Document:

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                                                                   Exhibit 10.20

                           RF Lafferty & Company, Inc.
                                 80 Broad Street
                                   26th floor
                                   NY NY 10004

                                                              November 7, 2002

Ventures-National Incorporated
dba Titan General Holdings, Inc.
1818 North Farwell Avenue
Milwaukee, Wisconsin 53202

Attention:        Louis George
                  Chief Executive Officer

Gentlemen:

         We are pleased to set forth the terms of the retention of RF Lafferty &
Company, Inc. ("Lafferty") by Ventures-National Incorporated dba Titan General
Holdings, Inc., a Utah corporation (collectively with its affiliates, the
"Company").

        1. Lafferty will assist the Company as a nonexclusive financial advisor
and agent in connection with the financial development of the Company, including
without limitation advising the Company with respect to listing on the American
Stock Exchange, Inc. and/or quotation on the Nasdaq Stock Market, Inc. In
connection with Lafferty's activities on the Company's behalf, Lafferty will
familiarize itself with the business, operations, properties, financial
condition and prospects of the Company. In connection with Lafferty's role as
the Company's financial advisor, Lafferty would expect its services to include
proposing structures for, and analyzing financial transactions contemplated by
the Company and such other related services as may be mutually agreed upon by
Lafferty and the Company.

         2. In connection with Lafferty's activities on the Company's behalf,
the Company will cooperate with Lafferty and will furnish Lafferty with all
information and data concerning the Company (the "Information") which Lafferty
deems appropriate and will provide Lafferty with access to the Company's
officers, directors, employees, independent accountants, and legal counsel. The
Company represents and warrants that all Information made available to Lafferty
by the Company will, at all times during the period of engagement of Lafferty
hereunder, be complete and correct in all material respects and will not contain
any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein not misleading in the light of
the circumstances under which such statements are made. The Company further
represents and warrants that any projections provided by it to Lafferty will
have been prepared in good faith and will be based upon assumptions which, in
light of the circumstances under which they are made, are reasonable. The
Company acknowledges and agrees that, in rendering its services hereunder,
Lafferty will be using and relying on the Information without independent
verification thereof by Lafferty or independent appraisal by Lafferty of any of
the Company's assets. Lafferty does not assume responsibility regarding the
Company. Any advice rendered by Lafferty pursuant to this Agreement may not be
disclosed publicly without our prior written consent.

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         3. In consideration of Lafferty's services pursuant to this Agreement,
Lafferty shall be entitled to receive, and the Company agrees to pay Lafferty,
120,000 shares of common stock, par value $.001 per share, of the Company.

         4. The Company agrees to indemnify Lafferty in accordance with the
indemnification provisions (the "Indemnification Provisions") attached to this
Agreement, which Indemnification Provisions are incorporated herein and made a
part hereof.

         5. Either party hereto may terminate this Agreement at any time upon 30
days' prior written notice, without liability or continuing obligation, except
as set forth in the following sentence. Neither termination of this Agreement
nor completion of the assignment contemplated hereby shall affect: (i) any
compensation earned by Lafferty up to the date of termination or completion, as
the case may be, (ii) the reimbursement of expenses incurred by Lafferty up to
the date of termination or completion, as the case may be, (iii) the provisions
of Paragraphs 3 through 7 of this Agreement and (iv) the attached
Indemnification Provisions which are incorporated herein, all of which shall
remain operative and in full force and effect.

         6. The validity and interpretation of this Agreement shall be governed
by the law of the State of New York applicable to agreements made and to be
fully performed therein.

         7. The benefits of this Agreement shall inure to the respective
successors and assigns of the parties hereto and of the indemnified parties
hereunder and their successors and assigns and representatives, and the
obligations and liabilities assumed in this Agreement by the parties hereto
shall be binding upon their respective successors and assigns.

         8. For the convenience of the parties hereto, any number of
counterparts of this Agreement may be executed by the parties hereto. Each such
counterpart shall be, and shall be deemed to be, an original instrument, but all
such counterparts taken together shall constitute one and the same Agreement.
This Agreement may not be modified or amended except in writing signed by the
parties hereto.

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         If the foregoing correctly sets forth our Agreement, please sign the
enclosed copy of this letter in the space provided and return it to us.

                                            Very truly yours,

                                            RF LAFFERTY & COMPANY, INC.

                                            By:________________________________
                                               Name:
                                               Title:

Confirmed and Agreed to:
this _______ day of ___________________, 2002

VENTURES-NATIONAL INCORPORATED
DBA TITAN GENERAL HOLDINGS, INC.

By  /s/ Louis George
    ------------------------------
    Louis George
    Chief Executive Officer

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                           INDEMNIFICATION PROVISIONS

         Ventures-National Incorporated dba Titan General Holdings, Inc., a Utah
corporation (the "Company"), agrees to indemnify and hold harmless RF Lafferty &
Company, Inc. ("Lafferty") against any and all losses, claims, damages,
obligations, penalties, judgments, awards, liabilities, costs, expenses, and
disbursements (and any and all actions, suits, proceedings, and investigations
in respect thereof and any and all legal and other costs, expenses, and
disbursements in giving testimony or furnishing documents in response to a
subpoena or otherwise), including, without limitation the costs, expenses, and
disbursements, as and when incurred, of investigating, preparing, or defending
any such action, suit, proceeding, or investigation (whether or not in
connection with litigation in which Lafferty is a party), directly or
indirectly, caused by, relating to, based upon, arising out of, or in connection
with Lafferty's acting for the Company, including, without limitation, any act
or omission by Lafferty in connection with its acceptance of or the performance
or non-performance of its obligations under the letter agreement dated October
29, 2002, between Lafferty and the Company, as it may be amended from time to
time (the "Agreement"); provided, however, such indemnity agreement shall not
apply to any portion of any such loss, claim, damage, obligation, penalty,
judgment, award, liability, cost, expense,or disbursement to the extent it is
found in a final judgment by a court of competent jurisdiction (not subject to
further appeal) to have resulted primarily and directly from the gross
negligence or willful misconduct of Lafferty. The Company also agrees that
Lafferty shall not have any liability (whether direct or indirect, in contract
or tort or otherwise) to the Company for or in connection with the engagement of
Lafferty, except to the extent that any such liability is found in a final
judgment by a court of competent jurisdiction (not subject to further appeal) to
have resulted primarily and directly from Lafferty gross negligence or willful
misconduct.

         These Indemnification Provisions shall be in addition to any liability
which the Company may otherwise have to Lafferty or the persons indemnified
below in this sentence and shall extend to the following: Lafferty and his
affiliated entities. All references to Lafferty in these Indemnification
Provisions shall be understood to include any and all of the foregoing.

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         If any action, suit, proceeding, or investigation is commenced, as to
which Lafferty proposes to demand indemnification, it shall notify the Company
with reasonable promptness; provided, however, that any failure by Lafferty to
notify the Company shall not relieve the Company from its obligations hereunder,
except to the extent that his or its defenses have been materially prejudiced
thereby. Lafferty shall have the right to retain counsel of its own choice to
represent it, and the Company shall pay the fees, expenses, and disbursements of
such counsel; and such counsel shall, to extent consistent with its professional
responsibilities, cooperate with the Company and any counsel designated by the
Company. The Company shall be liable for any settlement of any claim against
Lafferty made with the Company's written consent, which consent shall not be
unreasonably withheld. The Company shall not, without the prior written consent
of Lafferty, settle or compromise any claim, or permit a default or consent to
the entry of any judgment in respect thereof, unless such settlement,
compromise, or consent includes, as an unconditional term thereof, the giving by
the claimant to Lafferty of an unconditional release from all liability in
respect of such claim.

              In order to provide for just and equitable contribution, if a
claim for indemnification pursuant to these Indemnification Provisions is made,
but it is found in a final judgment by a court of competent jurisdiction (not
subject to further appeal) that such indemnification may not be enforced in such
case, even though the express provisions hereof provide for indemnification in
such case, then the Company, on the one hand, and Lafferty, on the other hand,
shall contribute to the losses, claims, damages, obligations, penalties,
judgments, awards, liabilities, costs, expenses, and disbursements to which the
indemnified persons may be subject in accordance with the relative benefits
received by the Company, on the one hand, and Lafferty, on the other hand, and
also the relative fault of the Company, on the one hand, and Lafferty on the
other hand, in connection with the statements, acts, or omissions which resulted
in such losses, claims, damages, obligations, penalties, judgments, awards,
liabilities, costs, expenses, or disbursements and the relevant equitable
considerations shall also be considered. No person found liable for a fraudulent
misrepresentation shall be entitled to contribution from any person who is no
also found liable for such fraudulent misrepresentation. Notwithstanding the
foregoing, Lafferty shall not be obligated to contribute any amount hereunder
that exceeds the amount of fees previously received by Lafferty pursuant to the
Agreement.

         Neither termination nor completion of the engagement of Lafferty
referred to above shall affect these Indemnification Provisions which shall then
remain operative and in full force and effect.

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                                                                    Exhibit 10.1
                              EMPLOYMENT AGREEMENT

         This EMPLOYMENT AGREEMENT is made as of November 20, 2002 (this
"Agreement"), between Net2Phone, Inc., a Delaware corporation (the "Company")
and Arthur Dubroff (the "Executive").

                              W I T N E S S E T H:

         WHEREAS, the Company wishes to assure itself of the services of the
Executive and the Executive and the Company are willing to enter into an
agreement to that end, upon the terms and conditions hereinafter set forth.

         NOW, THEREFORE, in consideration of good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged, the parties hereby
covenant and agree as follows:

         1. Employment

         The Company hereby agrees to employ the Executive, and the Executive
hereby agrees to accept employment with the Company, on and subject to the terms
and conditions of this Agreement.

         2. Term

         Unless earlier terminated pursuant to Section 5 hereof, the period of
this Agreement and the Executive's employment hereunder (the "Agreement Term")
shall commence as of the date hereof, (the "Effective Date"), and shall expire
on the third anniversary of the Effective Date; provided, however, that the
Agreement Term shall be automatically extended for an additional year on the
third anniversary of the Effective Date and on each anniversary of the Effective
Date thereafter (each an "Extension Date"), unless written notice of
non-extension is provided by either party to the other party at least 90 days
prior to such anniversary.

         3. Position, Authority and Responsibilities

         (a) The Executive shall serve as, and with the title, office and
authority of, Chief Financial Officer of the Company, and shall report directly
to the Chief Executive Officer.

         (b) The Executive shall have all of the powers, authority, duties and
responsibilities usually incident to the position and office of Chief Financial
Officer and such duties consistent with such position as may be assigned from
time to time by the Chief Executive Officer.

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         (c) The Executive agrees to devote substantially all of his business
time, efforts and skills to the performance of his duties and responsibilities
under this Agreement; provided, however, that nothing in this Agreement shall
preclude the Executive from (i) serving on corporate, civic or charitable boards
or committees, (ii) delivering lectures, fulfilling charitable engagements or
teaching at educational institutions and/or (iii) managing his personal
investments, provided that in any such case that such activities do not
materially interfere with the Executive's performance of his duties and
responsibilities hereunder and do not violate the provisions of Section 10
hereof.

         (d) The Executive shall perform his duties at the principal offices of
the Company located in Newark, New Jersey, but from time to time the Executive
may be required to travel to other locations in the proper conduct of his
responsibilities under this Agreement.

         4. Compensation

         In consideration of the services rendered by the Executive during the
Agreement Term, the Company shall pay or provide the Executive the amounts and
benefits set forth below. Employee is to be considered for future increases in
the salary, bonus and equity incentives described below with due regard for his
position within senior management of the Company and the relationship of such
position to other executive positions.

         (a) Salary. The Company shall pay the Executive an initial annual base
salary (the "Base Salary") of $225,000. The Executive's Base Salary shall be
paid in arrears in substantially equal installments at monthly or more frequent
intervals, in accordance with the normal payroll practices of the Company. The
Executive's Base Salary shall be reviewed at least annually by the Chief
Executive Officer for consideration of appropriate merit increases and, once
established, the Base Salary shall not be decreased during the Agreement Term.

         (b) Annual Bonus. The Company shall provide the Executive with an
opportunity to earn an annual bonus (the "Annual Bonus") equal to at least 25%
of the Base Salary for each fiscal year during the Agreement Term beginning with
the 2003 fiscal year pursuant to a bonus plan to be established by the Company.
The Annual Bonus, if any, shall be paid to the Executive in the first regular
pay period of the Company that occurs after the first fiscal quarter of the year
that immediately follows the year in which the Annual Bonus was earned,
notwithstanding any expiration of this Agreement as of the last day of such
year.

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         (c) Equity Incentives.

                  (i) Except as provided in this Agreement, the treatment of
         options to purchase shares of the Common Stock of the Company ("Common
         Stock") granted to the Executive prior to the Effective Date under the
         Company's stock incentive plans shall be governed by the applicable
         stock option agreements. On the Effective Date, the Executive shall be
         granted an option (the "Option") to purchase 150,000 shares of the
         Company's common stock, par value $.01 per share. The Option shall be
         granted with an exercise price equal to the current fair market value
         on the Effective Date. The Executive shall be eligible, from time to
         time, to receive additional awards of stock options or other equity
         incentives, as determined by the Board.. So long as Executive remains
         employed by the Company or any of its subsidiaries, the Executive's
         right to exercise the Option shall become vested on a pro rata basis on
         the last day of each month for the forty-eight months following the
         Effective Date. The options provided for herein are in addition to
         options previously granted to Executive in connection with his
         retention as a consultant to the Company and it is agreed that
         Executive's employment as Chief Financial Officer shall be deemed to be
         in substitution for the employment as controller as originally
         contemplated in his consultation arrangement.

         (d) Employee Benefits. The Executive shall be entitled to participate
in all employee benefit plans, programs, practices or other arrangements of the
Company in which other senior executives of the Company are generally eligible
to participate from time to time, including, without limitation, any qualified
or non-qualified pension, profit sharing and savings plans, any death benefit
and disability benefit plans, and any medical, dental, health and welfare plans,
except to the extent that a separate arrangement is implemented for the
Executive on terms no less favorable than as provided to the other senior
executives agreed to by the Executive that is intended to replace any such
general arrangement. Without limiting the generality of the foregoing, (i) the
Company shall continue to provide the Executive with life insurance coverage
with a death benefit that is not less than the amount as is in effect as of the
Effective Date and (ii) the Company shall provide the executive with disability
insurance coverage consistent with the disability insurance coverage provided to
other senior executives of the Company.

         (e) Fringe Benefits and Perquisites. The Executive shall be entitled to
all fringe benefits and perquisites that are generally made available to senior
executives of the Company from time to time on the same basis as is made
available to such other executives. Without limiting the generality of the
foregoing, the Company shall provide the Executive with the following:

         (i.)     Executive offices and support staff appropriate to the
                  Executive's position;

         (ii.)    prompt reimbursement of all reasonable travel and other
                  business expenses and disbursements incurred by the Executive
                  in the performance of his duties under this Agreement in
                  accordance with the Company's normal practices and procedures,
                  including professional association dues upon proper accounting
                  therefore;

         (iii.)   paid vacation during each calendar year, to be taken in an
                  amount equal to and in accordance with the Company's vacation
                  policy for senior executives;

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         (iv.)    an automobile allowance consistent with the automobile
                  allowance policy for the Company's senior executive officers;
                  and

         (v.)     such other fringe benefits as the Executive and the Board may
                  mutually agree from time to time.

         5. Termination of Employment

         The Agreement Term and the Executive's employment hereunder shall be
terminated upon the happening of any of the following events:

         (a) Termination for Cause. The Company may terminate the Agreement Term
and the Executive's employment hereunder for Cause. For purposes of this
Agreement, "Cause" shall mean:

         (i.)     conviction of the Executive, by a court of competent
                  jurisdiction, of, or Executive's plea of guilty or nolo
                  contendere to, a felony under the laws of the United States or
                  any state thereof;

         (ii.)    misappropriation by the Executive of the Company's funds; or

         (iii.)   the commission by the Executive of an act of proven fraud with
                  respect to the Company.

         Notwithstanding the foregoing, in no event shall the Company be
considered to have terminated the Executive's employment for "Cause" unless and
until (i) the Executive receives written notice from the Chief Executive Officer
or the Board identifying in reasonable detail the acts or omissions constituting
such "Cause" and the provision of this Agreement relied upon by the Company for
such termination and (ii) such acts or omissions are not cured by the Executive
within 30 days of the Executive's receipt of such notice.

         (b) Termination other than for Cause. The Chief Executive Officer shall
have the right to terminate the Agreement Term and the Executive's employment
hereunder for any reason at any time, including for any reason that does not
constitute Cause, subject to the consequences of such termination as set forth
in this Agreement.

         (c) Resignation for Good Reason. The Executive may voluntarily
terminate the Agreement Term and his employment hereunder for Good Reason. For
purposes of this Agreement, "Good Reason" shall mean:

         (i.)     any action by the Company that results in a diminution of the
                  Executive's authority or responsibilities;

         (ii.)    any adverse modification of the Executive's positions, titles
                  or reporting relationships;

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         (iii.)   any failure by the Company to comply with the compensation and
                  benefits provisions of Section 4 hereof or any other material
                  breach of this Agreement by the Company;

         (iv.)    the relocation, without the Executive's written consent, of
                  the Executive's principal office from Newark, New Jersey; or

         (v.)     any failure by the Company to obtain an assumption of this
                  Agreement by a successor corporation as required under Section
                  11(a) hereof.

         In no event shall the Executive be considered to have terminated his
employment for "Good Reason" unless and until (i) the Company receives written
notice from the Executive identifying in reasonable detail the acts or omissions
constituting such "Good Reason" and the provision of this Agreement relied upon
by the Executive for such termination, and (ii) such acts or omissions are not
cured by the Company within 30 days of the Company's receipt of such notice.

         (d) Resignation other than for Good Reason. The Executive may
voluntarily terminate the Agreement Term and his employment hereunder at any
time for any reason, including for any reason that does not constitute Good
Reason by giving the Company 30-days advance written notice of such termination.

         (e) Disability. The Company may terminate the Agreement Term and the
Executive's employment hereunder upon the Executive's Disability. For purposes
of this Agreement, "Disability" shall mean the inability of the Executive to
perform his duties to the Company on account of physical or mental illness for a
period of six consecutive full months, or for a period of nine full months
during any 18-month period. The Executive's employment shall terminate in such
case on the last day of the applicable period following written notice by the
Company of the election to terminate the Executive's employment due to the
Executive's Disability. Notwithstanding the foregoing, in no event shall the
Executive be terminated by reason of Disability unless the Executive is eligible
to begin receiving long-term disability benefits from a Company-sponsored
long-term disability plan.

         (f) Death. The Agreement Term and the Executive's employment hereunder
shall terminate upon his death.

         6. Compensation Upon Termination of Employment

         Notwithstanding any provision of this Agreement to the contrary, in the
event the Agreement Term and the Executive's employment by the Company is
terminated, the Executive shall be entitled to the compensation and severance
benefits set forth below:

         (a) Resignation for Good Reason; Termination without Cause. In the
event the Agreement Term and the Executive's employment hereunder is terminated
by the Executive for Good Reason or by the Company for any reason other than for
Cause, Disability or death, the Company shall pay to the Executive and provide
him with the following:

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         (i) Severance Payment. The Company shall continue to pay the Executive,
his then current Base Salary, in accordance with the Company's general payroll
practice, for the greater of (a) one year (two years in the event the
termination by Executive for Good Reason or by the Company for any reason other
than Cause occurs within 6 months following a Change of Control as hereinafter
defined) following such termination or (b) the remainder of the then current
term of this Agreement. In addition, during such period the Executive shall be
entitled to receive annual payments, at the time and in a manner consistent with
the Company's payment of annual bonuses, of an amount equal to the Executive's
then-current Annual Bonus percentage under Section 4(b) hereof, multiplied by
his then-current Base Salary if and only if such bonus would have been earned
under the plan in place immediately prior to the Executive's termination. For
the purposes of this Agreement, "Change in Control" means a change in ownership
or control of the Company effected through any of the following:

         A. any "person," as such term is used in Sections 13(d) and 14(d) of
         the Securities Exchange Act of 1934 (the "Exchange Act") (other than
         (W) the Company, (X) any trustee or other fiduciary holding securities
         under an employee benefit plan of the Company, (Y) any corporation or
         other entity owned, directly or indirectly, by the stockholders of the
         Company in substantially the same proportions as their ownership of
         Common Stock or (Z) any person who, immediately prior to the date
         hereof, owned or controlled, directly or indirectly, more than 50% of
         the combined voting power of the Company's then outstanding voting
         securities) is or becomes the "beneficial owner" (as defined in Rule
         13d 3 of the Exchange Act), directly or indirectly, of securities of
         the Company representing 50% or more of the combined voting power of
         the Company's then outstanding voting securities.

         B. during any period of not more than two consecutive years, not
         including any period prior to the date hereof, individuals who at the
         beginning of such period constitute the Board, and any new director
         (other than a director whose initial assumption of office is in
         connection with an actual or threatened election contest, including,
         but not limited to a consent solicitation, relating to the election of
         directors of the Company) whose election by the Board or nomination for
         election by the Company's stockholders was approved by a vote of at
         least two-thirds (2/3) of the directors then still in office who either
         were directors at the beginning of the period or whose election or
         nomination for election was previously so approved, cease for any
         reason to constitute at least a majority thereof;

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         C. a merger or consolidation of the Company with any other corporation
         or other entity, other than (X) a merger or consolidation which would
         result in the voting securities of the Company outstanding immediately
         prior thereto continuing to represent (either by remaining outstanding
         or by being converted into voting securities of the surviving or parent
         entity) 80% or more of the combined voting power of the voting
         securities of the Company or such surviving or parent entity
         outstanding immediately after such merger or consolidation or (Y) a
         merger or consolidation effected to implement a re-capitalization of
         the Company (or similar transaction) in which no "person" (as defined
         in the Exchange Act) acquired 50% or more of the combined voting power
         of the Company's then outstanding securities; or

         D. a plan of complete liquidation of the Company or an agreement for
         the sale or disposition by the Company of all or substantially all of
         its assets (or any transaction having a similar effect);or

         F. the Company ceases to be publicly owned, i.e, its shares cease to
         be traded in any public market.

         (vi.)    Accrued Rights. The Company shall pay the Executive a lump-sum
                  cash amount, within 10 days of the date of termination, equal
                  to the sum of (A) his earned but unpaid Base Salary through
                  the date of termination, (B) any earned but unpaid Annual
                  Bonus for any completed calendar year, and (C) any
                  unreimbursed business expenses or other amounts due to the
                  Executive from the Company as of the date of termination. In
                  addition, the Company shall provide to the Executive all
                  payments, rights and benefits due as of the date of
                  termination under the terms of the Company's compensation or
                  benefit plans, programs or awards (together with the lump-sum
                  payment, the "Accrued Rights").

         (vii.)   Bonus Rights. The Company shall pay the Executive, within 10
                  days of the date of termination, a lump-sum cash amount equal
                  to a pro rata portion of the Annual Bonus for any partial
                  calendar year of service through the date of termination (the
                  "Bonus Rights").

         (viii.)  Continued Benefits. Subject to Section 8 hereof, for a
                  two-year period following the date of termination, the Company
                  shall continue to provide the Executive and his eligible
                  dependents, at its sole cost, with the medical, dental,
                  disability and life insurance coverages ("Welfare Benefits")
                  that were provided to the Executive immediately prior to
                  termination of employment.

         (ix.)    Stock Options. Notwithstanding the provisions of any stock
                  incentive plan or award agreement between the Company and the
                  Executive to the contrary, (i) 100% of the options to purchase
                  Common Stock which are not fully vested and exercisable as of
                  the date of termination shall become fully vested and
                  exercisable and (ii) the period during which all options held
                  by Executive

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         shall remain exercisable shall be extended until the tenth anniversary
         dates of their respective dates of grant. All such award agreements
         shall be amended by the Company and the Executive to reflect the
         foregoing provision.

         (x.)     Life and Disability Insurance. The Company shall fully fund
                  the life insurance and disability policies described in
                  Section 4(d) hereof.

         (xi.)    Car Allowance. Until the second anniversary of the date of
                  termination, the Company shall continue to provide the
                  Executive with the automobile allowance described in Section
                  4(e)(iv) hereof.

         (b) Resignation without Good Reason; Termination for Cause. In the
event the Executive voluntarily terminates the Agreement Term and his employment
hereunder other than for Good Reason, or in the event the Agreement Term and the
Executive's employment hereunder is terminated by the Company for Cause, the
Company shall pay and provide to the Executive all Accrued Rights and Bonus
Rights to the date of termination and the Executive shall retain any rights that
he has pursuant to any stock option agreement with the Company in accordance
with the terms thereof.

         (c) Disability; Death. In the event the Agreement Term and the
Executive's employment hereunder is terminated by reason of the Executive's
Disability or death, the Company shall pay the Executive (or his legal
representative) and provide him with the following:

         (xii.)   Severance Payment. The Company shall continue to pay the
                  Executive, his then current Base Salary, in accordance with
                  the Company's general payroll practices, for the one-year
                  period following the date of such termination. In addition,
                  during such one-year period the Executive shall be entitled to
                  receive one payment, at the time and in a manner consistent
                  with the Company's payment of annual bonuses, of an amount
                  equal to the Executive's then-current Annual Bonus percentage
                  under Section 4(b) hereof, multiplied by his then current Base
                  Salary if and only if such bonus would have been earned under
                  the plan in place immediately prior to the Executive's
                  termination.

         (xiii.)  Accrued Rights. The Company shall pay the Executive a lump-sum
                  cash amount, within 10 days of the date of termination, equal
                  to the Accrued Rights.

         (xiv.)   Bonus Rights. The Company shall pay the Executive, within 10
                  days of the date of termination, a lump-sum cash amount equal
                  to the Bonus Rights.

         (xv.)    Continued Benefits. Subject to Section 8 hereof, for a
                  one-year period following the date of termination, the Company
                  shall continue to provide the Executive and his eligible
                  dependents, at its sole cost, with the Welfare Benefits that
                  were provided to the Executive immediately prior to
                  termination of employment.

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         (xvi.)   Stock Options. Notwithstanding the provisions of any stock
                  incentive plan or award agreement between the Company and the
                  Executive to the contrary, (A) all options to purchase Common
                  Stock which are not fully vested and exercisable as of the
                  date of termination shall become fully vested and exercisable
                  and (B) the period during which such options shall be
                  exercisable shall be extended until the tenth anniversary of
                  the dates of their respective grants. All such award
                  agreements shall be amended by the Company and the Executive
                  to reflect the foregoing provision.

         7. Indemnification

         The Company agrees to provide to the Executive all rights of
indemnification to the fullest extent permitted by law and by its Certificate of
Incorporation and By-laws. The Company agrees to maintain directors' and
officers' insurance for the benefit of Employee providing coverage identical to
that provided to other executive officers of the Company.

         8. No Mitigation or Offset

          The Executive shall not be required to seek other employment or to
reduce any severance benefit payable to him under Section 6 hereof, and no such
severance benefit shall be reduced on account of any compensation received by
the Executive from other employment; provided, however, to the extent that the
Executive becomes eligible to receive welfare benefits pursuant to employee
benefit plans of a new employer that are comparable to the Welfare Benefits that
the Company is obligated to provide to the Executive pursuant to Sections
6(a)(iv) and 6(c)(iv), the Company's obligation to provide such Welfare Benefits
shall cease. The Company's obligations to the Executive under this Agreement,
including, without limitation, any obligation to provide severance benefits,
shall not be subject to set-off or counterclaim in respect of any debts or
liabilities of the Executive to the Company.

         9. Tax Withholding; Method of Payment

         All compensation payable pursuant to this Agreement shall be subject to
reduction by all applicable withholding, social security and other federal,
state and local taxes and deductions for income, employment, excise and other
taxes. Any lump-sum payments provided for in Section 6 hereof shall be made in a
cash payment, net of any required tax withholding, no later than 10 business
days following the Executive's date of termination. Any payment required to be
made to the Executive under this Agreement that is not made in a timely manner
shall bear interest at an interest rate equal to 120% of the monthly compounded
applicable federal rate as in effect under Section 1274(d) of the Code.

                                       9
<PAGE>

         10. Restrictive Covenants

         (a) Confidential Information. During the Agreement Term and at all
times thereafter, the Executive agrees that he will not divulge to anyone (other
than the Company or any persons employed or designated by the Company) any
knowledge or information of a confidential or proprietary nature relating to the
business of the Company or any of its subsidiaries or affiliates, including,
without limitation, all trade secrets (unless readily ascertainable from public
or published information or trade sources) and confidential commercial
information, and the Executive further agrees not to disclose, publish or make
use of any such knowledge or information without the consent of the Company.

         (b) Non-competition. The Executive acknowledges that (i) the Company is
currently engaged in the business of providing high quality, low-cost telephone
calls over the Internet and related products and services ("Internet
Telephony"), (ii) his work for the company will give him access to trade secrets
of and confidential information concerning the Company, and (iii) the agreements
and covenants contained in this Agreement are essential to protect the business
and goodwill of the Company. Accordingly, the Executive covenants and agrees
that during the Restricted Period (defined below), the Executive shall not,
without the prior written consent of the Company, (1) engage or participate in
the business of developing, managing or operating any Internet Telephony
business (a "Competitive Business") on his own behalf or on behalf of any person
or entity, and the Executive shall not acquire a financial interest in any
Competitive Business (except for publicly traded equity interests that do not
exceed five percent (5%) of such class of equity) or (2) directly or indirectly
solicit or encourage any employee of the Company or any of its affiliates to
leave the employment of the Company or any of its affiliates. For purposes
hereof, the "Restricted Period" shall be the Agreement Term (as may be
terminated pursuant to Section 6 hereof) and, except in the event of a
termination described in Section 6(a) hereof, the 12-month period following any
termination of the Executive's employment hereunder.

         (c) Non-disparagement. Executive covenants and agrees that Executive
shall not make or publish any written or oral statements or remarks concerning
the Company including, without limitation, remarks which may be disparaging,
deleterious or damaging to the integrity, reputation or good will of the
Company, its management, board members or employees. Except as may be required
by law or authorized in advance by Company, Executive covenants and agrees that
Executive shall not make or publish any written or oral statements or opinions
regarding Company, including its present and former employees, officers and
directors.

                                       10
<PAGE>

         (d) Enforcement. The Executive acknowledges and agrees that the Company
will have no adequate remedy at law, and could be irreparably harmed, if the
Executive breaches or threatens to breach any of the provisions of Section 10 of
this Agreement. The Executive agrees that the Company shall be entitled to
equitable and/or injunctive relief to prevent any breach or threatened breach of
this Section 10, and to specific performance of each of the terms of this
Section in addition to any other legal or equitable remedies that the Company
may have. The Executive further agrees that he shall not, in any equity
proceeding relating to the enforcement of the terms of this Section 10, raise
the defense that the Company has an adequate remedy at law.

         11. Successors and Assigns

         (a) This Agreement shall be binding upon and shall inure to the benefit
of the Company, its successors and any person or other entity that succeeds to
all or substantially all of the business, assets or property of the Company. To
the extent not otherwise provided by application of law, the Company will
require any successor (whether direct or indirect, by purchase, merger,
consolidation, transfer or otherwise) to all or substantially all of the
business, assets or property of the Company, to expressly assume and agree to
perform the obligations of the Company under this Agreement in the same manner
and to the same extent that the Company is required to perform hereunder. As
used in this Agreement, the "Company" shall mean the Company as hereinbefore
defined and any successor to its business, assets or property as aforesaid which
executes and delivers an agreement provided for in this Section 11(a) or which
otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law. Except as provided by the foregoing provisions of this Section
11(a), this Agreement shall not be assignable by the Company without the prior
written consent of the Executive. In the event that this Agreement is assigned
to any person or entity as may be permitted hereunder, the Company shall be
secondarily liable in the event that any such person or entity shall fail to
satisfy its obligations under Section 4, 6 or 7 hereof.

         (b) This Agreement and all rights of the Executive hereunder shall
inure to the benefit of and be enforceable by the Executive's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive should die while any amounts are due and
payable to the Executive hereunder, all such amounts, unless otherwise provided
herein, shall be paid to the Executive's designated beneficiary or, if there is
no such designated beneficiary, to the legal representatives of the Executive's
estate. This Agreement is personal in nature and the obligations of the
Executive hereunder are not be assignable to any person.

                                       11
<PAGE>

         12. Entire Agreement/Amendment

         This Agreement contains the entire understanding of the parties with
respect to the subject matter hereof and, except as specifically provided
herein, cancels and supersedes any and all other agreements between the parties
with respect to the subject matter hereof. Any amendment or modification of this
Agreement shall not be binding unless in writing and signed by the parties
hereto.

         13. Severability/No Waiver

         (a) In the event that any provision of this Agreement is determined to
be invalid or unenforceable, the remaining terms and conditions of this
Agreement shall be unaffected and shall remain in full force and effect, and any
such determination of invalidity or unenforceability shall not affect the
validity or enforceability of any other provision of this Agreement.

         (b) The failure of a party to insist upon strict adherence to any term
of this Agreement on any occasion shall not be considered a waiver of such
party's rights or deprive such party of the right thereafter to insist upon
strict adherence to that term or any other term of this Agreement.

         14. Notices

         All notices which may be necessary or proper for either the Company or
the Executive to give to the other shall be in writing and shall be delivered by
hand or sent by registered or certified mail, return receipt requested, or by
air courier, to the Executive at:

                                    Arthur Dubroff

and shall be sent in the manner described above to the General Counsel of the
Company at the Company's principal executives offices at:

                                    Net2Phone, Inc.
                                    520 Broad Street
                                    Newark, NJ  07102

and shall be deemed given when dispatched, provided that any notice required
under Section 5 hereof or notice given pursuant to Section 2 hereof shall be
deemed given only when received. Any party may by like notice to the other party
change the address at which he or they are to receive notices hereunder.

         15. Governing Law

         This Agreement shall be governed by and enforceable in accordance with
the laws of the State of New Jersey, without giving effect to the principles of
conflict of laws thereof.

                                       12
<PAGE>

         16. Arbitration

         Except for any action brought under Section 10 which may be brought by
the Company directly in any court of competent jurisdiction, any controversy or
claim arising out of, or related to, this Agreement, or the breach thereof,
shall be settled by binding arbitration in the City of Newark, New Jersey in
accordance with the rules then obtaining of the American Arbitration
Association, and the arbitrator's decision shall be binding and final, and
judgment upon the award rendered may be entered in any court having jurisdiction
thereof.

         17. Legal Fees and Expenses

         The Company shall pay the legal fees and expenses incurred by the
Executive in connection with the negotiation of this Agreement. To provide the
Executive with reasonable assurance that the purposes of this Agreement will not
be frustrated by the cost of its enforcement, the Company shall pay and be
solely responsible for any attorneys' fees and expenses and any court or
arbitration costs incurred by the Executive as a result of a claim that the
Company has breached or otherwise failed to perform this Agreement or any
provision hereof regardless of which party, if any, prevails in the contest.

         18. Counterparts

         This Agreement may be signed in counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.

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

                                            EXECUTIVE

                                            /s/ Arthur Dubroff
                                            -----------------------------------
                                            Arthur Dubroff

                                            NET2PHONE, INC.

                                            By: /s/ Stephen M. Greenberg
                                                -------------------------------
                                            Name:  Stephen M. Greenberg, CEO

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