Document:

1999-OP18

                                                              Frederick A. Moran
                                                              Optionee

                            VDC COMMUNICATIONS, INC.
                            ------------------------

                        INCENTIVE STOCK OPTION AGREEMENT
                       UNDER THE VDC COMMUNICATIONS, INC.
               1998 STOCK INCENTIVE PLAN, AS AMENDED (the "Plan")

                  This  Agreement is made as of November  30, 1999,  (the "Grant
Date") by and between VDC  Communications,  Inc.,  a Delaware  corporation  (the
"Corporation") and Frederick A. Moran (the "Optionee").

                  WHEREAS,  Optionee is an employee of the Corporation or one of
its  subsidiaries  and the  Corporation  considers it desirable  and in its best
interest that Optionee be given an inducement to acquire a proprietary  interest
in the  Corporation and an incentive to advance the interests of the Corporation
by granting  the  Optionee an option to purchase  shares of common  stock of the
Corporation (the "Common Stock");

                  NOW,  THEREFORE,  the parties hereto,  intending to be legally
bound,  hereby agree that as of the Grant Date,  the  Corporation  hereby grants
Optionee an option to purchase from it, upon the terms and  conditions set forth
in the Plan (a copy of which is attached hereto) and this Agreement, that number
of shares of the authorized and unissued  Common Stock of the  Corporation as is
set forth on Schedule A hereto.

                  1.       Terms of Stock Option.  The option to purchase Common
Stock  granted  herein is subject to the terms,  conditions,  and  covenants set
forth in the Plan as well as the following:

                           (a)      This option  shall  constitute  an Incentive
                                    Stock  Option  which is  intended to qualify
                                    under  Section 422 of the  Internal  Revenue
                                    Code of 1986, as amended;

                           (b)      The per share  exercise price for the shares
                                    subject to this option  shall be 110% of the
                                    Fair  Market  Value (as defined in the Plan)
                                    of the Common Stock on the Grant Date, which
                                    exercise  price is set forth on  Schedule  A
                                    hereto;

                                       1
<PAGE>

                           (c)      This option  shall vest in  accordance  with
                                    the vesting schedule set forth on Schedule A
                                    hereto; and

                           (d)      No portion of this  option may be  exercised
                                    more  than  five (5)  years  from the  Grant
                                    Date.

                  2.       Payment  of  Exercise  Price.   The  option  may   be
exercised,  in part or in whole,  only by  written  request  to the  Corporation
accompanied by payment of the exercise price in full either: (i) in cash for the
shares  with  respect  to  which  it is  exercised;  (ii) by  delivering  to the
Corporation   a  notice  of  exercise  with  an   irrevocable   direction  to  a
broker-dealer  registered under the Securities Exchange Act of 1934, as amended,
to sell a  sufficient  portion  of the  shares  and  deliver  the sale  proceeds
directly to the Corporation to pay the exercise  price;  (iii) in the discretion
of  the  Plan  Administrator,   through  the  delivery  to  the  Corporation  of
previously-owned  shares of Common Stock  having an aggregate  Fair Market Value
equal to the option exercise price of the shares being purchased pursuant to the
exercise of the Option; provided, however, that shares of Common Stock delivered
in payment of the option  price must have been held by the Optionee for at least
six (6)  months in order to be  utilized  to pay the option  price;  (iv) in the
discretion  of the Plan  Administrator,  through an  election  to have shares of
Common Stock  otherwise  issuable to the  Optionee  withheld to pay the exercise
price  of such  Option;  or (v) in the  discretion  of the  Plan  Administrator,
through any combination of the payment procedures set forth in Subsections (i) -
(iv) of this paragraph.

                  3.       Miscellaneous.

                           (a)      This  Agreement and the options  represented
                                    hereby may not be assigned or transferred in
                                    any manner  except by will or by the laws of
                                    descent and distribution.

                           (b)      This   Agreement   will  be   governed   and
                                    interpreted  in accordance  with the laws of
                                    the  State  of   Connecticut,   and  may  be
                                    executed in more than one counterpart,  each
                                    of  which  shall   constitute   an  original
                                    document.

                           (c)      No  alterations,   amendments,   changes  or
                                    additions to this  agreement will be binding
                                    upon  either  the  Corporation  or  Optionee
                                    unless reduced to writing and signed by both
                                    parties.

                           (d)      All  controversies  or claims arising out of
                                    this   Agreement   shall  be  determined  by
                                    binding   arbitration,   conducted   at  the
                                    Corporation's    offices    in    Greenwich,
                                    Connecticut,   or  at  such  other  location
                                    designated  by the  Corporation,  before the
                                    American Arbitration Association.

                                       2
<PAGE>

                           (e)      No    rule   of    construction    requiring
                                    interpretation  against the  drafting  party
                                    shall  apply to the  interpretation  of this
                                    Agreement.

                           (f)      If any  provision of this  Agreement is held
                                    to  be  invalid,  the  remaining  provisions
                                    shall remain in full force and effect.

                  In witness  whereof,  the parties have executed this Agreement
as of the Grant Date.

                                                 VDC COMMUNICATIONS, INC.

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

                                                 OPTIONEE

                                                 /s/ Frederick A. Moran
                                                 ----------------------
                                                 Frederick A. Moran
                                       3
<PAGE>

                                                              Frederick A. Moran
                                                              Optionee

                                   Schedule A

1.       Grant Date:  November 30, 1999

2.       Number of Shares of Common Stock covered by the Option: 450,000

3.       Exercise Price (110% of Fair Market Value of Common Stock on the  Grant
         Date):   $1.03125

4.       The Option shall vest in accordance with the following schedule:

         (i)      90,000 shares shall vest on the first anniversary of the Grant
                  Date, provided Optionee remains  continuously  employed by the
                  Corporation,  or its  subsidiaries,  from  November  30,  1999
                  through November 29, 2000;

         (ii)      90,000  shares  shall vest on the second  anniversary  of the
                   Grant Date, provided Optionee remains  continuously  employed
                   by the Corporation,  or its  subsidiaries,  from November 30,
                   1999 through November 29, 2001;

         (iii)    90,000 shares shall vest on the third anniversary of the Grant
                  Date, provided Optionee remains  continuously  employed by the
                  Corporation,  or its  subsidiaries,  from  November  30,  1999
                  through November 29, 2002;

         (iv)     90,000  shares  shall  vest on the fourth  anniversary  of the
                  Grant Date, provided Optionee remains continuously employed by
                  the Corporation,  or its subsidiaries,  from November 30, 1999
                  through November 29, 2003; and

         (v)      90,000 shares shall vest on the fifth anniversary of the Grant
                  Date, provided Optionee remains  continuously  employed by the
                  Corporation,  or its  subsidiaries,  from  November  30,  1999
                  through November 29, 2004.

                                       4THIS  AGREEMENT  SUPERSEDES  AND RENDERS NULL AND VOID A PRIOR  INCENTIVE  STOCK
OPTION AGREEMENT BETWEEN THE PARTIES MADE AS OF OCTOBER 1, 1999 (NO. 1999-OP5).

                                                                    1999-OP5/A

                                                                    Peter Zagres
                                                                    Optionee

                            VDC COMMUNICATIONS, INC.
                            ------------------------

                        INCENTIVE STOCK OPTION AGREEMENT
                       UNDER THE VDC COMMUNICATIONS, INC.
               1998 STOCK INCENTIVE PLAN, AS AMENDED (the "Plan")

                  This Agreement is made as of November 30, 1999, by and between
VDC Communications,  Inc., a Delaware  corporation (the "Corporation") and Peter
Zagres (the "Optionee").

                  WHEREAS,  the parties  entered into an Incentive  Stock Option
Agreement  (the "October  Option  Agreement")  dated October 1, 1999 (the "Grant
Date")  representing an option (the "October  Option") to purchase 20,000 shares
of Corporation common stock ("Common Stock");

                  WHEREAS,  on November  30, 1999 the Board of  Directors of the
Corporation amended the vesting schedule of the October Option; and

                  WHEREAS,  the parties wish to enter into a new agreement  that
amends,  supersedes and renders null and void the October  Option  Agreement and
the October Option.

                  NOW,  THEREFORE,  the parties hereto,  intending to be legally
bound,  hereby  agree that the  Corporation  has  granted  Optionee an option to
purchase from it, upon the terms and conditions set forth in the Plan (a copy of
which is  attached  hereto)  and this  Agreement,  that  number of shares of the
authorized  and  unissued  Common  Stock of the  Corporation  as is set forth on
Schedule A hereto.

                  1.       Terms of Stock Option.  The option to purchase Common
Stock  granted  herein is subject to the terms,  conditions,  and  covenants set
forth in the Plan as well as the following:

                           (a)      This option  shall  constitute  an Incentive
                                    Stock  Option  which is  intended to qualify
                                    under  Section 422 of the  Internal  Revenue
                                    Code of 1986, as amended;

<PAGE>

                           (b)      The per share  exercise price for the shares
                                    subject to this option  shall be the 100% of
                                    the Fair  Market  Value (as  defined  in the
                                    Plan) of the Common Stock on the Grant Date,
                                    which   exercise   price  is  set  forth  on
                                    Schedule A hereto;

                           (c)      This option  shall vest in  accordance  with
                                    the vesting schedule set forth on Schedule A
                                    hereto; and

                           (d)      No portion of this  option may be  exercised
                                    more  than ten  (10)  years  from the  Grant
                                    Date.

                  2.       Payment  of  Exercise  Price.   The  option  may   be
exercised,  in part or in whole,  only by  written  request  to the  Corporation
accompanied by payment of the exercise price in full either: (i) in cash for the
shares  with  respect  to  which  it is  exercised;  (ii) by  delivering  to the
Corporation   a  notice  of  exercise  with  an   irrevocable   direction  to  a
broker-dealer  registered under the Securities Exchange Act of 1934, as amended,
to sell a  sufficient  portion  of the  shares  and  deliver  the sale  proceeds
directly to the Corporation to pay the exercise  price;  (iii) in the discretion
of  the  Plan  Administrator,   through  the  delivery  to  the  Corporation  of
previously-owned  shares of Common Stock  having an aggregate  Fair Market Value
equal to the option exercise price of the shares being purchased pursuant to the
exercise of the Option; provided, however, that shares of Common Stock delivered
in payment of the option  price must have been held by the Optionee for at least
six (6)  months in order to be  utilized  to pay the option  price;  (iv) in the
discretion  of the Plan  Administrator,  through an  election  to have shares of
Common Stock  otherwise  issuable to the  Optionee  withheld to pay the exercise
price  of such  Option;  or (v) in the  discretion  of the  Plan  Administrator,
through any combination of the payment procedures set forth in Subsections (i) -
(iv) of this paragraph.

                  3.       Miscellaneous.

                           (a)      This  Agreement and the options  represented
                                    hereby may not be assigned or transferred in
                                    any manner  except by will or by the laws of
                                    descent  and  distribution  or pursuant to a
                                    domestic relations order.

                           (b)      This   Agreement   will  be   governed   and
                                    interpreted  in accordance  with the laws of
                                    the State of Connecticut and may be executed
                                    in more than one counterpart,  each of which
                                    shall constitute an original document.

                           (c)      No  alterations,   amendments,   changes  or
                                    additions to this  agreement will be binding
                                    upon  either  the  Corporation  or  Optionee
                                    unless reduced to writing and signed by both
                                    parties.

                                       2
<PAGE>

                           (d)      All  controversies  or claims arising out of
                                    this   Agreement   shall  be  determined  by
                                    binding   arbitration,   conducted   at  the
                                    Corporation's    offices    in    Greenwich,
                                    Connecticut,   or  at  such  other  location
                                    designated  by the  Corporation,  before the
                                    American Arbitration Association.

                           (e)      No    rule   of    construction    requiring
                                    interpretation  against the  drafting  party
                                    shall  apply to the  interpretation  of this
                                    Agreement.

                           (f)      If any  provision of this  Agreement is held
                                    to  be  invalid,  the  remaining  provisions
                                    shall remain in full force and effect.

                           (g)      This  Agreement  supersedes and renders null
                                    and void the October  Option  Agreement  and
                                    the October Option.

                           (h)      The recitals to this Agreement  constitute a
                                    part of this Agreement.

                  In witness  whereof,  the parties have executed this Agreement
as of the Grant Date.

                                                  CORPORATION:

                                                  VDC COMMUNICATIONS, INC.

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

                                                  OPTIONEE:

                                                  /s/ Peter Zagres
                                                  ----------------
                                                  Peter Zagres

                                       3
<PAGE>

                                                                    Peter Zagres
                                                                    Optionee

                                   Schedule A

1.  Grant Date:  October 1, 1999

2.  Number of Shares of Common Stock covered by the Option: 20,000

3.  Exercise  Price  (100%  of  Fair  Market Value  of Common Stock on the Grant
    Date):  $1.25

4.  The Option shall vest in accordance with the following schedule:

         (i)      4,000 shares shall vest on March 29, 2000,  provided  Optionee
                  remains  continuously  employed  by  the  Corporation,  or its
                  subsidiaries, from October 1, 1999 through March 28, 2000;

         (ii)     4,000 shares shall vest on March 29, 2001,  provided  Optionee
                  remains  continuously  employed  by  the  Corporation,  or its
                  subsidiaries, from October 1, 1999 through March 28, 2001;

         (iii)    4,000 shares shall vest on March 29, 2002,  provided  Optionee
                  remains  continuously  employed  by  the  Corporation,  or its
                  subsidiaries, from October 1, 1999 through March 28, 2002;

         (iv)     4,000 shares shall vest on March 29, 2003,  provided  Optionee
                  remains  continuously  employed  by  the  Corporation,  or its
                  subsidiaries, from October 1, 1999 through March 28, 2003; and

         (v)      4,000 shares shall vest on March 29, 2004,  provided  Optionee
                  remains  continuously  employed  by  the  Corporation,  or its
                  subsidiaries, from October 1, 1999 through March 28, 2004.

                                       4

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