods, and in such forms,

<PAGE>

including, without limitation, cash, Stock, other Awards, or other property, as
the Committee shall determine.

      (h) Cash Payments. The Committee is authorized, subject to limitations
under applicable law, to grant to Participants Tax Bonuses and other cash
payments, whether awarded separately or as a supplement to any Stock-Based
Award. The Committee shall determine the terms and conditions of such Awards.

Section 7. Additional Provisions Applicable to Awards

      (a) Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted
under the Plan may, in the discretion of the Committee, be granted either alone
or in addition to, in tandem with, or in substitution for, any other Award
granted under the Plan or any award granted under any other plan of the Company
or any Subsidiary, or any business entity acquired by the Company or any
Subsidiary, or any other right of a Participant to receive payment from the
Company or any Subsidiary. If an Award is granted in substitution for another
Award or award, the Committee shall require the surrender of such other Award or
award in consideration for the grant of the new Award. Awards granted in
addition to, or in tandem with other Awards or awards may be granted either as
of the same time as, or a different time from, the grant of such other Awards or
awards. The per share exercise price of any Option, grant price of any SAR, or
purchase price of any other Award conferring a right to purchase Stock:

            (i) granted in substitution for an outstanding Award or award, shall
be not less than the lesser of (A) the Fair Market Value of a share of Stock at
the date such substitute Award is granted or (B) such Fair Market Value at that
date, reduced to reflect the Fair Market Value at that date of the Award or
award required to be surrendered by the Participant as a condition to receipt of
the substitute Award; or

            (ii) retroactively granted in tandem with an outstanding Award or
award, shall not be less than the lesser of the Fair Market Value of a share of
Stock at the date of grant of the later Award or at the date of grant of the
earlier Award or award.

      (b) Exchange and Buy Out Provisions. The Committee may at any time offer
to exchange or buy out any previously granted Award for a payment in cash,
Stock, other Awards (subject to Section 7(a)), or other property based on such
terms and conditions as the Committee shall determine and communicate to a
Participant at the time that such offer is made.

      (c) Performance Conditions. The right of a Participant to exercise or
receive a grant or settlement of any Award, and the timing thereof, may be
subject to such performance conditions as may be specified by the Committee.

      (d) Term of Awards. The term of each Award shall, except as provided
herein, be for such period as may be determined by the Committee; provided,
however, that in no event shall the term of any ISO, or any SAR granted in
tandem therewith,

<PAGE>

exceed a period of ten years from the date of its grant (or such shorter period
as may be applicable under Section 422 of the Code).

      (e) Form of Payment. Subject to the terms of the Plan and any applicable
Award Agreement, payments or transfers to be made by the Company or a Subsidiary
upon the grant or exercise of an Award may be made in such forms as the
Committee shall determine, including, without limitation, cash, Stock, other
Awards, or other property (and may be made in a single payment or transfer, in
installments, or on a deferred basis), in each case determined in accordance
with rules adopted by, and at the discretion of, the Committee. (Such payments
may include, without limitation, provisions for the payment or crediting of
reasonable interest on installments or deferred payments.) The Committee, in its
discretion, may accelerate any payment or transfer upon a change in control as
defined by the Committee. The Committee may also authorize payment upon the
exercise of an Option by net issuance or other cashless exercise methods.

      (f) Loan Provisions. With the consent of the Committee, and subject at all
times to laws and regulations and other binding obligations or provisions
applicable to the Company, the Company may make, guarantee, or arrange for a
loan or loans to a Participant with respect to the exercise of any Option or
other payment in connection with any Award, including the payment by a
Participant of any or all federal, state, or local income or other taxes due in
connection with any Award. Subject to such limitations, the Committee shall have
full authority to decide whether to make a loan or loans hereunder and to
determine the amount, terms, and provisions of any such loan or loans, including
the interest rate to be charged in respect of any such loan or loans, whether
the loan or loans are to be with or without recourse against the borrower, the
terms on which the loan is to be repaid and the conditions, if any, under which
the loan or loans may be forgiven.

      (g) Awards to Comply with Section 162(m). The Committee may (but is not
required to) grant an Award pursuant to the Plan to a Participant who, in the
year of grant, may be a "covered employee," within the meaning of Section 162(m)
of the Code, which is intended to qualify as "performance-based compensation"
under Section 162(m) of the Code (a "Performance-Based Award"). The right to
receive a Performance-Based Award, other than Options and SARs granted at not
less than Fair Market Value, shall be conditional upon the achievement of
performance goals established by the Committee in writing at the time such
Performance-Based Award is granted. Such performance goals, which may vary from
Participant to Participant and Performance-Based Award to Performance-Based
Award, shall be based upon the attainment by the Company or any Subsidiary,
division or department of specific amounts of, or increases in, one or more of
the following, any of which may be measured either in absolute terms or as
compared to another company or companies: revenues, earnings, cash flow, net
worth, book value, stockholders' equity, financial return ratios, market
performance or total stockholder return, and/or the completion of certain
business or capital transactions. Before any compensation pursuant to a
Performance-Based Award is paid, the Committee shall

<PAGE>

certify in writing that the performance goals applicable to the
Performance-Based Award were in fact satisfied.

            The maximum amount which may be granted as Performance-Based Awards
to any Participant in any calendar year shall not exceed (i) Stock-Based Awards
for 100,000 shares of Stock (whether payable in cash or stock), subject to
adjustment as provided in Section 8(a) hereof, (ii) 100,000 Performance Units,
(iii) a Tax Bonus payable with respect to the Stock-Based Awards described in
clause (i) and Performance Units described in clause (ii), and (iv) cash
payments (other than Tax Bonuses) of $1,000,000.

      (h) Change of Control. In the event of a Change of Control of the Company,
all Awards granted under the Plan (including Performance-Based Awards) that are
still outstanding and not yet vested or exercisable or which are subject to
restrictions shall become immediately 100% vested in each Participant or shall
be free of any restrictions, as of the first date that the definition of Change
of Control has been fulfilled, and shall be exercisable for the remaining
duration of the Award. All Awards that are exercisable as of the effective date
of the Change of Control will remain exercisable for the remaining duration of
the Award.

Section 8. Adjustments upon Changes in Capitalization; Acceleration in Certain
           Events

      (a) In the event that the Committee shall determine that any stock
dividend, recapitalization, forward split or reverse split, reorganization,
merger, consolidation, spin-off, combination, repurchase or share exchange, or
other similar corporate transaction or event, affects the Stock or the book
value of the Company such that an adjustment is appropriate in order to prevent
dilution or enlargement of the rights of Participants under the Plan, then the
Committee shall, in such manner as it may deem equitable, adjust any or all of
(i) the number and kind of shares of Stock which may thereafter be issued in
connection with Awards, (ii) the number and kind of shares of Stock issuable in
respect of outstanding Awards, (iii) the aggregate number and kind of shares of
Stock available under the Plan, (iv) the number of Performance Units which may
thereafter be granted and the book value of the Company with respect to
outstanding Performance Units, and (v) the exercise price, grant price, or
purchase price relating to any Award or, if deemed appropriate, make provision
for a cash payment with respect to any outstanding Award; provided, however, in
each case, that no adjustment shall be made which would cause the Plan to
violate Section 422(b)(1) of the Code with respect to ISOs or would adversely
affect the status of a Performance-Based Award as "performance-based
compensation" under Section 162(m) of the Code.

      (b) In addition, the Committee is authorized to make adjustments in the
terms and conditions of, and the criteria included in, Awards in recognition of
unusual or nonrecurring events (including, without limitation, events described
in the preceding paragraph) affecting the Company or any Subsidiary, or in
response to changes in applicable laws, regulations, or accounting principles.
Notwithstanding the foregoing, no

<PAGE>

adjustment shall be made in any outstanding Performance-Based Awards to the
extent that such adjustment would adversely affect the status of that
Performance-Based Award as "performance-based compensation" under Section 162(m)
of the Code.

Section 9. General Provisions

      (a) Changes to the Plan and Awards. The Board of Directors of the Company
may amend, alter, suspend, discontinue, or terminate the Plan or the Committee's
authority to grant Awards under the Plan without the consent of the Company's
stockholders or Participants, except that any such amendment, alteration,
suspension, discontinuation, or termination shall be subject to the approval of
the Company's stockholders within one year after such Board action if such
stockholder approval is required by any federal or state law or regulation or
the rules of any stock exchange or automated quotation system on which the Stock
may then be listed or quoted, and the Board may otherwise, in its discretion,
determine to submit other such changes to the Plan to the stockholders for
approval; provided, however, that without the consent of an affected
Participant, no amendment, alteration, suspension, discontinuation, or
termination of the Plan may materially and adversely affect the rights of such
Participant under any Award theretofore granted and any Award Agreement relating
thereto. The Committee may waive any conditions or rights under, or amend,
alter, suspend, discontinue, or terminate, any Award theretofore granted and any
Award Agreement relating thereto; provided, however, that without the consent of
an affected Participant, no such amendment, alteration, suspension,
discontinuation, or termination of any Award may materially and adversely affect
the rights of such Participant under such Award.

            The foregoing notwithstanding, any performance condition specified
in connection with an Award shall not be deemed a fixed contractual term, but
shall remain subject to adjustment by the Committee, in its discretion at any
time in view of the Committee's assessment of the Company's strategy,
performance of comparable companies, and other circumstances, except to the
extent that any such adjustment to a performance condition would adversely
affect the status of a Performance-Based Award as "performance-based
compensation" under Section 162(m) of the Code.

            Notwithstanding the foregoing, if the Plan is ratified by the
stockholders of the Company at the Company's 2000 Annual Meeting of
Stockholders, then unless approved by the stockholders of the Company, no
amendment will: (i) change the class of persons eligible to receive Awards; (ii)
materially increase the benefits accruing to Participants under the Plan, or
(iii) increase the number of shares of Stock or the number of Performance Units
subject to the Plan.

      (b) No Right to Award or Employment. No employee or other person shall
have any claim or right to receive an Award under the Plan. Neither the Plan nor
any action taken hereunder shall be construed as giving any employee any right
to be retained in the employ of the Company or any Subsidiary.

<PAGE>

      (c) Taxes. The Company or any Subsidiary is authorized to withhold from
any Award granted, any payment relating to an Award under the Plan, including
from a distribution of Stock or any payroll or other payment to a Participant
amounts of withholding and other taxes due in connection with any transaction
involving an Award, and to take such other action as the Committee may deem
advisable to enable the Company and Participants to satisfy obligations for the
payment of withholding taxes and other tax obligations relating to any Award.
This authority shall include authority to withhold or receive Stock or other
property and to make cash payments in respect thereof in satisfaction of a
Participant's tax obligations.

      (d) Limits on Transferability; Beneficiaries. No Award or other right or
interest of a Participant under the Plan shall be pledged, encumbered, or
hypothecated to, or in favor of, or subject to any lien, obligation, or
liability of such Participants to, any party, other than the Company or any
Subsidiary, or assigned or transferred by such Participant otherwise than by
will or the laws of descent and distribution, and such Awards and rights shall
be exercisable during the lifetime of the Participant only by the Participant or
his or her guardian or legal representative. Notwithstanding the foregoing, the
Committee may, in its discretion, provide that Awards or other rights or
interests of a Participant granted pursuant to the Plan (other than an ISO) be
transferable, without consideration, to immediate family members (i.e.,
children, grandchildren or spouse), to trusts for the benefit of such immediate
family members and to partnerships in which such family members are the only
partners. The Committee may attach to such transferability feature such terms
and conditions as it deems advisable. In addition, a Participant may, in the
manner established by the Committee, designate a beneficiary (which may be a
person or a trust) to exercise the rights of the Participant, and to receive any
distribution, with respect to any Award upon the death of the Participant. A
beneficiary, guardian, legal representative or other person claiming any rights
under the Plan from or through any Participant shall be subject to all terms and
conditions of the Plan and any Award Agreement applicable to such Participant,
except as otherwise determined by the Committee, and to any additional
restrictions deemed necessary or appropriate by the Committee.

      (e) No Rights to Awards; No Stockholder Rights. No Participant shall have
any claim to be granted any Award under the Plan, and there is no obligation for
uniformity of treatment of Participants. No Award shall confer on any
Participant any of the rights of a stockholder of the Company unless and until
Stock is duly issued or transferred to the Participant in accordance with the
terms of the Award.

      (f) Discretion. In exercising, or declining to exercise, any grant of
authority or discretion hereunder, the Committee may consider or ignore such
factors or circumstances and may accord such weight to such factors and
circumstances as the Committee alone and in its sole judgment deems appropriate
and without regard to the affect such exercise, or declining to exercise such
grant of authority or discretion, would have upon the affected Participant, any
other Participant, any employee, the Company, any Subsidiary, any stockholder or
any other person.

<PAGE>

      (g) Effective Date. The effective date of the Plan is May 30, 2000.

      (h) Shareholder Approval. Unless and until the Plan is approved by the
stockholders of the Company at the Company's 2000 Annual Meeting of
Stockholders, no Stock-Based Award may be granted to any officer of the Company.

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