Document:

Exhibit 10.3

                         EXECUTIVE EMPLOYMENT AGREEMENT

         THIS AGREEMENT,  effective as of November 4th, 2004 (the  "Agreement"),
by and  between  PARADIGM  HOLDINGS  INC.,  a  Wyoming  corporation  having  its
principal  offices at 2600 Tower Oaks Blvd., Ste 500,  Rockville,  MD 20852 (the
"Company"), and MARK A. SERWAY (the "Executive").

         WHEREAS, the Company desires to employ and retain the Executive for the
term  specified  herein in order to advance the  business  and  interests of the
Company on the terms and conditions set forth herein; and

         WHEREAS,  the Executive  desires to provide his services to the Company
in such capacities, on and subject to the terms and conditions hereof;

         WHEREAS,  the Company  desires to provide the  Executive  with  certain
options to acquire stock in the Company in order that the Executive may have the
opportunity to participate in the growth and performance of the Company,  as set
forth herein;

         NOW,  THEREFORE,  the parties  hereto,  intending to be legally  bound,
agree as follows:

         1.  Employment  and Term.  Subject  to all of the terms and  conditions
hereof,  the Company does hereby employ and agree to employ the Executive as its
Senior Vice  President & Chief  Financial  Officer for and during the Employment
Term, as defined below,  and the Executive  does hereby accept such  employment.
The term of employment shall commence on November 4, 2004 (the "Effective Date")
and shall continue  until  November 4, 2007 unless earlier  terminated as herein
provided (the "Employment Term"), and thereafter shall be renewed for additional
terms of one (1) year,  unless either party  provides the other with notice,  as
provided for herein,  at least ninety (90) days prior to the date the Employment
Term would otherwise renew, of that party's intention not to so renew such term.

         2. Duties of Executive. The Executive shall, during the Employment Term
hereunder,  perform the  executive  and  administrative  duties,  functions  and
privileges  incumbent  with  the  position  of  Senior  Vice  President  & Chief
Financial Officer and such other duties as reasonably determined by the Board of
Directors and the Chief Executive Officer of the Company, from time to time. The
Executive shall report to the Chief Executive Officer of the Company,  and if so
elected, the Executive shall serve as a member of the Board of Directors without
additional  compensation.  The Executive agrees to serve the Company faithfully,
conscientiously and to the best of his ability,  and to devote substantially all
of his  business  time to the  business  and  affairs of the  Company  (and,  if
requested by the Board of Directors, any subsidiary or affiliate of the Company)
so as to promote  the  profit,  benefit and  advantage  of the  Company  and, if
applicable,  any subsidiaries or affiliates of the Company. The Executive agrees
to accept the  compensation  to be made to him under this  Agreement as full and
complete  compensation  for the services  required to be  performed  by, and the
covenants of, the Executive under this Agreement.

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         3. Location and Travel. The Executive shall not be required to relocate
outside the greater Rockville,  Maryland  metropolitan area without his consent.
The Executive acknowledges, however, that significant domestic and international
travel may be required as part of his duties hereunder; and the Executive agrees
to undertake  such travel as may be  reasonably  required by the business of the
Company from time to time.

         4. Compensation.

                  4.1. Base Salary.  The Executive shall be paid Base Salary (as
defined  herein) at the  annual  rate of Three  Hundred  Fifteen  Thousand,  One
Hundred and Seventy-Five Dollars $315,175.00 per year. All compensation shall be
made in  accordance  with the standard  payroll  practices  of the Company,  and
whichever  compensation  rate is applicable at a particular  time is referred to
herein as the "Base Salary."

                  4.2.  Regular  Benefits.  The  Executive  shall be entitled to
participate  in  any  health  insurance,  accident  insurance,   hospitalization
insurance,  life  insurance,  pension,  or any  other  similar  plan or  benefit
provided by the Company to its executives or employees generally, including, but
not limited to any stock option plan, if and to the extent that the Executive is
eligible to participate in accordance with the provisions of any such insurance,
plan or benefit generally (such benefits, collectively, the "Regular Benefits").

                  4.3. Vacation.  The Executive shall be entitled to vacation as
provided in the Company's policies,  such vacation to be taken at times mutually
agreeable to the  Executive  and the Company.  The  Executive  shall  further be
entitled to the number of paid  holidays,  and leaves for  illness or  temporary
disability  in  accordance  with the  policies  of the  Company  for its  senior
executives.

                  4.4.  Term Life  Insurance.  The Company  shall have the right
from time to time to  purchase,  modify or terminate  insurance  policies on the
life of the  Executive  for the  benefit of the  Company  in such  amount as the
Company shall  determine in its sole  discretion.  In  connection  therewith the
Executive  shall,  at such  time or times  and at such  place or  places  as the
Company may reasonably direct,  submit himself to such physical examinations and
execute  and  deliver  such  documents  as the  Company  may deem  necessary  or
desirable;  provided, however, that the eligibility of the Executive for, or the
availability  of,  such  insurance  shall  not be deemed  to be a  condition  of
continued  employment  hereunder.  The Executive makes no  representation to the
Company as to his current or future eligibility for insurance.

                  4.5.  Expense  Reimbursement.  The Company shall reimburse the
Executive for all expenses  reasonably  incurred by him in  connection  with the
performance  of his duties  hereunder  and the  business of the Company upon the
submission to the Company of appropriate  receipts therefor,  in accordance with
the expense reimbursement policy of the Company.

         5. Termination and Severance Arrangements.

                  5.1.  Termination  by the Company.  The Company may  terminate
this  Agreement  at any time on or after  November 4, 2004 by providing at least
thirty (30) days advance written notice to the Executive.  In the event that the
Company  terminates this Agreement (a) other than in connection with a Change of
Control,  in which event Section 6 shall apply, and (b) other than for Cause, in

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which event Section 5.3 shall apply,  the Company  shall,  notwithstanding  such
termination,  in consideration  for all of the undertakings and covenants of the
Executive contained herein, continue to pay to the Executive the Base Salary and
the Regular  Benefits  for a period that is the greater of (i) the  remainder of
the  initial  Employment  Term or (ii)  twelve (12) months from the date of such
termination.  In addition, in the event the Company terminates this Agreement as
described in the immediately preceding sentence,  any and all options granted to
the Executive by the Company shall become  automatically and immediately  vested
and  exercisable.  In no event however,  shall the continuation of such payments
during such  post-termination  period be deemed to be  employment  hereunder for
purposes  of  calculating  any bonus due to the  Executive  or for  purposes  of
determining  the  vesting  or  exercise  period  of any  stock  options  granted
hereunder, or otherwise.

                  5.2. Termination by Executive. The Executive may terminate his
employment  for Good Reason and receive the payments  and benefits  specified in
Section 5.1 in the same manner as if the Company had  terminated  his employment
without Cause.  For purposes of this Agreement,  "Good Reason" will exist if any
one or more of the following occur:

                           5.2.1.  Failure  by the  Company  to honor any of its
material obligations under this Agreement,  including,  without limitation,  its
obligations under Section 4  (Compensation),  Section 10  (Indemnification)  and
Section 12.5 (Successor Obligations).

                  5.3.  Termination  for Cause.  Notwithstanding  the Employment
Term, the Company may terminate the Executive for Cause, as defined below,  upon
a resolution duly adopted by the affirmative vote of not less than a majority of
the entire membership of the Board of Directors  (excluding the Executive,  if a
director)  and with  majority  stockholder  concurrence.  In the event  that the
employment of the Executive is terminated by the Company for Cause, no severance
or other post-termination  payment shall be due or payable by the Company to the
Executive  (except  solely such Base  Salary or other  payments as may have been
accrued  but not yet  paid  prior to such  termination).  For  purposes  hereof,
"Cause" shall mean: (a) the conviction with respect to any felony or misdemeanor
involving  theft,  fraud,  dishonesty  or  misrepresentation;  (b) any  material
misappropriation,  embezzlement  or  conversion  of the  Company's or any of its
subsidiary's or affiliate's property by the Executive; (c) willful misconduct by
the Executive in respect of the material  duties or obligations of the Executive
under this  Agreement;  or (d) a material  breach by the Executive of any of his
material  obligations  hereunder,  after written notice thereof and a reasonable
opportunity of thirty (30) days to cure the same,  provided that the same is not
caused by the  physical  disability  including  mental  disease or defect of the
Executive, in which event Section 5.4 shall apply.

                  5.4. Death or Disability.  In the event that the employment of
the  Executive  by the  Company  is  terminated  by  reason  of the death of the
Executive or by reason of medical or psychiatric  disability  which prevents the
Executive from  satisfactorily  performing a material  portion of his duties for
ninety (90)  consecutive  calendar  days (a  "Disability"),  the Company  shall,
promptly upon such  termination,  pay the Executive an amount equal to three (3)
months of Base  Salary,  in a single lump s in the event of death,  (12) monthly
payments of Base Salary for long-term disability.

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         6. Parachute Provisions.

                  6.1.  Change of Control.  For  purposes of this  Agreement,  a
"Change of Control"  shall be deemed to have occurred upon the occurrence of any
one or more of the following events.

                           6.1.1.  Any  "person"  or "group"  (as such terms are
used in connection  with Section 13(d) and 14(d)(2) of the  Securities  Exchange
Act of 1934 (the  "Exchange  Act")) but  excluding the Executive or any employee
benefit plan of the Company (a) is or becomes the "beneficial owner" (as defined
in Rule l3d-3 under the Exchange Act), directly or indirectly,  of securities of
the Company  representing  fifty  percent  (50%) or more of the combined  voting
power of the  Company's  outstanding  securities  then  entitled to vote for the
election of directors, or (b) acquires by proxy or otherwise fifty percent (50%)
or more of the combined  voting  securities  of the Company  having the right to
vote  for  the  election  of  directors  of  the  Company,  for  any  merger  or
consolidation of the Company, or for any other matter; provided, however, that a
Change of Control shall not be deemed to have  occurred  solely by reason of the
public  ownership  of fifty  percent  (50%) or more of the  Common  Stock of the
Company;

                           6.1.2. There shall be consummated without the consent
of the  Executive  (a) any  consolidation,  merger  or  recapitalization  of the
Company or any similar  transaction  involving  the Company,  whether or not the
Company  is the  continuing  or  surviving  corporation,  (b) any  sale,  lease,
exchange  or  other  transfer  (in  one  transaction  or  a  series  of  related
transactions) of all, or  substantially  all of the assets of the Company or (c)
the adoption of a plan of complete liquidation of the Company (whether or not in
connection with the sale of all or substantially all of the Company's assets) or
a series of partial liquidations of the Company that is de jure or de facto part
of a plan of complete liquidation of the Company;  provided that the divestiture
of less than  substantially  all of the assets of the Company in one transaction
or a series of related transactions,  whether effected by sale, lease, exchange,
spin-off,  sale of the  stock or  merger  of a  Subsidiary  or  otherwise,  or a
transaction  solely for the  purpose of  reincorporating  the Company in another
jurisdiction, shall not constitute a Change in Control.

                  6.2. Rights on Change in Control. If within one year after, or
ninety (90) days prior to, a Change in Control of the Company, the Company shall
terminate the  Executive's  employment  other than by reason of the  Executive's
death or  Disability  or for Cause,  the Company  shall pay to the  Executive as
compensation for services rendered,  not later than the fifth business day after
the date of termination:

                           6.2.1.  The Executive's  Base Salary through the date
of termination,  any Regular Benefits and incentive  compensation for the fiscal
year in which the termination  occurs in accordance with any  arrangements  then
existing with the Executive and  proportionate  to the period of the fiscal year
which has expired prior to the termination; and

                           6.2.2. A lump sum severance payment equal to the Base
Salary.

                           6.2.3.  Any and all options  granted to the Executive
shall become automatically and immediately vested and exercisable.

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         7. Proprietary Rights.

                  7.1. Non Competition.  The Executive covenants and agrees that
for so long as he shall be  employed by the Company and for a period of eighteen
(18) months from the date of the  termination of such  employment for any reason
(such period of time the  "Restricted  Period") the Executive shall not directly
or indirectly,  own, manage,  control,  operate invest in or become principal of
employee of,  director of, or  consultant  to, any  business,  entity or venture
which is competitive with the business of the Company as conducted at such time;
provided,  however,  that it shall not be a violation of this  Agreement for the
Executive  to have  beneficial  ownership  of less than five percent (5%) of the
outstanding  amount of any class of  securities of any  enterprise  (but without
otherwise participating in the activities of such enterprise) if such securities
are  listed on a  national  securities  exchange  or  quoted on an  inter-dealer
quotation system.

                  7.2.    Confidentiality.    The   Executive   recognizes   and
acknowledges that certain confidential  business and technical  information used
by the Employee in connection with his duties  hereunder that includes,  without
limitation,  certain  confidential and proprietary  information  relating to the
designing,  development,  construction and marketing of computer hardware,  is a
valuable and unique asset of the Company.  Executive agrees that he shall at all
times maintain the  confidentiality  of the  proprietary  information  and trade
secrets of the Company,  and that he shall during the Restricted  Period refrain
from disclosing any such information to the disadvantage of the Company.

                           7.2.1.  During the  Restricted  Period the  Executive
shall not, directly or indirectly (a) solicit,  in competition with the Company,
any person who is a customer of any business conducted by the Company, or (b) in
any manner whatsoever  induce,  or assist others to induce,  any supplier of the
Company to terminate its association  with such entity or do anything,  directly
or indirectly,  to interfere with the business relationship between the Company,
and any of their respective current or prospective suppliers.

                           7.2.2.  During the  Restricted  Period the  Executive
shall not, directly or indirectly, solicit or induce any employee of the Company
to  terminate  his  or  her  employment  for  any  purpose,   including  without
limitation,  in order to enter into  employment  with any entity which  competes
with any business conducted by the Company

                  7.3.  Ownership by Company.  The  Executive  acknowledges  and
agrees that any of his work product created, produced or conceived in connection
with his association with the Company shall be deemed work for hire and shall be
deemed owned  exclusively  by the Company.  The Executive  agrees to execute and
deliver  all  documents  required  by the  Company to  document  or perfect  the
Company's proprietary rights in and to the Executive's work product.

                  7.4. Remedies.  It is expressly understood and agreed that the
services to be rendered  hereunder by the Executive are special,  unique, and of
extraordinary  character, and in the event of the breach by the Executive of any
of the  terms  and  conditions  of this  Agreement  on his part to be  performed
hereunder,  or in the event of the breach or threatened  breach by the Executive
of the terms  and  provisions  of this  Section  7 of this  Agreement,  then the
Company  shall be entitled,  if it so elects,  to institute  and  prosecute  any
proceedings in any court of competent jurisdiction, either in law or equity, for

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such relief as it deems  appropriate,  including without limiting the generality
of the  foregoing,  any  proceedings,  to obtain  damages for any breach of this
Agreement, or to enforce the specific performance thereof by the Executive.

         8. Market Standoff  Agreement.  The Executive  hereby agrees that if so
requested  by the  Company  or by any  representative  of  any  underwriters  in
connection  with any  registration  of the  offering  of any  securities  of the
Company  under the  Securities  Act, the  Executive  shall not sell or otherwise
transfer any securities of the Company during the  ninety-day  period  following
the effective  date of a  registration  statement of the Company filed under the
Securities Act.

         9. Director's and Officer's Liability  Insurance.  To protect Executive
from any liability,  loss, claims,  damages, or costs,  including legal fees and
costs,  prior to any public  offering  of any  securities  of the  Company,  the
Company shall purchase and maintain director's and officer's liability insurance
(the  "D&O   Insurance")  in  an  amount  not  less  than  Two  Million  Dollars
($2,000,000),  or in such  amount  as is  later  agreed  upon by  Executive  and
Company.

         10.  Indemnification.  As an  employee,  officer  and  director  of the
Company,  the Executive shall be indemnified  against all liabilities,  damages,
fines, costs and expenses by the Company in accordance with the  indemnification
provisions of the Company's  Certificate  of  Incorporation  as in effect on the
date hereof,  and otherwise to the fullest extent to which  employees,  officers
and  directors  of a  corporation  organized  under  the  laws of the  state  of
incorporation  of the  Company may be  indemnified  pursuant to the laws of such
state,  as the same may be amended from time to time (or any subsequent  statute
of  similar  tenor and  effect),  subject  to the terms and  conditions  of such
statute.

         11. Independent Representation.  The Executive acknowledges that he has
had the  opportunity  to seek  independent  counsel and tax advice in connection
with the execution of this Agreement,  and the Executive represents and warrants
to the Company (a) that he has sought such independent  counsel and advice as he
has  deemed  appropriate  in  connection  with  the  execution  hereof  and  the
transactions  contemplated  hereby,  and  (b)  that  he has  not  relied  on any
representation  of the Company as to tax matters,  or as to the  consequences of
the execution hereof.

                  11.1. Neutral Construction. No party may rely on any drafts of
this  Agreement  in any  interpretation  of the  Agreement.  Each  party to this
Agreement has reviewed this Agreement and has  participated in its drafting and,
accordingly, no party shall attempt to invoke the normal rule of construction to
the effect that ambiguities are to be resolved against the drafting party in any
interpretation of this Agreement.

                  11.2.  Attorney's  Fees. In the event that either party hereto
commences litigation against the other to enforce such party's rights hereunder,
the prevailing party shall be entitled to recover all costs,  expenses and fees,
including reasonable  attorneys' fees (including in-house counsel),  paralegals,
fees, and legal assistants' fees through all appeals.

         12. General.

                  12.1.  No  Brokers.  Each of the  parties  to  this  Agreement
represents  and  warrants to the other that it has not  utilized the services of
any finder,  broker or agent.  Each of the parties agrees to indemnify the other

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against any and all liabilities to any person, firm or corporation  claiming any
fee or commission of any kind on account of services  rendered on behalf of such
party in connection with the transactions contemplated by this Agreement.

                  12.2.  Applicable  Law. This document shall in all respects be
governed  by the laws of the State of  Maryland.  The parties  acknowledge  that
substantially all of the negotiations  relating to this Agreement were conducted
in  Maryland,  and that this  Agreement  has been  executed  by both  parties in
Maryland.  Any legal suit, action or proceeding against any party hereto arising
out of or relating to this  Agreement  shall be instituted in a federal or state
court in Montgomery County, Maryland, and each party hereto waives any objection
which it may now or  hereafter  have to the  laying  of venue of any such  suit,
action  or  proceeding  and  each  party  hereto  irrevocably   submits  to  the
jurisdiction of any such court in any suit, action or proceeding.

                  12.3.  Rights  Absolute.  The Company's  obligation to pay the
Executive the compensation  specified herein shall be absolute and unconditional
and shall not be affected by any circumstance,  including,  without  limitation,
any  setoff,  counterclaim,  defense or other  right  which the Company may have
against  the  Executive  or anyone  else.  All  amounts  payable by the  Company
hereunder shall be paid without notice or demand.

                  12.4.  No Offset.  Except as expressly  provided  herein,  the
Company  waives all rights it my now have or may hereafter  have  conferred upon
it, by statute or otherwise,  to terminate,  cancel or rescind this Agreement in
whole or in part. The Executive  shall not be required to mitigate the amount of
any payment provided for in this Agreement by seeking other  employment,  and if
Executive  obtains such other employment,  any compensation  earned by Executive
pursuant  thereto shall not be applied to mitigate any payment made to Executive
pursuant to this Agreement.

                  12.5.  Successor  Obligations.  The Company  shall require any
successor  (whether direct or indirect,  by purchase,  merger,  consolidation or
otherwise)  to all or  substantially  all of the business  and/or  assets of the
Company to expressly  assume by written  agreement  and to agree to perform this
Agreement  in the same manner and to the same  extent that the Company  would be
required to perform it if no such succession had taken place.

                  12.6.  Survival.  The parties  hereto agree that the covenants
contained in Section 7 hereof shall survive any termination of employment by the
Executive and any termination of this Agreement. In addition, the parties hereto
agree that any  compensation  or right which shall have accrued to the Executive
as of the date of any  termination  of  employment or  termination  hereof shall
survive any such termination and shall be paid when due to the extent accrued on
the date of such termination.

                  12.7. Assignability. All of the terms and provisions contained
herein  shall  inure to the  benefit  of and shall be binding  upon the  parties
hereto and their  respective  heirs,  personal  representatives,  successors and
assigns. The obligations of the Executive however, may not be assigned,  and the
Executive may not,  without the Company's  written  consent,  assign,  transfer,
convey, pledge, encumber,  hypothecate or otherwise dispose of this Agreement or
any interest therein. Any such attempted assignment or disposition shall be null
and void and  without  effect.  The Company  and the  Executive  agree that this

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Agreement  and all of the  Company's  rights and  obligations  hereunder  may be
assigned  or  transferred  by the  Company  to and may be  assumed by and become
binding  upon and may inure to the benefit of any  affiliate  of or successor to
the Company. The term "successor" shall mean, with respect to the Company or any
of its  subsidiaries,  and any other corporation or other business entity which,
by merger, consolidation,  purchase of the assets, or otherwise, acquires all or
a material part of the assets of the Company.  Any  assignment by the Company of
its rights and obligations  hereunder to any affiliate of or successor shall not
be considered a termination of employment for purposes of this Agreement.

                  12.8.  Notices.  Any and all notices required or desired to be
given  hereunder by any party shall be in writing and shall be validly  given or
made to  another  party if  delivered  either  personally,  by telex,  facsimile
transmission,  same-day delivery service,  overnight expedited delivery service,
or if deposited  in the United  States Mail,  certified or  registered,  postage
prepaid, return receipt requested. If notice is served personally,  notice shall
be deemed  effective upon receipt.  If notice is served by telex or by facsimile
transmission, notice shall be deemed effective upon transmission,  provided that
such  notice  is  confirmed  in  writing  by the  sender  within  one day  after
transmission.  If notice is served by same day  delivery  service  or  overnight
expedited delivery service, notice shall be deemed effective the day after it is
sent,  and if notice  is given by United  States  mail,  notice  shall be deemed
effective five days after it is sent. In all instances,  notice shall be sent to
the parties at the following addresses:

         If to the Company:         Paradigm Holdings, Inc.
                                    2600 Tower Oaks Blvd., Suite 500
                                    Rockville, Maryland 20852
                                    Fax: (301) 468-1201
                                    Attention: Ms. Lori Ermi, VP Human Resources

         If to the Executive:       Mark A. Serway
                                    47512 Compton Circle
                                    Sterling, VA 20165
                                    Fax: (703) 406-0127

Any party may change its  address  for the  purpose  of  receiving  notices by a
written notice given to the other party.

                  12.9.  Modifications  or Amendments.  No amendment,  change or
modification of this document shall be valid unless in writing and signed by all
of the parties hereto.

                  12.10.  Waiver.  No  reliance  upon or  waiver  of one or more
provisions of this Agreement shall  constitute a waiver of any other  provisions
hereof.

                  12.11.  Severability.  If any  provision of this  Agreement as
applied to either party or to any circumstances  shall be adjudged by a court of
competent  jurisdiction  to be void or  unenforceable,  the same shall in no way
affect any other  provision of this Agreement or the validity or  enforceability
of  this  Agreement.  If  any  court  construes  any  of  the  provisions  to be
unreasonable  because of the  duration of such  provision or the  geographic  or
other  scope  thereof,  such court may  reduce  the  duration  or  restrict  the
geographic  or other scope of such  provision  and enforce such  provision as so
reduced or restricted.

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                  12.12. Separate Counterparts. This document may be executed in
one or more separate  counterparts,  each of which,  when so executed,  shall be
deemed to be an original.  Such  counterparts  shall,  together,  constitute and
shall be one and the same instrument.

                  12.13. Headings. The captions appearing at the commencement of
the sections hereof are  descriptive  only and are for convenience of reference.
Should  there be any  conflict  between any such  caption and the section at the
head of which it appears,  the  substantive  provisions  of such section and not
such caption shall control and govern in the construction of this document.

                  12.14.  Specific  Performance.  It is agreed  that the  rights
granted to the parties  hereunder are of a special and unique kind and character
and that,  if there is a breach by any party of any  material  provision of this
Agreement,  the other  party  would not have any  adequate  remedy at law. It is
expressly  agreed,  therefore,  that the rights of the parties  hereunder may be
enforced by an action for specific performance and other equitable relief.

                  12.15.  Further  Assurances.  Each of the parties hereto shall
execute  and  deliver  any  and  all  additional  papers,  documents  and  other
assurances,  and shall do any and all acts and things  reasonably  necessary  in
connection with the performance of their obligations  hereunder and to carry out
the intent of the parties hereto.

                  12.16. Entire Agreement. This Agreement constitutes the entire
understanding and agreement of the parties with respect to the subject matter of
this Agreement,  and any and all prior agreements or representations  are hereby
terminated and canceled in their entirety.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly  executed  this 30th day of December  2004,  effective as of the date first
above written.

                                  PARADIGM HOLDINGS, INC., a Wyoming corporation

                                  By: /s/ Mark A. Serway
                                      ----------------------------
                                  Name:  MARK A. SERWAY
                                  Title: Sr. Vice President & CFO

                                  /s/ Raymond A. Huger
                                  --------------------------------
                                  RAYMOND A. HUGER, Chairman & CEO

                                       9Exhibit 4.3

 THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE OF THIS
  WARRANT (COLLECTIVELY, THE "SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE
   SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE
   OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE
                                SECURITIES ACT.

                               WARRANT TO PURCHASE

                    COMMON STOCK, PAR VALUE $.0001 PER SHARE

                                       OF

                              TORBAY HOLDINGS, INC.

      This certifies that, for value received, Nutmeg Group, LLC, or registered
assigns ("Warrantholder"), is entitled to purchase from TORBAY HOLDINGS, INC.
(the "Company"), subject to the provisions of this Warrant, at any time and from
time to time until 5:00 p.m. Eastern Standard Time on December 31, 2008, 500,000
shares of the Company's Common Stock, par value $.0001 per share ("Warrant
Shares"). The purchase price payable upon the exercise of this Warrant shall be
$.12 per Warrant Share. The Warrant Price and the number of Warrant Shares which
the Warrantholder is entitled to purchase is subject to adjustment upon the
occurrence of the contingencies set forth in Section 3 of this Warrant, and as
adjusted from time to time, such purchase price is hereinafter referred to as
the "Warrant Price."

      This Warrant is subject to the following terms and conditions:

      I. Exercise of Warrant.

            (a) This Warrant may be exercised in whole or in part but not for a
fractional share. Upon delivery of this Warrant at the offices of the Company or
at such other address as the Company may designate by notice in writing to the
registered holder hereof with the Subscription Form annexed hereto duly
executed, accompanied by payment of the Warrant Price for the number of Warrant
Shares purchased (in cash, by certified, cashier's or other check acceptable to
the Company, by Common Stock of the Company having a Market Value (as
hereinafter defined) equal to the aggregate Warrant Price for the Warrant Shares
to be purchased, or any combination of the foregoing), the registered holder of
this Warrant shall be entitled to receive a certificate or certificates for the
Warrant Shares so purchased. Such certificate or certificates shall be promptly
delivered to the Warrantholder. Upon any partial exercise of this Warrant, the
Company shall execute and deliver a new Warrant of like tenor for the balance of
the Warrant Shares purchasable hereunder.

<PAGE>

            (b) In lieu of exercising this Warrant pursuant to Section 1(a), the
holder may elect to receive shares of Common Stock equal to the value of this
Warrant determined in the manner described below (or any portion thereof
remaining unexercised) upon delivery of this Warrant at the offices of the
Company or at such other address as the Company may designate by notice in
writing to the registered holder hereof with the Notice of Cashless Exercise
Form annexed hereto duly executed. In such event the Company shall issue to the
holder a number of shares of the Company's Common Stock computed using the
following formula:

                  X = Y (A-B)
                      -------
                         A

Where X = the number of shares of Common Stock to be issued to the holder.
      Y = the number of shares of Common Stock purchasable under this Warrant
          (at the date of such calculation).
      A = the Market Value of the Company's Common Stock on the business day
          immediately preceding the day on which the Notice of Cashless Exercise
          is received by the Company.
      B = Warrant Price (as adjusted to the date of such calculation).

            (c) The Warrant Shares deliverable hereunder shall, upon issuance,
be fully paid and non-assessable and the Company agrees that at all times during
the term of this Warrant it shall cause to be reserved for issuance such number
of shares of its Common Stock as shall be required for issuance and delivery
upon exercise of this Warrant.

            (d) For purposes of this Warrant, the Market Value of a share of
Common Stock on any date shall be equal to (i) the closing bid price per share
as published by a national securities exchange on which shares of Common Stock
(or other units of the security) are traded (an "Exchange") on such date or, if
there is no bid for Common Stock on such date, the bid price on such exchange at
the close of trading on the next earlier date or, (ii) if shares of Common Stock
are not listed on a national securities exchange on such date, the closing bid
price per share as published on the National Association of Securities Dealers
Automatic Quotation System ("NASDAQ") National Market System if the shares are
quoted on such system on such date, or (iii) the closing bid price in the
over-the-counter market at the close of trading on such date if the shares are
not traded on an exchange or listed on the NASDAQ National Market System, or
(iv) if the Common Stock is not traded on a national securities exchange or in
the over-the-counter market, the fair market value of a share of Common Stock on
such date as determined in good faith by the Board of Directors. If the holder
disagrees with the determination of the Market Value of any securities of the
Company determined by the Board of Directors under Section 1(d)(iv) the Market
Value of such securities shall be determined by an independent appraiser
acceptable to the Company and the holder (or, if they cannot agree on such an
appraiser, by an independent appraiser selected by each of them, and Market
Value shall be the median of the appraisals made by such appraisers). If there
is one appraiser, the cost of the appraisal shall be shared equally between the
Company and the holder. If there are two appraisers, each of the Company and the
holder shall pay for its own appraisal.

<PAGE>

      II. Transfer or Assignment of Warrant.

            (a) Any assignment or transfer of this Warrant shall be made by
surrender of this Warrant at the offices of the Company or at such other address
as the Company may designate in writing to the registered holder hereof with the
Assignment Form annexed hereto duly executed and accompanied by payment of any
requisite transfer taxes, and the Company shall, without charge, execute and
deliver a new Warrant of like tenor in the name of the assignee for the portion
so assigned in case of only a partial assignment, with a new Warrant of like
tenor to the assignor for the balance of the Warrant Shares purchasable.

            (b) Prior to any assignment or transfer of this Warrant, the holder
thereof shall deliver an opinion of counsel to the Company to the effect that
the proposed transfer may be effected without registration under the Act.

      III. Adjustment of Warrant Price and Warrant Shares -- Anti-Dilution
Provisions.

            A. (1) Except as hereinafter provided, in case the Company shall at
      any time after the date hereof issue any shares of Common Stock (including
      shares held in the Company's treasury) without consideration, then, and
      thereafter successively upon each issuance, the Warrant Price in effect
      immediately prior to each such issuance shall forthwith be reduced to a
      price determined by multiplying the Warrant Price in effect immediately
      prior to such issuance by a fraction:

                  (a) the numerator of which shall be the total number of shares
            of Common Stock outstanding immediately prior to such issuance, and

                  (b) the denominator of which shall be the total number of
            shares of Common Stock outstanding immediately after such issuance.

            For the purposes of any computation to be made in accordance with
      the provisions of this clause (1), the following provisions shall be
      applicable:

                        (i) Shares of Common Stock issuable by way of dividend
                  or other distribution on any stock of the Company shall be
                  deemed to have been issued and to be outstanding at the close
                  of business on the record date fixed for the determination of
                  stockholders entitled to receive such dividend or other
                  distribution and shall be deemed to have been issued without
                  consideration. Shares of Common Stock issued otherwise than as
                  a dividend, shall be deemed to have been issued and to be
                  outstanding at the close of business on the date of issue.

<PAGE>

                        (ii) The number of shares of Common Stock at any time
                  outstanding shall not include any shares then owned or held by
                  or for the account of the Company.

                  (2) In case the Company shall at any time subdivide or combine
            the outstanding shares of Common Stock, the Warrant Price shall
            forthwith be proportionately decreased in the case of the
            subdivision or proportionately increased in the case of combination
            to the nearest one cent. Any such adjustment shall become effective
            at the close of business on the date that such subdivision or
            combination shall become effective.

            B. In the event that the number of outstanding shares of Common
      Stock is increased by a stock dividend payable in shares of Common Stock
      or by a subdivision of the outstanding shares of Common Stock, which may
      include a stock split, then from and after the time at which the adjusted
      Warrant Price becomes effective pursuant to the foregoing Subsection A of
      this Section by reason of such dividend or subdivision, the number of
      shares issuable upon the exercise of this Warrant shall be increased in
      proportion to such increase in outstanding shares. In the event that the
      number of outstanding shares of Common Stock is decreased by a combination
      of the outstanding shares of Common Stock, then, from and after the time
      at which the adjusted Warrant Price becomes effective pursuant to such
      Subsection A of this Section by reason of such combination, the number of
      shares issuable upon the exercise of this Warrant shall be decreased in
      proportion to such decrease in outstanding shares.

            C. In the event of an adjustment of the Warrant Price, the number of
      shares of Common Stock (or reclassified stock) issuable upon exercise of
      this Warrant after such adjustment shall be equal to the number determined
      by dividing:

                  (1) an amount equal to the product of (i) the number of shares
            of Common Stock issuable upon exercise of this Warrant immediately
            prior to such adjustment, and (ii) the Warrant Price immediately
            prior to such adjustment, by

                  (2) the Warrant Price immediately after such adjustment.

            D. In the case of any reorganization or reclassification of the
      outstanding shares of Common Stock (other than a change in par value, or
      from par value to no par value, or from no par value to par value, or as a
      result of a subdivision or combination) or in the case of any
      consolidation of the Company with, or merger of the Company with, another
      corporation, or in the case of any sale, lease or conveyance of all, or
      substantially all, of the property, assets, business and goodwill of the
      Company as an entity, the holder of this Warrant shall thereafter have the
      right upon exercise to purchase the kind and amount of shares of stock and
      other securities and property receivable upon such reorganization,
      reclassification, consolidation, merger or sale by a holder of the number
      of shares of Common Stock which the holder of this Warrant would have
      received had all Warrant Shares issuable upon exercise of this Warrant
      been issued immediately prior to such reorganization, reclassification,
      consolidation, merger or sale, at a price equal to the Warrant Price then
      in effect pertaining to this Warrant (the kind, amount and price of such
      stock and other securities to be subject to adjustment as herein
      provided).

<PAGE>

            E. In case the Company shall, at any time prior to the expiration of
      this Warrant and prior to the exercise thereof, dissolve, liquidate or
      wind up its affairs, the Warrantholder shall be entitled, upon the
      exercise thereof, to receive, in lieu of the Warrant Shares of the Company
      which it would have been entitled to receive, the same kind and amount of
      assets as would have been issued, distributed or paid to it upon such
      Warrant Shares of the Company, had it been the holder of record of shares
      of Common Stock receivable upon the exercise of this Warrant on the record
      date for the determination of those entitled to receive any such
      liquidating distribution. After any such dissolution, liquidation or
      winding up which shall result in any distribution in excess of the Warrant
      Price provided for by this Warrant, the Warrantholder may at its option
      exercise the same without making payment of the aggregate Warrant Price
      and in such case the Company shall upon the distribution to said
      Warrantholder consider that the aggregate Warrant Price has been paid in
      full to it and in making settlement to said Warrantholder, shall deduct
      from the amount payable to such Warrantholder an amount equal to the
      aggregate Warrant Price.

            F. In case the Company shall, at any time prior to the expiration of
      this Warrant and prior to the exercise thereof make a distribution of
      assets (other than cash) or securities of the Company to its stockholders
      (the "Distribution") the Warrantholder shall be entitled, upon the
      exercise thereof, to receive, in addition to the Warrant Shares it is
      entitled to receive, the same kind and amount of assets or securities as
      would have been distributed to it in the Distribution had it been the
      holder of record of shares of Common Stock receivable upon exercise of
      this Warrant on the record date for determination of those entitled to
      receive the Distribution.

            G. Irrespective of any adjustments in the number of Warrant Shares
      and the Warrant Price or the number or kind of shares purchasable upon
      exercise of this Warrant, this Warrant may continue to express the same
      price and number and kind of shares as originally issued.

      III. Officer's Certificate. Whenever the number of Warrant Shares and the
Warrant Price shall be adjusted pursuant to the provisions hereof, the Company
shall forthwith file, at its principal executive office a statement, signed by
the Chairman of the Board, President, or one of the Vice Presidents of the
Company and by its Chief Financial Officer or one of its Treasurers or Assistant
Treasurers, stating the adjusted number of Warrant Shares and the new Warrant
Price calculated to the nearest one hundredth and setting forth in reasonable
detail the method of calculation and the facts requiring such adjustment and
upon which such calculation is based. Each adjustment shall remain in effect
until a subsequent adjustment hereunder is required. A copy of such statement
shall be mailed to the Warrantholder.

      IV. Charges, Taxes and Expenses. The issuance of certificates for Warrant
Shares upon any exercise of this Warrant shall be made without charge to the
Warrantholder for any tax or other expense in respect to the issuance of such
certificates, all of which taxes and expenses shall be paid by the Company, and
such certificates shall be issued only in the name of the Warrantholder.

<PAGE>

      V. Miscellaneous.

            (a) The terms of this Warrant shall be binding upon and shall inure
to the benefit of any successors or assigns of the Company and of the holder or
holders hereof and of the shares of Common Stock issued or issuable upon the
exercise hereof.

            (b) No holder of this Warrant, as such, shall be entitled to vote or
receive dividends or be deemed to be a stockholder of the Company for any
purpose, nor shall anything contained in this Warrant be construed to confer
upon the holder of this Warrant, as such, any rights of a stockholder of the
Company or any right to vote, give or withhold consent to any corporate action,
receive notice of meetings, receive dividends or subscription rights, or
otherwise.

            (c) Receipt of this Warrant by the holder hereof shall constitute
acceptance of an agreement to the foregoing terms and conditions.

            (d) The Warrant and the performance of the parties hereunder shall
be construed and interpreted in accordance with the laws of the State of New
York and the parties hereunder consent and agree that the State and Federal
Courts which sit in the State of New York and the County of Nassau shall have
exclusive jurisdiction with respect to all controversies and disputes arising
hereunder.

      IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer and its corporate seal to be affixed hereto.

Dated: August 24, 2004

                                        TORBAY HOLDINGS, INC.

                                        BY: /s/ William Thomas Large
                                            ------------------------------------
                                            William Thomas Large
                                            President

<PAGE>

                                SUBSCRIPTION FORM

                    (TO BE EXECUTED BY THE REGISTERED HOLDER
                     IF HE DESIRES TO EXERCISE THE WARRANT)

      To: TORBAY HOLDINGS, INC

      The undersigned hereby exercises the right to purchase _________ shares of
Common Stock, par value $.0001 per share, covered by the attached Warrant in
accordance with the terms and conditions thereof, and herewith makes payment of
the Warrant Price for such shares in full.

                  Signature: _______________________________________

                  Address: _________________________________________

DATED: ___________________________

<PAGE>

                   NOTICE OF EXERCISE OF COMMON STOCK WARRANT
             PURSUANT TO NET ISSUE ("CASHLESS") EXERCISE PROVISIONS

<TABLE>
<CAPTION>
<S>                                             <C>                             <C>
Torbay Holdings, Inc.                           Aggregate Price of              $
                                                of Warrant                       ----------------------------
a Delaware corporation
140 Old Country Road, Suite 205
Mineola, New York 11501                         Aggregate Price Being           $
                                                Exercised:                       ----------------------------
Attention: William Thomas Large, President
                                                Warrant Price                   $
                                                (per share):                     ----------------------------
                                                Number of Shares of
                                                Common Stock to be
                                                Issued Under this Notice:
</TABLE>

                                CASHLESS EXERCISE

Gentlemen:

      The undersigned, registered holder of the Warrant to Purchase Common Stock
delivered herewith ("Warrant") hereby irrevocably exercises such Warrant for,
and purchasesthereunder, shares of the Common Stock of TORBAY HOLDINGS, INC., a
Delaware corporation, as provided below. Capitalized terms used herein, unless
otherwise defined herein, shall have the meanings given in the Warrant. The
portion of the Aggregate Price (as hereinafter defined) to be applied toward the
purchase of Common Stock pursuant to this Notice of Exercise is $______, thereby
leaving a remainder Aggregate Price (if any) equal to $______. Such exercise
shall be pursuant to the net issue exercise provisions of Section I. (b) of the
Warrant; therefore, the holder makes no payment with this Notice of Exercise.
The number of shares to be issued pursuant to this exercise shall be determined
by reference to the formula in Section I.(b)of the Warrant which requires the
use of the Market Value (as defined in Section I.(d) of the Warrant) of the
Company's Common Stock on the business day immediately preceding the day on
which this Notice is received by the Company. To the extent the foregoing
exercise is for less than the full Aggregate Price of the Warrant, the remainder
of the Warrant representing a number of Shares equal to the quotient obtained by
dividing the remainder of the Aggregate Price by the Warrant Price (and
otherwise of like form, tenor and effect) may be exercised under Section I.(a)
of the Warrant. For purposes of this Notice the term "Aggregate Price" means the
product obtained by multiplying the number of shares of Common Stock for which
the Warrant is exercisable times the Warrant Price.

                  Signature:_____________________________________

                  Address:______________________________________

                  Date:__________________________________________

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