Document:

<PAGE>

                                                                   Exhibit 10.26
                                                                   -------------

                        SETTLEMENT AGREEMENT AND RELEASE

     This Settlement Agreement and Release (this "Agreement") is made as of July
23, 2001, by and between Vesta Insurance Group, Inc., a Delaware corporation
(the "Company"), and James E. Tait, Norman W. Gayle III and Donald W. Thornton
(the "Executives").

                                    RECITALS

     WHEREAS, in 1999, the Company adopted the Executive Officer Incentive
Compensation Plan (the "Plan") to motivate the Executives by providing them with
the opportunity to earn a one-time cash bonus based on the increase in the
Company's market capitalization measured over a three year period;

     WHEREAS, under the Plan, the Executives currently are entitled to receive
an aggregate cash payment on September 30, 2002 in an amount equal to five
percent (5%) of the amount by which the Company's total market capitalization on
September 29, 2002 (or earlier if the Company ceases to be a public company)
exceeds the market capitalization on September 29, 1999;

     WHEREAS, the Company desires to restructure the incentives provided to the
Executives under the Plan in a manner that will minimize future salary expense
and further align the interests of the Executives with those of the Company over
a period extending beyond September 29, 2002;

     WHEREAS, the Executives have agreed to relinquish their right to receive
the lump sum cash payment under the Plan on September 29, 2002 in exchange for
(i) shares of the Company's common stock and (ii) a loan from the Company, to be
issued currently and having an aggregate present value approximating the present
value of the anticipated cash payment to be relinquished.

                                    AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing recitals and of the
mutual covenants, agreements, undertakings, representations and warranties
contained herein, the parties hereby agree as follows:

                                    ARTICLE 1
                            AGREEMENTS OF THE COMPANY

     Section 1.1 Agreements of the Company. In consideration of Executives'
                 -------------------------
willingness to relinquish their rights under the Plan, the Company hereby agrees
as follows:

          (a) The Company shall issue to the Executives an aggregate of One
Million Two Hundred and Fifty Thousand (1,250,000) shares of the Company's
common stock, $.01 par

<PAGE>

value per share (the "Restricted Stock"), to be allocated amongst the Executives
in proportion to their respective participation interests in the Plan as
follows:

James E. Tait         500,000 shares
Norman W. Gayle III   500,000 shares
Donald W. Thornton    250,000 shares

The Restricted Stock shall be subject to the terms of a Restricted Stock
Agreement by and between the Company and each Executive in substantially the
form attached hereto as Exhibit A. Subject to the provisions of Section 1.2(a)
and (b) below, on each anniversary of the date of issuance of the Restricted
Stock, 10% of the Restricted Stock then held by the Executive shall vest, such
that the full amount of the Restricted Stock shall be vested upon the expiration
of ten years from the date of issue.

          (b) The Company shall make a loan to the Executives in an aggregate
principal amount of Five Million Dollars ($5,000,000), to be allocated amongst
the Executives in proportion to their respective participation interests in the
Plan as follows (the "Loans"):

James E. Tait         $2,000,000
Norman W. Gayle III   $2,000,000
Donald W. Thornton    $1,000,000

Each Loan shall be evidenced by, and shall be subject to the terms of, a
promissory note in substantially the form attached hereto as Exhibit B. Subject
                                                             ---------
to the provisions of Section 1.2(a) and (b) below, on each anniversary of the
date of each such promissory note, 10% of the principal and all accrued interest
on the Loan evidenced by such promissory note shall be forgiven, such that the
full amount of the Loan evidenced by such promissory note, together with all
accrued interest thereon, would be forgiven upon the expiration of the ten year
term.

          (c) The Company shall pay the Executives, in the form of cash bonuses,
such additional amounts as are necessary to provide for the payment of any and
all taxes that may become payable by the Executives as a result of (i) the
issuance or vesting of the Restricted Stock, (ii) the making of the Loans or the
forgiveness thereof and (iii) the payment of cash bonuses pursuant to this
Section 1(c) (i.e., such bonuses will be grossed-up to take into account taxes
payable as a result of such bonuses).

     Section 1.2 Termination of Employment Provisions. The vesting of the shares
                 ------------------------------------
of Restricted Stock issued pursuant to Section 1.1(a) above, and the Company's
obligation to forgive the Loans made pursuant to Section 1.1(b) above, are each
subject to the following restrictions and conditions:

          (a) Voluntary Termination by Executive. If an Executive voluntarily
terminates his employment for any reason other than death, Disability or
Retirement, then his shares of Restricted Stock that have not vested at the time
of such termination of employment shall be forfeited without any payment
therefor, and the Company shall not be obligated to

<PAGE>

forgive any amounts owing under his Loan at the time of such termination of
employment or thereafter.

          (b) Termination by the Company for Cause. If the Company terminates an
Executive's employment for Cause, then his shares of Restricted Stock that have
not vested at the time of such termination of employment shall be forfeited
without any payment therefor, and the Company shall not be obligated to forgive
any amounts owing under his Loan at the time of such termination of employment
or thereafter.

          (c) Termination Upon Death, Disability or Retirement. If an
Executive's employment is terminated prior to the vesting of the Restricted
Stock as a result of (a) his death or Disability, or (b) by reason of
Retirement, then 100% of his Restricted Stock that has not vested at such time
shall be immediately vested, and the Company shall immediately forgive 100% of
the outstanding balance of his Loan, all at the time of such termination of
employment.

          (d) Involuntary Termination by the Company Without Cause. If the
Company terminates an Executive's employment without Cause, then 100% of his
Restricted Stock that has not vested at such time shall be immediately vested,
and the Company shall immediately forgive 100% of the outstanding balance of his
Loan, all at the time of such termination of employment.

          (e) Definitions. For purposes of this Section 1.2:

          "Cause" means the termination of an Executive's employment as a result
of any act that (A) constitutes, on the part of the Executive, fraud, dishonesty
or gross malfeasance of duty and (B) is demonstrably likely to lead to material
injury to the Company; provided, however, that such conduct shall not constitute
Cause:

               (x) unless (A) there shall have been delivered to the Executive a
written notice setting forth with specificity the reasons that the Company's
Board of Directors (the "Board") believes the Executive's conduct meets the
criteria set forth above, (B) the Executive shall have been provided the
opportunity to be heard in person by the Board (with the assistance of the
Executive's counsel if the Executive so desires), and (C) after such hearing,
the termination is evidenced by a resolution adopted in good faith by two-thirds
of the members of the Board (other than the Executive); or

               (y) if such conduct was believed by the Executive in good faith
to have been in or not opposed to the interests of the Company.

          "Disability" means total and permanent disability as determined under
the Company's long-term disability plan.

          "Retirement" means Early Retirement or Normal Retirement, as such
terms are defined in the J. Gordon Gaines, Inc. Retirement Savings Plan.

<PAGE>

     Section 1.3 Change of Control. In the event of a "Change of Control" (as
                 -----------------
defined below):

          (a) the restrictions applicable to any Restricted Stock shall lapse
and such shares shall be deemed fully vested, and the Company shall
automatically, with no further action required, forgive all of the amount owing
under the Loan at the time of such Change of Control.

          (b) the value of all Restricted Stock may, to the extent determined by
the Company, be cashed out on the basis of the "Change of Control Price" (as
defined below) as of the date the Change of Control occurs, or such other date
as the Company may determine prior to the Change of Control.

          (c) Change of Control. For purposes of this Section 1.3, a "Change of
Control" means the happening of any of the following:

               (i) when any "person" as such term is used in Sections 13(d) and
     14(d) of the Exchange Act, (other than the Company or any Company employee
     benefit plan, including its trustee) is or becomes the "beneficial owner"
     (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly
     of securities of the Company representing twenty percent (20%) or more of
     the combined voting power of the Company's then outstanding securities;

               (ii) the occurrence of any transaction or event relating to the
     Company required to be described pursuant to the requirements of Item 6(e)
     of Schedule 14A of Regulation 14A of the Commission under the Exchange Act;

               (iii) when the individuals who constitute the Board as of the
     date hereof cease, for any reason other than death, to constitute at least
     a majority of the Board, unless each director who was not a director as of
     the date hereof was elected by, or on the recommendation of, at least
     two-thirds (2/3) of the directors on the date hereof; or

               (iv) the occurrence of a transaction requiring stockholder
     approval for the acquisition of the Company by an entity other than the
     Company through purchase of assets, or by merger, or otherwise.

          (d) Change of Control Price. For purposes of this Section 1.3, "Change
of Control Price" means the highest price per share paid in any transaction
reported on the New York Stock Exchange, or paid or offered in any transaction
related to a potential or actual Change of Control of the Company at any time
during the preceding sixty (60) day period as determined by the Company.

          Section 1.4 Rights as a Stockholder. The Executives shall have, with
                      -----------------------
respect to the shares of Restricted Stock, all of the rights of stockholders of
the Company, including the right to vote and to receive any dividends. Dividends
paid in stock of the Company or stock received in

<PAGE>

connection with a stock split with respect to Restricted Stock shall be subject
to the same restrictions as on such Restricted Stock.

                                    ARTICLE 2
                              RELEASE BY EXECUTIVE

Upon the full performance by the Company of its obligations under this
Agreement, each Executive fully and forever releases and discharges the Company
from all liability to such Executive, his heirs and assigns, for claims or
obligations relating to the Plan and his rights to receive a bonus thereunder,
and each Executive relinquishes any and all rights he has or may have had under
or pursuant to the Plan.

                                    ARTICLE 3
                              ADDITIONAL AGREEMENTS

     Section 3.1 Employment Not Affected. No agreement of the Company set forth
                 -----------------------
herein shall be construed as granting any Executive any right with respect to
continuance of employment by the Company or any subsidiary or affiliate of the
Company. The right of the Company to terminate at will an Executive's employment
with the Company or any subsidiary or affiliate of the Company at any time
(whether by dismissal, discharge, retirement or otherwise) is specifically
reserved by the Company and acknowledged by each Executive, subject to the
existing employment agreements between the Company and each of the Executives
dated September 30, 1999.

     Section 3.2 Compliance with Laws and Regulations. The Restricted Stock to
                 ------------------------------------
be issued pursuant to Section 1(a) above and the obligation of the Company to
deliver such shares shall be subject to all applicable federal and state laws,
rules and regulations and to such approvals by any government or regulatory
agency (including, but not limited to, the approval of the listing of such
shares for trading by the New York Stock Exchange) as may be required.

     Section 3.3 Shares May be Newly Issues or Purchased. The Restricted Stock
                 ---------------------------------------
to be issued pursuant to Section 1.1(a) above shall be made available, at the
discretion of the Company, either from authorized but previously unissued shares
or from shares held in the Treasury of the Company.

     Section 3.4 Fees and Expenses. To induce the Executive to execute this
                 -----------------
Agreement and to provide the Executive with reasonable assurance that the
purposes of this Agreement will not be frustrated by the cost of its enforcement
should the Company fail to perform its obligations under this Agreement or
should the Company or any subsidiary, affiliate or stockholder of the Company
contest the validity or enforceability of this Agreement, the Company shall pay
and be solely responsible for any attorneys' fees and expenses and courts costs
incurred by the Executive as a result of a claim that the Company has breached
or otherwise failed to perform this Agreement or any provision hereof to be
performed by the Company or as a result of the Company or any subsidiary,
affiliate or stockholder of the Company contesting the validity or
enforceability of this Agreement or any provision hereof to

<PAGE>

be performed by the Company, in each case regardless of which party, if any,
prevails in the contest.

                                    ARTICLE 5
                                  MISCELLANEOUS

     Section 4.1 Successors and Assigns. All covenants and agreements in this
                 ----------------------
Agreement by or on behalf of the respective parties hereto shall bind and inure
to the benefit of their respective successors and assigns.

     Section 4.2 Parties in Interest. This Agreement is made solely for the
                 -------------------
benefit of the parties, and no other person shall acquire or have any right
under or by virtue of this Agreement.

     Section 4.3 Entire Agreement. This Agreement, together with the agreements
                 ----------------
to be delivered as provided herein, constitutes the entire agreement among the
parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings of the parties in connection therewith. No
covenant or condition not expressed in this Agreement shall affect or be
effective to interpret, change or restrict this Agreement. The provisions of
this Agreement may not be changed, modified or amended except in writing duly
executed by each party hereto.

     Section 4.4 Law Governing. This Agreement shall be governed by and
                 -------------
construed in accordance with the laws of the State of Delaware.

     Section 4.5 Headings. The headings in this Agreement are for convenience of
                 --------
reference only and shall not limit or otherwise affect any of the terms hereof.

     Section 4.6 Counterparts. This Agreement may be executed in one or more
                 ------------
counterparts, each of which shall be deemed to be an original, but all of which
shall be considered one and the same instrument.

                            [Signature Page follows]

<PAGE>

     IN WITNESS WHEREOF, the undersigned have executed this Agreement or caused
this Agreement to be executed as of the date and year first above written.

                                           VESTA INSURANCE GROUP, INC.

                                           By:   /s/  Hopson B. Nance
                                              ----------------------------------
                                           Its:  Vice President & Controller
                                           EXECUTIVE:

                                           /s/   James E. Tait
                                           ------------------------------------
                                           James E. Tait
                                           EXECUTIVE:

                                           /s/   Norman W. Gayle III
                                           -------------------------------------
                                           Norman W. Gayle III
                                           EXECUTIVE:

                                           /s/   Donald W. Thornton
                                           -------------------------------------
                                           Donald W. Thornton

<PAGE>

Exhibit A
---------

                           RESTRICTED STOCK AGREEMENT

     THIS RESTRICTED STOCK AGREEMENT (this "Agreement") is made as of August 7,
2001, by and between Vesta Insurance Group, Inc. (the "Company"), and
                                                                      ----------
(the "Executive").

                              W I T N E S S E T H :

     WHEREAS, pursuant to the terms of the Settlement and Release Agreement
between the Company and the Executive (the "Release"), the Executive has been
awarded shares of Restricted Stock, conditioned upon the execution and delivery
by the Company and the Executive of this Agreement setting forth the terms and
conditions applicable to such award, and

     NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and obligations of the parties contained herein and in the Release,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

     1. Award of Restricted Stock. Pursuant to the terms of the Release, the
        -------------------------
Company hereby awards to the Executive, effective as of August 7, 2001, (the
"Award Date"),               shares of the Company's common stock, par value
              --------------
$.01 per share, which shall be subject to the terms, conditions and restrictions
set forth below (the "Restricted Stock"). In addition to the terms, conditions
and restrictions set forth below, the award of Restricted Stock provided for
herein shall be subject to the provisions of the Release, and all capitalized
terms used herein for which no definition is provided herein shall have the
meanings set forth in the Release.

     2. Title to Restricted Stock; Vesting. Subject to the provisions of Section
        -------------------------
1.2 of the Release, on each anniversary of the date of issuance of the
Restricted Stock, 10% of the Restricted Stock then held by the Executive shall
vest, such that the full amount of the Restricted Stock shall be vested upon the
expiration of ten years from the date of issue.

     3. Restriction on Resale. The Executive shall not sell, transfer, pledge or
        ---------------------
assign shares of Restricted Stock until the Restricted Stock has vested in
accordance with vesting schedule set forth in Section 2 above, or otherwise upon
termination of employment in accordance with Section 1.2 of the Release.

     4. Rights as Stockholder. The Executive shall have, with respect to the
        --------------------
shares of Restricted Stock, all of the rights of a stockholder of the Company,
including the right to vote and to receive any dividends. Dividends paid in
stock of the Company or stock received in connection with a stock split with
respect to Restricted Stock shall be subject to the same restrictions as on such
Restricted Stock.

<PAGE>

     5. Stock Certificates.
        -----------------

          (a) A stock certificate in respect of shares of Restricted Stock shall
be issued in the name of the Executive and shall bear the following legend
indicating the restrictions on transfer created by this Agreement and the
Release:

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS
     ON TRANSFER AND OTHER TERMS AND CONDITIONS (INCLUDING FORFEITURE) SET FORTH
     IN AN AGREEMENT, DATED AS OF AUGUST 7, 2001, A COPY OF WHICH MAY BE
     OBTAINED FROM THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.

The stock certificates evidencing the shares of Restricted Stock shall be held
in custody by the Company until the restrictions on transfer created by this
Agreement and the Release shall have lapsed, and the Executive shall deliver a
stock power, endorsed in blank, relating to the Restricted Stock.

          (b) The executive acknowledges that the issuance of the shares of
Restricted Stock was not registered under the Securities Act of 1933, as amended
(the "Securities Act") in reliance on an exemption from the registration
requirements of the Act, that the Restricted Stock is therefore generally
considered "restricted" under applicable securities law, and that the resale of
the Restricted Stock will be subject to certain restrictions and limitations
arising from law even after the restrictions on transfer created by this
Agreement and the Release have lapsed. Accordingly, the certificate representing
the shares of Restricted Stock shall also bear the following legend:

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR PURSUANT TO THE
     SECURITIES OR "BLUE SKY" LAWS OF ANY STATE. SUCH SECURITIES MAY NOT BE
     OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE ASSIGNED,
     EXCEPT PURSUANT TO (i) A REGISTRATION STATEMENT WITH RESPECT TO SUCH
     SECURITIES WHICH IS EFFECTIVE UNDER SUCH ACT, (ii) RULE 144 UNDER SUCH ACT,
     OR (iii) ANY OTHER EXEMPTION FROM REGISTRATION UNDER SUCH ACT.

     6. Adjustments. In the event of any merger, reorganization, consolidation,
        -----------
recapitalization, Stock dividend, or other change in corporate structure
affecting the common stock of the Company, a substitution or adjustment shall be
made in the aggregate number of shares of Restricted Stock subject to this
Agreement as may be determined to be appropriate by the Compensation Committee
of the Company's Board of Directors, in its sole discretion, provided that the
number of shares subject to this Agreement shall always be a whole number.

<PAGE>

     7. No Right to Continued Employment. Nothing contained in this Agreement
        --------------------------------
shall confer upon Executive any right with respect to continuance of employment
by the Company, any Subsidiary or any Affiliate, nor shall it interfere in any
way with the right of Executive's employer to terminate Executive's employment
at any time.

     8. Compliance with Laws and Regulations. The obligation of the Company to
        ------------------------------------
deliver shares of Restricted Stock hereunder shall be subject to all applicable
federal and state laws, rules and regulations and to such approvals by any
government or regulatory agency as may be required.

     9. Payment of Taxes. The Executive shall, no later than the date on which
        ----------------
the value of any portion of the Restricted Stock first becomes vested and
includable in the Executive's gross income for federal income tax purposes, be
liable for any federal, state or local withholding tax requirements and any
additional income tax liability incurred with respect to such vested Restrictive
Stock. In lieu of the Executive paying the necessary withholding taxes, the
Company agrees that (i) the Executive shall receive all of such vested
Restrictive Stock and that (ii) the Company shall pay any and all federal, state
and local withholding taxes (the "Withholding Amount") directly to the United
States Treasury and other applicable state and local tax authorities, the
payment of which Withholding Amount shall be income to the Executive.
Additionally, the Company agrees to pay the federal, state and local income tax
liability incurred by the Executive due to the payment of the Withholding Amount
by the Company, together with each subsequent federal, state and local income
tax liability incurred by the Executive on account of the continuous gross-up of
the Withholding Amount under this Section 9. All of such payments by the Company
shall be reportable on a Form W-2 or similar form in the name of Executive. The
Company agrees to reimburse the Executive for any additional income tax (plus
penalties and interest) caused by the underpayment of withholding taxes by the
Company hereunder. In the event that the Company overpays the withholding taxes
hereunder, the Executive shall retain such excess.

     10. Executive Bound By Release. Executive hereby acknowledges receipt of a
         --------------------------
copy of the Release and agrees to be bound by all the terms and provisions
thereof, including the terms and provisions adopted after the award of the
Restricted Stock but prior to the vesting thereof.

     11. Notices. Any notice hereunder to the Company shall be in writing and
         -------
addressed to the Secretary of the Company in care of the Company's Legal
Department, 3760 River Run Drive, Birmingham, Alabama 35243, subject to the
right of the Company to designate at any time hereafter in writing some other
address.

     12. Counterparts. This Agreement may be executed in two counterparts each
         ------------
of which shall constitute one and the same instrument.

     13. Impact on Other Benefits. The value of the Restricted Stock shall not
         ------------------------
be includable as compensation or earnings for purposes of any other benefits
offered by the Company.

<PAGE>

     14. Governing Law. All questions pertaining to the construction,
         -------------
regulation, validity and effect of the provisions of this Agreement shall be
determined in accordance with the laws of the State of Alabama.

     15. Amendment. This Agreement may not be amended, except in writing signed
         ---------
by the parties hereto.

     16. Entire Agreement. This Agreement contains the entire agreement and
         ----------------
understanding of the parties hereto with respect to the matters covered hereby.

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

                                            VESTA INSURANCE GROUP, INC.

                                            By:
                                               -----------------------------

                                                     [Executive]
                                            --------------------------------

<PAGE>

Exhibit B
---------

                                 PROMISSORY NOTE

                                                                   July 23, 2001

     FOR VALUE RECEIVED, the undersigned promises to pay to the order of Vesta
Insurance Group, Inc., ("Vesta"), a corporation organized and existing under the
laws of the State of Delaware, the sum of             at the office of the payee
                                         -------------
in the City of Birmingham, Alabama or at such other place as the payee may
designate in writing. The principal, together with interest thereon at the rate
of 6.5% per annum, shall be due and payable annually and shall be paid on the
due dates and in the amount set forth below:

                             [Amortization Schedule]

     THIS PROMISSORY NOTE is given to evidence an indebtedness of the
undersigned to Vesta for the repayment of the Loan made to the undersigned
pursuant to the terms of a Settlement Agreement and Release of even date
herewith between Vesta and the undersigned (the "Settlement Agreement"). As
such, this Note specifically incorporates the provisions of Article I of the
Settlement Agreement concerning forgiveness of the indebtedness evidenced
hereby.

     THE UNDERSIGNED hereby waives grace, demand, presentment, protect, notice
of protest, notice of dishonor, suit and any other requirements necessary to
hold any party hereto, and agrees that time for payment may be extended from
time to time without notice, and that he shall remain liable for this debt
though not joining in such extension or renewal as though the party or parties
not so joining had joined in such extension or renewal. The undersigned does
further waive as to this debt or any renewal or extension thereof all right of
exemption as to personal property from levy and sale or other process for the
collection of this debt and agrees to pay all reasonable costs of collecting or
attempting to collect this debt, whether by suit, foreclosure or otherwise,
including reasonable attorneys fees.

     UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, then at the option of the
holder, the entire indebtedness evidenced by the Promissory Note may be declared
due and payable at once without notice of such acceleration to the undersigned,
time being of the essence of this contract, and failure of the holder of this
note to so declare such indebtedness to be due and payable shall not constitute
a waiver of the right to declare the entire indebtedness at once due and
payable.

<PAGE>

     As used herein, "EVENT OF DEFAULT' shall include any of the following:

     (1) The failure of the undersigned to perform the obligations required
under the terms and provisions of this Promissory Note and to make the payments
in the amounts and at the times that they become due;

     (2) The failure of the undersigned to perform any material obligation,
covenant or agreement set forth in the Settlement Agreement; or

     (3)  The filing of a petition, either voluntary or involuntary, in
          bankruptcy by the undersigned.

     THE INDEBTEDNESS EVIDENCED BY THIS PROMISSORY NOTE may not be prepaid in
whole or in part except with the written consent of the payee.

     This Promissory Note shall be governed by and construed in accordance with
the laws of the State of Alabama.

     IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal as
of the 23rd day of July, 2001.

                                                 [Executive]
                                                 ------------------------<PAGE>

                                                                   Exhibit 10.16

                             EMPLOYMENT AGREEMENT
                             --------------------

         THIS EMPLOYMENT AGREEMENT ("Agreement") is made effective as of the
15th day of August, 2001, by and between Clarus Corporation, a Delaware
corporation (the "Company") and Sean E. Feeney, a Georgia resident,
("Employee").

         WHEREAS, the Company desires to employ the Employee, and Employee
desires to accept such employment with the Company; and

         WHEREAS, the Company and Employee desire to set forth in writing all of
the covenants, terms and conditions of their agreement and understanding as to
such employment.

         NOW THEREFORE, in consideration of the foregoing, the mutual promises
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows:

         1. Employment and Duties. The Company hereby employs Employee, and
            ----------------------
Employee hereby accepts employment, as its Chief Operating Officer. Employee
agrees to serve in such capacity and to faithfully and diligently perform such
duties, responsibilities and services that are incidental thereto, as well as
such other duties, responsibilities and services as may be prescribed or
requested by the Chief Executive Officer of the Company from time to time.
Employee shall devote his full time, attention and best efforts to the
performance of his duties, responsibilities and services to the Company in a
lawful manner and in accordance with all policies of and instructions from the
Company.

         2. Term. The term of this Agreement will commence on the date set forth
            -----
above and will terminate one (1) year thereafter, unless said Agreement is
terminated at an earlier date as provided herein. The Agreement shall
automatically renew for identical and successive one (1) year term(s) unless
either party notifies the other of its intention not to renew the Agreement at
least 30 days prior to the expiration of the one year term then in effect;
provided, however, that all post-termination obligations under Sections 5, 6 and
7 shall survive termination or expiration of this Agreement as provided herein.

         3. Compensation and Employee Benefits.
            -----------------------------------

         (a) Compensation. Employee shall receive an annualized salary (the
"Base Salary") of Two Hundred Thousand Dollars ($200,000.00), which shall be
paid in accordance with the Company's regular payroll practices and subject to
any and all withholdings pursuant to applicable law.

         Employee is also eligible to receive additional annualized incentive
compensation of up to $100,000 per year if the Company meets the revenue,
expense and profitability targets and the Employee attains specified management
business objectives as determined by the Company's Chief Executive Officer and
which shall be attached as Exhibit "A," hereto. The Employee's right to receive
incentive compensation hereunder will be measured on a quarterly basis and, if
earned, will be payable quarterly.

<PAGE>

         (b) Employee/Fringe Benefits. Employee shall be eligible to participate
in all employee benefit programs and fringe benefits (including, but not limited
to, medical, dental, vision, life, accidental death and dismemberment, travel,
accident and short-term/long-term disability insurance plans or programs, paid
time-off, paid holidays, etc.) generally made available to executive employees
of the Company, subject to any and all terms, conditions, and eligibility
requirements for said programs and benefits, as may from time to time be
prescribed by the Company. The Company may alter, modify, add to or delete its
employee benefit plans at any time as it determines in its sole discretion.

         (c) Other Business Expenses. The Company shall reimburse Employee for
his actual out-of-pocket, business expenses that are incurred by Employee and
are reasonable and necessary in relation to and in furtherance of Employee's
performance of his duties to the Company. Such reimbursement shall be subject to
compliance with the Company's reimbursement policies and the provision of
substantiating documents of said expenses as may be reasonably requested by the
Company.

         (d) Vacation. Employee shall be entitled to twenty-four (24) days Paid
Time Off (PTO) per year (which includes vacation, illness and other personal
time away from work) as well as seven (7) days of paid holiday in accordance
with the Company's normal policies; provided, that vacation shall be taken at
such times as shall not unreasonably interfere with the Employee's
responsibilities hereunder. Up to five (5) days of unused PTO may be carried
forward from one year into the next.

         4. Termination. This Agreement may be terminated prior to the
            ------------
expiration of the term as follows:

         (a) Death or Disability. The Employee's employment hereunder shall
terminate automatically upon Employee's death. In such event, Employee's estate
shall be entitled to receive any earned and unpaid Base Salary, prorated through
the date of death. If the Employee is prevented from performing his material
duties hereunder as a result of physical or mental illness, injury or incapacity
for either (i) a period of ninety (90) consecutive days or (ii) more than one
hundred-eighty (180) days in the aggregate in any twelve (12) month period, then
the Company may terminate the Employee's employment upon written notice to
Employee. While receiving disability income payments under the Company's
disability income plan, the Employee shall not be entitled to receive any Base
Salary hereunder, but shall continue to participate in the Company's benefit
plans, to the extent permitted by such plans, until the termination of his
employment.

         (b) For Cause. The Company may terminate the Employee's employment
hereunder for Cause at any time upon notice to the Employee setting forth in
reasonable detail the nature of such Cause. In the event that the Company
terminates Employee's employment for Cause (or Employee resigns from his
employment with the Company), the Company shall not be obligated to pay any
salary or other compensation to Employee after the effective date of
termination, other than accrued and unpaid Base Salary earned through the date
of termination.

         (c) Without Cause. In the event the Company terminates this Agreement
without Cause, then Employee shall be entitled to (i) severance pay in the form
of continuation

                                       2

<PAGE>

of his annualized Base Salary until the earlier of the expiration of the
remainder of the one year term then in effect, or a period of six months from
the date of such termination, or Employee's earlier commencement of employment
with any other entity. Any such severance pay shall be paid in accordance with
the Company's regular payroll practices and subject to any and all withholdings
pursuant to applicable law, and (ii) a pro rata portion of his incentive bonus,
if any, contemplated by Section 3(a) for the quarter in which his employment
terminated based upon the number of days in the quarter elapsed prior to such
termination. In addition, the Company shall continue to provide, through COBRA
or otherwise, medical insurance coverage contemplated by Section 3(c) until the
earlier of the expiration of the remainder of the one year term then in effect,
or a period of six months following the date of Employee's termination without
Cause, or Employee's earlier commencement of employment with any other entity.
Payment of the severance benefits set forth herein shall be subject to
Employee's continued compliance with the provisions of Section 5 hereof.
Notwithstanding anything to the contrary herein, the Company's obligations to
under this Section 4(c) shall terminate on the date on which Employee commences
new employment. For purposes hereof, the commencement of a full-time position,
whether as an employee, consultant or independent contractor shall be deemed to
be commencement of "new employment".

         (d) Change of Control. The Employee may terminate his employment
hereunder at any time during the three (3) month period beginning three (3)
months after a Change of Control has occurred by written notice given to the
Company. In the event of such termination:

            (i) The Company shall continue to pay to the Employee his Base
         Salary as of the date of the Change of Control for a period of
         six (6) months from the date of termination or such earlier date
         on which Employee commences new employment.

            (ii) The Company shall pay to the Employee a pro rata portion of
         his incentive bonus, if any, contemplated by Section 3(a) for the
         quarter in which his employment terminated based upon the number of
         days in the quarter elapsed prior to termination.

            (iii) The Company shall continue to provide Employee with the
         medical insurance coverage contemplated by Section 3(c), through COBRA
         or otherwise, for a period equal to the earlier of (x) six (6) months
         from the date of termination or (y) Employee's commencement of
         employment with any other entity.

         5. Protective Covenants. Employee is, and will become during the course
            ---------------------
of employment, intimately familiar with Confidential Information, Trade Secrets,
products and services, and other property of the Company. The protection of the
Company requires that all such property and information must remain the sole and
private property of the Company to be used only for the Company's benefit, not
to be disclosed to any other party nor used by Employee against the Company or
for the benefit of any other person. Employee shall, upon request of the
Company, and without request promptly on termination of employment, deliver all
Company Property in Employee's possession or control to the Company. Employee

                                       3

<PAGE>

acknowledges and agrees that title to all Company Property is vested in the
Company. In addition, Employee warrants, represents, covenants and agrees,
during the term of his employment and for the periods described below, as
follows:

         (a) Covenant Not to Compete in Certain Ways. By virtue of his position
with the Company, Employee shall be given an opportunity to, and shall have an
obligation to, participate in strategic planning with respect to competitors of
the Company and shall be made privy to the Company's marketing strategy, product
development, pricing, timing and other matters specifically designed to address
market competition. Employee further acknowledges that the use and/or disclosure
by him of such secret information and knowledge would be inevitable in the event
Employee were to become engaged by such a competitor in a capacity similar to
the capacity in which Employee is employed by the Company. Employee therefore
agrees that, for a period of one (1) year following termination of his
employment with the Company, he shall not directly or indirectly, within the
State of Georgia or within a 100-mile radius of the addresses of the competitors
of the Company expressly listed on Exhibit "B" hereto (the "Named Competitors"),
                                   -----------
become engaged or employed by any Named Competitor in a capacity substantially
identical to the functions and duties Employee performs on behalf of the
Company. Employee acknowledges that the Named Competitors designated on
Exhibit "B" are the key competitors of the Company as of the date hereof.
-----------
Employee acknowledges and agrees that there are many other entities with whom
Employee can profitably use his skills and abilities, including other
competitors of the Company, and that it is entirely proper and reasonable for
him to agree not to work for the Named Competitors in the prescribed capacity
for the prescribed times and within the prescribed locations. The parties agree
that Exhibit "B" may be updated and amended from time to time by substituting
     -----------
therefor a modified Exhibit "B" that has been signed by both the Company and
                    -----------
Employee, and that the Named Competitors shall thereafter refer to the companies
listed on such amended Exhibit "B."
                       ------------

         (b) Covenant Not to Solicit Business from Certain Customers. The
Employee acknowledges that during the course of his employment by the Company,
Employee shall have a duty to, and shall be given an opportunity to, make
contact with and strengthen ties with Customers and potential Customers of the
Company. The Employee shall not, for a period of two (2) years after termination
of his employment with the Company, directly or indirectly, for himself or any
other person or entity, solicit any Customer for the purchase or license by such
Customer of any product or service competitive with any of the products and
services which are offered by the Company within the one-year period preceding
termination of Employee's employment.

         (c) Covenant Not to Solicit Employees. For a period of two (2) years
following the date of termination of his employment with the Company, Employee
shall not, directly or indirectly, for himself or any other person or entity,
employ, solicit or recommend the employment of any employee of the Company for
the purpose of causing such employee to take employment with Employee or any
other person or entity until such employee or former employee has ceased to be
employed by the Company for a period of six (6) months.

         (d) Covenant Not to Disclose Confidential Information or Trade Secrets.
Employee shall not disclose to any person whatsoever or use any Trade Secrets or
Confidential Information of the Company, other than as necessary in the
fulfillment of his duties to the

                                       4

<PAGE>

Company in the course of employment. This paragraph shall be effective during
the term of this Agreement and for a period of two (2) years after termination
of employment with respect to all Confidential Information, and shall remain in
effect with respect to all Trade Secrets so long as such information remains a
trade secret under applicable law.

         6. Work Product; Inventions.
            -------------------------

         (a) Ownership by the Company. The Company shall own all right, title
and interest in and to all work product developed by Employee in Employee's
provision of services to the Company, including without limitation, all
preliminary designs and drafts, all other works of authorship, all derivative
works and patentable and unpatentable inventions and improvements, all copies of
such works in whatever medium such copies are fixed or embodied, and all
worldwide copyrights, trademarks, patents or other intellectual property rights
in and to such works (collectively the "Work Product"). All copyrightable
materials of the Work Product shall be deemed a "work made for hire" for the
purposes of U.S. Copyright Act, 17 U.S.C. ss. 101 et seq., as amended.

         (b) Assignment and Transfer. In the event any right, title or interest
in and to any of the Work Product (including without limitation all worldwide
copyrights, trademarks, patents or other intellectual property rights therein)
does and shall not vest automatically in and with the Company, Employee agrees
to and hereby does irrevocably assign, convey and otherwise transfer to the
Company, and the Company's respective successors and assigns, all such right,
title and interest in and to the Work Product with no requirement of further
consideration from or action by Employee or the Company.

         (c) Registration Rights. The Company shall have the exclusive worldwide
right to register, in all cases as "claimant" and when applicable as "author,"
all copyrights in and to any copyrightable element of the Work Product, and file
any and all applicable renewals and extensions of such copyright registrations.
The Company shall also have the exclusive worldwide right to file applications
for and obtain (i) patents on and for any of the Work Product in Employee's name
and (ii) assignments for the transfer of the ownership of any such patents to
the Company.

         (d) Additional Documents. Employee agrees to execute and deliver all
documents requested by the Company regarding or related to the ownership and/or
other intellectual property rights and registrations specified herein. Employee
hereby further irrevocably designates and appoints the Company as Employee's
agent and attorney-in-fact to act for and on Employee's behalf and stead to
execute, register and file any such assignments, applications, registrations,
renewals and extensions and to do all other lawfully permitted acts to further
the registration, prosecution and issuance of patents, copyright or similar
protections with the same legal force and effect as if executed by Employee.

         7. Employee's Obligations Upon Termination. Upon the termination of
            ----------------------------------------
Employee's employment hereunder for whatever reason, Employee automatically
tenders Employee's resignation from any office Employee may hold with the
Company, and Employee shall not at any time thereafter represent himself to be
connected or to have any connection with the Company or its related entities.

                                       5

<PAGE>

         8. Assignment. Due to the personal service nature of Employee's
            -----------
obligations, Employee may not assign this Agreement. Subject to the restrictions
in this Section, this Agreement shall be binding upon and benefit the parties
hereto, and their respective heirs, successors or assigns.

         9. Legality and Severability. The parties covenant and agree that the
            --------------------------
provisions contained herein are reasonable and are not known or believed to be
in violation of any federal, state, or local law, rule or regulation. In the
event a court of competent jurisdiction finds any provision herein (or subpart
thereof) to be illegal or unenforceable, the parties agree that the court shall
modify said provision(s) (or subpart(s) thereof) to make said provision(s) (or
subpart(s) thereof) and this Agreement valid and enforceable. Any illegal or
unenforceable provision (or subpart thereof), or any modification by any court,
shall not affect the remainder of this Agreement, which shall continue at all
times to be valid and enforceable.

        10. Entire Agreement; Modification; Governing Law. This Agreement
            ----------------------------------------------
constitutes the entire understanding between the parties regarding the subject
matters addressed herein and supersedes any prior oral or written agreements
between the parties. This Agreement can only be modified by a writing signed by
both parties, and shall be interpreted in accordance with and governed by the
laws of the State of Georgia without regard to the choice of law provisions
thereof. Notwithstanding the foregoing, the protective provisions contained in
Paragraph 5 hereof shall be governed and enforced in accordance with the laws of
the state in which enforcement of such provisions is sought.

        11. Negotiated Agreement. Employee and the Company agree that this
            ---------------------
Agreement shall be construed as drafted by both of them, as parties of
equivalent bargaining power, and not for or against either of them as drafter.

        12. Review and Voluntariness of Agreement. Employee acknowledges
            --------------------------------------
Employee has had an opportunity to read, review, and consider the provisions of
this Agreement, that Employee has in fact read and does understand such
provisions, and that Employee has voluntarily entered into this Agreement.

        13. Non-Waiver. The failure of the Company to insist upon or enforce
            -----------
strict performance of any provision of this Agreement or to exercise any rights
or remedies thereunder will not be construed as a waiver by the Company to
assert or rely upon any such provision, right or remedy in that or any other
instance.

        14. No Conflicting Obligations. Employee hereby acknowledges and
            ---------------------------
represents that Employee's execution of this Agreement and performance of
employment-related obligations and duties for the Company as set forth hereunder
will not cause any breach, default or violation of any other employment,
non-disclosure, confidentiality, non-competition or other agreement to which
Employee may be a party or otherwise bound. Employee hereby agrees that he will
not use in the performance of his duties for the Company (or otherwise disclose
to the Company) any trade secrets or confidential information of any prior
employer or other person or entity if and to the extent that such use or
disclosure may cause a breach or violation of any obligation or duty owed to
such employer, person, or entity under any agreement or applicable law.

                                       6

<PAGE>

        15. Forum; Encorcement. In the event of litigation arising from this
            -------------------
Agreement, Employee hereby expressly consents to jurisdiction and venue in any
State or Federal Court sitting in Fulton County, State of Georgia, and waives
any objections to such jurisdiction and venue. Employee further agrees that if
Employee were to breach the provisions of Section 5 or 6 hereof, the Company
would be irreparably harmed and therefore, in addition to any other remedies
available at law, the Company shall be entitled to equitable relief, including
without limitation, specific performance and preliminary and permanent
injunction, against any breach or threatened breach of said Sections 5 and 6,
without having to post bond.

        16. Notices. Any notice or other communications under this Agreement
            --------
shall be in writing, signed by the party making the same, and shall be delivered
personally or sent by certified or registered mail, postage prepaid, addressed
as follows:

                  If to Employee:       Sean E. Feeney
                                        8195 High Hampton Chase
                                        Alpharetta, Georgia 30022

                  If to the Company:    Clarus Corporation
                                        3970 Johns Creek Court
                                        Suwanee, Georgia 30024
                                        Attention: President

or to such other address as may hereafter be designated by either party hereto.
All such notices shall be deemed given on the date received.

        17. Definitions. As used in this Agreement, the following terms shall
            ------------
have the following meanings:

            (a) "Cause."

                (i) The Employee's repeated failure to perform (other than by
            reason of disability), or gross negligence in the performance of,
            his material duties and responsibilities hereunder and the
            continuance of such failure or negligence for a period of thirty
            (30) days after notice to the Employee;

                (ii) Material breach by the Employee of any provision of this
            Agreement or any other written  agreement  between the Employee and
            the Company or any of its affiliates; and

                (iii) Other conduct by the Employee that involves a material
            violation of law or breach of fiduciary obligation on the part
            of the Employee or is otherwise materially harmful to the business,
            interests, reputation or prospects of the Company or any of its
            affiliates.

            (b) "Change of Control" For the purposes herein, a "Change of
Control" shall be deemed to have occurred on the earliest of the following
dates:

                                       7

<PAGE>

                (i) The date any entity or person shall have become the
            beneficial owner of, or shall have obtained voting control over,
            (X) fifty-one percent (51%) or more of the outstanding Common Stock
            of the Company if the Company's stock is not then registered with
            the SEC and publicly traded or (Y) forty percent (40%) or more of
            the outstanding Common Stock of the Company if the Company has
            consummated its initial public offering;

                (ii) The date the stockholders of the Company approve a
            definitive agreement (A) to merge or consolidate the Company with
            or into another corporation, in which the Company is not the
            continuing or surviving  corporation or pursuant to which any
            shares of Common Stock of the Company would be converted into
            cash, securities or other property of another corporation, other
            than (X) a merger or consolidation of the Company in which
            holders of Common Stock immediately prior to the merger or
            consolidation have the same proportionate ownership of Common
            Stock of the surviving corporation immediately after the merger
            as immediately before and (Y) a merger or consolidation of the
            Company in which holders of Common Stock immediately prior to the
            merger or consolidation continue to own at least a majority of
            the combined voting securities of the Company (or the surviving
            entity) outstanding immediately after such merger or
            consolidation, or (B) to sell or otherwise dispose of all or
            substantially all the assets of the Company; or

                (iii) The date there shall have been a change in a majority of
            the Board of Directors of the Company within a 12-month period
            unless the nomination for election by the Company's stockholders
            of each new director was approved by the vote of two-thirds of
            the directors then still in office who were in office at the
            beginning of the 12-month period.

            (c) "Company Property." All property, including, without limitation,
real, personal, tangible or intangible, including all computer programs,
electronic data, educational or instructional materials, inventions,
Confidential Information, Trade Secrets, facilities, trade names, logos,
patents, copyrights and all tangible materials and supplies (whether originals
or duplicates and including, but not in any way limited to, computer diskettes,
brochures, materials, sample products, video tape cassettes, film, catalogs,
books, records, manuals, sales presentation literature, training materials,
calling or business cards, customer records, customer files, customer names,
addresses and phone numbers, directives, correspondence, documents, contracts,
orders, messages, memoranda, notes, circulars, agreements, bulletins, invoices
and receipts), which in any way pertain to the Company's business, whether
furnished to Employee by the Company or prepared, compiled or acquired by
Employee while employed by the Company, all being the sole property of the
Company.

            (d) "Confidential Information." All information or material
regarding the Company's business that has or could have commercial value or
other utility in the business in which the Company is engaged or contemplates
engaging, or information which if disclosed without authorization could be
detrimental to the business of the Company, including, but not limited to, its
business plans, marketing plans, methods of operation, products, software
programs, documentation of computer programs, programming procedures,
algorithms,

                                       8

<PAGE>

formulas, equipment, techniques, existing and contemplated services, inventions,
systems, devices (whether or not patentable), financial information and
practices, plans, pricing, selling and marketing techniques, proposals or bids
for actual or potential customers, names, addresses and phone numbers of the
Company's customers, credit information and financial data of the Company and
the Company's customers, particular business requirements of the Company's
customers, and special methods and processes involved in designing, producing
and selling the Company's products and services, all shall be deemed
Confidential Information and the Company's exclusive property; provided,
however, that Confidential Information shall not include information that has
entered the public domain other than through the actions of Employee.
Confidential Information shall also include the foregoing types of information
with respect to all affiliates of the Company.

         (e) "Customer." Customer means any customer or prospective customer of
the Company with whom Employee had Material Contact during the twelve (12)
months immediately preceding the termination of the Employee's employment with
the Company.

         (f) "Material Contact." Material Contact means interaction between the
Employee and the customer or potential customer which takes place in an effort
to further the business relationship, and shall be deemed to exist between the
Employee and each customer or potential customer of the Company with whom the
Employee dealt; whose dealings with the Company were coordinated or supervised
by the Employee; or about whom the Employee obtained and used confidential
information in the ordinary course of business as a result of such Employee's
association with the Company.

         (g) "Trade Secrets." All information, including, but not limited to,
technical or non-technical data, formulas, patterns, programs, devices, methods,
processes, financial data, product plans or a list of actual or potential
customers or suppliers, which derives economic value from not being generally
known and which is the subject of reasonable efforts by the Company to maintain
its secrecy.

                     [EXECUTION SET FORTH ON FOLLOWING PAGE]

                                       9

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have hereunto affixed their
hands and seals as of the date first above written.

                               THE COMPANY:

                               CLARUS CORPORATION

                               By: /s/ Stephen P. Jeffery
                                   ---------------------------------------------
                                   Stephen P. Jeffery, Chief Executive Officer

                               EMPLOYEE:

                               /s/ Sean E. Feeney
                               -------------------------------------------------
                               Sean E. Feeney

                                       10

<PAGE>

                                   EXHIBIT "A"
                                   -----------

                                 [Not Completed]

                                       11

<PAGE>

                                   EXHIBIT "B"
                                   -----------

        List of Competitors Pursuant to Section 5 of Agreement

       Name                                    Address
       ----                                    -------

1.  Ariba Corporation             1565 Charleston Road
                                  Mountain View, CA 94043

                                  600 Northpark Town Center
                                  1200 Abernathy Road
                                  Atlanta, GA 30328

                                  and

                                  Jamboree Center
                                  One Plaza Park, Suite 600
                                  Irvine, CA  92614

2.  Commerce One                  CarrAmerica Corporate Center
                                  Buildings #1 & #4
                                  4440 Rosewood Drive
                                  Pleasanton, CA 94588

                                  and

                                  999 Peachtree Street, Suite 140
                                  Atlanta, GA 30309
                                  U.S.A.

3.  Purchase Pro                  3291 North Buffalo Drive
                                  Las Vegas, Nevada 89129

4.  i2 Technologies Inc.          One i2 Place
                                  11701 Luna Rd.
                                  Dallas, Texas  75234

                                  and

                                  5575 North Service Rd., 4th Floor
                                  Burlington, Ontario Canada L7L6M1

5.  Vertical Net                  700 Dresher Rd., Suite 100
                                  Horsham, PA  19044

                                  and

                                  147 Wyndham St. N, Suite 304
                                  Guleph, Ontario Canada N1H HE9

6.  People Soft                   4460 Hacienda Dr.
                                  Pleasanton, California  94588

                                       12

<PAGE>

                                  and

                                  6400 Atlantic Blvd., Suite 130
                                  Norcross, Georgia  30093

                                  and

                                  3353 Peachtree Rd. NE, Suite 600
                                  Atlanta, Georgia  30326

                                  and

                                  4101 Yonge St., Suite 600
                                  Toronto, Ontario, Canada M2P 1N6

7.  SAP                           3999 Westchester Pike
                                  Newton Square, PA

                                  and

                                  5555 Glenridge Connector NE
                                  Atlanta, Georgia  30350

                                  and

                                  140 Churchill Dr.
                                  Atlanta, Georgia  30350

                                  and

                                  847 Moreland Ave. SE
                                  Atlanta, Georgia  30316
Printed Name of Employee:

Sean E. Feeney

/s/ Sean E. Feeney
-----------------------------------------------------
Signature of Employee

Effective Date:  August 15, 2001

CLARUS CORPORATION

By: /s/ Stephen P. Jeffery
    -------------------------------------------------
    Stephen P. Jeffery, Chief Executive Officer

Effective Date:  August 15, 2001

                                       13

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