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                                                                   EXHIBIT 10.27

                              AMENDED AND RESTATED
                 MAGAZINE CONTENT LICENSE AND HOSTING AGREEMENT

         This Magazine Content License and Hosting Agreement (the "Agreement")
is made and entered into on the 29th day of January, 2001 (the "Amended Date")
and is effective as of the 27th day of January 1999 (the "Effective Date"), by
and between Women.com Networks, Inc., successor in interest to Women.com
Networks, LLC, formerly a Delaware limited liability company ("Women.com, LLC"),
and Hearst Communications, Inc., a Delaware corporation ("Hearst").

                                    Recitals

         Whereas, Women.com, LLC is in the business of, among other things,
developing and maintaining a network of interrelated Web sites, which Web sites
contain content focused primarily on topics of interest to women.

         Whereas, Hearst is the sole and exclusive owner of certain magazines
that contain content focused primarily on topics of interest to women, each of
which magazines currently maintains, or intends to develop and maintain, an
affiliated Web site.

         Whereas, Women.com, LLC and Hearst mutually desire: (i) to incorporate
the magazine Web sites into the network of sites maintained by Women.com, LLC;
(ii) for Women.com, LLC to provide Internet hosting services for all such
magazine Web sites, and to produce certain of such sites; and (iii) that
Women.com, LLC have the right to use and publish content from the magazines on
and in connection with the Women.com, LLC network.

         Now, Therefore, in consideration of the mutual covenants and
representations set forth herein, the parties hereby agree as follows.

                                    Agreement

1.       Definitions.

         1.1 "Advertisement" means any banner advertisements, site sponsorship
arrangements, performance-based advertising, referrals, click-throughs, leads
and bounties, and all other similar activities which do not produce revenues
through direct selling, sold with respect to any Magazine Site.

         1.2 "Content" means the text, pictures, sound, video, graphical
elements and other data contained in any Web site, excluding all Marks.

         1.3 The "Copyright Act" means Title 17 of the United States Code, as
amended from time- to-time, or any successor statute thereto.

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         1.4 "Derivative Work" is original copyrightable material such as a
translation, musical arrangement, dramatization, fictionalization, motion
picture version, sound recording, art reproduction, abridgment, condensation, or
any other form in which a work may be recast, transformed, or adapted; and such
copyrightable material is based upon Proprietary Content but in the case of
Hearst Content and Magazine Content, only to the extent the such Content
appearing on the Magazine Site contains Enhancements

         1.4A "Enhancements" means the addition by Women.com, LLC of new textual
or graphic elements to Hearst Content or Proprietary Content to render it
distinct from the way such Hearst Content and Magazine Content appear as
published by Hearst in a publication other than on a Magazine Site (other than
such formatting changes as are necessary to display it on the Internet), such as
by the incorporation of Interactive Elements (as hereafter defined). For
purposes of this Agreement, excerpts and abridgements made pursuant to Section
3.3 or formatting revisions to Hearst Content or Magazine Content made by
Women.com, LLC in the normal course of producing or hosting any Magazine Site
shall not be deemed Enhancements.

         1.5 The "Hearst Content" means the Content that is proprietary to
Hearst or its third party licensors, which Content Hearst provides for inclusion
on any Magazine Site whether before or after the Effective Date, provided,
however, that Hearst Content provided to Women.com, LLC under this Agreement
shall only include material with respect to which Hearst owns sufficient
electronic rights to license the use and display of such material for use on the
Network, it being understood that Hearst shall not have any obligation to obtain
such rights except with respect to Hearst Content that Hearst has provided to
Women.com, LLC.

         1.5A "Hearst Reserved Derivative Work" means original copyrightable
material such as a translation, musical arrangement, dramatization,
fictionalization, motion picture version, sound recording, art reproduction,
abridgment, condensation, or any other form in which a work may be recast,
transformed, or adapted created by Hearst based on Hearst Content and/or
Magazine Content; it being agreed that Hearst may create a Hearst Reserved
Derivative Work based on Hearst Content and Magazine Content regardless of
whether such Content has appeared on a Magazine Site, provided Hearst may not
use in any Hearst Reserved Derivative Work any Enhancements made to Hearst
Content and Magazine Content, nor may it incorporate Interactive Elements. For
the avoidance of doubt, any copyrightable work based on Hearst Content or
Magazine Content that contains Enhancements or Interactive Elements and any
copyrightable work based on Original Site Content or Third Party Work shall be
deemed a Derivative Work and any copyrightable work based on Hearst Content or
Magazine Content that does not contain Enhancements or Interactive Elements
shall be deemed a Hearst Reserved Derivative Work.

         1.6 "Hosting Services" means those Internet hosting services to be
performed by Women.com, LLC on behalf of Hearst under the terms of this
Agreement, all as more fully described on Exhibit A.

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         1.7 "Internet" means that certain worldwide system of computer networks
existing as of the Effective Date, conceived by the Advanced Research Projects
Agency of the United States Government in 1969 and originally known as ARPANet,
which is as of the Effective Date a public, cooperative and self-sustaining
facility accessible to millions of people worldwide, and is distinguished by its
use of TCP/IP protocols, and hypertext links, and incorporates, among other
features, the World Wide Web.

         1.8 The "Magazines" means the U.S. edition of each of the following
print publications (so long as such publications are published by Hearst):
Cosmopolitan; Country Living; Country Living Gardener (subject to the provisions
of Section 3.4(c) herein); Country Living's Healthy Living (subject to the
provisions of Section 3.4(c)herein); Good Housekeeping; House Beautiful;
Redbook; Town & Country; and Victoria, each of which is wholly owned by Hearst.
If following the Effective Date, Hearst becomes the sole owner of any other
magazine(s), such magazine(s) may be added to the foregoing list upon the mutual
agreement of the parties. Further, the parties may, by mutual written agreement,
add any or all of the international versions of any of the foregoing Magazines
to the scope of this Agreement. The "Magazines" shall also include Marie-Claire
(which is operated as a joint venture between Hearst and Marie-Claire Album
S.A.), if following the Effective Date Hearst obtains the consent of
Marie-Claire Album S.A. to include Marie-Claire within the scope of this
Agreement, which consent Hearst agrees to use commercially reasonable efforts to
obtain.

         1.9 "Magazine Content" means any and all Content (other than
advertising and advertorials) published in any of the Magazines whether prior to
or following the Effective Date, and including, by way of example and without
limitation, articles, reportage, features, editorials, letters to the editor,
reviews and commentary, provided, however, that Magazine Content provided to
Women.com, LLC under this Agreement shall only include material with respect to
which Hearst owns sufficient electronic rights to license the use and display of
such material for use on the Network, it being understood that Hearst shall not
have any obligation to obtain such rights except with respect to Magazine
Content that Hearst has provided to Women.com, LLC.

         1.10 "Magazine Site" means the U.S. edition of a Web site that is
provided by or on behalf of Hearst as an on-line version of a Magazine and/or is
maintained as an on-line adjunct to a Magazine, including all Proprietary
Content contained on such site. If following the Effective Date, Hearst becomes
the sole owner of any other magazine(s) which are appropriate for incorporation
in the Network or obtains the consent of Marie-Claire Album S.A. as described in
Section 1.7, the related Magazine Site(s) may be added to the scope of this
Agreement upon the mutual written agreement of the parties. Notwithstanding
anything contained herein to the contrary, in no event shall bazaar411.com be
deemed to be a Magazine Site for purposes of this Agreement.

         1.11 "Mark" means any and all trademarks, trade names, service marks,
trade dress, logos, URLs, or identifying slogans of a party, whether or not
registered.

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         1.12 Net Advertising Revenues" means gross revenues recognized by
Women.com, LLC from the sale of Advertisements on (a) the Magazine Sites, (b)
any page of the Network that primarily contains Proprietary Content (other than
teasers), and (c) any other page of the Network on which any article or feature
that is Proprietary Content is reproduced or duplicated substantially in its
entirety, less agency fees (which shall not exceed fifteen percent (15%) of
gross revenues from the sale of Advertisements), commissions (which shall not
exceed eight percent (8%) of gross revenues from the sale of Advertisements),
credits due to cancellations, and provision for bad debt. In no event shall Net
Advertising Revenues for any period be less than the product of (A) gross
revenues recognized from the sale of all advertising on the Network, multiplied
by (B) (i) the result of dividing the total number of advertisements served
(impressions) on the Magazine Sites by the total number of advertisements served
(impressions) on the Network; or (ii) the result of dividing the number of page
views on the Magazine Sites by the total number of page views on the Network (in
the case of (i) and (ii), whichever result is greater).

         1.13 The "Network" means that network of Web sites operated by
Women.com, LLC some of which bear the Women.com, LLC brand and each directly
linked to the Network Portal Site, including any Web sites that may be added to
the Network during the term of this Agreement.

         1.14 "Network Portal Site" means the portal site for the Network, which
site is currently located at www.women.com, or any successor URL.

         1.14A "Original Site Content" means any original text, pictures, sound,
video, graphical elements and other data prepared by Women.com, LLC specifically
for inclusion on a Magazine Site based on ideas generated by either Women.com,
LLC, or Hearst and that is actually included on any Magazine Site. Original Site
Content includes but is not limited to, functional interactive elements
("Interactive Elements") and Enhancements added to Hearst Content and Magazine
Content. Interactive Elements do not include interactive elements that
Women.com, LLC has prepared or licensed for use generally and not specifically
for Magazine Sites.

         1.14B "Proprietary Content" means Hearst Content, Magazine Content,
Original Site Content and Third Party Work when referred to collectively.

         1.15 "Production Services" means those Magazine Site production
services to be performed by Women.com, LLC on behalf of Hearst under the terms
of this Agreement, all as more fully described on Exhibit B.

         1.16 "Promotional Activity" means the placing of Advertisements, or the
provision of headlines or teasers (e.g. excerpts of Hearst Content or Magazine
Content).

         1.16A "Third Party Work" means content prepared by a Third Party
retained by Women.com, LLC to contribute Content to a Magazine Site.

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         1.17 The "Web" means the World Wide Web portion of the Internet.

         1.18 "Women.com, LLC Competitor" means: (a) any Women's Portal Site
that is primarily targeted to any country or region of the world where
Women.com, LLC is targeted and (b) any Web site that primarily provides Content,
substantially competes with a Women.com, LLC site, is targeted specifically to
women, is used primarily by women and is primarily targeted to any country or
region of the world where Women.com, LLC is targeted, or (c) any channel or area
of an online Content aggregation service (such as AOL, Compuserve, Yahoo,
Excite, etc.), which channel or area substantially competes with a Women.com,
LLC site, is targeted specifically to women, is used primarily by women and is
primarily targeted to any country or region of the world where Women.com, LLC is
targeted.

         1.18A "Women.com Content" means Content other than Proprietary Content
used by Women.com, LLC on the Network or any Magazine Site.

         1.19 "Women's Portal Site" means a Web site that is primarily targeted
to any country or region of the world where Women.com, LLC is targeted and that
is meant to function as an anchor site or entry point for users to the Internet
and offers a broad array of resources and services such as articles, e-mail,
discussion forums, search engines, weather information, stock quotes, phone and
map information and on-line shopping malls that contains Content of interest
primarily to women, is primarily targeted specifically to women and is used
primarily by women (e.g.: iVillage, Oxygen Media, and LookSmart).

2.       Incorporation of the Magazine Sites Into the Network.

         2.1 General. The incorporation of the Magazine Sites into the Network
is to be accomplished by way of the rights and obligations described in this
Agreement. In addition to such rights and obligations, the parties agree that
they shall, during the term of this Agreement, work together in good faith and
take whatever other actions are reasonably necessary or prudent to accomplish
the goals of this Agreement.

         2.2 Linking and Distribution.

         (a) During the term of this Agreement, Women.com, LLC agrees that it
will place direct links to at least four Magazine Sites (to be mutually agreed
upon by Hearst and Women.com, LLC on the Network. These links will be placed on
the homepage of the Network Portal Site if links to any non-Magazine Site appear
on such page, and if such other links to other websites appear above the fold,
the links to the Magazine Sites will likewise appear above the fold. These links
and additional links will also be placed individually or grouped, throughout the
Network on appropriate homepages and any other appropriate pages on the Network,
including, without limitation, any appropriate pages where other relevant
non-Magazine site links appear, and will be no less favorable in terms of size,
placement, rotation, prominence, frequency and ease of use, than any other link,
brand or name of any other site on the Network. Without limiting the generality
of the foregoing, in the event any Magazine Site link or links appear on the
Network together with any non-Magazine site link that is in the form of a logo,
such Magazine Site link or links shall also be in the form of a logo. During the
term of this Agreement, Hearst shall create and place links to the Network
Portal Site homepage from the homepage of each Magazine Site (and elsewhere
within each such Magazine Site, as the parties may mutually determine).

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         (b) Women.com, LLC shall distribute the Magazine Sites throughout the
Network in a manner no less favorable than any other site on the Network.

         2.3 Branding. Hearst shall prominently place Women.com, LLC's branding
above the fold, adjacent to the masthead on each Magazine Site. Hearst will also
place links to the Network on the site Hearst maintains for Harper's Bazaar in
such manner as Hearst determines. All Women.com, LLC branding on each Magazine
Site must comply with Women.com, LLC's branding standards as communicated to
Hearst from time to time, and shall be subject to the prior approval of
Women.com, LLC, which shall be deemed given if Women.com, LLC does not respond
within five (5) business days of receipt of request for approval. Women.com, LLC
shall provide navigation capabilities on the Network to and from each of the
Magazine Sites. Such navigation capabilities shall be at least equal (including,
without limitation, with respect to size, placement, prominence, frequency and
ease of use) to the navigation capabilities provided by Women.com, LLC on the
Network with respect to non-Magazine sites. Without limiting the foregoing,
navigation from the Network to each of the Magazine Sites shall exist from every
place on the Network where navigation to all other non-Magazine Sites exists. In
addition, where a navigational tool is used to link to a majority of
non-Magazine Sites exists, relevant Magazine Sites will also be linked with such
navigational tool. All Hearst and Magazine branding on the Network must comply
with applicable branding standards as communicated by Hearst to Women.com, LLC
from time to time, and shall be subject to the prior approval of Hearst, which
shall be deemed given if Hearst does not respond within five (5) business days
of receipt of request for approval.

         2.4 Development Schedule. Following the Effective Date, the parties
shall work together in good faith in order to complete all tasks necessary or
desirable to incorporate the Magazine Sites into the Network (the
"Implementation"). Within thirty (30) days following the Effective Date, the
parties shall develop a mutually acceptable schedule ("Schedule") that will
cover each party's respective tasks and obligations with respect to the
Implementation and establish a targeted launch date for each Magazine Site. Each
party shall assign a project manager to be the primary point of contact between
the parties with respect to such efforts. The parties agree to use commercially
reasonable efforts to complete their respective Implementation obligations with
respect to each Magazine Site by the launch date set forth for such in the
Schedule.

         2.5 License. During the term of this Agreement, Hearst hereby grants to
Women.com, LLC a non-exclusive (except as provided in Section 2.7(a)),
royalty-free, worldwide license, with no right to sublicense or to sell, to:

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         (a) Electronically reproduce and distribute, and publicly perform and
display the Proprietary Content on the Web, all in connection with the Hosting
Services to be provided by Women.com, LLC pursuant to Section 3 and the
incorporation of the Magazine Sites into the Network as contemplated by this
Agreement; and

         (b) Abridge and excerpt, add Enhancements to and otherwise edit Hearst
Content and Magazine Content and make such changes to Proprietary Content as are
necessary to display it electronically on the Magazine Sites and Network; and

         (c) electronically reproduce and distribute, and publicly perform and
display Proprietary Content both (i) on the Network, and (ii) otherwise on the
Web in connection with Women.com, LLC's fulfillment of its distribution
commitments to its on-line distribution partners (e.g. America OnLine);
provided, that electronic publishing rights have been obtained by Hearst with
respect to such Proprietary Content and provided, further, that Hearst shall not
be obligated to deliver to Women.com, LLC any Magazine Content or Hearst Content
that was published, in print or electronically, prior to the Effective Date,
where the cost of delivery to Women.com, LLC would, in Hearst's reasonable
estimation, be economically impractical; and

         (d) reproduce and distribute through any media now known or hereafter
developed excerpts of the Proprietary Content in advertisements for and
marketing and promotional materials related to the Network and the Magazine
Sites; and

         (e) [intentionally omitted]

         (f) electronically reproduce and distribute on the Web, and publicly
perform and display on the Web any banner advertisements delivered by Hearst to
Women.com, LLC for placement on the Magazine Site(s) and/or the Network.

         2.6 Magazine Specific Restrictions. The rights granted pursuant to
Section 2.5 are subject to any guidelines that may be established by Hearst or
each Magazine from time-to-time with respect to Proprietary Content. Further,
Hearst and each Magazine shall have the right to request, based on reasonable
objections, the removal of, or editorial revisions to, any of its Proprietary
Content that is published through the Network. Women.com, LLC agrees to take
appropriate remedial action with respect to any such request within twenty-four
(24) hours after receipt of such request; provided, that after taking such
remedial action, Women.com, LLC shall have the right to appeal such request
directly to the designated personnel at the applicable Magazine.

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         2.7 Additional Rights and Restrictions.

         (a) Exclusivity. (i) Except as otherwise expressly provided herein,
during the term of this Agreement, Hearst agrees that it will not: (i) grant
Internet distribution or Internet publication rights to any of the Proprietary
Content to any Women.com, LLC Competitor including, without limitation, through
a direct data feed, cobranding arrangement, or premium placement arrangement;
(ii) advertise or promote the Magazine Sites on or in connection with any
Women.com, LLC Competitor; (iii) grant any entity the right to distribute or
display on the Internet any Hearst Content or Magazine Content that has been
displayed on a Magazine Site in substantially the same form and format as such
Content was displayed on a Magazine Site without the consent of Women.com, LLC
(it being understood that notwithstanding the foregoing, Hearst may, without
Women.com, LLC's consent, grant any entity other than a Women.com, LLC
Competitor the right the right to distribute and display on the Internet Hearst
Content and Magazine Content which was displayed on a Magazine Site verbatim to
the way it was published by Hearst (i.e., no abridgements or excerpts were
made), and it being further understood that where Hearst Content or Magazine
Content were displayed on a Magazine Site in an abridged or excerpted form,
Hearst may, without Women.com, LLC's consent, grant any entity the right to
distribute and display on the Internet a different selection or arrangement of
such Hearst Content or Magazine Content that is not substantially similar to
that displayed on the Magazine Site)(for the avoidance of doubt, Hearst shall be
under no restriction other than that set forth at Section 2.7(a)(i)(i) above
with respect to Hearst Content and Magazine Content that is not displayed on the
Magazine Sites at all); (iv) grant any entity the right to distribute and
display on the Internet any Original Site Content or Third Party Work without
the consent of Women.com, LLC; or (v) license any of its Magazine Marks for use
on the Web site of any Women.com, LLC Competitor. Further, Hearst agrees that
during the term of this Agreement (x) it will not license to any Women.com, LLC
Competitor the right to use any URL incorporating either the name of a Magazine
or derivative or diminutive form of the name of a Magazine (e.g. "Cosmo", "T&C",
"Healthy Living", etc.) and (y) it will not use any URL incorporating either the
name of a Magazine or derivative or diminutive form of the name of a Magazine
except, (1) on a site that is part of the Network, and (2) in connection with
any projects with which Hearst or the Magazines may become involved in
compliance with Section 2.8(b).

                  (ii) The foregoing shall not be construed to preclude: (i)
grants of rights to online databases, libraries and information storage and
retrieval services, in any media whether now known or hereafter invented, to use
Proprietary Content for archival purposes; (ii) third-party proprietors of
material contained in Proprietary Content who have retained copyright ownership
in such material from publishing such material on the Internet following the
expiration of any periods of exclusivity that may have been granted to Hearst;
(iii) Hearst from using the name of a Magazine or derivative or diminutive form
of the name of a Magazine embedded in the URL of any sites( but not as the
primary name of a URL) for the purpose of soliciting sales of magazine
subscriptions or any other purpose not precluded under section 2.7(a)(i) above
or Hearst from using the name of a Magazine or derivative or diminutive form of
the name of a Magazine anywhere in the URL of any sites associated with
international editions of the Magazines; (iv) international editions of the
Magazines from using Hearst Content or Magazine Content that has appeared in
such international editions from using such Content on the Internet; or (v)
Women.com, LLC's right, with respect to users residing outside the United
States, to make the Network accessible, promote the Network, or otherwise target
such users.

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         (b) Magazine-Specific Offerings. Hearst agrees that during the term of
this Agreement, Women.com, LLC will have the right, subject to the mutual
agreement of the parties, to enter into arrangements specific to each individual
Magazine in order to: (i) develop Magazine-branded offerings to be made
available on areas of the Network other than the associated Magazine Site and
through product and service offerings of Women.com, LLC other than the Network;
and (ii) to distribute the Magazine Content to third parties on the Web.
Women.com, LLC shall have no right to sublicense or to sell Proprietary Content
to anyone without Hearst's prior written consent.

         (c) Right of First Offer. During the term of this Agreement, Hearst
agrees that Women.com, LLC shall have a right of first offer on all new
Internet-based development projects ("Projects") initiated by the Hearst
Magazine Group or any of the Magazines or Magazine Sites that are appropriate
for placement on the Network, based on the Network demographics, Content and
similar factors. If Women.com, LLC expresses an interest in any such Project,
the Hearst Magazine Group (or the applicable Magazine or Magazine Site) shall
negotiate the terms of such Project with Women.com, LLC in good faith. In the
event the parties are not able to enter into a definitive agreement, letter of
intent, memorandum of understanding or like document within thirty (30) days (or
such longer period as the parties may agree to) following Women.com, LLC's
receipt of notice of such Project from the Hearst Magazine Group or the
applicable Magazine or Magazine Site, the Hearst Magazine Group (or the
applicable Magazine or Magazine Site) shall have the right to offer the Project
to a third party; provided, however that prior to executing a definitive
agreement with such third party with respect to the applicable Project, the
Hearst Magazine Group (or the applicable Magazine or Magazine Site) shall
provide Women.com, LLC with a summary of the general terms of the proposed
agreement and discuss with Women.com, LLC ways in which Women.com, LLC might
participate in the Project.

         2.8 Reservation of Rights by Hearst.

         (a) For Promotional Purposes. Notwithstanding anything to the contrary
in this Agreement, Hearst retains the right to conduct Promotional Activities
with respect to each of the Magazine Sites in conjunction with any party that is
not a Women's Portal Site, provided that none of Hearst, the Magazines or the
Magazine Sites receives payments for those Promotional Activities.

         (b) Other Online Projects. Subject only to the requirements of Section
2.7(c), Hearst retains the right on behalf of the Magazines to permit the
Magazines to enter into agreements of any nature with any third party that is
not a Women.com, LLC Competitor with respect to projects focused on specific
topics or applications.

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         (c) Derivative Works. (i) Subject only to the requirements of Section
2.7(a) and (c), Hearst retains the right to make Derivative Works in any media
and to disseminate them in manner whatsoever, provided such Derivative Works
will not be exploited on the Internet without Women.com LLC's prior consent,
which shall not unreasonably be withheld, but which may be conditioned on mutual
agreement on compensation to Women.com, LLC (provided the foregoing shall not
restrict Hearst from making incidental advertising for or delivery of, as
opposed to display for full viewing (in the form, for example, of a downloaded
print book or e-book delivered via the Internet to a personal digital assistant)
a Derivative Work on the Internet. In the event that Hearst or a third party
authorized by Hearst exploits a Derivative Work, Women.com LLC shall be entitled
to a share of Hearst's revenues from such exploitation as follows: (i) where
Hearst itself or a Hearst Affiliate (as defined at Section 7.3) exploits such
Derivative Work, fifty (50%) percent of net revenues, meaning actual receipts
less agency fees or commissions, actual out-of-pocket costs incurred in
connection with the exploitation, and an overhead factor of twenty percent 20%
of gross revenues; (ii) where an unaffiliated third party exploits the
Derivative Work, fifty (50%) percent of Hearst's actual receipts from such third
party, less any actual out-of-pocket costs incurred in connection with such
exploitation. Women.com LLC's entitlement to such fee shall survive termination
of this Agreement for so long as any Derivative Work created during the Initial
Term or any Renewal Term generates revenues. Women.com, LLC shall have no right
to create a Derivative Work without the prior written consent of Hearst. All
Derivative Works which Hearst may permit to be made or developed by Women.com,
LLC shall be jointly owned by Hearst and Women.com, LLC ("Joint Derivative
Works"), each such work being a "joint work" as defined in ss.101 of the
Copyright Act, and the parties shall be co-owners of the copyrights in such
works as set forth in ss. 201(a) of the Copyright Act. Notwithstanding such
joint ownership, it is agreed that Hearst shall not itself exploit any Joint
Derivative Work during the Initial Term or any Renewal Term without the prior
written consent of Women.com, LLC, and if such consent is given, Hearst shall
account to Women.com, LLC in the same manner as it accounts for a Derivative
Work. Hearst shall be entitled to receive a fee as follows, in respect of any
Joint Derivative Work made or developed by Women.com as permitted hereunder: (i)
where Women.com, LLC itself or an affiliate (being an entity that controls, is
controlled by, or under common control with Women.com, LLC, as those terms are
defined at Section 7.3) exploits such Joint Derivative Work, fifty (50%) percent
of net revenues, meaning actual receipts less agency fees or commissions, actual
out-of-pocket costs incurred in connection with the exploitation and an overhead
factor of 20% of gross revenues; (ii) where an unaffiliated third party exploits
the Joint Derivative Work, fifty (50%) percent of Women.com, LLC's actual
receipts from such third party less actual out-of-pocket costs incurred in
connection with such exploitation. Hearst's entitlement to such fee shall
survive termination of this Agreement for so long as any such Joint Derivative
Work created during the Initial Term or any Renewal Term generates revenues.

                (ii) In the event Hearst creates or authorizes the creation of a
Hearst Reserved Derivative Work Women.com, LLC shall have no entitlement to any
revenue in connection with such Hearst Reserved Derivative Work, and Hearst
shall be under no restriction with respect to the exploitation of such Hearst
Reserved Derivative Work other than the restrictions set forth herein at Section
2.7(a) and (c) and it being further understood that nothing herein shall
restrict Hearst from making incidental advertising for or delivery of as opposed
to display for full viewing (in the form, for example, of a downloaded print
book or e-book delivered via the Internet to a personal digital assistant) a
Hearst Reserved Derivative Work on the Internet.

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         (d) Reuse in Magazines. Nothing herein shall be construed to prevent
Hearst from using or reusing in the print pages of its Magazines any Proprietary
Content or user-generated Content without compensation to Women.com, LLC, and
such Proprietary Content or user-generated Content may be used or reused in the
form it appeared on the Magazine Sites or in edited fashion.

         2.9 Exclusivity Obligations of Women.com, LLC. Women.com, LLC hereby
agrees that during the term of this Agreement it will not, without the prior
written consent of Hearst, enter into any agreement to produce and/or include as
part of the Network any magazine site or Content related to a print publication
that is not a Hearst publication, if such magazine site may reasonably be
construed to be competitive with any of the Magazines. Notwithstanding the
foregoing, nothing herein shall prohibit Women.com, LLC from performing under or
renewing its agreements with Rodale Press regarding (i) Prevention and (ii) New
Woman Magazine with respect to their Web site, which agreements are in effect as
of the Effective Date.

3.       Magazine Site Development and Maintenance.

         3.1 Hosting Services. Hearst agrees that during the term of this
Agreement, Women.com, LLC will provide Internet Hosting Services for each
Magazine Site, regardless of the source of production of such site, in
consideration for the license granted herein. In connection therewith, and
independent of the source of production of each Magazine Site, Women.com, LLC
will provide to Hearst during the term of this Agreement Hosting Services with
respect to each Magazine Site. Women.com, LLC shall make the Hearst Content
publicly available to Internet users on a basis consistent with the performance
standards set forth on Exhibit A, which may be amended from time to time.
Women.com, LLC shall upload all Proprietary Content, including updates.
Women.com, LLC shall, using industry standard methods, prevent unauthorized
access to any shadow site of any Magazine Site, any restricted areas of each
Magazine Site and any databases or other sensitive material generated from or
used in conjunction with such Magazine Site, as required by Hearst. Women.com,
LLC agrees that Women.com, LLC will host selected non-Magazine sites for Hearst
during a transition period not to exceed ninety (90) days from and after the
Effective Date (the "Transition Hosting Services"). Hearst agrees that it shall
pay Women.com, LLC the sum of six thousand six hundred dollars ($6,600.00) for
each period of thirty (30) days during which Women.com, LLC provides Transition
Hosting Services. In the event the final period during which Women.com, LLC
provides Transition Hosting Services consists of fewer than thirty (30) days,
then Hearst shall pay Women.com, LLC for such final period of Transition Hosting
Services at the rate of two hundred and twenty dollars ($220.00) per day.

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         3.2 Delivery of Hearst Content. Except as set forth in Section 3.4,
Hearst will deliver, and will be solely responsible for providing, to Women.com,
LLC all of Hearst Content and Magazine Content that Hearst intends to be
published and distributed on each Magazine Site. At its option, Hearst may
electronically transmit or upload the Hearst Content directly to the Web site.
Unless otherwise agreed to by Women.com, LLC, the Hearst Content and Magazine
Content will be in the format(s) specified by Women.com, LLC in Exhibit A and
conform to any other technical specifications required by Women.com, LLC from
time to time. Hearst will bear all costs associated with the telecommunications
and computer hardware, software and services necessary to generate the Hearst
Content and deliver it to Women.com, LLC.

         3.3 Hearst Content Control. Notwithstanding anything to the contrary
contained herein, Hearst retains complete editorial and creative control over
all aspects, including Original Site Content and Third Party Work, of the
Magazine Sites. Hearst will be solely responsible for creating (other than
Original Site Content, Third Party Work and Women.com Content), managing,
editing, reviewing, deleting and otherwise controlling all Content, including
the Hearst Content, Magazine Content and all user-generated Content, with
respect to the Magazine Sites. Women.com, LLC shall post no Content other than
Proprietary Content and user-generated Content to the Magazine Sites without
Hearst's prior written approval. Proprietary rights to Women.com Content posted
to a Magazine Site with Hearst's approval shall remain with Women.com, LLC or
its licensors, and Hearst shall not acquire any ownership rights in such
Women.com Content even though it appears on a Magazine Site. Women.com, LLC
shall not supplement, modify, alter or excerpt the Hearst Content and Magazine
Content (other than modifications strictly necessary to upload the Hearst
Content and Magazine Content to the Web site), without Hearst's prior written
consent; provided, however, that Women.com, LLC may, without seeking Hearst's
prior written consent, use reasonable excerpts of any Proprietary Content both
on and off the Network in connection with its promotion, marketing and
advertising of the Magazine Sites and the Network and other activities
calculated to draw traffic to the Magazine Sites and the Network. No article,
excerpt or other subset of subject matter of the Proprietary Content may be
reproduced on the Network without the proper attribution to the Magazine or
Magazine Site in which such Proprietary Content appeared and to the author or
authors (where required) and the copyright owner to the same extent and in the
same manner set forth in the original form of the Hearst Content or Magazine
Content provided by Hearst or in its original form on a Magazine Site. Hearst
acknowledges that, by only providing Hearst with the ability to publish and
distribute the Content of third parties (being user postings but
excludingWomen.com Content), Women.com, LLC is acting, to the maximum extent
allowable by law, as a passive conduit for the distribution and publishing of
such user-generated Content. Women.com, LLC has no obligation to Hearst, and
undertakes no responsibility, to review Hearst Content, Magazine Content or
user-generated Content to determine whether any such Content may incur liability
to third parties. Notwithstanding anything to the contrary contained herein, if
Women.com, LLC reasonably believes that any Content on a Magazine Site may
create liability for Women.com, LLC, Hearst agrees that, after prior notice to
Hearst (if reasonably possible under the circumstances), Women.com, LLC may
remove such Content and/or the applicable Web site(s) as Women.com, LLC believes
is prudent or necessary to minimize or eliminate Women.com, LLC's potential
liability.

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         3.4 Production Services.

         (a) Transition. From the date of this Agreement until such time when
the parties agree to the final terms of the Production Services to be provided
pursuant to Section 3.4(b), Women.com, LLC shall assume and perform all
obligations of the HomeArts business unit of the New Media and Technology
Division of Hearst ("HomeArts") to provide Production Services to the Magazine
Sites, in the manner provided by HomeArts at the date hereof. Women.com, LLC
shall be paid for: (i) Women.com, LLC staff employees - the sum of (1) direct
cost of salary and benefits of those personnel performing the Production
Services, plus (2) the cost of overhead expenses, up to a maximum amount equal
to fifteen percent 15% of the salary and benefit costs described in (1), plus
(3) fifteen percent 15% of the sum of the amounts described in (1) and (2); and
(ii) for subcontracted services, including but not limited to manuscripts, art,
photography, software development, and talent -the actual cost of the services
plus a fifteen percent 15% profit margin. All amounts paid to Women.com, LLC
shall be credited to amounts to be paid to Women.com, LLC pursuant to Section
3.4(b).

         (b) Work Orders. Effective as of the Amended Date Hearst hereby agrees
to purchase from Women.com, LLC and Women.com, LLC agrees to provide to Hearst,
Production Services in the amount set forth at Exhibit B, which services include
the creation of Original Site Content and Third Party Work. The precise
Production Services to be performed with respect to each Magazine Site shall be
determined by mutual agreement of the parties as soon as reasonably practicable
following the mutual execution of this Agreement and shall be consistent with
the performance and quality standards set forth in Exhibit B. A written work
order, signed by both parties, shall be issued with respect to all Production
Services to be rendered. The parties acknowledge that as soon as reasonably
possible following the Effective Date, they shall identify those Magazine Sites
for which Women.com, LLC will have primary production responsibility during the
term of this Agreement, including any renewals thereof. Any Original Site
Content will be a work made for hire for Hearst as a contribution to a
collective work in accordance with 17 USC Sec 101 et.seq. To the extent any
Original Site Content may not constitute a work made for hire, Women.com LLC
hereby grants and assigns exclusively to Hearst all right, title and interest in
and to such Content for the term of applicable copyright. Women.com, LLC will
use diligent efforts to secure ownership rights to Third Party Work for Hearst.
In the event Women.com, LLC is not able to secure ownership of Content from any
third party, it will consult with Hearst and based on Hearst's direction, will
either refrain from securing any Content from that third party or will license
such other rights to that Content in Hearst's favor as Hearst may approve. In
the event that Hearst Content or Magazine Content is edited or abridged by
Women.com, LLC for posting to a Magazine Site, such edited or abridged version
shall nonetheless be considered Hearst Content or Magazine Content, as
applicable.

         (c) A Discontinuance and Transfer of Magazine Sites. The parties
acknowledge that prior to the Amended Date, Hearst has discontinued the Magazine
Site that had been devoted to Country Living's Healthy Living. The parties
further acknowledge that it is Hearst's intent to withdraw from Women.com, LLC
the right and obligation to perform Production Services (but not Hosting
Services) for the Country Living Gardener Site. Until such time as the Country
Living Gardener Site is withdrawn, Women.com LLC will continue to produce such
site for the fee set forth herein at Exhibit B. Upon request by Hearst,
Women.com LLC will deliver to Hearst all Proprietary Content that has appeared
on Country Living's Healthy Living Site and Country Living Gardener Site in the
manner set forth at Section 8.1. If Hearst withdraws from Women.com, LLC the
right and obligation to perform Production Services for any other Magazine Site
during the Initial Term or any Renewal Term of this Agreement, such Magazine
Site will nonetheless remain a part of the Network for so long as Hearst
continues production of such Magazine Site itself or through a third party and
Women.com, LLC will continue to host. The parties acknowledge, however, that the
Harper's Bazaar site will not be a part of the Network.

                                       13
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         (d) Performance Standards. Hearst understands and agrees that any
Magazine Site that is not produced by Women.com, LLC must conform to the
technical and production standards as may be promulgated by Women.com, LLC from
time-to-time. Hearst shall be solely responsible for ensuring that such sites
meet such requirements, all at Hearst's sole cost and expense. All Magazine
Sites produced by Women.com, LLC pursuant to Section 3.5 shall conform to the
same technical and production standards as those imposed by Women.com, LLC with
respect to third party-produced Magazine Sites.

4.       Promotion.

         4.1 Both parties shall actively promote the rollout and availability of
the Magazine Sites via the Network. Hearst, for its part, agrees to provide the
cable and broadcast television and the print promotion described in Section 3.02
of the Limited Liability Company Agreement of Women.com, LLC. Further, the
parties shall from time-to-time work together in good faith to identify, develop
and pursue joint marketing and promotional activities that are designed to
enhance the value of the Magazine Sites and the Network. The parties will also
work together in good faith to promote the availability of subscription sales to
Hearst's Magazines on the Internet, including on the Network. The parties shall
mutually agree on the budget, Content and development schedule of any such
activities prior to the launch thereof. Each party shall assign a point of
contact within such party's organization to coordinate any joint marketing or
promotional activities. Costs and expenses incurred in support of such joint
marketing and promotional activities shall be determined by mutual agreement of
the parties.

         4.2 Press Releases. The parties shall issue a joint press release
describing the parties' relationship pursuant to this Agreement and any future
press releases relating to this Agreement, which press releases shall be
mutually approved in writing by the parties prior to any distribution thereof.

5.       Women.com, LLC Software and Technology.

         Hearst understand and agrees that Women.com, LLC, in performing its
obligations hereunder, may incorporate or use in connection with the Hosting
Services, Production Services and incorporation of the Magazine Sites into the
Network such software tools or programs or other technology that Women.com, LLC
has developed as of the Effective Date, or which Women.com, LLC may hereafter
develop ("Women.com, LLC Tools"). By way of example, Women.com, LLC Tools could
include without limitation toolbars for maneuvering between pages, search
engines, and Java applets. In the event any Women.com, LLC Tools are
incorporated by Women.com, LLC into or are used by Women.com, LLC in connection
with any Magazine Site, or any Women.com, LLC Tools are used to manipulate
Hearst Content for distribution on the Magazine Site or through the Network,
then Women.com, LLC hereby grants to Hearst during the terms of this Agreement a
worldwide, non-exclusive, nontransferable, royalty-free, free right to use the
Women.com, LLC Tools on and in connection with the Magazine Sites solely in
connection with such use. In the event that any Women.com, LLC Tools are created
and used exclusively for the Magazine Sites, such Women.com LLC tools shall be
considered joint works of authorship pursuant to 17 USC sec. 101, et. seq., and
Hearst may use such Women.com, LLC Tools without accounting to Women.com, LLC.
In the event Hearst would like to license any other Women.com, LLC Tools for any
other purpose or after the termination of this Agreement, Women.com, LLC agrees
to negotiate such licenses in good faith with Hearst; provided, however, that
nothing herein shall be deemed to obligate Women.com, LLC to enter into any such
license in the event the parties are unable to reach mutually agreeable terms
within thirty (30) days of the commencement of such negotiations, or in the
event Women.com, LLC reasonably believes that under such a license, Hearst would
be able to use the Women.com, LLC tools in a manner that may compete with any
then-existing or reasonably anticipated products and/or services of Women.com,
LLC.

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6.       Advertising.

         6.1 Net Revenue Split. Women.com, LLC agrees that Hearst shall be
entitled to receive from Women.com, LLC no later than forty-five (45) days
following the termination of each calendar quarter a royalty (the "Royalty")
computed on Net Advertising Revenues from the preceding quarter. The Royalty
payable to Hearst shall be equal to twenty percent (20%) of the aggregate Net
Advertising Revenues from the applicable quarter, until such time as Hearst has
recouped the cumulative production costs incurred from and after the Effective
Date in the ongoing production of the Magazine Sites as set forth on Exhibit D,
whether or not such Magazine Sites are produced by Women.com, LLC, plus
interest, calculated at an annual rate equal to six percent (6%). Thereafter,
the Royalty shall equal eight percent (8%) of the aggregate Net Advertising
Revenues from the applicable quarter, until such time as the gross revenues
recognized by Women.com, LLC in any period of twelve (12) consecutive months
exceed forty million dollars ($40,000,000.00), whereupon the Royalty payable to
Hearst shall be reduced to seven percent (7%) of the aggregate Net Advertising
Revenues from the applicable quarter, until such time as the gross revenues
recognized by Women.com, LLC in any calendar year exceeds sixty million dollars
($60,000,000). Thereafter, the Royalty payable to Hearst shall be reduced to six
percent (6%) of the aggregate Net Advertising Revenues from the applicable
quarter through and including the expiration or earlier termination of this
Agreement.

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         6.1A Harper's Bazaar. Any Harper's Bazaar Internet Site launched by
Hearst primarily targeted to users in the United States (the "HB Site") is not a
part of the Network nor is it within the scope of this Agreement except as set
forth at Section 2.2 and this Section 6.1A and 6.4. Hearst agrees to design the
HB Site so that (i) a link to the Women.com, LLC Network appears on each page of
the HB Site above the fold, but otherwise in a style, design and placement
determined by Hearst; (ii) an ad banner will appear on the home page below the
fold; and (iii) an ad banner will appear on each page other than the home page
above the fold. Notwithstanding anything herein contained to the contrary, the
parties agree that Women.com, LLC shall have the exclusive right to sell banner
advertising space inventory on such site and Women.com LLC agrees to use
diligent efforts to sell banner advertisements on any such site provided it
complies with such reasonable policies as Hearst may from time to time require,
it being understood that the advertising sold on such banners (including run of
site advertisements) will be for advertisers of comparable prestige to the
advertisements appearing in the print version of Harper's Bazaar during the two
year period prior to the Amended Date, unless Hearst otherwise agrees, it being
further understood that Hearst will not exercise its discretion over the
categories of acceptable advertisers in a manner that would thwart Women.com,
LLC's ability to sell ads, but taking into account the targeted demographics of
the HB Site) Women.com, LLC will manage all such banner advertising inventory
and the distribution of banner advertising on such site. Women.com, LLC shall be
entitled to eighty percent (80%) of the Net Advertising Revenues from banner
advertising inventory it sells on the Harper's Bazaar site, and shall remit the
remaining twenty percent 20% of Net Advertising Revenues to Hearst. Hearst shall
have the exclusive right to sell sponsorships and any other form of advertising
or promotional space on such site (other than banner advertising) and shall
remit to Women.com, LLC a fee of twenty percent (20%) of Net Advertising
Revenues from such sales if they are in cash, and if not in cash, a fee in the
amount of twenty percent (20%) of the "Attributed Net Value" of such sales. As
used herein, Attributed Net Value means the cash value such sales could have
generated based on cost-per-thousand viewers had the consideration been cash
(rather than in-kind consideration), less agency fees and commissions, taking
into account then-prevailing market rates for comparable arrangements, which the
parties agree to negotiate from time to time in good faith. The parties shall
account to one another no later than forty-five (45) days following the
termination of each calendar quarter. In consideration of the fact that no
banner ad will appear above the fold on the home page of the HB Site, Hearst
agrees to purchase $190,000 of advertisements in the Network in the initial year
following the Amended Date, escalating by 20% during each subsequent year
following the Amended Date until the conclusion of the Term (pro rated if the
Term ends prior to an anniversary date of the Amended Date of this Agreement).
This commitment is predicated on Women.com LLC delivering the following number
of page views on the Magazine Sites, and shall be subject to pro rata reduction
of the number of page views are less that these amounts: 24, 000,000 in the
first year following the Amended Date; 35,000,000 in the second year following
the Amended Date; and 47,000,000 in the third year following the Amended Date.
This commitment will cease if at any time Hearst elects to place a banner ad
above the fold on the home page of the HB Site.

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<PAGE>

         6.2 Sales by Hearst. Hearst may only sell Advertisements (which sales
are to be made by the Hearst Magazine Division) on the Magazine Sites with the
prior written approval of Women.com, LLC, which approval shall not be
unreasonably withheld. Women.com, LLC shall pay to Hearst a commission with
respect to such sales in an amount to be mutually agreed upon by the parties.

         6.3 Advertising Policies and Cooperation. In the allocation and sale of
Advertisements throughout the Network, Women.com, LLC agrees to treat the
Magazine Sites at least as favorably as the other non-Magazine sites. Women.com,
LLC agrees not to place any advertising on the Magazine Sites or any other place
on the Network where Proprietary Content appears that is in violation of the
then current and applicable advertising policies and standards established by
the applicable Magazine (including Harper's Bazaar); provided, that such
policies have been communicated to Women.com, LLC in advance. Further, the
parties agree to coordinate their advertising sales efforts as permitted under
this Agreement to ensure that none of such efforts conflict with either party's
contractual arrangements with third parties.

         6.4 Merchandising Advertisements. Hearst shall have the right to
purchase advertising space throughout the Network on behalf of Hearst's
advertisers, subject to the availability of inventory, and Women.com agrees to
sell Hearst advertising space for such purposes at such discounted rate as the
parties may from time to time agree to. The current understanding is set forth
herein at Exhibit E. Hearst shall not be entitled to any Royalty on such sales.

7.       E-Commerce.

Notwithstanding anything in this Agreement to the contrary, Hearst reserves the
right to sell goods and services on any Internet site or area, including,
without limitation, through the Magazine Sites, both directly and through third
party commerce partners ("e-commerce"), and in connection therewith, Hearst
retains the right to conduct Promotional Activities with respect to such
e-commerce; provided, however that for the benefit of Women.com, LLC, Hearst
agrees that all e-commerce shall be conducted in accordance with applicable
local, state and Federal law including, without limitation, consumer protection
laws. For the avoidance of doubt, Hearst's decision to conduct e-commerce
activities shall not be subject to the provisions of Section 2.7(c) hereunder.
Women.com, LLC shall have no entitlement to any commission or compensation with
respect to Hearst's e-commerce activities unless Hearst elects, in its
discretion, to conduct such activities on the Magazine Site, in which case
Women.com, LLC shall be entitled to commission in accordance with Section 7.2
below. Further, with respect to e-commerce, the parties hereby agree as follows:

         7.1 Magazine Subscriptions. Women.com, LLC shall be entitled to a
commission equal to thirty percent (30%) of gross revenues (less credit for
returns, and provision for bad debt and cancellations) derived from the sale of
Magazine subscriptions made through the Network, whether or not such sales are
made through the Magazine Sites or any non-Magazine site of the Network,
including, without limitation, the Network Portal Site, and without regard to
the entity actually making such sale.

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<PAGE>

         7.2 Direct Sales. Women.com, LLC shall be entitled to a commission
equal to five percent (5%) of gross revenues (less shipping and handling
charges, credit for returns, and provision for bad debt) derived from the direct
sale of goods and services on the Magazine Sites or on any e-commerce site owned
by Hearst or an affiliate (as defined at Section 7.3 below) which sales are
generated by a user entering the e-commerce site via the Magazine Site (other
than Magazine subscriptions) ("Direct Sales"), i.e. where the order processing,
customer handling, billing and collection for such sale (whether or not Hearst
fulfills such sale itself or by drop-shipment from a third party) is handled by
Hearst and not where the sale is between the customer and any non-Hearst entity
(e.g. Amazon.com, Music Boulevard, etc.). Unless otherwise agreed to in writing
by Women.com, LLC, it shall be the sole responsibility of Hearst to provide all
services related to Direct Sales. Hearst and its third party vendors, if any,
will bear full responsibility for all customer service, including without
limitation, order processing, billing, fulfillment, shipment, collection and
other customer service associated with any Direct Sales offered, sold or
licensed through each Magazine Site, and Women.com, LLC will have no obligations
whatsoever with respect thereto. Hearst will, using no less than industry
standard methods for online-order fulfillment, ensure that all Direct Sales are
received, processed, fulfilled and delivered on a timely and professional basis.

         7.3 Commerce Partners. The parties agree that for purposes of this
Agreement royalties paid to Hearst (or any entity that controls, is controlled
by, or under common control with Hearst (any such entity, a "Hearst Affiliate"))
by Hearst's third party commerce partners (e.g. Amazon.com), which royalties are
attributable to the sale of goods or services arising from traffic on the
Magazine Sites (but excepting Direct Sales as defined above), shall be deemed to
be performance-based advertising and, consequently, shall contribute to Net
Advertising Revenues. For purposes hereof, the terms "controls", "is controlled
by", and "under common control with" refer to the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
polices of a business entity, whether through ownership of voting securities, by
contract, or otherwise.

         7.4 Payment. All amounts due Women.com, LLC from Hearst pursuant to
this Section 7 shall be paid on a quarterly basis within thirty (30) days
following the end of the quarter in which the applicable Commerce Revenues are
generated and shall be accompanied by a report detailing the calculation of the
applicable payment.

         7.5 Non-Magazine Site Transactions. Hearst understands and agrees that,
except as explicitly set forth in Section 6 or this Section 7, neither Hearst,
nor any Hearst Affiliate, shall be entitled to any commission, royalty or
payment of any sort by virtue of the sale of goods or services on the Network.

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8.       Ownership.

         8.1 Proprietary Content. Title to and ownership of all intellectual
property rights embodied by or otherwise incorporated into the Proprietary
Content shall remain with Hearst and/or its third party licensors, if any.
Nothing herein shall be construed to grant to Hearst any right, title or
interest in or to any other Content that may be published on or through the
Network. Women.com LLC will provide Hearst access to digital files in a form to
be mutually agreed on containing all Proprietary Content in accordance with a
schedule that the parties will establish and, in addition, upon request from
Hearst within a reasonable time frame.

         8.2 Women.com, LLC Tools. All Women.com, LLC Tools, including all
intellectual property rights and other proprietary rights embodied therein or
otherwise applicable thereto, are and shall remain the sole and exclusive
property of Women.com, LLC and/or its licensors, except as set forth at Section
5 herein. All rights not specifically granted to Hearst herein with respect to
the Women.com, LLC Tools are retained by Women.com, LLC.

         8.3 Women.com Content. All Women.com Content used on or in connection
with the Network exclusive of Proprietary Content, is and shall remain the sole
and exclusive property of Women.com, LLC and/or its third party licensors and
Content providers. Nothing herein shall be construed to grant to Hearst any
right, title or interest in or to any such Women.com Content, and Hearst agrees
that it shall not at any time make any claim to any right, title or interest in
or to the such Women.com Content, provided, however that Hearst shall have the
right during the Initial Term and any Renewal Term of this Agreement to publish
such Women.com Content solely on the specific Magazine Site for which it has
been provided by Women.com, LLC and for the specific duration, if any, for which
it has been provided.

         8.4 URL'S. The Magazine Site URL's shall be the sole and exclusive
property of Hearst. If any Site is removed from the NetworkWomen.com LLC will
take all necessary steps to transfer ownership and control of all associated
URL'S to Hearst. The Network Portal Site URL is and shall remain the sole and
exclusive property of Women.com, LLC. All other Network URL's shall remain the
property of Women.com, LLC or its Network partners, as the case may be.

         8.5 User Information. The parties agree that any and all user data that
is collected through any user registration process on the Network Sites (e.g.
name, address, e-mail address, etc.) from user that "opt-in" to sharing their
information with Hearst, together with all data regarding user tracking, page
views, unique visitors and other user information that may be obtained with
respect to the Magazine Sites ("User Data") shall be jointly owned by Women.com,
LLC and Hearst; and each party shall be free to use such information without the
consent of the other party (ii) solely in accordance with all applicable law and
privacy policies, including any restrictions on transfer or disclosure of such
information to third parties ; and (iii) free of any duty to account to the
other party for profits arising from such use. Women.com, LLC agrees to deliver
such User Data to Hearst on a monthly basis in a mutually agreed upon format.
All data collected from users with respect to the Network other than that
included in User Data shall be the sole and exclusive property of Women.com, LLC
and Hearst shall have no right, title or interest in or to such data.

                                       19
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9.       Warranties.

         9.1 Hearst Warranties. Hearst hereby warrants to and for the benefit of
Women.com, LLC that Hearst shall not provide any Hearst Content or Magazine
Content to Women.com, LLC or publish any Hearst Content or Magazine Content or
direct Women.com, LLC to create or have created any Original Site Content or
Third Party Work in any manner that: (a) infringes on any third party's
copyright, patent, trademark, trade secret or other proprietary rights or rights
of publicity or privacy; (b) violates any law, statute, ordinance or regulation
(including without limitation the laws and regulations governing export
control); (c) is defamatory, trade libelous, unlawfully threatening or
unlawfully harassing; (d) is obscene or pornographic or contains child
pornography; (e) violates any laws regarding unfair competition,
antidiscrimination or false advertising, or (f) to the best of Hearst's
knowledge, contains any viruses, Trojan horses, worms, time bombs, cancelbots or
other computer programming routines that are intended to damage, detrimentally
interfere with, surreptitiously intercept or expropriate any system, data or
personal information. Furthermore, Hearst warrants that to the best of its
knowledge, based on representations and warranties made by third parties,
technology used or supplied by or on behalf of Hearst pursuant to this Agreement
(exclusive of technology supplied by Women.com, LLC) ("Hearst Technology") shall
be Year 2000 Compliant. As used in this Section 9.1, "Year 2000 Compliant" means
that the Hearst Technology is designed to be used prior to, during and after the
calendar Year 2000 A.D., and will accurately receive, provide and process
date/time data (including, but not limited to, calculating, comparing and
sequencing) from, into and between the 20th and 21st centuries, including the
years 1999 and 2000, and leap-year calculations and will not malfunction, cease
to function, or provide invalid or incorrect results as a result of date/time
data; provided that all other hardware, software or firmware used in conjunction
with the Hearst Technology properly exchange accurate and properly formatted
date data with the Hearst Technology being evaluated for Year 2000 Compliance.
Hearst agrees to use commercially reasonable practices (including without
limitation periodic inspections of each Magazine Site) to ensure that
user-generated Content published or distributed on such Magazine Sites does not
create liability for Women.com, LLC.

         9.2 Women.com, LLC Warranties. Women.com, LLC hereby warrants to and
for the benefit of Hearst that Women.com, LLC shall not post on the Magazine
Sites or otherwise provide any: (i) Women.com Content or Women.com, LLC Tools;
(ii) to the extent not created pursuant to Hearst's request, any Original Site
Content or Third Party Work; (iii) additions to or edits of Hearst Content or
Magazine Content; in any manner that (a) infringes on any third party's
copyright, patent, trademark, trade secret or other proprietary rights or rights
of publicity or privacy; (b) violates any law, statute, ordinance or regulation
(including without limitation the laws and regulations governing export
control); (c) is defamatory, trade libelous, unlawfully threatening or
unlawfully harassing; (d) is obscene or pornographic or contains child
pornography; (e) violates any laws regarding unfair competition,
antidiscrimination or false advertising; or (f) to the best of Women.com, LLC's
knowledge, contains any viruses, Trojan horses, worms, time bombs, cancelbots or
other computer programming routines that are intended to damage, detrimentally
interfere with, surreptitiously intercept or expropriate any system, data or
personal information. Women.com, LLC warrants that it shall not use any
Proprietary Materials in a manner or for any purpose other than that authorized
by this Agreement. Furthermore, Women.com, LLC warrants that to the best of its
knowledge, based on representations and warranties made by third parties, the
software, hardware and equipment (the "Information Technology") owned, leased or
licensed by Women.com, LLC on the date hereof is Year 2000 Compliant. As used in
this Section 9.2, "Year 2000 Compliant" means the Information Technology is
designed to be used prior to, during and after the calendar Year 2000 A.D., and
the Information Technology used during each such time period will accurately
receive, provide and process date/time data (including, but not limited to,
calculating, comparing and sequencing) &cm, into and between the 20th and 21st
centuries, including the years 1999 and 2000, and leap-year calculations and
will not malfunction, cease to function, or provide invalid or incorrect results
as a result of date/time data; provided that all other hardware, software or
firmware used in conjunction with the Information Technology properly exchange
accurate and properly formatted date data with the Information Technology being
evaluated for Year 2000 Compliance. Women.com, LLC agrees to use commercially
reasonable practices (including without limitation periodic inspections of the
Network) to ensure that user-generated Content published or distributed on
Network sites (other than the Magazine Sites) does not create liability for
Hearst.

                                       20
<PAGE>

         9.3 Recourse and Remedies. Each party agrees that its sole and
exclusive remedy for a breach of any warranty made by the other party pursuant
to this Section 9 shall be indemnification as set forth in Section 11 hereof.

10.      Trademarks.

Each party acknowledges and agrees for all purposes that all Marks associated
with the other party and/or the other party's services, products, literature,
promotional materials or otherwise, whether or not registered, constitute the
other party's exclusive property. Each party ("Licensor") hereby grants to the
other party ("Licensee") a non-exclusive, non-transferable, non- assignable,
royalty-free license to use those Marks of Licensor set forth on Exhibit C
solely for purposes of performing Licensee's obligations under this Agreement
including, without limitation, in connection with any advertising, marketing and
promotional activities undertaken and materials developed pursuant to this
Agreement. All uses by Licensee of Licensor's Marks shall be in accordance with
such quality control standards as the Licensor may promulgate from time to time,
and Licensee agrees to refrain from all uses of Licensor's Marks to which
Licensor objects. All uses of Licensor's Marks by Licensee, including all
goodwill arising therefrom shall inure solely to the benefit of Licensor. All
promotional literature and other materials prepared by either party in
connection with its promotional obligations hereunder shall bear appropriate
copyright and/or trademark notices as prescribed by the party whose Content or
branding is included therein. Licensee agrees it will not use, register or
attempt to register in any jurisdiction, or otherwise appropriate or adopt any
name, mark or logo that is confusingly similar to Licensor's Marks. Licensor
retains all rights with respect to Licensor's Marks that are not specifically
granted to Licensee herein. At no time during the term of the Agreement or
thereafter shall Licensee attack, challenge or file any application with respect
to any Licensor Mark.

11.     Indemnity.

         11.1 Hearst agrees to defend, indemnify and hold harmless Women.com,
LLC and its directors, officers, agents and employees from and against any and
an claims, suits, damages, losses, costs, liabilities, expenses and fees
(including without limitation reasonable attorneys' and expert witnesses' fees)
incurred or arising from (a) any breach of the warranties set forth in Section
9. 1, (b) any Proprietary Content, or user-generated Content on the Magazine
Sites, except (i) to the extent arising from Women.com, LLC's unauthorized or
unapproved use of Hearst Content or Magazine Content on the Magazine Sites; and
(ii) to the extent arising from the creation by Women.com, LLC of Original Site
Content and Third Party Work other than in accordance with the specific
instructions of Hearst and to the extent the claim or liability arises for
reasons other than as a result of Women.com, LLC's compliance with those
instructions, or (c) e- commerce conducted on any Magazine Site. Women.com, LLC
may, at its own expense, participate in any defense or settlement negotiations
with respect to any claim to which it is entitled to indemnification with
counsel of its own choosing. Hearst agrees not to enter into any settlement of
any claim without the prior written consent of Women.com, LLC, which consent
shall not be unreasonably withheld or delayed.

         11.2 Women.com, LLC agrees to defend, indemnify and hold harmless
Hearst and its directors, officers, agents and employees from and against any
and all claims, suits, damages, losses, costs, liabilities, expenses and fees
(including without limitation reasonable attorneys' and expert witnesses' fees)
incurred or arising from (a) any breach of the warranties set forth in Section
9.2, (b) any Content (excluding (i) Hearst Content, Magazine Content when used
on the Magazine Sites in the manner authorized or approved by Hearst; (ii)
user-generated Content on the Magazine Sites; and (iii) Original Site Content
and Third Party Work but only to the extent such Content was created by or for
Women.com, LLC in accordance with the specific instructions of Hearst and to the
extent the claim or liability arises as a result of Women.com, LLC's compliance
with those instructions) created, developed, published or distributed by
Women.com, LLC (c) the manner in which Women.com, LLC uses any of the
Proprietary Content on the Network, other than on the Magazine Sites and (d)
e-commerce conducted other than on a Magazine Site. Hearst may, at its own
expense, participate in any defense or settlement negotiations with respect to
any claim to which it is entitled to indemnification with counsel of its own
choosing. Women.com, LLC agrees not to enter into any settlement of any claim
without the prior written consent of Hearst, which consent shall not be
unreasonably withheld or delayed.

                                       21
<PAGE>

12.      Limitations on Liability.

         To the extent permitted by applicable law, in no event shall either
party be liable to the other party for any special, indirect, incidental or
consequential damages arising out of or in connection with this agreement
(including but not limited to such damages arising from tort, including
negligence and strict liability, breach of contract or warranty), including
without limitation damages for interrupted communications, lost data or lost
profits, even if such party has been advised of (or knows or should know of) the
possibility of such damages and notwithstanding the failure of essential purpose
of any remedy.

13.      Term and Termination.

         13.1 The Term. This Agreement shall be effective from and after the
Effective Date for a period of six consecutive years (the "Initial Term").
Following the Initial Term, this Agreement shall automatically renew for three
consecutive terms of six (6) years each (each, a "Renewal Term"); provided that
prior to the commencement of each Renewal Term the parties shall reach agreement
as to any modifications to be made to the royalties or commissions to be paid
hereunder. In the event the parties do not reach such agreement, the applicable
Renewal Term shall, nevertheless, commence on a month-to-month basis under the
then-existing terms of the Agreement until such time as the parties agree to any
new terms or either party provides the other with no less than ninety (90) days
notice of termination of this Agreement.

         13.2 Termination for Cause. In the event either party materially
breaches this Agreement, the other party may terminate this Agreement by
providing the breaching party with no fewer than ninety (90) days notice of
termination; provided, that in the event of breaches capable of cure, the
breaching party shall have the right to cure the default within such period (or
such longer period as then non-breaching party may agree to in writing) and
thereby forestall termination of this Agreement.

         13.3 Effect of Termination. Upon the expiration or termination of this
Agreement, Women.com, LLC shall (i) download all Proprietary Content to a medium
of Hearst's choosing and deliver such Proprietary Content to Hearst within five
(5) business days following such expiration or termination, (ii) immediately
cease using the Proprietary Content, including but not limited to, all
electronic copies and reproductions on the Network except as permitted at 13.3A
hereunder, (iii) within forty-five (45) days of such termination, pay to Hearst
any amounts of Royalty that as of the effective date of termination were due and
owed to Hearst pursuant to this Agreement and (iv) after receipt by Hearst of
the Proprietary Content in the manner requested, upon the direction of Hearst,
delete all Hearst's Marks from the entire Network, including the Magazine Sites
and any other place in which such Marks appear as promptly as practicable.

         13.3A Continued Use. Notwithstanding Section 13.3 above, following
termination or expiration of the Agreement, Women.com LLC shall have the
continued right, in perpetuity, to exploit Proprietary Content and Joint
Derivative Works created during the Initial Term and any Renewal Term (but not
to make new Joint Derivative Works) on the Network provided all reference to any
branding and indicia or Marks of Hearst are removed. Following termination or
expiration, Hearst shall also have the right to exploit Joint Derivative Works
created during the Initial Term or any Renewal Term, provided Hearst shall
account to Women.com, LLC for 50% of the net profits from such exploitation in
the same manner as Hearst accounts for Derivative Works as set forth at Section
2.8(c) above.

                                       22
<PAGE>

         13.4 Survival. The terms of Sections 1, 8, 9, 11, 12, 13.3, 13.4, 14,
15, and 16 shall survive the expiration or earlier termination of this Agreement
for any reason.

14.     Confidential Information.

         14.1 Definition of Confidential Information. "Confidential Information"
as used in this Agreement shall mean any and all technical and non-technical
information of a party (the "Disclosing Party") to this Agreement (including,
without limitation, patents, copyrights and works of authorship, trade secrets,
and proprietary information, techniques, sketches, drawings, models, inventions,
know-how, processes, apparatus, equipment, algorithms, software programs, and
software source documents) related to the current, future and proposed business,
products and services of such party, and its suppliers and customers, and
includes, without limitation, information concerning development, design details
and specifications, engineering, customer lists, business forecasts, sales, and
marketing plans and any other similar information or data which is disclosed to
the other party (the "Recipient") or to which the Recipient otherwise gains
access as a result of performing under this Agreement. "Confidential
Information" also includes proprietary or confidential information of any third
party that may disclose such information to the Disclosing Party in the course
of the Disclosing Party's business. Confidential Information does not include
information, technical data or know-how which: (i) is in the Receiving Party's
possession at the time of disclosure as shown by the Receiving Party's files and
records immediately prior to the time of disclosure; (ii) before or after it has
been disclosed to the Receiving Party, enters the public domain, not as a result
of any action or inaction of the Receiving Party; (iii) is approved for release
by written authorization of the Disclosing Party; (iv) is disclosed to the
Receiving Party by a third party not in violation of any obligation of
confidentiality; or (v) is independently developed by the Receiving Party
without reference to the Disclosing Party's Confidential Information.

         14.2 Use and Disclosure. The Receiving Party agrees not to use the
Confidential Information of the Disclosing Party for any purpose except to the
extent necessary to fulfill its obligations under this Agreement. The Receiving
Party agrees not to copy, alter, modify, disassemble, reverse engineer or
decompile any of the materials comprising Confidential Information, unless
permitted in writing by the Disclosing Party. The Receiving Party agrees not to
disclose the Confidential Information to any third parties or to any of its
employees, contractors or agent except those of whom who have a need to know the
Disclosing Party's Confidential Information to enable the Receiving Party to
fulfill its obligations under this Agreement; provided, that such parties shall
be made aware that such Confidential Information is confidential to the
Disclosing Party and shall be under a written contractual restriction on
non-disclosure and proper treatment of Confidential Information that is
consistent with and no less restrictive than the terms of this Section 15.
Notwithstanding the foregoing, the Receiving Party may disclose the Disclosing
Party's Confidential Information to the extent required by a valid order of a
court or other governmental body or by applicable law; provided, however, that
the Receiving Party will use all reasonable efforts to notify the Disclosing
Party of the obligation to make such disclosure in advance so that the
Disclosing Party will have a reasonable opportunity to object to such
disclosure. The Receiving Party agrees that it shall treat the Confidential
Information with the same degree of care as it accords its own Confidential
Information of a similar nature; provided that in no event shall the Receiving
Party exercise less than reasonable care to protect the Disclosing Party's
Confidential Information. The Receiving Party agrees to advise the Disclosing
Party in writing of any misappropriation or misuse by any person of the
Disclosing Party's Confidential Information of which the Receiving Party may
become aware. The Receiving Party will not communicate any information to the
Disclosing Party in violation of the proprietary rights of any third party.

                                       23
<PAGE>

         14.3 Return of Materials. Any Confidential Information furnished to the
Receiving Party, and all copies thereof, at the earlier of the Disclosing
Party's request, or the termination of the business relationship between the
Disclosing Party and the Receiving Party, at the Disclosing Party's option, will
either be: (i) promptly returned to the Disclosing Party; or (ii) destroyed by
the Receiving Party (with the Receiving Party providing written certification of
such destruction to the Disclosing Party).

15.      Books and Records.

         15.1 Records. Each party shall during the term of this Agreement and
for a period of three years thereafter, keep and maintain full and complete
records and books of account, maintained in accordance with generally accepted
accounting principals, related to its activities under this Agreement
("Records") including, without limitation, relating to any payments of any kind
to be made to the other party pursuant to this Agreement.

         15.2 Audit Right. During the term of this Agreement and for a period of
three years thereafter, each party shall have the right, on no more than one
occasion in any consecutive twelve (12) month period, to audit, or to engage a
third party auditor, reasonably acceptable to the other party, to audit the
Records of the other party to ensure compliance with the terms of this Agreement
and the accuracy of all amounts paid to the auditing party pursuant to this
Agreement; provided, that the auditing party provide the other party with no
fewer than fifteen (15) days notice of such audit and conducts such audit in a
manner calculated to minimize interference with the other party's business.
Unless otherwise agreed to by the parties, any such audit shall be conducted on
the audited party's premises. The auditing party shall bear the cost of the
audit; provided, however, that in the event the audit reveals an underpayment to
the auditing party in excess of five percent (5%), the audited party shall
reimburse the auditing party for the cost of the audit.

                                       24
<PAGE>

16.     General Provisions.

         16.1 Taxes. Each party shall be responsible for, and shall indemnify
and hold the other party harmless from and against, any and all taxes, customs,
duties or other amounts that may be imposed by any governmental authority on any
amount paid to such party by the other party hereunder, except for taxes based
upon the other party's net income or gross receipts.

         16.2 Late Payments. Each party reserves the right to charge the other
party interest at the lower of 1 1/2% per month or the highest rate permissible
under applicable law on any amount due such party from the other party under
this Agreement, which amount is not paid when due.

         16.3 Governing Law/Jurisdiction/Venue. This Agreement will be governed
and interpreted in accordance with the laws of the State of New York as applied
to agreements made, entered into and performed entirely in New York and solely
by New York residents. The parties hereby agree that all causes of action
brought in connection with this Agreement shall be brought in the State or
Federal Courts located in New York County, New York, and each party hereby
irrevocably consents to the personal jurisdiction of such courts for such
purpose.

         16.4 Expenses. Unless otherwise set forth herein to the contrary, each
party shall be solely responsible for payment of any expenses such party incurs
in connection with its performance under this Agreement.

         16.5 Severability; Waiver. If any provision of this Agreement is held
to be invalid or unenforceable for any reason, the remaining provisions will
continue in full force without being impaired or invalidated in any way. The
parties agree to replace any invalid provision with a valid provision that most
closely approximates the intent and economic effect of the invalid provision.
The waiver by either party of a breach of any provision of this Agreement will
not operate or be interpreted as a waiver of any other or subsequent breach.

         16.6 Headings. Headings used in this Agreement are for reference
purposes only and in no way define, limit, construe or describe the scope or
extent of such section, or in any way affect this Agreement.

         16.7 Successors and Assigns; Change in Control. Women.com LLC may not
assign this Agreement by operation of law or otherwise without the prior written
consent of Hearst and any purported assignment in violation hereof shall be null
and void. Subject to the foregoing, the parties' rights and obligations will
bind and inure to the benefit of their respective successors, heirs, executors
and administrators and permitted assigns. Women.com, LLC may subcontract all or
any portion of its service obligations hereunder; provided that Women.com, LLC
remains primarily responsible for such subcontracted service obligations and
that Hearst reserves the right to remove and/or have a subcontractor replaced if
Hearst is not reasonably satisfied with such subcontractor's performance. Hearst
shall have the right to terminate this Agreement effective immediately upon
written notice in the event Women.com LLC undergoes a "change in control",
provided such notice is given within ten (10) business days following such
change in control. As used above, change in control means (i) a sale of all or
substantially all of the assets of Women.com LLC, (ii) a merger or consolidation
of Women.com LLC with or into another corporation or other entity with the
effect that, immediately after such merger or consolidation, none of the
existing holders of Women.com LLC voting stock (meaning securities having the
right to vote in the election of directors) immediately before such merger or
consolidation holds, and the existing holders of Women.com LLC's voting stock
immediately before such merger or consolidation do not hold in the aggregate, at
least fifty percent (50%) of the combined voting power of the then voting stock
of the surviving corporation of such merger or the corporation or other entity
resulting from such consolidation, (iii) the acquisition of twenty percent (20%)
or more of the voting stock of Women.com, LLC by any entity other than Hearst;
(iv) the adoption by Women.com, LLC of a plan of complete or partial
liquidation; or (v) if a petition shall be filed against Women.com, LLC under
any provision of the Bankruptcy Code or amendments thereto or if a receiver
shall be appointed for Women.com, LLC or any of its property.

                                       25
<PAGE>

         16.8 Attorneys' Fees. If any legal action is brought to construe or
enforce any provision of this Agreement, the prevailing party shall be entitled
to receive its reasonable attorneys' fees and court costs in addition to any
other relief it may receive.

         16.9 Force Majeure. If the performance of this Agreement, or any
obligation hereunder, except the making of payments hereunder, is prevented,
restricted or interfered with by any act or condition whatsoever beyond the
reasonable control of the affected party, the party so affected, upon giving
prompt notice to the other party, shall be excused from such performance to the
extent of such prevention, restriction or interference.

         16.10 Independent Contractors. The parties to this Agreement are
independent contractors, and no agency, partnership, joint venture or
employee-employer relationship is intended or created by this Agreement.

         16.11 Notice. Any notices required or permitted hereunder shall be
given to the appropriate party at the address specified below or at such other
address as the party shall specify in writing. Such notice shall be deemed
given: upon personal delivery; if sent by telephone facsimile, upon confirmation
of receipt; if sent by electronic mail, upon confirmation of delivery; or if
sent by certified or registered mail, postage prepaid, five (5) days after the
date of mailing.

         16.12 Modifications. This Agreement may only be modified or revised by
a written agreement or amendment hereto that is executed by both of the parties.

         16.13 Entire Agreement. This Agreement, including the Exhibits attached
hereto, sets forth the complete and final statement of the agreement between the
parties with respect to the subject matter hereof, and supersedes any and all
oral or written agreements, negotiations or understandings between the parties
as to such subject matter. Any terms on any Hearst work order that purport to
modify the terms of this Agreement, or that are in addition to or different from
the terms of this Agreement shall be void and of no force or effect,
notwithstanding Women.com, LLC's provisions of the services requested in such
work order, unless specifically agree to in writing by Women.com, LLC.
Wheresoever the terms of any mutually executed work order differ from or
conflict with the terms of this Agreement, the terms of the work order shall
prevail, but only to the extent of the specific project covered by such work
order.

                                       26
<PAGE>

         In Witness Whereof, each of the parties hereto have executed this
Agreement as of the date first written above.

Women.com, Networks, Inc.:                Hearst Communications, Inc.:

By: /s/  Marlene R. McDaniel              By: /s/  James M. Asher
    ---------------------------               ----------------------------------
[Name] Marlene R. McDaniel                James M. Asher
Title: CEO and President                  SR V.P.

Street Address: 1820 Gateway Drive        Street Address:

Mail Address: San Mateo, CA  94404        Mail Address:

Fax: 650-341-9918                         Fax:

E-Mail: mmcdaniel@women.com               E-Mail:

                                       27
<PAGE>

                                    Exhibit A

                                HOSTING SERVICES

Hearst agrees that during the term of this Agreement, Women.com, LLC will
provide Internet hosting services for each Magazine Site, regardless of the
source of production of such site.

Women.com, LLC shall provide Internet hosting services that are equal to, or
improve on, the quality of Internet hosting services currently available to the
Magazines through the Internet hosting facility maintained at Exodus
Communication's Internet Data Center in Jersey City, New Jersey as of the
Amended Date. The specific hardware configuration, software and connectivity
shall be mutually agreed upon by the parties as soon as reasonably practicable
following the Effective Date.

Hosting services provided by Women.com, LLC to Hearst shall be fully managed
services that conform to Network operational standards established by Women.com,
LLC. Fully managed means that, in addition to providing all hardware, software,
connectivity and bandwidth required to insure that Hearst Content is publicly
available to Internet users, Women.com, LLC will provide appropriate monitoring
of all systems, and full systems' administration support for all Magazine Sites
hosted by Women.com, LLC.

Women.com, LLC shall, using industry standard methods, prevent unauthorized
access to any production system, Magazine Site, any restricted area of a
Magazine Site and any database or other sensitive material generated from or
used in conjunction with a Magazine Site, as required by Hearst. As part of this
security consideration, Women.com, LLC shall have periodic security audits
performed by an independent third party, the frequency of which audits shall be
mutually agreed upon.

Women.com, LLC will provide and fully manage both live servers and staging
servers used for the production of Magazine Sites, whether Content is produced
by Women.com, LLC or a third party. Women.com, LLC shall also put in place and
support promotion scripts for the timely updating of Proprietary Content to the
sites by production teams employed to produce Magazine Sites, whether at
Women.com, LLC or at third party location. The specific requirements for
promotion of Proprietary Content shall be mutually agreed to as soon as
reasonably practicable following the Effective Date.

Women.com, LLC shall insure that the best commercially available service level
agreement is in place for hosting services provided to Hearst and the Magazines.
In particular, the terms of the Women.com, LLC service level agreement shall be
at least as favorable to Hearst as the service level agreement which is
currently in place at Exodus Communications including, without limitation, the
terms regarding remedies for interruption of services, and at least as favorable
as the terms offered any other partner on the Network.

                                       28
<PAGE>

As part of its hosting services, Women.com, LLC shall make available to the
Magazine Sites all core functionality of the Network, whether the Content for
the Magazine Sites is produced by Women.com, LLC or a third party. The scope of
this functionality shall be mutually agreed as soon as reasonably practicable
following the Effective Date. Core functionality of the Network shall include,
but not be limited to, all functionality currently available to the Magazines as
of the Amended Date, e.g., engineering functionality (i.e. registration, ad
management, surveys, polls, quizzes, use of relational database systems, user
profiling, personalization techniques for delivery of Content or advertising,
and standard user tracking reports made available to Magazines in an online
format), and third party functionality (i.e. search, chat, forums, email,
listserve, ad serving, and third party auditing).

Additionally, Women.com, LLC shall make available to the Magazine Sites any new
functionality at the time it is introduced to the Network; provided, that some
production or third party fees may arise for the Magazine Sites if they choose
to implement the functionality offered.

Hearst agrees that all Magazine Sites, whether produced by Women.com, LLC or a
third party, shall be produced in compliance with Network standards. Women.com,
LLC will make available to Hearst documentation of Network standards and permit
Hearst to provide the documentation to all third parties producing Content for
Magazine Sites.

Women.com, LLC shall provide Magazine Site-specific maintenance and end user
support, periodic technical consulting as required by Hearst, and technical
phone support for any third parties contracted to produce Content for Magazine
Sites that will be hosted by Women.com, LLC.

                                       29
<PAGE>

                                    Exhibit B

                               PRODUCTION SERVICES

Women.com, LLC will collaborate with designated Magazines in the development of
a Magazine Web strategy, plan and budget.

Women.com, LLC will make available Production Services to Hearst upon request at
the rates set forth below effective as of the Amended Date for one year
following the Amended Date. At the conclusion of that one year period, the rates
shall be mutually agreed upon; however, the basis for the rate structure shall
be as follows: (i) for Women.com, LLC staff employees - the sum of (1) direct
cost of salary and benefits of those personnel performing the Production
Services, plus (2) the cost of overhead expenses up to a maximum amount equal to
fifteen percent (15%) of the salary and benefit costs described in (1), plus (3)
fifteen percent (15%) of the sum of the amounts described in (1) and (2); and
(ii) for subcontracted services, including but not limited to manuscripts, art,
photography, software development, and talent -- the actual cost of the services
plus fifteen percent (15%) profit margin.

The rates for the one year period following the Amended Date are: Good
Housekeeping, Redbook, Cosmopolitan, Country Living - $950,000 per site

House Beautiful $575,000
Victoria, Town & Country $275,000 per site
Country Living Gardener $275,000 per annum, pro rated to the date of transfer.
In addition, if Marie Claire is added to the scope of this Agreement, the
parties acknowledge that the fee for Production Services will be not less than
$350,000 nor more than $450,000 in the initial year following addition of Marie
Claire, provided the scope of the production commitment is within the boundaries
of the commitment discussed as of the Amended Date.

The number of sites to be produced by Women.com, LLC and the development plan
and budget for those sites will be determined by Hearst during the Term of this
Agreement.

Women.com, LLC will provide full Production Services for the selected Magazine
Sites. These services shall include, but shall not be limited to:

1. overall management and direction of the site;

2. creation of editorial features for the site, including original and
interactive Content;

3. software/coding support for all features;

4. conversion of Hearst Content to HTML or other formats appropriate for Web
presentation, as designated by Hearst;

5. all site quality control;

                                       30
<PAGE>

6. interactive design and navigation;

7. all graphic design work and conversions, including art, photos and
illustration;

8. rich media production support; and

9. all production tools, processes, and systems necessary to support production
personnel, which are part of the Network standard, including template-based
production systems used to streamline or automate production. The production
tools, processes and systems that are part of the Network standard shall be
available and supported for all Magazine Site production whether provided by
Women.com, LLC or a third party, so long as the Magazine Site is hosted by
Women.com, LLC. The management of the Hearst Magazine Division and its
representatives will be viewed by Women.com, LLC as a "customer" of Women.com,
LLC and as such will provide ongoing input and direction to Women.com, LLC
regarding all aspects of the Magazine Sites.

Hearst will secure electronic rights and inform Women.com, LLC regarding any
limitations to these rights for Content supplied by Hearst for inclusion on the
Magazine Sites. The formats in which Hearst will deliver Content to Women.com,
LLC and the methods of transmission or transport, and timing, will be mutually
agreed during the production planning process.

In supporting Women.com, LLC's production of Magazine Sites, the editorial staff
of the applicable Magazines will:

1. provide all appropriate Content in formats to be mutually agreed;

2. provide ongoing direction to and liaison with Women.com, LLC; and

3. be responsible for final approval of their brand's on-line representation.

In providing these Production Services, Women.com, LLC will assign dedicated
personnel for the production of Magazine Sites, including editorial, creative,
production and technical support to production. The exact structure of the terms
will be mutually agreed between Women.com, LLC and the Magazines. As part of
that organizational structure, primary points of contact and liaison will also
be established between Women.com, LLC and the Magazines to facilitate efficient
communications between Hearst and Women.com, LLC regarding production of the
Magazine Sites.

                                       31
<PAGE>

For Magazine Sites not produced by Women.com, LLC, Women.com, LLC will provide
management and technical resources to ensure the efficient integration of the
site into the Network. These services shall include:

1. ongoing assistance in the efficient application of Network standards and
tools;

2. assistance in the development of special features;

3. assistance in marketing and distribution programs; and

4. support for other needs as appropriate.

                                       32
<PAGE>

                                    Exhibit C

                                   TRADEMARKS

         I       Women.com, LLC Marks:

         II.    Hearst Marks:

                Registered Trademarks
                ---------------------
                After College
                Bedside Astrologer
                Better Way (The)
                Cosmopolitan
                Cosmopolitan All About Men
                Country Living Country Travels
                Country Living Restoration
                Cosmopolitan (stylized)
                Good Housekeeping
                Good Housekeeping Decorating & Home Improvement
                Good Housekeeping Editors Entertain
                Good Housekeeping Holiday Best
                Good Housekeeping Smart Cooking
                Green Watch
                House Beautiful
                House Beautiful Building Manual
                House Beautiful Holidays
                House Beautiful Home Remodeling & Decorating
                House Beautiful's Home Remodeling
                Houses & Plans
                Life After College
                Redbook
                Stylewatch
                Town & Country

                Applied For
                -----------
                Country Living's Healthy Living
                Easy Cooking
                Fun-Fearless-Female
                Good Housekeeping Family Adventures

                Common Law
                ----------
                Country Living
                Victoria

                                       33
<PAGE>

                                    Exhibit D

              Recoupable Magazine-Specific Initial Production Costs

Up to Five Million Dollars ($5,000,000) of production costs may be recouped on
account of the first year of the term of the Agreement. For each subsequent year
of the term, such amount shall equal 110% of the recoupable production costs for
the prior year of the term.

                                       34
<PAGE>

                                    Exhibit E

                          Merchandising Advertisements

See attached

                                       35<PAGE>

                                                                  Exhibit 10(22)

                                SERVICE AGREEMENT

--------------------------------------------------------------------------------

                                     between

                                VINCENT McDONNELL

                                       and

                           CANARGO ENERGY CORPORATION

--------------------------------------------------------------------------------

                             [McGRIGOR DONALD LOGO]
                                   SOLICITORS

                                 McGrigor Donald
                                   Solicitors
                                  Pacific House
                              70 Wellington Street
                                     GLASGOW
                                     G2 6SB
                            Telephone: 0141 248 6677
                       Facsimile: 0141 204 1351 / 221 1390
                         E-Mail: enquiries@mcgrigors.com
                       Web Site: http://www.mcgrigors.com
                                   220631.DOT

<PAGE>

                               TABLE OF CONTENTS
<TABLE>
<CAPTION>

CLAUSE        HEADING                                                   PAGE NO.
------        -------                                                   --------
<C>           <S>                                                          <C>
1             DEFINITIONS AND INTERPRETATION...............................1
1.1           Definitions..................................................1
1.2           Interpretation and Construction..............................2
1.3           Headings.....................................................3

2             THE EMPLOYMENT...............................................3
2.1           Appointment..................................................3
2.2           Warranty.....................................................3

3             DURATION OF THE EMPLOYMENT...................................3
3.1           Continuous Employment........................................3
3.2           Duration.....................................................3
3.3           Payment in lieu of notice....................................3
3.4           Compulsory retirement........................................4

4             HOURS AND PLACE OF WORK......................................4
4.1           Hours of work................................................4
4.2           Working Time Regulations.....................................4
4.3           Place of work................................................4

5             SCOPE OF THE EMPLOYMENT......................................4
5.1           Duties of the Executive......................................4
5.2           Right to suspend duties and powers...........................5

6             REMUNERATION.................................................5
6.1           Basic Salary.................................................5
6.2           Salary review................................................5
6.3           Share options................................................6

7             EXPENSES.....................................................6
7.1           Out-of-pocket expenses.......................................6
7.2           Company credit/charge cards..................................6
7.3           Mobile telephone.............................................6

8             DEDUCTIONS...................................................6

9             PENSION SCHEME...............................................6

10            OTHER INSURANCE & BENEFITS...................................7
10.1          Life Assurance...............................................7
10.2          Health Care Scheme...........................................7
10.3          PHI..........................................................7
10.4          Payments.....................................................7
10.5          Right to terminate or amend..................................7
10.6          Medical examinations and health records......................7

11            HOLIDAYS.....................................................8
11.1          The holiday year.............................................8
11.2          Annual entitlement...........................................8
11.3          Holiday entitlement on termination...........................8
</TABLE>
                                      (i)
<PAGE>
                               TABLE OF CONTENTS
<TABLE>
<CAPTION>

CLAUSE        HEADING                                                                            PAGE NO.
------        -------                                                                            --------
<C>           <S>                                                                                   <C>
12            ABSENCE................................................................................8
12.1          Absence due to sickness or injury......................................................8
12.2          Payment of salary during absence.......................................................8

13            OTHER INTERESTS........................................................................9
13.1          Restrictions on other activities and interests of the Executive........................9
13.2          Transactions with the Company..........................................................9

14            CONFIDENTIALITY AND COMPANY DOCUMENTS..................................................9
14.1          Restrictions on disclosure/use of Confidential Information.............................9
14.2          Protection of Company documents and materials.........................................10

15            INVENTIONS AND OTHER WORKS............................................................10
15.1          Executive to further interests of the Company.........................................10
15.2          Disclosure and ownership of Works.....................................................10
15.3          Protection, registration and vesting of Works.........................................10
15.4          Waiver of rights by the Executive.....................................................11
15.5          Power of Attorney.....................................................................11
15.6          Statutory rights......................................................................11

16            TERMINATION...........................................................................11
16.1          Termination events....................................................................11
16.2          No damages or payment in lieu of notice...............................................12

17            EVENTS UPON TERMINATION...............................................................12
17.1          Obligations upon termination..........................................................12
17.2          Loss of Share Options.................................................................12

18            RESTRICTIONS AFTER TERMINATION........................................................12
18.1          Definitions...........................................................................12
18.2          Restrictive covenants.................................................................13
18.3          Application of restrictive covenants to other Group Companies.........................13
18.4          Effect of suspension on Restricted Period.............................................14
18.5          Severance.............................................................................14

19            DISCIPLINARY AND GRIEVANCE PROCEDURE..................................................14
19.1          Disciplinary procedures...............................................................14
19.2          Grievance procedure...................................................................14

20            GENERAL...............................................................................14
20.1          Provisions which survive termination..................................................14
20.2          No collective agreements..............................................................15

21            DATA PROTECTION.......................................................................15

22            ENTIRE AGREEMENT......................................................................15

23            INDEMNITY & INSURANCE.................................................................15
23.1          Indemnity.............................................................................15
23.2          Insurance.............................................................................15

24            GOVERNING LAW AND JURISDICTION........................................................15
</TABLE>
                                      (ii)

<PAGE>

                               TABLE OF CONTENTS
<TABLE>
<CAPTION>

CLAUSE        HEADING                                                                            PAGE NO.
------        -------                                                                            --------
<C>           <S>                                                                                   <C>

24.1          Governing law.........................................................................15
24.2          Jurisdiction..........................................................................16

</TABLE>
                                     (iii)

<PAGE>

THIS AGREEMENT is made on the 1st day of December 2000
between

(1)  CANARGO ENERGY CORPORATION, a Corporation incorporated under the laws of
     Delaware, USA and having an address at 32 Lookerman Square, Suite L-100,
     Dover, Delaware 19904 (the "COMPANY"); and

(2)  VINCENT MCDONNELL, residing at East Lodge, 32 East Hill, Woking, Surrey
     (the "EXECUTIVE")

WHEREAS the Company wishes to employ the Executive as Commercial Manager on the
terms and conditions of this Agreement and the Executive wishes to accept such
employment. The employing entity will be CanArgo Services (UK) Limited, the
Company's UK subsidiary ("the Employing Entity") with its registered address at
148-150 Buckingham Palace Road, London SW1W 9TR.

IT IS AGREED as follows:-

1          DEFINITIONS AND INTERPRETATION

1.1        DEFINITIONS

           In this Agreement, unless the context otherwise requires:

           "BASIC SALARY" means the monthly salary, as specified in Clause 6.1.1
           or, as appropriate, the reviewed monthly salary from time to time;

           "CONFIDENTIAL INFORMATION" means all information which is identified
           or treated by the Company or any Group Company or any of the Group's
           clients or customers as confidential or which by reason of its
           character or the circumstances or manner of its disclosure is
           evidently confidential including (without prejudice to the foregoing
           generality) any information about the personal affairs of any of the
           directors (or their families) of the Company or any Group Company,
           business plans, proposals relating to the acquisition or disposal of
           a company or business or proposed expansion or contraction of
           activities, maturing new business opportunities, research and
           development projects, designs, secret processes, trade secrets,
           product or services development and formulae, know-how, inventions,
           sales statistics and forecasts, marketing strategies and plans,
           costs, profit and loss and other financial information (save to the
           extent published in audited accounts), prices and discount structures
           and the names, addresses and contact and other details of: (a)
           employees and their terms of employment; (b) customers and potential
           customers, their requirements and their terms of business with the
           Group; and (c) suppliers and potential suppliers and their terms of
           business (all whether or not recorded in writing or in electronic or
           other format);

           "EMPLOYMENT" means the employment of the Executive under this
           Agreement or, as the context requires, the duration of that
           employment;

           "GROUP" means the Company, any holding company or undertaking of the
           Company and any subsidiaries and subsidiary undertakings of the
           Company or such holding company or undertaking;

           "GROUP COMPANY" means any company within the Group;

           "HEALTH CARE SCHEME" means the medical expenses insurance, or
           arrangement(s) provided or introduced from time to time by the
           Company for the benefit of the Executives.

                                       1
<PAGE>

           "INTELLECTUAL PROPERTY RIGHTS" means any and all existing and future
           intellectual or industrial property rights in and to any Works,
           including all existing and future patents, copyrights, design rights
           (whether registered or unregistered), database rights, trade marks
           (whether registered or unregistered), semiconductor topography
           rights, plant varieties rights, internet rights/domain names,
           know-how and any and all applications for any of the foregoing and
           any and all rights to apply for any of the foregoing in and to any
           Works;

           "MINORITY HOLDER" means a person who either solely or jointly holds
           (directly or through nominees) any shares or loan capital in any
           company whose shares are listed or dealt in on a recognised
           investment exchange (as that term is defined by Section 207(1) of the
           Financial Services Act 1986) provided that such holding does not,
           when aggregated with any shares or loan capital held by the
           Executive's partner and/or his or his partner's children under the
           age of 18, exceed 3% of the shares or loan capital of the class
           concerned for the time being issued;

           "SHARE OPTIONS" means any options that the Executive may hold to
           purchase shares in the Company;

           "TERMINATION DATE" means the date of termination of the Employment;
           and

           "WORKS" means any documents, materials, models, designs, drawings,
           processes, inventions, formulae, computer coding, methodologies,
           know-how, Confidential Information or other work, performed made,
           created, devised, developed or discovered by the Executive in the
           course of the Employment either alone or with any other person in
           connection with or in any way affecting or relating to the business
           of the Company or any Group Company or capable of being used or
           adapted for use therein or in connection therewith.

1.2        INTERPRETATION AND CONSTRUCTION

           Save to the extent that the context or the express provisions of this
           Agreement require otherwise, in this Agreement:-

           (a)   words importing the singular shall include the plural and vice
                 versa;

           (b)   words importing any gender shall include all other genders;

           (c)   any reference to a Clause, the Schedule or part of the Schedule
                 is to the relevant Clause, Schedule or part of the Schedule of
                 or to this Agreement unless otherwise specified;

           (d)   references to this Agreement or to any other document shall be
                 construed as references to this Agreement or to that other
                 document as modified, amended, varied, supplemented, assigned,
                 novated or replaced from time to time;

           (e)   references to any statute or statutory provision (including
                 any subordinate legislation) includes any statute or statutory
                 provision which amends, extends, consolidates or replaces the
                 same, or which has been amended, extended, consolidated or
                 replaced by the same, and shall include any orders,
                 regulations, instruments or other subordinate legislation made
                 under the relevant statute or statutory provision;

           (f)   references to a "PERSON" includes any individual, firm,
                 company, corporation, body corporate, government, state or
                 agency of state, trust or foundation, or any

                                       2
<PAGE>

                 association, partnership or unincorporated body (whether or not
                 having separate legal personality) of two or more foregoing;

           (g)   any phrase introduced by the words "INCLUDING", "INCLUDE",
                 "IN PARTICULAR" or any similar expression shall be construed as
                 illustrative only and shall not be construed as limiting the
                 generality of any preceding words;

           (h)   the words "OTHER" and "OTHERWISE" shall not be construed
                 eiusdem generis with any foregoing words where a wider
                 construction is possible.

1.3        HEADINGS

           The table of contents and the headings in this Agreement are included
           for convenience only and shall be ignored in construing this
           Agreement.

2          THE EMPLOYMENT

2.1        APPOINTMENT

           Subject to the provisions of this Agreement, the Company employs the
           Executive and the Executive accepts employment as Chief Operating
           Officer of the Company with effect from 1st December 2000
           notwithstanding the date or dates of this Agreement.

2.2        WARRANTY

           The Executive warrants to the Company that by virtue of entering into
           this Agreement he will not be in breach of any express or implied
           obligation to any third party.

3          DURATION OF THE EMPLOYMENT

3.1        CONTINUOUS EMPLOYMENT

           The Executive's continuous period of employment with the Company
           commenced on 1st December 2000.

3.2        DURATION

           Subject to the provisions of Clauses 3 and 16.1 the Employment shall
           continue unless and until terminated at any time by:-

           (a)   the Company giving to the Executive not less than 6 months'
                 previous notice in writing to that effect; or

           (b)   the Executive giving to the Company not less than 6 months'
                 previous notice in writing to that effect.

3.3        PAYMENT IN LIEU OF NOTICE

3.3.1      The Company shall be entitled, at its sole discretion, to terminate
           the Employment immediately in writing either instead of, or at any
           time after, notice of termination being given (by either the Company
           or the Executive) and in either case to make a payment to the
           Executive in lieu of notice.

                                        3
<PAGE>

3.4        COMPULSORY RETIREMENT

           Notwithstanding Clause 3.2, the Employment shall terminate without
           notice on the Executive's 60th birthday.

4          HOURS AND PLACE OF WORK

4.1        HOURS OF WORK

           The Executive agrees that he shall work such hours as are necessary
           for the proper performance of his duties. The Executive shall work a
           minimum of 140 hours per month based upon a 8 hour day Monday to
           Friday between the hours of 8 a.m. and 6 p.m., with a break of one
           hour for lunch each day.

           When working outside the UK, if necessary for the proper performance
           of his duties, the Executive would be expected to work up to 12 hours
           per day, 7 days per week.

           The Executive will be expected to undertake reasonable travel as
           necessary for the performance of his duties.

4.2        WORKING TIME REGULATIONS

           The Executive agrees to work hours that exceed the maximum average
           weekly working time limit of 48 hours imposed by the Working Time
           Regulations 1998. The Executive may withdraw his agreement on giving
           to the Company 3 months' prior written notice.

4.3        PLACE OF WORK

4.3.1      The Executive's place of work will initially be at the Employing
           Entity's offices at 148-150 Buckingham Palace Road, London, SW1 9TR
           but the Company may require the Executive to work at any place within
           the United Kingdom on either a temporary or an indefinite basis. The
           Executive will be given reasonable notice of any change in his
           permanent place of work.

5          SCOPE OF THE EMPLOYMENT

5.1        DUTIES OF THE EXECUTIVE

           During the Employment the Executive shall:-

           (a)     undertake and carry out to the best of his ability such
                   duties and exercise such powers in relation to the Company's
                   business as may from time to time be assigned to or vested in
                   him by the Chief Executive Officer;

           (b)     in the discharge of those duties and the exercise of those
                   powers observe and comply with all lawful resolutions,
                   regulations and directions from time to time made by, or
                   under the authority of, the Chief Executive Officer and
                   promptly upon request, give a full account to the Chief
                   Executive Officer or a person duly authorised by the Chief
                   Executive Officer of all matters with which he is entrusted;

           (c)     unless prevented by ill-health, holidays or other unavoidable
                   cause, devote such of his working time, attention and skill
                   to the discharge of his duties hereunder as may be reasonably
                   required; and

                                        4
<PAGE>

           (d)    faithfully and diligently perform his duties and at all times
                  use his best endeavours to promote and protect the interests
                  of the Group.

5.2        RIGHT TO SUSPEND DUTIES AND POWERS

5.2.1      The Company reserves the right in its absolute discretion to suspend
           during any notice period or for the purpose of investigating any
           matter in which the Executive is implicated or involved all or any of
           the Executive's duties and powers on terms it considers expedient or
           to require him to perform only such duties, specific projects or
           tasks as are assigned to him expressly by the Company (including the
           duties of another position) in any case for such period or periods
           and at such place or places (including, without limitation, the
           Executive's home) as the Company in its absolute discretion deems
           necessary (the "GARDEN LEAVE").

5.2.2      The Company may, at its sole discretion, require that during the
           Garden Leave the Executive shall not:

           (a)     enter or attend the premises of the Company or any Group
                   Company;

           (b)     contact or have any communication with any client or
                   prospective client or supplier of the Company or any Group
                   Company in relation to the business of the Company or any
                   Group Company;

           (c)     contact or have any communication with any employee, officer,
                   director, agent or consultant of the Company or any Group
                   Company in relation to the business of the Company or any
                   Group Company;

           (d)     remain or become involved in any aspect of the business of
                   the Company or any Group Company except as required by such
                   companies; or

           (e)     work either on his own account or on behalf of any other
                   person.

5.2.3      During Garden Leave, the Executive will continue to receive his Basic
           Salary and benefits.

5.2.4      For the avoidance of doubt, the Company may exercise its powers under
           this Clause 5.2 at any time during the Employment including after
           notice of termination has been given by either party.

6          REMUNERATION

6.1        BASIC SALARY

6.1.1      During the Employment the Company shall pay the Executive a Basic
           Salary (pound)80,000 per annum. The Basic Salary shall accrue from
           day to day and be payable by credit transfer in equal monthly
           instalments on or around the 15th day of each calendar month or
           otherwise as arranged from time to time.

6.2        SALARY REVIEW

           The Basic Salary shall be reviewed annually with effect from the
           first anniversary of the commencement of employment. The Company is
           not obliged to increase the Basic Salary at any review.

                                       5
<PAGE>

6.3        SHARE OPTIONS

           The Executive will be entitled to 100,000 Share Options in the
           Company subject to the terms of the reaffirmed and restated CanArgo
           Energy Inc. Share Option Plan and necessary regulatory approval.

7          EXPENSES

7.1        OUT-OF-POCKET EXPENSES

           The Company shall reimburse to the Executive (against receipts or
           other appropriate evidence as the Chief Executive Officer may
           require) the amount of all out-of-pocket expenses reasonably and
           properly incurred by him in the proper discharge of his duties
           hereunder.

7.2        COMPANY CREDIT/CHARGE CARDS

           In the event that the Company issues a Company sponsored credit or
           charge card to the Executive he shall use such card only for expenses
           reimbursable under Clause 7.1 and shall return it to the Company when
           so requested and in any event immediately on termination of the
           Employment howsoever arising.

7.3        MOBILE TELEPHONE

           The Company will provide the Executive with a mobile telephone for
           the purpose of properly performing his duties. The Company will be
           responsible for all payment of all costs in connection with the
           telephone, including line rental charges, connection fees, and all
           charges. For the avoidance of doubt, the Executive is permitted to
           make reasonable use of the mobile telephone for personal purposes.
           The telephone will however remain the property of the Company at all
           times and the Company may demand the return of the telephone at any
           time if, in the opinion of the Company the Executive is making
           inappropriate use of the telephone.

8          DEDUCTIONS

           The Executive agrees that the Company may deduct from any sums due to
           him under this Agreement any sums due by him to the Company
           including, without limitation, any debits to his Company credit or
           charge card not authorised by the Company, the Executive's pension
           contributions (if any), any overpayments, loans or advances made to
           him by the Company, the cost of repairing any damage or loss to the
           Company's property caused by him and any losses suffered by the
           Company as a result of any negligence or breach of duty by the
           Executive.

9          PENSION SCHEME

           The Company does not provide a Company pension scheme. The Company
           shall contribute 9% of the Executives Basic Salary into a personal
           pension held by the Executive provided the Company is satisfied that
           the personal pension scheme is a properly authorised scheme for tax
           and regulatory purposes.

                                       6
<PAGE>

10         OTHER INSURANCE & BENEFITS

10.1       LIFE ASSURANCE

           The Company will provide the Executive with the benefit of death in
           service life assurance which, in the event of death itself will pay a
           maximum amount of 4 times his annual salary, subject to the rules and
           conditions of the policy.

10.2       HEALTH CARE SCHEME

           Without prejudice to the terms of Clause 16, the Executive and his
           spouse and children up to the age of 18 shall be entitled during the
           Employment, to participate at the Company's expense in a Health Care
           Scheme subject to the following terms and conditions:-

           (a)  the terms and conditions of the Health Care Scheme from time
                to time;

           (b)  the insurer or provider of the Health Care Scheme honouring the
                claim in respect of the Executive or his spouse or children;

           (c)  the Executive's acceptance of such variations to his terms and
                conditions of employment as may from time to time be required by
                the Company.

10.3       PHI

           Without prejudice to the terms of Clause 16, the Executive shall be
           entitled to participate in a Permanent Health Insurance ("PHI")
           scheme at the expense of the Company, always subject to the terms and
           conditions of the PHI scheme.

10.4       PAYMENTS

10.4.1     All payments under the PHI scheme or the like will be subject to the
           deductions required by law.

10.4.2     Where payments are made under the PHI scheme all other benefits
           provided to or in respect of the Executive will cease from the start
           of those payments (if they have not done so already), unless the
           Company is fully reimbursed by the PHI scheme for the cost of
           providing the benefit.

10.5       RIGHT TO TERMINATE OR AMEND

           The Company reserves the right at its absolute discretion to
           terminate or amend at any time any Health Care Scheme or PHI scheme
           or the Executive's membership of any such scheme. The Company will
           provide an equivalent benefit unless, in the reasonable opinion of
           the Chief Executive Officer , it is unable to secure insurance at
           reasonable premiums due to the medical condition of the Executive or
           his spouse or children.

10.6       MEDICAL EXAMINATIONS AND HEALTH RECORDS

           The Executive shall submit to such medical examinations by a doctor
           selected by the Chief Executive Officer as may reasonably be required
           by the Chief Executive Officer from time to time. The Executive
           authorises the Company to make applications on his behalf for access
           to any health records relating to him for the purposes of Section 3
           of the Access to Health Records Act 1990, provided that the Executive
           is given prior notice of any application being made. Copies of any
           health records provided to the Chief Executive Officer as a result of
           any application shall be made available to the Executive. The fees
           and

                                       7
<PAGE>

           expenses incurred in the provision of any medical examination and of
           obtaining access to the health records shall be borne by the Company.

11         HOLIDAYS

11.1       THE HOLIDAY YEAR

           The Company's holiday year runs from 1st January to 31st December.
           Holidays can only be taken with the prior permission of the Chief
           Executive Officer.

11.2       ANNUAL ENTITLEMENT

11.2.1     The Executive's annual entitlement to paid holidays is to those
           public or customary holidays recognised by the Company in any
           holiday year and in addition, 5 weeks contractual days holiday.

11.2.2     Entitlement to contractual holidays is accrued pro rata throughout
           the holiday year. The Executive will be entitled to take public and
           customary holidays on the days that they are recognised by the
           Company during the holiday year.

11.2.3     The Executive is not entitled to carry any unused holiday entitlement
           forward to the next holiday year without the permission of the
           Company.

11.3       HOLIDAY ENTITLEMENT ON TERMINATION

           Upon notice of termination of the Employment being served by either
           party, the Company may require the Executive to take any unused
           holidays accrued at that time during any notice period.
           Alternatively, the Company may, at its discretion, on termination of
           the Employment, make a payment in lieu of accrued contractual holiday
           entitlement. The Executive will be required to make a payment to the
           Company in respect of any holidays taken in excess of his holiday
           entitlement accrued at the Termination Date. Any sums so due may be
           deducted from any money owing to the Executive by the Company.

12         ABSENCE

12.1       ABSENCE DUE TO SICKNESS OR INJURY

           If the Executive is absent from work due to sickness or injury he
           shall:

           (a)    immediately inform the Company of his sickness or injury;

           (b)    in respect of a consecutive period of absence lasting less
                  than 8 days (including  weekends), send to the Company a
                  self-certification form in a format stipulated by the
                  Company; and

           (c)    in respect of any absence exceeding 7 consecutive days
                  (including weekends), send to the Company a medical
                  certificate signed by a doctor covering the further
                  consecutive period of absence.

12.2       PAYMENT OF SALARY DURING ABSENCE

12.2.1     Subject to the Executive complying with the terms of Clause 12.1, the
           Company shall continue to pay Basic Salary and other benefits during
           any period of absence due to sickness or injury for up to a maximum
           period of 10 weeks in any period of 12 consecutive months unless the
           Employment is terminated in terms of Clauses 3 or 16. Thereafter the
           Company

                                       8
<PAGE>

           shall pay half basic salary and benefits for a further period of 10
           weeks in that period of 12 consecutive months unless the employment
           is terminated in terms of Clauses 3 or 16.

12.2.2     Payment of the Basic Salary in terms of Clause 12.2.1 shall be made
           less:

           (a)  an amount equivalent to any Statutory Sick Pay payable to the
                Executive;

           (b)  any sums which may be received by the Executive under any
                insurance policy effected by the Company; and

           (c)  any other benefits or sums which the Executive receives in terms
                of the Employment or under any relevant legislation.

13         OTHER INTERESTS

13.1       RESTRICTIONS ON OTHER ACTIVITIES AND INTERESTS OF THE EXECUTIVE

13.1.1     During the Employment the Executive shall not at any time, without
           the prior written consent of the Chief Executive Officer, either
           alone or jointly with any other person, carry on or be directly or
           indirectly employed, engaged, concerned or interested in any
           business, prospective business or undertaking other than a Group
           Company. Nothing contained in this Clause shall preclude the
           Executive from being a Minority Holder unless the holding is in a
           company that is a direct business competitor of the Company or any
           Group Company in which case, the Executive shall obtain the prior
           consent of the Chief Executive Officer to the acquisition or
           variation of such holding.

13.1.2     If the Executive, with the consent of the Chief Executive Officer,
           accepts any other appointment he must keep the Company accurately
           informed of the amount of time he spends working under that
           appointment.

13.2       TRANSACTIONS WITH THE COMPANY

           Subject to any regulations issued by the Company, the Executive shall
           not be entitled to receive or obtain directly or indirectly any
           discount, rebate or commission as a result of any sale or purchase of
           goods or services effected or other business transacted (whether or
           not by him) by or on behalf of the Company or any Group Company and
           if he (or any person in which he is interested) obtains any discount,
           rebate or commission he shall account to the Company for the amount
           received by him (or a due proportion of the amount received by the
           person having regard to the extent of his interest therein).

14         CONFIDENTIALITY AND COMPANY DOCUMENTS

14.1       RESTRICTIONS ON DISCLOSURE/USE OF CONFIDENTIAL INFORMATION

           The Executive must not either during the Employment (except in the
           proper performance of his duties) or at any time (without limit)
           after the Termination Date:

           (a)   divulge or communicate to any person;

           (b)   use for his own purposes or for any purposes other than those
                 of the Company or any Group Company; or

           (c)   through any failure to exercise due care and diligence, cause
                 any unauthorised disclosure of;

                                       9
<PAGE>

           any Confidential Information. The Executive must at all times use his
           best endeavours to prevent publication or disclosure of any
           Confidential Information. These restrictions shall cease to apply to
           any information which shall become available to the public generally
           otherwise than through the default of the Executive.

14.2       PROTECTION OF COMPANY DOCUMENTS AND MATERIALS

           All notes, records, lists of customers, suppliers and employees,
           correspondence, computer and other discs or tapes, data listings,
           codes, keys and passwords, designs, drawings and other documents or
           material whatsoever (whether made or created by the Executive or
           otherwise and in whatever medium or format) relating to the business
           of the Company or any Group Company or any of its or their clients
           (and any copies of the same):

           (a)   shall be and remain the property of the Company or the relevant
                 Group Company or client; and

           (b)   shall be handed over by the Executive to the Company or the
                 relevant Group Company or client on demand by the Company
                 and in any event on the termination of the Employment.

15         INVENTIONS AND OTHER WORKS

15.1       EXECUTIVE TO FURTHER INTERESTS OF THE COMPANY

           The Company and the Executive agree that the Executive may make or
           create Works during the Employment and agree that in this respect the
           Executive is obliged to further the interests of the Company and any
           Group Company.

15.2       DISCLOSURE AND OWNERSHIP OF WORKS

           The Executive must immediately disclose to the Company all Works and
           all Intellectual Property Rights. Both the Works and all Intellectual
           Property Rights will (subject to sections 39 to 43 of the Patents Act
           1977) belong to and be the absolute property of the Company or any
           other person the Company may nominate.

15.3       PROTECTION, REGISTRATION AND VESTING OF WORKS

           The Executive shall immediately on request by the Company (whether
           during or after the Termination Date) and at the expense of the
           Company:

           (a)       apply or join with the Company or any Group Company in
                     applying for any Intellectual Property Rights or other
                     protection or registration ("Protection") in the United
                     Kingdom and in any other part of the world for, or in
                     relation to, any Works;

           (b)       execute all instruments and do all things necessary for
                     vesting all Intellectual Property Rights or Protection when
                     obtained and all right, title and interest to and in the
                     same absolutely and as sole beneficial owner in the Company
                     or such Group Company or other person as the Company may
                     nominate; and

           (c)       sign and execute any documents and do any acts reasonably
                     required by the Company in connection with any proceedings
                     in respect of any applications and any publication or
                     application for revocation of any Intellectual Property
                     Rights or Protection.

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<PAGE>

15.4       WAIVER OF RIGHTS BY THE EXECUTIVE

           The Executive hereby irrevocably and unconditionally waives all
           rights under Chapter IV Copyright, Designs and Patents Act 1988 and
           any other moral rights which he may have in the Works, in whatever
           part of the world such rights may be enforceable including:

           (a)   the right conferred by section 77 of that Act to be identified
                 as the author of any such Works; and

           (b)   the right conferred by section 80 of that Act not to have any
                 such Works subjected to derogatory treatment.

15.5       POWER OF ATTORNEY

           The Executive hereby irrevocably appoints the Company to be his
           attorney and in his name and on his behalf to execute any such act
           and to sign all deeds and documents and generally to use his name for
           the purpose of giving to the Company the full benefit of this Clause.
           The Executive agrees that, with respect to any third parties, a
           certificate signed by any duly authorised officer of the Company that
           any act or deed or document falls within the authority hereby
           conferred shall be conclusive evidence that this is the case.

15.6       STATUTORY RIGHTS

           Nothing in this Clause 15 shall be construed as restricting the
           rights of the Executive or the Company under sections 39 to 43 of the
           Patents Act 1977.

16         TERMINATION

16.1       TERMINATION EVENTS

           Notwithstanding the provisions of Clauses 3 and 12, the Company shall
           be entitled, but not bound, to terminate the Employment:

           (a)  with immediate effect by giving to the Executive notice in
                writing at any time after the occurrence of any one or more of
                the following events:-

                (i)   if the  Executive is guilty of any gross misconduct or
                      behaviour which tends to bring himself or the Company or
                      any Group Company into disrepute; or

                (ii)  if the Executive commits any material or persistent breach
                      of this Agreement, or fails to comply with any reasonable
                      order or direction of the Chief Executive Officer , or
                      fails to perform his duties to the standard required by
                      the Chief Executive Officer ; or

                (iii) if he becomes insolvent or bankrupt or compounds with or
                      grants a trust deed for the benefit of his creditors; or

                (iv)  if his behaviour (whether or not in breach of this
                      Agreement) can reasonably be regarded as materially
                      prejudicial to the interests of the Company or any Group
                      Company, including if he is found guilty of any criminal
                      offence punishable by imprisonment (whether or not such
                      sentence is actually imposed); or

                                       11
<PAGE>

                     (v)   has an order made against him disqualifying him from
                           acting as a company director; or

                     (vi)  if he becomes of unsound mind; or

           (b)       by giving not less than 6 months' notice in writing if the
                     Executive has been prevented by reason of ill health,
                     injury or some other reason beyond his control, from
                     performing his duties under this Agreement for a period or
                     periods aggregating at least ninety days in the preceding
                     period of twenty four consecutive months provided that if
                     at any time during the period of such notice and before the
                     termination of the Employment the Executive shall provide a
                     medical certificate satisfactory to the Chief Executive
                     Officer to the effect that he has fully recovered his
                     physical and/or mental health and that no recurrence of
                     illness or incapacity can reasonably be anticipated, the
                     Company shall withdraw the notice.

16.2       NO DAMAGES OR PAYMENT IN LIEU OF NOTICE

           In the event of the Employment being terminated in accordance with
           Clause 16.1, the Executive shall not be entitled to receive any
           payment in lieu of notice nor make any claim against the Company or
           any Group Company for damages for loss of office or termination of
           the Employment. Regardless of this, the termination shall be without
           prejudice to the continuing obligations of the Executive under this
           Agreement.

17         EVENTS UPON TERMINATION

17.1       OBLIGATIONS UPON TERMINATION

           Immediately upon the termination of the Employment howsoever arising
           or immediately at the request of the Chief Executive Officer at any
           time after either the Company or the Executive has served notice of
           termination of the Employment, the Executive shall deliver to the
           Company all Works, materials within the scope of Clause 15.2 and all
           other materials and property including credit or charge cards, mobile
           telephone, computer equipment, disks and software, passwords,
           encryption keys or the like, keys, security pass, letters,
           stationery, documents, files, films, records, reports, plans and
           papers (in whatever format including electronic) and all copies
           thereof used in or relating to the business of the Company or the
           Group which are in the possession of or under the control of the
           Executive.

17.2       LOSS OF SHARE OPTIONS

           On the termination of the Employment (whether occurring lawfully or
           otherwise), the Executive shall not be entitled to any compensation
           or payment for the loss of the Share Options or any benefit which
           could have been derived from them, whether the compensation or
           payment is claimed by way of a payment in lieu of notice, damages for
           wrongful dismissal, breach of contract or loss of office, or
           compensation for unfair dismissal, or on any other basis.

18         RESTRICTIONS AFTER TERMINATION

18.1       DEFINITIONS

           Since the Executive is likely to obtain Confidential Information in
           the course of the Employment and personal knowledge of and influence
           over suppliers, customers, clients and employees of the Company and
           Group Companies, the Executive hereby agrees with the Company that in
           addition to the other terms of this Agreement and without prejudice
           to the other restrictions imposed upon him by law, he will be bound
           by the covenants and

                                       12
<PAGE>

           undertakings contained in Clauses 18.2 to 18.5. In this Clause 18,
           unless the context otherwise requires:

           "CRITICAL EMPLOYEE" means any person who was a director, employee or
           consultant of the Company at any time within the Relevant Period who
           by reason of that position and in particular his seniority and
           expertise or knowledge of Confidential Information or knowledge of or
           influence over the clients, customers or contacts of the Company is
           likely to cause damage to the Company if he were to leave the
           employment of the Company and become employed by a competitor of the
           Company;

           "RELEVANT PERIOD" means the period of twelve months immediately
           preceding the Termination Date;

           "RESTRICTED AREA" means any country in the world where the Company or
           any Group Company has a valid licence for the exploration and/or
           production of oil and/or gas;

           "RESTRICTED PERIOD" means the period of 12 months commencing on the
           Termination Date;

18.2       RESTRICTIVE COVENANTS

           The Executive confirms that, neither during the Employment nor during
           the Restricted Period, without the prior written consent of the
           Company (such consent not to be unreasonably withheld), whether by
           himself, through his employees or agents or otherwise and whether on
           his own behalf or on behalf of any person, directly or indirectly, he
           will not:

           (a)       so as to compete with the Company in the Restricted Area;
                     be employed or engaged or at all interested in (except as a
                     Minority Holder) a business or person which is involved in
                     the business of exploration or production of oil and/or
                     gas, if the business is or seeks to be in competition with
                     the Company;

           (b)       solicit or induce or endeavour to solicit or induce any
                     person who, on the Termination Date, was a Critical
                     Employee (and with whom the Executive had dealings during
                     the Relevant Period) to cease working for or providing
                     services to the Company, whether or not any such person
                     would thereby commit a breach of contract;

           (c)       employ or otherwise  engage any Critical  Employee in the
                     business of exploration or production of oil and/or gas if
                     that business is, or seeks to be, in competition with the
                     Company; or

           (d)       solicit or induce or endeavour to solicit or induce any
                     Government body or agency or any other third party in the
                     Restricted Area to cease to deal with the Company and shall
                     not interfere in any way with any relationship between any
                     such Government body or agency or other third party and the
                     Company.

18.3       APPLICATION OF RESTRICTIVE COVENANTS TO OTHER GROUP COMPANIES

           Clause 18.2 shall also apply as though references to the "COMPANY"
           include references to each Group Company in relation to which the
           Executive has in the course of the Employment or by reason of
           rendering services to or holding office in such Group Company:

           (a)    acquired knowledge of its trade secrets or Confidential
                  Information; or

           (b)    had personal dealings with its Customers or Prospective
                  Customers; or

                                       13
<PAGE>

           (c)    supervised directly or indirectly employees having personal
                  dealings with its Customers or Prospective Customers;

           but so that references in Clause 18.1 to the "Company" shall for this
           purpose be deemed to be references to the relevant Group Company. The
           obligations undertaken by the Executive pursuant to this Clause 18.3
           shall, with respect to each Group Company, constitute a separate and
           distinct covenant and the invalidity or unenforceability of any such
           covenant shall not affect the validity or enforceability of the
           covenants in favour of any other Group Company.

18.4       EFFECT OF SUSPENSION ON RESTRICTED PERIOD

           If the Company exercises its right to suspend the Executive's duties
           and powers under Clause 5.3 after notice of termination of the
           Employment has been given, the aggregate of the period of the
           suspension and the period after the Termination Date for which the
           covenants in Clause 18 shall apply shall not exceed 12 months and if
           the aggregate of the two periods would exceed 12 months, the period
           after the Termination Date for which the covenants in Clause 18 shall
           apply shall be reduced accordingly.

18.5       SEVERANCE

           The restrictions in this Clause 18 (on which the Executive has had
           the opportunity to take independent advice, as the Executive hereby
           acknowledges) are separate and severable restrictions and are
           considered by the parties to be reasonable in all the circumstances.
           It is agreed that if any such restrictions, by themselves, or taken
           together, shall be adjudged to go beyond what is reasonable in all
           the circumstances for the protection of the legitimate interests of
           the Company or a Group Company but would be adjudged reasonable if
           some part of it were deleted, the relevant restriction or
           restrictions shall apply with such deletion(s) as may be necessary to
           make it or them valid and enforceable.

19         DISCIPLINARY AND GRIEVANCE PROCEDURE

19.1       DISCIPLINARY PROCEDURES

           Any disciplinary action taken in connection with the Employment will
           usually be taken in accordance with the Company's normal disciplinary
           procedures (which are workplace rules and not contractually binding)
           a copy of which is available from the Secretary of the Company.

19.2       GRIEVANCE PROCEDURE

           If the Executive wishes to obtain redress of any grievance relating
           to the Employment or is dissatisfied with any reprimand, suspension
           or other disciplinary step taken by the Company, he shall apply in
           writing to the Managing Director, setting out the nature and details
           of any such grievance or dissatisfaction.

20         GENERAL

20.1       PROVISIONS WHICH SURVIVE TERMINATION

           Any provision of this Agreement which is expressed or intended to
           have effect on, or to continue in force after, the termination of
           this Agreement shall have such effect, or, as the case may be,
           continue in force, after such termination.

                                       14
<PAGE>

20.2       NO COLLECTIVE AGREEMENTS

           There are no collective agreements that directly affect the terms and
           conditions of the Employment.

21         DATA PROTECTION

           The Executive acknowledges and agrees that the Company is permitted
           to hold personal information about the Executive as part of its
           personnel and other business records and may use such information in
           the course of the Company's or the Group's business. The Executive
           agrees that the Company may disclose such information to third
           parties in the event that such disclosure is in the Company's view
           required for the proper conduct of the Company's business or that of
           any Group Company. This Clause applies to information held, used or
           disclosed in any medium.

22         ENTIRE AGREEMENT

           This Agreement band the documents referred to in it, constitute the
           entire agreement and understanding of the parties and supersede any
           previous agreement between the parties relating to the subject matter
           of this Agreement.

23         INDEMNITY & INSURANCE

23.1       INDEMNITY

           The Company shall indemnify the Executive in respect of any costs,
           claims or liabilities incurred by the Executive in the proper
           performance of his duties hereunder.

23.2       INSURANCE

           The Executive shall be responsible for ensuring that the company
           takes out and maintains directors and officer's liability insurance
           in respect of all current directors and officers and to cover all
           directors and officers for a period of 3 years after termination of
           their contracts.

24         GOVERNING LAW AND JURISDICTION

24.1       GOVERNING LAW

           This Agreement shall be governed and construed in accordance with the
           law of England & Wales.

                                       15
<PAGE>

24.2       JURISDICTION

           Each party hereby submits to the exclusive jurisdiction of the
           English courts as regards any claim, dispute or matter arising out of
           or in connection with this Agreement and its implementation and
           effect.

IN WITNESS WHEREOF this Agreement has been duly signed, sealed and delivered as
a Deed the day and year before written.

SUBSCRIBED for and on behalf of CanArgo Energy Corporation

At London on 12th December 2000

by       /s/ David Robson
   -----------------------------
         Chief Executive Officer

SIGNED by the said Vincent McDonnell        /s/ Vincent McDonnell

At                         on                              2000

in the presence of:-

Witness   /s/ Paul Richmond Davidson
Full Name  Paul Richmond Davidson

Address Pacific House
70 Wellington Street
Glasgow

Occupation Solicitor

                                       16

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