Document:

<PAGE>

                                EXHIBIT (10)(xv)

                                 LIFE INSURANCE

                      ENDORSEMENT METHOD SPLIT DOLLAR PLAN

                                    AGREEMENT

Insurer:                                Mass Mutual Life Insurance Company
                                        New York Life Insurance Company

Policy Number:                          __________

Bank:                                   Home Savings Bank of Albemarle, SSB

Insured:                                Kimberly M. Allen

Relationship of Insured to Bank:        Executive (Group Term Carve Out)

Trust:                                  Rabbi Trust for the Executive
                                        Supplemental Retirement Plan Agreement,
                                        Director Suppleemntal Retirement Plan
                                        Agreement, and the Endorsement Method
                                        Split Dollar Plan Agreement

The respective rights and duties of the Bank and the Insured in the
above-referenced policy shall be pursuant to the terms set forth below:

I.      DEFINITIONS

        Refer to the policy contract for the definition of any terms in this
        Agreement that are not defined herein. If a definition of a term in the
        policy is inconsistent with the definition of a term in this Agreement,
        then the definition of the term as set forth in this Agreement shall
        supersede and replace the definition of the terms as set forth in the
        policy.

II.     POLICY TITLE AND OWNERSHIP

        Title and ownership shall reside in the Trustee for the Rabbi Trust for
        the Executive Supplemental Retirement Plan Agreement, Director
        Suppleemntal Retirement Plan Agreement, and the Endorsement Method Split
        Dollar Plan Agreement for its use and for the use of the Insured all in
        accordance with this Agreement. The Trustee at the direction of the Bank
        may, to the extent of its interest, exercise the right to borrow or
        withdraw on the policy cash values.

                                        1

<PAGE>

        Where the Trustee at the direction of the Bank and the Insured (or
        assignee, with the consent of the Insured) mutually agree to exercise
        the right to increase the coverage under the subject Split Dollar
        policy, then, in such event, the rights, duties and benefits of the
        parties to such increased coverage shall continue to be subject to the
        terms of this Agreement.

III.    BENEFICIARY DESIGNATION RIGHTS

        The Insured (or assignee) shall have the right and power to designate a
        beneficiary or beneficiaries to receive the Insured's share of the
        proceeds payable upon the death of the Insured, and to elect and change
        a payment option for such beneficiary, subject to any right or interest
        the Trustee at the direction of the Bank or the Trust may have in such
        proceeds, as provided in this Agreement.

IV.     PREMIUM PAYMENT METHOD

        Subject to the Bank's absolute right to surrender or terminate the
        policy at any time and for any reason, the Bank or the Trustee at the
        direction of the Bank shall pay an amount equal to the planned premiums
        and any other premium payments that might become necessary to keep the
        policy in force.

V.      TAXABLE BENEFIT

        Annually the Insured will receive a taxable benefit equal to the assumed
        cost of insurance as required by the Internal Revenue Service. The Bank
        or the Trustee at the direction of the Bank will report to the Insured
        the amount of imputed income each year on Form W-2 or its equivalent.

VI.     DIVISION OF DEATH PROCEEDS

        Subject to Paragraphs VII and IX herein, the division of the death
        proceeds of the policy is as follows:

        A.      Should the Insured be employed by the Bank at death, the
                Insured's beneficiary(ies), designated in accordance with
                Paragraph III, shall be entitled to an amount equal to two times
                (2 x's) of the Insured's salary at death or retirement, or one
                hundred percent (100%) of the net-at-risk insurance portion of
                the proceeds, whichever amount is less. The net-at-risk
                insurance portion is the total proceeds less the cash value of
                the policy.

        B.      Should the Insured not be employed by the Bank at the time of
                his or her death, the Insured's beneficiary(ies), designated in
                accordance with Paragraph III, shall be entitled to the
                percentage as set forth hereinbelow of the proceeds described in
                Subparagraph VI (A) above that corresponds to

                                        2

<PAGE>

                the number of full years the Insured has been employed by the
                Bank since the date of first employment.

                Number full years and age      Vested percent
                -------------------------      --------------

                1-10                           10% per year to a maximum of 100%

        C.      The Bank shall be entitled to the remainder of such proceeds.

        D.      The Bank and the Insured (or assignees) shall share in any
                interest due on the death proceeds on a pro rata basis as the
                proceeds due each respectively bears to the total proceeds,
                excluding any such interest.

VII.    DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

        The Bank or the Trust shall at all times be entitled to an amount equal
        to the policy's cash value, as that term is defined in the policy
        contract, less any policy loans and unpaid interest or cash withdrawals
        previously incurred by the Bank or the Trustee at the direction of the
        Bank and any applicable surrender charges. Such cash value shall be
        determined as of the date of surrender or death as the case may be.

VIII.   RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS

        In the event the policy involves an endowment or annuity element, the
        Bank's or the Trust' right and interest in any endowment proceeds or
        annuity benefits, on expiration of the deferment period, shall be
        determined under the provisions of this Agreement by regarding such
        endowment proceeds or the commuted value of such annuity benefits as the
        policy's cash value. Such endowment proceeds or annuity benefits shall
        be considered to be like death proceeds for the purposes of division
        under this Agreement.

IX.     TERMINATION OF AGREEMENT

        This Agreement shall terminate upon the occurrence of any one of the
following:

        A.      The Insured shall be discharged from employment with the Bank
                for cause. The term "for cause" shall mean any of the following
                that result in an adverse effect on the Bank: (i) gross
                negligence or gross neglect; (ii) the commission of a felony or
                gross misdemeanor involving moral turpitude, fraud, or
                dishonesty; (iii) the willful violation of any law, rule, or
                regulation (other than a traffic violation or similar offense);
                (iv) an intentional failure to perform stated duties; or (v) a
                breach of fiduciary duty involving personal profit; or

                                        3

<PAGE>

        B.      Surrender, lapse, or other termination of the Policy by the
                Bank.

        Upon such termination, the Insured (or assignee) shall have a fifteen
        (15) day option to receive from the Bank or the Trustee at the direction
        of the Bank an absolute assignment of the policy in consideration of a
        cash payment to the Bank or the Trustee at the direction of the Bank,
        whereupon this Agreement shall terminate. Such cash payment referred to
        hereinabove shall be the greater of:

        C.      The Bank's or the Trust' share of the cash value of the policy
                on the date of such assignment, as defined in this Agreement; or

        D.      The amount of the premiums which have been paid by the Bank or
                the Trustee at the direction of the Bank prior to the date of
                such assignment.

        If, within said fifteen (15) day period, the Insured fails to exercise
        said option, fails to procure the entire aforestated cash payment, or
        dies, then the option shall terminate and the Insured (or assignee)
        agrees that all of the Insured's rights, interest and claims in the
        policy shall terminate as of the date of the termination of this
        Agreement.

        The Insured expressly agrees that this Agreement shall constitute
        sufficient written notice to the Insured of the Insured's option to
        receive an absolute assignment of the policy as set forth herein.

        Except as provided above, this Agreement shall terminate upon
        distribution of the death benefit proceeds in accordance with Paragraph
        VI above.

X.      INSURED'S OR ASSIGNEE'S ASSIGNMENT RIGHTS

        The Insured may not, without the written consent of the Bank, assign to
        any individual, trust or other organization, any right, title or
        interest in the subject policy nor any rights, options, privileges or
        duties created under this Agreement.

XI.     AGREEMENT BINDING UPON THE PARTIES

        This Agreement shall bind the Insured and the Bank or the Trustee at the
        direction of the Bank, their heirs, successors, personal representatives
        and assigns.

XII.    ERISA PROVISIONS

        The following provisions are part of this Agreement and are intended to
        meet the requirements of the Employee Retirement Income Security Act of
        1974 ("ERISA"):

                                        4

<PAGE>

        A.      Named Fiduciary and Plan Administrator.

                The "Named Fiduciary and Plan Administrator" of this Endorsement
                Method Split Dollar Agreement shall be Home Savings Bank of
                Albemarle, SSB until its resignation or removal by the Board of
                Directors. As Named Fiduciary and Plan Administrator, the Bank
                or the Trustee at the direction of the Bank shall be responsible
                for the management, control, and administration of this Split
                Dollar Plan as established herein. The Named Fiduciary may
                delegate to others certain aspects of the management and
                operation responsibilities of the Plan, including the employment
                of advisors and the delegation of any ministerial duties to
                qualified individuals.

        B.      Funding Policy.

                Subject to the Bank's absolute right to surrender or terminate
                the policy at any time and for any reason, the funding policy
                for this Split Dollar Plan shall be to maintain the subject
                policy in force by paying, when due, all premiums required.

        C.      Basis of Payment of Benefits.

                Direct payment by the Insurer is the basis of payment of
                benefits under this Agreement, with those benefits in turn being
                based on the payment of premiums as provided in this Agreement.

        D.      Claim Procedures.

                Claim forms or claim information as to the subject policy can be
                obtained by contacting Benmark, Inc. (800-544-6079). When the
                Named Fiduciary has a claim which may be covered under the
                provisions described in the insurance policy, they should
                contact the office named above, and they will either complete a
                claim form and forward it to an authorized representative of the
                Insurer or advise the named Fiduciary what further requirements
                are necessary. The Insurer will evaluate and make a decision as
                to payment. If the claim is payable, a benefit check will be
                issued in accordance with the terms of this Agreement.

                In the event that a claim is not eligible under the policy, the
                Insurer will notify the Named Fiduciary of the denial pursuant
                to the requirements under the terms of the policy. If the Named
                Fiduciary is dissatisfied with the denial of the claim and
                wishes to contest such claim denial, they should contact the
                office named above and they will assist in making an inquiry to
                the Insurer. All objections to the Insurer's actions should be
                in

                                        5

<PAGE>

                writing and submitted to the office named above for transmittal
                to the Insurer.

XIII.   GENDER

        Whenever in this Agreement words are used in the masculine or neuter
        gender, they shall be read and construed as in the masculine, feminine
        or neuter gender, whenever they should so apply.

XIV.    INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT

        The Insurer shall not be deemed a party to this Agreement, but will
        respect the rights of the parties as herein developed upon receiving an
        executed copy of this Agreement. Payment or other performance in
        accordance with the policy provisions shall fully discharge the Insurer
        from any and all liability.

XV.     CHANGE OF CONTROL

        Change of Control shall be deemed to be the cumulative transfer of more
        than fifty percent (50%) of the voting stock of the Bank from the date
        of this Agreement. For the purposes of this Agreement, transfers on
        account of death or gifts, transfers between family members, or
        transfers to a qualified retirement plan maintained by the Bank shall
        not be considered in determining whether there has been a Change of
        Control. Upon a Change of Control, if the Insured's employment is
        subsequently terminated, except for cause, then the Insured shall be one
        hundred percent (100%) vested in the benefits promised in this Agreement
        and, therefore, upon the death of the Insured, the Insured's
        beneficiary(ies) (designated in accordance with Paragraph III) shall
        receive the death benefit provided herein as if the Insured had died
        while employed by the Bank (See Subparagraph VI [A]).

XVI.    AMENDMENT OR REVOCATION

        Subject to the Bank's absolute right to surrender or terminate the
        policy at any time and for any reason, it is agreed by and between the
        parties hereto that, during the lifetime of the Insured, this Agreement
        may be amended or revoked at any time or times, in whole or in part, by
        the mutual written consent of the Insured and the Bank.

XVII.   EFFECTIVE DATE

        The Effective Date of this Agreement shall be February 18, 2003.

                                        6

<PAGE>

XVIII.  SEVERABILITY AND INTERPRETATION

        If a provision of this Agreement is held to be invalid or unenforceable,
        the remaining provisions shall nonetheless be enforceable according to
        their terms. Further, in the event that any provision is held to be over
        broad as written, such provision shall be deemed amended to narrow its
        application to the extent necessary to make the provision enforceable
        according to law and enforced as amended.

XIX.    APPLICABLE LAW

        The validity and interpretation of this Agreement shall be governed by
        the laws of the State of North Carolina.

Executed at Albemarle, North Carolina this ________day of ___________, 2003.

                                             HOME SAVINGS BANK OF
                                             ALBEMARLE, SSB
                                             Albemarle, North Carolina

                                             By:
--------------------------------                --------------------------------
Witness                                                    Title

--------------------------------                --------------------------------
Witness                                         Kimberly M. Allen

                                        7

<PAGE>

                          BENEFICIARY DESIGNATION FORM
                    FOR THE LIFE INSURANCE ENDORSEMENT METHOD
                           SPLIT DOLLAR PLAN AGREEMENT

I.      PRIMARY DESIGNATION
                (You may refer to the beneficiary designation information prior
                to completion.)

        A.      PERSON(S) AS A PRIMARY DESIGNATION:
                (Please indicate the percentage for each beneficiary.)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        B.      ESTATE AS A PRIMARY DESIGNATION:

        My Primary Beneficiary is The Estate of   ______________________________

        _____ as set forth in the last will and testament dated the _____ day of

         _____________, _______ and any codicils thereto.

        C.      TRUST AS A PRIMARY DESIGNATION:

        Name of the Trust:  ____________________________________________________

        Execution Date of the Trust: _____ / _____ / _________

        Name of the Trustee: ___________________________________________________

        Beneficiary(ies) of the Trust (please indicate the percentage for each
        beneficiary):

        ________________________________________________________________________

        ________________________________________________________________________

        Is this an Irrevocable Life Insurance Trust?  ________ Yes   ________ No
        (If yes and this designation is for a Split Dollar agreement, an
        Assignment of Rights form should be completed.)

II.     SECONDARY (CONTINGENT) DESIGNATION

        A.      PERSON(S) AS A SECONDARY (CONTINGENT) DESIGNATION:
                (Please indicate the percentage for each beneficiary.)

        Name______________________   Relationship___________________  / _______%

                                        8

<PAGE>

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        Name______________________   Relationship___________________  / _______%

        Address:_______________________________________________________________
                     (Street)              (City)       (State)          (Zip)

        B.      ESTATE AS A SECONDARY (CONTINGENT) DESIGNATION:

        My Secondary Beneficiary is The Estate of   ____________________________

        ______ as set forth in my last will and testament dated the _____ day of

        _____________, _______ and any codicils thereto.

        C.      TRUST AS A SECONDARY (CONTINGENT) DESIGNATION:

        Name of the Trust:  ____________________________________________________

        Execution Date of the Trust: _____ / _____ / _________

        Name of the Trustee: ___________________________________________________

        Beneficiary(ies) of the Trust (please indicate the percentage for each
        beneficiary):

        ________________________________________________________________________

        ________________________________________________________________________

        All sums payable under the Life Insurance Endorsement Method Split
        Dollar Plan Agreement by reason of my death shall be paid to the Primary
        Beneficiary(ies), if he or she survives me, and if no Primary
        Beneficiary(ies) shall survive me, then to the Secondary (Contingent)
        Beneficiary(ies). This beneficiary designation is valid until the
        participant notifies the bank in writing.

        ----------------------------                ----------------------------
        Kimberly M. Allen                           Date

                                        9sec document

                                                                    EXHIBIT 10.1

                      RENAISSANCE TRADING TECHNOLOGIES, LLC

                             SECURED PROMISSORY NOTE

THIS NOTE HAS NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED
("ACT"),  OR UNDER  ANY  STATE  SECURITIES  LAW AND SUCH  SECURITIES  MAY NOT BE
PLEDGED,   SOLD,  ASSIGNED  OR  TRANSFERRED  IN  THE  ABSENCE  OF  AN  EFFECTIVE
REGISTRATION  STATEMENT  WITH RESPECT  THERETO UNDER THE ACT AND ANY  APPLICABLE
STATE  SECURITIES  LAW,  OR UNLESS THE  COMPANY  RECEIVES AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED.

$1,000,000                                                  As of March 12, 2003

FOR VALUE RECEIVED,  RENAISSANCE TRADING  TECHNOLOGIES,  LLC, a Delaware limited
liability company (the "Company"),  promises to pay to the order of NYFIX, INC.,
a New York  corporation  (the "Holder"),  on the earlier to occur of (i) the two
year anniversary of the date hereof (the "Maturity  Date"),  or (ii) an Event of
Default (as  defined in Section 1 below),  the  principal  amount of ONE MILLION
DOLLARS  ($1,000,000),  in such coin or currency of the United States of America
as at the time of payment  shall be legal  tender  for the  payment of public or
private  debts,  together with interest on the unpaid  balance of said principal
amount from time to time outstanding at the rate of five and one-half percent (5
1/2%) per annum.

If any payment hereunder becomes due and payable on a Saturday,  Sunday or legal
holiday under the laws of the United States of America or the State of New York,
or both,  the due date  thereof  shall be  extended  to the next  business  day.
Payments of principal and interest are to be made at the address provided herein
for the Holder (or at such other  place as the Holder  shall have  notified  the
Company in writing at least five (5) days before such payment is due) or by wire
transfer pursuant to the Holder's written instructions.

            1.  EVENTS  OF  DEFAULT.  (a)  Upon  the  occurrence  of  any of the
following events (herein called "Events of Default"):

                  (i) The Company shall fail to pay the principal of or interest
            on this Note on the Maturity Date;

                  (ii) (A) The Company  shall  commence any  proceeding or other
            action  relating  to  it  in  bankruptcy  or  seek   reorganization,
            arrangement,  readjustment of its debts, receivership,  dissolution,
            liquidation,  winding-up,  composition or any other relief under any
            bankruptcy  law,  or under  any  other  insolvency,  reorganization,
            liquidation,  dissolution, arrangement, composition, readjustment of

            debt or any other similar act or law, of any jurisdiction,  domestic
            or foreign,  now or  hereafter  existing;  or (B) the Company  shall
            admit the  material  allegations  of any  petition  or  pleading  in
            connection with any such proceeding;  or (C) the Company shall apply
            for,  or consent or  acquiesce  to, the  appointment  of a receiver,
            conservator,  trustee  or  similar  officer  for it or for  all or a
            substantial  part of its  property;  or (D) the Company shall make a
            general assignment for the benefit of creditors;

                  (iii) (A) The commencement of any proceedings or the taking of
            any other  action  against  the  Company  in  bankruptcy  or seeking
            reorganization, arrangement, readjustment of its debts, liquidation,
            dissolution, arrangement, composition, or any other relief under any
            bankruptcy law or any other similar act or law of any  jurisdiction,
            domestic  or  foreign,  now  or  hereafter  existing;   or  (B)  the
            appointment of a receiver,  conservator,  trustee or similar officer
            for the Company for any of its  property;  or (C) the  issuance of a
            warrant of attachment,  execution or similar  process against any of
            the property of the Company;

                  (iv)  The  Company  shall  fail  to  comply  with  any  of its
            obligations  under this Note,  which failure shall continue  uncured
            for five (5) business days after notice thereof to the Company;

                  (v) The Company shall default with respect to any indebtedness
            for borrowed money (other than under this Note or otherwise  related
            to  payments  due the  Holder  under  any  other  agreement)  with a
            principal  amount in excess of  $75,000  if either (a) the effect of
            such  default is to  accelerate  the  maturity of such  indebtedness
            (giving effect to any applicable grace periods) or (b) the holder of
            such  indebtedness  declares  the  Company to be in default  (giving
            effect to any applicable grace periods); or

                  (vi) Any  judgment  or  judgments  against  the Company or any
            attachment,  levy or execution against any of its properties for any
            amount in excess of $75,000 in the aggregate shall remain unpaid, or
            shall not be released, discharged, dismissed, stayed or fully bonded
            for a period of thirty  (30) days or more after its entry,  issue or
            levy, as the case may be;

then,  and in any such event,  the Holder,  at the  Holder's  option and without
written notice to the Company,  may declare the entire  principal amount of this
Note then outstanding  together with accrued unpaid interest thereon immediately
due and payable, and the same shall forthwith become immediately due and payable
without presentment,  demand, protest, or other notice of any kind, all of which
are  expressly  waived.  The Events of Default  listed herein are solely for the
purpose of  protecting  the interests of the Holder of this Note. If the Note is
not paid in full upon acceleration,  as required above, interest shall accrue on
the  outstanding  principal  of and  interest  on this Note from the date of the
Event of Default up to and  including the date of payment at a rate equal to the
lesser  of  twelve  percent  (12.0%)  per  annum or the  maximum  interest  rate
permitted by applicable law.

                 (b)  NON-WAIVER  AND OTHER  REMEDIES.  No course of  dealing or
delay on the part of the Holder of this Note in exercising  any right  hereunder

                                       2

shall operate as a waiver or otherwise prejudice the right of the Holder of this
Note. No remedy conferred hereby shall be exclusive of any other remedy referred
to herein or now or  hereafter  available  at law,  in  equity,  by  statute  or
otherwise.

                 (c) COLLECTION COSTS;  ATTORNEY'S FEES. In the case of an Event
of  Default,  if this Note is turned  over to an attorney  for  collection,  the
Company agrees to pay all reasonable costs of collection,  including  reasonable
attorney's  fees and expenses  and all  out-of-pocket  expenses  incurred by the
Holder in connection  with such  collection  efforts,  which amounts may, at the
Holder's option, be added to the principal hereof.

            2. CANCELLATION. Upon full satisfaction of the Company's obligations
hereunder,  the Holder  shall  promptly  deliver or cause to be delivered to the
Company this Note for cancellation.

            3. GRANT OF SECURITY  INTEREST.  (a) The Company and the undersigned
members of the  Company  hereby  grant to the Holder a first  priority  security
interest  in all of the assets set forth next to their name on Schedule I hereto
(the  "Collateral"),  in order to secure the payment and  performance in full of
all  obligations  of the Company now or hereafter  existing under this Note. The
security  interest  granted  herein  will  terminate  (and  all  rights  to  the
Collateral  will  revert  to  the  Company  and  the  undersigned   members,  as
applicable) upon the payment and performance in full of all such obligations.

                 (b) At any time and from  time to  time,  the  Company  and the
undersigned members (at the Company's expense) will promptly execute and deliver
all further instruments, and will take all further action, that may be necessary
or desirable, or that the Holder may reasonably request, in order to perfect and
protect any security  interest  granted or purported to be granted  hereby or to
enable the Holder to exercise and endorse its rights and remedies hereunder with
respect to the Collateral.

            4.  PREPAYMENTS.  The  Company  shall  have the right to prepay  any
portion of the principal of this Note prior to  expiration  with 30 days written
notice to the  Holder.  At the earlier of twelve (12) months from the signing of
the Note or the  completion of a financing  round of at least 5 million  dollars
($5,000,000)  for The  Company,  the Holder  shall have the right to demand full
payment of the Note with 30 days written notice.

            5. REQUIRED CONSENT.  The Company may not modify any of the terms of
this Note without the prior written consent of the Holder.

            6.  LOST  DOCUMENTS.   Upon  receipt  by  the  Company  of  evidence
satisfactory to it of the loss, theft, destruction or mutilation of this Note or
any Note exchanged for it, and (in the case of loss,  theft or  destruction)  of
indemnity  satisfactory  to it,  and upon  reimbursement  to the  Company of all
reasonable expenses  incidental thereto,  and upon surrender and cancellation of
such Note, if mutilated,  the Company will make and deliver in lieu of such Note
a new  Note of like  tenor  and  unpaid  principal  amount  and  dated as of the
original date of the Note.

                                       3

            7. MISCELLANEOUS.

               7.1  SEVERABILITY.  In case  any  one or  more of the  provisions
contained  in this Note  should be  invalid,  illegal  or  unenforceable  in any
respect,  the validity,  legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired thereby.

               7.2 NOTICES AND ADDRESSES. All notices,  offers,  acceptances and
any other acts under this Note (except  payment) shall be in writing,  and shall
be  sufficiently  given if  delivered  to the  addressee  in person,  by Federal
Express or similar  receipted  delivery,  by  facsimile  delivery or, if mailed,
postage prepaid, by certified mail, return receipt requested, as follows:

            To Holder:              NYFIX, Inc.
                                    Stamford Harbor Park
                                    333 Ludlow Street
                                    Stamford, Connecticut 06902
                                    Attn:  Peter K. Hansen, CEO
                                    Fax:  (203) 425-8100

            With a copy to:         Olshan Grundman Frome Rosenzweig & Wolosky LLP
                                    505 Park Avenue
                                    New York, New York 10002
                                    Attn:  Benjamin S. Reichel, Esq.
                                    Fax:  (212) 935-1787

            To the Company :        Renaissance Trading Technologies, LLC
                                    44 Wall Street
                                    New York, New York 10005
                                    Attn:  Edward Brandman, CEO

            With a copy to:         Hogan & Hartson LLP
                                    555 13th Street, NW
                                    Washington, DC 20004
                                    Attn:  John Beckman, Esq.
                                    Fax:  (202) 637-5464

or to such other  address as any of them,  by notice to the others may designate
from time to time.  Time shall be counted  to, or from,  as the case may be, the
delivery in person or five (5) business days after mailing.

            7.3 GOVERNING LAW. This Note and any dispute, disagreement, or issue
of construction or  interpretation  arising  hereunder,  whether relating to its
execution, its validity, the obligations provided therein or performance,  shall
be governed and interpreted according to the law of the State of New York.

                                       4

            7.4 BINDING EFFECT; ASSIGNMENT. This Note and the various rights and
obligations  arising hereunder shall inure to the benefit of and be binding upon
the  parties  hereto and their  respective  successors  and  permitted  assigns.
Neither  this Note nor any of the rights,  interests  or  obligations  hereunder
shall be  transferred  or assigned  (by  operation of law or  otherwise)  by the
Company without the prior written  consent of the Holder.  Neither this Note nor
any of the rights,  interests or obligations  hereunder  shall be transferred or
assigned (by  operation  of law or  otherwise)  by the Holder  without the prior
written  consent of the  Company,  except  that this Note may be assigned by the
Holder  to any  entity  in which  NYFIX,  Inc.  owns at least an 80%  direct  or
indirect  equity  interest.  Any  transfer or  assignment  of any of the rights,
interests  or  obligations  hereunder  in violation of the terms hereof shall be
void and of no force or effect.

            7.5 JURISDICTION  AND VENUE.  Each of the Holder and the Company (i)
agree that any legal suit,  action or  proceeding  arising out of or relating to
this Note  shall be  instituted  exclusively  in the  courts of the State of New
York,  (ii)  waive  any  objection  to the  venue of any such  suit,  action  or
proceeding  and the right to assert that such forum is not a  convenient  forum,
and (iii) irrevocably  consent to the jurisdiction of the courts of the State of
New York in any such suit, action or proceeding, and further agree to accept and
acknowledge service of any and all process which may be served in any such suit,
action or  proceeding  and agree that  service of  process  upon them  mailed by
certified mail to their  respective  addresses  shall be deemed in every respect
effective service of process upon them in any such suit, action or proceeding.

            7.6 SECTION HEADINGS. Section headings herein have been inserted for
reference  only and shall not be deemed  to limit or  otherwise  affect,  in any
matter,  or be  deemed  to  interpret  in whole  or in part any of the  terms or
provisions of this Note.

            IN WITNESS WHEREOF,  the Company has caused this Note to be made and
issued  in  its  name  on the  date  specified  above  by  the  duly  authorized
representative of the Company.

                                        RENAISSANCE TRADING TECHNOLOGIES, LLC

                                        By: /s/ Edward Brandman
                                            -----------------------------------
                                            Name:  Edward Brandman
                                            Title: Chief Executive Officer

Solely for purposes of agreeing and consenting to Section 3 hereto.

 /s/ Mark Hahn
 -----------------------

 Mark Hahn, CFO
 -----------------------

 NYFIX, Inc.
 -----------------------

                                       5

                                   SCHEDULE I

                                   Collateral
                                   ----------

o           50,000 shares of NYFIX,  Inc. Common Stock  currently  registered in
            the name of Edward Brandman (NYFIX certificate number #####)

o           60,000 shares of NYFIX,  Inc. Common Stock  currently  registered in
            the name of Renaissance Trading Technologies, LLC (NYFIX certificate
            number #####)

                                       6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]