Document:

EXHIBIT 10.38

                          PLEDGE AND SECURITY AGREEMENT

         This Pledge and Security Agreement (the "Agreement"), is made as of the
____ day of May, 2001 by and among GLOBALTRON CORPORATION, a Florida
corporation (the "Buyer") and the Sellers listed on the signature page of this
Agreement (each a "Seller" and collectively, the "Sellers").

         WHEREAS, the Sellers and the Buyer have entered on the date hereof into
a Purchase Agreement, dated May 15, 2001 (the "Purchase Agreement") pursuant to
which the Sellers are selling to the Buyer the Common Stock in exchange for the
sale and transfer by Buyer of the Globaltron Shares; and

         WHEREAS, pursuant to the Purchase Agreement, the Sellers have
indemnification obligations to the Buyer (the "Obligations"); and

         WHEREAS, each Seller has agreed to pledge to Buyer the number of
Globaltron Shares set forth opposite such Seller's name on Schedule A hereto
(the "Pledged Shares"), as a security for the Obligations; and

         WHEREAS, capitalized terms used herein but not defined shall have the
meanings ascribed to them in the Purchase Agreement.

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

1.       Creation of Security Interest.
         ------------------------------

         As security for the Obligations, the Sellers hereby pledge and hereby
grant to the Buyer a first lien and security interest in the Pledged Shares.
Concurrently with the execution of this Agreement, the Sellers are delivering to
Proskauer Rose LLP, with address at 1585 Broadway, New York, NY 10036 (the
"Escrow Agent"), as holder of the Pledged Shares, (i) all stock certificates
representing the Pledged Shares and (ii) duly endorsed irrevocable stock powers
in blank therefor to be exercised only upon the determination of a Default, as
hereinafter defined.

2.       Stock Dividends and Adjustments; Voting Rights.
         -----------------------------------------------

         If, during the term of this Agreement, any reclassification of shares,
stock split, readjustment, exchange, substitution, warrant, option or right to
acquire additional securities, is effected or issued with respect to the Pledged
Shares or any part thereof, all shares or securities that the Sellers shall
become entitled to receive as a result thereof promptly shall be delivered to
the Escrow Agent and they shall constitute Pledged Shares. So long as a Default
(as hereinafter defined) shall not have occurred and be continuing, the Sellers
shall be entitled to receive all cash dividends payable with respect to, and to
exercise all rights to vote, the Pledged Shares. Upon the occurrence and during

<PAGE>

the continuance of a Default, the Escrow Agent shall receive all such dividends
and neither party shall be entitled to exercise such voting rights.

3.       Pledge Absolute.
         ----------------

         The liability of the Sellers and the Buyer under this Agreement shall
be absolute and unconditional irrespective of: (i) any lack of validity or
enforceability of the Purchase Agreement; and (ii) any circumstance which might
otherwise constitute a defense available to, or a discharge of, the Sellers or
the Buyer, as applicable.

4.       Seller Representative.
         ----------------------

         Unless otherwise specified herein, the Sellers shall act through a
person designated by Sellers (the "Sellers Representative") and the acts of the
Sellers Representative shall be binding upon the Sellers to the same extent as
if they committed or effectuated such acts. The Sellers Representative shall
initially be Mr. Dario Echeverry. The Sellers may change the Sellers
Representative by providing the Buyer and the Escrow Agent with written notice
signed by the holders of a majority or more of the Pledged Shares.

5.       Assurances.
         -----------

         The Sellers and the Buyer shall at the request of the other execute and
deliver all such further assignments and other documents and take all such
further action as the parties may reasonably request in order to effect the
purposes and provisions of this Agreement including to perfect, continue, better
assure or confirm the rights of the Buyer in the Pledged Shares provided for
hereunder.

6.       Default; Remedies.
         ------------------

         (a) In the event that, at any time, Buyer shall, reasonably and in good
faith, determine that a Default (as defined in subparagraph (b) hereof) by the
Sellers exists, Buyer shall cause the Escrow Agent to deliver to each of the
Sellers a written notice (the "Default Notice"), which Default Notice shall
specify, in detail, (i) the alleged Default and (ii) if the claim of Buyer is
for a fixed and ascertainable amount only, the aggregate amount of such
indemnification obligation (after taking into account any deductible) together
with any estimate for fees and costs related to such claim (the "Indemnity
Amount"). If the actual damages are determined to be greater than the fixed and
ascertainable amount or if the costs and expenses are greater than estimated,
the Buyer shall not be limited in its remedies to what is set forth in the
Default Notice. The Sellers Representative shall have a period of fifteen (15)
business days following the provision of the Default Notice within which to
deliver to Buyer a written notice (the "Response Notice"), which Response Notice
shall advise Buyer (a) that the Sellers agree with the alleged Default and, if
the claim of Buyer is for a fixed and ascertainable amount,

<PAGE>

with the Indemnity Amount set forth in the Default Notice, or (b) that the
Sellers do not agree with the alleged Default or, if the claim of Buyer is for a
fixed and ascertainable amount, with the Indemnity Amount set forth in the
Default Notice. If (i) the Sellers shall advise the Buyer, in the Response
Notice, that they agree with the alleged Default and the Indemnity Amount set
forth in the Default Notice or (ii) if the Sellers Representative fails to send
to Buyer a Response Notice, within the fifteen-days period described above, then
no dispute shall exist and the Escrow Agent shall proceed, if so instructed by
Buyer ("Buyer Instruction"), to deliver to Buyer an aggregate number of Pledged
Shares equal to the Indemnity Amount divided by the "Share Value" on the date of
the Buyer Instruction. The Share Value shall mean the greater of (i) $2.00 per
share and (ii) the average of the final trading price of a share of Buyer's
common stock during the 30-days period preceding the date of the Buyer
Instruction. If, on the other hand, the Sellers Representative shall advise the
Buyer in the Response Notice that the Sellers do not agree with the alleged
Default or, if the claim of Buyer is for a fixed and ascertainable amount, with
the Indemnity Amount set forth in the Default Notice (specifying in detail
Sellers' disagreement), a dispute (the "Dispute") shall be deemed to exist
between the Buyer and the Sellers. The Buyer and the Seller Representative shall
endeavor in good faith to resolve the Dispute by direct consultation and
negotiation with each other. In the event Buyer and Sellers Representative are
unable to resolve the Dispute within ten (10) business days after the provision
to the Buyer of the Response Notice, the Dispute shall be resolved by a court as
provided in Section 9 (a) hereof. From and after that point in time that a
Dispute shall be deemed to exist, if any cash or stock dividend,
reclassification of shares, stock split, readjustment, exchange, substitution,
warrant, option or right to acquire additional securities is effected or issued
with respect to the Pledged Shares, all shares or securities that the Sellers
shall become entitled to receive as a result thereof shall promptly be delivered
to the Escrow Agent and shall constitute Pledged Shares to be held until the
Dispute is resolved as provided herein (together with appropriate instruments of
transfer duly endorsed in blank).

If, in accordance with the terms and provisions of Section 10 (a) hereof, such a
court enters a final judgment determining indemnification proceeds, or any other
proceeds related thereto, to be paid to the Buyer by the Sellers, the Buyer, in
addition to any other remedies available at law, shall be entitled to exercise
all of the rights and remedies with respect to the Pledged Shares of a secured
party under the Uniform Commercial Code or any other applicable law.

         (b) For purposes of this Agreement, a default ("Default") shall be
deemed to have occurred hereunder if (i) the Sellers are obligated to indemnify
the Buyer pursuant to Section 7.1 of the Purchase Agreement, subject to the
provisions of Section 7.2 thereof; and (ii) the Sellers sell, assign, transfer
or otherwise dispose of, or grant a lien on or security interest in or option or
right with respect to, or otherwise encumber the Pledged Shares or any part
thereof or any interest therein.

7.       Rights, Duties and Immunities of the Escrow Agent.
         --------------------------------------------------

         (a) Acceptance by the Escrow Agent of its duties under this Agreement
is subject to the following terms and conditions, which all parties to this
Agreement hereby agree shall govern and control the rights, duties and
immunities of the Escrow Agent:

<PAGE>

                  (i) The duties and obligations of the Escrow Agent are purely
ministerial in nature and are determined solely by the express provisions of
this Agreement. The Escrow Agent shall not be deemed to have any knowledge of or
responsibility for the terms of any other agreement, including the Purchase
Agreement, and the Escrow Agent shall not be required to construe any agreement
or document in connection herewith.

                  (ii) The Escrow Agent shall not be responsible in any manner
whatsoever for any failure or inability of the parties to this Agreement, or of
anyone else, to honor any of the provisions of this Agreement.

                  (iii) The parties hereto will reimburse and indemnify the
Escrow Agent for, and hold it harmless against, any loss, liability, damage or
expense, including but not limited to counsel fees and expenses arising out of
or in connection with its acceptance of, or the performance of its duties and
obligations under, this Agreement, except for losses, liabilities, damages and
expenses caused by the willful misconduct or gross negligence of the Escrow
Agent. The Buyer shall be responsible for 50% of the reimbursement and
indemnification obligations under this Section 7(a)(iii) and the Sellers,
jointly and severally, shall be responsible for 50% of the reimbursement
obligations under this Section 7(a)(iii). In no event will the Escrow Agent be
liable for any loss of asset value, consequential, indirect or special damages.

                  (iv) The Escrow Agent may act in reliance upon any signature
believed by it to be genuine and may assume that any person who has been
designated by the buyer or the Sellers to give written instructions, notice of
receipt or make any statements in connection with the provisions hereof is
authorized to do so. The Escrow Agent shall have no duty to make inquiry as to
the genuineness, accuracy or validity of any statements or instruments or any
signatures on any statements or instructions. The Buyer and the Sellers agree
that, for the purposes of this Agreement, the names and true signatures of each
individual authorized to act on behalf of each of them will be set forth on a
separate writing as drafted by the parties if either of them elects to have
another person or entity to act on their behalf. Subject to the provisions of
this Agreement, in the event that the Escrow Agent is uncertain as to its duties
or the manner in which any of its duties shall be performed, the Escrow Agent
shall notify the Buyer and the Sellers, and the Escrow Agent need not take any
action or perform any act until the uncertainty is resolved to the satisfaction
of the Escrow Agent.

                  (v) The Escrow Agent shall not be liable for any error of
judgment, or for any act done or step taken or omitted by it, or for anything
which it may do or refrain from doing in connection herewith, except its own
willful misconduct or gross negligence.

                  (vi) The Escrow Agent may seek the advice of such legal
counsel as it deems necessary in the event of any dispute or question as to the
construction of any of the provisions of this Agreement or its duties hereunder,
and it shall incur no liability and

<PAGE>

shall be fully protected in respect of any action taken, omitted or suffered by
it in accordance with the opinion of such counsel.

                  (vii) The Escrow Agent makes no representation as to the
validity, value, genuineness or collectibility of any security, document or
instrument held by or delivered to it.

                  (viii) Sellers expressly agree that the Escrow Agent shall not
be precluded from or restricted in any manner whatsoever from representing the
Buyer or otherwise acting as attorneys for the Buyer in any matter, including
without limitation any court proceeding or other matter related to the Purchase
Agreement or this Agreement, whether or not there is a dispute between the Buyer
and the Sellers with respect thereto.

         (b) If the Escrow Agent has any doubts as to whether or not it should
release the Pledged Shares, the Escrow Agent may, at the Escrow Agent's option,
deposit the Stock with the clerk of the United States District Court for the
Southern District of New York or the Supreme Court of the State of New York,
County of New York upon commencement of an action in the nature of an
interpleader and the Escrow Agent shall thereupon be released and discharged
from any and all further obligations arising in connection with this Agreement.

         (c) The parties agree that in the event that the Escrow Agent becomes
unable to perform its duties under this Agreement, Buyer, with prior written
notice to the Sellers, shall designate a new Escrow Agent (who must be an
attorney or law firm licensed to practice in the States of New York or Florida,
or a financial entity licensed as a commercial bank under the laws of New York
or Florida or by authority of the Federal Reserve System) to perform the
obligations under this Agreement.

8.       Termination; Distribution of Pledged Shares.
         --------------------------------------------

         (a) The security interest and assignment created and granted hereunder
shall terminate 12 months after the Closing Date; provided, however, that in the
event that a Dispute(s) exists, this Agreement shall remain in effect until the
resolution of such Dispute(s).

         (b) If no Dispute exists as of 12 months after the date hereof, then
the Pledged Shares, stock powers and other instruments related thereto shall be
returned to the Sellers, the security interest in the Pledged Shares shall
terminate and all obligations of the Escrow Agent, Sellers and the Buyer under
this Agreement shall terminate.

         (c) If a Dispute exists as of 12 months after the Closing Date and the
claim of the Buyer shall be for a fixed and determinable amount only, the
Pledged Shares other than the Disputed Shares (as hereinafter defined), together
with the stock powers and other instruments related thereto shall be returned to
Sellers and the security interest in such shares shall terminate. The Disputed
Shares held shall be held by the Escrow Agent

<PAGE>

hereunder until resolution of the Dispute. For purposes of this Agreement, the
Disputed Shares shall mean the number of Pledged Shares resulting from dividing
the fixed and determinable claim for indemnification of Buyer together with any
Buyer's reasonable estimate for fees and costs related to such claim by the
Disputed Share Value (as herein defined), such calculation to be made on the one
year anniversary from the Closing Date.

         (d) If a Dispute exists as of 12 months after the Closing Date and the
claim of the Buyer shall not be for a fixed and determinable amount, then all of
the Pledged Shares shall be held by the Escrow Agent hereunder until resolution
of the Dispute.

         (e) A Dispute shall be resolved upon the earlier of (a) an agreement,
duly executed between Buyer and each of the Sellers specifying the resolution of
such Dispute or (b) by final court order in accordance with Section 10(a). For
purposes of determining the number of Pledged Shares that will be transferred to
Buyer in connection with the resolution of a Dispute, the value of each share
shall be the Disputed Share Value, which is herein defined as the greater of
(i)$2,00 per share and (ii) the average of the final trading price of a share of
Buyer's common Stock during the 30-days period preceding the one year
anniversary of the Closing Date.

9.       Notices.
         --------

         All notices and other communications provided for herein shall be dated
and in writing and shall be deemed to have been duly given (x) on the date of
delivery, if delivered personally or by telecopier, receipt confirmed, (y) on
the second following business day, if delivered by a recognized overnight
courier service, or (z) seven days after mailing, if sent by registered or
certified mail, return receipt requested, postage prepaid, in each case, to the
party to whom it is directed at the following address (or at such other address
as any party hereto shall hereafter specify by notice in writing to the other
parties hereto):

         (i)      If to the Buyer, to it at the following address:

                  Globaltron Corporation
                  100 North Biscayne Blvd., Suite 2500
                  Florida, FL 33132
                  Tel:    (305) 371-3300
                  Fax:   (305) 371-4686
                  Attention:  Chief Financial Officer

                  with a copy to:

                  Proskauer Rose LLP
                  1585 Broadway
                  New York, NY 10036
                  Tel:   (212) 969-3000

<PAGE>

                  Fax:  (212) 969-2900
                  Attention:  Oliverio Lew, Esq.

         (ii)     If to any Sellers or the Escrow Agent, to it at the address
 set forth below its name on the
signature page hereto.

10.      Miscellaneous.
         --------------

         (a) This Agreement shall be governed by and construed and enforced in
accordance with, the laws of the State of Florida, without regard to conflicts
of law principles. Any disputes with respect to the interpretation of this
Agreement or the rights and obligations of the parties hereto shall be
exclusively brought in the U.S. District Court for the Southern District of
Florida or, if such Court lacks subject matter jurisdiction, in the court of
general jurisdiction in Dade County, Miami, Florida. Each of the parties waives
any right to object to the jurisdiction or venue of either of such Courts or to
claim that such Courts are an inconvenient forum.

         (b) If any term or provision of this Agreement shall, for any reason,
be held to be illegal, invalid or unenforceable under the laws of any
Governmental Authority to which this Agreement is subject, the term or provision
shall be deemed severed from this Agreement, and the remaining terms and
provisions shall be enforceable, to the fullest extent, permitted by law.

         (c) This Agreement shall inure to the benefit of and shall be binding
upon the respective successors, assigns and legal representatives of the parties
hereto.

         (d) Captions used herein are inserted for reference purposes only and
shall not affect the interpretation or meaning of this Agreement.

         (e) This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same agreement.

         (f) This Agreement may not be changed, modified or, except as provided
in Section 5 hereof, terminated, in whole or in part, except by a written
instrument signed by the party against whom any such change, modification or
termination is sought to be enforced.

         (g) If the Buyer and the Sellers are involved in a dispute arising
under this Agreement, then the prevailing party in such dispute shall be
entitled to recover from the losing party all costs in connection with such
dispute, including without limitation attorney's fees, expenses and costs
reasonably incurred in connection with litigation or other costs arising in
connection with the enforcement of this Agreement.

<PAGE>

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

                                  THE BUYER:

                                  GLOBALTRON CORPORATION
                                  By:
                                      ------------------------------------------
                                      Name:
                                      Title:

                                  SELLERS:

                                  WHITMER LIMITED.

                                  By:
                                      ------------------------------------------
                                        Name:
                                        Title:

                                  Address: 100 North Biscayne Blvd., Suite 2500
                                           Florida, FL 33132
                                           Tel: (305) 371-3300
                                           Fax: (305) 371-4686

                                  With a copy to:
                                           Aleman, Cordero, Galindo & Lee Trust
                                           (Panama) S.A.
                                           2nd Floor, Swiss Bank Building
                                           East 53rd Street, Marbella
                                           P.O. Box 6-1014 El Dorado
                                           Panama City, Republic of Panama
                                           Fax: (507) 269-2620
                                           Attention: Arturo Gerbaud

<PAGE>

                                  GARLON OVERSEAS, S.A..
                                  By:
                                      ------------------------------------------
                                      Name:
                                      Title:

                                  Address: 100 North Biscayne Blvd., Suite 2500
                                           Florida, FL 33132
                                           Tel: (305) 371-3300
                                           Fax: (305) 371-4686

                                   With a copy to:
                                           Aleman, Cordero, Galindo & Lee Trust
                                           (Panama) S.A.
                                           2nd Floor, Swiss Bank Building
                                           East 53rd Street, Marbella
                                           P.O. Box 6-1014 El Dorado
                                           Panama City, Republic of Panama
                                           Fax: (507) 269-2620
                                           Attention: Arturo Gerbaud

                                  NERCOL INVESTMENTS, S.A..
                                  By:
                                      ------------------------------------------
                                      Name:
                                      Title:

                                  Address: 100 North Biscayne Blvd., Suite 2500
                                           Florida, FL 33132
                                           Tel: (305) 371-3300
                                           Fax: (305) 371-4686

                                   With a copy to:

                                           Aleman, Cordero, Galindo & Lee Trust

<PAGE>

                                           (Panama) S.A.
                                           2nd Floor, Swiss Bank Building
                                           East 53rd Street, Marbella
                                           P.O. Box 6-1014 El Dorado
                                           Panama City, Republic of Panama
                                           Fax: (507) 269-2620
                                           Attention: Arturo Gerbaud

                                  BRISCORD TRADING, S.A..
                                  By:
                                      ------------------------------------------
                                      Name:
                                      Title:

                                  Address: 100 North Biscayne Blvd., Suite 2500
                                           Florida, FL 33132
                                           Tel: (305) 371-3300
                                           Fax: (305) 371-4686

                                   With a copy to:

                                           Aleman, Cordero, Galindo & Lee Trust
                                           (Panama) S.A.
                                           2nd Floor, Swiss Bank Building
                                           East 53rd Street, Marbella
                                           P.O. Box 6-1014 El Dorado
                                           Panama City, Republic of Panama
                                           Fax: (507) 269-2620
                                           Attention: Arturo Gerbaud

                                  TRENSOR INVETMENTS, S.A.
                                  By:
                                      ------------------------------------------
                                      Name:
                                      Title:

                                  Address: 100 North Biscayne Blvd., Suite 2500
                                           Florida, FL 33132

<PAGE>

                                           Tel: (305) 371-3300
                                           Fax: (305) 371-4686

                                   With a copy to:
                                           Aleman, Cordero, Galindo & Lee Trust
                                           (Panama) S.A.
                                           2nd Floor, Swiss Bank Building
                                           East 53rd Street, Marbella
                                           P.O. Box 6-1014 El Dorado
                                           Panama City, Republic of Panama
                                           Fax: (507) 269-2620
                                           Attention: Arturo Gerbaud

                                  BONING INTERNATIONAL, S.A..
                                  By:
                                      ------------------------------------------
                                      Name:
                                      Title:

                                  Address: 100 North Biscayne Blvd., Suite 2500
                                           Florida, FL 33132
                                           Tel: (305) 371-3300
                                           Fax: (305) 371-4686

                                   With a copy to:

                                           Aleman, Cordero, Galindo & Lee Trust
                                           (Panama) S.A.
                                           2nd Floor, Swiss Bank Building
                                           East 53rd Street, Marbella
                                           P.O. Box 6-1014 El Dorado
                                           Panama City, Republic of Panama
                                           Fax: (507) 269-2620
                                           Attention: Arturo Gerbaud

                                  SANDBAY INC.
                                  By:
                                      ------------------------------------------
                                      Name:
                                      Title:

<PAGE>

                                  Address: 100 North Biscayne Blvd., Suite 2500
                                           Florida, FL 33132
                                           Tel: (305) 371-3300
                                           Fax: (305) 371-4686

                                   With a copy to:

                                           Loeb Block & Partners LLP
                                           505 Park Avenue
                                           New York, NY 10022
                                           Fax: (212) 755-1777
                                           Attention: Herb Selzer, Esq.

                                  HEBRON LIMITED (BVI)
                                  By:
                                      ------------------------------------------
                                      Name:
                                      Title:

                                  Address: 100 North Biscayne Blvd., Suite 2500
                                           Florida, FL 33132
                                           Tel: (305) 371-3300
                                           Fax: (305) 371-4686

                                   With a copy to:

                                           Loeb Block & Partners LLP
                                           505 Park Avenue
                                           New York, NY 10022
                                           Fax: (212) 755-1777
                                           Attention: Herb Selzer, Esq.

                                  OCEAN SPRAY INVESTMENTS S.A.
                                  By:
                                      ------------------------------------------
                                      Name:
                                      Title:

<PAGE>

                                  Address: 100 North Biscayne Blvd., Suite 2500
                                           Florida, FL 33132
                                           Tel: (305) 371-3300
                                           Fax: (305) 371-4686

                                   With a copy to:

                                           Loeb Block & Partners LLP
                                           505 Park Avenue
                                           New York, NY 10022
                                           Fax: (212) 755-1777
                                           Attention: Herb Selzer, Esq.

                                  ESCROW AGENT:
                                  PROSKAUER ROSE LLP
                                  By:
                                      ------------------------------------------
                                      Name:
                                      Title:

                                  Address: 1585 Broadway
                                           New York, NY 10036
                                           Attention: David W. Sloan
                                           Fax: (212) 969.2900

<PAGE>

                                                                      Schedule A

Seller                          Aggregate number of Globaltron Shares pledged to
------                          ------------------------------------------------
                                              the Buyer Closing
                                              -----------------
Whitmer Limited                                    5,745,600
Garlon Overseas, S.A.                                216,000
Nercol Investments, S.A.                             216,000
Briscord Trading, S.A.                               216,000
Trensor Investments, S.A.                            216,000
Boning International, S.A.                           216,000
Sandbay Inc.                                          72,000
Hebron Limited (BVI)                                  57,600
Ocean Spray Investments S.A.                         244,800

Total                                              7,200,000<PAGE>

EXHIBIT 10.1 to Form 10-Q March 31, 2001

================================================================================

                                 MSU Corporation

================================================================================

THIS AGREEMENT dated January 1, 2001, by and between MSU Corporation, a Florida
corporation ("MSU" or "Company") and Bruce Walter, resident of Dallas, Texas
("Executive").

In consideration of the promises and the mutual covenants and agreements herein
contained, the parties hereto agree as follows:

1.   Subject to the terms and conditions herein, MSU hereby employs Executive as
     President & CEO, with the powers and duties customarily assigned to such
     position. The Board of MSU may assign other duties from time to time. At
     MSU's next annual meeting of shareholders, Executive will be proposed for
     election to MSU's Board of Directors.

2.   The term of employment shall be three years, commencing on the date of this
     Agreement.

3.   Executive shall receive the following compensation:

     a.  Executive's salary shall be $240,000/year, payable in equal monthly
         installments;
     b.  MSU will grant Options to purchase 1,200,000 shares of MSU common
         stock. The exercise price shall be $0.60/share. Of these, 600,000 shall
         vest upon signing subject to regulatory and Board approvals and 33,333
         shall vest on the first day of each month, commencing on February 1,
         2001, for a period of 18 consecutive months. The options shall have a
         three-year term;
     c.  Executive will be entitled to four weeks of paid vacation in each
         calendar year; and
     d.  Executive will participate in any incentive compensation plan, pension
         or profit sharing plan, medical plan, and other benefits maintained by
         MSU for its executives generally.

4.   MSU shall reimburse Executive for all reasonable out-of-pocket expenses
     incurred by him in the performance of his duties including, but not limited
     to, reasonable transportation, accommodation, entertainment and other
     expenses incurred on behalf of Company.

5.   Executive agrees to devote in good faith his full business time and best
     efforts to his services to Company and agrees to travel to the extent
     necessary to perform such duties.

                                       1
<PAGE>

6.   MSU or Executive shall have the right to terminate Executive's employment
     by serving 30 days written notice of his or its desire to terminate the
     employment relationship, subject to the provisions of paragraph 7 below
     permitting MSU to immediately discharge Executive for cause. Upon
     termination, MSU shall pay Executive three months severance pay.

7.   Company shall have the right to terminate Executive's employment
     immediately for cause upon the occurrence of any of the following events:

     a.  Executive's death or legal incapacity;
     b.  Executive's failure to perform his services for a period of at least
         ninety (90) consecutive days because of any physical or mental health
         impairment, subject to applicable laws;
     c.  MSU's cessation of business;
     d.  Conduct which would give adequate ground for termination for cause
         include, but are not limited to:

         -    Committing a material breach of any duties, including, but not
              limited to, Executive's repeated failure/refusal to diligently
              perform the provisions of this Agreement; or
         -    Conduct in a manner tending to bring Company into disrepute; or
         -    Being guilty of dishonesty and other acts of misconduct in
              rendering of services on behalf of Company; or
         -    Being convicted of any criminal felony or misdemeanor other than
              one which does not affect Company's reputation or Executive's
              position with the Company; or
         -    Refusing or neglecting to comply with any lawful orders or
              directions given to Executive by MSU's Board of Directors; or
         -    Committing an act of gross misconduct, gross negligence or willful
              malfeasance during the course of Executive's employment.

8.   Upon termination, Executive shall be entitled to receive all compensation
     hereunder accrued and unpaid as of the date of termination.

9.   This Agreement shall be binding upon, and shall inure to the benefit of,
     MSU and Executive, and their respective successors/assigns. MSU shall have
     the right to assign the rights hereunder to any successor in interest,
     whether by merger or sale of assets or otherwise.

10.  On the termination of Executive's employment, howsoever caused, he must
     return to MSU all property belonging to MSU in his possession and must not
     retain or take any copies thereof without the prior written consent of
     Company's Board of Directors.

11.  Executive warrants that the execution of this Agreement and the performance
     of his duties hereunder will not violate the terms of any other agreement
     that he is bound to, or a party to.

12.  Company is engaged in designing and selling Internet appliances. Executive
     acknowledges that Company's business is highly specialized and the
     documents and information regarding the MSU's activities are highly
     confidential and constitute trade secrets. Executive acknowledges and
     agrees that his services rendered to Company have a value to Company and he
     has access to trade secrets and confidential information belonging to the
     Company, the loss of which cannot adequately be compensated by damages in
     an action at law.

                                       2
<PAGE>

13.  During the term of Executive's employment, and following the termination of
     his employment with the MSU, howsoever caused, Executive shall not use for
     any purpose or disclose to any person or entity any confidential
     information acquired during the course of employment with MSU. The term
     "confidential information" as used in this Agreement includes, but is not
     limited to, records, lists and knowledge of the MSU's customers, methods of
     operation, processes, and trade secrets, as they may exist from time to
     time.

14.  During the term of Executive's employment with MSU and for a period of one
     (1) year from the termination of his employment with MSU, howsoever caused,
     Executive will not directly or indirectly, own, manage, operate, control,
     be employed by, perform services for, consult with, solicit business for,
     participate in, or be connected with the ownership, management, operation
     or control of any business which performs services materially similar or
     competitive with those provided by MSU in the State of Texas.

15.  During the term of Executive's employment with Company and for a period of
     one (1) year from the termination of his employment with Company, howsoever
     caused, Executive shall not, either on Executive's own account or for any
     person, firm, partnership, corporation or other entity (a) solicit,
     interfere with, or endeavor to cause any employee of Company to leave his
     or her employment; or (b) induce or attempt to induce any such employee to
     breach his or her employment agreement with Company.

16.  During the term of Executive's employment with the Company and for a period
     of one (1) year from the termination of his employment, howsoever caused,
     Executive shall not solicit, induce, or attempt to induce any past or
     current customer of the Company with whom he has worked (a) to cease doing
     business in whole or in part with or through Company, or (b) to do business
     with any other person, firm, partnership, corporation or other entity which
     performs services materially similar or competitive with those provided by
     Company.

17.  Executive acknowledges and agrees that Company will suffer irreparable
     injury if Executive breaches any of his obligations under paragraphs 13,
     14, 15 and 16 above. Accordingly, in addition to all of the remedies
     otherwise available to Company, including but not limited to, recovery from
     Executive of damages and reasonable attorneys' fees incurred in the
     enforcement of this Agreement, Company shall have the right to injunctive
     relief to restrain and enjoins any actual or threatened breach of the
     provisions of paragraphs 13, 14, 15 and 16 of this Agreement. All of the
     Company's remedies for breach of this Agreement shall be cumulative and the
     pursuit of one remedy shall not be deemed to exclude any other remedies.

18.  Executive has read the provisions hereof and agrees that the restrictions
     set forth herein are fair and reasonable and are reasonably required for
     the protection of the interests of MSU.

19.  In the event of a violation by Executive of any of the provisions contained
     in paragraph 13, 14, 15 and 16 of this Agreement, the term of each and
     every covenant so violated shall be automatically extended for a period of
     one (1) year from the date on which Executive permanently ceases such
     violation, or for a period of one (1) year from the date of entry by a
     court of competent jurisdiction of a final order or judgment enforcing such
     covenant, whichever period is longer.

                                       3
<PAGE>

20.  It is understood and agreed that the construction and interpretation of
     this Agreement shall at all times and in all respects be governed by the
     laws of the State of Texas, except its conflict of law rules, which are
     deemed to be inapplicable herein. All disputes concerning the application
     or enforcement of this Agreement shall, if necessary, be tried in a court
     of competent jurisdiction in the State of Texas or the United States
     District Court for the Northern District of Texas. The parties hereby
     consent to the personal jurisdiction of the courts of the State of Texas
     and the United States District Court for the Northern District of Texas.

21.  The provisions of this Agreement shall be deemed severable, and the
     invalidity or unenforceability of any one or more of the provisions hereof
     shall not affect the validity or enforceability of any one or more of the
     other provisions hereof.

22.  This Agreement contains the entire agreement and understanding by and
     between the Company and Executive with respect to the covenants contained
     herein, and no representations, promises, agreements or understandings,
     written or oral, not herein contained shall be of any force or effect. No
     change or modification hereof shall be valid or binding unless the same is
     in writing and signed by both parties. No valid waiver of any provision
     shall be deemed a waiver of any other provision of this Agreement at such
     time or will be deemed a valid waiver of such provision at any other time.

IN WITNESS WHEREOF, Company and Executive have duly executed this Agreement as
of the day and year first written above.

<TABLE>

<S>                                                        <C>
MSU Corporation                                            Executive

By:     /s/  Jean J. Belanger                              By:    /s/  Bruce Walter
       ----------------------------------------------            --------------------------------------------------
       Name: Jean J. Belanger                                    Name: Bruce Walter

Date:    January 1, 2001                                   Date:   January 1, 2001
       ----------------------------------------------            --------------------------------------------------
</TABLE>

                                       4

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