Document:

The  following  Form of Amendment to Securities  Purchase  Agreement was entered
into with the following individuals and entities in July 2000 as follows:

<TABLE>
<CAPTION>
Individual / Entity             Shares Purchased             Purchase Price ($)
------------------------------- ---------------------------- ----------------------------
<S>                             <C>                          <C>
Alan B. Snyder                  375,000                      375,000
------------------------------- ---------------------------- ----------------------------
Alan B. Snyder, IRA             125,000                      125,000
------------------------------- ---------------------------- ----------------------------
O.T. Finance, SA                54,375                       54,375
------------------------------- ---------------------------- ----------------------------
Merl Trust                      43,125                       43,125
------------------------------- ---------------------------- ----------------------------
The  Lucien I. Levy  Revocable  17,500                       17,500
Living Trust
------------------------------- ---------------------------- ----------------------------
The  Elvire   Levy   Revocable  10,000                       10,000
Living Trust
------------------------------- ---------------------------- ----------------------------
</TABLE>

                              FORM OF AMENDMENT TO
                          SECURITIES PURCHASE AGREEMENT

         THIS AMENDMENT TO SECURITIES  PURCHASE AGREEMENT (the "Amendment"),  is
made and  entered  into as of July 17,  2000,  by and among VDC  COMMUNICATIONS,
INC., a Delaware corporation ("VDC") and .

                                    RECITALS:

         WHEREAS,  the parties  hereto have entered  into a Securities  Purchase
Agreement, dated June 28, 2000 (the "Purchase Agreement");

         WHEREAS,  the parties hereto desire to amend the Purchase  Agreement in
the manner set forth herein effective as of the date hereof; and

         WHEREAS,  any  capitalized  term used but not defined herein shall have
the meaning ascribed to such term in the Purchase Agreement.

         NOW,  THEREFORE,   in  consideration  of  the  foregoing  premises  and
agreements contained herein, and for other good and valuable consideration,  the
receipt and  sufficiency  of which are hereby  acknowledged,  the parties hereto
hereby agree that the Purchase Agreement is hereby amended as follows:

1.       The Purchase  Agreement is hereby amended to provide that the price per
share is $1.00.  Additionally,  the last  sentence of Section 1 of the  Purchase
Agreement  is amended to read:  "If the Santa Fe Fee is paid to Santa Fe,  fifty
percent (50%) of the Santa Fe Fee shall be paid to Santa Fe in shares of Company
Common Stock valued at $1.00 per share."

2.       The  signature  page  of  the  Purchase  Agreement is hereby amended to
provide for the purchase of Shares at $1.00 per share for a total Purchase Price
of $ .

3.       Except as otherwise  set  forth  herein,  the  terms  of  the  Purchase
Agreement shall remain in full force and effect.

<PAGE>

4.       This Amendment  may  be  executed  in  two  or  more  counterparts  and
delivered via  facsimile,  each of which shall be deemed to be an original,  and
all of which together shall be deemed to be one and the same instrument.

         IN WITNESS  WHEREOF,  the parties have signed this  Amendment as of the
date first written above.

                                          VDC COMMUNICATIONS, INC.

                                          By:
                                             -----------------------------------
                                               Frederick A. Moran
                                               Chairman & CEO

                                          Purchaser:

                                          --------------------------------------The following Form of  Registration  Rights  Agreement was entered into with the
following individuals and entities in June 2000 as follows:

-------------------------------
Individual / Entity
-------------------------------
Alan B. Snyder
-------------------------------
Alan B. Snyder, IRA
-------------------------------
O.T. Finance, SA
-------------------------------
Merl Trust
-------------------------------
The  Lucien I. Levy  Revocable
Living Trust
-------------------------------
The  Elvire   Levy   Revocable
Living Trust
-------------------------------

                      FORM OF REGISTRATION RIGHTS AGREEMENT
                      -------------------------------------

         This  Registration  Rights Agreement (this  "Agreement") is dated as of
June 28, 2000 by and between VDC  COMMUNICATIONS,  INC., a Delaware  corporation
(the "Company"), and the undersigned (the "Holder" or the "Investor").

                              W I T N E S S E T H:
                              --------------------

                  WHEREAS,  simultaneously  with the  execution  and delivery of
this  Agreement,  the Investor is purchasing  from the Company,  pursuant to the
Securities Purchase Agreement dated the date hereof (the "Purchase  Agreement"),
certain shares of the Company's Common Stock (the "Securities");

                  WHEREAS,  all capitalized terms not hereinafter  defined shall
have that meaning assigned to them in the Purchase Agreement; and

                  WHEREAS,  the  Company  desires  to  grant to the  Holder  the
registration rights set forth herein with respect to the Securities.

         NOW, THEREFORE, the parties hereto agree as follows:

         1.       Definitions.

                  (a)      "Closing" shall mean the closing provided for in  the
Purchase Agreement.

                  (b)      "Common Stock" shall mean the  common  stock  of  the
Company, par value $.0001 per share.
<PAGE>

                  (c)      "Company" shall mean VDC Communications, Inc.

                  (d)      "Offering"   shall   mean   that   private  placement
transaction  pursuant to which the Company  shall offer  shares of Common  Stock
upon terms and conditions set forth in the Purchase Agreements.

                  (e)      "Person" means an individual, a partnership  (general
or limited),  corporation,  limited liability company,  joint venture,  business
trust, cooperative,  association or other form of business organization, whether
or not regarded as a legal entity under  applicable law, a trust (inter vivos or
testamentary),  an  estate  of a  deceased,  insane  or  incompetent  person,  a
quasi-governmental  entity,  a government  or any agency,  authority,  political
subdivision or other instrumentality thereof, or any other entity.

                  (f)      "Principal   Market"   means   the   OTC   Electronic
Bulletin Board, the Nasdaq National  Market,  the Nasdaq Small Cap Stock Market,
the American Stock Exchange or the New York Stock Exchange,  whichever is at the
time the principal trading exchange or market for the Common Stock.

                  (g)      "Registration    Statement"    shall     mean     the
Registration  Statement  of the  Company  filed  with  the SEC  pursuant  to the
provisions  of  Section  3 of this  Agreement  which  covers  the  resale of the
Securities on Form S-1, S-3 or any other  appropriate form then permitted by the
SEC to be used for  such  registration  and the  sales  contemplated  to be made
thereby under the Securities Act, or any similar rule that may be adopted by the
SEC,  and  all  amendments  and  supplements  to  such  Registration  Statement,
including any pre-and post- effective amendments thereto, in each case including
the  prospectus  contained  therein,  all  exhibits  thereto  and all  materials
incorporated by reference therein.

                  (h)      "Restricted Stock" shall mean the Securities that may
be issued to the Holder pursuant to the Purchase  Agreement,  and any additional
shares of Common  Stock or other  equity  securities  of the  Company  issued or
issuable  after the date  hereof in  respect  of any such  Securities  (or other
equity securities issued in respect thereof) by way of a stock dividend or stock
split,   in   connection   with   a   combination,   exchange,   reorganization,
recapitalization or  reclassification  of Company  securities,  or pursuant to a
merger,  division,  consolidation  or  other  similar  business  transaction  or
combination involving the Company; provided that: as to any particular shares of
Restricted Stock, such securities shall cease to constitute Restricted Stock (i)
when a registration  statement with respect to the sale of such securities shall
have become  effective under the Securities Act and such  securities  shall have
been disposed of thereunder,  or (ii) when and to the extent such securities are
permitted to be  distributed  pursuant to  subparagraph  (k) of Rule 144 (or any
successor  provision to such Rule)  promulgated  under the Securities Act or are
otherwise freely  transferable to the public without further  registration under
the Securities Act.

                  (i)      "Securities Act"  shall  mean  the  Securities Act of
1933, as amended, or any similar or successor federal statute, and the rules and
regulations  of the SEC  thereunder,  all as the same  shall be in effect at any
relevant time.

                  (j)      "SEC"  shall  mean  the  United States Securities and
Exchange Commission.

                                       2
<PAGE>

                  (k)      "Trading Day"  means  a  day  on  which the Principal
Market on which the Common  Stock is listed or  admitted  to trading is open for
the transaction of business or, if the Common Stock is not listed or admitted to
trading on any  national  securities  exchange,  any day other than a  Saturday,
Sunday,  or a day on which banking  institutions in the State of Connecticut are
authorized or obligated by law or executive order to close.

         2.       Restrictions  on  Transfer.   The   Holder   acknowledges  and
                  ---------------------------
understands  that prior to the  registration of the Restricted Stock as provided
herein,  the Restricted Stock and the Securities are "restricted  securities" as
defined in Rule 144 promulgated under the Securities Act. The Holder understands
that no disposition or transfer of the Restricted Stock or the Securities may be
made by the Holder in the  absence  of (i) an opinion of counsel to the  Holder,
satisfactory to the Company and prepared at Holder's expense, that such transfer
may be made without  registration  under the  Securities  Act or any  applicable
state  securities laws; or (ii) such security has been registered for sale under
the Securities Act and registered or qualified under applicable state securities
laws relating to the offer and sale of securities

         3.       Registration Rights.
                  --------------------

                  (a)      Piggyback Registration Rights.

                  The Company shall advise the Holder by written notice at least
ten (10) calendar days prior to the filing of a Registration Statement under the
Securities Act (excluding registration on Forms S-8, S-4, or any successor forms
thereto),  covering securities of the Company to be offered and sold (whether by
the  Company or any  stockholder  thereof)  and shall,  upon the  request of the
Holder  given at least  five  (5)  calendar  days  prior to the  filing  of such
Registration  Statement,   include  in  any  such  Registration  Statement  such
information  as may be required to permit an offering of the  Restricted  Stock.
The  Holder  shall  promptly  furnish  such  information  as may  be  reasonably
requested  by the  Company  in order to  include  such  Restricted  Stock in the
Registration  Statement.  In the event that any  registration  pursuant  to this
Section 3 shall be, in whole or in part,  an  underwritten  public  offering  of
Common Stock on behalf of the Company, and the managing  underwriters advise the
Company in writing that in their opinion the number of  securities  requested to
be included  in such  registration  exceeds  the number  which can be sold in an
orderly manner in such offering within a price range  acceptable to the Company,
the Company shall include in such  registration  (i) first,  the  securities the
Company  proposes to sell, and (ii) second,  the Restricted  Stock and any other
registrable   securities   eligible  and   requested  to  be  included  in  such
registration  to the extent that the number of shares to be registered will not,
in the opinion of the managing  underwriters,  adversely  affect the offering of
the  securities  pursuant  to clause  (i),  pro rata  among the  holders of such
registrable  securities,  including the Holder of the Restricted  Stock,  on the
basis of the number of shares eligible for  registration  which are owned by all
such  holders.  Notwithstanding  the  foregoing,  the Company may  withdraw  any
registration  statement  referred to in this Section 3 without thereby incurring
liability to the holders of the Restricted Stock.

                  (b)      Shelf Registration.

                  In the  event  that  the  Restricted  Stock  is not  otherwise
included  within a Registration  Statement filed pursuant to Section 3(a) above,

                                       3
<PAGE>

the Company  shall use  reasonable  efforts to prepare and file,  not later than
twelve  (12)  months  following  the  Closing of the  Offering,  a  Registration
Statement with the SEC.

                  (c)      Notwithstanding anything to  the  contrary  contained
herein,  the  Company's  obligation  in Section 3(a) and 3(b) above shall extend
only to the inclusion of the Restricted Stock in a Registration  Statement filed
under the  Securities  Act. The Company  shall have no  obligation to assure the
terms and conditions of distribution, to obtain a commitment from an underwriter
relative  to the  sale  of the  Restricted  Stock  or to  otherwise  assume  any
responsibility  for the  manner,  price  or  terms  of the  distribution  of the
Restricted Stock. Furthermore, the Company shall not be restricted in any manner
from including within the Registration  Statement or the distribution,  issuance
or resale of any of its or any other securities.

         4.       Registration Procedures.  Whenever it is obligated to register
                  ------------------------
any Restricted Stock pursuant to this Agreement, the Company shall:

                  (a)      prepare   and  file  with  the  SEC  a   Registration
Statement  with  respect  to the  Restricted  Stock in the  manner  set forth at
Sections  3(a)  or  3(b)  hereof  and  use  reasonable  efforts  to  cause  such
Registration Statement to remain effective for that period identified in Section
4(g) hereafter;

                  (b)      prepare and file with the  SEC  such  amendments  and
supplements to such Registration Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration  Statement effective for
the period  specified in Section 4(g) below and to comply with the provisions of
the  Securities  Act with respect to the  disposition  of all  Restricted  Stock
covered by such Registration  Statement in accordance with the Holder's intended
method of disposition set forth in such Registration Statement for such period;

                  (c)      furnish  to the Holder  and to each  underwriter,  if
any,  such number of copies of the  Registration  Statement  and the  prospectus
included  therein  (including each preliminary  prospectus),  as such person may
reasonably  request in order to facilitate the public sale or other  disposition
of the Restricted Stock covered by such Registration Statement;

                  (d)      use reasonable efforts to  register  or  qualify  the
Restricted Stock covered by such Registration  Statement under the securities or
blue  sky  laws of such  jurisdictions  as the  Holder,  or,  in the  case of an
underwritten public offering, the managing underwriter shall reasonably request;
provided,  however,  that the Company shall not for any such purpose be required
to qualify  generally  to  transact  business  as a foreign  corporation  in any
jurisdiction  where it is not so qualified  or to consent to general  service of
process in any such jurisdiction;

                  (e)      promptly notify the Holder under  such   Registration
Statement and each underwriter,  at any time when a prospectus  relating thereto
is required to be delivered  under the  Securities  Act, of the happening of any
event as a  result  of  which  the  prospectus  contained  in such  Registration
Statement, as then in effect, includes an untrue statement of a material fact or
omits to state any material fact  required or necessary to be stated  therein in
order to make the  statements  contained  therein not misleading in light of the
circumstances under which they were made;

                                       4
<PAGE>

                  (f)      make available for   inspection  by  the  Holder, any
underwriter  participating  in an  underwritten  disposition  on  behalf  of any
Holder,   and  any  attorney,   accountant  or  other  agent  retained  by  such
underwriter,  all financial and other records, pertinent corporate documents and
properties  of the Company,  and cause the  Company's  officers,  directors  and
employees  to  supply  all  information  reasonably  requested  by  the  Holder,
underwriter,  attorney, accountant or agent in connection with such Registration
Statement;

                  (g)      for  purposes  of Sections  4(a) and 4(b) above,  the
period of distribution  of Restricted  Stock shall be deemed to extend until the
earlier of: (A) in an  underwritten  public  offering  of all of the  Restricted
Stock,  the period in which each  underwriter has completed the  distribution of
all securities  purchased by it; (B) in any other  registration,  the earlier of
the period in which all shares of Restricted  Stock  covered  thereby shall have
been sold or two (2) years from the Closing.

                  (h)      if the Common  Stock  of the  Company  is  listed  on
any securities  exchange or automated  quotation  system,  the Company shall use
reasonable efforts to list (with the listing  application being made at the time
of the  filing  of  such  Registration  Statement  or as soon  thereafter  as is
reasonably  practicable)  the  Restricted  Stock  covered  by such  Registration
Statement on such exchange or automated quotation system;

                  (i)      enter  into  normal   and   customary    underwriting
arrangements  or an  underwriting  agreement and take all other  reasonable  and
customary actions if the Holder sells its shares of Restricted Stock pursuant to
an underwriting (however, in no event shall the Company, in connection with such
underwriting,  be required to undertake  any special audit of a fiscal period in
which an audit is normally not required);

                  (j)      notify  the  Holder  if there are any  amendments  to
the Registration  Statement,  any requests by the SEC to supplement or amend the
Registration  Statement,  or of any  threat  by  the  SEC  or  state  securities
commission   to  undertake  a  stop  order  with  respect  to  sales  under  the
Registration Statement; and

                  (k)      cooperate in the removal of any  restrictive  legends
from the shares of Restricted Stock in connection with the resale of such shares
covered by an effective Registration Statement.

         5.       Expenses.
                  ---------

                  (a)      For  the  purposes  of  this  Section 5,   the   term
"Registration  Expenses"  shall mean:  all  expenses  incurred by the Company in
complying  with  Sections  3  and  4  of  this  Agreement,   including,  without
limitation,  all  registration  and filing  fees,  printing  expenses,  fees and
disbursements  of counsel and  independent  public  accountants for the Company,
"blue sky" fees, fees of the National  Association of Securities  Dealers,  Inc.
("NASD"),  fees and  expenses  of  listing  shares  of  Restricted  Stock on any
securities  exchange or automated quotation system on which the Company's shares
are  listed  and fees of  transfer  agents  and  registrars.  The term  "Selling
Expenses"  shall  mean:  all  underwriting  discounts  and  selling  commissions
applicable   to  the  sale  of   Restricted   Stock  and  all   accountable   or
non-accountable  expenses  paid to any  underwriter  in  respect  of the sale of
Restricted Stock.

                                       5
<PAGE>

                  (b)      Except as otherwise provided herein, the Company will
pay all  Registration  Expenses in connection with the  Registration  Statements
filed  pursuant  to  Section  3 of  this  Agreement.  All  Selling  Expenses  in
connection with any Registration  Statements filed pursuant to Section 3 of this
Agreement shall be borne by the participating Holder in proportion to the number
of shares sold by each.

         6.       Obligations of Holder.
                  ----------------------

                  (a)      In connection with each registration hereunder,  each
selling Holder will promptly  furnish to the Company in writing such information
with  respect to such seller and the  securities  held by such  seller,  and the
proposed  distribution  by him or them as shall be  reasonably  requested by the
Company  in order  to  assure  compliance  with  federal  and  applicable  state
securities laws, as a condition  precedent to including such seller's Restricted
Stock in the  Registration  Statement.  Each selling  Holder also shall agree to
promptly notify the Company of any changes in such  information  included in the
Registration  Statement  or  prospectus  as a result of which there is an untrue
statement of material fact or an omission to state any material fact required or
necessary to be stated therein in order to make the statements contained therein
not misleading in light of the circumstances then existing.

                  (b)      In  connection  with each  registration  pursuant  to
this  Agreement,  the Holder whose  shares are included  therein will not effect
sales  thereof  until  notified  by  the  Company  of the  effectiveness  of the
Registration Statement,  and thereafter will suspend such sales after receipt of
telegraphic,  facsimile or written  notice from the Company to suspend  sales to
permit the Company to correct or update a Registration  Statement or prospectus.
At the end of any  period  during  which  the  Company  is  obligated  to keep a
Registration  Statement  current,  the  Holder  included  in  said  Registration
Statement  shall  discontinue  sales of  shares  pursuant  to such  Registration
Statement  upon  receipt of notice from the Company of its  intention  to remove
from registration the shares covered by such Registration Statement which remain
unsold,  and such  Holder  shall  notify  the  Company  of the  number of shares
registered which remain unsold  immediately upon receipt of such notice from the
Company.

         7.       Information Blackout and Holdbacks.
                  -----------------------------------

                  (a)      At any time when a  Registration  Statement  effected
pursuant to Section 3 relating to Restricted  Stock is  effective,  upon written
notice from the Company to the Holder  that the Company has  determined  in good
faith that sale of Restricted Stock pursuant to the Registration Statement would
require disclosure of non-public material information,  the Holder shall suspend
sales of Restricted  Stock pursuant to such  Registration  Statement  until such
time as the Company notifies the Holder that such material  information has been
disclosed  to the public or has ceased to be material or that sales  pursuant to
such Registration Statement may otherwise be resumed.

                  (b)      Notwithstanding    any   other   provision  of   this
Agreement,  each Holder of Restricted  Stock shall not effect any public sale or
distribution  (including sales pursuant to Rule 144) of equity securities of the
Company,  or any securities  convertible into or exchangeable or exercisable for
such securities,  during the thirty (30) calendar days prior to the commencement
of any  primary  offering to be  undertaken  by the Company of shares of its own
common stock (the "Primary Offering"),  which may also include other securities,

                                       6
<PAGE>

and ending one hundred and twenty (120)  calendar  days after  completion of any
such Primary  Offering,  unless the Company,  in the case of a  non-underwritten
offering,  or the managing  underwriter,  in the case of an underwritten Primary
Offering, otherwise agrees.

         8.       Indemnification
                  ---------------

                  (a)      The  Company  agrees  to  indemnify,  to  the  extent
permitted by law,  each Holder of Restricted  Stock,  its officers and directors
and each Person who controls such Holder  (within the meaning of the  Securities
Act) against all losses, claims, damages, liabilities and expenses caused by any
untrue  statement  of material  fact  contained in any  Registration  Statement,
prospectus or  preliminary  prospectus  or any  amendment  thereof or supplement
thereto or any  omission of a material  fact  required  to be stated  therein or
necessary to make the statements  therein not misleading,  except insofar as the
same are caused by or contained in any  information  furnished to the Company by
such Holder for use therein or by such Holder's failure to deliver a copy of the
Registration  Statement or prospectus or any amendments or  supplements  thereto
after the Company has furnished  such Holder with a sufficient  number of copies
of the same.

                  (b)      In  connection  with  any  Registration  Statement in
which a Holder of  Restricted  Stock is  participating,  each such Holder  shall
furnish to the Company in writing such information and affidavits as the Company
reasonably  requests for use in connection with any such Registration  Statement
or prospectus and, to the extent  permitted by law, shall indemnify the Company,
its directors and officers and each Person who controls the Company  (within the
meaning of the Securities Act) against any losses, claims, damages,  liabilities
and  expenses  resulting  from:  (i) any untrue or alleged  untrue  statement of
material fact contained in the Registration Statement, prospectus or preliminary
prospectus  or any amendment  thereof or  supplement  thereto or any omission or
alleged  omission of a material fact required to be stated  therein or necessary
to make the statements therein not misleading, (but only to the extent that such
untrue  statement or omission is contained  in any  information  or affidavit so
furnished by such Holder);  or (ii) any disposition of the Restricted Stock in a
manner  that  fails  to  comply  with  the  permitted  methods  of  distribution
identified  within the Registration  Statement;  provided that the obligation to
indemnify  (if there shall be more than one  Holder)  shall be  individual,  not
joint and  several,  for each  Holder  and shall be limited to the net amount of
proceeds  received by such Holder from the sale of Restricted  Stock pursuant to
such Registration Statement.

                  (c)      Any  Person  entitled  to  indemnification  hereunder
shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks  indemnification  (provided  that the  failure to give
prompt notice shall not impair any Person's right to  indemnification  hereunder
to the extent such failure has not prejudiced the  indemnifying  party) and (ii)
unless in such indemnified  party's  reasonable  judgment a conflict of interest
between such indemnified and indemnifying parties may exist with respect to such
claim,  permit such indemnifying  party to assume the defense of such claim with
counsel  reasonably  satisfactory to the  indemnified  party. If such defense is
assumed,  the  indemnifying  party shall not be subject to any liability for any
settlement made by the  indemnified  party without its consent (but such consent
shall not be unreasonably  withheld).  An indemnifying party who is not entitled
to, or elects not to,  assume the defense of a claim shall not be  obligated  to
pay the fees and  expenses of more than one counsel for all parties  indemnified
by such indemnifying party with respect to such claim,  unless in the reasonable

                                       7
<PAGE>

judgment of any indemnified  party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such
claim.

                  (d)      The indemnification provided for under this Agreement
shall remain in full force and effect regardless of any investigation made by or
on behalf of the  indemnified  party or any  officer,  director  or  controlling
Person of such  indemnified  party and shall survive the transfer of securities.
The Company also agrees to make such provisions,  as are reasonably requested by
any indemnified party, for contribution to such party in the event the Company's
indemnification is unavailable for any reason.

         9.       Miscellaneous Provisions.
                  -------------------------

                  (a)      Governing  Law. This  Agreement  shall be governed by
                           ---------------
and construed in accordance  with the laws of the State of  Connecticut  without
regard to principles of conflicts of laws.

                  (b)      Counterparts.  This  Agreement  may  be  executed  in
                           -------------
multiple  counterparts  each of  which  shall  be an  original  but all of which
together shall constitute one and the same  instrument.  This Agreement may also
be executed and delivered by exchange of facsimile copies showing the signatures
of the parties,  and those  signatures need not be affixed to the same copy. The
facsimile   copies  showing  the  signatures  of  the  parties  will  constitute
originally signed copies of the Agreement requiring no further execution.

                  (c)      Amendments and Waivers. Except as otherwise  provided
                           -----------------------
herein,  the  provisions  of this  Agreement  may not be  amended,  modified  or
supplemented,  and waivers or consents to departures from the provisions  hereof
may not be given without the written consent of the Company and the Holder.

                  (d)      Notices.  All notices, consents, waivers,  and  other
                           --------
communications  under this  Agreement  must be in writing  and will be deemed to
have been duly given when (a)  delivered by hand (with written  confirmation  of
receipt), (b) sent by facsimile (with written confirmation of receipt), provided
that a copy is mailed by certified mail, return receipt requested (provided that
facsimile  notice shall be deemed  received on the next business day if received
after 5:00 p.m. Eastern Standard Time), or (c) on the next business day, if sent
by a  nationally  recognized  overnight  delivery  service,  in each case to the
appropriate  addresses and  facsimile  numbers set forth below (or to such other
addresses and facsimile  numbers as a party may designate by notice to the other
parties)

                           (i)      if to the Company to:

                                    VDC Communications, Inc.
                                    75 Holly Hill Lane
                                    Greenwich, CT  06830
                                    Attn:   Frederick A. Moran, Chief  Executive
                                            Officer
                                    Telephone:       (203) 869-5100
                                    Facsimile:       (203) 552-0908

                                       8
<PAGE>

                           (ii)     if to the Holder, to the address  identified
                                    on the books and records of the Company

                  (e)      Successors  and  Assigns;  Holders as  Beneficiaries.
                           -----------------------------------------------------
This Agreement shall inure to the benefit of and be binding upon the parties and
their  respective  successors  and assigns,  and the  agreements  of the Company
herein shall inure to the benefit of the Holders and their respective successors
and assigns.

                  (f)      Headings.  The headings in this   Agreement  are  for
                           ---------
convenience  of  reference  only and  shall not limit or  otherwise  affect  the
meaning hereof.

                  (g)      Entire   Agreement;  Survival;   Termination.    This
                           ---------------------------------------------
Agreement is intended by the parties as a final  expression  of their  agreement
and  intended to be a complete and  exclusive  statement  of the  agreement  and
understanding  of the parties hereto in respect of the subject matter  contained
herein.  There are no  restrictions,  promises,  representations,  warranties or
undertakings,  other than those set forth or referred to herein.  This Agreement
supersedes  all prior  agreements  and  understandings  between the parties with
respect to such subject matter.

                  (h)      Construction.   This  Agreement   and   any   related
                           -------------
instruments  will not be construed more strictly  against one party then against
the other by virtue of the fact that  drafts may have been  prepared  by counsel
for one of the parties,  it being recognized that this Agreement and any related
instruments  are the product of  negotiations  between the parties and that both
parties have  contributed  to the final  preparation  of this  Agreement and all
related instruments.

                  (i)      Arbitration.  All  controversies  arising  out  of or
                           ------------
related to this Agreement  shall be determined by binding  arbitration  applying
the laws of the State of Connecticut.  Any arbitration between the parties shall
be conducted at the  Company's  offices in  Greenwich,  Connecticut,  or at such
other  location  designated  by the  Company,  before the  American  Arbitration
Association (the "AAA").  The decision of the  arbitrator(s)  shall be final and
binding upon the parties and judgment may be obtained thereon by either party in
a court of competent  jurisdiction.  Each party shall bear the cost of preparing
and presenting its own case. The cost of the arbitration, including the fees and
expenses of the  arbitrator(s),  shall be shared  equally by the parties  hereto
unless the award otherwise provides. Nothing in this section will prevent either
party from resorting to judicial  proceedings if interim injunctive relief under
the  laws of the  State of  Connecticut  from a court is  necessary  to  prevent
serious and  irreparable  injury to one of the parties,  and the parties  hereto
agree that the state  courts in  Stamford,  Connecticut  and the  United  States
District Court in the District of Connecticut in Bridgeport,  Connecticut  shall
have exclusive subject matter and in personam  jurisdiction over the parties for
purposes of obtaining interim injunctive relief.

                  (j)      Agreement Read and Understood.   Both parties  hereto
                           ------------------------------
acknowledge  that they have had an opportunity to consult with an attorney,  and
such other experts or consultants  as they deem necessary or prudent,  regarding
this  Agreement  and  that  they,  or their  designated  agents,  have  read and
understand this Agreement.

                                       9
<PAGE>

                  (k)      Binding Effect.  This  Agreement shall not be binding
                           ---------------
on the Company unless and until an authorized  executive  officer of the Company
has evidenced  acceptance  thereof by executing  the  signature  page at the end
hereof.

         IN WITNESS  WHEREOF,  intending to be legally bound, the parties hereto
have caused this Agreement to be signed.

ATTEST:                                   VDC COMMUNICATIONS, INC.

                                          By:
---------------------------                  -----------------------------------
                                             Frederick A. Moran
                                             Chief Executive Officer

WITNESS:

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

                                       10

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