Document:

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                                                                    Exhibit 10.4

                              EMPLOYMENT AGREEMENT

          This EMPLOYMENT AGREEMENT (this "Agreement"), is made and entered into
as of April 10, 2000, effective for all purposes and in all respects as of April
10, 2000 (the "Commencement Date") between INFORMATION VENTURES LLC, a Delaware
corporation (the "Company"), and Jay Nadler (the "Executive").

                                R E C I T A L S:
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          WHEREAS, the Company recognizes that the future growth, profitability
and success of the Company's business will be substantially and materially
enhanced by the employment of the Executive by the Company; and

          WHEREAS, the Company desires to employ the Executive and the Executive
has indicated his willingness to provide his services, on the terms and
conditions set forth herein.

          NOW, THEREFORE, on the basis of the foregoing premises and in
consideration of the mutual covenants and agreements contained herein, the
parties hereto agree as follows:

          Section 1. EMPLOYMENT.

          (a) DUTIES. The Company hereby agrees to employ the Executive and the
Executive hereby accepts employment with the Company, on the terms and subject
to the conditions hereinafter set forth and subject to the terms and conditions
imposed on the Executive by the Employment Agreement and Restrictive Covenants,
dated January 1, 1998, between the Executive and TFS Database Group, as the same
may be amended, superseded, modified or replaced (the "Ancillary Agreement").
Subject to the terms and conditions contained herein, the Executive shall serve
as President of CorporateInteligence.com, a wholly owned subsidiary of the
Company ("CI.com"), or in any other senior executive capacity designated by the
Company and, as agreed to in writing by the Executive. In such capacity, the
Executive shall report to the Chief Executive Officer of the Company (the "CEO")
and shall have such duties as are typically performed by a President of a
corporation, together with such additional duties, commensurate with the
Executive's position as President of a subsidiary of the Company, as may be
assigned to the Executive from time to time by the CEO or Board of Directors of
the Company (the "Board of Directors").

          (b) LOCATION. The principal location of the Executive's employment
initially shall be in the greater New York

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metropolitan area. The Executive understands and agrees that he may be required
to travel for business reasons.

          Section 2. TERM. Unless terminated pursuant to Section 6 hereof, the
Executive's employment hereunder shall commence on the date hereof and shall
continue during the initial period ending on the second anniversary of the date
hereof (the "Initial Term"). Thereafter, the Executive's term of employment
shall extend automatically for consecutive periods of one (1) year unless either
party shall provide notice of nonrenewal not less than one hundred and twenty
(120) days prior to the end of the Employment Term. The Initial Term, together
with any extension pursuant to this Section 2, is referred to herein as the
"Employment Term". In the event that the Company fails to renew the Employment
Term by providing a notice of nonrenewal to the Executive, the Company shall
permit the Executive to spend time, during the normal working hours of such one
hundred and twenty (120) day period, pursuing future employment or similar
opportunities and such actions on the part of the Executive shall not be a
breach or violation of this Agreement; provided, that such endeavors by the
Executive do not materially interfere with the Executive's duties hereunder or
violate any of the provisions of Section 7 herein.

          Section 3. Compensation.

          (a) SALARY. As compensation for the performance of the Executive's
services hereunder, the Company shall pay to the Executive a salary (the
"Salary") of $250,000 per annum, increased as of January 1 of each calendar year
during the Employment Term (beginning on January 1, 2001) by the then-current
inflation rate as reflected by the Consumer Price Index for Urban Wage Earners
and Clerical Workers for the New York Metropolitan Area, as published by the
Bureau of Labor Statistics of the U.S. Department of Labor. The Salary shall be
payable in accordance with the payroll practices of the Company as the same
shall exist from time to time for its senior executive employees. In no event
shall the Salary be decreased during the Employment Term.

          (b) BONUS PLAN. The Executive shall be eligible to receive an annual
cash bonus ("Bonus") in an amount up to 50% of the Salary, based upon meeting
performance goals for each calendar year during the Employment Term. Such
performance goals shall be mutually determined by the Executive, on the one
hand, and the CEO or the Board of Directors, on the other hand. Bonus amounts
shall be paid on or before April 1 of the year immediately following the end of
the calendar year to which the Bonus relates. In the event of a termination of
employment pursuant to Section 6(a), (b), (e), (f) or (g) below, the Company

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shall pay to the Executive or the Executive's estate a prorated portion, through
the date of termination and assuming the maximum performance of the goals for
the entire calendar year, of the Bonus for the calendar year in which such
termination occurs. In the event of such termination of employment, the prorated
Bonus amount shall be paid no later than three (3) months following such
termination. For all purposes hereof, it is understood and agreed that the
Executive need not be employed by the Company at the time that a Bonus amount is
to be paid.

          (c) BENEFITS. In addition to the Salary and Bonus, if any, the
Executive shall be entitled to participate in health, insurance, pension and
other benefits provided to other senior executives of the Company on terms no
less favorable than those available to such senior executives of the Company.
The Executive shall also be entitled to the same number of vacation days,
holidays, sick days and other benefits as are generally allowed to other senior
executives the Company.

          (d) STOCK OPTIONS. On the April 25, 2000, the Company shall grant to
Executive options to purchase 100,000 shares of the common stock of the Company,
par value $0.01 per share (the "Common Stock") (the option to purchase any one
share of Common Stock hereafter referred to as an "Option"). Each Option shall
have an exercise price equal to the fair market value of one share of Common
Stock as of its respective date of grant. The Options shall be unexercisable
until vested. The Options shall vest and become exercisable at the rate of 25%
per year at the end of each full year after the grant date, provided Executive
is then employed. The Options shall be granted pursuant to the Information
Holdings Inc. 1998 Stock Option Plan (the "Option Plan") and shall be "incentive
stock options" within the meaning of Section 422 of the Internal Revenue Code of
1986, as amended ("Section 422"), to the maximum extent allowed under Section
422. The Options shall have such other terms and conditions (including
accelerated vesting) as are set forth in the Stock Option Agreement attached
hereto as Exhibit A.

          (e). RELOCATION EXPENSES; TEMPORARY LIVING EXPENSES. Upon submission
of properly documented receipts, the Company shall reimburse Executive for (i)
reasonable moving costs in connection with Executive's relocation of himself and
his family from Maryland to a location near the Company's main headquarters in
the greater New York City metropolitan area prior to the date that is six months
from the Commencement Date, (ii) reasonable costs for trips to the greater New
York City metropolitan area to search for a residence, (iii) reasonable real
estate commissions and other closing costs and related expenses with respect to
the sale of Executive's current residence in Maryland in connection with or
following such

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relocation and (iv) reasonable closing costs on a new residence in the greater
New York City metropolitan area, including up to two points on a new mortgage.
In addition, for a period of six months from the Commencement Date or until
Executive relocates his family to such location, if earlier, the Company shall
reimburse Executive for the reasonable costs of temporary housing in such New
York location and reasonable travel between Maryland and such location for the
purpose of visiting his family. Such reimbursement for temporary housing and
reasonable travel shall not exceed $20,000 and shall be subject to submission of
properly documented housing and travel receipts. If all or any portion of the
amounts payable to or on behalf of the Executive under this Section 3(e) (the
"Reimbursed Amounts") is subject to income tax payable by the Executive (after
taking into account whether any such amounts are legally permissible income tax
deductions to the Executive), the Company shall pay to the Executive an
additional amount (the "Gross-up Amount") to the extent necessary to place the
Executive in the same after-tax position as he would have been in had the
Reimbursed Amounts not been subject to income tax. The determination of the
Gross-up Amount shall be made by the Company's regular accounting firm and the
computation supporting such determination shall be submitted to the Executive.
If the Executive does not dispute such determination within fifteen (15) days
after receipt of the computation from the Company, then the Company shall make
payment of the Gross-up Amount within five (5) days of the conclusion of such
fifteen (15)-day period. However if the Executive disputes the determination
made by the Company's accounting firm, then the Executive shall give notice to
the Company within such fifteen (15)-day period, and, within ten (10) days
thereafter, the Company and the Executive shall mutually select a nationally
recognized accounting firm (the "Second Firm") which shall make the aforesaid
determination within ten (10) days after its selection. Such determination of
the Gross-up Amount by the Second Firm shall be binding and conclusive on the
parties. The Executive shall bear all costs and expenses of the Second Firm in
the event that the determination of the Gross-up Amount by the Second Firm does
not differ from the determination by the Company's accounting firm by more than
twenty percent (20%); however, if such difference is greater than twenty percent
(20%), then the Executive and the Company shall equally bear such costs and
expenses.

          Section 4. EXCLUSIVITY. During the Employment Term, the Executive
shall devote his full time to the business of CI.com and the Company, shall
faithfully serve CI.com and the Company, shall in all respects conform to and
comply with the lawful and reasonable directions and instructions given to him
by the CEO and Board of Directors in accordance with the terms of this
Agreement, shall use his reasonable best efforts to promote

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and serve the interests of CI.com and the Company and shall not engage in any
other business activity, whether or not such activity shall be engaged in for
pecuniary profit, except that the Executive may (i) participate in the
activities of professional trade organizations related to the business of CI.com
and the Company and (ii) engage in personal investing activities, PROVIDED that
activities set forth in these clauses (i) and (ii), either singly or in the
aggregate, do not interfere in any material respect with the services to be
provided by the Executive hereunder.

          Section 5. REIMBURSEMENT FOR EXPENSES. The Executive is authorized to
incur reasonable expenses in the discharge of the services to be performed
hereunder, including expenses for travel, entertainment, lodging and similar
items in accordance with the CI.com's expense reimbursement policy for senior
executives (which is understood to be substantially equivalent to the policy in
effect for the Company's senior executives), as the same may be modified by the
CEO or the Board of Directors from time to time. The Company shall reimburse the
Executive for all such proper expenses upon presentation by the Executive of
itemized accounts of such expenditures in accordance with the financial policy
of CI.com, as in effect from time to time.

          Section 6. TERMINATION.

          (a) DEATH. This Agreement shall automatically terminate upon the death
of the Executive, and upon such event, the Executive's estate shall be entitled
to receive the amounts specified in Section 3(b) above and 6(h) below as if
termination had occurred Without Cause (as defined below).

          (b) DISABILITY. If the Executive is fully unable to perform the
essential duties required of him under this Agreement, with or without
accommodation, because of illness, incapacity, or physical or mental disability,
this Agreement shall remain in full force and effect and the Company shall pay
all compensation required to be paid to the Executive hereunder, unless the
Executive is fully unable to perform the duties required of him under this
Agreement for an aggregate of 180 days (whether or not consecutive) during any
12-month period during the Employment Term, in which event this Agreement (other
than Sections 7, 8 and 12 hereof), including, but not limited to, the Company's
obligations to pay any Salary or other compensation or to provide any privileges
under this Agreement, shall terminate at the end of the 180 days of complete
disability.

          (c) CAUSE. The Company may terminate the Executive's employment during
the Employment Term with "Cause" as that term is defined below. In the event of
termination pursuant to this

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Section 6(c) with Cause, the Company shall deliver to the Executive written
notice setting forth the basis for such termination, which notice shall
specifically set forth the nature of the Cause which is the reason for such
termination. Termination of the Executive's employment hereunder shall be
effective upon delivery of such notice of termination. For purposes of this
Agreement, "Cause" shall mean: (i) the Executive's failure (except where due to
a disability contemplated by Section 6(b) hereof), neglect or refusal to perform
the essential duties of his position hereunder which failure, neglect or refusal
shall not have been corrected by the Executive within 30 days of receipt by the
Executive of written notice from the Company of such failure, neglect or
refusal, which notice shall specifically and in detail set forth the nature of
said failure, neglect or refusal; (ii) any willful or intentional act of the
Executive that has the effect of injuring the reputation or business of the
Company or its affiliates in any material respect; (iii) any continued or
repeated absence from the Company, unless such absence is (A) approved or
excused by the Board of Directors or (B) is the result of the Executive's
illness, or incapacity (in which event the provisions of Section 6(b) hereof
shall control); (iv) use of illegal drugs by the Executive or repeated
drunkenness which drunkenness affects the Executive's ability to perform his
duties hereunder; (v) conviction of the Executive for the commission of a
felony; or (vi) the commission by the Executive of an act of fraud or
embezzlement against the Company.

          (d) RESIGNATION. Unless otherwise provided in Section 6(f) below in
the case of a termination of employment for Good Reason, the Executive shall
have the right to terminate his employment at any time by giving notice of his
resignation to the Company.

          (e) WITHOUT CAUSE. The Company may terminate the Executive's
employment during the Employment Term "Without Cause", as that term is defined
below, at any time by giving notice to the Executive. A termination of the
Executive's employment "Without Cause" shall mean a termination initiated by the
Company for any reason other than Cause or on account of a Disability. A
termination Without Cause shall be effective immediately upon notice given by
the Company to the Executive.

          (f) GOOD REASON. The Executive shall have the right to terminate his
employment for Good Reason under the following circumstances: (i) the failure by
the Company to pay to the Executive the Salary and Bonus, if any, in accordance
with Sections 3(a) and 3(b) hereof; (ii) the failure of the Company to provide
the benefits in accordance with Section 3(c) hereof; (iii) a material diminution
in the Executive's responsibilities

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or authority; (iv) a requirement that the Executive relocate outside of the
greater New York metropolitan area; or (v) the failure of any successor to all
or substantially all of the business and/or assets of the Company to assume the
Agreement; provided, however, that Good Reason shall not exist upon a
termination of employment described in Section 6(b), (c), (d) or (e). The date
of termination of the Executive's employment under this Section 6(f) shall be
the date the Executive gives the Company written notice of a termination for
Good Reason setting forth the basis for such termination.

          (g) CHANGE OF CONTROL. During the 90-day period following a Change of
Control, the Executive shall have the right to immediately resign his
employment. A Change of Control shall be deemed to have occurred:

               (i) upon the acquisition by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act")) (a "Person"), other than Warburg,
Pincus Ventures, L.P., either directly or indirectly through one or more
affiliated entities (collectively "Warburg"), of beneficial ownership (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of
either (x) the then outstanding shares of common stock of the Company (the
"Outstanding Company Common Stock") or (y) the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in the
election of directors (the "Outstanding Company Voting Securities"); PROVIDED,
HOWEVER, that for purposes of this subsection (i), the following acquisitions
shall not constitute a Change of Control: (A) any acquisition by the Company,
(B) any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or (C) any acquisition by any corporation pursuant to
a transaction which complies with clauses (A), (B), and (C) of subsection (iii)
of this Section 6(g); or

               (ii) if individuals who, as of the date hereof, constitute the
Board of Directors (the "Incumbent Board") cease for any reason to constitute at
least a majority of the Board of Directors; PROVIDED, HOWEVER, that any
individual becoming a director subsequent to the date hereof whose election, or
nomination for election by the Company's shareholders, was approved by a vote of
at least a majority of the directors then comprising the Incumbent Board shall
be considered as though such individual were a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with
respect to the election or removal of directors or

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other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Board; or

               (iii) upon the consummation of a reorganization, merger or
consolidation or sale or other disposition of all or substantially all of the
assets of the Company (a "Business Combination"), in each case, unless,
following such Business Combination, (A) all or substantially all of the
individuals and entities who were the beneficial owners, respectively, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of, respectively, the then outstanding shares of
common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case
may be, of the corporation resulting from such Business Combination (including,
without limitation, a corporation which as a result of such transaction owns the
Company or all or substantially all of the Company's assets either directly or
through one or more subsidiaries) in substantially the same proportions as their
ownership, immediately prior to such Business Combination, of the Outstanding
Company Common Stock and Outstanding Company Voting Securities, as the case may
be, (B) no Person (excluding (1) Warburg, (2) any corporation resulting from
such Business Combination, or (3) any employee benefit plan (or related trust)
of the Company or such corporation resulting from such Business Combination)
beneficially owns, directly or indirectly, 50% or more of, respectively, the
then outstanding shares of common stock of the corporation resulting from such
Business Combination or the combined voting power of the then outstanding voting
securities of such corporation except to the extent that such ownership existed
prior to the Business Combination and (C) at least a majority of the members of
the board of directors of the corporation resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of
the initial agreement, or of the action of the Board, providing for such
Business Combination; or

               (iv) upon the approval by the shareholders of the Company of a
complete liquidation or dissolution of the Company.

          (h) PAYMENTS.

               (i) In the event that the Executive resigns or the Executive's
employment hereunder terminates for Cause, the Company shall pay to the
Executive all amounts accrued but unpaid hereunder through the date of
termination in respect of Salary, unused vacation or unreimbursed expenses.

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               (ii) In the event (A) the Executive's employment hereunder is
terminated by the Company Without Cause, (B) the Executive's employment
hereunder is terminated by the Executive for Good Reason or (C) the Executive
resigns within 90 days following a Change of Control pursuant to Section 6(g)
hereof, in addition to the amounts specified in (i) above, the Executive shall
continue to receive the Salary (less any applicable withholding or similar
taxes) at the rate in effect hereunder on the date of such termination
periodically, in accordance with the Company's prevailing payroll practices, for
the greater of (x) the remainder of the Employment Term or (y) six (6) months
from the effective date of the termination of employment (the "Severance Term")
and the Executive (and/or his covered dependents) shall continue to receive any
health or insurance benefits provided to him as of the date of such termination
in accordance with Section 3(c) hereof during the Severance Term.

               (iii) In the event that the Company fails to renew the Employment
Term by providing to the Executive a notice nonrenewal pursuant to Section 2
herein, in addition to the amounts specified in (i) above, the Executive shall
continue to receive the Salary (less any applicable withholding or similar
taxes) at the rate in effect hereunder on the date of the expiration of the
Employment Term periodically, in accordance with the Company's prevailing
payroll practices, for a period of four (4) months from the expiration date of
the Employment Term (the "Nonrenewal Term") and the Executive (and/or his
covered dependents) shall continue to receive any health or insurance benefits
provided to him as of the date of such termination in accordance with Section
3(c) hereof during the Nonrenewal Term.

               (iv) Amounts owed by the Company in respect of the Salary or
reimbursement for expenses under the provisions of Section 5 hereof shall,
except as otherwise set forth in this Section 6(h), be paid promptly upon any
termination. Upon any termination of this Agreement, all of the rights,
privileges and duties of the Executive hereunder shall cease, except for his
rights under this Section 6(h) and his obligations under Sections 7, 8 and 12
hereunder.

               (v) If the Executive secures employment, any consulting or other
similar arrangement during the period that any payment is continuing to the
Executive pursuant to the provisions of this Section 6(h), then the Company
shall not have the right to reduce the amounts to be paid hereunder by the
amount of the Executive's earnings from such other employment, consulting or
other arrangement.

          Section 7. NON-DISCLOSURE, NON-INTERFERENCE AND INVENTIONS.

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          (a) NO COMPETING EMPLOYMENT. The Executive acknowledges that the
agreements and covenants contained in this Section 7 are essential to protect
the value of the Company's business and assets and by his current employment
with the Company and its subsidiaries, the Executive has obtained and will
obtain such knowledge, contacts, know-how, training and experience and there is
a substantial probability that such knowledge, know-how, contacts, training and
experience could be used to the substantial advantage of a competitor of the
Company or its subsidiaries and to the Company's substantial detriment.
Therefore, the Executive agrees that for the period commencing on the date of
this Agreement and ending on the first anniversary of the termination of the
Executive's employment hereunder (such period is hereinafter referred to as the
"Restricted Period"), the Executive shall not engage, directly or indirectly,
for himself or on behalf of any person or entity, in any business activities
which directly compete with the intellectual property information business or
intellectual property transactional business of the Company or any of its
subsidiaries or which directly compete with any other business line of the
Company or any subsidiary that the Executive becomes directly responsible for in
the course of his employment hereunder; PROVIDED, HOWEVER, that the foregoing
shall not preclude the Executive from owning less than 1% of the shares of a
public company; and PROVIDED, FURTHER, that the foregoing restrictions do not
encompass working for those who license their own intellectual property.

          (b) NONDISCLOSURE OF CONFIDENTIAL INFORMATION. The Executive, except
in connection with his employment hereunder, shall not disclose to any person or
entity or use, either during the Employment Term or at any time thereafter, any
proprietary information not in the public domain or generally known in the
industry, in any form, acquired by the Executive while employed by the Company
or any predecessor to the Company's business or, if acquired following the
Employment Term, such information which, to the Executive's knowledge, has been
acquired, directly or indirectly, from any person or entity owing a duty of
confidentiality to the Company or any of its subsidiaries or affiliates,
relating to the Company, its subsidiaries or affiliates. The Executive agrees
and acknowledges that all of such information, in any form, and copies and
extracts thereof, are and shall remain the sole and exclusive property of the
Company, and upon termination of his employment with the Company, the Executive
shall return to the Company the originals and all copies of any such information
provided to or acquired by the Executive in connection with the performance of
his duties for the Company, and shall return to the Company all files,
correspondence and/or other communications received, maintained and/or
originated by the Executive during the course of his employment.

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          (c) NO INTERFERENCE. During the Restricted Period, the Executive shall
not, whether for his own account or for the account of any other individual,
partnership, firm, corporation or other business organization (other than the
Company), directly or indirectly solicit, endeavor to entice away from the
Company or its subsidiaries, or otherwise directly interfere with the
relationship of the Company or its subsidiaries with, any person who, to the
knowledge of the Executive, is employed by or otherwise engaged to perform
services for the Company or its subsidiaries (including, but not limited to, any
independent sales representatives or organizations) or who is, or was within the
then most recent twelve-month period, a customer or client, of the Company, its
predecessors or any of its subsidiaries. The placement of any general classified
or "help wanted" advertisements and/or general solicitations to the public at
large shall not constitute a violation of this Section 7(c) unless the
Executive's name is contained in such advertisements or solicitations.

          (d) INVENTIONS, ETC. The Executive hereby sells, transfers and assigns
to the Company or to any person or entity designated by the Company all of the
entire right, title and interest of the Executive in and to all inventions,
ideas, disclosures and improvements, whether patented or unpatented, and
copyrightable material, made or conceived by the Executive, solely or jointly,
during his employment by the Company which relate to methods, apparatus,
designs, products, processes or devices, sold, leased, used or under
consideration or development by the Company or any of its subsidiaries, or which
otherwise relate to or pertain to the business, functions or operations of the
Company or any of its subsidiaries or which arise from the efforts of the
Executive during the course of his employment for the Company. The Executive
shall communicate promptly and disclose to the Company, in such form as the
Company requests, all information, details and data pertaining to the
aforementioned inventions, ideas, disclosures and improvements; and the
Executive shall execute and deliver to the Company such formal transfers and
assignments and such other papers and documents as may be necessary or required
of the Executive to permit the Company or any person or entity designated by the
Company to file and prosecute the patent applications and, as to copyrightable
material, to obtain copyright thereof. Any invention relating to the business of
the Company or any of its subsidiaries which is discovered, designed,
implemented or developed by the Executive within one year following the
termination of his employment with the Company shall be deemed to fall within
the provisions of this paragraph unless proved to have been first conceived and
made following such termination.

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          Section 8. INJUNCTIVE RELIEF. Without intending to limit the remedies
available to the Company, the Executive acknowledges that a breach of any of the
covenants contained in Section 7 hereof may result in material irreparable
injury to the Company or its subsidiaries or affiliates for which there is no
adequate remedy at law, that it will not be possible to measure damages for such
injuries precisely and that, in the event of such a breach or threat thereof,
the Company shall be entitled to obtain a temporary restraining order and/or a
preliminary or permanent injunction, without the necessity of proving
irreparable harm or injury as a result of such breach or threatened breach of
Section 7 hereof, restraining the Executive from engaging in activities
prohibited by Section 7 hereof or such other relief as may be required
specifically to enforce any of the covenants in Section 7 hereof.

          Section 9. REPRESENTATIONS AND WARRANTIES OF THE EXECUTIVE. The
Executive represents and warrants to the Company as follows:

          (a) This Agreement, upon execution and delivery by the Executive, will
be duly executed and delivered by the Executive and (assuming due execution and
delivery hereof by the Company) will be the valid and binding obligation of the
Executive enforceable against the Executive in accordance with its terms.

          (b) Neither the execution and delivery of this Agreement nor the
performance of this Agreement in accordance with its terms and conditions by the
Executive (i) requires the approval or consent of any governmental body or of
any other person or (ii) except as provided in the Ancillary Agreement,
conflicts with or results in any breach or violation of, or constitutes (or with
notice or lapse of time or both would constitute) a default under, any
agreement, instrument, judgment, decree, order, statute, rule, permit or
governmental regulation applicable to the Executive. Without limiting the
generality of the foregoing, other than the provisions contained herein, except
as provided in the Ancillary Agreement, the Executive is not a party to any
non-competition, non-solicitation, no hire or similar agreement that restricts
in any way the Executive's ability to engage in any business or to solicit or
hire the employees of any person.

          The representations and warranties of the Executive contained in this
Section 9 shall survive the execution, delivery and performance of this
Agreement.

          Section 10. SUCCESSORS AND ASSIGNS; NO THIRD-PARTY BENEFICIARIES. This
Agreement shall inure to the benefit of, and be binding upon, the successors and
assigns of each of the

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parties, including, but not limited to, the Executive's heirs and the personal
representatives of the Executive's estate; PROVIDED, HOWEVER, that neither party
shall assign or delegate any of the obligations created under this Agreement
without the prior written consent of the other party. Notwithstanding the
foregoing, the Company shall have the unrestricted right to assign this
Agreement (subject to the Executive's rights hereunder) and to delegate all or
any part of its obligations hereunder to any of its subsidiaries or affiliates,
but in such event such assignee shall expressly assume all obligations of the
Company hereunder and the Company shall remain fully liable for the performance
of all of such obligations in the manner prescribed in this Agreement. Nothing
in this Agreement shall confer upon any person or entity not a party to this
Agreement, or the legal representatives of such person or entity, any rights or
remedies of any nature or kind whatsoever under or by reason of this Agreement.

          Section 11. WAIVER AND AMENDMENTS. Any waiver, alteration, amendment
or modification of any of the terms of this Agreement shall be valid only if
made in writing and signed by the parties hereto; PROVIDED, HOWEVER, that any
such waiver, alteration, amendment or modification is consented to on the
Company's behalf by the Board of Directors. No waiver by either of the parties
hereto of their rights hereunder shall be deemed to constitute a waiver with
respect to any subsequent occurrences or transactions hereunder unless such
waiver specifically states that it is to be construed as a continuing waiver.

          Section 12. VALIDITY, ENFORCEABILITY AND GOVERNING LAW. The Executive
acknowledges and agrees that the covenants set forth in Section 7 hereof are
reasonable and valid in geographical and temporal scope and in all other
respects. The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other
provision or provisions of this Agreement, which shall remain in full force and
effect. If any provision of this Agreement is held to be invalid, void or
unenforceable in any jurisdiction, any court or arbitrator so holding shall
substitute a valid, enforceable provision that preserves, to the maximum lawful
extent, the terms and intent of such provisions of this Agreement. If any of the
provisions of, or covenants contained in, this Agreement are hereafter construed
to be invalid or unenforceable in any jurisdiction, the same shall not affect
the remainder of the provisions or the enforceability thereof in any other
jurisdiction, which shall be given full effect, without regard to the invalidity
or unenforceability in such other jurisdiction. Any such holding shall affect
such provision of this Agreement, solely as to that jurisdiction, without
rendering that or any other provisions of this Agreement invalid, illegal,

                                      -13-
<PAGE>

or unenforceable in any other jurisdiction. If any covenant should be deemed
invalid, illegal or unenforceable because its scope, either geographical or
temporal, is considered excessive, such covenant will be modified so that the
scope of the covenant is reduced only to the minimum extent necessary to render
the modified covenant valid, legal and enforceable.

          THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE
PERFORMED ENTIRELY WITHIN SUCH STATE.

          Section 13. NOTICES.

          (a) All communications under this Agreement shall be in writing and
shall be delivered by hand or mailed by overnight courier or by registered or
certified mail, postage prepaid:

               (i) if to the Executive, to the last known address of the
Executive as contained on the books of the Company, or

               (ii) if to the Company, to Information Holdings, Inc., 2777
Summer Street, Stamford, CT, 06905, marked for the attention of the President,
or at such other address as it may have furnished in writing to the Executive.

          (b) Any notice so addressed shall be deemed to be given: if delivered
by hand, on the date of such delivery; if mailed by courier, on the first
business day following the date of such mailing; and if mailed by registered or
certified mail, on the third business day after the date of such mailing.

          Section 14. SECTION HEADINGS. The headings of the sections and
subsections of this Agreement are inserted for convenience only and shall not be
deemed to constitute a part thereof, affect the meaning or interpretation of
this Agreement or of any term or provision hereof.

          Section 15. ENTIRE AGREEMENT. This Agreement and Exhibit A constitute
the entire understanding and agreement of the parties hereto regarding the
employment of the Executive. This Agreement supersedes all prior negotiations,
discussions, correspondence, communications, understandings and agreements
between the parties relating to the subject matter of this Agreement.

          Section 16. COUNTERPARTS. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original and all of which
together shall be considered one and the same agreement.

                                      -14-
<PAGE>

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

                                            INFORMATION HOLDINGS INC.

                                            By:  /s/ MASON SLAINE
                                                 --------------------------
                                               Mason Slaine
                                               Chief Executive Officer

                                            By:  /s/ JAY NADLER
                                                 ---------------------------
                                               Jay Nadler

                                      -15-<PAGE>

                                                                    Exhibit 10.5

                                 TRANSCENDER LLC

                           PANDEY EMPLOYMENT AGREEMENT

          EMPLOYMENT AGREEMENT, dated as of this 6th day of November, 2000,
between Transcender LLC, a Delaware limited liability company ("Transcender"
and, together with its affiliates, subsidiaries and successors, the "Company"),
and Aneel M. Pandey (the "Employee").

                                R E C I T A L S:

          WHEREAS, Transcender has entered into an Asset Purchase Agreement,
dated as of November 6, 2000 by and among Transcender, Transcender Corporation,
and other persons named therein (the "Purchase Agreement");

          WHEREAS, the execution and delivery of this Agreement by the Employee
to the Company is a condition to Transcender's obligation to consummate the
transactions contemplated by the Purchase Agreement;

          WHEREAS, in connection with the transactions that are contemplated by
the Purchase Agreement, the Company desires to employ the Employee and the
Employee has indicated his willingness to provide his services, on the terms and
conditions set forth herein;

          NOW, THEREFORE, on the basis of the foregoing premises and in
consideration of the mutual covenants and agreements contained herein, the
parties hereto agree as follows:

          Section 1. EMPLOYMENT. The Company hereby agrees to employ the
Employee and the Employee hereby accepts employment with the Company, on the
terms and subject to the conditions hereinafter set forth. Subject to the terms
and conditions contained herein, during the Employment Term (as hereinafter
defined), the Employee shall serve as Chief Executive Officer and President of
the Company, and in such capacity, shall report directly to the Chief Executive
Officer of Information Holdings, Inc., and shall have such duties as are
typically associated with such title, together with such additional duties
commensurate with the Employee's title as may be assigned to the Employee from
time to time. The principal locations of the Employee's employment shall be at
the Company's offices in Nashville, Tennessee, and the Employee's home office,
although the Employee understands and agrees that he may be required to travel
from time to time on a limited basis for business reasons.

          Section 2. TERM. Unless terminated pursuant to Section 6 hereof, the
Employee's employment hereunder shall commence on November 6, 2000 and shall
continue during the period ending on the first anniversary of the date hereof
(the "Employment Term"); provided, however, the Employment Term shall extend
automatically for consecutive periods of one (1) year, unless either party shall
provide notice of termination not less than one hundred twenty (120) days prior
to an anniversary date of this Agreement.

<PAGE>

          Section 3. COMPENSATION. During the Employment Term, the Employee
shall be entitled to the following compensation and benefits:

          (a) SALARY. As compensation for the performance of the Employee's
services hereunder, the Company shall pay to the Employee a salary (the
"Salary") of $200,000 per annum with increases, if any, as may be approved in
writing by the Board of Directors. The Salary shall be payable in accordance
with the payroll practices of the Company as the same shall exist from time to
time.

          (b) ANNUAL BONUS. During the Employment Period, the Employee shall be
eligible to receive an annual cash bonus of up to $100,000 ("Bonus"), which
shall be determined by the Board of Directors, in its sole discretion.

          (c) BENEFITS. In addition to the Salary and Bonus, if any, the
Employee shall be entitled to participate in health, insurance, pension and
other benefits provided to other similarly situated employees of the Company.
The Employee shall also be entitled to the same number of holidays, vacation,
sick days and other benefits as are generally allowed to other similarly
situated employees of the Company in accordance with the Company policy in
effect from time to time.

          Section 4. EXCLUSIVITY. During the Employment Term, the Employee shall
devote substantially all his full working time to the business of the Company,
shall faithfully serve the Company, shall in all respects conform to and comply
with the lawful and reasonable directions and instructions given to him in
accordance with the terms of this Agreement, shall use his reasonable best
efforts to promote and serve the interests of the Company, and shall not engage
in any other business activity that interferes in any material respect with the
services to be provided by the Employee hereunder. Notwithstanding the
foregoing, the Employee may engage in activities related to publishing
phonorecords and documentaries about the Apollo missions to the moon without
breaching this Section 4 so long as he devotes substantially all of his full
working time to the business of the Company.

          Section 5. REIMBURSEMENT FOR EXPENSES. The Employee is authorized to
incur reasonable expenses in the discharge of the services to be performed
hereunder, including expenses for travel, entertainment, lodging and similar
items in accordance with the Company's expense reimbursement policy, as the same
may be modified by the Board of Directors from time to time. The Company shall
reimburse the Employee for all such proper expenses upon presentation by the
Employee of itemized accounts of such expenditures in accordance with the
financial policy of the Company, as in effect from time to time.

          Section 6. TERMINATION AND DEFAULT.

          (a) DEATH. The Employee's employment shall automatically terminate
upon his death, and upon such event, the Employee's estate shall be entitled to
receive the amounts specified in Section 6(e) below.

          (b) DISABILITY. If the Employee is unable to perform the duties
required of him under this Agreement because of illness, incapacity, or physical
or mental disability, the Employment Term shall continue and the Company shall
pay all compensation required to be

                                      -2-
<PAGE>

paid to the Employee hereunder, unless the Employee is unable to perform the
duties required of him under this Agreement for an aggregate of 120 days
(whether or not consecutive) during any 12-month period during the term of this
Agreement, in which event the Employee's employment shall terminate, and the
Employee shall be entitled to receive the amounts specified in Section 6(e)
below.

          (c) JUST CAUSE. The Employee's employment may be terminated by the
Company for any reason (or for no reason) at its discretion at anytime during
the Employment Term with or without Just Cause. A termination pursuant to this
Section 6(c) for Just Cause shall be effective upon delivery of written notice
of termination to the Employee, which notice shall set forth the basis for such
termination. For purposes of this Agreement, "Just Cause" shall mean: (i) a
breach by the Employee of any material obligation owed the Company under this
Agreement; (ii) the Employee's engaging in any conduct which is dishonest or
materially damages the reputation of the Company; or (iii) the Employee is
convicted of, or pleads guilty or NOLO CONTENDERE to any criminal act (excluding
traffic violations) or engages in any act of moral turpitude.

          (d) RESIGNATION. The Employee shall have the right to terminate his
employment at any time by giving thirty (30) days written notice of his
resignation.

          (e) PAYMENTS. In the event that the Employee's employment terminates
for any reason, the Company shall pay to the Employee all amounts accrued but
unpaid hereunder through the date of termination in respect of Salary, accrued
but unused vacation and any unreimbursed expenses.

               (ii) In the event the Employee's employment is terminated by the
Company without Just Cause (other than pursuant to Section 6(a) or Section 6(b)
above), in addition to the amounts specified in subsection (i) above, (A) the
Employee shall continue to receive the Salary (less any applicable withholding
or similar taxes) at the rate in effect hereunder on the date of such
termination for a period equal to the remainder of the Employment Term (assuming
no termination had occurred) (the "Severance Term") and (B) to the extent
permissible under the Company's health plans, during the Severance Term, the
Employee shall continue to receive any health benefits provided to him as of the
date of such termination. Amounts owed by the Company in respect of the payments
under Section 6(e)(i) hereof or reimbursement for expenses under the provisions
of Section 5 hereof shall, except as otherwise set forth in this Section 6(e),
be paid promptly upon any termination.

          (f) SURVIVAL OF OPERATIVE SECTIONS. Upon any termination of the
Employee's employment, the provisions of Section 6(e) and Section 7 through
Section 16 of this Agreement shall survive to the extent necessary to give
effect to the provisions thereof.

          Section 7. Secrecy and Non-Competition.

          (a) NO COMPETING EMPLOYMENT. The Employee acknowledges that the
agreements and covenants contained in this Section 7 are essential to protect
the value of the Company's business and assets and by his employment with the
Company, the Employee has obtained and will obtain knowledge, contacts,
know-how, training and experience and there is a

                                      -3-
<PAGE>

substantial probability that such knowledge, know-how, contacts, training and
experience could be used to the substantial advantage of a competitor of the
Company and to the Company's substantial detriment. Therefore, the Employee
agrees that from the date hereof and until the earlier to occur of (i) the
expiration of the Employment Term or (ii) the termination of the Employee's
employment hereunder pursuant to Section 6 hereof (such period is hereinafter
referred to as the "Restricted Period") with respect to any state or country in
which the Company is engaged in business during the Employment Term, the
Employee shall not participate or engage, directly or indirectly, for himself or
on behalf of or in conjunction with any person, partnership, corporation or
other entity, whether as an employee, agent, officer, director, shareholder,
partner, joint venturer, investor or otherwise, in any business which competes
with the Company; PROVIDED, HOWEVER, that the foregoing shall not prohibit the
ownership by the Employee of equity securities of a public company in an amount
not to exceed 5% of the issued and outstanding shares of such company.

          (b) NONDISCLOSURE OF CONFIDENTIAL INFORMATION. The Employee, except in
connection with his employment hereunder, shall not disclose to any person or
entity or use, either during the Employment Term or at any time thereafter any
information not in the public domain or generally known in the industry and
which is known only to the Company and those employees or other agents to whom
it has been confided, in any form, acquired by the Employee while employed by
the Company or any predecessor to the Company's business or, if acquired
following the Employment Term, such information which, to the Employee's
knowledge, has been acquired, directly or indirectly, from any person or entity
owing a duty of confidentiality to the Company, relating to the Company,
including but not limited to information regarding customers, vendors,
suppliers, trade secrets, training programs, manuals or materials, technical
information, contracts, systems, procedures, mailing lists, know-how, trade
names, improvements, price lists, financial or other data (including the
revenues, costs or profits associated with any of the Company's products or
services), business plans, code books, invoices and other financial statements,
computer programs, software systems, databases, discs and printouts, plans
(business, technical or otherwise), customer and industry lists, correspondence,
internal reports, personnel files, sales and advertising material, telephone
numbers, names, addresses or any other compilation of information, written or
unwritten, which is or was used in the business of the Company (collectively,
"Confidential Information"). Notwithstanding the foregoing, Confidential
Information shall not include any information that the Employee is required to
disclose to, or by, any governmental or judicial authority; provided, however,
if the Employee should be required in the course of judicial or other
governmental proceedings to disclose any Confidential Information, the Employee
shall give the Company prompt written notice thereof so that Company may seek an
appropriate protective order and/or waive in writing compliance with the
confidentiality provisions of this Agreement. If, in the absence of a protective
order or the receipt of a waiver by the Company, the Employee is compelled to
disclose Confidential Information to, or pursuant to the requirements of, a
court or other governmental authority, the Employee may disclose such
Confidential Information to such court or other governmental authority without
liability to the Company or any other person or entity not a party to this
Agreement. The Employee hereby agrees to protect all documents, records, tapes
and other media in which Confidential Information is contained (the
"Confidential Documents"). The Employee acknowledges that such Confidential
Documents are and remain the sole and exclusive property of the Company. The
Employee will not copy any Confidential Documents or remove any Confidential
Documents, or copies thereof, from the Company

                                      -4-
<PAGE>

premises, except as required by the normal and proper course of his duties for
the Company. The Employee agrees to return to the Company promptly upon the
termination of his employment, or at any other time when requested by the
Company, any and all property of the Company, including, but not limited to, all
Confidential Documents and copies thereof in his possession or control.

          Notwithstanding any other provision to the contrary contained herein,
nothing in this Agreement shall be construed to prevent the Employee from using
any skills and/or knowledge developed and/or refined during his employment with
the Company unless the use of that skill or knowledge would result in a breach
of any of the provisions of this Agreement.

          (c) NO INTERFERENCE. During the Restricted Period, the Employee shall
not, whether for his own account or for the account of any other individual,
partnership, firm, corporation or other business organization (other than the
Company), directly or indirectly solicit, endeavor to entice away from the
Company, or otherwise directly interfere with the relationship of the Company
with any person who, to the knowledge of the Employee, is employed by or
otherwise engaged to perform services for the Company or who is, or was within
the then most recent twelve-month period, a customer or client of the Company or
its predecessors for purposes of competing with the Company.

          (d) DISCLOSURE OF INTELLECTUAL PROPERTY AND ASSIGNMENT OF RIGHTS. The
Employee hereby sells, transfers and assigns to the Company or to any person or
entity designated by the Company all of the entire right, title and interest of
the Employee in and to all inventions, ideas, disclosures and improvements,
whether patented or unpatented, and copyrightable material, made or conceived by
the Employee, solely or jointly, during his employment by the Company which
relate to methods, apparatus, designs, products, processes or devices, sold,
leased, used or under consideration or development by the Company, or which
otherwise relate to or pertain to the business, functions or operations of the
Company or which arise from the efforts of the Employee during the course of his
employment for the Company. The Employee shall communicate promptly and disclose
to the Company, in such form as the Company requests, all information, details
and data pertaining to the aforementioned inventions, ideas, disclosures and
improvements; and the Employee shall, at the Company's cost and expense, execute
and deliver to the Company such formal transfers and assignments and such other
papers and documents as may be necessary or required of the Employee to permit
the Company or any person or entity designated by the Company to file and
prosecute the patent applications and, as to copyrightable material, to obtain
copyright thereof. Any patentable invention relating to the business of the
Company and disclosed by the Employee within one year following the termination
of his employment with the Company shall be deemed to fall within the provisions
of this Section 7(d) unless proved to have been first conceived and made
following such termination.

          (e) INJUNCTIVE RELIEF. Without intending to limit the remedies
available to the Company, the Employee acknowledges that a breach of any of the
covenants contained in Section 7 hereof may result in material irreparable
injury to the Company for which there is no adequate remedy at law, that it will
not be possible to measure damages for such injuries precisely and that, in the
event of such a breach or threat thereof, the Company shall be entitled to
obtain a temporary restraining order and/or a preliminary injunction, without
the necessity of

                                      -5-
<PAGE>

proving irreparable harm or injury as a result of such breach or threatened
breach of Section 7 hereof (and to a permanent injunction if the Company is able
to prove actual damages), restraining the Employee from engaging in activities
prohibited by Section 7 hereof or such other relief as may be required
specifically to enforce any of the covenants in Section 7 hereof.

          (f) OTHER AGREEMENTS. The parties hereto acknowledge and agree that
the provisions of this Section 7 shall govern the parties during the Restricted
Period and that the Confidentiality and Noncompetition Agreement, dated as of
November 6, 2000, by and between the Employee and the Company (the
"Confidentiality Agreement") shall govern the parties upon the expiration of the
Restricted Period.

          Section 8. EXTENSION OF RESTRICTED PERIOD. In addition to the remedies
the Company may seek and obtain pursuant to Section 7(d) of this Agreement, the
Restricted Period shall be extended by any and all periods during which the
Employee shall be found by a court to have been in violation of the covenants
contained in Section 7 hereof.

          Section 9. REPRESENTATIONS AND WARRANTIES OF THE EMPLOYEE. The
Employee represents and warrants to the Company as follows:

          (a) This Agreement, upon execution and delivery by the Employee, will
be duly executed and delivered by the Employee and (assuming due execution and
delivery hereof by the Company) will be the valid and binding obligation of the
Employee enforceable against the Employee in accordance with its terms.

          (b) Neither the execution and delivery of this Agreement, the
consummation of the transactions contemplated hereby nor the performance of this
Agreement in accordance with its terms and conditions by the Employee (i)
requires the approval or consent of any governmental body or of any other person
or (ii) conflicts with or results in any breach or violation of, or constitutes
(or with notice or lapse of time or both would constitute) a default under, any
agreement, instrument, judgment, decree, order, statute, rule, permit or
governmental regulation applicable to the Employee. Without limiting the
generality of the foregoing, the Employee is not a party to any non-competition,
non-solicitation, no hire or similar agreement that restricts in any way the
Employee's ability to engage in any business or to solicit or hire the employees
of any person.

          (c) The representations and warranties of the Employee contained in
this Section 10 shall survive the execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby.

          Section 10. SUCCESSORS AND ASSIGNS. Except as otherwise expressly
provided in this Agreement, no party hereto shall assign this Agreement or any
rights or obligations hereunder without the prior written consent of the other
parties hereto and any such attempted assignment without such prior written
consent shall be void and of no force and effect, PROVIDED, that the Company may
assign its rights hereunder to an affiliate, PROVIDED FURTHER, that no such
assignment shall reduce or otherwise vitiate any of the obligations of the
Company hereunder. This Agreement shall inure to the benefit of and shall be
binding upon the successors and permitted assigns of the parties hereto.

                                      -6-
<PAGE>

          Section 11. AMENDMENTS; WAIVERS. This Agreement may be amended or
modified, and any of the terms, covenants, representations, warranties or
conditions hereof may be waived, only by a written instrument executed by the
parties hereto, or in the case of a waiver, by the party waiving compliance. Any
waiver by any party of any condition, or of the breach of any provision, term,
covenant, representation or warranty contained in this Agreement, in any one or
more instances, shall not be deemed to be nor construed as further or continuing
waiver of any such condition, or of the breach of any other provision, term,
covenant, representation or warranty of this Agreement.

          Section 12. SEVERABILITY AND GOVERNING LAW. The Employee acknowledges
and agrees that the covenants set forth in Section 7 hereof are reasonable and
valid in geographical and temporal scope and in all other respects. If any of
such covenants or such other provisions of this Agreement are found to be
invalid or unenforceable by a final determination of a court of competent
jurisdiction (a) the remaining terms and provisions hereof shall be unimpaired
and (b) the invalid or unenforceable term or provision hereof shall be deemed
replaced by a term or provision that is valid and enforceable and that comes
closest to expressing the intention of the invalid or unenforceable term or
provision hereof. THIS AGREEMENT SHALL BE CONSTRUED, PERFORMED AND ENFORCED IN
ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF TENNESSEE, WITHOUT
GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF. THE PARTIES HERETO
IRREVOCABLY ELECT AS THE SOLE JUDICIAL FORUM FOR THE ADJUDICATION OF ANY MATTERS
ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT, AND CONSENT TO THE
JURISDICTION OF, THE COURTS OF THE STATE OF TENNESSEE LOCATED IN NASHVILLE,
TENNESSEE.

          Section 13. NOTICES.

          (a) All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given (i) on
the date of service if served personally on the party to whom notice is to be
given, (ii) on the day of transmission if sent via facsimile transmission to the
facsimile number given below, and telephonic confirmation of receipt is obtained
promptly after completion of transmission, (iii) on the day after delivery to
Federal Express or similar overnight courier or the Express Mail service
maintained by the U.S. Postal Service or (iv) upon receipt, if mailed to the
party to whom notice is to be given, by first class mail, registered or
certified, postage prepaid and properly addressed, to the party as follows:

               (i) if to the Employee, at 242 Louise Avenue, Nashville, TN
37203, or at such other address as the Employee may have furnished the Company
in writing,

               (ii) if to the Company, to Information Holdings, Inc., 2777
Summer Street, Suite 209, Stamford, CT 06905, marked for the attention of the
President and CEO, or at such other address as it may have furnished in writing
to the Employee.

          Section 14. SECTION AND PARAGRAPH HEADINGS. The section and paragraph
headings in this Agreement are for reference purposes only and shall not affect
the meaning or interpretation of this Agreement.

                                      -7-
<PAGE>

          Section 15. ENTIRE AGREEMENT. This Agreement and the Confidentiality
Agreement constitute the entire understanding and agreement of the parties
hereto regarding the employment of the Employee. This Agreement and the
Confidentiality Agreement supersede all prior negotiations, discussions,
correspondence, communications, understandings and agreements between the
parties relating to the subject matter of this Agreement.

          Section 16. COUNTERPARTS. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which shall
constitute one instrument.

                                   * * * * * *

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

                                           TRANSCENDER LLC

                                           By: /s/ MASON SLAINE
                                               ---------------------------
                                                Name:  Mason Slaine
                                                Title:  CEO

                                              /s/ ANEEL M. PANDEY
                                              ----------------------------
                                               Aneel M. Pandey

                                      -8-

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