Document:

<PAGE>
                                                                    Exhibit 10.5

                              EMPLOYMENT AGREEMENT

                                (John A. Milana)

      This EMPLOYMENT AGREEMENT, dated February 7, 2002 (this "AGREEMENT"), is
between VerticalNet, Inc., a Pennsylvania corporation (the "COMPANY"), and John
A. Milana (the "EMPLOYEE").

      The Company and the Employee, each intending to be legally bound by this
Agreement, agree as follows:

1.    Employment

This Agreement is effective February 7, 2002 (the "EFFECTIVE DATE"). The
Employee shall be the Chief Financial Officer of the Company and shall perform
duties consistent with this position as are assigned by the Chief Executive
Officer or the Board of Directors of the Company (the "BOARD"). The Employee
shall report directly to the Chief Executive Officer and be an executive officer
of the Company.

2.    Performance

The Employee shall devote substantially all of his business time and efforts to
the performance of his duties under this Agreement, however, the Employee may
(a) serve on civic or charitable boards or committees, (b) serve on corporate
boards as a non-employee board member and (c) manage Employee's personal
investments. The Employee must inform the Company of any corporate boards on
which he serves. The Employee cannot serve on any corporate board that would
violate the Employee's non-competition restrictions.

3.    Term

The initial term of employment under this Agreement (the "INITIAL TERM") begins
on the Effective Date and extends for 2 years. This Agreement renews
automatically for one year renewal terms (a "RENEWAL TERM") unless either the
Employee or the Company gives the other party written notice of nonrenewal at
least one year before the end of the Initial Term or any Renewal Term then in
effect. The Agreement renews automatically for a 2 year Renewal Term upon a
Change of Control, as defined in Section 12, beginning on the date of the Change
of Control. The Initial Term plus any Renewal Term then in effect are the term
of this Agreement (the "EMPLOYMENT TERM"). The Employment Term may be terminated
early as provided in Sections 7 through 12 of this Agreement.
<PAGE>
The parties agree that the Employee's pre-existing employment agreement with
Atlas Commerce dated July 1, 2001 (the "PRIOR AGREEMENT") shall be terminated
simultaneously with the Effective Date of this Agreement and shall in all
respects be superceded by this Agreement.

4.    Salary

The Employee's annual salary (the "SALARY") is payable in installments when the
Company customarily pays its officers (but no less often than twice per month).
The Salary is at the initial rate of $250,000 (the "INITIAL SALARY"). The Board
or the Compensation Committee shall review the Salary at least once a year. The
Salary shall never be less than the Initial Salary.

5.    Bonus and Benefits

The Employee shall be entitled to participate in any bonus programs established
by the Board or the Compensation Committee for executive officers generally. The
Employee's annual target bonus (the "TARGET BONUS") shall be equal to 40% of the
Salary for 2002, and thereafter shall be equal to 60% of the Salary. All bonus
programs, as well as the goals for achieving the Target Bonus, are at the
discretion of the Board or the Compensation Committee.

For 2002, in addition to any Target Bonus for 2002, the Employee shall be
entitled to a $150,000 guaranteed bonus (the "GUARANTEED 2002 BONUS PAYMENTS"),
that shall be paid to the Employee as follows: $75,000 on August 15, 2002, and
$75,000 on February 1, 2003(or on the date that 2002 bonus awards are paid to
other senior executives, if earlier than February 1, 2003); provided that the
Employee is employed by the Company on each such payment date, except as
provided below.

The Target Bonus will be based upon the achievement of Company performance
milestones to be determined between the Employee and the Company promptly, but
in any event not later than March 31, 2002 for 2002, and thereafter not later
than one month after the commencement of any fiscal year of the Company.

Benefits and perquisites under this agreement will, at a minimum, be consistent
with other Company Executive Vice Presidents. Vacation shall be in accordance
with Company policy, but not less than 4 weeks per year.

6.    Confidential Information, Non-Competition and Non-Solicitation

The Employee agrees to be covered by the terms of the Confidential Information,
Invention and Non-Competition Agreement that the Employee has entered into upon
the commencement of employment with the Company (the "CONFIDENTIAL INFORMATION,

                                       2
<PAGE>
INVENTION AND NON-COMPETITION AGREEMENT"), which subject to the next following
paragraph, includes a one year period of non-solicitation of employees and
customers, and non-competition after termination of employment.

7.    Death

If the Employee dies during the Employment Term, then the Employment Term shall
terminate, and thereafter the Company shall not have any further liability or
obligation to the Employee, the Employee's executors, administrators, heirs,
assigns or any other person claiming under or through the Employee, except (a)
that the Employee's estate shall receive any unpaid Salary that has accrued
through the date of termination, plus any unpaid portion of the Guaranteed 2002
Bonus Payments, and a pro rata portion of any bonus that the Employee would have
earned for the fiscal year of the Company in which the Employee died, evaluated
and paid in the case of individual MBOs for the Employee, no later than one
month after the date of termination, and in the case of MBOs applying generally
to senior officers, no later than March 31st of the year following the calendar
year to which the bonus relates or, if earlier, when bonuses for such year are
paid to executives generally, (b) the Employee's outstanding options are
accelerated for an additional period of 6 months so that any of the Employee's
options that were scheduled to vest over the 6 month period after the Employee's
death shall accelerate and be vested on the date of death. By the terms of the
options, all vested options (included accelerated options) are exercisable for
one year from the date of death.

8.    Total Disability

If the Employee becomes "totally disabled," then the Employment Term shall
terminate, and thereafter the Company shall have no further liability or
obligation to the Employee hereunder, except as follows: the Employee shall
receive (a) any unpaid Salary that has accrued through the date of termination,
(b) continued Salary for 3 months following the date the Employee is considered
totally disabled, (c) a pro rata portion of any bonus that the Employee would
have earned for the fiscal year of the Company in which the Employee became
totally disabled, evaluated and paid in the case of individual MBOs for the
Employee, no later than one month after the date of termination, and in the case
of MBOs applying generally to senior officers, no later than March 31st of the
year following the calendar year to which the bonus relates or, if earlier, when
bonuses for such year are paid to executives generally, (d) any unpaid portion
of the Guaranteed 2002 Bonus Payments, and (e) whatever benefits that he may be
entitled to receive under any then existing disability benefit plans of the
Company.

The term "TOTALLY DISABLED" means: (a) if the Employee is considered totally
disabled under the Company's group disability plan in effect at that time, if
any, or (b) in the absence of any such plan, under applicable Social Security
regulations.

                                       3
<PAGE>
9.    Termination for Cause

The Company may terminate the Employee for "cause" immediately upon notice from
the Company. If the Employee is terminated for "cause", then the Employment Term
shall terminate and thereafter the Company shall not have any further liability
or obligation to the Employee, except that the Employee shall receive any unpaid
Salary that has accrued through the date of termination.

The term "CAUSE" means: (a) the Employee is convicted of a felony, or (b) in the
reasonable determination of the Board, the Employee has done any one of the
following: (1) committed an act of fraud, embezzlement, or theft in connection
with the Employee's duties in the course of his employment with the Company, (2)
caused intentional, wrongful damage to the property of the Company, (3)
materially breached (other than by reason of illness, injury or incapacity) the
Employee's obligations under this Agreement or under any written
confidentiality, non-competition, or non-solicitation agreement between the
Employee and the Company, that the Employee shall not have remedied within 30
days after receiving written notice from the Board specifying the details of the
breach, or (4) engaged in gross misconduct or gross negligence in the course of
the Employee's employment with the Company.

10.   Termination by the Employee

The Employee may terminate this Agreement by giving the Company written notice
of termination one month in advance of the termination date. The Company may
waive this notice period and set an earlier termination date. If the Employee
terminates this Agreement, then on the termination date, the Employment Term
shall terminate and thereafter the Company shall have no further liability or
obligation to the Employee under this Agreement, except that the Employee shall
receive any unpaid Salary that has accrued through the termination date. After
the termination date, the Employee shall be required to adhere to the covenants
against non-competition and non-solicitation described in Section 6 of this
Agreement.

Notwithstanding the first paragraph of this Section 10, if without the
Employee's prior written consent or resignation, the Company or the Board takes
an action that constitutes "Good Reason," as defined in Section 12, then during
the period beginning with any such action and ending 6 months thereafter, the
Employee shall have the right to terminate this Agreement by giving the Company
written notice of termination, and upon termination the Employee shall receive
the same compensation and benefits as if the Employee were terminated without
"cause" by the Company under Section 11.

                                       4
<PAGE>
11.   Termination without Cause by the Company

The Company may terminate the Employee without "cause" by giving the Employee
written notice of termination one month in advance of the termination date. The
Employee may waive this notice period and set an earlier termination date.

(A) If the Employee is terminated without "cause" on or prior to February 7,
2004, then the Employment Term shall terminate and thereafter the Employee shall
be entitled only to the following under this Agreement:

            (1)   the Company will pay to the Employee a lump sum severance
      payment in the amount equal to: (a) two times the Salary then in effect,
      plus (b) two times the Target Bonus then in effect, minus (c) any
      Guaranteed 2002 Bonus Payments that have previously been paid to the
      Employee, plus (d) the unpaid portion, if any, of any earned Target Bonus
      for the fiscal year prior to the fiscal year in which the termination of
      employment occurs; and

            (2)   the Company will also pay to the Employee the pro rata portion
      of any Target Bonus that the Employee would have earned for the fiscal
      year of the Company in which the Employee was terminated, which shall be
      paid within 90 days after the end of such fiscal year, or at the time that
      bonuses are paid to senior executives for such fiscal year, if earlier
      than 90 days after the fiscal year; and

            (3)   the Employee's group healthcare (medical, dental, vision and
      prescription drug) coverage for himself, his spouse and his dependents
      will be continued for 24 months after termination on the same basis and
      cost to the Employee as then participating before termination, and

            (4)   unvested options granted to the Employee on the Effective Date
      shall be accelerated in full, and

            (5)   all options granted on the Effective Date that are vested
      (including accelerated vesting) at termination will remain exercisable by
      their terms for 90 days after termination of employment, but not longer
      than the total life of the options, and

            (6)   the Employee and the Company will enter into a mutual general
      release.

(B)   If the Employee is terminated without "cause" after February 7, 2004, then
the Employment Term shall terminate and thereafter the Employee shall be
entitled only to the following under this Agreement:

                                       5
<PAGE>
            (1)   the Company will pay to the Employee a lump sum severance
      payment (the "SEVERANCE PAYMENT") in the amount equal one year of the
      Salary then in effect plus the Target Bonus for the year in which the
      termination occurs, and

            (2)   the Employee's group healthcare (medical, dental, vision and
      prescription drug) coverage will be continued for one and one-half years ,
      to be paid in full by the Company, and

            (3)   the Employee's covenants against non-competition (as described
      in Section 6 of this Agreement) shall be reduced to a 6 month period from
      the termination date, from 12 month period contained in Section 6 of this
      Agreement, and

            (4)   unvested options granted to the Employee on the Effective Date
      shall be accelerated in full, and

            (5)   all options granted on the Effective Date that are vested
      (including accelerated vesting) at termination will remain exercisable for
      5 years after termination of employment, but not longer than the total
      life of the options, and

            (6)   the Employee will not receive any accrued vacation or bonus
      payments, and

            (7)   the Employee and the Company will enter into a mutual general
      release.

12.   Change of Control

During the 2 year period after a Change of Control, if the Company terminates
the Employee without cause, or if the Employee terminates this Agreement for
"Good Reason" by giving the Company written notice of termination one month in
advance of the termination date (which the Employee shall have the right to do
during this 2 year period), then:

            (1)   all the rights, benefits and obligations under Section 11 of
      this Agreement for termination without "cause" by the Company shall apply,
      and

            (2)   if the termination of employment is after February 7, 2004, in
      addition to the Severance Payment, the Company will pay the Employee a
      lump sum payment at the same time as the Severance Payment (the "CHANGE OF
      CONTROL PAYMENT") equal to: (a) the Target Bonus for the year in which the
      termination occurs, plus (b) one additional year of the Salary then in
      effect.

                                       6
<PAGE>
The term "CHANGE OF CONTROL" means:

            (a) any sale, lease, exchange, or other transfer of all or
      substantially all of the assets of the Company to any other person or
      entity other than a wholly-owned subsidiary of the Company (in one
      transaction or a series of related transactions),

            (b) dissolution or liquidation of the Company,

            (c) when any person or entity, including a "group" as contemplated
      by Section 13(d)(3) of the Securities Exchange Act of 1934, as amended,
      acquires or gains ownership or control (including, without limitation,
      power to vote) of more than 50% of the outstanding shares of the Company's
      voting securities (based upon voting power), or

            (d) any reorganization, merger, consolidation, or similar
      transaction or series of transactions that results in the record holders
      of the voting stock of the Company immediately prior to such transaction
      or series of transactions holding immediately following such transaction
      or series of transactions less than 50% of the outstanding shares of any
      of the voting securities (based upon voting power) of any one of the
      following: (1) the Company, (2) any entity which owns (directly or
      indirectly) the stock of the Company, (3) any entity with which the
      Company has merged, or (4) any entity that owns an entity with which the
      Company has merged.

The term "GOOD REASON" means:

            (a) the transfer, without the Employee's prior written consent, to a
      location that is more than 50 miles from the Employee's principal place of
      business immediately preceding the transfer (which shall be Malvern,
      Pennsylvania as of the Effective Date),

            (b) if without the Employee's prior written consent or resignation,
      the Company or the Board takes an action resulting in the Employee no
      longer being the Chief Financial Officer of the Company,

            (c) a material reduction of the Employee's authority, duties or
      responsibilities after the Employee has provided the Company with
      reasonable notice and an opportunity to cure,

            (d) any failure of the Company materially to comply with and satisfy
      the terms of this Agreement, or

            (e) the nonrenewal of this Agreement by the Company.

                                       7
<PAGE>
13.   Parachute Payment

Notwithstanding anything to the contrary in this Agreement, if the Employee is a
"disqualified individual" (as defined in Section 280G(c) of the Code), and any
severance benefit provided for in this Agreement, together with any other
payments or benefits that the Employee has the right to receive from the Company
and its affiliates, would constitute a "parachute payment" (as defined in
Section 280G(b)(2) of the Code), then the payments under this Agreement (the
Employee shall have the right to specify which) shall be either:

            (a) reduced (but not below zero) so that the present value of the
      total amount to be received by the Employee under this Agreement and
      otherwise will be one dollar ($1.00) less than three times the Employee's
      "base amount" (as defined in Section 280G of the Code) and so that no
      portion of such amounts received by the Employee shall be subject to the
      excise tax imposed by Section 4999 of the Code or

            (b) paid in full,

      whichever of (a) or (b) produces the better net after-tax position for the
      Employee (taking into account any applicable excise tax under Section 4999
      of the Code and any applicable income tax).

The determination as to whether the reduction provided in clause (a) shall occur
shall be made initially by the Company in good faith. If a reduced payment is
made and through error or otherwise that payment, when aggregated with other
payments from the Company (or its affiliates) used in determining if a
"parachute payment" exists, exceeds one dollar ($1.00) less than three times the
Employee's base amount, then the Employee shall immediately repay such excess to
the Company upon notification that an overpayment has been made and in the event
that the reduction was more than was required, the Company shall immediately pay
the amount that should have been paid to the Employee in the first instance.

14.   Governing Law

This Agreement is governed by Pennsylvania law.

15.   Entire Agreement; Amendments

This Agreement, the Confidential Information, Invention and Non-Competition
Agreement and the option grant letter dated the Effective Date, set forth the
entire understanding among the parties hereto, and shall supercede all prior
employment,

                                       8
<PAGE>
severance and change of control agreements and any related agreements that the
Employee has with the Company or any subsidiary, or any predecessor company.

This Agreement may not be modified or amended in any way except by a written
amendment executed by the Employee and the Company.

16.   No Assignment

All of the terms and provisions of this Agreement shall be binding upon and
inure to the benefit and be enforceable by the respective heirs,
representatives, successors (including any successor as a result of a merger or
similar reorganization) and assigns of the parties hereto, except that the
duties and responsibilities of the Employee hereunder are of a personal nature
and shall not be assignable in whole or in part by the Employee.

                [Remainder of this page intentionally left blank]

                                       9
<PAGE>
      IN WITNESS WHEREOF, the parties hereto, intending to be legally bound,
have hereunto duly executed this Employment Agreement as of the day and year
first written above.

                                             VERTICALNET, INC:

                                             By:   _____________________________
                                                   Name: Michael J. Hagan
                                                   Title: President and CEO

                                             EMPLOYEE:

                                                   _____________________________
                                                   Name: John A. Milana

                                       10<PAGE>
                                                                    Exhibit 10.1

             SEPARATION OF EMPLOYMENT AGREEMENT AND GENERAL RELEASE

         WHEREAS Ronald W. Hovsepian (hereinafter "Employee") has been employed
by Internet Capital Group, Inc. (hereinafter "Employer"); and

         WHEREAS Employee and Employer mutually desire to terminate amicably
Employee's employment with Employer.

         IT IS HEREBY AGREED by and between Employee and Employer as follows:

         1. (a). Employee, for and in consideration of the undertakings of
Employer set forth herein, and intending to be legally bound, does hereby
permanently and irrevocably sever his employment relationship with Employer
effective April 15, 2002 and also does hereby REMISE, RELEASE AND FOREVER
DISCHARGE, Employer and its parent, subsidiaries, and affiliated entities, and
its and their respective officers, directors, shareholders, employees and
agents, its and their respective successors and assigns, heirs, executors, and
administrators (hereinafter referred to collectively as "Releasees") of and from
any and all actions and causes of action, suits, debts, claims and demands
whatsoever in law or in equity, absolute or contingent, know or unknown which he
ever had, now has, or which he, his heirs, executors or administrators may have,
by reason of any matter, cause or thing whatsoever, from the beginning of time
up to and including the termination of his employment, and particularly, but
without limitation, any claims arising from or relating in any way to his
relationship as an employee or consultant or the termination of his employment
relationship with Employer, including, but not limited to, any claims that have
been asserted, could have been asserted or could be asserted now or in the
future, including any claims under any federal, state or local laws, including
Mass. Gen. L. ch. 151B, the Section 1 et seq., as supplemented by Mass. Gen. L.
ch. 149, Sections 24A-H; the Pennsylvania Human Relations Act, 43 P.S.Section
951 et seq.; Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.
C.Section 2000e et seq., the Age Discrimination in Employment Act, 29
U.S.C.Section 621 et seq., the Americans with Disabilities Act, 29 U.S.C.Section
12101 et seq.; any common law contract or tort claims now or hereafter
recognized, and all claims for counsel fees and costs, provided; however, that
nothing herein shall release Employer from its obligations hereunder, including
its indemnification obligations under Section 7 hereof, or under the Consulting
Agreement (defined below).

         1.(b). Employer on its behalf and on behalf of Releasees and intending
to be legally bound does hereby REMISE, RELEASE, AND FOREVER DISCHARGE Employee
and his heirs, executors, and administrators of and from any and all actions and
causes of action, suits, debts, claims and demands whatsoever in law or in
equity, absolute or contingent, known or unknown, which they ever had, now have,
or which they or their successors and assigns, heirs, executors, and
administrators may have, by reason of any matter, cause or thing whatsoever,
from the beginning of time up to and including the termination of Employee's
employment, and particularly, but without limitation, any claims arising from or
relating in any way to Employee's consulting or employment relationship or the
termination of his employment relationship with Employer, including, but not
limited to, any claims that have been
<PAGE>
asserted, could have been asserted or could be asserted now or in the future;
provided this Separation of Employment Agreement and General Release shall not
release Employee from his obligations hereunder or under the Consulting
Agreement or from any liability arising from or related to willful misconduct or
criminal activity.

         2. In full consideration of Employee's execution of this Separation of
Employment Agreement and General Release, and his agreement to be legally bound
by its terms, Employer agrees, beginning upon the later of (i) the 8th day
following Employee's termination date and (ii) the 8th day following the
execution of this Separation of Employment Agreement and General Release, to do
the following:

                  (a) Employer shall engage the Employee as a consultant
pursuant to the terms of the Consulting Agreement attached hereto as Exhibit A
(the "Consulting Agreement");

                  (b) Employer shall continue to pay the employer portion of
premiums for continued medical and dental insurance benefits for Employee per
his current benefits election until the earlier of August 31, 2002 or
eligibility for these benefits under a new employer's or spouse employer's plan;

                  (c) Employer shall pay Employee $16,152.96 for accrued and
unused vacation (less any amounts required to be withheld or any deduction
required by reason of the Federal Insurance Contribution Act, Federal income
tax, state and local income tax and comparable laws and regulations);

                  (d) Employer shall provide the Employee with outplacement
assistance for a period of 6 months; and

                  (e) Employer shall pay up to $3,000 for legal fees incurred by
Employee for services related to this Agreement;

                  (f) Employer shall provide Employee vesting credit so that the
following shall be deemed fully vested on the 8th day following the date hereof:
(i) 750,000 shares of restricted stock granted on April 23, 2001, (ii) 109,375
stock options priced at $1.40 granted on July 25, 2001, (iii) 156,250 stock
options priced at $2.09 granted on April 23, 2001, (iv) 116,667 stock options
priced at $3.0312 granted on December 21, 2000. Vested stock options will be
exercisable until February 28, 2005. Employee agrees to waive and hereby
forfeits any and all of his rights to any and all other restricted stock and
stock options granted to him by any Releasee, including Employer.

         3. Except as set forth herein, it is expressly agreed and understood
that Employer does not have, and will not have, any obligation to provide
Employee at any time in the future with any payments, benefits or consideration
other than those recited in paragraphs 2(a) - 2(g) above.
<PAGE>
         4. Employee further agrees and covenants that neither he, nor any
person, organization or other entity on his behalf, will file, charge, claim,
sue or cause or permit to be filed, charged or claimed, any civil action, suit
or legal proceeding for personal relief (including any action for damages,
injunctive, declaratory, monetary or other relief) against Releasees involving
any matter occurring at any time in the past up to and including the date of
this Separation of Employment Agreement and General Release or involving any
continuing effects of any acts or practices which may have arisen or occurred
prior to the date of this Separation of Employment Agreement and General
Release. Employee further agrees that if any person, organization, or other
entity should bring a claim against Releasees involving any such matter, he will
not accept any personal relief in any such action.

         5. In further consideration of the agreements of Employer as set forth
herein, Employee agrees that:

                  (a) Employee agrees that for the one (1) year period beginning
on the date that his employment terminates, he will not, without Employer's
express written consent, directly or indirectly engage in any employment or
business activity with an ICG Competitor (defined below) or with any entity that
provides products or services competitive with or substantially similar to those
offered by any current ICG Affiliate Company (defined below); provided, however
that nothing herein shall prohibit Employee from joining any partnership that
invests in any entity that provides products or services competitive with or
substantially similar to those offered by any current ICG Affiliate Company so
long as Employee does not participate directly in investment or operational
decisions regarding such entity. For purposes of this Separation of Employment
Agreement and General Release, an "ICG Competitor" means any of the following
entities or their successors: General Atlantic Partners LLC, iFormation Group,
CMGI, Inc. and Divine Inc. "ICG Affiliate Company" means any of the following:
(i) eCredit.com, Inc., (ii) Logistics.com, Inc., (iii) OneCoast Network
Corporation and (iv) ICG Commerce Holdings, Inc. Employee shall, notwithstanding
this paragraph, comply with all other provisions of this agreement including
paragraph 5(b).

                  (b) During the one (1) year period beginning on the date of
this Separation of Employment Agreement and General Release, he will not either
directly or through others, whether as a proprietor, stockholder, director,
officer, consultant, independent contractor, employer, employee, agent
representative or in any other capacity, (i) solicit, hire or attempt to solicit
or hire any employee of Employer or any ICG Affiliate Company to change or
terminate his or her relationship with such company or otherwise to become an
employee, consultant or independent contractor of any other person or business
entity or (ii) solicit, hire or attempt to solicit or hire any consultant,
independent contractor or customer of Employer or any ICG Affiliate Company with
whom he had contact during the course of his employment with Employer to change
or terminate his or her relationship with any such company or to become an
employee, a consultant, independent contractor or customer to, for or of any
other person or business entity. Nothing in this section 5 (b) shall prevent
Employee from soliciting, hiring or attempting to solicit or hire any individual
(i) whose employment with Employer or an ICG Affiliate Company terminated more
than six months prior to the contact or (ii) who directly
<PAGE>
contacts Employee regarding obtaining employment elsewhere. Notwithstanding the
foregoing, general solicitations of employment published in a journal, over the
Internet, newspaper or other publication of general circulation and not
specifically directed towards such employees, consultants or independent
contractors shall not be deemed to constitute solicitation for purposes of this
Section. Employee shall not be prohibited from employing or maintaining as a
customer any person or business that contacts Employee on such person's or such
business' own initiative and without any solicitation on Employee's part,
directly or through others.

                  (c) At all times hereafter, Employee agrees to hold in
strictest confidence and not to disclose, lecture upon or publish any of
Employer's Proprietary Information (defined below), unless Employer expressly
authorizes such disclosure in writing. "Proprietary Information" shall mean any
and all confidential and/or trade secrets and/or proprietary knowledge, data or
information of Employer, its affiliated entities, any of its partner companies,
investors, and partners, including but not limited to information relating to
financial matters, investments, budgets, personnel matters, business plans,
products, processes, know-how, designs, methods, improvements, discoveries,
inventions, ideas, data, programs and other works of authorship. Employer
acknowledges and agrees that "Proprietary Information" shall not include any
knowledge that Employee acquired prior to his commencement of any consulting or
employment relationship with Employer.

                  (d) Employee shall deliver to the person designated by
Employer all originals and copies of all documents and other property of
Employer in his possession, under his control or to which he may have access.
Employee will not reproduce or appropriate for his own use, or for the use of
others, any Employer property, Proprietary Information or Inventions.

                  (e) Employee hereby assigns to Employer all his interest in
any and all Inventions that he conceived or developed during his employment and
acknowledges that all original works of authorship that are made by him within
the scope of and during the period of his employment with Employer and which are
protectible by copyright are "works made for hire," as that term is defined in
the United States Copyright Act. The term "Inventions" shall mean all trade
secrets, inventions, processes, data, programs, works of authorship, know-how,
improvements, discoveries, developments, techniques and designs including all
patented, copyright or trademarked information. The term "Inventions" shall not
include those inventions developed by Employee prior to the commencement of any
consulting or employment relationship with Employer and described in Exhibit B
hereto. Employee agrees that the decision whether or not to commercialize or
market any Invention developed by him is within Employer's sole discretion and
for Employer's sole benefit and that no royalty will be due to Employee as a
result of Employer's efforts to commercialize or market any such Invention.
Employee agrees to execute any proper oath or verify any proper document
required to carry out the terms of this Separation of Employment Agreement and
General Release.

                  (f) Because Employee's services to Employer were personal and
unique, and because he had access to and has become acquainted with the
Proprietary Information and because any breach by Employee of any of the
restrictive covenants contained
<PAGE>
in this Separation of Employment Agreement and General Release would result in
irreparable injury and damage for which money damages would not provide an
adequate remedy, Employer shall have the right to enforce the obligations set
forth in Section 5 of this Separation of Employment Agreement and General
Release by injunction, specific performance or other equitable relief, without
bond and without prejudice to any other rights and remedies that Employer may
have for a breach, or threatened breach, of the provisions of Section 5 of this
Separation of Employment Agreement and General Release. Employee agrees that in
any action in which Employer seeks injunction, specific performance or other
equitable relief, Employee will not assert or contend that any of the provisions
of Section 5 of this Separation of Employment Agreement and General Release are
unreasonable or otherwise unenforceable.

         6. This Separation of Employment Agreement and General Release will be
governed by and construed according to the laws of the State of Delaware, where
the Employer is incorporated. Employee acknowledges and agrees that he has had
an opportunity to seek advice of counsel in connection with this Separation of
Employment Agreement and General Release and that the covenants contained herein
are reasonable in geographical and temporal scope and in all other respects. If
any court or other decision-maker of competent jurisdiction determines that any
of the covenants contained in this Separation of Employment Agreement and
General Release, or any part thereof, is unenforceable because of the duration
or geographical scope of such provision, then, the duration or scope of such
provision, as the case may be, shall be reduced so that such provision becomes
enforceable and, in its reduced form, such provision shall then be enforceable
and shall be enforced. In case any one or more of the provisions contained in
Section 5 of this Separation of Employment Agreement and General Release shall,
for any reason, be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect the other
provisions of Section 5 of this Separation of Employment Agreement and General
Release, which shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein. No waiver by Employer of any breach
of this Separation of Employment Agreement and General Release shall be a waiver
of any preceding or succeeding breach. No waiver by Employer of any right under
this Separation of Employment Agreement and General Release shall be construed
as a waiver of any other right.

         7. Employer agrees to continue to indemnify, defend and hold harmless
Employee against all claims, losses, damages, expenses or liabilities arising
out of actions or omissions or alleged actions or omissions occurring during
Employee's employment by Employer, including by reason of the fact that Employee
served at the request of Employer as an officer and/or director of another
corporation and of all equity interests, to the same extent and on the same
terms and conditions (including with respect to advancement of expenses)
provided for in Article VI of Employer's bylaws or under the Delaware General
Corporation Law, each as in effect on the date of Employee's termination of his
employment relationship. Employer agrees that nothing in this agreement shall
affect or modify Employee's rights, if any, under any officers' and directors'
liability insurance policies purchased by Employer and in effect during
Employee's employment with Employer and that Employee shall be provided
indemnification of
<PAGE>
the type described in this paragraph by Employer no less broad than Employer
provides its other officers.

         8. The parties hereto acknowledge that the undertakings of each of the
parties herein are expressly contingent upon the fulfillment and satisfaction of
the obligations of the other party as set forth herein.

         9. Employee hereby agrees and recognizes that his employment
relationship with Employer has been permanently and irrevocably severed and that
Employer has no obligation, contractual or otherwise, to hire, rehire or
re-employ him in the future, and he agrees not to seek re-employment with
Employer.

         10. Employee agrees and acknowledges that the agreement by Employer,
described herein, is not and shall not be construed to be an admission of any
violation of any federal, state or local statute or regulation, or of any duty
owed by Employer and that this agreement is made voluntarily to provide an
amicable conclusion of his employment relationship with Employer.

         11. Employee agrees, covenants and promises that from and after the
Effective Time he will not communicate or disclose, the terms of this Separation
of Employment Agreement and General Release to any persons with the exception of
members of his immediate family, his attorney, and his accountant or tax
advisor, each of whom shall be informed of this confidentiality obligation and
shall be bound by its terms. Employee further agrees that he will not disparage
in any way the professional or personal reputation or character of Releasees.

         12. Employee hereby certifies that he has read the terms of this
Separation of Employment Agreement and General Release, that he has been
informed by Employer, through this document and otherwise, that he should
discuss this Separation of Employment Agreement and General Release with an
attorney of his own choice, and that he understands its terms and effects.
Employee further certifies that he has the intention of releasing all claims
recited herein in exchange for the consideration described herein, which he
acknowledges as adequate and satisfactory to him. Neither Employer nor any of
its agents, representatives or attorneys has made any representations to
Employee concerning the terms or effects of this Separation of Employment
Agreement and General Release other than those contained herein.

         13. Employee acknowledges that he has been informed that he has the
right to consider this Separation of Employment Agreement and General Release
for a period of at least 21 days prior to entering into this Separation of
Employment Agreement and General Release. Employee further acknowledges that he
has the right to revoke this Separation of Employment Agreement and General
Release within seven (7) days of its execution by giving written notice of such
revocation by hand delivery or fax to Internet Capital Group, Inc., 435 Devon
Park Drive, Building 600, Wayne, PA 19087, Fax: 610-989-0112, Attention: Stephen
M. Prichard, within the seven (7) day period.
<PAGE>
         14. This Separation of Employment Agreement and General Release is the
final, complete and exclusive agreement of the parties with respect to the
subject matter hereof and supersedes and merges all prior discussions between
us, other than any existing restrictive covenant agreement between Employee and
Employer. No modification of or amendment to this Separation of Employment
Agreement and General Release, nor any waiver of any rights under this
Separation of Employment Agreement and General Release, will be effective unless
in writing and signed by the party to be charged.

         IN WITNESS WHEREOF, and intending to be legally bound hereby, the
parties have executed the foregoing Separation of Employment Agreement and
General Release this 15th day of April, 2002.

WITNESS: /s/  Megan Hovsepian
         --------------------

                                        /s/  Ronald Hovsepian
                                        ----------------------------------
                                        Ronald Hovsepian

                                        INTERNET CAPITAL GROUP, INC.
WITNESS: /s/  Angie Ficco               By:
         --------------------

                                        /s/  Stephen M. Prichard
                                        ----------------------------------
                                        Stephen M. Prichard
                                        Managing Director, Human Resources
<PAGE>
                                    Exhibit A

                              Consulting Agreement
<PAGE>
                              CONSULTING AGREEMENT

         This Consulting Agreement ("AGREEMENT") is made and entered into by and
between Internet Capital Group Operations, Inc. (the "COMPANY"), a Delaware
corporation, and Ronald Hovsepian ("Consultant").

         WHEREAS, the Company desires to have the benefit of Consultant's skills
and services, and he desires to perform services for the Company, on the terms
and conditions set forth herein.

         NOW THEREFORE, in consideration of the mutual covenants and promises
contained in this Agreement, the Company and Consultant hereby agree as follows:

1. SERVICES TO BE PROVIDED. During the term of this Agreement, Consultant shall
perform for the Company such consulting services as the Company reasonably
requests from time to time. Consultant agrees to perform such services in a
professional manner, consistent with industry standards. Consultant will devote
6 days per month to providing consulting services hereunder.

2. TERM. The term of this Agreement shall begin on April 16, 2002 and continue
until August 31, 2002.

3. COMPENSATION. As compensation for Consultant's performance of services under
this Agreement and as consideration for the restrictive covenants contained in
this Agreement, Consultant shall receive an aggregate of $135,000, payable
within 10 days of execution of this agreement. Consultant will bill the Company
for reasonable out-of-pocket expenses, including travel, telephone and facsimile
transmission, mail, photocopying and materials production. Consultant will use
his own computer equipment, office space and phone lines for the services he
performs for the Company. He will not bill the Company for his equipment and
overhead costs.

4. INDEPENDENT CONSULTANT. Consultant shall not be considered a partner,
co-venturer, agent, employee, or representative of Company, but shall remain in
all respects an independent consultant. The Company shall not have any rights
under this Agreement to control the manner and methods of providing services to
be rendered under this Agreement. Consultant shall not be entitled to
participate in or receive any benefit or right as a Company employee. This
Agreement does not authorize, expressly or impliedly, Consultant to make or
undertake any promise, warranty or representation, to execute any contract, or
otherwise to assume any obligation or responsibility for the Company, or to hire
persons as employees of the Company, or to otherwise act on behalf of, or to
represent that Consultant is an agent or representative of the Company.

The Consultant further acknowledges and agrees that he shall be responsible for
the payment of all federal, state and local taxes, estimated or otherwise, and
shall pay such taxes when due. The parties agree that the Company will file
information returns with all appropriate government
<PAGE>
agencies detailing the total consideration paid to Consultant during each year
that services are performed under this Agreement.

5.       ASSIGNMENT; OWNERSHIP OF WORKS.

         a. DEFINITIONS. For purposes of this Agreement, the term "PROPRIETARY
RIGHTS" shall mean all trade secrets, know-how, patents, copyrights and other
intellectual property rights throughout the world. The term "INVENTIONS" shall
mean all trade secrets, inventions, processes, data, concepts, programs,
original works of authorship, know-how, improvements, discoveries, developments,
designs, techniques and other work product, whether or not patentable or
registrable under copyright, trademark or similar laws.

         b. ASSIGNMENT. Consultant hereby assigns and transfers and agrees to
assign and transfer in the future (when any such Inventions or Proprietary
Rights are first reduced to practice or first fixed in a tangible medium, as
applicable) to the Company all of his right, title, ownership and interest in
and to any and all Inventions (and all Proprietary Rights with respect thereto)
which he solely or jointly conceives or develops or reduces to practice, or
causes to be conceived or developed or reduced to practice during the term of
his services under this Agreement ("COMPANY INVENTION"). Consultant will, at the
Company's request(s), promptly execute a written assignment to the Company of
any such Company Invention, and he will preserve any such Company Invention as
part of the Proprietary Information of the Company. Consultant further
acknowledges and agrees that all Inventions protectable by copyright are "works
made for hire" under the U.S. Copyright Act. However, to the extent that any
such Inventions may not, by operation of any applicable law, be a "work made for
hire," such Inventions, including all Proprietary Rights in or associated
therewith, shall be assigned to Company under this paragraph 5. Consultant
warrants that all Inventions and Proprietary Rights are free and clear of all
liens, security interests, claims and other encumbrances of any type and are and
will be free from claims of infringement by third parties.

         c. PRIOR INVENTIONS. Consultant has set forth on the attached Prior
Inventions Schedule a complete list of all Inventions that he has, along or
jointly with others, made prior to the commencement of this Agreement with the
Company that he considers to be his property or the property of third parties
and that he wishes to have excluded from the scope of this Agreement
(collectively "PRIOR INVENTIONS"). If no such disclosure is attached, Consultant
represents that there are no Prior Inventions. If, during the term of this
Agreement with the Company, Consultant incorporates a Prior Invention into a
Company product process or machine, the Company is hereby granted and shall have
a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with
rights to sublicense through multiple tiers of sublicensees) to make, have made,
modify, use and sell such Prior Invention. Notwithstanding the foregoing,
Consultant agrees that he will not incorporate, or permit to be incorporated,
Prior Inventions in any Company Inventions without the Company's prior written
consent.
<PAGE>
6.       LEGAL AND EQUITABLE REMEDIES.

         a. This Agreement shall be deemed to be made in, and in all respects
shall be interpreted, construed and governed by and in accordance with, the laws
of the State of Delaware. Consultant agrees that the Company shall be entitled
to preliminary and permanent injunctive relief, without the necessity of proving
actual damages, as well as an equitable accounting of all earnings, profits and
other benefits arising from any violation of this Agreement, which rights shall
be cumulative and in addition to any other rights or remedies to which the
Company may be entitled.

         b. Notwithstanding paragraph 6(a) of this Agreement, the Company shall
have the right to enforce this Agreement and any of its provisions by
injunction, specific performance or other equitable relief, without bond and
without prejudice to any other rights and remedies that the Company may have for
a breach, or threatened breach, of this Agreement. Consultant agrees that in any
action in which the Company seeks an injunction, specific performance or other
equitable relief, he will not assert or contend that any of the provisions of
this Agreement are unreasonable or otherwise unenforceable.

7.      NO ASSIGNMENT. All of the terms and provisions of this Agreement shall
be binding upon and inure to the benefit of and be enforceable by the respective
heirs, executors, administrators, legal representatives, successors and assigns
of the parties hereto, except that the duties and responsibilities of Consultant
hereunder are of a personal nature and shall not be assigned, subcontracted or
delegated, in whole or in part, by Consultant.

8.      NO WAIVER OR MODIFICATION. This Agreement cannot be changed, modified,
extended or terminated except upon written amendment signed by each party.
Consultant agrees that if the Company delays or fails to take action to remedy
any threatened or actual breach by Consultant of this Agreement or any portion
thereof, such delay or inaction by the Company shall not operate or be construed
as a waiver of any subsequent threatened or actual breach by me of the same or
any other provision, agreement or covenant. No waiver of any rights under this
Agreement, will be effective unless in writing signed by the party to be
charged.

9.      NOTICES. All notices and other communications required or permitted
hereunder or necessary or convenient in connection herewith shall be in writing
and shall be deemed to have been given when hand delivered, sent by facsimile or
mailed by registered or certified mail, to the addresses listed below, or to
such other names or addresses as Company or Consultant, as the case may be,
shall designate by notice to each other person entitled to receive notices in
the manner specified in this paragraph, provided that notice of change of
address shall be deemed given only when received.

        Consultant:               Company:

        Ronald Hovsepian          Internet Capital Group Operations, Inc.
        195 Underwood Street      435 Devon Park Drive
        Holliston, MA 07146       Building 600
        fax:  (610) 230-2353      Wayne, PA  19087
                                  Attention:  Human Resources
                                  fax: (610) 989-0112
<PAGE>
10.     SURVIVAL. Unless expressly stated otherwise herein, each of the
provisions of this Agreement shall survive the termination of this Agreement,
and the assignment of this Agreement by the Company to an Affiliate or any
successor in interest or other assignee.

11.     ENTIRE AGREEMENT. This Agreement is the sole agreement between
Consultant and Company with respect to the consulting services to be performed
hereunder and it supersedes all prior agreements and understandings with respect
thereto, whether oral or written.

I HEREBY STATE THAT I HAVE READ THIS AGREEMENT IN ITS ENTIRETY, THAT I HAVE BEEN
GIVEN AN OPPORTUNITY TO CONSIDER THE AGREEMENT AND DISCUSS IT WITH THE ATTORNEY
OF MY CHOICE, AND THAT I ENTER INTO THIS AGREEMENT VOLUNTARILY AND INTENDING TO
BE LEGALLY BOUND. I UNDERSTAND AND AGREE THAT I AM ENTERING INTO AN INDEPENDENT
CONSULTANT RELATIONSHIP WITH THE COMPANY, AND THAT I HAVE NO PRESENT OR FUTURE
RIGHT TO EMPLOYMENT OR THE BENEFITS OF EMPLOYMENT WITH THE COMPANY. I HAVE
COMPLETELY FILLED OUT THE PRIOR INVENTIONS SCHEDULE TO THIS AGREEMENT.

IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have duly
executed this Agreement as of the date stated below.

                                        INTERNET CAPITAL GROUP OPERATIONS, INC.

Date:  April 15, 2002                   By:  /s/  Stephen M. Prichard
       --------------                        ------------------------
                                             Stephen M. Prichard
                                             Managing Director, Human Resources

Date:  April 15, 2002                   /s/  Ronald Hovsepian
       --------------                        ------------------------
                                             Ronald Hovsepian
<PAGE>
                            PRIOR INVENTIONS SCHEDULE

None
<PAGE>
                                    Exhibit B

                                   Inventions

None

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}]]