Document:

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                                                                    EXHIBIT 10.9

                             STOCK OPTION AGREEMENT

THIS AGREEMENT ("Agreement") effective as of this ___ day of _______, ________
(the "Effective Date"), by and between OptiMark Technologies, Inc., a Delaware
corporation (hereinafter referred to as the "Company") and _________
(hereinafter referred to as "Optionee").

WHEREAS Optionee is a valued and trusted member of the Board of Directors of the
Company and the Company considers it desirable and in its best interest that
Optionee be given an inducement to acquire a proprietary interest in Company as
an added incentive to advance the interests of Company, enable him to represent
the viewpoint of other stockholders of the Company more effectively and to
encourage continuing service as a director of the Company, by giving Optionee an
option to purchase common stock of Company in accordance with the terms of this
Agreement.

NOW, THEREFORE, IT IS AGREED BY AND BETWEEN COMPANY AND OPTIONEE AS FOLLOWS:

1.     OPTION GRANTED. In the manner described below and subject to the
conditions contained herein, the Company hereby and herein grants Optionee an
option to purchase _________ shares of OptiMark Technologies, Inc., common
stock, on or after each of the four succeeding anniversary dates of the
Effective Date beginning on _________ and ending on ___________, provided that
Optionee is a director of the Company on the applicable anniversary date and has
attended in person at least 80% of the meetings of the Board of Directors of the
Company held during the applicable 12 month period. In the event that Optionee
does not attend in person at least 80% of the meetings of the Board of Directors
of the Company during the applicable 12 month period, the option to purchase
__________ shares of OptiMark Technologies, Inc., common stock on and after such
anniversary date shall terminate and become null and void on such date. Such
options are not intended to qualify as incentive stock options.

2.     EXERCISE PRICE OF OPTION. Optionee shall be entitled to exercise the
option granted herein at a purchase price of $_____ per share, said price being
the fair market value of a share of Company's common stock on the date the
option is granted.

3.     CUMULATIVENESS OF OPTION. The right to exercise the option granted herein
is cumulative, so that if Optionee does not exercise his/her option at the
moment the option is first exercisable, as described in Paragraph 1 hereof,
his/her right to exercise the same shall not lapse but shall continue, subject
to the other conditions contained in this Agreement, until such time as the
option shall terminate, as described in Paragraph 6 hereof.

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4.     EXERCISE OF OPTION. Subject to the other conditions contained in this
Agreement, exercise of the option granted herein shall be made by the giving of
written notice to Company by Optionee. Such written notice shall be deemed
sufficient for purposes of this Agreement only if such notice is delivered by
registered or certified mail to Company at its principal office, states the
number of shares with respect to which the option is being exercised, and
further states the date, not more than ninety (90) days after the date of such
notice, on which the shares of stock shall be taken up and payment therefor
shall be made. If payment is not received within the ninety (90) days after the
date of such notice, the written notice shall be deemed null and void.

The payment for shares of stock taken up pursuant to an exercise of the option
granted herein shall be made in cash or certified check at the principal office
of Company or at any office of a transfer agent appointed for the shares of the
stock of Company. Upon an exercise of the option granted herein in compliance
with the provisions of this paragraph, and upon the receipt by Company or its
transfer agent of payment for the stock so taken up, Company shall deliver or
cause to be delivered to Optionee so exercising his/her option a certificate or
certificates for the number of shares of stock with respect to which the option
is so exercised and payment is so made.

5.     TRANSFER OF OPTION. The option granted herein shall not be transferred by
Optionee, other than by will or the laws of descent and distribution, and shall
be exercisable, during his/her lifetime, only by Optionee. Notwithstanding the
above, in the event of Optionee's death, the representative of Optionee's
estate, or the person who received by bequest or inheritance the right to
exercise such option, may exercise the option to the same extent as if the
option were being exercised by the decedent, and subject to the same conditions
as the decedent, except as otherwise noted herein.

6.     TERMINATION OF OPTION. Upon the termination of Optionee's status as a
directors of Company, whether by disability, death, resignation, removal or
otherwise, any option, or part thereof, which is not exercisable as of the date
the Optionee's directorship terminates (hereinafter referred to as "Termination
Date"), shall also terminate. As to any option, or part thereof, which is
exercisable on the Termination Date:

       (a)    in the event of Optionee's disability (within the meaning of
Section 22(e)(3) of the Internal Revenue Code) while a director of the Company,
any option, or part thereof, granted to Optionee hereunder, which is exercisable
on the Termination Date and not previously exercised or otherwise expired, shall
be exercisable at any time within one (1) year from the date Optionee's
directorship so terminates;

       (b)    in the event of Optionee's death while a director of the Company,
any option, or part thereof, granted to Optionee hereunder, which is exercisable
on the

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Termination Date and not previously exercised or otherwise expired, shall be
exercisable at any time within six (6) calendar months from the date of
Optionee's death;

       (c)    in the event Optionee's directorship with Company is terminated as
a result of the resignation of Optionee, any option, or part thereof, granted to
Optionee hereunder, which is exercisable on the Termination Date and not
previously exercised or otherwise expired, shall be exercisable at any time
within ninety (90) days from the date employment so terminates;

       (d)    in the event Optionee's directorship with the Company is
terminated as a result of removal by the stockholders of the Company, whether or
not for cause, any option, or part thereof, granted to Optionee hereunder, which
is exercisable on the Termination Date and not previously exercised or otherwise
expired, shall be exercisable at any time within thirty (30) days from the date
employment so terminates;

       (e)    in the event Optionee's directorship with the Company is
terminated other than by disability, death, resignation or removal (as provided
in Paragraphs 6(a), 6(b), 6(c) or 6(d) above), any option, or part thereof,
granted to Optionee hereunder, which is exercisable on the Termination Date and
not previously exercised or otherwise expired, shall be exercisable at any time
within thirty (30) days from the date employment so terminates;

Notwithstanding the above provisions, no option granted herein shall be
exercisable at any time after ten (10) years have passed from the Effective
Date.

7.     ADDITIONAL SHARES.

              (a)    In the event that additional shares of Company's common
stock are issued pursuant to a stock split or a stock dividend, the number of
shares of common stock being covered by each outstanding option granted
hereunder shall be increased proportionately with no increase in the total price
of the shares then so covered. In the event that shares of Company's common
stock from time to time issued and outstanding are reduced by a combination of
shares, the number of shares of common stock then covered by each outstanding
option granted hereunder shall be reduced proportionately with no reduction in
the total price of the shares then so covered.

              (b)    In the event of the proposed dissolution or liquidation of
Company, the Board of Directors shall notify Optionee as soon as practicable
prior to the effective date of such proposed transaction. The Board of Directors
in its discretion may provide for Optionee to have the right to exercise his
option until fifteen (15) days prior to such transaction as to all of the stock
covered thereby, including shares as to which the option would not otherwise be
exercisable. To

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the extent it has not been previously exercised, an option will terminate
immediately prior to the consummation of such proposed action.

              (c)    In the event of a merger of Company with or into another
corporation, or the sale of substantially all of the assets of Company, each
outstanding option shall be assumed or an equivalent option substituted by the
successor corporation or a parent or subsidiary of the successor corporation. In
the event that the successor corporation refuses to assume or substitute for the
option, Optionee shall fully vest in and have the right to exercise the option
as to all of the optioned stock, including shares as to which it would not
otherwise be vested or exercisable. If an option becomes fully vested and
exercisable in lieu of assumption or substitution in the event of a merger or
sale of assets, the Board of Directors shall notify Optionee that the option
shall be fully exercisable for a period of fifteen (15) days from the date of
such notice, and the option shall terminate upon the expiration of such period.
For the purposes of this paragraph, the option shall be considered assumed if,
following the merger or sale of assets, the option confers the right to receive,
for each share of optioned stock subject to the option immediately prior to the
merger or sale of assets, the consideration (whether stock, cash, or other
securities or property) received in the merger or sale of assets by holders of
common stock for each share held on the effective date of the transaction (and
if holders were offered a choice of consideration, the type of consideration
chosen by the holders of a majority of the outstanding shares); provided,
however, that if such consideration received in the merger or sale of assets is
not solely common stock of the successor corporation or its parent, the Board of
Directors may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of the option, for each share of
optioned stock subject to the option, to be solely common stock of the successor
corporation or its parent equal in fair market value to the per share
consideration received by holders of common stock in the merger or sale of
assets.

              (d)    In the event of a "Change of Control" (as defined below),
if Optionee's status as a director of Company or a director of the successor
corporation as applicable, is terminated other than upon a voluntary resignation
by Optionee or the death or Disability of the Optionee within one year following
such Change of Control, Optionee shall fully vest in and have the right to
exercise the option as to all of the optioned stock in accordance with Paragraph
6(e) hereof, including shares as to which it would not otherwise be vested or
exercisable.

              For this purpose, a "Change in Control" means the occurrence of
any of the following events:

                     (A)    Any "person" (as such term is used in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the
"beneficial owner" (as defined in Rule 13d-3 under said Act), directly or
indirectly,

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of securities of OptiMark representing fifty percent (50%) or more of the total
voting power represented by OptiMark's then outstanding voting securities; or

                     (B)    A change in the composition of Company's Board of
Directors occurring within a two-year period, as a result of which fewer than a
majority of the directors are Incumbent Directors. "Incumbent Directors" shall
mean directors who either (i) are directors of Company as of April 30,1998, or
(ii) are elected, or nominated for election, to the Board of Directors with the
affirmative votes of at least a majority of the Incumbent Directors at the time
of such election or nomination (but shall not include an individual whose
election or nomination is in connection with an actual or threatened proxy
contest relating to the election of directors to Company); or

                     (C)    The consummation of a merger or consolidation of
Company with any other corporation, other than a merger or consolidation which
would result in the voting securities of Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or its parent) more
than fifty percent (50%) of the total voting power represented by the voting
securities of Company or such surviving entity or parent outstanding immediately
after such merger or consolidation; or

                     (D)    The consummation of the sale or disposition by
Company of all or substantially all of Company's assets to an acquiror, where
immediately after such sale, the stockholders of Company immediately prior to
such sale (other than any corporation or other person controlling, controlled by
or under common control with the acquiror) own, directly or indirectly, in the
aggregate, voting securities of the acquiror having less than a majority of the
voting power of the issued and outstanding voting securities of the acquiror.

8.     OWNERSHIP OF STOCK. Optionee will not be deemed to be a holder of any
shares as to which this option is granted, and shall have none of the rights of
a stockholder as to any of the shares as to which this option is granted, until
payment of the exercise price by him/her and delivery of a stock certificate to
him/her for such shares, and then shall be deemed a holder of shares with the
corresponding stockholder rights only as to the number of shares for which
Optionee has paid and a stock certificate delivered. Except as otherwise
provided in this Agreement, no adjustment shall be made for dividends or other
rights for which the record date is prior to the date such stock certificate is
delivered.

All shares taken up by Optionee pursuant to any exercise of the option granted
herein shall be registered in the name of Optionee or in the name of Optionee
jointly with his/her spouse. Nothing contained herein, however, shall be
construed to prohibit any shares taken up by Optionee pursuant to any exercise
of the option granted herein from being registered in the name of a trust
pursuant to a qualified

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401(k) plan or qualified family, living or similar trust wherein the beneficiary
of such plan or trust is Optionee or Optionee and his/her heirs.

9.     LIMITATION ON EXERCISE. The option granted herein may not be exercised if
the issuance of shares of common stock of the Company upon such exercise would
constitute a violation of any applicable Federal or State securities or other
laws. Optionee, as a condition to his/her exercise of this option, shall
represent to the Company that the shares of common stock of the Company that
Optionee acquires under this option are being acquired by and for Optionee for
investment and not with a present view to distribution or resale, unless counsel
for the Company is of the opinion that such a representation is not required
under the Securities Act of 1933 or any other applicable law, regulation or rule
of any governmental agency or private regulating body. Furthermore, the option
granted herein shall be subject to the requirement that if at any time the
Company shall determine, in its sole discretion, that the listing, registration
or qualification of the shares covered thereby under any State or Federal law,
or the consent of or approval of any governmental regulatory body, is necessary
or desirable as a condition of, or in connection with, the granting of such
option, or the issue or purchase thereunder, such option shall not be exercised
in whole or in part unless and until such listing, registration, qualification,
consent, or approval shall have been effected or obtained free of any condition
not acceptable to the Company.

10.    TAX MATTERS. Optionee shall be solely responsible for learning,
understanding and accepting the tax consequences to him/her of the receipt and
exercise of the option granted herein and the disposition of the Company's
common stock upon or after the exercise thereof. As a condition to the issuance
of shares of common stock of Company under this option, Optionee authorizes
Company to withhold, in accordance with applicable law, from any regular cash
compensation payable to him, any taxes required to be withheld by Company under
Federal, State or local law as a result of his exercise of this option.

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Signed and sealed on the date first above written with intent to be legally
bound.

                                         COMPANY
                                         OptiMark Technologies, Inc.

                                         By
                                           -------------------------------------

                                         OPTIONEE

                                           -------------------------------------
                                                            (signature)

                                           -------------------------------------
                                                      (name typed or printed)<PAGE>   1
                                                                   EXHIBIT 10.10

                          OPTIMARK TECHNOLOGIES, INC.

                              EMPLOYMENT AGREEMENT

         This Agreement is entered into by and between OptiMark Technologies,
Inc., a Delaware corporation (the "Company") and Phillip J. Riese (the
"Employee").

         WHEREAS, the Company desires to employ the Employee on a full-time
basis in the capacity of Chief Executive Officer of the Company, and the
Employee desires to accept such employment; and

         WHEREAS the parties desire and agree to enter into an employment
relationship by means of this Agreement;

         NOW THEREFORE in consideration of the promises and mutual covenants
herein contained, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, it is mutually covenanted and
agreed by the parties as follows:

         1.      POSITION AND DUTIES.  The Employee shall be employed as Chief
Executive Officer of the Company, reporting solely to the Company's Board of
Directors (the "Board") and assuming and discharging such duties and
responsibilities as are commensurate with the Employee's position.  In
performing his basic duties, the Employee shall work at the Company's business
offices located in New York, New York, although the Employee acknowledges that
frequent travel may be necessary in carrying out his duties hereunder.  The
Employee shall perform his duties faithfully and to the best of his ability and
shall devote his full business time and effort (except for permitted vacation
periods and periods of illness and other incapacity) to the performance of his
duties hereunder.  The Employee shall commence employment with the Company
effective November 1, 1998 (the "Effective Date"), and for so long as the
Employee remains Chief Executive Officer of the Company, the Board will
nominate the Employee to the Board, and, if elected, the Employee shall serve
in such capacity without additional consideration.

         2.      TERM OF EMPLOYMENT.  This Agreement shall become effective
upon the Effective Date.  The Employee's employment with the Company shall
continue until terminated by either party at any time, with or without notice,
and for any or no reason.  The parties agree and acknowledge that this
Agreement is an "at will" agreement and that no implied covenant or standard of
practice will cause this Agreement to have any minimum period of employment.

         3.      TERM OF AGREEMENT.  The terms of this Agreement shall
terminate upon the earlier of (i) the date that all obligations of the parties
hereunder have been satisfied, or (ii) the fifth anniversary of the Effective
Date.  Notwithstanding the foregoing, this Agreement may be extended for an
additional period or periods by mutual written agreement of the Company and the
Employee.  A termination of the  terms of this Agreement pursuant to this
Section 3 shall be effective for all purposes, except that such termination
shall not affect any ongoing obligations of the parties hereunder.

                                      -1-

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         4.      COMPENSATION.

                 (a)      BASE SALARY.  For all services to be rendered by the
Employee to the Company while this Agreement is in effect, the Employee shall
receive a minimum annual base salary equal to $425,000 (the "Base Salary"),
payable in accordance with the Company's normal payroll practices.  The Base
Salary shall be reevaluated yearly and may be increased by the Board, in light
of the Employee's performance of his duties, provided that in any event, the
Base Salary shall at least be increased each January 1, starting January 1,
2000, by a percentage equal to the percentage increase in the Consumer Price
Index - All Urban Consumers for the New York - Northern New Jersey - Long
Island, NY-NJ-CT-PA area (or any successor Consumer Price Index) for the
preceding year, based on the most recent data published by the Bureau of Labor
Statistics Data of the United States Department of Labor.

                 (b)      JOINING BONUS.  Within fifteen (15) calendar days
after the Effective Date, the Company shall pay the Employee a lump sum cash
bonus equal to $1,000,000.

                 (c)      PERFORMANCE BONUS.  Beginning with the Company's 1999
fiscal year, the Employee shall be entitled to a one-time bonus (the
"Performance Bonus") of $1,000,000 in the event the Company achieves pre-tax
net income in a fiscal year of at least $10,000,000, provided the Employee is
employed with the Company on the last day of such fiscal year.  For this
purpose only, the Company's pre-tax net income shall be determined before
giving effect to any accounting expense attributable to (i) the Employee's
purchase of shares of Company stock pursuant to Section 5(b) below and (ii) the
payment to Employee of any bonus, including any Performance Bonus or Retention
Bonus.  In the event the Employee becomes entitled to the Performance Bonus
hereunder, it shall be paid to the Employee within 90 days after the end of the
applicable fiscal year.  Notwithstanding the foregoing, in the event that on or
before the end of the fiscal year in which such Performance Bonus is earned (i)
the Company terminates the Employee's employment other than for "Cause" or the
Employee terminates his employment for "Good Reason" (as those terms are
defined in Section 10 below), or (ii) the Employee's employment terminates by
reason of the Employee's death or "Disability" (as defined in Section 10), the
Company shall become obligated to pay a prorated Performance Bonus equal to
$1,000,000 multiplied by a fraction, the numerator of which is the actual
pre-tax net income achieved in such fiscal year prior to such termination
(calculated through the end of the calendar month in which such termination
occurs in accordance with the second sentence of this Section 4(c)) and the
denominator of which is $10,000,000, provided that such fraction shall not
exceed one, within fifteen (15) days of such termination.  Thereafter, the
Employee shall become eligible to participate in the Company's executive bonus
plan as then in effect.

                 (d)      RETENTION BONUS.  Provided the Employee remains an
employee of the Company through the first anniversary of the Effective Date,
the Company shall pay to the Executive a bonus (the "Retention  Bonus") of
$1,000,000 within fifteen (15) days of such anniversary.  Notwithstanding the
foregoing, in the event that on or before such first anniversary (i) the
Company terminates

                                      -2-

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the Employee's employment other than for "Cause" or the Employee terminates his
employment for "Good Reason" (as those terms are defined in Section 10 below),
or (ii) the Employee's employment terminates by reason of Employee's death or
"Disability" (as defined in Section 10), the Company shall become obligated to
pay the Retention Bonus within fifteen (15) days of such termination.

         5.      OPTIONS; STOCK PURCHASES.

                 (a)      OPTIONS.  As of the Effective Date, the Company shall
grant two (2) options to the Employee covering a total of one million, two
hundred thousand (1,200,000) shares of the Company's Common Stock (the
"Options") pursuant to the Company's Incentive Stock Option Plan, as amended
and restated as of September 21, 1998 and standard form of stock option
agreement as modified to reflect the terms of this Agreement (the "Plan"). The
exercise price of the Options shall be $10.00 per share, i.e., the current fair
market value of a share. Except as otherwise provided herein, the other terms
and conditions of the Options shall be as provided under the Plan.  The First
Option (the "First Option") shall cover 1,000,000 shares and the Second Option
(the "Second Option") shall cover 200,000 shares.  Subject to the Employee's
continued employment with the Company, twenty percent (20%) of the First Option
shall vest and become exercisable on the first anniversary of the Effective
Date, and an additional twenty percent (20%) of the First Option shall vest and
become exercisable at the end of each subsequent annual anniversary of the
Effective Date.  The Second Option shall be fully vested and exercisable as of
the Effective Date.  Notwithstanding the foregoing, in certain circumstances
following a "Change of Control" of the Company (as defined in Section 10 below)
in the event (i) the Company terminates the Employee's employment with the
Company other than for "Cause" or (ii) the Employee terminates for "Good
Reason" (as those terms are defined in Section 10 below), all or a portion of
the then unvested portion of the First Option shall become vested and
exercisable as  provided in Sections 8 or 9 below.

                 (b)      RESTRICTED STOCK.  For a period of thirty (30) days
after the Effective Date, the Employee may purchase from the Company up to
100,000 shares of the Company's Common Stock at a price of $10.00 per share
(the "Restricted Stock").  The Employee may purchase the Restricted Stock with
a full recourse promissory note (the "Note").  The Note shall accrue interest
semiannually at the "applicable federal rate" (within the meeting of Section
1274(d) of the Internal Revenue Code of 1986, as amended (the "Code")), and
shall be subject to repayment in accordance with Section 5(e) below.  Subject
to the Employee's continued employment with the Company, the Restricted Stock
shall vest on the first anniversary of the Effective Date; provided, however,
the Restricted Stock shall vest in full prior to such date in the event (i) the
Company terminates the Employee's employment with the Company for any reason
other than "Cause" or the Employee terminates his employment for "Good Reason"
(as those terms are defined in Section 10 below), or (ii) the Employee's
employment terminates by reason of his death or "Disability" (as defined in
Section 10 below).

                 (c)      STOCK PURCHASE.  Within sixty (60) days of the
Effective Date, the Employee may purchase from the Company up to 250,000 shares
of the Company's Common Stock at a purchase price of $10.00 per share.

                 (d)      STOCK OWNERSHIP RIGHTS AND RESTRICTIONS.  With
respect to shares of the Company's Common Stock that the Employee acquires or
may acquire pursuant to Sections 5(a), (b) and

                                      -3-

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(c) above, the Employee shall be made a party to the Amended and Restated
Stockholders Agreement dated April 23, 1998, as amended, among the Company and
the signatories to such Agreement (the "Stockholders Agreement") and will be
deemed a Stockholder, Major Stockholder and Rightholder thereunder, provided
that the Employee agrees to be bound by the terms and conditions of such
Stockholders Agreement.

                 (e)      REPAYMENT OF NOTE.  The Employee's Note (as described
in Section 5(b)) shall be due and payable in full, together with any accrued
but unpaid interest, on the earlier of (i) the first anniversary of the
Effective Date, or (ii) fifteen (15) days after termination of the Employee's
employment with the Company for any reason.

         6.      OTHER BENEFITS.  The Employee shall be entitled to participate
in the employee benefit plans and programs that the Company makes available to
its senior executives, subject to the rules and regulations applicable thereto.
The Company reserves the right to cancel or change the benefit plans and
programs it offers to its senior executive employees at any time.  The Employee
will be eligible for vacation and sick leave in accordance with the policies in
effect for senior executives during the term of this Agreement and will receive
such other benefits and perquisites as the Company generally provides to its
senior executives.

         7.      EXPENSES.  The Company shall pay the Employee a corporate
allowance of $35,000 per fiscal year to be paid to the Employee in a lump sum
at the beginning of such fiscal year (beginning with the 1999 fiscal year) and
used at the Employee's reasonable discretion to cover his Company-related
business expenses.  In addition, the Company shall reimburse the Employee for
reasonable travel, entertainment or other expenses incurred by the Employee in
the furtherance of or in connection with the performance of the Employee's
duties hereunder, in accordance with the Company's expense reimbursement policy
as in effect from time to time.

         8.      TERMINATION.

                 (a)      TERMINATION WITHOUT CAUSE OR FOR GOOD REASON.  If the
Company terminates the Employee's employment other than for "Cause" or if
Employee terminates his employment for  "Good Reason" (as those terms are
defined in Section 10 below), then, subject to the Employee's obligations
pursuant to Section 11 below and in addition to any other amounts to which the
Employee is entitled hereunder:  (i) the Company shall continue to pay the
Employee his Base Salary in effect on the date of such termination for two (2)
years after termination, (ii) the Company shall pay the Employee the "Bonus
Amount" (as defined herein) in a lump sum within fifteen (15) days after
termination, (iii) the Company shall continue to provide the Employee with the
same medical, life and disability benefits as provided to the Employee
immediately prior to such termination or the after-tax cash equivalent,
provided that such amount is sufficient for the Employee to purchase his own
policy, for so long as the Employee is entitled to continuation of Base Salary
as provided herein, provided that such coverage shall become secondary if the
Employee receives coverage from a subsequent employer; and (iv) 60% of the
First Option shall vest upon termination prior to the third anniversary of the
Effective Date, 80% shall vest upon termination on or after the third but prior
to the fourth anniversary of the Effective Date, and

                                      -4-

<PAGE>   5
100% shall vest upon termination on or after the fourth but prior to the fifth
anniversary of the Effective Date.  For purposes of the preceding (iv), the
applicable vesting percentage shall include any portion of the First Option
vested prior to such termination.  In addition, if such termination occurs on
or after the first day of the tenth month of the Company's fiscal year, the
Employee shall be entitled to a lump sum payment within fifteen (15) days of
termination in an amount equal to a prorata portion of the Employee's target
bonus for such fiscal year, based on the number of days in such fiscal year up
to and including the termination date divided by 365, and excluding for this
purpose the Performance Bonus and the Retention Bonus.  For purposes of the
foregoing, the "Bonus Amount" shall mean an amount equal to the greater of (i)
the bonus paid or payable to the Employee with respect to the Company's fiscal
year immediately preceding the fiscal year in which such termination occurs, or
(ii) a prorata portion of the Employee's target bonus for the fiscal year in
which such termination occurs, based on the number of calendar days in such
fiscal year up to and including the termination date divided by 365, and
excluding for this purpose the Performance Bonus and the Retention Bonus.

                 (b)      DEATH OR DISABILITY.  In the event of Employee's
death during the term of this Agreement, the Company shall pay to the
Employee's estate all salary, bonuses and unpaid vacation accrued as of the
date of Employee's death and any other benefits payable under the Company's
then existing benefit plans and policies in accordance with such plans and
policies in effect on the date of death and in accordance with applicable law.
In the event that, during the term of this Agreement, Employee is unable to
perform his job due to Disability (as defined in Section 10 below), the Company
may, at its option, terminate Employee's employment with the Company and such
termination shall entitle the Employee to all salary, bonuses and unpaid
vacation accrued as of the date of such termination and any other benefits
payable under the Company's then existing benefit plans and policies in
accordance with such plans and policies in effect on the date of such
termination and in accordance with applicable law.

                 (c)      VOLUNTARY TERMINATION; TERMINATION FOR CAUSE.  In the
event the Employee's employment with the Company terminates either (i)
voluntarily by the Employee without "Good Reason" (as defined in Section 10
below), or (ii) involuntarily by the Company for "Cause" (as defined in Section
10 below), then the Company shall have no further obligations hereunder except
to pay to the Employee all amounts of unpaid Base Salary and any unpaid bonus
from the prior year, reimburse all reasonable business-related expenses and pay
and provide all other benefits required by law or by the terms of the
applicable plan or benefit program.

         9.      CHANGE OF CONTROL.

                 (a)      OPTION VESTING.  Upon a "Change of Control" (as
defined in Section 10), 100% of the First Option shall vest if such Change of
Control occurs prior to the first anniversary of the Effective Date, 75% shall
vest if such Change of Control occurs on or after the first but prior to the
second anniversary of the Effective Date, 60% shall vest if such Change of
Control occurs on or after the second but prior to the third anniversary of the
Effective Date, 80% shall vest if such Change of Control occurs on or after the
third but prior to the fourth anniversary of the Effective Date, and 100% shall
vest if such Change of Control occurs on or after the fourth anniversary of the
Effective Date.  For

                                      -5-

<PAGE>   6
purposes of the preceding sentence, the applicable vesting percentage shall
include any portion of the First Option that is vested prior to such Change of
Control.  If, during the one-year period following a "Change of Control" of the
Company (as defined in Section 10 below), (i) the Employee terminates his
employment with the Company for "Good Reason" (as defined in Section 10 below),
or (ii) the Company terminates the Employee's employment other than "Cause" (as
defined in Section 10 below), then, subject to the Employee's obligations
pursuant to Section 11 below and in addition to any other amounts to which the
Employee is entitled hereunder, including, but not limited to, payments
provided pursuant to Section 8(a), the First Option shall become 100% vested.

                 (b)      LIMITATION ON PAYMENTS.  In the event that any
payment or benefit received or to be received by the Employee in connection
with a "Change of Control" (as defined in Section 10) or the termination of the
Employee's employment (the "Total Payments") would subject the Employee to the
excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as
amended (the "Code"), (the "Excise Tax") and the net after-tax amount
receivable by the Employee is less than the net after-tax amount that could
otherwise be payable to the Employee without the imposition of the Excise Tax,
then, subject to Section 9(c) below, to the extent necessary to eliminate the
imposition of the Excise Tax, such Total Payments shall be reduced in the
following order by the least amount which results in the Employee not being
subject to the Excise Tax:  Total Payments payable in cash shall first be
reduced (if necessary, to zero) and Total Payments in connection with stock
options shall next be reduced.  For purposes of this limitation no portion of
the Total Payments shall be taken into account that, in the opinion of tax
counsel selected by the Employee and reasonably acceptable to the Company, does
not constitute a "parachute payment" within the meaning of Section 280G(b)(2)
of the Code, including by reason of Section 280G(b)(4)(A).

                 (c)      CERTAIN BUSINESS COMBINATIONS.  In the event it is
determined by the Board, upon receipt of a written opinion of the Company's
independent public accounts, that the operation of Section 9(b) hereof would
preclude accounting for any proposed business combination of the Company
involving a Change of Control as a pooling of interests, and the Board
otherwise desires to approve such proposed business transaction as a pooling
interests, said Section shall be null and void, but only to the extent
necessary to preserve the pooling treatment.

         10.     DEFINITIONS.    For purposes of this Agreement, the following
terms shall have the following meanings:

                 (a)      CAUSE.  "Cause" shall mean (i) gross negligence or
willful misconduct in the performance of duties to the Company after one
written warning detailing the concerns and offering the Employee opportunities
to cure; (ii) conviction of a felony or a crime involving moral turpitude, in
either event, causing material harm to the standing and reputation of the
Company; or (iii) intentional and improper disclosure of the Company's
confidential or proprietary information which causes material harm to the
Company.

                 (b)      CHANGE OF CONTROL.  A "Change of Control" shall mean
(i) the sale, lease, conveyance or other disposition of all or substantially
all of the Company's assets as an entirety or

                                      -6-

<PAGE>   7
substantially as an entirety to any "person" (as such term is used in Sections
13(d) and 14(d) of Securities Exchange Act of 1934, as amended), entity or
group of persons acting in concert; (ii) any "person"  becoming the "beneficial
owner" (as defined in Rule 13d-3 under said Act), directly or indirectly, of
securities of the Company representing 40% or more of the total voting power
represented by the Company's then outstanding voting securities; (iii) a merger
or consolidation of the Company with any other corporation, other than a merger
or consolidation that would result in the voting securities of the Company
outstanding immediately prior thereto continue to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity or its controlling entity) of at least 60% of the total voting
power represented by the voting securities of the Company or such surviving
entity (or its controlling entity) outstanding immediately after such merger or
consolidation; (iv) a change in the composition of the Board of Directors of
the Company occurring within a two (2)-year period, such that a majority of the
then current Board members ceases to be comprised of individuals who either (a)
have been Board members continuously since the beginning of such period, or (b)
have been elected or nominated for election as Board members during such period
by at least a majority of the Board members described in clause (a) who were
still in office at the time such election or nomination was approved by the
Board.

                 (c)      DISABILITY.  A "Disability" shall mean the Employee's
inability to substantially perform his essential job functions as the result of
a physical or mental disability or incapacity for a period of 180 days,
consecutive or otherwise, in any 360-day period.

                 (d)      GOOD REASON.  Resignation for "Good Reason" shall
mean any of the following without the Employee's written consent:  (i) any
material diminution or material adverse change in the Employee's position with
the Company, duties, responsibilities or the positions that report directly to
him, (ii) a reduction by the Company in Employee's Base Salary (in which event
payments provided in Sections 8 and 9 shall be made based upon Employee's Base
Salary in effect prior to any such reduction), (iii) a material reduction in
the aggregate program of employee benefits and perquisites to which Employee is
entitled, (iv) relocation by more than 50 miles from Executive's workplace, (v)
a material decline in Executive's bonus opportunity or (vi) the failure by the
Company to elect, or the removal of, the Employee as a Director, in any event
without Cause.

         11.     NON-COMPETITION AND NON-SOLICITATION.

                 (a)      For a period beginning on the Effective Date  and
ending 18 months after the date on which the Employee ceases to be employed by
the Company for any reason whatsoever, the Employee, directly or indirectly,
whether as owner, sole proprietor, partner, shareholder, director, member,
consultant, agent, founder, co-venturer or otherwise, will:  (i) not engage,
participate or invest in any business activity anywhere in the world which
develops, manufactures or markets products or performs services which are
competitive with the products or services of the Company at the time of the
Employee's termination, or products or services which the Company has under
development or for which are the subject of active planning at the time of the
Employee's termination; provided, however, that the Employee, may own as a
passive investor, publicly-traded securities of any corporation which competes
with the business of the Company so long as such securities do not, in the
aggregate, constitute

                                      -7-

<PAGE>   8
more than 5% of any class of outstanding securities of such corporations; (ii)
refrain from hiring or attempting to employ, recruiting or otherwise
soliciting, inducing or influencing any person to leave employment with the
Company or its resellers or distributors and (iii) refrain from directly or
indirectly soliciting competitive business from any of the Company's customers
and users, resellers or distributors on behalf of any business which competes
the Company.

                 (b)      The Employee understands that the restrictions set
forth in this Section 11 are intended to protect the Company's interest in its
"proprietary information" (as defined in the Confidential Information
Agreement) and establish customer relationships in good will, and agrees that
such restrictions are reasonable and appropriate for this purpose.

                 (c)      The Employee agrees that it would be difficult to
measure any damages caused by  the Company which might result from any breach
by the Employee of the promises set forth in this Section 11, and that in any
event money damages would be an inadequate remedy for any such breach.
Accordingly, the Employee agrees that if the Employee breaches, or proposes to
breach, any portion of  this Section 11, the Company shall be entitled, in
addition all other remedies that it may have, to injunction or other
appropriate equitable relief to restrain any such breach without showing or
proving any actual damage to the Company.

         12.     RIGHT TO ADVICE OF COUNSEL.  The Employee acknowledges that he
has consulted with counsel and is fully aware of his rights and obligations
under this Agreement and of the tax consequences thereof.  The Company shall
pay the legal fees incurred by the Employee in connection with the negotiation
of this Agreement up to $3,000.

         13.     CONFIDENTIAL INFORMATION.  As a condition of Employee's
employment with the Company, the Employee shall execute the Company's standard
form of Confidential Information Agreement.

         14.     SUCCESSORS.

                 (a)      COMPANY'S SUCCESSORS.  Any successor (whether direct
or indirect and whether by purchase, lease, merger, consolidation, liquidation
or otherwise) to all or substantially all of the Company's business and/or
assets shall assume the obligations under this Agreement and agree expressly to
perform the obligations under this Agreement in the same manner and to the same
extent as the Company would be required to perform such obligations in the
absence of a succession.  For all purposes under this Agreement, the term
"Company," shall include any successor to the Company's business and/or assets
which executes and delivers the assumption agreement described in this
subsection (a) or which becomes bound by the terms of this Agreement by
operation of law.

                 (b)      EMPLOYEE'S SUCCESSORS.  Without the written consent
of the Company, the Employee shall not assign or transfer this Agreement or any
right or obligation under this Agreement to any other person or entity.
Notwithstanding the foregoing, the terms of this Agreement and all rights

                                      -8-

<PAGE>   9
of the Employee hereunder shall inure to the benefit of, and be enforceable by,
the Employee's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.

         15.     NOTICE CLAUSE.

                 (a)      MANNER.  Any notice hereby required or permitted to
be given shall be sufficiently given if in writing and upon mailing by
registered or certified mail, postage prepaid, to either party at the address
of such party or such other address as shall have been designated by written
notice by such party to the other party.

                 (b)      EFFECTIVENESS.  Any notice or other communication
required or permitted to be given under this Agreement will be deemed given on
the day when delivered in person, or the third business day after the day on
which such notice was mailed in accordance with Section 15(a).

         16.     GOVERNING LAW.  This Agreement shall be governed by and
construed in accordance with the internal substantive laws, but not the choice
of law rules, of the state of New York.

         17.     SEVERABILITY.  The invalidity or unenforceability of any
provision of this Agreement, or any terms hereof, shall not affect the validity
or enforceability of any other provision or term of this Agreement.

         18.     INTEGRATION.  Except as otherwise expressly provided otherwise
herein, this Agreement represents the entire agreement and understanding
between the parties as to the subject matter herein and supersedes all prior or
contemporaneous agreements, whether written or oral.  No waiver, alteration, or
modification of any of the provisions of this Agreement shall be binding unless
in writing and signed by duly authorized representatives of the parties hereto.

         19.     TAXES.  All payments made pursuant to this Agreement shall be
subject to withholding of applicable income and employment taxes.

         20.     ARBITRATION.  Except for proceedings seeking injunctive
relief, including, without limitation, allegations of misappropriation of trade
secrets, copyright or patent infringements, or breach of any anti-competition
provisions of this Agreement, any controversy or claim arising out of or in
relation to this Agreement, or the breach thereof, shall be settled by
arbitration in accordance with the commercial arbitration rules of the American
Arbitration Association ("AAA"), and judgment upon the award rendered by the
arbitrator may be entered in any court having jurisdiction thereof.
Arbitration of this Agreement shall include all claims, regardless of whether
the dispute arises during the term of the Agreement, at the time of termination
or thereafter.  Either party may initiate the arbitration proceedings, for
which the provision is herein made, by notifying the opposing party, in
writing, of its demand to arbitrate.  In any such arbitration there shall be
appointed one arbitrator who shall be selected in accordance with the AAA
Commercial Arbitration Rules.  The place of arbitration shall be New York, New
York.  The parties agree that the award of the arbitrator shall be the sole and
exclusive remedy between them regarding any claims, counterclaims, issues or
accounting presented or plead to the

                                      -9-

<PAGE>   10
arbitrator; that the arbitrator shall be the final judge of both law and fact
in arbitration of disputes arising out of or relating to this Agreement,
including the interpretation of the terms of this Agreement.  The parties
further agree it shall be the sole and exclusive duty of the arbitrator to
determine the arbitrability of issues in dispute and that neither party shall
have recourse to the court of such a determination.

         21.     COUNTERPARTS.  This Agreement may be executed by either of the
parties hereto in one or more counterparts, none of which need contain the
signature of more than one party hereto, and each of which shall be deemed to
be an original, and all of which together shall constitute a single agreement.

         IN WITNESS WHEREOF, each of the parties has executed this Agreement,
in the case of the Company by a duly authorized officer, as of the day and year
first above written.

                              OPTIMARK TECHNOLOGIES, INC.

                              By:  /s/  William A. Lupien
                              Chairman

                              PHILLIP J. RIESE

                              By:  /s/  Phillip J. Riese

                                      -10-

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