Document:

Exhibit 10.65

                        AMENDMENT TO EMPLOYMENT AGREEMENT

     AMENDMENT TO  EMPLOYMENT  AGREEMENT  (this  "Amendment")  dated this 9th of
December,  1999, by and between TREMONT ADVISERS,  INC., a Delaware  corporation
having its principal  executive offices at Corporate Center at Rye, 555 Theodore
Fremd Avenue, Rye, New York ("Tremont");  and ROBERT I. SCHULMAN,  an individual
residing at 18 Green Valley Road, Armonk, New York ("Executive").

                                   WITNESSETH:

     WHEREAS,  Executive  is employed by Tremont  pursuant to and in  accordance
with the terms and conditions  contained in an employment  agreement dated April
22, 1994 (the "Employment Agreement"), by and between Tremont and Executive; and

     WHEREAS, Executive and Tremont are each desirous of amending the Employment
Agreement in accordance with this Amendment, effective January 1, 2000.

     NOW,  THEREFORE,  in  consideration  of the promises and mutual  covenants,
terms and conditions hereinafter set forth and in the Employment Agreement,  the
parties hereto hereby agree as follows:

1. Section 3(a)(i) of the Employment Agreement is hereby amended by deleting the
following  phrase:  "three hundred forty-two  thousand  dollars"  ($342,000) and
inserting in its place "three hundred fifty-two  thousand three hundred dollars"
($352,300).

2.  Section 5 shall be amended by deleting all  references  therein to "December
31, 1999" and inserting in its place "December 31, 2000."

3. Except to the extent amended by this  Amendment,  the terms and conditions of
the Employment  Agreement shall remain in full force and effect. In the event of
any conflict  between the terms of the  Employment  Agreement and the Amendment,
the Amendment shall control.

4. Each party hereby represents and warrants to the other that each has read the
foregoing  provisions and that each has had a sufficient  opportunity to discuss
this  Amendment  with  anyone each party might  desire  prior to signing  below.
Further, in signing this Amendment, each party has not relied on or been induced
to execute this  Amendment by any  statements,  representations,  agreements  or
promises,  oral or  written,  made  by the  other  except  for  those  expressly
contained in this Amendment.

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     IN WITNESS  WHEREOF,  this Amendment has been executed and delivered by the
parties hereto as of the date first above written.

WITNESS

/s/ Suzanne S. Hammond                               By: /s/ Robert I. Schulman
------------------------------------                     ----------------------
Suzanne S. Hammond                                       Robert I. Schulman
Secretary and Treasurer

ATTEST                                               TREMONT ADVISERS, INC.

/s/ Stephen S. Clayton                               /s/ Sandra L. Manzke
------------------------------------                 --------------------
Stephen T. Clayton                                   Sandra L. Manzke
Chief Financial Officer                              Chief Operating Officer

                                       81Exhibit 10.66

                              AGREEMENT AND RELEASE

     On this 22nd day of  January  2000,  Tremont  Advisers,  Inc.,  a  Delaware
corporation  with its principal place of business  located at 555 Theodore Fremd
Avenue,  Rye,  New York  10580  (together  with its  affiliates  "Tremont")  and
Laurence  Huntington Taylor, II ("Employee"),  an individual residing at 10 Deer
Run,  Rye Brook,  New York 10573,  each agrees to the terms and  conditions  set
forth below:

     1.  Termination:  Employee's  employment  by  and  with  Tremont  has  been
terminated as of January 22nd, 2000 (the "Termination Date").

     2. Resolution of All Matters:

          a. Employment Agreement; Stock Transfer Agreement;  Employment.  Other
     than as set forth herein, this Agreement and Release ("Agreement") resolves
     all matters between the parties, including, but not limited to, each of the
     following:

               i. All matters arising under or in connection with the Employment
          Agreement  made as of  March  11,  1999  by and  between  Tremont  and
          Employee  (the  "Employment  Agreement"),  a copy of which is attached
          hereto as Exhibit A and all  matters  arising  under or in  connection
          with the termination thereof;

               ii. All matters  arising  under or in  connection  with the Stock
          Transfer Agreement (the "Stock Transfer  Agreement") made as of August
          13, 1999 by and between Tremont (Bermuda) Limited, an exempted Bermuda
          company  ("Bermuda") and Employee,  a copy of which is attached hereto
          as Exhibit B,  pursuant to which Bermuda  transferred  to Employee six
          thousand (6,000) shares of common stock, par value $0.01 per share, of
          FITX Group Limited, an exempted Bermuda company (the "Transferred FITX
          Stock");

               iii.  All  matters  arising  under  or  in  connection  with  the
          promissory  demand note dated May 13, 1999 made payable by Employee to
          the order of Tremont, a copy of which is attached hereto as Exhibit C,
          pursuant to which Employee unconditionally promised to pay Tremont the
          principal  sum of fifty  thousand  dollars  ($50,000),  with  interest
          thereon, as further described in promissory note (the "Note"); and

               iv. All other matters  relating to Employee's  employment and the
          termination of that employment with Tremont.

Employee agrees that he hereby waives any right to employment,  reinstatement or
reemployment  with  Tremont  and  any of its  affiliates  or  subsidiaries,  and
specifically  agrees that he will not apply for same.  Employee shall not at any
time after the Termination Date represent  himself as being in any way connected
with or  interested  in the business of Tremont or any of its  affiliates or its

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subsidiaries  and/or  knowingly  make any  untrue  or  misleading  statement  in
relation to Tremont or any of its affiliates or subsidiaries.

          b. Redemption of the Transferred FITX Stock.

               i.   Redemption   of  the   Transferred   FITX  Stock.   Employee
          acknowledges  and  agrees  that  pursuant  to the Note  Employee  owes
          Tremont, as of the Termination Date, monies in the principal amount of
          eighteen  thousand  one  hundred  and fifty  dollars  ($18,150),  plus
          interest, which interest shall be calculated, through to and including
          the Effective Date, in accordance with the terms set forth in the Note
          (the  "Monies  Owed").  Employee  agrees that  Bermuda  shall have the
          option  to  redeem  the  Transferred  FITX  Stock  during  the  period
          commencing on the  Termination  Date and ending five (5) calendar days
          after the  Effective  Date for a redemption  price per share of eleven
          dollars and 46/100  ($11.46).  Each of Tremont,  Bermuda and  Employee
          acknowledges  and agrees that Bermuda  hereby  exercises its option to
          redeem the  Transferred  FITX  Stock in  exchange  for the  payment to
          Employee  of sixty eight  thousand  seven  hundred  and sixty  dollars
          ($68,760)  (the  "Redemption  Price").  Each of Tremont  and  Employee
          further  agrees that  simultaneously  with the delivery by Employee to
          Tremont of the  certificate(s),  if any,  representing the Transferred
          FITX Stock,  that payment of an amount equal to the  Redemption  Price
          less the Monies Owed shall be made by wire  transfer on the  Effective
          Date in  accordance  with the  instructions  provided  by  Employee to
          Tremont on the Effective Date.

               ii. Bermuda's  Shareholders'  Agreement.  Employee  confirms that
          upon  Bermuda's  payment of the  Redemption  Price as set forth above,
          Employee  shall  cease  being a party to the  Shareholders'  Agreement
          dated December 15, 1999 by and among Bermuda and its shareholders (the
          "Shareholders'  Agreement"),  a copy of which is  attached  hereto  as
          Exhibit  D, and  Employee  shall  have no  further  rights  or  claims
          thereunder.

               iii.   Employee's   Representations   and  Warranties.   Employee
          represents  and  warrants  to each of Tremont  and  Bermuda  that upon
          Employee's delivery to Bermuda of the Transferred FITX Stock,  Bermuda
          shall receive good and marketable  title to the Transferred FITX Stock
          which Bermuda shall be redeeming  from Employee  pursuant to the terms
          set forth in this Section,  which  Transferred FITX Stock shall,  upon
          its  delivery by Employee to Tremont,  be free and clear of all liens,
          claims and other  encumbrances other than pursuant to the terms of the
          Shareholders' Agreement.

     3. Time to Consider and Right to Revoke:  Employee hereby acknowledges that
he has a period  of at least  twenty  one (21)  days  during  which to  consider
whether to enter into this Agreement.  Employee hereby further  acknowledges and
understands  that Employee has the right to revoke this  Agreement  within seven
(7)  calendar  days  after  the date of his  execution  of this  Agreement  (the
"Revocation  Period"),  by delivering a written  notice of revocation to Tremont
(c/o Robert  Schulman,  President,  Tremont  Advisers,  Inc., 555 Theodore Fremd
Avenue,  Rye, New York 10580),  which  written  notice must have been given,  in
accordance with Section 18 below, no later than 5pm New York time on the seventh
calendar day  immediately  following  the date of  Employee's  execution of this
Agreement, as such date is set forth on the signature page of this

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Agreement. If Employee revokes this Agreement within the Revocation Period, then
this  Agreement  will not be effective  and  enforceable,  and Employee will not
receive from Tremont the compensation referred to in Section 4 below.

     4. Severance Compensation: If, upon the expiration of the Revocation Period
(the  "Effective  Date"),  Employee  has not  revoked  this  Agreement,  then in
consideration  thereof,  Employee  shall be entitled  to receive  the  following
Severance Compensation (as such term is defined below):

          a.  Severance  Payment:  The  payment by Tremont  to  Employee  of the
     amounts set forth in Section 9(b) of the Employment  Agreement,  subject to
     the terms and  conditions of such Section  9(b),  (or such lesser amount as
     may be  computed  in  accordance  with the  terms set  forth  below),  less
     customary deductions, including, without limitation, deductions for (i) the
     required  federal,  state  and  local  withholdings  and (ii)  the  benefit
     payments as referred to in Section 9(b) (each such installment  payment,  a
     "Severance  Installment Payment",  collectively,  the "Severance Payment").
     Each Severance  Installment Payment shall be payable in accordance with the
     terms set forth in Section  9(b) of the  Employment  Agreement,  commencing
     with Tremont's first regular payday following the Effective Date and ending
     on Tremont's first regular payday immediately following March 11, 2001 (the
     "Severance  Payment  Period"),  all in  accordance  with the usual  payroll
     procedures of Tremont.  Each of Employee and Tremont agrees that Employee's
     Base Compensation (as such term is defined in the Employment  Agreement) is
     one  hundred  and  fifty  thousand  dollars  ($150,000)  per annum and that
     Employee's  Guaranteed  Bonus (as such term is  defined  in the  Employment
     Agreement),  or any portion thereof, for the year ending March 11, 2000 and
     March 11, 2001, respectively is fifty thousand ($50,000) dollars.  Employee
     acknowledges and agrees that Tremont, prior to the Effective Date, has paid
     to Employee Employee's Guaranteed Bonus for the year ending March 11, 2000.
     Accordingly,  Employee  further  acknowledges  and agrees  that  Tremont is
     obligated  to pay to  Employee  Employee's  Guaranteed  Bonus  for the year
     ending March 11, 2001 only.

          b. Stock  Options  Employment  Extension:  For  purposes  of the Stock
     Options  only (as such term is  defined in the Stock  Option  and  Benefits
     Agreement made as of March 8, 1999 by and between  Tremont and Employee,  a
     copy of which is attached  hereto as Exhibit E (the  "Option  Agreement")),
     Employee shall be entitled, in accordance with the terms and conditions set
     forth in Section 2 of the Option  Agreement,  to exercise the Stock Options
     that he would have been entitled to exercise if Employee's  employment with
     Tremont were to have  continued up until and then  terminated  on March 12,
     2001 (the "Stock Options Employment Extension", together with the Severance
     Payment,  the  "Severance  Compensation").  The  parties  hereto  agree and
     acknowledge  that,  subject to the foregoing,  the Option  Agreement  shall
     remain in full force and effect.

          c.  Conditions  to the  Severance  Compensation.  Employee  agrees and
     acknowledges  that the  payment  and/or  grant,  as the case may be, of the
     Severance  Compensation  (in  excess of five  hundred  dollars  ($500))  is
     conditioned  upon  Employee's  compliance  with  all of the  terms  of this
     Agreement, including, but not limited to, those set forth in Sections 8, 9,
     10 and 11 below.  In no event will the Severance  Compensation be less than
     five hundred dollars ($500).

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     5.  General  Release:  In  consideration  of  the  Severance  Compensation,
Employee hereby forever releases Tremont, its successors and assigns and any and
all of its  related  companies,  including  parents,  subsidiaries,  affiliates,
stockholders  and  divisions,   and  the  successors  and  assigns,   employees,
directors, officers, independent contractors,  clients and agents of any of them
(the "Releasees"),  from any and all claims, demands,  obligations,  promises or
agreements  of any nature that he may have,  ever has had or hereafter may have,
from the beginning of the world to the end of time,  including,  but not limited
to,  claims  based  on or  arising  out  of  the  Employment  Agreement  or  the
termination of the Employment  Agreement,  Employee's employment with Tremont or
the  termination of that  employment,  including,  but not limited to claims for
wrongful  discharge  or claims  that the  Releasees  have  dealt  with  Employee
unfairly or in bad faith.  This  includes,  but shall not be limited to, any and
all such claims or causes of action that Employee may have,  known or unknown to
Employee,  arising  out of,  or in any way  connected  with or  relating  to the
Employment Agreement,  the Stock Transfer Agreement, the Note, the Shareholders'
Agreement  and  the  Option  Agreement  (except  as  set  forth  herein)  or the
termination of Employment Agreement, the Stock Transfer Agreement, the Note, the
Shareholders' Agreement and the Option Agreement (except as set forth herein) or
of  Employee's  employment  with,  and  separation  from,  Tremont for breach of
contract, implied or express; impairment of economic opportunity; intentional or
negligent  infliction of emotional  distress;  false arrest;  assault;  battery;
false imprisonment;  prima facie tort;  defamation;  libel;  slander;  negligent
termination;  malicious  prosecution;  wrongful  discharge;  or any other  tort,
whether  intentional  or  negligent;  or any claim or cause of  action  known or
unknown under Title VII of The Civil Rights Act of 1964; the Age  Discrimination
Employment Act of 1967, as amended;  The Older Worker's  Benefit  Protection Act
(except with respect to claims for age  discrimination  that may arise after the
date this Agreement is signed); the Equal Pay Act; the Fair Labor Standards Act;
the Employment  Retirement Income Security Act; the  Rehabilitation Act of 1973;
the Civil Rights Acts of 1866 and 1871; the New York State Human Rights Law; the
New York City Human  Rights  Law;  the New York Labor  Law,  including,  but not
limited to, Section 740 thereof;  the New Jersey Human Rights Act; the Americans
With  Disabilities  Act of 1990;  the United States  Constitution,  the New York
State  Constitution and the New Jersey State  Constitution,  all as amended,  if
applicable or any other federal, state, county or municipal statute or ordinance
relating to employment  discrimination  or  retaliation.  This Agreement  covers
claims of which Employee currently may or may not have knowledge.

     6. No Lawsuits:  Employee  represents  and warrants that neither he nor his
legal representative has filed or has been involved,  directly or indirectly, in
filing any  complaints,  charges or  lawsuits  against  the  Releasees  with any
governmental agency, commission,  court or any other forum. Employee agrees that
neither he nor his legal representatives,  directly or indirectly, will do so at
any time hereafter.  Employee  further  covenants and agrees that neither he nor
his legal  representatives  will  provide  support or  assistance,  directly  or
indirectly,  to other persons in connection with any action,  suit or proceeding
involving  the  Releasees,  unless  required to do so by law.  Employee  further
understands  and agrees that Tremont is in no way liable or responsible  for his
attorney's fees and costs, if any, in this matter.

     7.  Non-Admission:  This Agreement  shall not in any way be construed as an
admission by the  Releasees of any  liability or any wrongful or  discriminatory
act.

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     8. Non-Disparagement:  Employee agrees that he will not say, write or cause
to be said or  written,  directly  or  indirectly,  any  statement  that  may be
considered  defamatory,  derogatory  or  disparaging  with respect to any of the
Releasees.

     9. Non-Disclosure/Confidentiality: Employee acknowledges and agrees that as
a result of his employment with Tremont, confidential information of Tremont and
any of its  affiliates  or  subsidiaries  has  been  imparted  to him,  which if
disclosed  by him or  improperly  used by him will result in harm to Tremont and
any of its affiliates or subsidiaries. "Confidential Information" shall mean all
research,  information,  software, databases, trade secrets, sales and marketing
information,   subscriber   information,   operations  material  and  memoranda,
personnel  records,  client lists,  information  relating to  investment  funds,
accounts  and  customers,   pricing  information,   and  financial   information
concerning or relating to the business,  clients,  subscribers,  employees,  and
affairs  of  Tremont  and any of its  affiliates  or  subsidiaries  and  contact
persons, the information contained in any systems, applications or tools used by
Tremont which contain any Confidential  Information or any other  information of
Tremont  or of any of its  affiliates  or  subsidiaries  and  other  information
maintained by Tremont and any of its affiliates or subsidiaries,  obtained by or
furnished,  disclosed or  disseminated  to Employee,  or obtained,  assembled or
compiled  by  Employee  or  under  his  supervision  during  the  course  of his
employment  with  Tremont and any of its  affiliates  or  subsidiaries,  and all
physical embodiments of the foregoing,  all of which are hereby agreed to be the
property  of  and   confidential  to  Tremont  and  any  of  its  affiliates  or
subsidiaries. Confidential Information shall not include any of the foregoing to
the extent that the same can be shown by written  documentation by Employee,  to
be available to the public through no fault or breach of this Agreement.

     Employee  agrees  that  any and  all  Confidential  Information  concerning
Tremont or any of its  affiliates or  subsidiaries  and its business and affairs
obtained by Employee in the course of Employee's  employment with Tremont,  will
be held by Employee as inviolate  and in the strictest of  confidence.  Employee
further covenants and agrees not to use such information for Employee's personal
benefit or for the benefit of others and not disclose to anyone,  other than his
immediate family,  accountant or Employee's  attorney,  and then only upon their
agreement not to disclose to another person, except as required by law, any such
information and the existence of this Agreement,  the circumstances  surrounding
it, its terms,  conditions or  negotiation,  including,  but not limited to, the
dollar amounts set forth herein.

     Employee shall immediately surrender and turn over to Tremont, the computer
equipment,  including,  without  limitation,  lap tops, books,  forms,  records,
electronic  calendars,  client lists, all other papers and writings  relating to
Tremont, all other property belonging to Tremont,  all information  contained in
any systems,  applications  or tools  comprising or used in connection  with the
running of its business,  then in the  possession  or under the control,  either
directly or  indirectly,  of Employee,  it being  understood and agreed that the
same are the sole property of Tremont.

     Notwithstanding  the  foregoing,  except  as  otherwise  required  by  law,
Employee  shall  at  all  times  maintain  as  confidential   such  Confidential
Information which is also confidential to or contains  confidential  information
concerning any officer, director, shareholder, client or account of

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Tremont or any of its or their  affiliates  or  subsidiaries,  without the prior
written consent of the party to whom such confidential information applies.

     10.   Non-Solicitation  of  Employees:   Employee  shall  not  directly  or
indirectly and whether as employee,  director,  consultant,  owner or otherwise,
during the Severance  Payment Period and the twelve (12) month period  following
the Severance Payment Period,  entice or endeavor to entice away from Tremont or
any of its affiliates or subsidiaries, any of its or their employees (whether or
not the departure of such employee would  constitute a breach of contract on his
or her part). For the purposes of this paragraph,  "employees"  means any person
employed or retained by Tremont or any of its  affiliates or  subsidiaries  with
management  or senior  level sales  responsibilities,  whether on a permanent or
consultancy  basis,  with whom Employee shall have had personal  dealings in the
course of performing his duties under the Employment Agreement.  Nothing in this
covenant will prevent  Employee from hiring an employee  responding to a general
solicitation appearing in a newspaper, trade publication or similar medium.

     11. Non-Solicitation of Clients: Employee shall not, directly or indirectly
and whether as employee,  director,  consultant,  owner or otherwise, during the
Severance  Payment  Period  and the  twelve  (12)  month  period  following  the
Severance  Payment Period,  in competition with Tremont or any of its affiliates
or subsidiaries,  canvas,  solicit or seek to entice away from Tremont or any of
its affiliates or  subsidiaries  (i) any Client (as such term is defined below);
or (ii) any Potential  Client (as such term is defined  below).  "Client"  shall
mean any person that,  as of the  Termination  Date or within six (6) before the
Termination  Date,  is or was, as the case may be, a client of or  subscriber to
Tremont or any of its affiliates or subsidiaries,  or its or their services, and
being a person  (i) with which  Employee  or any person  reporting  directly  to
Employee has had personal dealings in the course of performing his or her duties
to Tremont; or (ii) of which Employee has personal knowledge. "Potential Client"
shall mean any person with which there were, as of the Termination Date, ongoing
negotiations  with a view to such person  becoming a client of or subscribing to
Tremont or any of its  affiliates or  subsidiaries,  and being a person (i) with
which  Employee or any person  reporting  directly to Employee  has had personal
dealings  in the  course of  performing  his or her duties to Tremont or (ii) of
which Employee has personal knowledge.

     12. No Other Representations:  Employee represents and acknowledges that in
executing this Agreement,  he is not relying,  and has not relied, upon any oral
or written representations or statements not set forth or referred to herein.

     13.  Encouragement  to Consult with  Attorney:  Employee is  encouraged  to
consult  with an attorney or other  representative  of  Employee's  interests of
Employee's  own  choice  at  Employee's  own  expense  prior to  executing  this
Agreement. By executing this Agreement, Employee is signifying that Employee has
read this  Agreement  thoroughly,  that Employee has consulted  with an attorney
prior to executing  this  Agreement or has knowingly  waived the right to do so,
and that Employee's agreement to the terms of this Agreement is knowing, willing
and voluntary.

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     14. Entire  Agreement;  Amendment;  Waiver:  This  Agreement and the Option
Agreement  constitute the entire understanding and agreement between the parties
and  supersede  and  cancel,   unless  otherwise  stated  herein,  all  previous
agreements  and  commitments,  whether oral or written,  in connection  with the
matters  described  herein. No waiver or modification of this Agreement shall be
binding unless it is in writing and signed by the parties hereto.  No failure to
insist upon compliance with any term or condition of this Agreement,  whether by
conduct or otherwise,  shall be deemed to be or construed to be a waiver of such
term or condition.

     15. Breach:  Employee acknowledges and agrees that if Employee breaches any
of the  provisions  of  Sections  8, 9, 10 and 11  above  (i)  Tremont  shall be
entitled to apply for and receive an  injunction  to restrain  any breach of the
provisions of Sections 8, 9, 10 and 11 above,  (ii) Tremont shall be entitled to
immediately  cease and desist from  making any  payments  or  providing  for any
benefits  to  be  paid  or  provided  for  in  connection   with  the  Severance
Compensation  and from permitting the vesting and/or  exercise,  as the case may
be,  of any  Stock  Options,  that as of the  date of any  such  breach,  remain
unvested  and/or  unexercised,  as the case may be, (iii) any and all claims for
and/or  rights  of  Employee  to the  Severance  Compensation  shall  be  deemed
renounced  and/or  extinguished,  (iv)  Employee  shall be  obligated  to pay to
Tremont its costs and expenses,  including  legal costs and  attorneys  fees, in
enforcing  this  Agreement  and defending  against any lawsuit  relating to this
Agreement,  (v)  Employee  shall be  obligated,  at  Tremont's  option  and upon
Tremont's  written demand,  to (a) repay to Tremont all but five hundred dollars
($500) of the  Severance  Payment  paid or  provided  to  Employee by Tremont in
connection herewith, and (b) deliver to Tremont, upon Tremont's repayment of the
applicable Exercise Price, those Shares (as such terms are defined in the Option
Agreement),  if any,  that  shall  have been (x)  designated  by  Tremont in its
written  demand  therefor and (y) delivered to Employee in  connection  with any
Stock Options that vested and were exercised after the Effective Date.

     16.  Enforcement:  This  Agreement  shall  be  construed  and  enforced  in
accordance  with,  and governed  by, the laws of the State of New York,  without
reference to that State's  conflict of law principles.  If any term or condition
of this Agreement shall be held to be invalid,  illegal or  unenforceable in any
respect by a court of competent jurisdiction,  this Agreement shall be construed
without such term or  condition.  For purposes of any claim  arising  under this
Agreement,  Employee hereby submits to the exclusive  jurisdiction of the courts
of the State of New York and of the United  States  having  jurisdiction  in the
County of New York,  State of New York,  and  agrees not to raise and waives any
objection  to or  defense  based  upon the venue of any such court or based upon
forum non  conveniens.  Each of the  parties  consents  to service of process by
personal  service in any manner in which  notice may be  delivered  hereunder in
accordance with Section 18 below.

     17. Counterparts: This Agreement may be executed in counterparts (including
by means of faxed  signature  pages),  both of which shall be considered one and
the same Agreement,  and this Agreement shall become  effective when one or more
of such counterparts has been signed by each of the parties and delivered to the
other party.

     18. Notices: All notices, requests and other communications made under this
Agreement must be in writing,  and must be (i) mailed by registered or certified
mail,  postage

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prepaid  and return  receipt  requested,  (ii)  transmitted  by  facsimile  with
evidence of receipt or (iii)  delivered by hand to the party to whom such notice
is  required  or  permitted  to be given.  If mailed,  any such  notice  will be
considered  to have been given three (3) business  days after it was mailed,  as
evidenced  by the  postmark.  If  delivered  by  facsimile,  any notice  will be
considered  to have  been  given on the date of  receipt,  as  evidenced  by the
confirmation of facsimile receipt. If delivered by hand, any such notice will be
considered  to have been  given  when  received  by the party to whom  notice is
given, as evidenced by a written and dated receipt from the receiving party. The
mailing  address for notice to either party will be the address set forth in the
first paragraph of this  Agreement.  Either party may change its mailing address
by providing written notice of any such change to the other party.

     19. Section  Headings;  Interpretation;  Person:  Section  headings are for
purposes  of  convenient  reference  only and will not  affect  the  meaning  or
interpretation  of any  provision of this  Agreement.  This  Agreement  shall be
construed without regard to any presumption or other rule requiring construction
against the party causing this Agreement to have been drafted. The word "person"
shall include a corporation,  firm,  partnership or other form of association or
entity.

     20.  Cooperation:  Employee agrees that Employee will, at the sole cost and
expense of Tremont,  cooperate with Tremont in the defense and/or prosecution of
any and all litigation either against and by Tremont or any of its affiliates or
subsidiaries  with respect to matters  arising when  Employee was an employee of
Tremont.

     This  Document  May Be  Revoked  By  Employee  Up to Seven  Days  After The
Document Is Signed.

     WHEREFORE,  in mutual consideration of these covenants,  both parties agree
to be bound by the above from this day forth.

                                    TREMONT ADVISERS, INC.

                                    By: /s/ Stephen T. Clayton
                                    --------------------------------------------
                                    Name:  Stephen T. Clayton
                                    Title: Chief Financial Officer

Date of
Execution: January  22nd, 2000      /s/ Laurence Huntington Taylor II
                                    --------------------------------------------
                                    Laurence Huntington Taylor, II, individually

TREMONT (BERMUDA) LIMITED
(with respect to Section 2 only)

By: /s/ Suzanne S. Hammond
    ----------------------------
Name:  Suzanne S. Hammond
Title: Director

                                       89

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