Document:

LADENBURG
THALMANN & CO. INC.

June 15, 2000

Jason Cassis
Director & Chief Executive Officer
URBANA.CA INC.
22 Haddington Street
Cambridge, Ontario
Canada N1R 3P9

Dear Mr. Cassis:

The purpose of this letter agreement (the "Agreement") is to set forth
the terms and conditions pursuant to which Ladenburg Thalmann & Co. Inc.
("LTCO") shall serve as exclusive placement agent in connection with the
proposed private offering (the "Offering") of securities (the
"Securities") of URBANA.CA INC. (the "Company").  The gross proceeds
from the Offering will be up to $3,500,000. All references to dollars
shall be to U.S. dollars. The terms of such Offering and the Securities
shall be substantially in the form set forth in Exhibit E hereto, which
exhibit is incorporated by reference herein.

Upon the terms and subject to the conditions of this Agreement,
the parties hereto agree as follows:

1.  Appointment.

(a)  Subject to the terms and conditions of this Agreement hereinafter
set forth, the Company hereby retains LTCO, and LTCO hereby agrees to
act as the Company's exclusive placement agent and financial advisor in
connection with the Offering, effective as of the date hereof. The
Company expressly acknowledges and agrees that LTCO's obligations
hereunder are on a reasonable best efforts basis only and that the
execution of this Agreement does not constitute a commitment by LTCO to
purchase the Securities and does not ensure the successful placement of
the Securities or any portion thereof or the success of LTCO with
respect to securing any other financing on behalf of the Company.

(b)  Except as set forth below in this Section 1, during the
effectiveness of this Agreement, neither the Company nor any of its
subsidiaries or affiliates shall, directly or indirectly, through any
officer, director, employee, agent or otherwise (including, without
limitation, through any placement agent, broker, investment banker,
attorney or accountant retained by the Company or any of its
subsidiaries or affiliates), solicit, initiate or encourage the
submission of any proposal or offer (an "Investment Proposal") from any
person or entity (including any of such person's or entity's officers,
directors, employees, agents and other representatives) relating to any
issuance of the Company's or any of its subsidiaries' equity securities
(including debt securities with any equity feature) or relating to any
other transaction having a similar effect or result on the Company's or
any of its subsidiaries' capitalization, or participate in any
discussions or negotiations regarding, or furnish to any other person or
entity any information with respect to, or otherwise cooperate in any
way with, or assist or participate in, facilitate or encourage any
effort or attempt by any other person or entity to do or seek to do any
of the foregoing.  The Company shall immediately cease and cause to be
terminated any and all contacts, discussions and negotiations with third
parties regarding any Investment Proposal.  The Company shall promptly
notify LTCO if any such Investment Proposal, or any inquiry or contact
with any person or entity with respect thereto, is made.  The Company
shall not provide or release any information with respect to this
Agreement or the Offering, including any press release, except as
required by law.

2.  Fees and Compensation.  In consideration of the services rendered
by LTCO in connection with the Offering, the Company agrees to pay LTCO
the following fees and other compensation:

A cash fee payable immediately upon the closing of any portion of the
Offering and equal to 6% of the aggregate capital raised.

6% warrant coverage on the total amount of the Offering, payable at the
first closing. Such warrants shall be in the form of Exhibit D.

$35,000 non-accountable expense allowance, payable at the first closing.

Upon the exercise of investor warrants, if any, by a holder thereof, the
Company shall promptly notify LTCO of such exercise, and shall pay to
LTCO an amount equal to 6% of the gross dollar amount received by the
Company in connection with such exercise of the warrants.

All amounts payable hereunder shall be paid to LTCO out of an attorney
escrow account at the closing or by such other means acceptable to LTCO.

Should LTCO provide a qualified institutional investor(s) ) within 60
days after the date hereof, reasonably acceptable to the Company and
such investor(s) is willing to invest in the Offering on substantially
the same terms as outlined in the term sheet marked Exhibit E, and the
Company declines to enter into definitive agreements with such
investor(s) to consummate the Offering, for reasons other than a breach
of this Agreement by LTCO, the Company will pay $200,000 to LTCO as a
"break-up" fee.

3.  Terms of Retention.

(a)  Unless extended or terminated in writing by the parties hereto by
written notice to the other in accordance with the provisions hereof,
this Agreement shall remain in effect until the Termination Date of
August 15, 2000.

(b)  Notwithstanding anything herein to the contrary, the obligation to
pay the Fees and Compensation and Expenses described in Section 2, if
any, and paragraphs 2, 5, and 8 of Exhibit A and all of Exhibit B and
Exhibit C attached hereto, each of which exhibits is incorporated herein
by reference, shall survive any termination or expiration of the
Agreement.  It is expressly understood and agreed by the parties hereto
that any private financing of equity or debt or other capital raising
activity of the Company within 24 months of the termination or
expiration of this Agreement, with any investors or lenders to whom the
Company was introduced by LTCO or who was contacted by LTCO while this
Agreement was in effect and disclosed to the Company in writing, shall
result in such fees and compensation due and payable by the Company to
LTCO under the same terms of Section 2 above.  Upon completion of the
Offering, any future renegotiation, restructuring, revision or other
amendment of such Offering by and between the Company and the investors
in such Offering which results in the receipt of any net new funds by
the Company from such investor(s) shall be deemed to be a new financing
and shall result in additional fees and compensation due and payable by
the Company to LTCO under the terms of Section 2 above.

4.  Right of First Refusal.   Upon completion of the Offering, LTCO
shall have an irrevocable right of first refusal for a period of one
year to provide all private financing arrangements for the Company
(other than conventional banking arrangements, borrowing and commercial
debt financing and discrete unrelated transactions of not more than
$250,000 where no investment banking fee is being paid).  LTCO shall
exercise such right in writing within five (5) business days of receipt
of a written term sheet describing such proposed transaction in
reasonable detail.

5.  Information.  The Company recognizes and confirms that in
completing its engagement hereunder, LTCO will be using and relying
solely on publicly available information and on data, material and other
information furnished to LTCO by the Company or the Company's affiliates
and agents.  It is understood and agreed that in performing under this
engagement, LTCO will rely upon the accuracy and completeness of, and is
not assuming any responsibility for independent verification of, such
publicly available information and the other information so furnished.

6.  Offers and Sales Only to Institutional Accredited Investors.
Offers and sales of the Securities will be made only to qualified
institutional buyers (as defined in Rule 144A) and to "accredited
investors" as defined in Rule 501(a) promulgated under the Securities
Act of 1933, as amended (the "Securities Act").

7.  No General Solicitation. The Securities will be offered only by
approaching prospective purchasers on an individual basis. No general
solicitation or general advertising in any form will be used in
connection with the offering of the Securities. From and after the
execution of this Agreement until the completion of the Offering, the
Company shall pre-clear any proposed press release which mentions this
Agreement or the Offering with LTCO.

8.  Miscellaneous.  This Agreement, together with the attached
Exhibits A though E constitutes the entire understanding and agreement
between the parties with respect to its subject matter and there are no
agreements or understandings with respect to the subject matter hereof
which are not contained in this Agreement.  This Agreement may be
modified only in writing signed by the party to be charged hereunder.

If the foregoing correctly sets forth our agreement, please confirm this
by signing and returning to us the duplicate copy of this letter.

We appreciate this opportunity to be of service and are looking
forward to working with you on this matter.

Very truly yours,

LADENBURG THALMANN & CO. INC.

By: /s/  Robert J. Kropp
Name:  Robert J. Kropp
Title: Director of I.B.

Agreed to and accepted
as of the date first written above:

URBANA.CA INC.

By: /s/  Jason Cassis
Name: Jason Cassis
Title: Chief Executive Officer

By: /s/  Robert Tyson
Name: Robert Tyson
Title: Secretary

                                   EXHIBIT A

                       STANDARD TERMS AND CONDITIONS

1.  The Company shall promptly provide LTCO with all relevant information
about the Company (to the extent available to the Company in the case of
parties other than the Company) that shall be reasonably requested or
required by LTCO, which information shall be complete and accurate in all
material respects at the time furnished.

2.  LTCO shall keep all information obtained from the Company strictly
confidential except:  (a) information which is otherwise publicly
available, or  previously known to, or obtained by LTCO independently of
the Company and without breach of LTCO's agreement with the Company;  (b)
LTCO may disclose such information to its employees and attorneys, and to
its other advisors and financial sources on a need to know basis only and
shall use best efforts to ensure that all such employees, attorneys,
advisors and financial sources will keep such information strictly
confidential; and (c) pursuant to any order of a court of competent
jurisdiction or other governmental body (including any subpena) or as may
otherwise be required by law.

3.  The Company recognizes that in order for LTCO to perform properly its
obligations in a professional manner, it is necessary that LTCO be informed
of and, to the extent practicable, participate in meetings and discussions
between the Company and any third party, including, without limitation, any
prospective purchaser of the securities, relating to the matters covered by
the terms of LTCO's engagement.

4.  The Company agrees that any report or opinion, oral or written,
delivered to it by LTCO is prepared solely for its confidential use and
shall not be reproduced, summarized, or referred to in any public document
or given or otherwise divulged to any other person without LTCO's prior
written consent, except as may be required by applicable law or regulation.

5.  No fee payable to LTCO pursuant to any other agreement with the
Company or payable by the Company to any agent, lender or investor shall
reduce or otherwise affect any fee payable by the Company to LTCO
hereunder. If LTCO engages any other broker-dealer or other finder to
assist LTCO in the placement of the Offering, then the fees of such other
broker-dealer or finder shall be paid by LTCO.

6.  The Company represents and warrants that: (a) it has full right,
power and authority to enter into this Agreement and to perform all of its
obligations hereunder;  (b) this Agreement has been duly authorized and
executed by and constitutes a valid and binding agreement of the Company
enforceable in accordance with its terms; and (c) the execution and
delivery of this Agreement and the consummation of the transactions
contemplated hereby do not conflict with or result in a breach of (i) the
Company's certificate of incorporation or by-laws or (ii) any agreement to
which the Company is a party or by which any of its property or assets is
bound.

7.  Nothing contained in this Agreement shall be construed to place LTCO
and the Company in the relationship of partners or joint venturers. Neither
LTCO nor the Company shall represent itself as the agent or legal
representative of the other for any purpose whatsoever nor shall either
have the power to obligate or bind the other in any manner whatsoever.
LTCO, in performing its services hereunder, shall at all times be an
independent contractor.

8.  This Agreement has been and is made solely for the benefit of LTCO
and the Company and each of the persons, agents, employees, officers,
directors and controlling persons referred to in Exhibit B and their
respective heirs, executors, personal representatives, successors and
assigns, and nothing contained in this Agreement shall confer any rights
upon, nor shall this Agreement be construed to create any rights in, any
person who is not party to such Agreement, other than as set forth in this
paragraph.

9.  The rights and obligations of either party under this Agreement may
not be assigned without the prior written consent of the other party hereto
and any other purported assignment shall be null and void.

10.  All communications hereunder, except as may be otherwise specifically
provided herein, shall be in writing and shall be mailed, hand delivered,
sent by a recognized overnight courier service such as Federal Express, or
sent via facsimile and confirmed by letter, to the party to whom it is
addressed at the following addresses or such other address as such party
may advise the other in writing:

To the Company:

Jason Cassis
URBANA.CA INC.
22 Haddington Street
Cambridge, Ontario
Canada N1R 3P9
Telephone: (519) 740-1343
Facsimile:   (519) 740-1190

To LTCO:

Ladenburg Thalmann & Co., Inc.
590 Madison Avenue
ew York, NY 10022
Attention:  Robert J. Kropp
Telephone:  (212) 409-2000
Facsimile:  (212) 409-2169

All notices hereunder shall be effective upon receipt by the party to which
it is addressed.

                                   EXHIBIT B

                                INDEMNIFICATION

The Company agrees that it shall indemnify and hold harmless, LTCO,
its stockholders, directors, officers, employees, agents, affiliates and
controlling persons within the meaning of Section 20 of the Securities
Exchange Act of 1934 and Section 15 of the Securities Act of 1933, each as
amended (any and all of whom are referred to as an "Indemnified Party"),
from and against any and all losses, claims, damages, liabilities, or
expenses, and all actions in respect thereof (including, but not limited
to, all legal or other expenses reasonably incurred by an Indemnified Party
in connection with the investigation, preparation, defense or settlement of
any claim, action or proceeding, whether or not resulting in any
liability), incurred by an Indemnified Party:  (a) arising out of, or in
connection with, any actions taken or omitted to be taken by the Company,
its affiliates, employees or agents, or any untrue statement or alleged
untrue statement of a material fact contained in any of the financial or
other information furnished to LTCO by or on behalf of the Company or the
omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; or (b) with
respect to, caused by, or otherwise arising out of any transaction
contemplated by the Agreement or LTCO's performing the services
contemplated hereunder; provided, however, the Company will not be liable
under clause (b) hereof to the extent, and only to the extent, that any
loss, claim, damage, liability or expense is  finally judicially determined
to have resulted primarily from LTCO's gross negligence or bad faith in
performing such services.

If the indemnification provided for herein is conclusively determined
(by an entry of final judgment by a court of competent jurisdiction and the
expiration of the time or denial of the right to appeal) to be unavailable
or insufficient to hold any  Indemnified Party harmless in respect to any
losses, claims, damages, liabilities or expenses referred to herein, then
the Company shall contribute to the amounts paid or payable by such
Indemnified Party in such proportion as is appropriate and equitable under
all circumstances taking into account the relative benefits received by the
Company on the one hand and LTCO on the other, from the transaction or
proposed transaction under the Agreement or, if allocation on that basis is
not permitted under applicable law, in such proportion as is appropriate to
reflect not only the relative benefits received by the Company on the one
hand and LTCO on the other, but also the relative fault of the Company and
LTCO; provided, however, in no event shall the aggregate contribution of
LTCO and/or any Indemnified Party be in excess of the net compensation
actually received by LTCO and/or such Indemnified Party pursuant to this
Agreement.

The Company shall not settle or compromise or consent to the entry of
any judgment in or otherwise seek to terminate any pending or threatened
action, claim, suit or proceeding in which any Indemnified Party is or
could be a party and as to which indemnification or contribution could have
been sought by such Indemnified Party hereunder (whether or not such
Indemnified Party is a party thereto), unless such consent or termination
includes an express unconditional release of such Indemnified Party,
reasonably satisfactory in form and substance to such Indemnified Party,
from all losses, claims, damages, liabilities or expenses arising out of
such action, claim, suit or proceeding.

In the event any Indemnified Party shall incur any expenses covered
by this Exhibit B, the Company shall reimburse the Indemnified Party for
such covered expenses within ten (10) business days of the Indemnified
Party's delivery to the Company of an invoice therefor, with receipts
attached. Such obligation of the Company to so advance funds may be
conditioned upon the Company's receipt of a written undertaking from the
Indemnified Party to repay such amounts within ten (10) business days after
a final, non-appealable judicial determination that such Indemnified Party
was not entitled to indemnification hereunder.

The foregoing indemnification and contribution provisions are not in
lieu of, but in addition to, any rights which any Indemnified Party may
have at common law hereunder or otherwise, and shall remain in full force
and effect following the expiration or termination of LTCO's engagement and
shall be binding on any successors or assigns of the Company and successors
or assigns to all or substantially all of the Company's business or assets.

                                  EXHIBIT C
                                JURISDICTION

The Company and LTCO each hereby irrevocably: (a) submits to the
jurisdiction of any court of the State of New York or any federal court
sitting in the State of New York for the purposes of any suit, action or
other proceeding arising out of the Agreement between the Company and LTCO
which is brought by or against the Company or LTCO; (b) agrees that all
claims in respect of any suit, action or proceeding may be heard and
determined in any such court; and (c) to the extent that the Company or
LTCO  has acquired, or hereafter may acquire, any immunity from
jurisdiction of any such court or from any legal process therein, the
Company an LTCO each hereby waives, to the fullest extent permitted by law,
such immunity. The prevailing party in any litigation respecting this
Agreement shall be entitled to an award of its costs, including reasonable
attorneys' fees, in connection therewith.

The Company and LTCO each waives, and agrees not to assert in any
such suit, action or proceeding, in each case, to the fullest extent
permitted by applicable law, any claim that: (a) it is not personally
subject to the jurisdiction of any such court; (b) it is immune from any
legal process (whether through service or notice, attachment prior to
judgment, attachment in the aid of execution, execution or otherwise) with
respect to it or its property; (c) any such suit, action or proceeding is
brought in an inconvenient forum; (d) the venue of any such suit, action or
proceeding is improper; or (e) this Agreement may not be enforced in or by
any such court.

Any process against the Company or LTCO in, or in connection with,
any suit, action or proceeding filed in the United States District Court
for the Southern District of New York or any other court of the State of
New York, arising out of or relating to this Agreement or any transaction
or agreement contemplated hereby, may be served personally, or by first
class mail or overnight courier (with the same effect as though served
personally) addressed to the party being served at the address set forth in
the Agreement between the Company and LTCO.

Nothing in these provisions shall affect any party's right to
serve process in any manner permitted by law or limit its rights to
bring a proceeding in the competent courts of any jurisdiction or
jurisdictions or to enforce in any lawful manner a judgment obtained in
one jurisdiction in any other jurisdiction.

This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without regard to conflicts of
law principles.

                                  EXHIBIT D
                               FORM OF WARRANT

                                  EXHIBIT E

                                URBANA.CA INC
                                Ticker:  URBA
                              Exchange:  OTC BB

                   Proposed Private Placement Term Sheet
    Up to $3,500,000 Regulation D Offering of Common Stock and Warrants

Pricing:

The common stock initially issued to the investors
(the "Initial Common Stock") shall be priced at 90% of the closing bid
price of the Company's Common Stock on the day (the "Initial Closing
Date") of the initial closing (the "Initial Closing Price"), as quoted
by OTC BB.

Use of Proceeds:

Working capital.

Conversion:  Up to 33% of the Initial Common Stock held
by investor(s) can be repriced and sold every 30 days after the 90-day
restrictive period. If the registration statement is declared effective
prior to the 90th day, the investor(s) may sell any part of its/their
Initial Common Stock position, but without any re-pricing rights.

Schedule of Re-pricing Events:  Investor(s) must notify the Company within
24 hours of the last day of the re-pricing period  regarding the amount
of the Initial Common Stock to be re-priced for that period.

Day 91 to Day 120:  115% Re-pricing Event (first 33%):

If the average closing bid price for the Company's common stock
for a period of any 5 business days out of 20 consecutive business days
(the "Re-pricing Price") is not equal to or greater than 115% of the
Initial Closing Price, then the Company shall be obligated to issue
additional shares of common stock (the "Re-Pricing Stock") to
investor(s) according to the following formula:

((1.15*Initial Closing Price) - Re-pricing Price)*(# of Shares)

The re-pricing obligation for this re-pricing period may be paid in cash
or in common stock at the option of the Company.

Day 131 to Day 160:  120% Re-pricing Event (second 33%):

If the average closing bid price for the Company's common stock for a
period of any 5 business days out of 20 consecutive business days (the
"Re-pricing Price") is not equal to or greater than 120% of the Initial
Closing Price, then the Company shall be obligated to issue Re-Pricing
Stock to investor(s) according to the following formula:

((1.20*Initial Closing Price) - Re-pricing Price)*(# of Shares)

The re-pricing obligation for this re-pricing period may be paid in cash
or in common stock at the option of the Company.

Day 171 to Day 200:  123% Re-pricing Event (third 33%):

If the average closing bid price for the Company's common stock for a
period of any 5 business days out of 20 consecutive business days (the
"Re-pricing Price") is not equal to or greater than 123% of the Initial
Closing Price, then the Company shall be obligated to issue Re-Pricing
Stock to investor(s) according to the following formula:
((1.23*Initial Closing Price) - Re-pricing Price)*(# of Shares) / Re-
pricing Price.

The re-pricing obligation for this re-pricing period may be paid in cash
or in common stock at the option of the Company.

Investor Warrants:

Warrant Coverage:  15% warrant coverage

Term:  4-year life.

Strike Price of  Warrants:  110% of the Closing Bid Price of the
Company's  Common Stock on the Initial Closing Date.
Limitation on Short Sales:  The investors will agree not to enter
into a "short sale" (as such term is defined in Rule 3b-3 of the 1934
Act) of the Company's Common Stock during any Re-pricing Event valuation
period until such time as such investors no longer hold any of the
Company's Common Stock that is subject to re-pricing.

Redemption:  The Company shall have a right to redeem upon a
30-day written notice any portion of the Initial Common Stock that has
not been re-priced and that is not subject of an initiated Re-pricing
Event valuation period.  The redemption price shall be as set forth
below:
For the period from Day 1 - 90:      110%

Registration of Common Stock:

The Company will agree to file a registration
statement under the Securities Act of 1933 with respect to the shares of
Common Stock and the Warrants within 60 days of the Closing.  The
Company will cause the registration statement to become effective on the
date (the "SEC Effective Date") which will be within the earlier of 105
days of such Closing or within five days of SEC clearance to request
acceleration of effectiveness. The Company will maintain the
effectiveness of such registration statement for a minimum of four
years.

Registration Penalty:  If the registration statement is not
effective by the negotiated date, the Company will pay investors in cash
2.0% per month (of invested funds) pro rated for periods of less than 30
days.EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

          THIS AGREEMENT ("Agreement"), dated as of August 8, 2000, between
Technology Flavors and Fragrances, Inc., a Delaware corporation with its
principal office at 10 Edison Street East, Amityville, New York 11701 (the
"Company"), and Joseph Raimondo, an individual with an address of 391 Vesta
Court, Ridgewood, New Jersey 07450 (the "Executive").

                               W I T N E S S E T H

          WHEREAS, the Company desires to employ the Executive, and the
Executive desires to accept such employment, on the terms and conditions set
forth herein;

          NOW, THEREFORE, in consideration of the mutual promises,
representations and warranties set forth herein, and for other good and valuable
consideration, it is hereby agreed as follows:

          1. EMPLOYMENT. The Company hereby agrees to employ the Executive, and
the Executive hereby accepts such employment, upon the terms and conditions set
forth herein.

          2. TERM. Unless earlier terminated pursuant to the provisions of
Section 8 hereof, the term of the Executive's employment under this Agreement
shall be the two (2) year period commencing August 14, 2000 (the "Term"). The
Term shall automatically renew for successive one year periods thereafter unless
terminated by either party by written notice to the other no later than 60 days
prior to any such renewal date, or unless earlier terminated pursuant to Section
8 hereof.

          3. POSITION AND DUTIES.

               (a) During the Term, the Executive shall serve as the President
and Chief Operating Officer of the Company and shall have such duties as are
reasonably consistent with such offices and as from time to time may be
prescribed by the Chief Executive Officer and Chairman of the Board of Directors
of the Company (the "Board"). The Executive shall report to the Chairman and
Chief Executive Officer.

               (b) At all times during the Term, the Executive shall devote his
full business time and best talents, efforts and abilities to the performance of
his duties hereunder.

          4. COMPENSATION. For the Executive's services hereunder, the Company
shall pay the Executive a salary at the rate of $150,000 per year (the "Salary")
in accordance with the customary payroll practices of the Company. The Executive
may be eligible for salary increases, or bonuses or other forms of incentive

<PAGE>

compensation pursuant to the Company's Management Incentive Plan, subject to the
discretion of the Board.

          5. BENEFITS. During the period of the Executive's employment by the
Company, the Company shall provide the following benefits to the Executive:

               (a) FRINGE BENEFIT PROGRAMS. In addition to the Salary provided
in Section 4 hereof, the Executive will be entitled to participate in all fringe
benefit programs as from time to time are or may be provided by the Company to
its executive officers (e.g., any medical, dental, group insurance, vacation,
holiday, 401(k), pension, stock option, or retirement plans) in accordance with
the terms and conditions thereof in effect from time to time.

               (b) AUTOMOBILE. The Company will provide the Executive with a
luxury class automobile with a lease value of up to $800 per month, and will
additionally reimburse Executive for tolls, gasoline and ordinary maintenance
and repair costs incurred by the Executive, in accordance with the Company's
requirements and established practices.

               (c) EXPENSES. The Executive also shall be entitled to
reimbursement for reasonable business travel and entertainment expenses actually
incurred or paid by the Employee during the Term in furtherance of the Company's
business, to the extent that such expenditures are substantiated by the
Executive in accordance with the Company's requirements and established
practices.

          6. OPTION. Effective upon the date of this Agreement, the Company
shall grant the Executive an option (the "Option") to purchase 50,000 shares of
the common stock of the Company (the "Shares"), subject to the terms and
conditions of an Option Agreement to be entered into between the Company and the
Executive, at an exercise price equal to the closing price of the Company's
common stock as quoted on AMEX on the date of this grant. The Option shall vest
over a period of five (5) years from the date of grant, with 20% of the Shares
becoming vested upon each one-year anniversary of the date of grant.

          7. RESTRICTIVE COVENANTS.

               (a) NONCOMPETITION. Throughout the period commencing on the date
hereof and ending 12 months after the termination of the Executive's employment
with the Company for any reason, the Executive shall not, without the prior
written consent of the Company, directly or indirectly, own, manage, control or
participate in the ownership, management or control of, or be employed or
engaged by or otherwise affiliated or associated with, whether as a sole
proprietor, shareholder (except as a holder of not more than three (3) percent
of the outstanding shares of a publicly held corporation), owner, partner, joint
venturer, employee, agent, manager, salesman, consultant, advisor, independent
contractor, officer, director, promotor or otherwise, whether or not for
compensation, with respect to any corporation, partnership, proprietorship,
firm, association or other business entity, including, without limitation, any
not-for-profit entity, whose primary business purpose is engaging in any
"Company Business" (as hereinafter defined). For purposes of this Agreement, the
term "Company Business" shall mean any corporation, partnership, proprietorship,
firm, association or other business entity, including, without limitation, any
not-for-profit entity, which is engaged in (i) any business presently conducted

<PAGE>

by the Company, (ii) any other business conducted by the Company during the
period of the Executive's employment with the Company, or (iii) any other
business conducted by the Company during the 12 consecutive month period
following the termination of the Executive's employment with the Company.

               (b) NONSOLICITATION OF CUSTOMERS OR SUPPLIERS. Throughout the
period commencing on the date hereof and ending 12 months after the termination
of the Executive's employment with the Company for any reason, the Executive
shall not, without the prior written consent of the Company, directly or
indirectly, for himself, on behalf of, or through any person or entity, (i)
hire, engage, employ, solicit or contract with, or communicate with for the
purpose of hiring, engaging, employing, soliciting or contracting with, any
employee, consultant, and/or agent of the Company or any person or entity who
was an employee, consultant and/or agent of the Company at any time within the
one-year period immediately prior to the termination of the Executive's
employment with the Company, or encourage any such employee, consultant and/or
agent of the Company to terminate, curtail or otherwise alter its relationship
with the Company, (ii) solicit any past, present or prospective customers or
suppliers of the Company, or other persons in a business relationship with the
Company, for business or patronage in any way relating to any aspect of any
Company Business, other than on behalf of the Company in the course of the
Executive's employment; or (iii) request customers or suppliers of the Company,
or other persons in a business relationship with the Company, to cancel, curtail
or divert their business with the Company, or otherwise take action with respect
to such customers or suppliers or other persons which might have an adverse
effect on any Company Business.

               (c) NONDISCLOSURE OF INFORMATION. At all times from and after the
date hereof, the Executive shall not, without the prior written consent of the
Company, directly or indirectly, disclose, divulge, discuss, provide, transmit,
copy, make known to any third party, or use or cause to be used in any manner,
including, without limitation, in competition with or contrary to the interests
of the Company, any trade secrets or confidential information, knowledge or
data, whether of a technical or commercial nature, developed, in whole or in
part, by the Executive or received or acquired through or in connection with the
Executive's association with the Company, including, without limitation, any of
the foregoing relating to managerial or operational policies, ideas, plans,
methods, practices or procedures, customer lists, inventions, products,
formulas, manufacturing methods, product research, pricing, financial
arrangements, financial positions, competitive status, customer or suppliers
matters, internal organizational matters, technical capabilities or other
business affairs of or relating to the Company or the Company Business. The
Executive acknowledges that all of the foregoing constitutes proprietary
information, which is the exclusive property of the Company.

               (d) If any court of competent jurisdiction determines that any of
the provisions of this Section 7, or any part(s) thereof, is invalid or
unenforceable for any reason, such court shall have the power to modify any such
provision(s) and/or part(s), and, in their modified form, the provisions of this
Section 7 shall then be valid and enforceable.

               (e) Any breach by the Executive of any of the provisions of this
Section 7 shall be considered a material breach of this Agreement. In the event
of any such breach or threatened breach, the Company shall be entitled, without

<PAGE>

the proving of damages or the posting of a bond, to a temporary restraining
order, a preliminary injunction and/or a permanent injunction restraining the
breaching or threatening party from breaching or continuing to breach any of
said Sections. Nothing herein contained shall be construed as prohibiting the
Company from pursuing any other remedies that may be available to it for such
breach or threatened breach, including the recovering of damages.

               (f) The provisions of this Section 7 shall survive termination of
this Agreement.

          8. TERMINATION. The employment hereunder of the Executive may be
terminated prior to the expiration of the Term in the manner described in this
Section 8.

               (a) TERMINATION BY THE COMPANY FOR CAUSE. The Company shall have
the right to terminate the employment of the Executive for Cause (as such term
is defined herein) by written notice to the Executive specifying the particulars
of the circumstances forming the basis for such Cause.

               (b) TERMINATION UPON DEATH OR DISABILITY. The employment of the
Executive hereunder shall terminate immediately upon his death, or upon the
receipt by the Executive of written notice from the Company of termination by
reason of Disability (as defined herein) at any time after the expiration of any
consecutive three (3) month period, or any aggregate of three (3) months in any
twelve-month period, during which the Executive is unable by reason of
Disability to perform the duties required of him under this Agreement, provided
that such notice is given to the Executive prior to the full resumption by him
of the performance of such duties. For purposes of this Section, "Disability"
shall mean any physical or mental condition of the Executive which substantially
incapacitates or prevents him from satisfactorily performing his duties
hereunder.

               (c) VOLUNTARY RESIGNATION BY THE EXECUTIVE. The Executive shall
have the right to voluntarily resign his employment hereunder by 30 days'
advance written notice to the Company.

               (d) TERMINATION BY THE COMPANY WITHOUT CAUSE. The Company shall
have the right to terminate the Executive's employment hereunder without Cause
by written notice to the Executive.

               (e) TERMINATION DATE. The "Termination Date" is the date as of
which the Executive's employment with the Company terminates. Any notice of
termination given pursuant to the provisions of this Agreement shall specify the
Termination Date.

               (f) "CAUSE". For purposes of this Agreement, "Cause" shall exist
if the Executive (A) wilfully or repeatedly fails in any material respect to
satisfactorily perform his duties and obligations hereunder as provided herein;
(B) has been convicted of a crime or has entered a plea of guilty or nolo
contendere with respect thereto; (C) has committed any act in connection with
his employment with the Company which involved fraud, gross negligence,

<PAGE>

misappropriation of funds, dishonesty, disloyalty, breach of fiduciary duty or
any other misconduct injurious to the Company or any affiliate thereof; (D) has
engaged in any conduct which in the reasonable determination of the Company is
likely to adversely affect in any material respect the reputation or public
image of the Company or any affiliate thereof; (E) has breached any of the
provisions of Section 7 of this Agreement, (F) has breached any of the
representations or warranties contained in Section 10 hereof, or (G) has
materially breached any provisions of this Agreement in any manner other than
those set forth above.

          9. OBLIGATIONS OF COMPANY ON TERMINATION. Notwithstanding anything in
this Agreement to the contrary, the Company's obligations on termination of the
Executive's employment hereunder shall be as described in this Section 9.

               (a) OBLIGATIONS OF THE COMPANY IN THE CASE OF TERMINATION WITHOUT
CAUSE. In the event that prior to the expiration of the Term, the Company
terminates the Executive's employment, pursuant to Section 8(d), without Cause,
the Company shall pay the Executive, in the form of severance payments, ongoing
payments of the Executive's Salary for a period which is the LESSER of either
(i) any portion of the Term which remains after the date of termination, or (ii)
six (6) months immediately following the Termination Date, and in either case,
such severance payments will be in addition to with any accrued but unused
vacation, unpaid expense reimbursements or other benefits as required by law
which may be due to Executive as of the date of termination hereunder. Executive
acknowledges and agrees that his receipt of the foregoing severance payments
shall constitute the sole and exclusive remedy for any termination by the
Company of this Agreement without cause.

               (b) OBLIGATIONS OF THE COMPANY IN THE CASE OF TERMINATION FOR
DEATH, DISABILITY, VOLUNTARY RESIGNATION OR CAUSE. Upon termination of the
Executive's employment upon death or Disability (pursuant to Section 8(b)), as a
result of the voluntary resignation of the Executive (pursuant to Section 8(c))
or for Cause (pursuant to Section 8(a)), the Company shall have no payment or
other obligations hereunder to the Executive, except for the payment of (i) the
portion, if any, of your Salary that is accrued but unpaid as of the date your
employment with the Company terminates, (ii) any unpaid expense reimbursements
or unpaid vested benefit payments accrued as of the date of termination and
(iii) such benefits as the Company is obligated by law to extend to you, if any.

               (c) In the event of the death of the Executive during the time
any payments are due to Executive pursuant to either subparagraph (a) or (b)
hereof, the Company shall make any such payments to the duly authorized personal
representative or estate of the Executive.

          10. MUTUAL REPRESENTATIONS.

               (a) Executive represents and warrants to the Company that the
execution, delivery and performance of this Agreement (i) shall not constitute a
default under or conflict with any agreement or other instrument to which he is
a party or by which he is bound, and (ii) does not require the consent of any
person or entity.

<PAGE>

               (b) Executive represents and warrants that he has completely and
truthfully disclosed to the Company all material information relating to his
background, education and prior employment, to the best of his knowledge.

               (c) The Company represents and warrants to Executive that this
Agreement has been duly authorized, executed and delivered by the Company and
that the performance by the Company of its obligations hereunder shall not
constitute a default under or conflict with any material agreement or other
instrument to which it is a party or by which it is bound.

               (d) Each party hereto warrants and represents to the other that
this Agreement constitutes the valid and binding obligation of such party
enforceable against such party in accordance with its terms.

          11. SEVERABILITY. Should any provision of this Agreement be held, by a
court of competent jurisdiction, to be invalid or unenforceable, such invalidity
or unenforceability shall not render the entire Agreement invalid or
unenforceable, and this Agreement and each other provision hereof shall be
enforceable and valid to the fullest extent permitted by law.

          12. GOVERNING LAW. This Agreement shall be construed in accordance
with and governed by the laws of the State of New York, without regard to any
rules concerning the conflicts of laws.

          13. CONSENT TO JURISDICTION. The Company and the Executive irrevocably
and voluntarily submit to personal jurisdiction in the State of New York and in
the Federal and state courts in such state located in the Southern or Eastern
Districts of New York in any action or proceeding arising out of or relating to
this Agreement and agree that all claims in respect of such action or proceeding
may be heard and determined in any such court. The Company and the Executive
further consent and agree that the parties hereto may be served with process in
the same manner as a notice may be given under Section 14. The Company and the
Executive agree that any action or proceeding instituted by one party against
the other party with respect to this Agreement will be instituted exclusively in
the state courts located in, or in the United States District Courts for the
Southern or Eastern Districts of New York. The Company and the Executive
irrevocably and unconditionally waive and agree not to plead, to the fullest
extent permitted by law, any objection that they may now or hereafter have to
the laying of venue or the convenience of the forum of any action or proceeding
with respect to this Agreement in any such courts.

          14. NOTICES. All notices, requests and demands given to or made upon
the respective parties hereto shall be deemed to have been given or made three
business days after the date of mailing when mailed by registered or certified
mail, postage prepaid, or on the date of delivery if delivered by hand, or one
business day after the date of delivery to Federal Express or other reputable
overnight delivery service, addressed to the parties at their addresses set
forth below or to such other addresses furnished by notice given in accordance
with this Section 13: (a) if to the Company or the Board, to Technology Flavors
& Fragrances, Inc., 10 Edison Street East, Amityville, New York 11701,

<PAGE>

Attention: Chairman of the Board of Directors, with a copy to Baer Marks &
Upham, LLP, 805 Third Avenue, New York, New York 10022, Attention: Edward S.
Feig, Esq.; and (b) if to the Executive, to Joseph Raimondo, 391 Vesta Court,
Ridgewood, New Jersey 07450.

          15. WITHHOLDING. All payments required to be made by the Company to
the Executive under this Agreement shall be subject to withholding taxes, social
security and other payroll deductions in accordance with applicable law and the
Company's policies applicable to Executive employees of the Company.

          16. COMPLETE UNDERSTANDING. This Agreement supersedes any prior
contracts, understandings, discussions and agreements relating to employment
between the Executive and the Company and constitutes the complete understanding
between the parties with respect to the subject matter hereof. No statement,
representation, warranty or covenant has been made by either party with respect
to the subject matter hereof except as expressly set forth herein.

          17. MODIFICATION; WAIVER.

               (a) This Agreement may be amended or waived if, and only if, such
amendment or waiver is in writing and signed, in the case of an amendment, by
the Company and the Executive or in the case of a waiver, by the party against
whom the waiver is to be effective. Any such waiver shall be effective only to
the extent specifically set forth in such writing.

               (b) No failure or delay by any party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege.

          18. BINDING NATURE. This Agreement shall be binding upon the Company
and its successors, assigns and affiliates, and upon Executive and his heirs and
legal representatives.

          19. NON-ASSIGNMENT. Executive shall not assign any of his rights or
duties hereunder.

<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly
     executed in its corporate name by one of its officers duly authorized to
     enter into and execute this Agreement, and the Executive has manually
     signed his name hereto, all as of the day and year first above written.

THE COMPANY:
TECHNOLOGY FLAVORS & FRAGRANCES, INC.

By:_________________________________              ______________________________
   Name:                                          Witness
   Title:

THE EXECUTIVE:

____________________________________              ______________________________
Joseph Raimondo                                   Witness

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