Document:

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                                                                   EXHIBIT 10.18

                              EMPLOYMENT AGREEMENT

   THIS AGREEMENT is effective as of November 8, 2000 between TRICORD SYSTEMS,
INC., a Delaware corporation (the "Company"), and JOHN J. MITCHAM (the
"Employee").

   WHEREAS, the Employee is a party to a prior Employment Agreement with the
Company dated as of May 2, 1995 (the "Prior Agreement"), and

   WHEREAS, the Employee has resigned as the Chief Executive Officer of the
Company but the parties desire that the Employee continue as an employee of the
Company to assist in certain transition matters and to provide strategic advice
to the current Chief Executive Officer of the Company and to the Company's Board
of Directors (the "Board"), and

   WHEREAS, the parties desire to set forth the terms of such continuing
employment of the Employee by the Company;

   NOW, THEREFORE, in consideration of the mutual promises contained herein, the
Company and the Employee, each intending to be legally bound, agree as follows:

1. Employment. Subject to all of the terms and conditions of this Agreement, the
Company agrees to continue to employ the Employee as a strategic advisor to the
Chief Executive Officer of the Company and the Board.

2. Duties. The Employee's duties will consist of working with the current Chief
Executive Officer of the Company as may reasonably be needed to assist in
transition matters and to provide ongoing advice, analysis and guidance to the
Chief Executive Officer and the Board regarding product development, marketing,
distribution and other strategic matters regarding the Company. The Employee
will generally perform his duties from his home office in Safety Harbor,
Florida, but such duties will at all times be performed under the control and
direction of the Company.

3. Term. The term of this Agreement will commence on the date set forth above
and will continue until January 31, 2003, subject to earlier termination in
accordance with Section 4 hereof. The Prior Agreement will be terminated upon
the effectiveness of this Agreement.

4. Termination. Subject to the respective continuing obligations of the Company
and the Employee under Sections 6, 7, 8, 9, 11 and 12 hereof:

      (a) This Agreement may be terminated upon the Employee's death or Total
   Disability. For purposes of this Agreement, "Total Disability" will be as
   defined in the long-term disability plan of the Company then in effect or, if
   no such plan exists, will mean such disability that prevents the Employee
   from performing his duties under Section 2 of this Agreement for a continuous
   period of 90 days.

      (b) This Agreement will be terminated automatically without notice of any
   kind upon the consummation of a Change in Control of the Company, as defined
   in Section 13.1 of the Company's 1998 Stock Incentive Plan as in effect on
   the date hereof (a "Change in Control").

      (c) This Agreement may be terminated by either the Company or the Employee
   at any time upon 30 days' written notice to the Company or the Employee, as
   the case may be.

5. Compensation.

      (a) Base Salary. The Company agrees to pay the Employee a base salary (the
   "Base

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   Salary") of $240,000 per year through January 31, 2001. Effective as of
   February 1, 2001 and the through the remaining term of this Agreement, the
   Employee's Base Salary will be $150,000 per year. The Base Salary will be
   payable in accordance with the standard payroll practices of the Company. The
   Employee will also receive a one-time payment of $150,000 payable on January
   15, 2001.

      (b) Benefit Plans. The Employee will be eligible to participate in and
   receive benefits under any other benefit plans or programs or additional
   compensation or remuneration plans or programs of the Company available to
   employees of the Company generally. The Company, however, will not be
   obligated to adopt or continue any such benefit plans or programs during the
   term of this Agreement, and the Employee's participation in any such plans or
   programs will be subject to the provisions, limitations and rules applicable
   to such plans or programs.

      (c) Expenses. The Company will pay or reimburse the Employee for all
   reasonable expenses (including, without limitation, expenses for
   entertainment, travel, personal business education, meals, hotel
   accommodations) that the Employee incurs while performing his duties under
   this Agreement, provided that the Employee accounts properly for such
   expenses to the Company in accordance with Company policies.

6. Payments Upon Termination.

      (a) If this Agreement is terminated by the Employee pursuant to Section
   4(c) of this Agreement, the Employee will receive the following: (i) the
   Employee will be paid his Base Salary through the date of termination; (ii)
   the Employee will be paid any benefits payable to the Employee pursuant to
   the terms and conditions of any benefit plan in which the Employee
   participated during the term of his employment, the right to which had vested
   on the date of his termination under the terms and conditions of such plans;
   and (iii) the Employee will be paid any unpaid expense reimbursement.

      (b) If this Agreement is terminated for any other reason, including the
   death or Total Disability of the Employee or termination by the Company for
   any reason pursuant to Section 4(c) hereof, or is terminated upon the
   consummation of a Change in Control pursuant to Section 4(b) hereof, the
   Employee will receive the following: (i) the Employee will be paid, in the
   form of a lump sum payment payable within 10 days of such termination, his
   Base Salary through the end of the original term of this Agreement, (ii) the
   Company will maintain, for 18 months following the effective date of such
   termination of employment (the "COBRA Period"), a group health plan that by
   its terms covers the Employee (and his family members and dependents who were
   eligible to be covered as of such termination) under the same terms and at
   the same cost to the Employee and his family members and dependents as other
   employees who continue to be employed by the Company during such period,
   (iii) following the end of the COBRA Period, the Company will provide the
   Employee with, or reimburse the Employee for, health plan coverage comparable
   to that provided by clause (ii) above for such number of months as equals the
   number of full months between the date of his termination of employment and
   the end of the original term of this Agreement, provided that the Company
   will not be required to pay more than $1,000 per month, (iv) the Employee
   will be paid any benefits payable to the Employee pursuant to the terms and
   conditions of any benefit plan in which the Employee participated during the
   term of his employment, the right to which had vested on the date of his
   death or termination under the terms and conditions of such plans, (v) all
   stock options then held by the Employee will become immediately exercisable
   in full and will remain exercisable for 90 days following such

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   termination, and (vi) the Employee will be paid any unpaid expense
   reimbursement.

      (c) In the event of the death of the Employee, all payments and benefits
   to which the Employee would be entitled will pass to the Employee's
   representatives, heirs and beneficiaries.

7. Inventions.

      (a) "Inventions," as used in this Section 7, means any discoveries,
   improvements, formulae, proprietary rights or data, trade secrets, shop
   rights, ideas and know-how (whether or not they are in writing or reduced to
   practice) or works of authorship (whether or not they can be patented or
   copyrighted) that the Employee makes, authors, or conceives (either alone or
   with others) and that:

            (i) concern directly the Company's business or the Company's present
         or possible future research or development;

            (ii) result from any work the Employee performs for the Company;

            (iii) use the Company's equipment, supplies, facilities, or trade
         secret information; or

            (iv) the Employee develops during any such time that Section 2 above
         obligates him to perform his employment duties.

      (b) The Employee agrees that all Inventions he makes during or within six
   months after the term of this Agreement will be the Company's sole and
   exclusive property. The Employee will, with respect to any such Invention:

            (i) keep current, accurate, and complete records, which will belong
         to the Company and be kept and stored on the Company's premises while
         the Employee is employed by the Company;

            (ii) promptly and fully disclose the existence and describe the
         nature of the Invention to the Company in writing (and without
         request);

            (iii) assign (and the Employee does hereby assign) to the Company
         all of his rights to the Invention, any applications he makes for
         patents or copyrights in any country, and any patents or copyrights
         granted to him in any country; and

            (iv) acknowledge and deliver promptly to the Company any written
         instruments, and perform any other acts necessary in the Company's
         opinion to preserve property rights in the Invention against
         forfeiture, abandonment, or loss and to obtain and maintain letters
         patents and/or copyrights on the Invention and to vest the entire right
         and title to the Invention in the Company.

   The requirements of this Section 8(b) do not apply to an Invention for which
   no equipment, supplies, facility or trade secret information of the Company
   was used and which was developed entirely on the Employee's own time, and (x)
   which does not relate directly to the Company's business or to the Company's
   actual or demonstrably anticipated research or development, or (y) which does
   not result from any work the Employee performed for the Company. Except as

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   previously disclosed to the Company in writing, the Employee does not have,
   and will not assert, any claims to or rights under any Inventions as having
   been made, conceived, authored or acquired by the Employee prior to his
   employment by the Company.

8. Confidential Information.

      (a) "Confidential Information," as used in this Section 8, means
   information that is not generally known and that is proprietary to the
   Company or that the Company is obligated to treat as proprietary. This
   information includes, without limitation:

            (i) trade secret information about the Company and its products;

            (ii) "Inventions," as defined in Section 7(a) hereof;

            (iii) information concerning the Company's business, as the Company
         has conducted it during the last five years or as it may conduct it in
         the future; and

            (iv) information concerning any of the Company's past, current, or
         possible future products, including (without limitation) information
         about the Company's research, development, engineering, purchasing,
         manufacturing, accounting, marketing, selling or leasing.

   Any information that the Employee reasonably considers or that the Company
   treats as Confidential Information will be presumed to be Confidential
   Information (whether the Employee or others originated it and regardless of
   how he obtained it).

      (b) Except as required in his duties to the Company, the Employee will
   never, either during or after his employment by the Company, use or disclose
   Confidential Information to any person not authorized by the Company to
   receive it. When the Employee's employment with the Company ends, he will
   promptly turn over to the Company all records and any compositions, articles,
   devices, apparatus and other items that disclose, describe or embody
   Confidential Information, including all copies, reproductions and specimens
   of the Confidential Information in his possession, regardless of who prepared
   them.

9. Competitive Activities. The Employee agrees that during his employment with
the Company and for a period of one year after his employment with the Company
ends:

      (a) He will not alone, or in any capacity with another firm:

         (i) directly or indirectly engage in any commercial activity that
      competes with the Company's business, as the Company has conducted it
      during the five years before the Employee's employment with the Company
      ends, (A) within any state in the United States, or (B) within any country
      in which the Company directly or indirectly markets or services products
      or provides services or reasonably intends during such period to market or
      service products or provide services;

         (ii) in any way interfere or attempt to interfere with the Company's
      relationships with any of its current or potential customers; or

         (iii) employ or attempt to employ any of the Company's then employees
      on

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               behalf of any other entity competing with the Company.

      (b) The Employee may, however, accept employment with an entity competing
   with the Company so long as the business of such entity is diversified and,
   as to a separately managed and operated part of its business, does not
   compete with the Company; provided, however, that prior to accepting such
   employment, the Employee and such competing entity will provide the Company
   with written assurances satisfactory to the Company that the Employee will
   not render services directly or indirectly to any part of such entity's
   business that competes with the business of the Company.

10. Conflicting Business. The Employee agrees that he will not transact business
with the Company personally, or as agent, owner, partner or shareholder of any
other entity; provided, however, that the Employee may enter into any business
transaction that is, in the opinion of the Board of Directors of the Company,
reasonable, prudent or necessary to the Company, so long as any such business
transaction is at arm's-length as though between independent and prudent
individuals.

11. No Adequate Remedy. The Employee understands that if he fails to fulfill his
obligations under this Agreement, the damages to the Company would be very
difficult to determine. Therefore, in addition to any other rights or remedies
available to the Company at law, in equity or by statute, the Employee hereby
consents to the specific enforcement by the Company of Sections 7, 8 and 9 of
this Agreement through an injunction or restraining order issued by an
appropriate court.

12. Miscellaneous.

      (a) Successors and Assigns. Except as provided in the next sentence, this
   Agreement may not be assigned without the Employee's consent, which consent
   will not be unreasonably withheld. In any event, the Company may assign this
   Agreement without the consent of the Employee in connection with a merger,
   consolidation, assignment, sale, or other disposition of substantially all of
   its assets or business.

      (b) Modification. This Agreement may be modified or amended only by a
   writing signed by each of the parties hereto.

      (c) Governing Law. The laws of the State of Minnesota will govern the
   validity, construction, and performance of this Agreement, without regard to
   the conflict of laws provisions of any jurisdictions. Any legal proceeding
   related to this Agreement will be brought in an appropriate Minnesota court,
   and each of the parties hereto hereby consents to the exclusive jurisdiction
   of that court for this purpose.

      (d) Construction. Wherever possible, each provision of this Agreement will
   be interpreted so that it is valid under applicable law. If any provision of
   this Agreement is to any extent invalid under applicable law in any
   jurisdiction, that provision will still be effective to the extent it remains
   valid. The remainder of this Agreement also will continue to be valid, and
   the entire Agreement will continue to be valid in other jurisdictions.

      (e) Non-Waiver. No failure or delay by either the Company or the Employee
   in exercising any right or remedy under this Agreement will waive any
   provision of the Agreement. Nor will any single or partial exercise by either
   the Company or the Employee of any right or remedy under this Agreement
   preclude either of them from otherwise or further exercising these rights or
   remedies, or any other rights or remedies granted by any law or any related
   document.

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      (f) Counterparts. This Agreement may be executed in two or more
   counterparts, each of which will constitute an original, but all of which,
   when taken together, will constitute one and the same instrument.

      (g) Entire Agreement. This Agreement supersedes all previous and
   contemporaneous oral negotiations, commitments, writings, and understandings
   among the parties hereto concerning the matters in this Agreement, including,
   without limitation, the Prior Agreement and any policy or personnel manuals
   of the Company or any of its subsidiaries or affiliates.

      (h) Notices. All notices and other communications required or permitted
   under this Agreement will be in writing and hand delivered or sent by
   registered first-class mail, postage prepaid, and will be effective upon
   receipt if hand delivered, and five (5) business days after mailing if sent
   by mail, to the following addresses or such other addresses as either party
   will have notified the other party:

         If to the Company:                 Tricord Systems, Inc.
                                            2905 Northwest Blvd., Suite 20
                                            Plymouth, Minnesota  55441
                                            Attn:  Chief Executive Officer

         If to the Employee:                John J. Mitcham
                                            3014 Hargett Lane
                                            Safety Harbor, Florida  34695

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

                                     TRICORD SYSTEMS, INC.

                                     By  /s/ Joan M. Wrabetz
                                        ---------------------------------------

                                     Its President/CEO
                                        ---------------------------------------

                                         /s/ John J. Mitcham
                                        ---------------------------------------
                                        John J. Mitcham

                                       6<PAGE>   1

                                                                   EXHIBIT 10.19

                                               [SOUNDVIEW TECHNOLOGY GROUP LOGO]

                                                      One Embarcadero Center
                                                      Suite 2700
                                                      San Francisco, CA 94111
                                                      TEL: 415-217-5500
                                                      FAX: 415-217-5501
                                                      WEBSITE: WWW.SOUNDVIEW.COM

February 10, 2000

PERSONAL AND CONFIDENTIAL

Mr. John Mitcham
Co-Chief Executive Officer
Tricord Systems, Inc.
2905 Northwest Boulevard
Suite 20
Plymouth, MN 55441

Dear John:

This letter agreement ("Agreement") outlines the terms upon which SoundView
Technology, Inc. ("SoundView" or the "Agent") is to be engaged by Tricord
Systems, Inc. (the "Company") to act as exclusive Agent in connection with the
private placement (the "Offering") of one or more equity, equity-related or
equity-linked securities (the "Securities") to be issued by the Company. It is
currently contemplated that the Offering will approximate $20.0 million.

1. SERVICES

If the Company and the Agent jointly determine that it is advisable, the
Company, with the Agent's assistance, will prepare a confidential offering
memorandum (the "Memorandum"), which will contain (a) a description of the
Company and its business, assets, prospects and management; (b) the terms and
conditions of the Offering and of the Securities; and (c) audited financial
statements and certain Company projections. If necessary, the Company will
updated the Memorandum prior to completion of the Offering. The Agent shall be
entitled to rely on the accuracy and completeness of all information provided
by the Company, including information incorporated by reference in the
Memorandum. Additionally, representatives of the Company shall be available to
answer questions of, and to provide additional information to, any potential
investors.

The Agent agrees to use its reasonable best efforts to complete the private
placement of the Securities. The terms of the Offering shall be subject to
mutual agreement of the Company and each investor in the Offering. The Agent
will contact potential investors (provided that the Company approves such
potential investors prior to contact), assist in the negotiation and the
structuring of the investment in the Company, and provide related services that
the Agent deems advisable and reasonable that may facilitate the successful
completion of the Offering. The Agent will conduct all sales and solicitation
efforts in a manner consistent with your intent that the
<PAGE>   2
Mr. John Mitcham                               [SOUNDVIEW TECHNOLOGY GROUP LOGO]
Tricord Systems, Inc.
February 10, 2000
Page 2

Offering be an exempt transaction pursuant to the Securities Act of 1933, as
amended (the "Act"). The Agent may decline to participate in the Offering if it
determines that the completion of the Offering is impractical, undesirable or
not advisable.

The Offering will be sold pursuant to a purchase agreement which shall (i)
contain customary representations and covenants on behalf of the Company, (ii)
provide for the delivery by the Company's  counsel of customary opinions
addressed to the investors and the Agent and pertaining to Rule 10b-5 under the
Securities Exchange Act and to the availability of an exemption from the
registration provisions of the Securities Act, (iii) provide for delivery to
the Agent of a comfort letter from the Company's certified public accountants
with respect to financial information that is contained in the Memorandum, (iv)
contain such other terms and conditions as shall be agreed to by the Company
and the investors, and (v) contain customary representations and warranties of
the purchasers of such securities. The Company agrees that with regard to any
escrow arrangements utilized in connection with this offering, all bank
accounts which contain investor funds will be maintained at a "bank" within the
meaning of Section 3(a)(6) of the Securities Exchange Act of 1934.

Consistent with the parties' intention that the Offering will be an exempt
transaction, we currently anticipate offering the Securities to both U.S. and
non-U.S. persons and institutions. The Company confirms that accredited
investors across this range are acceptable, and acknowledge that upon
completion of the Offering there may be as many as 50 new investors in the
Company. You shall advise us of those states in which the Securities have been
qualified or exempted under the appropriate securities laws. The Company agrees
not to solicit any offers or take any action which might jeopardize the
availability of the exemption under the Act.

2. EXCLUSIVITY

During the term of this Agreement, the Company agrees to retain the Agent on an
exclusive basis to perform the services described herein. If the Company or any
of its management, directors or shareholders receive an inquiry concerning a
possible investment in the Company or become aware of the possible interest of
any third party concerning such investment, they will promptly inform the Agent
of the prospective investor and its interest. The Company shall furnish to the
Agent the names of all parties with which the Company has had discussions or
contacts prior to or during the term of the Agent's engagement hereunder
concerning an investment in the Company.

3. TERM

The Term of this engagement shall extend for three (3) months from the date of
this Agreement and it shall automatically renew on a month-to-month basis
thereafter. Either party may terminate this Agreement at any time after such
date by giving the other party thirty (30) days prior written notice of such
termination at which time the Company shall pay the Agent all unpaid
out-of-pocket fees and expenses incurred up to the date hereof, as set forth in
Paragraph 5.

4. FEES

As compensation for the services rendered by the Agent hereunder, the Company
agrees to pay the Agent a cash fee ("Placement Fee") as follows:
<PAGE>   3
Mr. John Mitcham                               [SOUNDVIEW TECHNOLOGY GROUP LOGO]
Tricord Systems, Inc.
February 10, 2000
Page 3

If a closing of the Offering, or a closing of a subsequent Offering, occurs
either

     (a)  during the term of the Agent's engagement hereunder, regardless of
     whether the party or parties to such Offering ("the Investors") were
     identified or introduced by the Agent or others or whether the Agent
     rendered advice concerning such Offering, or

     (b)  at any time during a period of six (6) months following the effective
     date of the termination or expiration of this Agreement and provided that
     the Company receives funds from an Investor (but regardless of whether or
     not such party participated in any previous Offering since the date of this
     Agreement)

then the Company shall pay to the Agent a Placement Fee equal to six percent
(6%) of the gross proceeds raised from the Investors. Payment of such Placement
Fee shall be a condition of closing. If there is more than one closing, then
only that portion of the Placement Fee applicable to each closing shall be
payable to such closing.

In addition, if there occurs a closing of the Offering, the Company will grant
to the Agent five year non-cancelable warrants to purchase Common Stock (the
"Placement Warrants"), to be issued as of the date of the closing of the
Offering, and exercisable at 100% of the common equivalent price per share of
the Securities sold in the Offering, which provide to the Agent the right to
reinvest an amount equal to seventy percent (70%) of the Placement Fee that is
earned hereunder. The Placement Warrants shall include the same rights and
privileges as the securities issued in the Offering, and shall include (without
limitation) a "net issuance" exercise feature and standard anti-dilution
protections.

The Company and the Agent each represent to the other that there is no other
person or entity that is entitled to a finder's fee or any type of brokerage
commission in connection with the transactions contemplated by this Agreement
as a result of any agreement or understanding with it.

5. EXPENSES

In addition to any Fees that may be payable to the Agent, and regardless of
whether a closing of the Offering occurs, the Company hereby agrees to
reimburse the Agent for all of its reasonable out-of-pocket fees, expenses and
costs arising out of the Agent's engagement hereunder. Reasonable out-of-pocket
expenses include, but are not limited to such costs as, telephone, telex,
courier service, copying, accommodations, travel, direct computer expenses,
database services, secretarial overtime and legal costs (subject to a cap of
$25,000 for such legal costs without prior approval by the Company).
Out-of-pocket fees and expenses will be billed by the Agent and will be due
and payable upon receipt of such invoice. Upon the earlier of the termination
or expiration of this Agreement, or the closing of the Offering, any then
outstanding unreimbursed expenses shall be immediately due and payable. Any
obligation pursuant to this Paragraph 5 shall survive the termination or
expiration of this Agreement.
<PAGE>   4
Mr. John Mitcham                               [SOUNDVIEW TECHNOLOGY GROUP LOGO]
Tricord Systems, Inc.
February 10, 2000
Page 4

6. INDEMNIFICATION

In addition to the payment of fees and reimbursement of expenses provided for
above, and regardless of whether an Offering is consummated, the Company agrees
to indemnify the Agent with regard to matters contemplated herein, as set forth
in Appendix A, attached hereto, which is incorporated by reference as if fully
set forth herein. This Paragraph 6 shall survive the termination or expiration
of this Agreement.

7. INFORMATION

The Company agrees to make available to the Agent all information concerning
the business, assets, operations, financial condition and prospects of the
Company which the Agent reasonably requests in connection with the performance
of its obligations hereunder. The Company recognizes and confirms that in
providing its services under this Agreement, the Agent will be using and
relying upon data, material and other information furnished by the Company, its
employees and representatives (the "Information"). The Company hereby agrees
and represents that all Information furnished to the Agent in connection with
this Agreement shall be accurate and complete in all material respects at the
time furnished and that if such Information, in whole or part, becomes
materially inaccurate, misleading or incomplete during the term of the Agent's
engagement hereunder, the Company shall so advise the Agent in writing and
correct any such inaccuracy or omission. Accordingly, the Agent assumes no
responsibility for the accuracy and completeness of such Information. The Agent
will not be required to make an independent verification or evaluation of any
Information.

The Company shall provide the Agent, prior to the dissemination of a Memorandum
and at the closing of any Offering, a written representation that the
Memorandum is complete and correct in all material respects and does not
contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein not misleading in light
of the circumstances under which such statements are made. The Company agrees
to notify the Agent promptly in writing (i) of any material adverse change in
the Company's financial condition and (ii) concerning any statement contained in
the Memorandum or Information which is not accurate or which is incomplete or
misleading in any material respect.

8. DISCLOSURE

The services or advice to be provided by the Agent under this Agreement shall
not be disclosed publicly or made available to third parties not affiliated
with the Company without the Agent's prior written approval, except as required
by law. Notwithstanding, the Agent shall be permitted, upon the closing of the
Offering, to publicize such Offering.

Except as contemplated by the terms hereof or as required by applicable law or
pursuant to an order entered or subpoena issued by a court of competent
jurisdiction, the Agent shall keep confidential all material non-public
information provided to it by the Company and shall not disclose such
information to any third party, other than such of its employees and advisors
as the Agent determines to have a need to know, or use such information other
than as provided in this Agreement. In addition, investors receiving material
non-public information shall be required to acknowledge such confidentiality
obligations.
<PAGE>   5
Mr. John Mitcham                               [SOUNDVIEW TECHNOLOGY GROUP LOGO]
Tricord Systems, Inc.
February 10, 2000
Page 5

Please note that the Agent is a full service securities firm engaged in
securities trading and brokerage activities, as well as providing investment
banking and financial advisory services. In the ordinary course of our trading
and brokerage activities, the Agent or its affiliates may at any time hold long
or short positions, and may trade or otherwise effect transactions, for our own
account or on the accounts of customers, in debt or equity securities of the
Company or other entities that may be involved in a proposed Offering. We
recognize our responsibility for compliance with Federal Laws in connection
with any such activities.

9. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws
of the state of New York, without regard to the conflicts of laws provisions
thereof, and may not be amended or modified except in writing signed by both
parties.

10. SUCCESSORS

This Agreement and all rights and obligations thereunder shall be binding upon
and inure to the benefit of each party's successors, but may not be assigned.

11. SEVERABILITY

If any provision of this Agreement shall be held or made invalid by a statute,
rule, regulation, decision of a tribunal or otherwise, the remainder of this
Agreement shall not be affected thereby and, to this extent, the provisions of
this Agreement shall be deemed severable.

12. AUTHORIZATION

The Company and the Agent represent and warrant that each has all requisite
power and authority, and all necessary authorizations, to enter into and carry
out the terms and provisions of this Agreement.
<PAGE>   6
Mr. John Mitcham                              [SOUNDVIEW TECHNOLOGY GROUP LOGO]
Tricord Systems, Inc.
February 10, 2000
Page 6

Please confirm that the foregoing correctly sets forth the understanding and
agreement between SoundView and the Company by signing the enclosed copy of this
Agreement and returning it to us whereupon this letter shall constitute a
binding Agreement as of the date first above written. We look to working with
you on this assignment.

                                                Very truly yours,

                                                SOUNDVIEW TECHNOLOGY GROUP, INC.

                                                By: /s/ Jonathan Meyers
                                                   -----------------------------
                                                   Jonathan Meyers
                                                   Managing Director

Agreed to and Accepted as of the date above.

TRICORD SYSTEMS, INC.

By: /s/ John Mitcham
   ------------------------------------
   John Mitcham
   Co-Chief Executive Officer

<PAGE>   7
Mr. John Mitcham                              [SOUNDVIEW TECHNOLOGY GROUP LOGO]
Tricord Systems, Inc.
February 10, 2000
Page 7

                                   APPENDIX A
                                Indemnification

The Company agrees to indemnify SoundView, its employees, directors, officers,
agents, affiliates, and each person, if any, who controls it within the meaning
of either Section 20 of the Securities Exchange Act of 1934 or Section 15 of
the 1933 (each such person, including SoundView, is referred to as an
"Indemnified Party") from and against any losses, claims, damages and
liabilities, joint or several (including, all legal or other expenses
reasonably incurred by an Indemnified Party in connection with the preparation
for or defense of any threatened or pending claim, action or proceeding,
whether or not resulting in any liability) ("Damages"), to which such
Indemnified Party, in connection with its services or arising out of its
engagement hereunder, may become subject under any applicable Federal or state
law or otherwise, including but not limited to, liability (i) caused by or
arising out of an untrue statement or an alleged untrue statement of a material
fact or the omission or the alleged omission to state a material fact necessary
in order to make the statement not misleading in light of the circumstances
under which it was made, (ii) caused by or arising out of any act or failure to
act, or (iii) arising out of SoundView's engagement or the rendering by any
Indemnified Party of its services under this Agreement; provided, however, that
the Company will not be liable to the Indemnified Party hereunder to the extent
that any Damages are found in a final non-appealable judgment by a court of
competent jurisdiction to have resulted from the gross negligence, bad faith or
willful misconduct of the Indemnified Party seeking indemnification hereunder.

These indemnification provisions shall be in addition to any liability which
the Company may otherwise have to any Indemnified Party.

If for any reason other than a final non-appealable judgment finding any
Indemnified Party liable for Damages for its gross negligence, bad faith or
willful misconduct the foregoing indemnity is unavailable to an Indemnified
Party or insufficient to hold an Indemnified Party harmless, then the Company
shall contribute to the amount paid or payable by an Indemnified Party as a
result of such Damages in such proportion as is appropriate to reflect not only
the relative benefits received by the Company and its shareholders on the one
hand and SoundView on the other, but also the relative fault of the Company and
the Indemnified Party as well as any relevant equitable considerations, subject
to the limitation that in no event shall the total contribution of all
Indemnified Parties to all such Damages exceed the amount of fees actually
received and retained by SoundView hereunder.

Promptly after receipt by the Indemnified Party of notice of any claim or of
the commencement of any action in respect of which indemnity may be sought, the
Indemnified Party will promptly notify the Company in writing of the receipt or
commencement thereof and the Company shall have the right to assume the defense
of such claim or action (including the employment of counsel reasonably
satisfactory to the Indemnified Party and the payment of fees and expenses of
such counsel), provided that the Indemnified Party shall have the right to
control its defense if, in the opinion of its counsel, the Indemnified Party's
defense is unique or separate to it as the case may be, as opposed to a defense
pertaining to the Company. In any event, the Indemnified Party shall have the
right to retain counsel reasonably satisfactory to the Company, at the
Company's expense,
<PAGE>   8
Mr. John Mitcham                              [SOUNDVIEW TECHNOLOGY GROUP LOGO]
Tricord Systems, Inc.
February 10, 2000
Page 8

to represent the Indemnified Party in any claim or action in respect of which
indemnity may be sought and agrees to cooperate with the Company and the
Company's counsel in the defense of such claim or action, it being understood,
however, that the Company shall not, in connection with any one such claim or
action or separate but, substantially similar or related claims or actions in
the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys, for all the Indemnified Parties unless the defense
of one Indemnified Party is unique or separate from that of another Indemnified
Party subject to the same claim or action. In the event that the Company does
not promptly assume the defense of a claim or action, the Indemnified Party
shall have the right to employ counsel reasonably satisfactory to the Company,
at the Company's expense, to defend such claim or action. The omission by an
Indemnified Party to promptly notify the Company of the receipt or commencement
of any claim or action in respect of which indemnity may be sought will relieve
the Company from any liability the Company may have to such Indemnified Party
only to the extent that such a delay in notification materially prejudices the
Company's defense of such claim or action. The Company shall not be liable for
any settlement of any such claim or action effected without its written consent,
which shall not be unreasonably withheld or delayed. Any obligation pursuant to
this Appendix shall survive the termination or expiration of this Agreement.

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