Document:

<PAGE>

                                                                  Exhibit 10.1

                              SEPARATION AGREEMENT

         This Separation Agreement (the "Agreement") is made by and between
Youbet.com, Inc. (the "Company") and Russell Fine (the "Employee"). This
Agreement is made in light of the following facts:

         A. Employee has resigned his employment and directorships with the
Company effect May 3, 2000. Employee and the Company seek to obtain a full and
final resolution of all potential claims, known and unknown, related to
Employee's employment with the Company and the conclusion of that employment.

         B. Nothing contained in this Agreement, nor the payment of any
consideration shall be taken or construed to be an admission or concession of
any kind by the Company that it has engaged in any wrongdoing. In fact, the
Company expressly denies any liability or wrongdoing in its treatment of the
Employee.

         C. Nothing contained in this Agreement, shall be taken or construed to
be an admission or concession of any kind by the Employee that he has engaged in
any wrongdoing. In fact, the Employee expressly denies any liability or
wrongdoing with respect to the performance of services for the Company.

         In consideration of the terms and conditions contained herein, the
parties agree as follows:

                  1. RESIGNATION OF EMPLOYMENT AND OFFICES. Employee hereby
irrevocably resigns his employment and directorships with the Company and the
Company accepts Employee's resignation, effective at the close of business on
May 3, 2000 (the "Effective Date"). Within five (5) days of the execution of
this Agreement, the Company shall pay all accrued, but unpaid salary and unused
vacation time. The remaining portion of the $300,000 bonus approved in 1999
which is unpaid (which amounts up to $150,000) will be paid if and when the
bonus performance criteria are satisfied.

                  2. SEVERANCE PAYMENTS. For a period of three (3) years
commencing on the Effective Date (the "Severance Period"), the Company will pay
to the Employee (and, in the event of his death, his estate) an annual severance
salary of $182,500 during the Severance Period, payable twice monthly in equal
installments. The Company agrees that its obligations to make these payments are
independent of any other provision of this Agreement, other than Sections 7 and
9.

                  3. CONSULTING SERVICES. For a period of three (3) years
commencing on the Effective Date (the "Consulting Term"), Employee will render
such consulting services to the Company as may be agreed by the Employee and the
Company's chief executive officer or his designee. Employee shall make himself
reasonably available for up to fifteen (15) days of each twelve (12) month
period of the Consulting Term to render such services. Such services shall be
rendered at the time and place elected, in his reasonable discretion, by the
Employee in consultation with the Company. Employee agrees that the initial

<PAGE>

fifteen (15) days of each twelve (12) month period commencing on the Effective
Date shall be at no charge to the Company. If during any such twelve (12) month
period the Employee and the Company agree that consulting services in excess of
fifteen (15) days will be rendered, then such additional services will be
rendered at the rate agreed to by the Company and the Employee. In performing
the consulting services hereunder, Employee shall report directly to the
Company's chief executive officer or his designee, and Employee agrees to
refrain from initiating contact with other employees, agents, customers,
suppliers and vendors of the Company except as such contacts are expressly
authorized or directed by the Company.

                  4. CONTINUATION OF BENEFITS. The Company will maintain during
the Severance Period Employee's employee benefits as described in Section 5
(without giving effect to the last paragraph thereof) of the Employment
Agreement dated June 29, 1998 between the Employee and the Company (the "Prior
Agreement').

                  5. OWNERSHIP OF CERTAIN PROPERTY. Employee shall be entitled
to retain possession of the laptop computer and the computer equipment
(including the Microsoft Office, Provision Work Bench and Microsoft Developer
Network Enterprise software licenses) and peripherals personally used by him at
his home during the course of his employment. Except as set forth above, or as
may necessary for Employee to render consulting services pursuant to Section 3
hereof, Employee agrees to delete from any such computer equipment and
peripherals all information, software, programs and data that is the property of
or proprietary to the Company.

                  6. WAIVER OF BOARD REPRESENTATION. Employee hereby irrevocably
and permanently waives all rights to (i) serve as a member of the Company's
board of directors and the Executive Committee thereof, and (ii) to designate a
director to serve on the Company's board of directors, each as may be provided
pursuant to Section 1.1 of the Stockholder's Agreement dated as of June 29,
1998, by and between Employee and the Company, among others.

                  7. RELEASE AND WAIVER OF CLAIMS BY EMPLOYEE. Employee waives
and releases any and all actual or potential claims, demands, causes of action,
damages and liabilities, of whatever kind or nature, known or unknown, suspected
or unsuspected, which Employee now has or holds, or at any time had or held
against the Company, related corporations, subsidiaries, and their officers,
directors, employees or agents, in any manner attributable to Employee's
employment by the Company or the cessation thereof. This waiver and release
expressly waives any and all claims arising out of such employment and the
cessation thereof that Employee may have against the Company regardless of the
nature, source, or basis for any such claim, including, but not limited to, any
contract or tort claims, employment discrimination of any kind or nature, breach
of the covenant of good faith and fair dealing, termination in violation of
public policy, defamation, claims arising under Title VII or the Civil Rights
Act, the Americans with Disabilities Act, the Age Discrimination in Employment
Act of 1967, the Older Workers Benefit Protection Act of 1990, and the Fair
Labor Standards Act, or any similar state statute or principle of common law.

                                       2
<PAGE>

                  8. RELEASE AND WAIVER OF CLAIMS BY THE COMPANY. The Company
waives and releases any and all actual or potential claims, demands, causes of
action, damages and liabilities, of whatever kind or nature, known or unknown,
suspected or unsuspected, which the Company now has or holds, or at any time had
or held against the Employee, attributable to or arising out of his prior
relationship with the Company as an Employee or Director including but not
limited to any claims it may have under any other federal, state or local
Constitution, Statute, Ordinance and/or Regulation and/or those arising under
common law including but not limited to tort, express and/or implied contract
and/or implied contract, arising out of or, in any way, related to the
Employee's employment with the Company; provided, however, that this release and
waiver by the Company shall not extend to any claim against Employee based on
any act of fraud, theft, conversion or embezzlement by Employee. The Company
agrees that if the Employee is made a party or is threatened to be made a party
to any action, suit or proceeding, whether civil, criminal, administrative or
investigative (hereinafter a "Proceeding"), by reason of the fact that he is or
was a director or officer of the Company, including service with respect to
employee benefit plans, whether or not the basis of such Proceeding is alleged
action in an official capacity as a director, officer, employee or agent while
servicing as a director, officer, employee or agent, he shall be indemnified and
held harmless by the Company to the fullest extent authorized by applicable law
against all expense, liability and loss (including attorneys' fees, judgment,
fines, ERISA excise taxes or penalties and amounts paid or to be paid in
settlement) reasonably incurred or suffered by the Employee in connection
therewith; provided, however, (a) written notice of such Proceeding is given
promptly to the Company by the Employee, (b) the Company is permitted to
participate in and coordinate the defense of such Proceeding, and (c) such
liability results from the final judgment of a court of competent jurisdiction,
or, as a result of a settlement entered into with the prior written consent of
the Company or is required (i) by such court as a bond, payment into escrow or
similar payment, or (ii) otherwise to forestall imminent attachment or similar
process against any of the Employee's assets. The right to indemnification
conferred herein shall include the right to be paid by the Company the expenses
incurred in defending any such Proceeding in advance of its final disposition,
including without limitation attorney fees or other costs of defense. The
Company shall be under no obligation to indemnify the Employee with respect to
any act or acts of the Employee: (i) in a knowing violation of any written
agreement between Employee and the Company; (ii) for which a court, having
jurisdiction in the matter, determines that indemnification is now lawful; or
(iii) which a court, having jurisdiction in the matter, determines to have been
knowingly and fraudulently committed by the Employee or which is the result of
willful misconduct by the Employee. If a claim for indemnification is not paid
in full by the Company within sixty (60) days after a written claim has been
received by the Company, the Employee may at any time thereafter bring suit
against the Company to recover the unpaid amount of the claim.

                  9. RELEASE OF UNKNOWN CLAIMS. The parties acknowledge that
this is a full and final release of all claims covered by Sections 7 and 8 and
that the Parties intend and expressly agree that this Agreement shall be
effective as a bar to each and every such claim, demand or cause of action that
may exist as of the Effective Date. The parties also expressly waives any and
all rights and benefits conferred under the terms of California Civil Code
Section 1542, which provides as follows:

                                       3
<PAGE>

                  "A general release does not extend to claims which the
creditor does not know or suspect exist in his favor at the time of executing
the release, which, if known by him, must have materially affected his
settlement with the debtor."

                  10. NONDISCLOSURE. The Parties shall not disclose the nature
or terms of this Agreement or the negotiations that led to this Agreement to any
person or entity, other than Employee's spouse, David Marshall, the parties tax
advisors or counsel, the Company's officers and directors without the written
consent of the other party, unless required to do so by law.

                  11. NONDISPARAGEMENT. During the Severance Period Employee
agrees to refrain from making any disparaging, negative or uncomplimentary
statements, whether public or private, regarding the Company, any related
companies and/or any officers of the Company or related companies. The Company,
for its part, agrees to refrain (and to cause its officers to refrain) from
making any disparaging, negative or uncomplimentary statements, whether public
or private, regarding the Employee during the Severance Period.

                  12. CONFIDENTIALITY OF COMPANY INFORMATION. Without the prior
written consent of the Company's chief executive officer, Employee will not (a)
make use of or disclose in any way (except as otherwise required by law),
confidential, proprietary or trade secret information belonging to the Company
or its affiliated or related companies or (b) at anytime during the Severance
Period, solicit or make any employment proposal to any Company employee or
personnel, or cause the employment of any Company employee or personnel.

                  13. LIMITED REFERENCES. The Company agrees to respond to
inquiries from prospective employers of Employee with a neutral reference
consisting of three pieces of information: (1) Employee's dates of employment;
and (2) Employee's job title of Executive Vice President, Chief Technology
Officer and Director; and (3) Employee's work on a non-exclusive consulting
basis effective as of the Effective Date. The Company will also respond that it
is against Company policy to comment further on the qualifications or
performance of any present or former employees.

                  14. ADVICE OF COUNSEL. Employee acknowledges that he has been
advised to consult an attorney prior to executing this Agreement and that he has
had an opportunity to discuss this Agreement with his counselor and other
advisors and that he understands this Agreement and signs it voluntarily.

                  15. AFFILIATE STATUS. The Company, after ninety days of the
execution of this Agreement and based on a legal opinion to be provided by the
Employee's counsel, shall remove all restrictive stock legends from shares of
the Company that are owned by the Employee upon Employee's written request to do
so, which written request shall contain the representations of Employee
reasonable deemed necessary by the Company's counsel to comply with all
applicable securities laws.

                  16. ENTIRE AGREEMENT. Except as set forth in this Agreement,
this Agreement is the total Agreement of the parties and replaces any prior
negotiations or agreements between the parties whether oral or written.
Notwithstanding the preceding sentence, the provisions set forth in Sections
7.2, 7.3 and 8.3 of the Prior Agreement shall survive this Agreement.

                                       4
<PAGE>

                  17. SEVERABILITY/EXECUTION. Should any court of law find any
term or clause of this Agreement invalid or unenforceable under applicable law,
then such term or clause shall be omitted from enforcement, with all other terms
and conditions remaining valid and enforceable. This Agreement may be executed
in counterparts, each of which will be deemed an original and which together
will be a single instrument.

         Dated:   5/5/00                 /S/ RUSSELL FINE
         ---------------                 ----------------
                                             RUSSELL FINE

                                         YOU BET.COM, INC.

         Dated:   5/5/00                 By: PHILIP HERMAN
                  ------                     --------------------------
                                         Its: EVP & CEO

                                       5Exhibit 10.2

                                RELEASE AGREEMENT

         This Release Agreement (the "Release Agreement") is made and entered
into as of this 22nd day of April, 2003, by and among YOUBET.COM, INC., a
Delaware corporation (the "Corporation"), on the one hand, and RUSSELL FINE, an
individual ("Fine") and Fineline Services, LLC, a California corporation ("FSL")
and together with FSL (the "Fine Parties") on the other hand, with reference to
the following facts:

A. This Agreement is entered into in connection with resolving whether and the
extent to which Fine is entitled to a bonus arising from the achievement by the
Company of a certain level of subscribers.

         NOW, THEREFORE, in consideration of the mutual promises, covenants,
agreements and conditions contained herein and for other good and valuable
consideration, receipt of which is hereby acknowledged, the parties hereto agree
as follows:

1.       CONSIDERATION

         1.1 Within three business days from the execution of this agreement by
the Fine Parties the Company shall pay to the Fine Parties the amount of
$150,000 in fulfillment of ALL bonus payment obligations as follows: $50,000 to
Fine and $100,000 to FSL.

         1.2 Additionally, within three business days from the execution of this
Agreement by the Fine Parties the Company shall facilitate the assignment of a
warrant for 20,171 shares of common stock in accordance with the attached
Warrant Agreement as further consideration of this Agreement and in fulfillment
of ALL Warrant obligations between the Company and the Fine parties.

2.       SETTLEMENT OF DISPUTES

         Upon the terms and subject to the conditions set forth herein, the
parties desire to settle in full all claims, differences, and disputes which now
exist or which may exist in the future between them in connection with any other
amounts or other property specifically (including, but not limited to, ALL
bonuses payments and Warrants to the Fine Parties) with respect to any
employment or consulting agreements or arrangements entered into or promised
prior to the execution of this Agreement, except any compensation remaining
payable pursuant to that certain Separation Agreement (the "Separation
Agreement") dated as of May 5, 2000 (collectively, the "Released Matters").
Notwithstanding the foregoing, with regard to medical treatment obtained during
the Severance Period (as that term is defined in said Severance Agreement), Fine
may submit claims regarding said medical treatment for a period of 90 days
following the Severance Period.

3.       RELEASE

<PAGE>

         3.1 RELEASE OF CORPORATION. In consideration for the mutual covenants,
conditions and promises set forth herein, except for the obligations and
liabilities of the Corporation arising under (i) this Agreement and/or (ii) any
compensation remaining payable pursuant to said Separation Agreement including
the aforementioned 90 day medical billing procedure, Fine for himself and his
agents, representatives, predecessors, successors and assignees (the "Fine
Representatives"), hereby forever releases, absolves and discharges the
Corporation and its officers, directors, shareholders, employees, agents,
representatives, affiliates, attorneys, predecessors, successors and assigns
(collectively, the "Corporation Representatives"), from and against any and all
claims, demands, charges, complaints, suits, actions, causes of action, debts,
liabilities, obligations, losses, costs and expenses, including without
limitation, attorneys' fees and court costs, whether known or unknown
(collectively, the "Claims") which Fine or the Fine Representatives ever had or
asserted or which Fine or the Fine Representatives may now or hereinafter have
or assert, which arise under, or in any way relate to, or in any way are
connected with the Released Matters.

         3.2 SECTION 1542 WAIVER. Fine, for himself and each of the Fine
Representatives expressly waives any and all rights or benefits which Fine or
the Fine Representatives has or may have or may have been conferred upon them by
the provisions of Section 1542 of the California Civil Code, which provides as
follows:

         "A general release does not extend to claims which the creditor does
         not know or suspect to exist in his favor at the time of executing the
         release, which if known by him must have materially affected his
         settlement with the debtor."

         In connection with such waiver, Fine acknowledges that he may later
discover facts different from or in addition to those which he knows or believes
to be true with respect to the Claims, and Fine agrees that, in such event, this
Agreement shall nevertheless remain effective in all respects notwithstanding
such different or additional facts or the discovery of those facts.

4.       REPRESENTATIONS AND WARRANTIES

         Fine, for himself and each of the Fine Representatives, represents and
warrants that he (i) has not heretofore sold, assigned, hypothecated or
otherwise transferred to any third party any rights or interest in or to any of
the Claims; (ii) has been represented by independent counsel of his or its
choice in connection with the negotiation and execution of this Agreement; and
(iii) has read this Agreement understands the terms used herein and the
consequences hereof.

5.       COVENANT

         Fine, for himself and for each of the Fine Representatives, covenants
that no suit, arbitration or other action shall be commenced against the
Corporation or the Corporate Representatives based upon any of the Claims, nor
shall any of the Claims be asserted against the other party in any action by way
of counterclaim, cross-complaint, setoff or similar pleadings and that this
Agreement shall be a complete bar to any proceedings or assertions.

6.       APPLICABLE LAW AND SEVERABILITY

                                       2
<PAGE>

         This Agreement shall, in all respects, be governed by the laws of the
State of California applicable to agreements executed and to be wholly performed
within the state of California. Nothing contained herein shall be construed so
as to require the commission of any act contrary to law, and wherever there is
any conflict between any provision contained herein and any present or future
statute, law, ordinance or regulation contrary to which the parties have no
legal right to contract, the latter shall prevail but the provision of this
Agreement which is affected shall be curtailed and limited only to the extent
necessary to bring it within the requirements of the law.

7.       ENFORCEABILITY

         It is agreed that the rights granted to the parties hereunder are of a
special and unique kind and character and that, if there were a breach by any
party of any material provision of this Agreement, the other party would not
have an adequate remedy at law. It is expressly agreed therefore that the rights
of the parties hereunder may be enforced by an action for specific performance
and such other equitable relief as is provided under the laws of the State of
California.

8.       INTERPRETATION

         This Agreement has been negotiated at arm's length and between persons
(or their representatives) sophisticated and knowledgeable in the matters dealt
within this Agreement. Accordingly, any rule of law (including California Civil
Code Section 1654 and any successor statute) or legal decision that would
require interpretation of any ambiguities against the party that has drafted it
is not applicable and is waived. The provisions of this Agreement shall be
interpreted in a reasonable manner to effect the purpose of the parties and this
Agreement.

9.       ENTIRE AGREEMENT

         This Agreement constitutes the entire agreement of the parties with
respect to the subject matter hereof and supersedes any and all other written or
oral negotiations, understandings or agreements among the parties with respect
to the rights and obligations assumed herein and contains all of the covenants
and agreements among the parties with respect to such rights and obligations.

10.      ATTORNEYS' FEES

         In the event any action be instituted by a party to enforce any of the
terms and provisions contained herein, the prevailing party in such action shall
be entitled to such reasonable attorneys' fees, costs and expenses as may be
fixed by the court.

11.      SUCCESSORS AND ASSIGNS

         Neither party may assign his or its rights or delegate his or its
obligations under this Agreement, in whole or in part. Except for the foregoing,
each of the terms and provisions contained herein shall inure to the benefit of
and shall be binding upon the parties hereto and their respective heirs,
personal representatives, successors and assigns.

                                       3
<PAGE>

12.      NO OBLIGATION TO THIRD PARTIES

         The execution and delivery of this agreement shall not be deemed to
confer any rights upon, directly, indirectly or by way of subrogation, nor
obligate either of the parties hereto, to any person or entity other than each
other.

13.      MODIFICATIONS OR AMENDMENT

         No amendment, change or modification of this Agreement shall be valid
unless in writing, stating that it amends or modifies this Agreement, and signed
by each of the parties hereto.

14.      FURTHER ASSURANCES

         Each of the parties hereto shall execute and deliver any and all
additional papers, documents and other assurances and shall do any and all acts
and things reasonably necessary in connection with the performance of their
obligations hereunder and to carry out the intent of the parties hereto.

15.      TIME IS OF ESSENCE

         Time is of the essence of this Agreement and all the terms, provisions,
covenants and conditions hereof.

16.      WAIVER

         The waiver by any party to this Agreement of the breach of any
provision of this Agreement shall not be deemed a continuing waiver or a waiver
of any subsequent breach, whether of the same or another provision of this
Agreement.

17.      HEADINGS

         The captions appearing at the commencement of the paragraphs hereof are
descriptive only and for convenience in reference. Should there be any conflict
between any such caption and the paragraph at the head of which is appears, the
paragraph and not such caption shall control and govern in the construction of
this Agreement.

18.      COUNTERPARTS

         This Agreement may be executed in two (2) or more separate
counterparts, each of which, when so executed, shall be deemed to be an
original. Such counterparts shall together constitute and be one (1) and the
same instrument.

                          [Signatures on the next page]

                                       4
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

                                                 YOUBET.COM, INC.,
                                                 a Delaware corporation

         /S/ RUSSELL FINE                        By:/S/ CHARLES CHAMPION
         ---------------------------                --------------------------
         RUSSELL FINE, Individually              CHARLES CHAMPION
                                                 Chief Executive Officer

         FINELINE SERVICES, LLC

         By:      /S/ RUSSELL FINE
            -------------------------
         Name:    RUSSELL FINE
         Its:     PARTNER
            -------------------------

                                       5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]