Document:

Exhibit 10.3

                         BUSINESS OPPORTUNITY ALLOCATION
                      AND MISCELLANEOUS SERVICES AGREEMENT

         THIS AGREEMENT (the "Agreement"), made as of the 28th day of March,
2000, by and among Arinco Computer Systems Inc., a New Mexico corporation (the
"Company"), and Pangea Internet Advisors LLC, a Delaware limited liability
company ("Pangea").

                              W I T N E S S E T H:
                              - - - - - - - - - -

         WHEREAS, the Company and Pangea desire to set forth their understanding
with respect to certain investment opportunities identified by Pangea and FG II
Management Company, LLC, a Delaware limited liability company ("FG II"). Pangea,
FG II and/or their affiliates are collectively referred to herein as "Pangea
Affiliates".

         WHEREAS, the Company and Pangea desire to set forth their understanding
with respect to the reimbursement by the Company of certain amounts that may be
incurred, paid or payable by Pangea with respect to corporate headquarters
expenses.

         WHEREAS, it is a condition to the closing of that certain Securities
Purchase Agreement by and among the Company, Pangea and the investors who are
parties thereto (the "Investors"), dated as of March 9, 2000 (the "Securities
Purchase Agreement"), that the parties enter into this Agreement. The term
"Pangea Affiliates" shall not include the Investors solely as a result of their
participation in the investment under the Securities Purchase Agreement and the
other transactions contemplated thereby.

         NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, the parties hereto agree as follows:

         1. Investments in Target Businesses.

         (a) Referral of Deals. Pangea will refer to the Company all
opportunities for the Company to acquire interests in business enterprises that
are or propose to be engaged in businesses relating primarily to the internet,
e-commerce and related technologies ("Target Businesses") that any Pangea
Affiliate may investigate or otherwise pursue for its own account or for funds
with which they are affiliated or other clients where either (i) the minimum
amount required to be allocated to the Company pursuant to Section 1(b) would be
$1,000,000 or more or (ii) where 50% of the amount of such opportunity could be
acquired for no less than $500,000 and such an acquisition would give the
Company "control" of the Target Business for purposes of Rule 3a-1(a)(4) under
the Investment Company Act of 1940, as amended (the "Investment Company Act"),
or any successor rule thereto ("Rule 3a-1(a)(4)"). The referral requirements of
this Section 1(a) (the "Referral Requirements") shall not apply to investments
in publicly traded securities not offered in a private placement. Any
opportunity for the Company to acquire interests in Target Businesses that any
Pangea Affiliate may so investigate and that do not fall within the Referral
Requirements is referred to as an "Other Opportunity". The Company
<PAGE>

hereby renounces any interest it may have in any Other Opportunity and renounces
any expectancy that any Other Opportunity be offered to it, such that, as a
result of such renunciation, any Pangea Affiliate or any officer, director,
member or affiliate of any Pangea Affiliate who is also an officer or director
of the Company (A) shall have no duty to communicate or present such Other
Opportunity to the Company, shall have the right to hold such Other Opportunity
for its or its affiliates' (and the respective officers, directors, agents,
shareholders, members, partners, or subsidiaries of such affiliates) own
account, or to recommend, assign or transfer such Other Opportunity to persons
other than the Company and (B) shall not breach any duty it may have to the
Company by reason of the fact that such person pursues or acquires such Other
Opportunity for itself, directs, assigns or transfers such Other Opportunity to
another person, or does not communicate information regarding such Other
Opportunity to the Company.

         (b) Allocation of Investment Opportunities. If an opportunity to
acquire a Target Business (or an interest therein) is presented to a Pangea
Affiliate which is within the Referral Requirements, Pangea will refer such
opportunity to the Company, and if one or more Pangea Affiliates or clients or
affiliates of such Pangea Affiliates (collectively, the "Pangea Group") wishes
to participate in such acquisition, Pangea shall allocate such opportunity
between the Company and the Pangea Group on an equitable basis which recognizes
the objective of the Company to avoid being classified as an investment company;
provided, however, that not less than 50% of the value of the opportunity
available to the Pangea Group and the Company shall be offered to the Company.
Any portion of such opportunity allocated to the Pangea Group shall be deemed to
be an "Other Opportunity" for purposes of Section 1(a). Pangea shall disclose in
advance all such proposed allocations to the Company and, to the extent
necessary for the Company to avoid classification as an investment company, use
good faith efforts to cause the members of the Pangea Group to whom any
allocation has been made to assign their voting rights to the Company. For
purposes of this Section 3(b), the term "Pangea Group" shall not include persons
who were solicited by any member of the Pangea Group to invest in a Target
Business but who are not clients or affiliates of any Pangea Affiliate.

         (c) Failure to Approve Acquisitions. If Pangea refers to the Company an
opportunity to acquire a Target Business (or an interest therein) which is
within the Referral Requirements and the Company does not make such acquisition
(whether based on the merits of the opportunity, a disagreement with the portion
of the opportunity allocated to the Company or other factors), then Pangea and
the Pangea Group shall be free to pursue such Target Business for their own
account and such opportunity shall be deemed to be an "Other Opportunity" for
purposes of Section 1(a).

         2. Office Services. Subject to the terms and conditions hereof, during
the term of this Agreement, Pangea will provide the Company with office space in
Pangea's offices in Greenwich, Connecticut for use by the Company's staff.
Pangea will also provide the Company's staff with access to secretarial support
services and to such communications, computer, photocopying and similar office
equipment as is located at such offices from time to time and will provide such
staff with reasonable office supplies, postage, overnight express courier and
similar services. (The foregoing provision of space, secretarial support, access
to office equipment and provision of office supplies is referred to herein as
"Office Services".) At least monthly the Company shall reimburse Pangea for the
cost of such Office Services, such

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<PAGE>

reimbursement to be in such amounts as the Company and Pangea may reasonably
agree upon from time to time based upon an estimate of Pangea's actual costs for
providing such Office Services.

         3. Legal Expenses. The Company shall also reimburse Pangea for all
reasonable legal fees and expenses incurred by Pangea in connection with the
transactions contemplated by the Securities Purchase Agreement, including,
without limitation, those relating to the preparation of this Agreement, the
Securities Purchase Agreement, the Transaction Documents (as defined in the
Securities Purchase Agreement), and the private placement memorandum relating to
the Securities Purchase Agreement.

         4. Term. Section 1 of this Agreement shall remain in full force and
effect for so long as any Pangea Affiliate is serving as a director or as a
senior executive officer of the Company. Either party may terminate Section 2 of
this Agreement upon 90 days prior written notice to the other party. The
provisions of Sections 3 and 5 hereof shall survive indefinitely.

         5. Liability; Indemnification.

         (a) Liability. None of Pangea, the Pangea Affiliates, or any of their
respective principals, shareholders, members, directors, officers, employees or
agents (all of the foregoing, except for Pangea are collectively, the "Pangea
Parties") shall be liable to the Company or any of its shareholders, directors,
officers, employees or agents for any losses, damages, costs or expenses,
including attorneys' fees, judgments, fines and amounts paid in settlement
(collectively, "Losses"), in any way arising out of or incurred in connection
with the performance by Pangea or the Pangea Parties of any obligation herein
including, but not limited to, any claim arising out of a referral made pursuant
to Section 1 or the pursuit by any Pangea Party of any Other Opportunity, except
that Pangea may be liable to the Company to the extent that any such Losses are
directly caused by the gross negligence or willful misconduct of Pangea or any
of the Pangea Parties in the performance of their duties hereunder during the
term of this Agreement.

         (b) Indemnification. The Company shall indemnify in the manner and to
the fullest extent permitted by applicable law and the bylaws of the Company,
each Pangea Party in the event that the Pangea Party (or his or her estate, as
the case may be), was or is a party to, or is threatened to be made a party to,
any threatened, pending or completed action, suit or proceeding, whether or not
by or in the right of the Company, and whether civil, criminal, administrative,
investigative or otherwise, by reason of the performance or alleged lack of
performance of any obligation in Sections 1 or 2, against Losses actually and
reasonably incurred by such person in connection with such action, suit or
proceeding (including, without limitation, in connection with the defense or
settlement of such action, suit or proceeding). To the extent and in the manner
provided by applicable law, any expenses (including attorneys' fees) shall be
paid by the Company in advance of the final disposition of such action, suit or
proceedings, even if the Pangea Party is alleged to have not met any applicable
standard of conduct or is alleged to have committed conduct so that, if true,
the Pangea Party (or the Pangea Party's estate) would not be entitled to
indemnification under this Section 5, upon receipt of an undertaking, which need
not be secured, by or on behalf of such person to repay such amount if it shall
ultimately be determined that he is not entitled to be indemnified by the
Company as authorized in this Section

                                        3
<PAGE>

5. The Company's obligations under this Section 5 shall survive any termination
of this Agreement.

         (c) Nonexclusive Remedy. The indemnification remedy contained in this
Agreement shall not be deemed to be the exclusive remedy of the Indemnified
Party in connection with or arising from any failure by the Company to perform
any of its covenants or obligations in this Agreement, nor shall such
indemnification remedy be deemed to prejudice or to operate as a waiver of any
remedy to which the Indemnified Party may be entitled at law or equity.

         6. Miscellaneous.

         (a) Notices. Any notice, payment, demand or communication required or
permitted to be given by any provision of this Agreement shall be in writing and
shall be deemed to have been delivered, given and received for all purposes (i)
if delivered personally, with a copy transmitted by telephonic facsimile, to the
party or to an officer of the party to whom the same is directed or (ii) whether
or not the same is actually received, if sent by registered or certified mail,
postage and charges prepaid, with a copy transmitted by telephonic facsimile
addressed as follows:

         If to the Company:

                      Arinco Computer Systems Inc.
                      20 Dayton Avenue
                      Greenwich, CT  06830
                      Telephone:  203-661-4431
                      Facsimile:  203-661-1331

                      Attention: Chief Executive Officer

         With a copy to:

                      Paul Weiss Rifkind, Wharton & Garrison
                      1285 Avenue of the Americas
                      New York, NY  10019-6064
                      Telephone:  212-373-3000
                      Facsimile:  212-757-3990

                      Attention:  James Dubin, Esq.

                                        4
<PAGE>

         and

                      Richards & O'Neil, LLP
                      885 Third Avenue
                      New York, NY  10021-4873
                      Telephone:  212-207-1200
                      Facsimile:  212-750-9022

                      Attention:  Craigh Leonard, Esq.

         If to Pangea:

                      Pangea Internet Advisors LLC
                      20 Dayton Avenue
                      Greenwich, CT  06830
                      Telephone:  203-661-4431
                      Facsimile:  203-661-1331

                      Attention:  Cary S. Fitchey

Any such notice shall be deemed to be delivered, given and received as of the
date so delivered, if delivered personally, or as of the date on which the same
was deposited in a regularly maintained receptacle for the deposit of United
States mail, addressed and sent as aforesaid.

         (b) Governing Law. This Agreement shall be governed by, and interpreted
in accordance with, the laws of the State of New York applicable to agreements
made and to be performed entirely within such State.

         (c) Counterpart Execution. This Agreement may be executed in any number
of counterparts with the same effect as if all of the parties hereto had signed
the same document. All counterparts shall be construed together and shall
constitute one agreement.

         (d) Amendments. This Agreement may only be amended upon the written
consent of all of the parties hereto.

         (e) Entire Understanding; No Third Party Beneficiaries. This Agreement
and the Transaction Documents represent the entire understanding of the parties
hereto with reference to the transactions contemplated hereby and supersedes any
and all other oral or written agreements heretofore made. Except as provided in
Section 1 with respect to the Pangea Group, and Section 5 with respect to the
Pangea Parties, nothing in this Agreement, expressed or implied, is intended to
confer upon any person, other than the parties hereto or their respective
successors, any rights, remedies, obligations or liabilities under or by reason
of this Agreement.

         (f) Assignment. Neither this Agreement nor any of the rights, interests
or obligations hereunder shall be assigned by any of the parties hereto (whether
by operation of law or otherwise) without the prior written consent of the other
parties hereto and any purported assignment in violation of this Section 6(f)
shall be void. Subject to the preceding sentence, this

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<PAGE>

Assignment shall be binding upon, inure to the benefit of and be enforceable by
the parties hereto and their respective heirs, legal representatives, successors
and permitted assigns.

         (g) Specific Performance. The parties hereto agree that their
respective rights and obligations under this Agreement shall be enforceable in a
court of equity by decree of specific performance and that appropriate
injunctive relief may be applied for and granted in connection therewith. Such
remedies shall, however, be cumulative and nonexclusive and shall be in addition
to any other remedies which any party hereto may have under this Agreement or
otherwise.

         (h) No Partnership Relationship. Nothing contained herein shall be
construed or deemed to create any partnership relationship between the Company,
on the one hand, and Pangea or any of its Affiliates, on the other hand.

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

                                ARINCO COMPUTER SYSTEMS INC.

                                By: /s/ Cary S. Fitchey
                                    -----------------------
                                    Name:  Cary S. Fitchey
                                    Title: President and Chief Executive Officer

                               PANGEA INTERNET ADVISORS LLC

                               By: /s/ John W. Gilden
                                   ------------------
                                   Name:  John W. Gilden
                                   Title: Manager

                                        6Exhibit 10.4

                          ARINCO COMPUTER SYSTEMS INC.
                                20 Dayton Avenue
                               Greenwich, CT 06830

                                                                  March 28, 2000

Cary S. Fitchey
20 Dayton Avenue
Greenwich, CT  06830

Dear Mr. Fitchey:

         I am pleased to submit to you the following offer of employment with
Arinco Computer Systems Inc., a New Mexico corporation (the "Company").

         1. Title; Duties. At the commencement of your employment, the Company
shall employ you and you shall accept employment as President and Chief
Executive Officer of the Company and you shall have such authority and perform
such duties of an executive and managerial nature as are consistent with such
title and status. You shall devote substantial business time, skill and efforts
to the performance of your duties to the Company. However, the Company is aware
that you are now engaged, and from time to time hereafter may become engaged, in
other businesses, ventures and opportunities and that you intend to devote a
substantial amount of time to such businesses, ventures and opportunities. The
Company expressly consents to such activities and agrees that such activities
shall not constitute a breach of this Letter Agreement.

         2. Commencement; At-Will Employment. Your employment shall commence,
and this Letter Agreement shall become effective, on the Closing Date (as
defined in the Securities Purchase Agreement by and between the Company and
Pangea Internet Advisors LLC, a Delaware limited liability company ("Pangea"),
dated as of March 9, 2000 (the "Purchase Agreement")). You shall be an at-will
employee and, accordingly, your employment by the Company may be terminated by
the Company or by you at any time for any reason or for no reason.

         3. Salary. During your employment, you will be paid a base salary at an
annual rate of $150,000, payable in bi-weekly installments, subject to
adjustment at the discretion of the Board of Directors of the Company. During
your employment, you shall also be entitled to payment of or reimbursement for
all reasonable and properly documented out-of-pocket expenses incurred or paid
by you in connection with the performance of your duties hereunder and in
accordance with the general expense reimbursement policy of the Company then in
effect.
<PAGE>

         4. Benefits. During your employment, you shall be entitled to
participate in the employee benefit plans and programs, if any, which are
maintained by the Company for similarly situated employees of the Company.

         5. Business Opportunity Allocation. You acknowledge that you have read
the Business Opportunity Allocation and Miscellaneous Services Agreement by and
between the Company and Pangea dated as of the Closing Date (the "BOA
Agreement"). During your employment, and for so long as you are a Pangea
Affiliate (as defined in the BOA Agreement), you shall observe all requirements
and obligations imposed on the Pangea Affiliates pursuant to the BOA Agreement,
including the referral, through Pangea, of investment opportunities meeting the
Referral Requirements (as defined in the BOA Agreement) to the Company in
accordance with Section 1 of the BOA Agreement. The Company hereby renounces any
interest it may have in any Other Opportunity (as defined in the BOA Agreement)
and renounces any expectancy that any Other Opportunity be offered to it, such
that, as a result of such renunciation, you (A) shall have no duty to
communicate or present such Other Opportunity to the Company, shall have the
right to hold such Other Opportunity for your or your affiliates' (and the
respective officers, directors, agents, shareholders, members, partners, or
subsidiaries of such affiliates) own account, or to recommend, assign or
transfer such Other Opportunity to persons other than the Company and (B) shall
not breach any duty you may have to the Company by reason of the fact that you
pursue or acquire such Other Opportunity for yourself, direct, assign or
transfer such Other Opportunity to another person, or do not communicate
information regarding such Other Opportunity to the Company.

         6. Indemnification. The Company shall indemnify, in the manner and to
the fullest extent permitted by applicable law and the by-laws of the Company,
you (or your estate) in the event you (or your estate) were or are a party to,
or are threatened to be made a party to, any threatened, pending or completed
action, suit or proceeding, whether or not by or in the right of the Company,
and whether civil, criminal, administrative, investigative or otherwise, by
reason of the fact that you are or were a director, officer, employee, or agent
of the Company, or are or were serving at the request of the Company as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, against expenses (including reasonable
attorneys' fees) ("Expenses"), judgments, fines and amounts paid in settlement
actually and reasonably incurred by you (or your estate) in connection with such
action, suit or proceeding (including, without limitation, in connection with
the defense or settlement of such action, suit or proceeding). To the extent and
in the manner provided by applicable law, any such Expenses shall be paid by the
Company in advance of the final disposition of such action, suit or proceeding,
even if you are alleged to have not met the applicable standard of conduct
required under this Section 6 or are alleged to have committed conduct such
that, if true, you (or your estate) would not be entitled to indemnification
under this Section 6, upon receipt of an undertaking, which need not be secured,
by or on behalf of you (or your estate) to repay such amount if it shall
ultimately be determined that you (or your estate) are not entitled to be
indemnified by the Company as authorized in this Section. The Company's
obligations under this Section 6 shall survive any termination of this Letter
Agreement or any termination of your employment.

                                        2
<PAGE>

         7. Insurance. During your employment, the Company shall maintain
liability and director's and officer's insurance provided by a reputable insurer
in amounts appropriate for a public company engaged in business (in nature and
size) like the Company's business on your behalf.

         8. Miscellaneous.

         (a) Notices. Any notice, payment, demand or communication required or
permitted to be given by any provision of this Letter Agreement shall be in
writing and shall be deemed to have been delivered, given and received for all
purposes (i) if delivered personally, with a copy transmitted by telephonic
facsimile, to the party or to an officer of the party to whom the same is
directed or (ii) whether or not the same is actually received, if sent by
registered or certified mail, postage and charges prepaid, with a copy
transmitted by telephonic facsimile addressed as follows:

                  If to the Company:

                           Arinco Computer Systems Inc.
                           20 Dayton Avenue
                           Greenwich, CT  06830
                           Telephone:  203-661-4431
                           Facsimile:  203-661-1331

                           Attention:  Chief Executive Officer

                  If to Employee:

                           Cary S. Fitchey
                           20 Dayton Avenue
                           Greenwich, CT  06830
                           Telephone:  203-661-4431
                           Facsimile:  203-661-1331

Any such notice shall be deemed to be delivered, given and received as of the
date so delivered, if delivered personally, or as of the date on which the same
was deposited in a regularly maintained receptacle for the deposit of United
States mail, addressed and sent as aforesaid.

         (b) Governing Law. This Letter Agreement shall be governed by, and
interpreted in accordance with, the laws of the State of New York applicable to
agreements made and to be performed entirely within such State.

         (c) Counterpart Execution. This Letter Agreement may be executed in any
number of counterparts with the same effect as if all of the parties hereto had
signed the same document. All counterparts shall be construed together and shall
constitute one agreement.

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<PAGE>

         (d) Amendments. This Letter Agreement may only be amended upon the
written consent of all of the parties hereto.

         (e) Entire Understanding; No Third Party Beneficiaries. This Agreement
and the BOA Agreement represent the entire understanding of the parties hereto
with reference to the transactions contemplated hereby and supersedes any and
all other oral or written agreements heretofore made. Except as provided in
Section 6, nothing in this Agreement, expressed or implied, is intended to
confer upon any person, other than the parties hereto or their respective
successors and permitted assigns, any rights, remedies, obligations or
liabilities under or by reason of this Agreement.

         (f) Successors and Assigns. The Company may assign this Letter
Agreement to a successor, affiliate or subsidiary, provided that no such
assignment shall relieve the Company of its obligation hereunder. This Letter
Agreement is a personal contract and your rights and interests hereunder may not
be sold, transferred, assigned, pledged, encumbered, or hypothecated by you,
except as otherwise expressly permitted by the provisions of this Letter
Agreement. Nothing in this Section 8(f) shall preclude (i) you from designating
a beneficiary to receive any benefit payable hereunder upon your death, or (ii)
the executors, administrators, or other legal representatives of yours or your
estate from assigning any rights hereunder to distributees, legatees,
beneficiaries, testamentary trustees or other legal heirs of yours. This Letter
Agreement shall inure to the benefit of and be enforceable by your personal or
legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees.

         (g) Severability. If any provision of this Letter Agreement or the
application of any such provision to any party or circumstances shall be
determined by any court of competent jurisdiction to be invalid and
unenforceable to any extent, the remainder of this Letter Agreement or the
application of such provision to such person or circumstances other than those
to which it is so determined to be invalid and unenforceable, shall not be
affected thereby, and each other provision hereof shall continue to be valid and
shall be enforceable to the fullest extent permitted by law.

         (h) Headings. All descriptive headings of sections and paragraphs in
this Letter Agreement are intended solely for convenience, and no provision of
this Letter Agreement is to be construed by reference to the heading of any
section or paragraph.

         (i) Withholdings. All payments to you under this Letter Agreement shall
be reduced by all applicable tax withholding required by federal, state or local
law.

         (j) Termination of Agreement. This Letter Agreement shall terminate and
have no further force and effect if the Purchase Agreement is terminated.

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<PAGE>

         If the foregoing is acceptable, please indicate your agreement by
signing in the space designated below.

                                      Sincerely,

                                      ARINCO COMPUTER SYSTEMS INC.

                                      By: /s/ William P. O'Donnell
                                          ------------------------
                                          Name:  William P. O'Donnell
                                          Title: Managing Director and Secretary

AGREED AND ACCEPTED BY:

/s/ Cary S. Fitchey
-------------------
Name: Cary S. Fitchey

                                        5
<PAGE>

                                   Schedule A
                                   ----------

         The agreements which have not been included in this Exhibit are: the
Employment Agreements by and between Arinco Corporate Systems Inc. and each of
William Avery, David M. Roberts, William P. O'Donnell and Frederick G. Noell.
The only differences between those agreements and this agreement are (a) the
party thereto, (b) the individual's title in Section 1 and (c) the individual's
salary in Section 3, which are as follows:

                                    Title                     Salary
                                    -----                     ------
William Avery                 Managing Director              $150,000
David M. Roberts              Managing Director              $100,000
William P. O'Donnell          Managing Director              $ 75,000
Frederick G. Noell            Managing Director              $ 75,000

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