Document:

Exhibit 10.1

                          EMPLOYMENT AGREEMENT BETWEEN
                                 SMARTPROS LTD.
                                       AND
                                 ALLEN S. GREENE

This  employment  agreement  dated  as of  February  1,  2007 is by and  between
SmartPros Ltd., a Delaware corporation (the "Company"),  and Allen S. Greene, an
individual  residing at 100 Minnisink Road,  Short Hills,  New Jersey 07078 (the
"Executive").

1.    EMPLOYMENT.  The Company  shall employ the  Executive,  and the  Executive
      agrees to serve the Company, on the terms and conditions set forth herein.
      The Executive shall serve as Chairman and Chief  Executive  Officer of the
      Company and shall be based at the Company's headquarters in Hawthorne, New
      York,  but  Executive  may work up to 2 days per week from his  home.  The
      Executive  hereby accepts such employment  hereunder,  except for absences
      occasioned  by illness  and  reasonable  vacation  periods,  and agrees to
      undertake  the duties and  responsibilities  inherent in such position and
      such other duties and  responsibilities  as the Company shall from time to
      time  reasonably  assign  to him.  The  Executive  shall  report to and be
      supervised  by the Board of Directors of the Company  (the  "Board").  The
      Executive shall use his best efforts,  including the highest  standards of
      professional competence and integrity,  and shall devote his full business
      time and effort to the performance of his duties hereunder.  The Executive
      shall not engage in any other business  activity except that the Executive
      may engage from time to time in such personal investment  activities as do
      not interfere  with his day to day  responsibilities  to the Company.  The
      Executive shall be allowed to serve as an independent member of the boards
      of directors of other companies with the prior approval of the Board.

2.    COMPENSATION AND BENEFITS.

      2.1   SALARY.  During the Term (as defined below) of this  Agreement,  the
            Executive  shall be paid a salary at the rate of $275,000  per annum
            ("the Base  Salary"),  payable as  customarily  paid by the Company.
            During the Term of this Agreement,  Executive's Base Salary shall be
            reviewed at least annually by the Board.  The first such review will
            be made no later than October 1, 2007 and thereafter the Base Salary
            shall be reviewed on or before  October 1 of each  succeeding  year.
            The Board, in its sole  discretion,  may increase,  but not decrease
            the Base Salary.

      2.2   BONUS. In addition to his Base Salary, the Executive may be entitled
            to bonuses at times and amounts  determined in the discretion of the
            Board.

      2.3   BENEFITS.  The  Executive  shall be entitled to  participate  in all
            employee  benefit  programs or plans  maintained by the Company from
            time to time on the same

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            basis  as  other  similarly  situated  executive  employees  of  the
            Company. If the Executive elects not to participate in the Company's
            health,  dental  or life  insurance  plans the  Company  will pay or
            reimburse  (based on the cost to the Company for a family  plan) the
            Executive for the direct premium cost of  Executive's  participation
            in the Bank of America Corp.  health and life insurance  plan.  (Any
            increase  in the  Company's  cost for their plan will  increase  the
            amount of  reimbursement.)  The Company  will pay or  reimburse  the
            lease cost of the automobile  currently  leased by the Executive and
            upon expiration or termination of the lease will continue to provide
            the Executive  with a similar  suitable  automobile for his business
            and/or   personal  use.  The  Company  will  pay  or  reimburse  all
            maintenance, insurance, tolls, fuel, and other operating expenses of
            the  automobile  currently  leased by Executive  or any  replacement
            provided  by the  Company  hereunder  including  any excess  mileage
            charges. The Executive will be entitled to 4 weeks paid vacation per
            year.

      2.4   REIMBURSEMENT OF EXPENSES. The Company shall reimburse the Executive
            in  accordance  with  its  general  reimbursement  policies  for all
            ordinary and necessary  expenses incurred by the Executive on behalf
            of the  Company  upon the  presentation  of  appropriate  supporting
            documentation.

3.       TERM; TERMINATION; RIGHTS UPON TERMINATION.

      3.1  TERM. The period of Executive's employment under this Agreement shall
           begin as of February 1, 2007 and shall continue for  thirty-six  (36)
           full calendar months  thereafter.  Commencing as of February 1, 2008,
           and   continuing  on  February  1  of  each  year   thereafter   (the
           "Anniversary  Date"),  this  Agreement  shall renew for an additional
           year such that the remaining  term shall be thirty-six  full calendar
           months,  unless  written  notice of  non-renewal  is  provided to the
           Executive or to the  Company,  at least thirty (30) days prior to any
           such Anniversary  Date, in which event this Agreement shall terminate
           at the end of  twenty-four  (24) months  following  such  Anniversary
           Date.  Prior to each notice period for  non-renewal,  the independent
           members of the Board of  Directors  of the Company  ("Board")  or the
           compensation  committee  of the  Board  will  conduct  a  performance
           evaluation  and  review of  Executive  for  purposes  of  determining
           whether to extend the  Agreement,  and the results  thereof  shall be
           included  in the  minutes of the Board's  meeting.  Any notice  given
           pursuant to this  Section  shall be provided in  accordance  with the
           terms of Section 8.1.

      3.2   TERMINATION.  The Company may at any time,  terminate the employment
            of the Executive  under this Agreement for Cause (as defined below),
            or without Cause, immediately and without any requirement of notice.
            The rights and  obligations  of the parties upon any  termination of
            the Executive's employment shall be as set forth in Section 3.3. For
            purposes of this  Agreement  the term "Cause" shall mean (i) any act
            of  dishonesty or gross and willful  misconduct  with respect to the
            Company,  including without limitation,  fraud or theft, on the

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            part of the Executive, (ii) conviction of the Executive of a felony,
            or (iii) the  Executive's  failure to perform  his  assigned  duties
            hereunder after written notice and a 30 day opportunity to cure.

      3.3   RIGHTS UPON TERMINATION.  In the event that:

            (a)           The  employment of the Executive is terminated  (i) by
                   the Company without Cause or (ii) by the Executive,  pursuant
                   to  written  notice to the  Company,  upon any  change by the
                   Company in Executives  function,  duties or responsibilities,
                   which  change  would  cause  Executive's  position  with  the
                   Company to become one of lesser responsibility, importance or
                   scope from the position described in Section 1, then, for the
                   remainder of the then current term of  employment  hereunder,
                   (subject to Section 3.3(e)), (x) the Company shall pay to the
                   Executive,  at the time  otherwise  due under  Section 2, all
                   Base Salary at the rate in effect at the time of termination,
                   (y) a bonus equal to the average of the last two years annual
                   bonuses received by the Executive multiplied by the amount of
                   whole and partial years  remaining on the  contract,  and (z)
                   the Company shall provide to Executive all benefits described
                   in section 2.3. The  obligations  of the Company  pursuant to
                   this  Section  3.3(a) shall be in lieu of any other rights of
                   the  Executive  hereunder  to  compensation  or  benefits  in
                   respect  of any  period  before  or  after  the  date of such
                   termination  except for payments due under paragraph  3.3(e).
                   Notwithstanding  anything contained in this section 3.3(a) to
                   the  contrary,  the Company  shall have thirty (30) days from
                   the date it receives  written  notice from the Executive that
                   he intends to exercise his right to terminate his  employment
                   as a result of the conditions described in clause (ii) of the
                   first  sentence  of  this  section  3.3(a),  to  "cure"  such
                   conditions.  Upon such "cure",  the Executive's  right to the
                   payments  described in this section 3.3(a) shall  immediately
                   lapse.

            (b)           The  Executive's  employment  terminates  by reason of
                   death or  disability,  then the Company shall pay and provide
                   to the Executive or Executive's  estate or other successor in
                   interest at the time  otherwise  due under Section 2 all Base
                   Salary and  benefits  due to the  Executive  under  Section 2
                   through  the end of the sixth  month after the month in which
                   the termination occurs, but reduced in the case of disability
                   by any payments  received under any disability plan,  program
                   or policy paid for by the Company. The Company is entitled to
                   reduce  payments to Executive once  Executive  files for Long
                   Term  Disability  payments  under a Company paid plan even if
                   the payments are not yet received by Executive.  In the event
                   the payments are not received by the Executive under the Long
                   Term  Disability  plan  within 90 days of such  filing or are
                   reduced  by  the   insurance   company,   the  Company  shall
                   immediately  pay to Executive  the amount of the payments not
                   received or the amount by which the

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<PAGE>

                  payments  are reduced. The obligations of the Company pursuant
                  to this Section 3.3(b) shall be in lieu of any other rights of
                  the Executive hereunder to compensation or benefits in respect
                  of any period before or after the date of such termination and
                  in lieu of any severance payment, and no other compensation of
                  any kind or any other amounts shall be due to the Executive by
                  the  Company  under  this  Agreement.  For  purposes  of  this
                  Agreement,  the term  "disability"  shall mean the Executive's
                  failure to perform the services contemplated by this Agreement
                  as a result of his  physical or mental  illness or  incapacity
                  for a period of 6 consecutive  months, or a total of 240 days,
                  in any 365 day period.

            (c)           The  employment  of the Executive is terminated by the
                   Company  for  Cause,  or by the  Executive  other  than under
                   circumstances  described in Section 3.3(a) or (b) above,  the
                   Executive  shall not be entitled to  compensation or benefits
                   granted  hereunder  beyond the date of the termination of the
                   Executive's employment.

            (d)           If a Change in  Control  as defined in Section 7 shall
                   occur,  a  termination  without Cause shall be deemed to have
                   occurred  and  Executive  shall be  entitled  to receive  the
                   payments and benefits  described in Section 3.3(a),  provided
                   that for purposes of determining the time period during which
                   the  payments  and benefits  under  Section  3.3(a) are to be
                   paid/provided following a Change in Control, the remainder of
                   the then  current  employment  term shall be deemed to be not
                   less than two years. Provided,  further, that notwithstanding
                   this Section 3.3(d), in no event shall the aggregate payments
                   or benefits to be made or  afforded  to the  Executive  under
                   this paragraph 3.3(d) (the "Termination Benefits") constitute
                   an  "excess  parachute  payment"  under  Section  280G of the
                   Internal  Revenue  Code of 1986.  In  order  to avoid  such a
                   result,  Termination  Benefits will be reduced, if necessary,
                   to an  amount  (the  "Non-Triggering  Amount"),  the value of
                   which is one  dollar  ($1.00)  less than an  amount  equal to
                   three (3) times the Executive's "base amount",  as determined
                   in accordance  with said Section 280G.  The allocation of the
                   reduction required hereby among Termination Benefits provided
                   by the preceding  paragraphs of this Section  3.3(d) shall be
                   determined by the Executive.

            (e)           Executive's  contract  is not  renewed  pursuant  to a
                   notice of  non-renewal  provided in  accordance  with Section
                   3.1(a),  and  the  Executive's   employment  is  subsequently
                   terminated  by the Company with less than 6 months  remaining
                   under the term of this  Agreement,  the remainder of the then
                   current term of  employment  for  purposes of Section  3.3(a)
                   shall be the greater of the  remaining  term of the Agreement
                   or 6 months.

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<PAGE>

4.       PROPRIETARY INFORMATION.

      4.1   The Executive  agrees that all information and know how,  whether or
            not  in  writing,  of  a  private,  secret  or  confidential  nature
            concerning the business or financial  affairs of the Company and its
            subsidiaries  (collectively,  for  purposes  of this  Section 4, the
            "Company") and not within Executive's  possession or knowledge prior
            to his  employment  with  the  Company  (collectively,  "Proprietary
            Information"),  is  and  shall  be  the  exclusive  property  of the
            Company.  By way of  illustration,  but not limitation,  Proprietary
            Information may include inventions,  products,  processes,  methods,
            techniques, projects, developments,  plans, research data, financial
            data,   personnel   data.   The  Executive  will  not  disclose  any
            Proprietary  Information  to others  outside  the Company or use the
            same for any  unauthorized  purposes without written approval by the
            Company,  either  during or after his  employment,  unless and until
            such  Proprietary  Information has become public  knowledge  without
            fault of the Executive.

      4.2   The Executive agrees that all files,  letters,  memoranda,  reports,
            records, data, sketches,  drawings, or other written,  photographic,
            or  other  tangible  material  containing  Proprietary  Information,
            whether  created by the  Executive or others,  which shall come into
            his custody or possession,  shall be and are the exclusive  property
            of the Company to be used by the Executive  only in the  performance
            of his duties for the Company.

      4.3   The  Executive  agrees  that his  obligation  not to disclose or use
            Proprietary  Information  and  records of the type set forth  herein
            also extends to such types of Proprietary  Information,  records and
            tangible  property of other third parties who may have  disclosed or
            entrusted  the same to the Company or to the Executive in the course
            of the Company's' business.

5.    OTHER AGREEMENTS.  The Executive hereby represents that his performance of
      all the terms of this Agreement and as an employee of the Company does not
      and  will not  breach  any  agreement  to keep in  confidence  proprietary
      information,  knowledge or data  acquired by him in confidence or in trust
      prior to his employment with the Company.

6.    NON-COMPETITION, NON-SOLICITATION.

      6.1   NON-SOLICITATION  OF EMPLOYEES AND CUSTOMERS.  The Executive  agrees
            that during the term of the Executive's  employment with the Company
            and for a period of one year  thereafter,  the  Executive  shall not
            directly or indirectly (i) recruit,  solicit or otherwise  induce or
            attempt  to  induce  any  employees  of  the  Company  or any of its
            subsidiaries to leave their  employment or (ii) call upon,  solicit,
            divert or take away, or attempt to divert or take away, the business
            or

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<PAGE>

            patronage  of  any,  customer  licensee,  vendor,   collaborator  or
            corporate partner of the Company or any of its subsidiaries that had
            a business  relationship with the Company or any of its subsidiaries
            at the  time of  termination  of  Executive's  employment  with  the
            Company and that did not have a business or personal relationship or
            was known to Executive prior to his employment with the Company.

      6.2   NON-COMPETITION.  The  Executive  agrees that during the term of the
            Executive's  employment  with the Company,  the Executive  shall not
            directly or indirectly,  engage in  competition  with the Company or
            any  subsidiaries,  or own or  control  any  interest  in, or act as
            director,  officer  or  employee  of, or  consultant  to,  any firm,
            corporation or institution  directly engaged in competition with the
            Company or any of its  subsidiaries:  provided the Company or one of
            its  subsidiaries  are actively engaged in such business at the time
            the  Executive's  employment  by  the  Company  is  terminated:  and
            provided  that the foregoing  shall not prevent the  Executive  from
            holding  shares as a passive  investor  in a publicly  held  company
            which do not constitute  more than 5% of the  outstanding  shares of
            such company. In the event the Executive (i) voluntarily  terminates
            his  employment,  (including  at any time on or after  the End Date)
            other  than  in  connection  with a  Change  in  Control  or (ii) is
            terminated  by the Company for Cause,  the  Executive  agrees to not
            compete in the E-Learning  marketplace for one year from the date of
            such termination.

7.    CHANGE IN CONTROL PROTECTION. For purposes of this Agreement, a "Change in
      Control"  of the  Company  shall mean a change in control of a nature that
      would be required to be reported in response to Item 6(e) of Schedule  14A
      of Regulation 14A promulgated  under the Securities  Exchange Act of 1934,
      as amended,  or any  similar  item,  schedule or form,  whether or not the
      Company is then subject to such reporting requirement.

8.    MISCELLANEOUS.

      8.1 NOTICES.  All notices required or permitted under this Agreement shall
      be in writing and shall be deemed effective upon personal delivery or upon
      deposit in the United States Post Office, by registered or certified mail,
      postage prepaid, addressed if to the Executive, at the address shown above
      and if to the  Company at its  principal  place of  business at 12 Skyline
      Drive,  Hawthorne,  New York,  or at such other  address or  addresses  as
      either party shall  designate to the other in accordance with this Section
      8.1.

      8.2 PRONOUNS.  Wherever the context may require, any pronouns used in this
      Agreement shall include the  corresponding  masculine,  feminine or neuter
      forms,  and the  singular  forms of nouns and pronouns  shall  include the
      plural, and vice versa.

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      8.3 ENTIRE  AGREEMENTS.  This Agreement  constitutes the entire  agreement
      between   the   parties   and   supercedes   all  prior   agreements   and
      understandings, whether written or oral, relating to the subject matter of
      this Agreement.

      8.4 AMENDMENT. This Agreement may be amended or modified only by a written
      instrument executed by both the Company and the Executive.

      8.5  GOVERNING LAW.    This Agreement shall be construed,  interpreted and
      enforced in accordance with the laws of the State of New York.

      8.6 SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure
      to the  benefit  of both  parties  and  their  respective  successors  and
      assigns,  including any  corporation  with which or into which the Company
      may be merged or which may  succeed to its assets or  business,  provided,
      however,  that the obligations of the Executive are personal and shall not
      be assigned by him.

      8.7 WAIVERS.  No delay or omission by the Company in exercising  any right
      under this Agreement shall operate as a waiver of that or any other right.
      A waiver or  consent  given by the  Company on any one  occasion  shall be
      effective  only in this  instance  and shall not be  construed as a bar or
      waiver of any right on any other occasion.

      8.8  CAPTIONS.  The  captions of the  sections of this  Agreement  are for
      convenience  of reference  only and in no way define,  limit or affect the
      scope or substance of any section of this Agreement.

      8.9  SEVERABILITY.  In case  any  provision  of this  Agreement  shall  be
      invalid,  illegal or otherwise unenforceable,  the validity,  legality and
      enforceability of the remaining  provisions shall in no way be affected or
      impaired thereby.

      8.10 SPECIFIC  ENFORCEMENT.  The parties  acknowledge that the Executive's
      breach of the  provisions of Section 4 and 6 of this  Agreement will cause
      irreparable harm to the Company.  It is agreed and  acknowledged  that the
      remedy  of  damages  will  not be  adequate  for the  enforcement  of such
      provisions and that such  provisions may be enforced by equitable  relief,
      including  injunctive  relief,  which  relief shall be  cumulative  and in
      addition to any other relief to which the Company may be entitled.

9.  ARBITRATION.  Any claims,  controversies,  demands,  disputes or differences
between or among the parties  hereto or any persons bound hereby arising out of,
or by virtue of, or in connection with, or otherwise  relating to this Agreement
shall be submitted to and settled by arbitration conducted in New York, New York
before  one or  three  arbitrators  each of  which  shall  be  knowledgeable  in
employment law. Such arbitration shall otherwise be conducted in accordance with
the rules then obtaining of the American  Arbitration  Association.  The parties
hereto  agree  to  share  equally  the

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responsibility  for all fees of the arbitrators,  abide by any decision rendered
as final and  binding,  and waive the right to appeal the  decision or otherwise
submit the dispute to a court of law for a jury or non-jury  trial.  The parties
hereto  specifically agree that neither party may appeal or subject the award or
decision of any such arbitrator(s) to appeal or review in any court of law or in
equity or by any other tribunal,  arbitration system or otherwise. Judgment upon
any award granted by such an  arbitrator(s)  may be enforced in any court having
jurisdiction  thereof. If the arbitration  decision holds that the Company is at
fault the Executive shall be entitled to reimbursement of fees and expenses from
the  Company in an amount not to exceed  $50,000.  If the  arbitration  decision
holds  that the  Company  is not at fault,  the  Company  shall be  entitled  to
reimbursement of fees and expenses from the Executive in an amount not to exceed
$25,000.

IN WITNESS  WHEREOF,  the parties  hereto have executed this Agreement as of the
day and year set forth above

                                            SmartPros Ltd.

                                            By: /s/ Jack Fingerhut
                                               --------------------------------
                                            Name: Jack Fingerhut
                                            Title: President

                                                   /s/ Allen S. Greene
                                               --------------------------------
                                                       ALLEN S. GREENE

                                       8Exhibit 10.2

                           RESTRICTED STOCK AGREEMENT

         THIS RESTRICTED STOCK AGREEMENT is made as of the 29th day of January,
2007 by and between ____________________ (the "Participant") and SmartPros Ltd.,
a Delaware corporation (the "Company"), pursuant to the Company's Amended and
Restated 1999 Stock Option Plan (the "Plan").

         WHEREAS, the Compensation Committee (the "Committee") of the Board of
Directors of the Company at its meeting on January 29, 2007 authorized and
directed the Company to make an award of shares of its common stock, par value
$.0001 per share (the "Common Stock") to the Participant under the Plan for the
purposes expressed in the Plan;

         NOW THEREFORE, in consideration of the foregoing and the mutual
undertakings herein contained, the parties agree as follows:

         1. GRANT OF STOCK. In accordance with the terms of the Plan and subject
to the further terms, conditions and restrictions contained in this Agreement,
the Company hereby grants to the Participant _____ shares (the "Shares") of
Common Stock, of which ___ Shares shall vest immediately (the "Vested Shares")
and the balance shall constitute "Restricted Shares," subject to the
Restrictions set forth in Section 4 of this Agreement.

         2. CERTIFICATES FOR SHARES. Certificates evidencing Restricted Shares
shall be deposited with the Company to be held in escrow until such Released
Shares are released to the Participant or forfeited in accordance with this
Agreement. The Participant shall, simultaneously with the delivery of this
Agreement, deliver to the Company a stock power, in blank, executed by the
Participant.

         If any Restricted Shares are forfeited, the Company shall direct the
transfer agent of the Common Stock to make the appropriate entries in its
records showing the cancellation of the certificate or certificates for such
Restricted Shares and to return the Shares represented thereby to the Company's
treasury.

         3. ADJUSTMENTS IN RESTRICTED SHARES. In the event of any change in the
outstanding Common Stock by reason of a stock dividend or distribution,
recapitalization, merger, consolidation, split-up, combination, exchange of
shares or the like, the Committee shall make equitable adjustments in the
Restricted Shares corresponding to adjustments made by the Committee in the
number and class of shares of Common Stock which may be issued under the Plan.
Any new, additional or different securities to which the Participant shall be
entitled in respect of Restricted Shares by reason of such adjustment shall be
deemed to be Restricted Shares and shall be subject to the same terms,
conditions, and restrictions as the Restricted Shares so adjusted.

         4. RESTRICTIONS. During applicable periods of restriction determined in
accordance with Section 6 of this Agreement, Restricted Shares and all rights
with respect to such Shares, may not be sold, assigned, transferred, exchanged,
pledged, hypothecated or otherwise encumbered or disposed of and shall be
subject to the risk of forfeiture contained in Section 5 of this Agreement (such
limitations on transferability and risk of forfeiture being herein referred to
as "Restrictions"), but the Participant shall have all other rights of a
stockholder, including, but not limited to, the right to vote and receive
dividends on Restricted Shares.

         5. FORFEITURE OF RESTRICTED SHARES. Except as otherwise set forth in
Section 6(b) below, in the event that the Participant's employment with the
Company or any of its subsidiaries terminates for

<PAGE>

any reason, such event shall constitute an "Event of Forfeiture" and all Shares
which at that time are Restricted Shares shall thereupon be forfeited by the
Participant to the Company without payment of any consideration by the Company,
and neither the Participant nor any successor, heir, assign or personal
representative of the Participant shall have any right, title or interest in or
to such restricted Shares or the certificate evidencing them.

         6. LAPSE OF RESTRICTIONS. (a) Except as provided in subsection (b)
below, the Restrictions on the Restricted Shares granted under this Agreement
shall lapse ratably in accordance with the following schedule:

                                          Number of Shares on Which Restrictions
                   Date                                    Lapse
        ------------------------------    --------------------------------------
        January 29, 2008
        January 29, 2009

                           (b) Notwithstanding anything contained in Section 5
above, in the event that (i) a Participant's employment with the Company and its
subsidiaries terminates as a result of his or her death, retirement or permanent
disability or (ii) the Participant's employment with the Company is terminated
by the Company without "cause", the Restrictions shall lapse on the Restricted
Shares (if not already lapsed pursuant to subsection (a) above) on the date of
such event. For purposes of this Agreement the term "cause" shall have the same
meaning attributed to such term in any employment agreement between the
Participant on the one hand and the Company or any of its subsidiaries on the
other hand. In the event, there is no such employment agreement or, if there is,
and such employment agreement does not define the term "cause", then, as used
herein "cause" shall mean the occurrence of any of the following events:

                           (i) the willful engaging by Participant in illegal
conduct or gross misconduct;

                           (ii) gross negligence or willful malfeasance in the
performance of Participant's duties after receiving notice from the Company that
such conduct constitutes gross negligence or willful malfeasance in the
performance of Participant's duties;

                           (iii) the willful and continued failure of
Participant to perform substantially his or her duties with the Company (other
than any such failure resulting from incapacity due to physical or mental
illness), after a written demand for substantial performance is delivered to
Participant by an officer of the Company that specifically identifies such
failure; provided that Participant shall have thirty (30) days following the
delivery of such written demand to remedy the failures identified therein; or

                           (iv) conviction of Participant in a court of law of a
crime relating to his employment, or of any felony.

Any determination by the Board of Directors of the Company (the "Board") that
termination was with or without "cause" shall be deemed to be conclusive and
binding on the Company and Participant.

                  (c) Upon the occurrence of a "change in control", the unlapsed
Restrictions with respect to any Restricted Shares shall lapse. For purposes of
this Agreement, "change in control" means a change in control of the Company,
which will be deemed to have occurred if:

<PAGE>

                           (i) any "person," as such term is used in Sections
                  13(d) and 14(d) of the Securities Exchange Act of 1934, as
                  amended (the "Exchange Act") (other than (A) the Company, (B)
                  any trustee or other fiduciary holding securities under an
                  employee benefit plan of the Company or (C) any corporation
                  owned, directly or indirectly, by the stockholders of the
                  Company in substantially the same proportions as their
                  ownership of the Common Stock, is or becomes the "beneficial
                  owner" (as defined in Rule 13d-3 under the Exchange Act),
                  directly or indirectly, of securities of the Company
                  representing one-third (33 1/3%) or more of the combined
                  voting power of the Company's then outstanding voting
                  securities;

                           (ii) the following individuals cease for any reason
                  to constitute a majority of the number of directors then
                  serving: individuals who, on the date hereof, constitute the
                  Board and any new director (other than a director whose
                  initial assumption of office is in connection with an actual
                  or threatened election contest, including but not limited to a
                  consent solicitation, relating to the election of directors of
                  the Company) whose appointment or election by the Board or
                  nomination for election by the Company's stockholders was
                  approved or recommended by a vote of at least two-thirds (2/3)
                  of the directors then still in office who either were
                  directors on the date hereof or whose appointment, election or
                  nomination for election was previously so approved or
                  recommended;

                           (iii) there is consummated a merger or consolidation
                  of the Company or any direct or indirect subsidiary of the
                  Company with any other corporation, other than a merger or
                  consolidation immediately following which the individuals who
                  comprise the Board immediately prior thereto constitute at
                  least a majority of the Board, the entity surviving such
                  merger or consolidation or, if the Company or the entity
                  surviving such merger is then a subsidiary, the ultimate
                  parent thereof; or

                           (iv) the stockholders of the Company approve a plan
                  of complete liquidation of the Company or there is consummated
                  an agreement for the sale or disposition by the Company of all
                  or substantially all of the Company's assets (or any
                  transaction having a similar effect), other than a sale or
                  disposition by the Company of all or substantially all of the
                  Company's assets to an entity, immediately following which the
                  individuals who comprise the Board immediately prior thereto
                  constitute at least a majority of the board of directors of
                  the entity to which such assets are sold or disposed of or, if
                  such entity is a subsidiary, the ultimate parent thereof.

Notwithstanding the foregoing, a Change in Control shall not be deemed to have
occurred by virtue of (x) a registered public offering of the Company's
securities (debt or equity) or (y) the consummation of any transaction or series
of integrated transactions immediately following which the holders of the Common
Stock immediately prior to such transaction or series of transactions continue
to have substantially the same proportionate ownership in an entity which owns
all or substantially all of the assets of the Company immediately following such
transaction or series of transactions.

                  (d) Upon lapse of the Restrictions in accordance with this
Section, the Company shall, as soon as practicable thereafter, deliver to the
Participant an unrestricted certificate for the Restricted Shares with respect
to which such Restrictions have lapsed.

<PAGE>

         7. WITHHOLDING REQUIREMENTS. The Company shall have the right to
withhold from sums due to the Participant (or to require the Participant to
remit to the Company) an amount sufficient to satisfy any Federal, state or
local withholding tax requirements with respect to any Shares prior to
delivering any certificate evidencing such Shares.

         8. LEGENDS AND PROSPECTUS DELIVERY REQUIREMENT.

         (a) Participant acknowledges and agrees that the certificates
evidencing the Restricted Shares shall bear the following legend:

         "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
         RESTRICTIONS AND OBLIGATIONS STATED IN AND ARE TRANSFERABLE ONLY UPON
         COMPLIANCE WITH THE PROVISIONS OF A RESTRICTED STOCK AGREEMENT, DATED
         AS OF JANUARY 29, 2006, BETWEEN SMARTPROS LTD. AND THE REGISTERED
         HOLDER, A COPY OF WHICH AGREEMENT IS ON FILE IN THE OFFICE OF THE
         SECRETARY OF SMARTPROS LTD."

         (b) Participant acknowledges and agrees that the certificates
evidencing the Shares shall bear the following legend:

         "THE RE-OFFER AND RESALE OF THE SECURITIES REPRESENTED BY THIS
         CERTIFICATE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
         AMENDED (THE "ACT"), PURSUANT TO A REGISTRATION STATEMENT ON FORM S-8,
         AND MAY NOT BE OFFERED OR SOLD EXCEPT (I) PURSUANT TO A CURRENT
         PROSPECTUS UNDER THE REGISTRATION STATEMENT, (II) PURSUANT TO A
         SEPARATE EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (III) TO THE
         EXTENT APPLICABLE, PURSUANT TO RULE 144 UNDER ACT (OR ANY SIMILAR RULE
         UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES) OR, (IV) UPON
         THE DELIVERY BY THE HOLDER TO SMARTPROS LTD. OF AN OPINION OF COUNSEL,
         REASONABLY SATISFACTORY TO COUNSEL FOR SMARTPROS LTD., STATING THAT AN
         EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE."

         8. EFFECT OF EMPLOYMENT. Nothing contained in this Agreement shall
confer upon the Participant the right to continue in the employment of the
Company or affect any right which the Company may have to terminate the
employment of the Participant.

         9. AMENDMENT. This Agreement may not be amended except with the consent
of the Committee and by a written instrument duly executed by the Participant
and the Company.

         10. BINDING EFFECT. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their heirs, personal
representatives, successors and assigns. Participant acknowledges receipt of a
copy of the Plan, which is annexed hereto, represents that he or she if familiar
with the terms and provisions thereof and accepts the award of Shares hereunder
subject to all of the terms and conditions thereof and of this Agreement.
Participant hereby agrees to accept as binding, conclusive and final all
decisions and interpretations of the Committee upon any questions arising under
the Plan or this Agreement.

<PAGE>

         IN WITNESS WHEREOF, the Company and the Participant have each executed
and delivered this Agreement as of the date first above written.

ATTEST:                                     SMARTPROS LTD.

                                            By:
------------------------------                 ------------------------------
Secretary                                          Chief Executive Officer

                                            PARTICIPANT:

                                            ---------------------------------

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