Document:

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Exhibit 10.47
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                             EMPLOYMENT AGREEMENT
                             --------------------

          THIS EMPLOYMENT AGREEMENT is made as of the 1st day of April, 2000 by
and between David C. Carney,  a resident of Commonwealth of Pennsylvania, (the
"Employee"), and ImageMax, Inc., a corporation organized and existing under the
laws of the Commonwealth of Pennsylvania (the "Company").

          WHEREAS, the Employee was retained by the Company to serve as a
director in December, 1997;

          WHEREAS, the Company desires to continue to employ Employee and
Employee desires to continue to be employed by the Company for a period of time
in the future upon the terms and conditions hereinafter set forth;

          NOW, THEREFORE, in consideration of the mutual covenants and
obligations contained herein, and intending to be legally bound, the parties,
subject to the terms and conditions set forth herein, agree as follows:

        1.  Employment and Term.  The Company hereby employs and continues to
            -------------------
employ Employee and Employee hereby accepts employment with the Company, as (i)
Chairman and (ii) Acting Chief Executive Officer, provided however, at any time
during the Term (as defined below), upon the prior written consent of the
Employee, the Company may hire another individual to serve as the Permanent
Chief Executive Officer and the Employee shall no longer serve as the Acting
Chief Executive Officer but shall continue to serve as Chairman in accordance
with the terms and provisions of this Agreement (the "Position").  The term of
this Agreement shall commence on the date hereof and shall continue until April
1, 2002, subject to early termination pursuant to the provisions of Section 9
hereof (the "Initial Term") and as may be extended from time to time by mutual
consent of Employer and Employee. The Initial Term of employment and any renewal
periods hereunder, subject to the provisions of Section 9 hereof, are
hereinafter referred to as the "Term."

        2.  Duties.  During the Term, the Employee shall serve the Company
            ------
faithfully and shall devote such time, attention, skill and efforts as are
sufficient to execute the
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performance of the duties required by or appropriate for the Position, provided
that the Company hereby acknowledges that the Employee shall not be a full time
employee of the Company. Employee agrees to assume such duties and
responsibilities as may be customarily incident to such position, and as may be
reasonably assigned to Employee from time to time by the Board of Directors of
the Company. Employee shall report, throughout the Term, to the Executive
Committee of the Board of Directors (the "Executive Committee") of the Company;
it is anticipated that Employee will devote two-thirds of his working time to
service to the Company. Employee shall perform his duties from the Company's
office in Fort Washington, Pennsylvania or in his home office in Tucson,
Arizona, but shall travel to the extent reasonably necessary to perform the
duties hereunder. If the employee is required to travel internationally
(excluding North America), it shall be in business class.

        3.  Other Business Activities.  The Company hereby acknowledges that the
            -------------------------
Employee will engage, directly or indirectly, during the Term in other business
activities or pursuits, provided, however, that such activities shall not
interfere with the performance of Employee's responsibilities and obligations
pursuant to this Agreement.

        4.  Compensation.
            ------------

            4.1  The Company shall pay Employee, and Employee hereby agrees to
accept, as compensation for all services rendered hereunder and for Employee's
covenant not to compete as provided for in Section 8 hereof, a base salary at
the annual rate of One Hundred Thirty One Thousand Two Hundred Fifty Dollars
($131,250) (as the same may hereafter be increased, the "Base Salary"), which
shall continue as such for the remainder of the Term unless otherwise increased
pursuant to this Section 4 of this Agreement. The Base Salary shall be inclusive
of all applicable income, social security and other taxes and charges which are
required by law to be withheld by the Company or which are requested to be
withheld by Employee, and which shall be withheld and paid in accordance with
the Company's normal payroll practice for its similarly situated employees from
time to time in effect. Increases in the Base Salary may be granted from time to
time at the sole discretion of the Company. In addition to the Base Salary, the
Company shall pay Employee, within thirty (30) days after receipt of the final
audit for each fiscal year, a bonus (the "Bonus") in the same manner as for
similarly situated employees. Such Bonus shall be based on the guidelines
established by the Company in advance of each fiscal year under the Company's
formal incentive compensation plan, including, but not limited to, the results
of the Company's operations, achievement of business unit targets, if
applicable, and individual performance as compared to specific management
objectives set prior to each fiscal

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year. Payment of any Bonus upon termination of Employee shall be paid in
accordance with Section 9 hereof.

            4.2  In addition to the foregoing Section 4.1, the Company shall
grant to the Employee an incentive stock option (the "Option") to purchase
seventy five thousand (75,000) shares of Common Stock, no par value, of the
Company ("Common Stock"). The Option shall be an incentive stock option. The
Option shall be subject to and in accordance with the provisions of the 1997
Incentive Plan of the Company, as amended (the "Plan") and shall vest in
accordance with the terms set forth in the Incentive Stock Option Agreement
between the Company and the Employee dated as of February 15, 2000. In addition
to the Option, the Company may grant to the Employee additional stock options
under the Plan as determined by the Compensation Committee of the Board from
time to time in its sole discretion.

        5.  Benefits and Expenses. Except as otherwise provided in this
            ---------------------
Agreement or in Schedule A attached hereto, the Employee shall be entitled to
(i) all standard benefits for executive level vice-presidents of the Company and
(ii) those benefits set forth on Schedule A hereto (collectively, "Benefits").

        6.  Confidentiality.  Employee recognizes and acknowledges that the
            ---------------
Proprietary Information (as hereinafter defined) is a valuable, special and
unique asset of the Business of the Company. As a result, both during the Term
and thereafter, Employee shall not, without the prior written consent of the
Company, for any reason, either directly or indirectly, divulge to any third-
party or use for his own benefit, or for any purpose other than the exclusive
benefit of the Company, any confidential, proprietary, business and technical
information or trade secrets of the Company or of any subsidiary or affiliate of
the Company ("Proprietary Information") revealed, obtained or developed in the
course of his employment with the Company. Nothing herein contained shall
restrict Employee's ability to make such disclosures as may be necessary or
appropriate to the effective and efficient discharge of the duties required by
or appropriate for his Position or as such disclosures may be required by law;
and further provided, that nothing herein contained shall restrict Employee from
divulging or using for his own benefit or for any other purpose any Proprietary
Information that is readily available to the general public so long as such
information did not become available to the general public as a direct or
indirect result of Employee's breach of this Section 6. Failure by the Company
to mark any of the Proprietary Information as confidential or proprietary shall
not affect its status as Proprietary Information under the terms of this
Agreement.

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        7.  Property.
            --------

            (a)  All right, title and interest in and to Proprietary Information
shall be and remain the sole and exclusive property of the Company. During the
Term, Employee shall not remove from the Company's offices or premises any
documents, records, notebooks, files, correspondence, reports, memoranda or
similar materials of or containing Proprietary Information, or other materials
or property of any kind belonging to the Company unless necessary or appropriate
in accordance with the duties and responsibilities required by or appropriate
for his Position and, in the event that such materials or property are removed,
all of the foregoing shall be returned to their proper files or places of
safekeeping as promptly as possible after the removal shall serve its specific
purpose. Employee shall not make, retain, remove and/or distribute any copies of
any of the foregoing for any reason whatsoever except as may be necessary in the
discharge of his assigned duties and shall not divulge to any third person the
nature of and/or contents of any of the foregoing or of any other oral or
written information to which he may have access or with which for any reason he
may become familiar, except as disclosure shall be necessary in the performance
of his duties or as otherwise permitted pursuant to Section 6 hereof; and upon
the termination of his employment with the Company, he shall leave with or
return to the Company all originals and copies of the foregoing then in his
possession, whether prepared by Employee or by others.

            (b)  (i)  Employee agrees that all right, title and interest in and
to any innovations, designs, systems, analyses, ideas for marketing programs,
and all copyrights, patents, trademarks and trade names, or similar intangible
personal property which have been or are developed or created in whole or in
part by Employee (1) at any time and at any place while the Employee is employed
by Company and which, in the case of any or all of the foregoing, are related to
and used in connection with the Business of the Company, (2) as a result of
tasks assigned to Employee by the Company, or (3) from the use of premises or
personal property (whether tangible or intangible) owned, leased or contracted
for by the Company (collectively, the "Intellectual Property"), shall be and
remain forever the sole and exclusive property of the Company. The Employee
shall promptly disclose to the Company all Intellectual Property, and the
Employee shall have no claim for additional compensation for the Intellectual
Property.

                 (ii) The Employee acknowledges that all the Intellectual
Property that is copyrightable shall be considered a work made for hire under
United States Copyright Law. To the extent that any copyrightable Intellectual
Property may not be considered a work made for hire under the applicable
provisions of the United States Copyright Law, or to the extent that,
notwithstanding the foregoing provisions, the Employee may retain an interest in

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any Intellectual Property that is not copyrightable, the Employee hereby
irrevocably assigns and transfers to the Company any and all right, title, or
interest that the Employee may have in the Intellectual Property under
copyright, patent, trade secret and trademark law, in perpetuity or for the
longest period otherwise permitted by law, without the necessity of further
consideration. The Company shall be entitled to obtain and hold in its own name
all copyrights, patents, trade secrets, and trademarks with respect thereto.

                 (iii)  Employee further agrees to reveal promptly all
information relating to the same to an appropriate officer of the Company and to
cooperate with the Company and execute such documents as may be necessary or
appropriate (1) in the event that the Company desires to seek copyright, patent
or trademark protection, or other analogous protection, thereafter relating to
the Intellectual Property, and when such protection is obtained, to renew and
restore the same, or (2) to defend any opposition proceedings in respect of
obtaining and maintaining such copyright, patent or trademark protection, or
other analogous protection.

                 (iv) In the event the Company is unable after reasonable effort
to secure Employee's signature on any of the documents referenced in Section
7(b)(iii) hereof, whether because of Employee's physical or mental incapacity or
for any other reason whatsoever, Employee hereby irrevocably designates and
appoints the Company and its duly authorized officers and agents as Employee's
agent and attorney-in-fact, to act for and in his behalf and stead to execute
and file any such documents and to do all other lawfully permitted acts to
further the prosecution and issuance of any such copyright, patent or trademark
protection, or other analogous protection, with the same legal force and effect
as if executed by Employee.

        8.  Noncompetition.
            --------------

            8.1  Covenant Not to Compete.  The Employee shall not, during the
                 -----------------------
Term, including any extensions of the Term, and during the Restricted Period, as
hereinafter defined, do any of the following directly or indirectly without the
prior written consent of the Company:

                 (a)  compete with the Company or any of its respective
affiliates or subsidiaries, or any of their respective successors or assigns,
whether now existing or hereafter created or acquired (collectively, the
"Related Companies"), in any document management business conducted during the
Term or, as of the date of this Agreement, contemplated to be conducted during
the Term of this Agreement (as has been determined by the

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Board) or in any other business conducted by the Company in which the Employee
is or has been actively engaged (the "Restricted Business") within any
geographic area located within the United States of America, its possessions or
territories (the "Restricted Area");

                 (b)  become interested (whether as owner, stockholder, lender,
partner, co-venturer, director, officer, employee, agent, consultant or
otherwise) in any person, firm, corporation, association or other entity that
competes with the Related Companies in the Restricted Business within the
Restricted Area; provided, however, that nothing contained in this Section 8(b)
shall prohibit Employee from owning, as a passive investor, not more than five
percent (5%) of the outstanding securities of any class of any publicly-traded
securities of any publicly held company listed on a well-recognized national
securities exchange or on an interdealer quotation system of the National
Association of Securities Dealers, Inc;

                 (c)  influence or attempt to influence any supplier, customer
or prospective customer of the Company or any of the Related Companies to
terminate or modify any written or oral agreement or course of dealing with the
Company or the Related Companies; or

                 (d)  influence or attempt to influence any person (other than a
family member) to either (i) terminate or modify his employment, consulting,
agency, distributorship or other arrangement with the Company or any of the
Related Companies, or (ii) employ or retain, or arrange to have any other person
or entity employ or retain, any person who has been employed or retained by the
Company or any of the Related Companies as an employee, consultant, agent or
distributor of the Company or the Related Companies at any time during the one-
year period immediately preceding the termination of Employee's employment
hereunder.

            8.2  Restricted Period.  Other than as specifically provided in
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this Section 8.2, the Restricted Period shall begin on the date of the
termination of this Agreement and shall continue for a period of twelve (12)
months thereafter, provided, however, that if this Agreement is not renewed upon
the expiration of the Initial Term, the Restricted Period shall begin on the
date of such expiration and shall continue for a period of six (6) months
thereafter.

            8.3  Forfeiture of Options.  Notwithstanding any other provision
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of this Agreement, any unexercised stock options or unvested stock award shall
become nonexercisable and shall be forfeited if the Employee is terminated
pursuant to Section 8.1 hereof.

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        9.  Termination.  Employee's employment hereunder may be terminated
            -----------
during the Term upon the occurrence of any one of the events described in this
Section 9. Upon termination, Employee shall be entitled only to such
compensation and benefits as described in this Section 9.

            9.1  Termination for Disability.
                 --------------------------

                 (a)  In the event of the disability of the Employee such that
Employee is unable to perform his duties and responsibilities hereunder to the
full extent required by this Agreement by reasons of illness, injury or
incapacity for a period of more than one hundred eighty (180) consecutive days
or more than two hundred seventy (270) days, in the aggregate, during any seven
hundred thirty (730) day period ("Disability"), Employee's employment hereunder
may be terminated by the Company by notice to Employee pursuant to a
determination by the Executive Committee. For purposes of this Agreement, except
as hereinafter provided, the determination as to whether the Employee is ill,
injured or incapacitated shall be made by a licensed physician selected by
Employee and shall be based upon a full physical examination and good faith
opinion by such physician. In the event that the Executive Committee disagrees
with such physician's conclusion, the Executive Committee may require that
Employee submit to a full physical examination by another licensed physician
selected by Employee and approved by the Company. If the two opinions shall be
inconsistent, a third opinion shall be obtained after full physical examination
by a third licensed physician selected by Employee and approved by the Company.
The majority of the three opinions shall be conclusive.

                 (b)  In the event of a termination of Employee's employment
hereunder pursuant to Section 9.1(a), Employee will be entitled to receive all
accrued and unpaid (as of the date of such termination) Base Salary, Benefits,
Earned Bonus (as defined in the Plan) and other forms of compensation and
benefits payable or provided in accordance with the terms of any then existing
compensation or benefit plan or arrangement ("Other Compensation"), including
payment prescribed under any disability or life insurance plan or arrangement in
which he is a participant or to which he is a party as an employee of the
Company. Except as specifically set forth in this Section 9.1(b), the Company
shall have no liability or obligation to Employee for compensation or benefits
hereunder by reason of such termination.

            9.2  Termination by Death.  In the event that Employee dies during
                 --------------------
the Term, Employee's employment hereunder shall be terminated thereby and the
Company shall

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pay to Employee's executors, legal representatives or administrators an amount
equal to the accrued and unpaid portion of his Base Salary, Benefits, Earned
Bonus and Other Compensation through the end of the month in which he dies.
Except as specifically set forth in this Section 9.2, the Company shall have no
liability or obligation pursuant to this Agreement or any amendment hereto to
Employee's executors, legal representatives, administrators, heirs or assigns or
any other person claiming under or through him by reason of Employee's death,
except that Employee's executors, legal representatives, administrators or
beneficiaries designated by the Employee will be entitled to receive the payment
prescribed under any death or disability benefits plan in which he is a
participant as an employee of the Company, and to exercise any rights afforded
under any compensation or benefit plan then in effect.

            9.3  Termination By Company for Cause.
                 --------------------------------

                 (a)  The Company may terminate Employee's employment hereunder
at any time for "cause" upon written notice to Employee based upon a good faith
determination by the Executive Committee. The good-faith nature of the
determination shall not in and of itself mean that "cause" exists. For purposes
of this Agreement, "cause" shall mean: (i) any material breach by Employee of
any of his obligations under Section 6, 7, or 8 of this Agreement, if not cured
within 30 days notice from the company, (ii) gross incompetence in the
performance by Employee of the duties required by or appropriate for his
Position, if not cured within thirty (30) days notice from the Company, (iii) a
material violation, that is not cured within 30 days notice from the company, of
the Company's employee policies, as may be amended from time to time, or (iv)
other conduct of Employee involving any type of willful misconduct with respect
to the Company, including without limitation fraud, embezzlement, theft or
proven dishonesty in the course of his employment or conviction of a felony.

                 (b)  In the event of a termination of Employee's employment
hereunder pursuant to Section 9.3(a), Employee shall be entitled to receive all
accrued but unpaid (as of the effective date of such termination) Base Salary,
Benefits and Other Compensation. All Base Salary and Benefits shall cease at the
time of such termination, subject to the terms of any benefit or compensation
plan then in force and applicable to Employee. Except as specifically set forth
in this Section 9.3, the Company shall have no liability or obligation hereunder
by reason of such termination.

            9.4  Termination By Company Without Cause.
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                 (a)  The Company may terminate Employee's employment hereunder
at any time, for any reason, without cause, effective upon the date designated
by the Company upon fifteen (15) days notice to Employee.

                 (b)  In the event of a termination of Employee's employment
hereunder pursuant to Section 9.4(a), Employee shall be entitled to receive all
accrued but unpaid (as of the effective date of such termination) Base Salary,
Benefits, Earned Bonus and Other Compensation, plus continuation of the then
current Base Salary and Benefits (including vesting of options and other
Benefits) for a period of twelve (12) months thereafter. Except as specifically
set forth in this Section 9.4, the Company shall have no liability or obligation
hereunder by reason of such termination.

            9.5  Termination By Employee
                 ------------------------

                 (a)  Without Cause.
                      -------------

                      (i)  Employee may terminate Employee's employment
hereunder upon sixty (60) days notice of the termination of his employment
hereunder pursuant to this Section 9.5(a) (the date the Employee gives such
notice shall be herein referred to as the "Request Date"). The date set forth in
such notice as the date of termination of Employee's employment pursuant to this
Agreement, shall be referred to herein as the "Termination Date".
Notwithstanding the foregoing, upon receipt by the Company of such written
notice of termination, the Company in its sole discretion, may deem such
termination effective immediately (the "Accelerated Termination Date"). In the
event the parties mutually agree to an alternative date of termination, that
date shall be considered the Termination Date.

                      (ii) In the event of a termination of Employee's
employment hereunder pursuant to Section 9.5(a)(i) hereof, Employee shall be
entitled to receive all accrued but unpaid (as of the earlier of the Termination
Date or the Accelerated Termination Date), Base Salary and Benefits. In
addition, if the Company does not deem such termination to be effective
immediately, upon receipt of the termination notice and Employee performs his
duties in a satisfactory manner, as determined in the reasonable judgement of
the Board, until the Termination Date, Employee shall also be entitled to an
amount equal to one month's Base Salary (in effect at such time). In addition,
in the event of a termination of Employee's employment pursuant to Section
9.5(a) at the end of the Term upon sixty days (60) prior written notice and upon
the satisfactory completion, in the reasonable judgement of the Board, of
Employee's duties during the 60-day period after receipt of such termination
notice, Employee shall be entitled to receive an amount equal to one month's
Base Salary (in effect at such time)

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multiplied by the number of the complete 12-month periods of ImageMax service
(whether or not pursuant to this Agreement) completed prior to giving notice of
termination. Except as specifically set forth in this Section 9.5(a), all Base
Salary, Benefits and Bonuses shall cease at the time of such termination,
subject to the terms of any benefit or compensation plan then in force and
applicable to Employee. Except as specifically set forth in this Section 9.5,
the Company shall have no liability or obligation hereunder by reason of such
termination.

                 (b)  Good Reason.
                      -----------

                      (i)  The Employee may terminate his employment hereunder
at any time in the event that the Company fails to perform its duties and
obligations hereunder effective upon the date designated by the Employee in a
written notice of the termination of employment hereunder pursuant to this
Section 9.5(b); provided that, such date shall be at least thirty (30) days
after the date of such notice.

                      (ii) In the event of a termination of the Employee's
employment hereunder pursuant to Section 9.5(b) hereof, the Employee shall be
entitled to receive all of the benefits and compensation pursuant to this
Agreement for the remainder of the term hereunder.

            9.6  Sale of Company/Change of Control.
                 ---------------------------------

                 (a)  If there is a Sale of the Company or a Change of Control
during the Term, then the Company or the successor to all or substantially all
of the Company's assets, capital stock or business (the "Successor Entity"), as
the case may be, must offer Employee employment pursuant to a written contract
offer (the "Offer") within five (5) days of such Sale of the Company or Change
of Control. Employee shall, within fifteen (15) days after receipt of such
Offer, either (i) accept the terms of the Offer, such acceptance indicated by
return of a copy of the Offer duly executed, (ii) elect in writing, provided to
the Company or the Successor Entity, as the case may be, to remain employed
under this Agreement for the remainder of the Term, or (iii) elect to terminate
Employee's employment hereunder upon sixty (60) days prior notice, such
termination to be effective at the expiration of said sixty (60) day period, or
sooner, if desired by the Company or the Successor Entity.

                 (b)  For purposes of this Agreement, a "Change of Control"
means either (i) the sale, transfer, assignment or other disposition by
stockholders of the Company, in one transaction or a series of related
transactions, of more than thirty percent (30%) of either the outstanding shares
of common stock or the combined voting power represented by

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the Company's then outstanding voting securities entitled to vote generally or
the approval by the stockholders of the Company of a reorganization, merger or
consolidation, in each case, with respect to which persons who were stockholders
of the Company immediately prior to such reorganization, merger or consolidation
do not, immediately thereafter, own more than fifty percent (50%) of the
combined voting power entitled to vote generally in the election of directors of
the reorganized, merged or consolidated company's then outstanding securities,
in a liquidation or dissolution of Company or of the sale of all or
substantially all of Company's assets, other than (A) any such sales, transfers,
assignments or other dispositions by such stockholders to their respective
Affiliates or (B) any such transaction effected primarily to reincorporate the
Company in another jurisdiction; or (ii) a majority of members of the Company's
Board of Directors is replaced during any 12-month period by directors whose
appointment or election is not advised by a majority of the members of the
Company's Board of Directors prior to the date of the appointment or election.

                 (c)  For purposes of this Agreement, "Affiliate" means, with
respect to any stockholder of the Company, (i) any Person directly or indirectly
controlling, controlled by or under common control with such stockholder, (ii)
any Person owning or controlling ten percent (10%) or more of the outstanding
voting securities of such stockholder, (iii) any officer, director or general
partner of such stockholder, or (iv) any Person who is an officer, director,
general partner, trustee or holder of ten percent (10%) or more of the
outstanding voting securities of any Person described in clauses (i) through
(iv) of this paragraph (c).

                 (d)  For purposes of this Agreement, "Person" means an
individual, partnership, corporation, joint venture, association, trust,
unincorporated association, other entity or association.

                 (e)  For purposes of this Agreement, a "Sale of the Company"
means a sale, transfer, assignment or other disposition (including by merger or
consolidation), of all of the outstanding stock of the Company, or of all or
substantially all of the assets of the Company, a liquidation or dissolution of
the Company. A "Sale of the Company" shall not include the consummation of a
public offering of Common Stock of the Company or its affiliate pursuant to a
registration statement or any transaction effected primarily to reincorporate
the Company in another jurisdiction.

                 (f)  In the event of termination of Employee's employment by
Employee hereunder pursuant to clause (iii) in paragraph (a) above, Employee
shall be entitled to receive all accrued but unpaid (as of the effective date of
such termination) Base Salary, Benefits

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and Earned Bonus and Other Compensation. In addition, in such case Employee
shall be entitled to receive Base Salary and Benefits for the twelve (12) months
following the effective date of such termination (the "Additional Amount"). At
his sole option, Employee may receive the Additional Amount paid either (i)
monthly for twelve (12) months, or (ii) in one payment on the effective date of
such termination, in which case the value of the Benefits otherwise payable will
be monetized, and such payment of the Additional Amount will be discounted at
the then current Federal Short Term Rate as defined in the Internal Revenue Code
of 1986, as amended.

                 (g)  In the event Employee chooses to continue employment
hereunder pursuant to clause (i) or (ii) in paragraph (a) above and Employee's
employment is thereafter terminated prior to the expiration of the Term for any
reason other than Death, Disability or termination pursuant to clause (iii) in
paragraph (a) above, Employee shall be entitled to receive all the benefits and
compensation referred to in paragraph (f) above. In the event Employee chooses
to continue employment hereunder pursuant to clause (ii) in paragraph (a) above,
at the expiration of the Term, Employee shall be entitled to receive an amount
equal to two months' Base Salary (in effect at such time) multiplied by the
number of complete 12-month periods of service completed prior to such
termination

                 (h)  If this Agreement is assumed by any Successor Entity, any
payments set forth herein shall be the obligation of such Successor Entity.

                 (i)  Except as specifically set forth in this Agreement, (i)
all Base Salary, Benefits and Bonuses shall cease at the time of such
termination, subject to the terms of any benefit or compensation plans then in
force and applicable to Employee, and (ii) the Company shall have no liability
or obligation hereunder by reason of such termination.

                 (j)  If the Successor Entity fails to make the Offer, Employee
shall be entitled to receive all of the benefits and compensation for either (i)
the time period referred to in paragraph (f) above or (ii) the remainder of the
term of this Agreement, whichever is greater.

            9.7  Severance Upon Expiration of the Initial Term.  If this
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Agreement is not renewed by the parties upon the expiration of the Initial Term,
Employee shall be entitled to receive all accrued but unpaid (as of the
effective date of such termination) Base Salary, Benefits, Earned Bonus and
Other Compensation, plus continuation of the then current Base Salary and
Benefits (including vesting of options and other Benefits) for a period of six
(6) months after termination of employment hereunder. Except as specifically set
forth in this

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Section 9.7, the Company shall have no liability or obligation hereunder by
reason of such termination.

            10.  Other Agreements.  Employee represents and warrants to the
                 ----------------
Company that:

                 (a)  There are no restrictions, agreements or understandings
whatsoever to which Employee is a party which would prevent or make unlawful
Employee's execution of this Agreement or Employee's employment hereunder, or
which is or would be inconsistent or in conflict with this Agreement or
Employee's employment hereunder, or would prevent, limit or impair in any way
the performance by Employee of his obligations hereunder,

                 (b)  That Employee's execution of this Agreement and Employee's
employment hereunder shall not constitute a breach of any contract, agreement or
understanding, oral or written, to which Employee is a party or by which
Employee is bound, and

                 (c)  That Employee is free to execute this Agreement and to
enter into the employ of the Company pursuant to the provisions set forth
herein.

                (d)  In the event that they are still in effect, that Employee
shall disclose the existence and terms of the restrictive covenants set forth in
this Agreement to any employer that the Employee may work for during the term of
this Agreement (which employment is not hereby authorized) or after the
termination of the Employee's employment at the Company.

            11.  Survival of Provisions.  The provisions of this Agreement set
                 ----------------------
forth in Sections 6, 7, 8, 9, 21 and 22 hereof shall survive the termination of
Employee's employment hereunder.

            12.  Indemnification and Insurance.
                 -----------------------------

                 12.1  The Company shall indemnify the Employee to the maximum
extent permitted under the Business Corporation Law of Pennsylvania of 1988, as
amended, from and against any and all losses, costs, damages or expenses the
Employee may sustain by

-13-
<PAGE>

                                                                  EXECUTION COPY

reason of his employment hereunder in the same manner and to the same extent as
the executive officers of the Company.

                 12.2  Insurance.  The Company shall preserve and maintain
                       ---------
insurance for Employee's benefit on account of Employee's employment pursuant to
this Agreement and Employee's service as a director, whether in a separate
policy or under any other policy covering the errors and omissions of the
Company's employees or directors.

            13.  Successors and Assigns.  This Agreement shall inure to the
                 ----------------------
benefit of and be binding upon the Company and Employee and their respective
successors, executors, administrators, heirs and/or permitted assigns; provided,
however, that neither Employee nor the Company may make any assignments of this
Agreement or any interest herein, by operation of law or otherwise, without the
prior written consent of the other party hereto, except that, without such
consent, the Company may assign this Agreement to any successor to all or
substantially all of its assets and business by means of liquidation,
dissolution, merger, consolidation, transfer of assets, or otherwise, provided
that such successor assumes in writing all of the obligations of the Company
under this Agreement, subject, however, to Employee's rights as to termination
as provided in Section 9.6 hereof.

            14.  Notice.  Any notice or communication required or permitted
                 ------
under this Agreement shall be made in writing and sent by certified or
registered mail, return receipt requested, addressed as follows:

          If to Employee:

                              [_______________________]

          If to Company:

               Mark Glassman
               ImageMax, Inc.
               455 Pennsylvania Avenue, Suite 128
               Fort Washington, Pennsylvania  19034

or to such other address as either party may from time to time duly specify by
notice given to the other party in the manner specified above.

-14-
<PAGE>

                                                                  EXECUTION COPY

            15.  Entire Agreement; Amendments.  This Agreement contains the
                 ----------------------------
entire agreement and understanding of the parties hereto relating to the subject
matter hereof, and merges and supersedes all prior and contemporaneous
discussions, agreements and understandings of every nature between the parties
hereto relating to the employment of Employee with the Company. This Agreement
may not be changed or modified, except by an agreement in writing signed by each
of the parties hereto.

            16.  Waiver.  The waiver of the breach of any term or provision of
                 ------
this Agreement shall not operate as or be construed to be a waiver of any other
or subsequent breach of this Agreement.

            17.  Governing Law.  This Agreement shall be construed and enforced
                 -------------
in accordance with the laws of the Commonwealth of Pennsylvania.

            18.  Invalidity.  In case any one or more of the provisions
                 ----------
contained in this Agreement shall, for any reason, be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect the validity of any other provision of this
Agreement, and such provision(s) shall be deemed modified to the extent
necessary to make it enforceable.

            19.  Section Headings.  The section headings in this Agreement are
                 ----------------
for convenience only; they form no part of this Agreement and shall not affect
its interpretation.

            20.  Number of Days.  In computing the number of days for purposes
                 --------------
of this Agreement, all days shall be counted, including Saturdays, Sundays and
legal holidays; provided, however, that if the final day of any time period
falls on a Saturday, Sunday or day which is a holiday in Philadelphia,
Pennsylvania, then such final day shall be deemed to be the next day which is
not a Saturday, Sunday or legal holiday.

            21.  Specific Enforcement; Extension of Period.
                 -----------------------------------------

                 (a)  Employee acknowledges that the restrictions contained in
Sections 6, 7, and 8 hereof are reasonable and necessary to protect the
legitimate interests of the Company and its affiliates and that the Company
would not have entered into this Agreement in the absence of such restrictions.
Employee also acknowledges that any breach by him of Sections 6, 7, or 8 hereof
will cause continuing and irreparable injury to the Company for which monetary
damages would not be an adequate remedy. The Employee shall not, in any action
or

-15-
<PAGE>

                                                                  EXECUTION COPY

proceeding to enforce any of the provisions of this Agreement, assert the claim
or defense that an adequate remedy at law exists. In the event of such breach by
Employee, the Company shall have the right to enforce the provisions of Sections
6, 7, and 8 of this Agreement by seeking injunctive or other relief in any
court, and this Agreement shall not in any way limit remedies of law or in
equity otherwise available to the Company. If an action at law or in equity is
necessary to enforce or interpret the terms of this Agreement, the prevailing
party shall be entitled to recover, in addition to any other relief, reasonable
attorneys' fees, costs and disbursements. In the event that the provisions of
Sections 6, 7, or 8 hereof should ever be adjudicated to exceed the time,
geographic, or other limitations permitted by applicable law in any applicable
jurisdiction, then such provisions shall be deemed reformed in such jurisdiction
to the maximum time, geographic, or other limitations permitted by applicable
law.

                 (b)  In the event that Employee shall be in breach of any of
the restrictions contained in Section 8 hereof, then the Restricted Period shall
be extended for a period of time equal to the period of time that Employee is in
breach of such restriction.

            22.  Arbitration.  In the event that the parties are unable to
                 -----------
resolve any disputes arising hereunder, such dispute shall be submitted for a
binding determination by a neutral third party designated by the President of
the Philadelphia office of the American Arbitration Association.

            23.  Expenses. Each party shall pay all costs and expenses that it
                 --------
incurs withrespect to the negotiation, execution, delivery and performance of
this Agreement; provided, however, that the Company shall reimburse the Employee
or its designee for its reasonable fees and expenses incurred in connection with
the negotiation, execution, delivery, performance and modification of this
Agreement.

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

                            [SIGNATURE PAGE FOLLOWS]

-16-
<PAGE>

                                                                  EXECUTION COPY

          IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed the day and year first written above.

                                  IMAGEMAX, INC.

                                  By:   /s/ Mark P. Glassman
                                        ____________________________________
                                        Name:  Mark P. Glassman
                                        Title:  Chief Financial Officer

                                  /s/ David C. Carney
                                  ________________________________________
                                  David C. Carney, Chairman and Acting Chief
                                  Executive Officer

-17-
<PAGE>

                                                                  EXECUTION COPY

                                   SCHEDULE A

1.  Life Insurance.  Company will provide Employee, at no expense to the
    --------------
    Employee, life insurance coverage in an amount equal to three (3) times
    Employee's initial Base Salary.

2.  Vacation.  The Employee shall be entitled to fifteen (15) days per year of
    --------
    paid vacation.

3.  Business Travel Accident Insurance.  Company will provide Employee, at no
    ----------------------------------
    expense to the Employee, business travel accident insurance coverage in an
    amount equal to six (6) times Employee's base salary through either: (i) a
    group policy covering similarly situated employees, or (ii) a policy
    specific to Employee, depending on the cost and availability of coverage.

4.  Disability Insurance.  The Employee shall be entitled to participate under
    --------------------
    any Company plan related to providing disability benefits, provided that
    Employee is eligible for participation pursuant to the terms of such plan.

5.  Reimbursement of Expenses.  The Company shall reimburse the Employee for all
    -------------------------
    of his ordinary and necessary expenses incurred in connection with
    performing his duties and obligations under the Agreement.

-18-<PAGE>

                                                                    Exhibit 10.1

                          CONVERTIBLE LOAN AGREEMENT

                                    between

                                TEAMVEST, INC.

                                      and

                        ELECTRONIC MARKET CENTER, INC.

                                  dated as of

                                August 9, 2000
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                       Page
                                                                                                       ----
<S>                                                                                                    <C>
Background Statement ...........................................................................        1
Statement of Agreement .........................................................................        1

                                                ARTICLE I
                                                 THE LOAN

Section 1.1     The Loan........................................................................        1
Section 1.2     Note............................................................................        1
Section 1.3     Interest........................................................................        1
Section 1.4     Prepayment......................................................................        2
Section 1.5     Maturity........................................................................        2
Section 1.6     Conversion......................................................................        2
Section 1.7     Payments........................................................................        5

                                                ARTICLE II
                                              EFFECTIVENESS

Section 2.1     Effectiveness...................................................................        6

                                               ARTICLE III
                              REPRESENTATIONS AND WARRANTIES OF THE COMPANY

Section 3.1     Organization, Existence.........................................................        6
Section 3.2     Authorization, Enforceability, Consents.........................................        6
Section 3.3     Subsidiaries....................................................................        7
Section 3.4     Capitalization..................................................................        7
Section 3.5     Financial Statements............................................................        7
Section 3.6     No Conflict.....................................................................        7
Section 3.7     Litigation......................................................................        8
Section 3.8     Offering Exempt.................................................................        8
Section 3.9     Title to Properties and Assets, etc.............................................        8
Section 3.10    Compliance with Laws............................................................        9
Section 3.11    Disclosure......................................................................        9
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                                                                                                      <C>
                                                 ARTICLE IV
                               REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

Section 4.1     Authorization, Enforceability...................................................          8
Section 4.2     Investment Intent...............................................................          9
Section 4.3     Experience......................................................................          9
Section 4.4     Accredited Investor.............................................................          9
Section 4.5     No Public Market................................................................          9
Section 4.6     No Transfer.....................................................................          9
Section 4.7     Business Location...............................................................         10

                                                 ARTICLE V
                                                 COVENANTS

Section 5.1     Financial and Business Reporting................................................         10
Section 5.2     Inspection......................................................................         10
Section 5.3     Confidentiality.................................................................         11
Section 5.4     Registration Rights.............................................................         11

                                                 ARTICLE VI
                                      RESTRICTIONS ON TRANSFER; LEGEND

Section 6.1     Restrictions on Transfer........................................................         11
Section 6.2     Legend..........................................................................         11

                                                ARTICLE VII
                                               MISCELLANEOUS

Section 7.1     Survival of Representations, Warranties, Agreements, etc........................         12
Section 7.2     Expenses; Brokers...............................................................         12
Section 7.3     Further Assurances..............................................................         12
Section 7.4     Successors and Assigns..........................................................         12
Section 7.5     Entire Agreement................................................................         12
Section 7.6     Notices.........................................................................         13
Section 7.7     Amendments, Waivers.............................................................         14
Section 7.8     Interpretation..................................................................         14
Section 7.9     Headings........................................................................         14
Section 7.10    Governing Law...................................................................         14
Section 7.11    Severability....................................................................         14
Section 7.12    Counterparts....................................................................         14
Section 7.13    Public Announcements............................................................         14
</TABLE>

                                      ii
<PAGE>

Exhibits
--------

Exhibit A         Form of Convertible Promissory Note

Schedules
---------

Schedule A        Schedule of Exceptions

                                      iii
<PAGE>

                          CONVERTIBLE LOAN AGREEMENT

          THIS CONVERTIBLE LOAN AGREEMENT (this "Agreement"), dated as of the
9th day of August, 2000, is made between TEAMVEST, INC., a Delaware corporation
with its principal offices in Charlotte, North Carolina (the "Company"), and
ELECTRONIC MARKET CENTER, INC., a Delaware corporation with its principal
offices in Hartford, Connecticut (the "Investor").

                             Background Statement
                             --------------------

          WHEREAS, the Company and the Investor are parties to an Operating
Agreement, dated as of the date hereof (the "Operating Agreement"), pursuant to
which the Company and the Investor have agreed to certain terms and conditions
with respect to a strategic alliance between the Company and the Investor.

                            Statement of Agreement
                            ----------------------

          NOW, THEREFORE, in consideration of the execution of the Operating
Agreement and the premises and the mutual covenants and obligations hereinafter
set forth, the parties hereto hereby agree as follows:

                                   ARTICLE I

                                   THE LOAN

     Section 1.1  The Loan. On the terms and subject to the conditions set forth
                  --------
herein, the Investor shall make a loan to the Company in the principal amount of
$2,000,000 (the "Loan"). An initial amount of $800,000 will be made available by
the Investor to the Company on August 9, 2000 and the remaining $1,200,000 will
be made available by the Investor to the Company in one or more installments as
requested by the Company. The Company agrees to draw down the entire principal
amount of the Loan by December 31, 2000.

     Section 1.2  Note. The Loan shall be evidenced by a convertible promissory
                  ----
note made by the Company to the Investor in the principal amount of $2,000,000,
to be dated the Effective Date (as hereinafter defined) and to be issued in
substantially the form of Exhibit A attached hereto (as amended, modified or
                          ---------
supplemented from time to time, the "Note").

     Section 1.3  Interest.  Subject to the terms and conditions hereof, the
                  --------
Company promises to pay interest on the outstanding principal balance of the
Note at a rate per annum equal to Six-Month LIBOR (as hereinafter defined) as in
effect from time to time.  Interest shall accrue from August 9, 2000 or the date
on which advances are made by the Investor to the Company until repayment or
conversion of the outstanding principal balance of the Note in full and shall be
computed on the basis of a 360-day year consisting of twelve 30-day months and
the actual number of days (including the first day, but excluding the last day)
elapsed.  Accrued interest shall be due and payable in full on the Maturity Date
or, if earlier, upon prepayment pursuant to Section 1.4 hereof or upon
conversion of the outstanding principal balance of the
<PAGE>

Note pursuant to Section 1.6 hereof. As used herein, "Six-Month LIBOR" shall
mean the British Banker's Association average of interbank offered rates for
six-month contracts covering U.S. dollar deposits in the London market, as
published in The Wall Street Journal (Charlotte, North Carolina edition) on
             -----------------------
August 9, 2000 and as so published on each six-month anniversary of such date
until all outstanding principal of and all accrued and unpaid interest on the
Note shall have been paid in full, as adjusted on each such six-month
anniversary to conform to changes in such published average rate. If such
average rate shall not be so published on any such six-month anniversary, then
the applicable rate under the Note shall be such average rate as so published on
the next preceding date of publication (but shall not be adjusted to conform to
any change in such published average rate until such six-month anniversary).

     Section 1.4  Prepayment. The Company may at any time, with the written
                  ----------
consent of the Investor, prepay all or a portion of the outstanding principal
balance of the Note without premium or penalty, provided that interest on the
                                                --------
principal amount prepaid accrued to the date of prepayment shall be paid on such
date.

     Section 1.5  Maturity. Unless sooner converted, or unless and to the extent
                  --------
sooner prepaid, in each case as set forth herein, all outstanding principal of
and all accrued and unpaid interest on the Note shall be due and payable on
December 31, 2000 (the "Maturity Date").

     Section 1.6  Conversion.
                  ----------

          1.6.1   Automatic Conversion.
                  --------------------

                  (a)  Unless and to the extent sooner paid, the Conversion
Amount (as hereinafter defined) shall, on the thirtieth day after all proceeds
of the Loan have been drawn down and expended by the Company, automatically be
converted into common stock of the Company ("Common Stock"). The Company will in
good faith notify the Investor when the Loan has been expended. As used herein,
"Conversion Amount" shall mean, to the extent not sooner paid or converted, the
Loan together with (subject to the proviso below) all accrued and unpaid
interest thereon; provided that the Company may, at its option, pay all accrued
                  --------
and unpaid interest in cash at the time of conversion.

                  (b)  Unless and to the extent not sooner paid, the Conversion
Amount shall, on the Maturity Date, automatically be converted into Common
Stock.

          1.6.2   Optional Conversion.
                  -------------------

                  (a)  Unless and to the extent not sooner paid, the Investor
may, with the consent of the Company (which may, in the sole discretion of the
Company, be withheld), elect to convert all (but not less than all) of the
Conversion Amount into shares of Common Stock at any time.

                  (b)  To exercise its right of conversion under this Section
1.6.2, the Investor shall deliver to the Company written notice of its election
to effect such conversion. The Company shall have ten (10) days to accept or
reject such notice, and if such notice is accepted by

                                       2
<PAGE>

the Company (which shall be deemed to have occurred if the Company has not
rejected the notice within ten (10) days of receipt), the Investor shall deliver
to the Company the Note, duly endorsed for transfer, along with any amount of
the Loan not yet drawn down by the Company.

          1.6.3  Conversion Price.
                 ----------------

                 (a)  The number of shares of Common Stock into which the
Conversion Amount may be converted shall be equal to the number obtained by
dividing (i) the Conversion Amount at the time of conversion by (ii) $2.553 (the
amount in this clause (ii), the "Conversion Price" per share of Common Stock),
subject to adjustment as provided herein.

                 (b)  The Conversion Price, and the number of shares of Common
Stock into which the Note may be converted pursuant to Sections 1.6.1 or 1.6.2,
shall be subject to adjustment from time to time as follows:

                      (i)  If the Company shall, at any time and from time to
          time after the date hereof and prior to the date of conversion under
          Sections 1.6.1 or 1.6.2, take a record of the holders of its Common
          Stock for the purpose of entitling them to receive, or otherwise
          declare or distribute, a dividend payable in or other distribution of
          additional shares of Common Stock, or split or subdivide its
          outstanding shares of Common Stock into a greater number of shares of
          Common Stock, then in each such case the Conversion Price in effect
          immediately prior to such action shall thereby be proportionately
          reduced and the number of shares of Common Stock receivable upon
          conversion pursuant to Sections 1.6.1 or 1.6.2 shall thereby be
          proportionately increased; and conversely, if the Company shall, at
          any time and from time to time on or after the date hereof and prior
          to the date of conversion under Sections 1.6.1 or 1.6.2, combine its
          outstanding shares of Common Stock into a smaller number of shares of
          Common Stock, the Conversion Price in effect immediately prior to such
          action shall thereby be proportionately increased and the number of
          shares of Common Stock receivable upon conversion pursuant to Sections
          1.6.1 or 1.6.2 shall thereby be proportionately decreased.

                      (ii) In the event that, at any time and from time to time
          on or after the date hereof and prior to the date of conversion under
          Sections 1.6.1 or 1.6.2, the holders of Common Stock (or any shares of
          stock or other securities at the time receivable upon conversion
          hereof pursuant to Sections 1.6.1 or 1.6.2) shall have received, or,
          on or after the record date fixed for the determination of eligible
          stockholders, shall have become entitled to receive, without payment
          therefor, securities or other property of the Company (other than cash
          and other than Common Stock) by way of dividend or distribution, then
          and in each case, the Investor shall, upon conversion hereof pursuant
          to Sections 1.6.1 or 1.6.2, be entitled to receive, in addition to the
          number of shares of Common Stock receivable thereupon, and without
          payment of any additional consideration therefor, the amount of such
          securities or other property of the Company (other than cash and other
          than Common Stock) that the Investor would hold on the date of such
          conversion had it been the holder of record of such shares of Common

                                       3
<PAGE>

          Stock on the date hereof and had thereafter, during the period from
          the date hereof to and including the date of such conversion, retained
          such shares and/or all such other securities or other property
          receivable by it as aforesaid during such period, giving effect to all
          adjustments called for during such period by Sections 1.6.1 or 1.6.2.

                      (iii) In the event that, at any time and from time to time
          after the date hereof and prior to the date of conversion under
          Sections 1.6.1 or 1.6.2, the Company issues any Common Stock for a per
          share consideration less than the Conversion Price in effect at such
          time, then the Conversion Price shall be reduced to a price determined
          by multiplying the Conversion Price in effect immediately prior
          thereto by a fraction, the numerator of which shall be the sum of the
          number of shares of Common Stock outstanding (including for this
          purpose the number of shares of Common Stock into which this Note is
          then convertible pursuant to Sections 1.6.1 or 1.6.2) immediately
          prior to such issuance plus the number of shares of Common Stock that
          the aggregate consideration received for such issuance would purchase
          at the Conversion Price, and the denominator of which shall be the
          total number of shares of outstanding Common Stock (calculated as
          described hereinabove) immediately after such issuance, and the number
          of shares of Common Stock receivable upon conversion pursuant to
          Sections 1.6.1 or 1.6.2 shall be adjusted to be equal to the number of
          shares obtained by multiplying the Conversion Price in effect
          immediately prior to such issuance by the number of shares issuable
          upon such conversion immediately prior to such issuance, and dividing
          the product by the Conversion Price resulting from the adjustment
          described in this clause (iii).  The provisions of this clause (iii)
          shall not apply, however, to (A) any issuance of Common Stock for
          which an adjustment is provided under clause (i) above, (B) any
          issuance or sale of Common Stock pursuant to the exercise of stock
          options, warrants, rights or convertible securities issued and
          outstanding as of the date hereof or (C) any issuance or sale of
          Common Stock to employees and directors of the Company pursuant to
          employee benefit plans up to an amount not exceeding, at any time, 20%
          of the sum of (y) all shares of Common Stock outstanding at such time
          plus (z) the shares of Common Stock so issued to employees and
          directors or issuable to employees and directors upon exercise of
          options, rights or warrants issued pursuant to such plans.

          1.6.4  Effect of Conversion; Certain Obligations.
                 -----------------------------------------

                 (a)  The automatic conversion of the Note pursuant to Section
1.6.1 hereof shall be effective on the Maturity Date without any further action
on the part of the Investor or the Company and whether or not the Note is
surrendered to the Company. The optional conversion of the Note pursuant to
Section 1.6.2 hereof shall be effective on the date of acceptance by the Company
of the notice required by Section 1.6.2(b) hereof and shall not require any
further action on the part of the Company or the Investor. The Company shall not
be obligated to issue certificates evidencing the equity securities issuable
upon any conversion unless (i) the Investor notifies the Company that the Note
has been lost, stolen or destroyed and delivers to the Company an indemnity
agreement or security reasonably satisfactory in form and amount to

                                       4
<PAGE>

the Company and reimburses the Company for all reasonable expenses incidental
thereto, or (ii) the Note is delivered to the Company. The Company shall, as
soon as practicable after such delivery, or after such security or agreement and
indemnification is provided, issue and deliver to the Investor a certificate or
certificates for the equity securities to which the Investor shall be entitled
as the result of conversion. The person or persons entitled to receive equity
securities issuable upon such conversion shall be treated for all purposes as
the record holder or holders of such securities on such date. The Company may,
at its option in lieu of any fractional shares that would otherwise be issuable,
make a cash payment to the Investor equal to the product of such fraction
multiplied by the applicable purchase price (or Conversion Price) of one share
of Common Stock

                  (b) If, prior to conversion of the Note pursuant to Sections
1.6.1 or 1.6.2 hereof, there shall be any merger, consolidation, exchange of
securities, conversion, recapitalization, reorganization, or other similar
event, as a result of which equity securities of the Company shall be changed or
converted into or exchanged for the same or a different number or amount of
shares or other equity securities of the same or another class or type of equity
or other securities of the Company or another entity, then the Investor shall
thereafter have the right to receive upon the basis and upon the terms and
conditions specified in this Agreement and in lieu of the equity securities
immediately theretofore receivable upon conversion of the Note pursuant to such
Section, such equity securities and/or other securities as may be issued or
payable with respect to or in exchange for the amount of equity securities
immediately theretofore receivable upon conversion of the Note pursuant to such
Section had such merger, consolidation, exchange of securities, conversion,
recapitalization or reorganization not taken place, and in any such case
appropriate provisions shall be made with respect to the rights and interests of
the Investor to the end that the provisions hereof shall thereafter be
applicable, as nearly as may be practicable, in relation to any equity
securities or shares of stock or other securities thereafter deliverable upon
conversion of the Note pursuant to such Section.

                  (c) Whenever the Conversion Price or number or type of
securities issuable upon conversion of the Note pursuant to Sections 1.6.1 or
1.6.2 is adjusted as herein provided, the Company shall promptly deliver to the
Investor a certificate of an officer of the Company setting forth the nature of
such adjustment and a brief statement of the facts requiring such adjustment.

     Section 1.7  Payments. All payments of principal of and interest on the
                  --------
Note shall be made in lawful money of the United States of America to the
Investor at its address for notices as provided in Section 7.6 hereof or, in the
event of any assignment or other transfer of the Note, to the assignee or
transferee at its address as provided in writing to the Company.

                                  ARTICLE II

                                 EFFECTIVENESS

     Section 2.1  Effectiveness. This Agreement shall become effective on the
                  -------------
date upon which the following conditions have been satisfied (the "Effective
Date"):

                                       5
<PAGE>

                 (a) The Company shall execute and deliver the Note to the
Investor; and

                 (b) The Company shall deliver to the Investor (i) a copy,
certified as of a recent date by the Secretary of State of Delaware, of the
Certificate of Incorporation of the Company, (ii) copies, certified by the
Secretary or an Assistant Secretary of the Company, of the Bylaws of the Company
and resolutions adopted by the Company's Board of Directors authorizing the
execution and delivery of this Agreement and the Note and the performance by the
Company of its obligations hereunder and thereunder, and (iii) a good standing
certificate for the Company, issued as of a recent date by the Secretary of
State of Delaware.

                                  ARTICLE III

                 REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     The Company hereby represents and warrants to the Investor as follows:

     Section 3.1  Organization, Existence. The Company is a corporation duly
                  -----------------------
organized, validly existing and in good standing under the laws of the State of
Delaware, has all corporate power and authority necessary to conduct its
business as now conducted and as proposed to be conducted, to own or lease the
properties and assets it now owns or holds under lease, and to enter into and
perform its obligations under this Agreement and the Note, and is duly qualified
to conduct business as a foreign corporation in each jurisdiction except where
the failure so to qualify would not have a material adverse effect upon the
condition (financial or otherwise), results of operations, business, prospects
or assets of the Company and its subsidiaries, taken as a whole (a "Material
Adverse Effect").

     Section 3.2  Authorization, Enforceability, Consents.  The execution,
                  ---------------------------------------
delivery and performance by the Company of this Agreement and the Note have been
duly authorized by all necessary corporate action on the part of the Company.
Each of this Agreement and the Note constitutes a legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with
its terms, subject to the effect of applicable bankruptcy, insolvency,
reorganization, moratorium or other laws relating to or affecting the
enforcement of creditors' rights generally and to general principles of equity
(regardless of whether such enforceability is considered in a proceeding in
equity or at law).  Subject to the accuracy of the representations set forth in
Article IV hereof, no consent, approval, authorization or order of, or filing or
registration with, any federal or state court or governmental or regulatory
agency or board is or will be required in connection with the execution and
delivery of this Agreement and the Note and the consummation of the transactions
contemplated hereby, except (a) the filing of a Notice of Sale of Securities
Pursuant to Regulation D or Section 4(6) with the Securities and Exchange
Commission under the Securities Act of 1933, as amended (the "Securities Act"),
and (b) the filing of a copy of such notice with the North Carolina Securities
Administrator and/or such other filings as may be required under other
applicable state securities or blue sky laws, which filings, if required, will
be accomplished in a timely manner promptly after the Effective Date.

                                       6
<PAGE>

     Section 3.3  Subsidiaries. The Company has no subsidiaries and does not
                  ------------
own, directly or indirectly, any capital stock or other proprietary interest in
any corporation, association, trust, partnership, joint venture, limited
liability company or other entity.

     Section 3.4  Capitalization. Schedule 3.4 of the Schedule of Exceptions
                  --------------
attached hereto as Exhibit A (the "Schedule of Exceptions") lists the names of
each stockholder of the Company and the type and number of shares of capital
stock owned by such stockholder. Except as set forth in Schedule 3.4, there are
no outstanding options, warrants, conversion privileges, preemptive rights or
other rights or agreements for the purchase or acquisition from the Company of
any equity interest in or other securities of the Company,

     Section 3.5  Financial Statements. The Company is the successor by merger
                  --------------------
to TeamVest, LLC, a North Carolina limited liability company ("Old TeamVest").
The Company has delivered to the Investor (i) the audited consolidated balance
sheet of Old TeamVest as of December 31, 1999 and the audited consolidated
statement of operations for the fiscal year then ended and (ii) the unaudited
consolidated balance sheet for the Company as of May 31, 2000 and the unaudited
consolidated statement of operations for the five-month period then ended
(collectively, the "Financial Statements"). Except as set forth in Schedule 3.5
of the Schedule of Exceptions, the Financial Statements are complete and correct
in all material respects, have been prepared in accordance with generally
accepted accounting principles applied on a consistent basis throughout the
periods indicated, and present fairly the consolidated financial condition and
position of Old TeamVest as of the date thereof (subject, in the case of interim
financial statements, to normal year-end adjustments and to the absence of
footnotes required under generally accepted accounting principles). Except as
set forth in the Financial Statements, the Company has no material liabilities,
contingent or otherwise, other than liabilities incurred in the ordinary course
of business subsequent to the date of the most recent Financial Statements.

     Section 3.6  No Conflict. The execution, delivery and performance by the
                  -----------
Company of this Agreement and the Note and the consummation of the transactions
contemplated hereby and thereby do not and will not (i) violate its Certificate
of Incorporation or Bylaws, (ii) conflict with or constitute a material breach
of or default under any agreement, indenture, mortgage or other instrument to
which the Company is a party or by which it or its properties are bound, (iii)
violate any material law, regulation, judgment, order or decree applicable to
the Company or (iv) result in the creation or imposition of any lien or
encumbrance upon any property of the Company.

     Section 3.7  Litigation. There is no civil, criminal or administrative
                  ----------
action, suit, claim, notice, hearing, inquiry, proceeding or investigation at
law or in equity by or before any court, arbitrator or similar panel,
governmental instrumentality or other agency now pending or, to the knowledge of
the Company, threatened against the Company or its assets or seeking to enjoin
or questioning the validity of this Agreement or the transactions contemplated
hereby.

     Section 3.8  Offering Exempt. Subject to the accuracy of the
                  ---------------
representations set forth in Article IV hereof, the offer and issuance of the
Note pursuant to this Agreement will not result in a violation of the
requirements of Section 5 of the Securities Act or the registration and
qualification requirements of applicable state securities or blue sky laws.

                                       7
<PAGE>

     Section 3.9  Title to Properties and Assets, etc. The Company has good and
                  -----------------------------------
marketable title to, or holds under valid lease, all of its properties and
assets used in and material to its business, subject to no mortgage, lien or
other encumbrance other than (i) those resulting from taxes which have not yet
become delinquent and (ii) minor liens and encumbrances which do not materially
detract from the value of the property subject thereto or materially impair the
operations of the Company.  To the Company's knowledge (but without having
conducted any special investigation or patent search), the Company has
sufficient legal rights to all patents, copyrights, trade secrets, information,
proprietary rights and processes necessary for and material to its business as
now conducted without any conflict with or infringement of the rights of others,
and the Company has not received any written communication alleging that the
Company has violated or infringed any of the patents, trademarks, service marks,
trade names, copyrights or trade secrets or other proprietary rights of any
other person or entity.

     Section 3.10 Compliance with Laws. The Company is in compliance with all
                  --------------------
statutes, laws, regulations, decrees and orders of any governmental or
regulatory authority or body applicable to it or to the conduct of its business
and has all governmental permits, approvals and licenses necessary to conduct
its business as now conducted except where the failure so to be in compliance or
to obtain such permits, licenses and approvals would not have a Material Adverse
Effect.

     Section 3.11 Disclosure. This Agreement and all other written documentation
                  ----------
provided by the Company to the Investor in connection with the transactions
contemplated hereby, taken as a whole, does not contain any untrue statement of
a material fact or omit to state any material fact necessary to make the
statements included in such documentation, in light of the circumstances under
which they were made, not misleading.

                                  ARTICLE IV

                REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

     The Investor hereby represents and warrants to the Company as follows:

     Section 4.1  Authorization, Enforceability. The Investor has all corporate
                  -----------------------------
power and authority necessary to enter into and perform its obligations under
this Agreement and the Operating Agreement. The execution, delivery and
performance by the Investor of this Agreement and the Operating Agreement have
been duly authorized by all necessary corporate action on the part of the
Investor. This Agreement and the Operating Agreement constitute legal, valid and
binding obligations of the Investor, enforceable against the Investor in
accordance with their terms, subject to the effect of applicable bankruptcy,
insolvency, reorganization, moratorium or other laws relating to or affecting
the enforcement of creditors' rights generally and to general principles of
equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

     Section 4.2  Investment Intent. This Agreement is made with the Investor in
                  -----------------
reliance upon the Investor's representations to the Company set forth in this
Article IV, evidenced by the Investor's execution of this Agreement, that the
Investor has made the Loan and is acquiring the

                                       8
<PAGE>

Note and the equity securities of the Company issuable upon conversion of the
Note (the Note and such equity securities, collectively, the "Securities") for
investment for its own account, not as nominee or agent, and not with a view to,
or for resale in connection with, any distribution thereof. The Investor
understands that the Securities have not and will not be registered under the
Securities Act by reason of a specific exemption from the registration
provisions of the Securities Act which depends upon, among other things, the
bona fide nature of the Investor's investment intent as expressed herein.

     Section 4.3  Experience. The Investor (i) has such knowledge and experience
                  ----------
in financial and business matters as to be capable of evaluating the merits and
risks of its investment in the Securities, (ii) is able to bear the economic
risks of such investment and (iii) has been furnished with and has had access to
such information as it has considered necessary to make a determination as to
the purchase of the Securities, together with such additional information as it
has considered necessary to verify the accuracy of the information supplied.

     Section 4.4  Accredited Investor. The Investor is an "accredited investor"
                  -------------------
within the meaning of such term under Regulation D promulgated under the
Securities Act.

     Section 4.5  No Public Market. The Investor understands that the Securities
                  ----------------
may not be sold, transferred or otherwise disposed of without registration under
the Securities Act and registration or qualification under applicable state
securities or blue sky laws unless an exemption from such registration and
qualification is available, and that in the absence of such registration and
qualification or such exemption, the Securities must be held indefinitely. In
particular, the Investor is aware that the Securities may not be sold pursuant
to Rule 144 promulgated under the Securities Act ("Rule 144") except in limited
amounts and in accordance with all of the terms and conditions of such Rule,
including a requirement as to the availability to the public of current
information about the Company. The Investor understands (i) that such
information is not now available to the public and the Company has no present
plans to make such information available to the public and (ii) that no public
market now exists for any of the Securities and that it is possible that a
public market will never exist for any of the Securities.

     Section 4.6  No Transfer. The investor acknowledges that the sale, transfer
                  -----------
or other disposition of the Securities is subject to the restrictions set forth
in Section 6.1 hereof and agrees that in no event will it sell, transfer or
otherwise dispose of any of the Securities except in compliance with such
restrictions and in a manner consistent with its representations herein.

     Section 4.7  Business Location. The office or offices of the Investor in
                  -----------------
which its investment decision was made is located in the Commonwealth of
Pennsylvania.

                                   ARTICLE V

                                   COVENANTS

     Section 5.1  Financial and Business Reporting. The Company will furnish the
                  --------------------------------
Investor:

                                       9
<PAGE>

                  (a) as soon as practicable after the end of each fiscal year,
and in any event within 90 days thereafter, an audited consolidated balance
sheet of the Company and its subsidiaries as of the end of such fiscal year and
audited consolidated statements of income, changes in stockholders' equity and
cash flows of the Company and its subsidiaries for such year, all prepared in
accordance with generally accepted accounting principles consistently applied
and in reasonable detail, and accompanied by a report and opinion thereon by
independent public accountants of national standing selected by the Company;

                  (b) as soon as practicable after the end of each fiscal
quarter, and in any event within 45 days thereafter, a consolidated balance
sheet of the Company and its subsidiaries as of the end of such fiscal quarter
and consolidated statements of income, changes in stockholders' equity and cash
flows of the Company and its subsidiaries for such fiscal quarter and for the
current fiscal year to date, prepared in accordance with generally accepted
accounting principles consistently applied (subject to normal year-end
adjustments and to the absence of footnotes required under generally accepted
accounting principles) and in reasonable detail;

                  (c) as soon as available and in any event at least thirty (30)
days prior to the beginning of each fiscal year, an annual budget and business
and operating plan for such fiscal year for the Company and its subsidiaries;
and

                  (d) promptly upon request, such other information about the
business, condition (financial or otherwise) or operations of the Company as the
Investor may from time to time reasonably request.

     Section 5.2  Inspection. For so long as at least $2,000,000 in principal is
                  ----------
outstanding under the Note or the Investor shall hold at least 300,000 shares of
Common Stock (adjusted to give effect to stock dividends, stock splits,
recapitalizations and the like), the Investor shall have the right to visit and
inspect any of the properties of the Company or any of its subsidiaries, to
discuss the affairs, finances and accounts of the Company or any of its
subsidiaries with its officers, and to review such books, records, contracts and
other information as it may reasonably request, all at such reasonable times and
as often as may be reasonably requested.

     Section 5.3  Confidentiality. The Investor covenants and agrees that any
                  ---------------
information provided to the Investor pursuant to or in connection with this
Agreement regarding the operations or prospective operations of the Company or
any of its subsidiaries shall be deemed confidential information and the
Investor agrees to use its commercially reasonable best efforts to prevent the
disclosure to any person (excluding its officers, employees, agents or counsel,
but only to the extent it advises such employees, agents or counsel of the
confidential nature of such information and takes reasonable actions to prevent
the subsequent disclosure of such information by such employees, agents and
counsel) of any such confidential information disclosed to it, provided that
                                                               --------
such information may be disclosed (i) to the extent required by law or by a
governmental agency, regulatory or supervisory authority or court having
jurisdiction over it (in which case the Investor shall provide the Company
notice of such intended disclosure as far in advance of such disclosure as is
reasonably possible), (ii) to persons in connection with potential business
transactions between such persons and the Investor believed by the Investor in
good faith to be in the interests of the Company and upon appropriate
arrangements obligating such persons

                                       10
<PAGE>

to keep such information confidential, and (iii) in connection with the
enforcement of its rights hereunder. The obligation of confidentiality set forth
in this Section shall not apply to information that (i) now or hereafter comes
into the public domain without breach of this Agreement, (ii) is demonstrated by
the Investor to be previously known to or developed by it prior to the
disclosure of said confidential information or (iii) is demonstrated by the
Investor to have been received from a third party without similar restrictions
and without breach of this Agreement.

     Section 5.4  Registration Rights. In the event of a conversion of the Note
                  -------------------
by the Company pursuant to Sections 1.6.1 or 1.6.2 hereof, the Company agrees
that it will enter into a registration rights agreement with the Investor
pursuant to which it will grant to the Investor piggyback registration rights
with respect to the Securities on customary terms and conditions.

                                  ARTICLE VI

                       RESTRICTIONS ON TRANSFER; LEGEND

     Section 6.1  Restrictions on Transfer. The Investor agrees that the
                  ------------------------
Securities may not be sold, transferred or otherwise disposed of unless (i) a
registration statement with respect thereto has become effective under the
Securities Act and such registration or qualification as may be necessary under
any applicable state securities laws has become effective, or (ii) the Company
has been furnished with an opinion of counsel satisfactory to the Company that
such registration is not required.

     Section 6.2  Legend. The Note and any notes issued in exchange or
                  ------
substitution therefor, in whole or in part, shall bear the following legend (and
any certificates issued to evidence any equity securities issued upon conversion
thereof shall bear such legend, appropriately modified):

     THE NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE
     NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
     (THE "SECURITIES ACT"), OR UNDER ANY APPLICABLE STATE SECURITIES
     LAWS.  NO SALE, TRANSFER OR OTHER DISPOSITION HEREOF OR THEREOF
     MAY BE MADE UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT
     HERETO OR THERETO HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT
     AND SUCH REGISTRATION OR QUALIFICATION AS MAY BE NECESSARY UNDER
     ANY APPLICABLE STATE SECURITIES LAWS HAS BECOME EFFECTIVE, OR (2)
     THE COMPANY HAS BEEN FURNISHED WITH AN OPINION OF COUNSEL
     SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

                                       11
<PAGE>

                                  ARTICLE VII

                                 MISCELLANEOUS

     Section 7.1  Survival of Representations, Warranties, Agreements, etc. All
                  --------------------------------------------------------
representations, warranties, covenants and agreements contained in this
Agreement shall survive the execution and delivery hereof and the consummation
of the transactions contemplated hereby; provided, however, that the covenants
                                         --------  -------
and agreements set forth in Article V hereof (other than in Section 5.4 hereof)
shall terminate upon the consummation by the Company of its first underwritten
public offering of its equity securities registered under the Securities Act.

     Section 7.2  Expenses; Brokers. Each of the Company and the Investor shall
                  -----------------
pay all costs and expenses incurred by it or on its behalf in connection with
this Agreement and the consummation of the transactions contemplated hereby.
Each party to this Agreement (i) represents and warrants that it has not
retained any finder or broker in connection with the transactions contemplated
by this Agreement and (ii) agrees to indemnify and to hold the other party
harmless from and against any liability for commission or compensation in the
nature of a finder's fee to any broker or other person or firm (and the costs
and expenses of defending against such liability or asserted liability) for
which the indemnifying party is responsible.

     Section 7.3  Further Assurances. At any time or from time to time after the
                  ------------------
date hereof, the Company, on the one hand, and the Investor, on the other hand,
agree to cooperate with each other, and at the request of the other party, to
execute and deliver any further instruments or documents and to take all such
further action as the other party may reasonably request in order to evidence or
effectuate the consummation of the transactions contemplated hereby.

     Section 7.4  Successors and Assigns. This Agreement shall be binding upon
                  ----------------------
and shall inure to the benefit of the respective successors and assigns of the
parties hereto.

     Section 7.5  Entire Agreement.  This Agreement and the other documents
                  ----------------
referred to herein or delivered pursuant hereto contain the entire agreement
among the parties with respect to the subject matter hereof and supersede all
prior and contemporaneous arrangements or understandings between the parties
with respect thereto.

     Section 7.6  Notices. All notices and other communications required or
                  -------
permitted hereunder or under the Note to any party shall be in writing and shall
be delivered in person, by telecopy, by nationally recognized overnight courier
or by first class mail, postage prepaid, addressed to such party at its address
set forth below or such other address as may hereafter be designated in writing
by such party to the other:

                                       12
<PAGE>

               (a)  if to the Company, to:

                    TeamVest, Inc.
                    11215 Rushmore Drive
                    Charlotte, North Carolina 28277
                    Telecopy:  (704) 944-7470
                    Attention: Jonathan Norwood, Chief Financial Officer

                    with a copy to:

                    Robinson, Bradshaw & Hinson, P.A.
                    101 North Tryon Street, Suite 1900
                    Charlotte, North Carolina 28246
                    Telecopy:  (704) 378-4000
                    Attention: Richard L. Mack

               (b)  if to the Investor, to:

                    Electronic Market Center, Inc.
                    1835 Market Street, Suite 420
                    Philadelphia, Pennsylvania 19103
                    Telecopy:  (215) 789-3399
                    Attention: Arthur J. Bacci, Chief Executive Officer

                    with a copy to:

                    Ballard Spahr Andrews & Ingersoll, LLP
                    1735 Market Street, 51st Floor
                    Philadelphia, Pennsylvania 19103
                    Telecopy:  (215) 864-8999
                    Attention: Justin P. Klein

          All such notices and other communications shall be deemed to have been
given (i) if delivered personally or sent by telecopy, upon receipt, (ii) if
delivered by overnight courier, on the business day following delivery to such
courier or (iii) if mailed, on the fifth (5th) business day after deposit in the
mails.

     Section 7.7  Amendments, Waivers. The terms and provisions of this
                  -------------------
Agreement or the Note may be modified or amended, or any of the provisions
hereof waived, temporarily or permanently, only by the written agreement of the
Company and the Investor.

     Section 7.8  Interpretation. For purposes of this Agreement, (i) except as
                  --------------
otherwise expressly provided herein, or unless the context otherwise requires,
references to "Sections" or "Schedules" without reference to a document are to
the designated Sections of or Schedules to this Agreement, (ii) the words
"herein," "hereof," "herewith," "hereunder" and other words of similar import
refer to this Agreement as a whole and not to any particular provision and (iii)
any

                                       13
<PAGE>

disclosure made on any Schedule to this Agreement with respect to any
representation and warranty contained herein and that discloses any matter that
is the subject of any other representation and warranty contained herein shall
be deemed to have been disclosed in the appropriate Schedule modifying such
other representation and warranty if it is clear from the face of the disclosure
without any further investigation (including reviewing any document referenced
by such disclosure) that such disclosure relates to such other representation
and warranty.

     Section 7.9  Headings. The headings of the various sections and subsections
                  --------
of this Agreement have been inserted for convenience only and shall not in any
way affect the meaning or construction of any of the provisions hereof.

     Section 7.10 Governing Law.  This Agreement shall be governed by and
                  -------------
construed in accordance with the laws of the Commonwealth of Pennsylvania,
without giving effect to the conflict of laws provisions thereof.

     Section 7.11 Severability. To the extent any provision of this Agreement is
                  ------------
prohibited by or invalid under the applicable law of any jurisdiction, such
provision shall be ineffective only to the extent of such prohibition or
invalidity and only in any such jurisdiction, without prohibiting or
invalidating such provision in any other jurisdiction or the remaining
provisions of this Agreement in any jurisdiction.

     Section 7.12 Counterparts. This Agreement may be executed in any number of
                  ------------
counterparts, and each such counterpart hereof shall be deemed to be an original
instrument, but all such counterparts together shall constitute but one
agreement.

     Section 7.13 Public Announcements. Any public announcement regarding this
                  --------------------
Agreement or the relationship between the Company and the Investor shall be
reviewed and approved by both parties hereto prior to its release.

                        (signatures on following page)

                                       14
<PAGE>

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

                                             TEAMVEST, INC.

                                             By:  /s/ Jonathan W. Norwood
                                                ------------------------------

                                             Title:  CFO
                                                   ---------------------------

                                             ELECTRONIC MARKET CENTER, INC.

                                             By:  /s/ Arthur J. Bacci
                                                ------------------------------

                                             Title:  CEO
                                                   ---------------------------

                                       15

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