Document:

<PAGE>
                                                                   Exhibit 10.23

                            HUDSON CITY BANCORP, INC.
                  STOCK OPTION AGREEMENT FOR DENIS J. SALAMONE

DENIS J. SALAMONE
------------------------------               -----------------------------------
Name                                         Social Security Number

--------------------------------------------------------------------------------
Street Address

-------------------------------        ----------------           -----------
City                                   State                      Zip Code

This Stock Option Agreement is intended to set forth the terms and conditions on
which a Stock Option has been granted. Set forth below are the specific terms
and conditions applicable to this Stock Option. Attached as Exhibit A are its
general terms and conditions.

<TABLE>
<CAPTION>
             Option Grant              (A)            (B)         (C)          (D)         (E)
===================================================================================================
<S>                                    <C>          <C>         <C>          <C>         <C>
Grant Date:                            10/29/01     10/29/01    10/29/01     10/29/01    10/29/01
---------------------------------------------------------------------------------------------------
Class of Optioned Shares*               Common       Common      Common       Common      Common
---------------------------------------------------------------------------------------------------
No. of Optioned Shares*                 32,000       32,000      32,000       32,000      32,000
---------------------------------------------------------------------------------------------------
Exercise Price per Share*
---------------------------------------------------------------------------------------------------
Option Type (ISO or NQSO)                NQSO         NQSO        NQSO         NQSO        NQSO
---------------------------------------------------------------------------------------------------
               VESTING:
---------------------------------------------------------------------------------------------------
Earliest Exercise Date*                1/13/02      1/13/03      1/13/04     1/13/05     1/13/06
---------------------------------------------------------------------------------------------------
Option Expiration Date*                10/28/11     10/28/11    10/28/11     10/28/11    10/28/11
===================================================================================================
</TABLE>

* Subject to adjustment as provided in the Hudson City Bancorp, Inc. 2000 Stock
Option Plan and the General Terms and Conditions

By signing where indicated below, Hudson City Bancorp, Inc. (the "Company")
grants this Stock Option upon the specified terms and conditions, and the
Optionee acknowledges receipt of this Stock Option Agreement, including Exhibit
A, and agrees to observe and be bound by the terms and conditions set forth
herein and acknowledges receipt of a copy of the related Prospectus dated
November 9, 2001.

HUDSON CITY BANCORP, INC.                               DENIS J. SALAMONE

By
    -----------------------------                       ------------------------
    Name:  Donald O. Quest                              Denis J. Salamone
    Title: Chairman, Compensation Committee

INSTRUCTIONS: This Agreement should be completed by or on behalf of the
Compensation Committee. Any blank space intentionally left blank should be
crossed out. An option grant consists of a number of optioned shares with
uniform terms and conditions. Where options are granted on the same date with
varying terms and conditions (for example, varying exercise prices or earliest
exercise dates), the options should be recorded as a series of grants each with
its own uniform terms and conditions.

<PAGE>

                                                                       EXHIBIT A
                                                                       ---------

                            HUDSON CITY BANCORP, INC.
                  STOCK OPTION AGREEMENT FOR DENIS J. SALAMONE

                          GENERAL TERMS AND CONDITIONS
                          ----------------------------

            SECTION 1. OPTION SIZE AND TYPE. The number of shares of Common
Stock, par value $.01 per share ("Shares"), that have been optioned to you is
specified in this Stock Option Agreement. If the "Option Type" shown for your
stock option is "ISO", then your stock option has been designed with the intent
that it qualify to the maximum permissible extent for the special tax benefits
applicable to incentive stock options under the Internal Revenue Code of 1986.
If the "Option Type" shown for your stock options is "NQSO", then incentive
stock option tax treatment is not applicable.

            SECTION 2. EXERCISE PRICE. The Exercise Price for your stock options
is the price per Share at which you may acquire the Shares that have been
optioned to you and is specified in this Stock Option Agreement. As a general
rule, the Exercise Price for your stock options will not change unless there is
a stock split, stock dividend, merger or other major corporate event that
justifies an adjustment.

            SECTION 3. VESTING.

            (A) EARLIEST EXERCISE DATE. You may not exercise your stock options
until they are vested. The date on which your stock options become vested is
specified in this Stock Option Agreement as the Earliest Exercise Date. As a
general rule, you must be in the service of the Company on an Earliest Exercise
Date in order to be vested in the stock options that vest on that date. You may
acquire the Shares that have been optioned to you by exercising your stock
options at any time during the period beginning on the Earliest Exercise Date
and continuing until the applicable Option Expiration Date, by completing and
filing the Notice of Exercise of Stock Option that is attached to this Stock
Option Agreement as Appendix A and by following the procedures outlined therein.

            (B) FORFEITURES. If you terminate service with the Company prior to
an Earliest Exercise Date, you will forfeit any stock options that are scheduled
to vest on that date. When you forfeit stock options, you relinquish any and all
rights that you have to acquire the Shares that were optioned to you.

            (C) ACCELERATED VESTING. All of your outstanding stock options that
have not previously vested will become fully and immediately vested, without any
further action on your part, in the event of your death or Disability (as
defined in the Hudson City Bancorp, Inc. 2000 Stock Option Plan (the "Plan"))
before your termination of service with the Company. In addition, if your
service terminates due to Retirement (as defined in the Plan) or if a Change of
Control (as defined in the Plan) occurs before you terminate service with the
Company, then any stock options not theretofore forfeited shall become
immediately vested on the date of your Retirement or the Change of Control. If
vesting accelerates, the accelerated vesting date will be the applicable
Earliest Exercise Date. You may designate a beneficiary to inherit your rights
to any vested, unexercised stock options that are outstanding to you at your
death using the Beneficiary Designation attached as Appendix B.

            SECTION 4. OPTION EXPIRATION DATE. To derive any benefit from your
stock options, you must exercise them during the period that begins on the
applicable Earliest Exercise Date and ends on the Option Expiration Date. The
Option Expiration Date for your stock options is specified in this Stock Option
Agreement. Your Option Expiration Date may be accelerated in the event of your
termination of service with the Company as follows:

                        (A) OPTIONS GRANTED TO ELIGIBLE EMPLOYEES. Your stock
            options will expire on the earliest of (i) the Option Expiration
            Date, (ii) three months after your termination of service with the
            Company for any reason other than death, Disability (as defined in
            the Plan), Retirement (as defined in the Plan), or Termination for
            Cause (as defined in the Plan); (iii) one year after your
            termination of service due to death, Disability or Retirement; and
            (iv) the date and time of your Termination for Cause.

                        (B) OPTIONS GRANTED TO OUTSIDE DIRECTORS. Your stock
            options will expire on the earlier of (i) the Option Expiration Date
            and (ii) the date and time of your removal as a director for cause
            under the Company's By-laws.

To qualify for the favorable tax treatment accorded to incentive stock options,
you (or, in the event of your death, your estate or designated beneficiaries)
must exercise any stock options that are designated as ISOs within three months
after you terminate service as a common-law employee of the Company and its
subsidiaries for any reason other than death or disability and within one year
after you terminate service as common-law employee due to your death or
disability. If they are exercised later, they will be subject to tax as if they
were designated as NQSOs.

            SECTION 5. AMENDMENT. This Agreement may be amended, in whole or in
part and in any manner not inconsistent with the provisions of the Plan, at any
time and from time to time, by written agreement between the Company and you.

            SECTION 6. PLAN PROVISIONS CONTROL. This Agreement and the rights
and obligations created hereunder shall be subject to all of the terms and
conditions of the Plan that would apply if this stock option had been granted
under the Plan. In the event of any conflict between the provisions of the Plan
and the provisions of this Agreement, the terms of the Plan, which are
incorporated herein by reference, shall control. Capitalized terms in this
agreement have the meaning defined in the Plan, as amended from time to time,
unless stated otherwise. By signing this Agreement, you acknowledge receipt of a
copy of the Plan and a copy of the Prospectus for this stock option dated
November 9, 2001.

<PAGE>

                      APPENDIX A TO STOCK OPTION AGREEMENT
          HUDSON CITY BANCORP, INC. DENIS J. SALAMONE STOCK OPTION PLAN
                       NOTICE OF EXERCISE OF STOCK OPTION

--------------------------------------------------------------------------------
USE THIS NOTICE TO INFORM HUDSON CITY BANCORP, INC. THAT YOU ARE EXERCISING YOUR
RIGHT TO PURCHASE SHARES OF COMMON STOCK ("SHARES") OF HUDSON CITY BANCORP, INC.
PURSUANT TO AN OPTION ("OPTION") GRANTED UNDER THE STOCK OPTION AGREEMENT
BETWEEN HUDSON CITY BANOCORP, INC. AND DENIS J. SALAMONE DATED OCTOBER 29, 2001
(THE "OPTION AGREEMENT"). IF YOU ARE NOT THE PERSON TO WHOM THE OPTION WAS
GRANTED ("OPTION RECIPIENT"), YOU MUST ATTACH TO THIS NOTICE PROOF OF YOUR RIGHT
TO EXERCISE THE OPTION GRANTED UNDER THE STOCK OPTION AGREEMENT . THIS NOTICE
SHOULD BE PERSONALLY DELIVERED OR MAILED BY CERTIFIED MAIL, RETURN RECEIPT
REQUESTED TO: HUDSON CITY BANCORP, INC, WEST 80 CENTURY ROAD, PARAMUS, NEW
JERSEY 07652-1473, ATTENTION: CORPORATE SECRETARY. THE EFFECTIVE DATE OF THE
EXERCISE OF THE OPTION SHALL BE THE EARLIEST DATE PRACTICABLE FOLLOWING THE DATE
THIS NOTICE IS RECEIVED BY HUDSON CITY BANCORP, INC. BUT IN NO EVENT MORE THAN
THREE DAYS AFTER SUCH DATE ("EFFECTIVE DATE"). EXCEPT AS SPECIFICALLY PROVIDED
TO THE CONTRARY HEREIN, CAPITALIZED TERMS SHALL HAVE THE MEANINGS ASSIGNED TO
THEM UNDER THE HUDSON CITY BANCORP, INC. 2001 STOCK OPTION PLAN (THE "PLAN").

OPTION INFORMATION      IDENTIFY BELOW THE OPTION THAT YOU ARE EXERCISING BY
                        PROVIDING THE FOLLOWING INFORMATION FROM THE STOCK
                        OPTION AGREEMENT.

  NAME OF OPTION RECIPIENT:
                           ----------------------------------------------

  OPTION GRANT DATE:                ,        EXERCISE PRICE PER SHARE: $    .
                     --------------   ------                            ---- --
                     (MONTH AND DAY)  (YEAR)

EXERCISE PRICE          COMPUTE THE EXERCISE PRICE BELOW AND SELECT A METHOD OF
                        PAYMENT.

  TOTAL EXERCISE PRIC                x $           .     =  $
                     --------------     ----------- --       -------------------
                     (No. of Shares)    (Exercise Price)    Total Exercise Price

  METHOD OF PAYMENT

       |_|    I enclose a certified check, money order, or bank draft
              payable to the order of Hudson City Bancorp, Inc. in the
              amount of the order of                                    $_______

       |_|    I enclose Shares duly endorsed for transfer to Hudson
              City Bancorp, Inc. with all stamps attached and having a
              fair market value of                                      $_______

              Total Exercise Price                                      $_______

ISSUANCE OF CERTIFICATES
I hereby direct that the stock certificates representing the Shares purchased
pursuant to section 2 above be issued to the following person(s) in the amount
specified below:

           NAME AND ADDRESS                 SOCIAL SECURITY NO.    NO. OF SHARES

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

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

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

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

WITHHOLDING ELECTIONS      FOR EMPLOYEE OPTION RECIPIENTS WITH
                           NON-QUALIFIED STOCK OPTIONS ONLY.
                           BENEFICIARIES SHOULD NOT COMPLETE.

I understand that I am responsible for the amount of federal, state and local
taxes required to be withheld with respect to the Shares to be issued to me
pursuant to this Notice, but that I may request Hudson City Bancorp, Inc., to
retain or sell a sufficient number of such Shares to cover the amount to be
withheld. I hereby request that any taxes required to be withheld be paid in the
following manner [check one]:

            |_|         With a certified or bank check that I will deliver to
                        the Hudson City Bancorp, Inc. on the day after the
                        Effective Date of my Option exercise.

            |_|         With the proceeds from a sale of Shares that would
                        otherwise be distributed to me.

            |_|         Retain shares that would otherwise be distributed to me.

I understand that the withholding elections I have made on this form are not
binding on the Committee, and that the Committee will decide the amount to be
withheld and the method of withholding and advise me of its decision prior to
the Effective Date. I further understand that the Committee may request
additional information or assurances regarding the manner and time at which I
will report the income attributable to the distribution to be made to me. I
further understand that if I have elected to have Shares sold to satisfy tax
withholding, I may be asked to pay a minimal amount of such taxes in cash in
order to avoid the sale of more Shares than are necessary.

COMPLIANCE WITH TAX AND SECURITIES LAWS

  S   H     I understand that I must rely on, and consult with, my own tax and
  I   E     legal counsel (and not Hudson City Bancorp, Inc.) regarding the
  G   R     application of all laws -- particularly tax and securities laws --
  N   E     to the transactions to be effected pursuant to my Option and this
            Notice. I understand that I will be responsible for paying any
            federal, state and local taxes that may become due upon the sale
            (including a sale pursuant to a "cashless exercise") or other
            disposition of Shares issued pursuant to this Notice and that I must
            consult with my own tax advisor regarding how and when such income
            will be reportable.

            ------------------------------------                  --------------
                         Signature                                         Date

            --------------------------------------------------------------------
                                        Address
--------------------------------------------------------------------------------

--------------------------------INTERNAL USE ONLY-------------------------------
<PAGE>

Received  [CHECK ONE]:  |_| By Hand   |_| By Mail Post Marked
                                                               -----------------
                                                               DATE OF POST MARK

By
  ----------------------------------------------               -----------------
                    AUTHORIZED SIGNATURE                       DATE OF RECEIPT
--------------------------------------------------------------------------------

                            HUDSON CITY BANCORP, INC.
                      APPENDIX B TO STOCK OPTION AGREEMENT
                              FOR DENIS J. SALAMONE

                          BENEFICIARY DESIGNATION FORM

GENERAL
INFORMATION     USE THIS FORM TO DESIGNATE THE BENEFICIARY(IES) WHO WILL RECEIVE
                SHARES AVAILABLE FOR DISTRIBUTION AT THE TIME OF YOUR DEATH.

Name of
Award                                                   Social Security Number
Recipient                                                    --     --
         -----------------------------------------      ----------------------

                        COMPLETE SECTIONS A AND B. IF NO PERCENTAGE SHARES ARE
                        SPECIFIED, EACH BENEFICIARY IN THE SAME CLASS (PRIMARY
                        OR CONTINGENT) SHALL HAVE AN EQUAL SHARE. IF ANY
BENEFICIARY             BENEFICIARY DESIGNATED BENEFICIARY PREDECEASES YOU, THE
DESIGNATION             SHARES OF EACH REMAINING BENEFICIARY IN THE SAME CLASS
                        (PRIMARY OR CONTINGENT) SHALL BE INCREASED
                        PROPORTIONATELY.

A. PRIMARY BENEFICIARY(IES). I hereby designate the following person as my
primary Beneficiary, reserving the right to change or revoke this designation at
any time prior to my death:

        NAME                 ADDRESS       RELATIONSHIP  BIRTHDATE     SHARE
                     --------------------
-------------------                        ------------  ---------  -----------%
                     --------------------

                     --------------------
-------------------                        ------------  ---------  -----------%
                     --------------------

                     --------------------
-------------------                        ------------  ---------  -----------%
                     --------------------                           Total = 100%

B. CONTINGENT BENEFICIARY(IES). I hereby designate the following person(s) as my
contingent Beneficiary(ies) to receive benefits only if all of my primary
Beneficiaries should predecease me, reserving the right to change or revoke this
designation at any time prior to my death with respect to all outstanding
Stock Option:

        NAME                 ADDRESS       RELATIONSHIP  BIRTHDATE     SHARE
                     --------------------
-------------------                        ------------  ---------  -----------%
                     --------------------

                     --------------------
-------------------                        ------------  ---------  -----------%
                     --------------------

                     --------------------
-------------------                        ------------  ---------  -----------%
                     --------------------                           Total = 100%

  S   H    I understand that this Beneficiary Designation shall be effective
  I   E    only if properly completed and received by the Corporate Secretary
  G   R    of Hudson City Bancorp, Inc. prior to my death. I also understand
  N   E    that an effective Beneficiary designation revokes my prior
           designation(s) with respect to all outstanding Stock Option.

            --------------------------------------            ----------------
                         YOUR SIGNATURE                             DATE

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

---------------------------INTERNAL USE ONLY------------------------------------
<PAGE>
--------------------------------------------------------------------------------
|This Beneficiary Designation was |                Comments                    |
|received by the Corporate        |                                            |
|Secretary of Hudson City Bancorp,|                                            |
|Inc. on the date indicated.      |                                            |
|                                 |                                            |
|                                 |                                            |
|By                               |                                            |
|  ------------------------------ |                                            |
|  AUTHORIZED SIGNATURE      DATE |                                            |
|                                 |                                            |
--------------------------------------------------------------------------------<PAGE>
                                                                    EXHIBIT 10.9

                              EMPLOYMENT AGREEMENT

         This Employment Agreement (this "Agreement"), dated as of December 17,
2001, is entered into between Viewpoint Corporation, a Delaware Corporation with
its principal office at 498 Seventh Avenue, New York, N.Y. 10018 ("Viewpoint"),
and Robert E. Rice ("Executive").

         WHEREAS, Executive currently serves as President, Chief Executive
Officer and Chairman of the Board of Directors of Viewpoint and has, since
December 31, 1996, served as an officer of Viewpoint;

         WHEREAS, Executive and Viewpoint are parties to an employment agreement
that expires on December 31, 2001; and

         WHEREAS, Viewpoint desires to retain Executive's services as Chief
Executive Officer and President, and Executive desires to be retained by
Viewpoint to serve as Chief Executive Officer and President of Viewpoint.

         NOW THEREFORE, for good and valuable consideration, the sufficiency of
which is hereby acknowledged by the parties, the parties hereto hereby agrees as
follows:

         1. EMPLOYMENT; TERM. Subject to the terms and conditions of this
Agreement, Viewpoint hereby employs Executive, and Executive hereby accepts
employment with Viewpoint, as President and Chief Executive Officer. Executive
shall devote his full time and attention to the business and affairs of
Viewpoint and its subsidiaries, and shall use his best efforts, skills and
abilities to promote the Company's interests and will perform these duties
faithfully and competently in such manner as Viewpoint's Board of Directors (the
"Board") may from time to time reasonably direct. Executive's principal place of
employment shall be at Viewpoint's headquarters in New York, New York, or at
such other location as shall be mutually acceptable to the Executive and the
Board. Executive's employment hereunder shall commence on January 1, 2002 and
terminate on December 31, 2003, unless terminated earlier pursuant to Section 3
below (the "Term of Employment").

         2. COMPENSATION AND BENEFITS. Viewpoint shall pay the following
compensation and provide the following benefits to Executive during the Term of
Employment:

         (a) Base Salary. Executive shall receive a base salary of $330,000 per
         annum ("Base Salary"), payable in approximately equal installments in
         accordance with the customary payroll practices of Viewpoint. If the
         rate of base salary per annum paid to Executive is increased during the
         Term of Employment, such increased rate shall thereafter constitute the
         Base Salary for all purposes of this Agreement.

         (b) Options to Acquire Viewpoint Common Stock.

                  (i) Annualized Option Grant. Viewpoint will make a one (1)
                  time grant to Executive of an option to acquire 200,000 shares
                  of Viewpoint common stock at an exercise price equal to the
                  closing price of Viewpoint's common stock at the close of
                  business on the date of grant (the "Annualized Option").
                  Twenty-five percent (25%) of the shares subject to the
                  Annualized Option Grant will vest on the first (1st)
                  anniversary of the date of grant and one-thirty-sixth (1/36th)
                  of the remaining shares will vest monthly thereafter.

                  (ii) Performance-Based Option Grant. Viewpoint will grant to
                  Executive an option to acquire 1,000,000 shares of Viewpoint
                  common stock at an exercise price equal to the closing price
                  of Viewpoint's common stock at the close of business on the
                  date of grant (the "Performance-Based Option"), the vesting of
                  which shall be subject to the following performance-based
                  criteria:

                           (A) Financial Performance. Six and three-tenths
                  percent (6.3%) of the shares subject to the Performance-Based
                  Option will vest at the end of each fiscal quarter in which
                  Viewpoint achieves the financial goals established by the
                  Board in connection with Viewpoint's business plan. If
                  Viewpoint does not achieve such

                                       1
<PAGE>
                  financial goals for any particular fiscal quarter(s), six and
                  three-tenths percent (6.3%) of the shares subject to the
                  Performance-Based Option will not be subject to further
                  vesting, and Executive will have no right to exercise the
                  Performance-Based Option with respect to such unvested shares,
                  except as described in the following subparagraph.

                           (B) Strategic Performance. If there is a Change in
                  Control, an unvested portion of the Performance-Based Option
                  (including those shares that did not vest at the end of fiscal
                  quarters in which Viewpoint did not achieve its financial
                  goals as described in the preceding subparagraph) will vest in
                  accordance with the following sentence. Twenty-five percent
                  (25%) of the unvested portion will vest if the value of the
                  consideration received by Viewpoint in the Change in Control
                  transaction is equivalent to the exercise price or greater up
                  to a value equal to twice the exercise price, fifty percent
                  (50%) of the unvested portion will vest if the value of the
                  consideration received by Viewpoint in the Change in Control
                  transaction is the equivalent of twice the exercise price or
                  greater up to a value equal to three times the exercise price;
                  seventy five percent (75%) of the unvested portion will vest
                  if the value of the consideration received by Viewpoint in the
                  Change in Control transaction is the equivalent of three times
                  the exercise price or greater up to four times the exercise
                  price; and one hundred percent (100%) of the unvested portion
                  will vest if the consideration received by Viewpoint in the
                  Change in Control transaction is the equivalent of four times
                  the exercise price or greater.

                  (iii) Application of Employee Stock Option Plan. Unless
                  otherwise provided herein, Executive's rights with respect to
                  the Annualized Option and the Performance-Based Option shall
                  be determined in accordance with the terms of the Viewpoint
                  Stock Option Plan and by applicable law.

         (c) Life Insurance. During the Term of Employment, Viewpoint will
         reimburse Executive for the cost of acquiring a term life insurance
         policy with a death benefit of $5,000,000 payable to Executive's
         beneficiaries.

         (d) Automobile. Viewpoint will provide Executive with the use of an
         automobile, leased in Viewpoint's name, primarily for corporate
         purposes, throughout the Term of Employment.

         (e) Benefit Plan; Vacation. Executive shall be entitled to participate
         in all benefit plans maintained for Viewpoint employees and shall be
         entitled to four (4) weeks of paid vacation per annum.

         3.       TERMINATION; SEVERANCE.

         (a) Termination Without Cause or With Good Reason. If Viewpoint
         terminates Executive's employment without Cause (as defined below), or
         if Executive terminates his employment with Viewpoint for Good Reason
         (as defined below), Viewpoint will pay to Executive an amount equal to
         two (2) times Executive's then current Base Salary and the unvested
         portion of all options (other than the Performance-Based Option)
         granted to Executive at any time before such termination will
         immediately vest and will remain exercisable by Executive for six (6)
         months following termination of employment.

         (b) Termination With Cause or Without Good Reason. If Viewpoint
         terminates Executive's employment with Cause, or if Executive
         terminates his employment with Viewpoint without Good Reason, Viewpoint
         will have no obligation to make any payments to Executive under this
         Agreement, and the unvested portion of any options granted to Executive
         at any time before such termination will not vest and will not be
         exercisable at any time by Executive.

         (c) Non-Duplication of Benefits. In the event of the termination of
         Executive's employment, his rights under any benefit plans in which he
         is a participant shall be determined in accordance with the terms of
         the plans and by applicable law. Notwithstanding any other provision in
         this Agreement, nothing in this Agreement shall result in a duplication
         of payments or benefits provided under this Section 3, nor shall
         anything in this Agreement require Viewpoint to make any payment or to
         provide any benefit to Executive that Viewpoint is otherwise required
         to provide under any other contract, agreement or arrangement.

         (d) General Release. No payments or benefits payable to Executive upon
         the termination of his employment pursuant to this Section 3 shall be
         made to Executive unless and until he executes a general release in a
         form satisfactory to Viewpoint and such general release becomes
         effective pursuant to its terms.

                                       2
<PAGE>
         4.       DEFINITIONS. In addition to certain terms defined elsewhere in
this Agreement, the following terms will have the following respective meanings:

         (a)      "Cause" means the occurrence of any of the following:

                  (i)      the willful and continuing refusal of Executive to
                           follow the lawful directives of the Board,

                  (ii)     conduct that is intentional and known by Executive to
                           be harmful to Viewpoint's best interest, or

                  (iii)    Executive's conviction of any felony or any crime
                           involving dishonesty.

         (b)      "Good Reason" means the occurrence of any of the following:

                  (i)      any material breach by Viewpoint of its obligations
                           under this Agreement,

                  (ii)     a significant diminution of Executive's duties as set
                           forth in Section 1 without Executive's consent, or

                  (iii)    a failure by Viewpoint to obtain a written agreement
                           from any successor or assign of Viewpoint to assume
                           the obligations under this Agreement upon a Change in
                           Control.

         (c)      "Change in Control of Viewpoint" means and includes each of
                  the following:

                  (i) the acquisition, in one or more transactions, of
                  beneficial ownership (within the meaning of Rule 13d-3 of the
                  Securities Exchange Act of 1934, as amended (the "Exchange
                  Act")) by any person or any group of persons who constitute a
                  group (within the meaning of Section 13d-3 of the Exchange
                  Act) of any securities of Viewpoint such that, as a result of
                  such acquisition, such person or group beneficially owns
                  (within the meaning of Rule 13d-3 of the Exchange Act),
                  directly or indirectly, more than fifty percent (50%) of
                  Viewpoint's outstanding voting securities entitled to vote on
                  a regular basis for a majority of the members of the Board;

                  (ii) the consummation of any merger or any other business
                  combination (in one or more transactions, including, but not
                  limited to a sale of all or substantially all of the assets)
                  of Viewpoint, other than a transaction immediately following
                  which the shareholders of Viewpoint who owned shares
                  immediately prior to the transaction continue to own, by
                  virtue of their prior ownership of Company shares, at least
                  fifty percent (50%) of the voting power, directly or
                  indirectly, of the surviving corporation in any such merger or
                  business combination; or

                  (iii) the consummation of a plan of complete liquidation of
                  Viewpoint.

         5.       MISCELLANEOUS.

         (a) Non-Assignability. Neither this Agreement nor any right or interest
hereunder shall be assignable by Executive, his beneficiaries, or legal
representatives without Viewpoint's prior written consent.

         (b) Binding Effect. Without limiting or diminishing the effect of
Section 5(a) hereof, this Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective heirs, successors, legal
representatives and assigns.

         (c) Waiver. Failure to insist upon strict compliance with any of the
terms, covenants or conditions hereof shall not be deemed a waiver of such term,
covenant or condition, nor shall any waiver or relinquishment of any right or
power hereunder at any one or more times be deemed a waiver or relinquishment of
such right or power at any other time or times.

         (d) Entire Agreement; Modifications. This Agreement constitutes the
entire and final expression of the agreement of the parties with respect to the
subject matter hereof and supersedes all prior agreements, oral and written,
between the parties hereto with respect to the subject matter hereof. This
Agreement may be modified or amended only by an instrument in writing signed by
both parties hereto.

                                       3
<PAGE>
         (e) Relevant Law. This Agreement shall be construed and enforced in
accordance with the internal laws of the State of New York, without regard to
the conflicts of law principles thereof.

         (f) Counterparts. This Agreement may be executed in counterparts, each
of which shall be deemed an original, but both of which together shall
constitute one and the same instrument.

         ACKNOWLEDGEMENT. Executive represents and acknowledges the following:

         (a)      He has carefully read this Agreement in its entirety;

         (b)      He understands the terms and conditions contained herein;

         (c)      He has had the opportunity to review this Agreement with legal
                  counsel of his own choosing and has not relied on any
                  statements made by Viewpoint or its legal counsel as to the
                  meaning of any term or condition contained herein or in
                  deciding whether to enter into this Agreement; and

         (d)      He is entering into this Agreement knowingly and voluntarily.

         IN WITNESS WHEREOF, Executive and the authorized representative of the
Board of Viewpoint execute and enter into this Agreement as of the date first
above written.

Robert E. Rice                        VIEWPOINT CORPORATION

/s/ Robert E. Rice                    By: /s/  Samuel H. Jones
------------------                       ---------------------------------------
                                         Samuel H. Jones
                                         Chairman, Compensation Committee of
                                         the Board of Directors

                                       4

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