Document:

Exhibit 10.1

                              EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT (the "Agreement") effective as of the 1st day of
March, 2000 between OPEN DOOR ONLINE, INC., a New Jersey corporation (together
with its successors and assigns referred to herein as the "Corporation"), with
principal executive offices located at 46 Old Flat River Road, Coventry, Rhode
Island 02816; and NORMAN J. BIRMINGHAM, residing at 10250 NW 52ND St., Coral
Springs, FL 33076 (the "Executive").

                               W I T N E S E T H:

     WHEREAS, the Corporation desires to employ Executive as the Chief Financial
Officer and Treasurer to engage in such activities and to render such services
under the terms and conditions hereof and has authorized and approved the
execution of this Agreement; and

     WHEREAS, Executive desires to be employed by the Corporation under the
terms and conditions hereinafter provided;

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

     1. EMPLOYMENT, DUTIES AND ACCEPTANCE.

     1.1 SERVICES. The Corporation hereby employs Executive, for the Term (as
hereinafter defined in Section 2 hereof), to render services to the business and
affairs of the Corporation in the office referenced in the recitals hereof and,
in connection therewith, shall perform such duties as directed by the Board of
Directors of the Corporation from time to time, in its reasonable discretion,
and shall perform such other duties as shall be consistent with the
responsibilities of such office (collectively the "Services"). Executive shall
perform activities related to such office as he shall reasonably be directed or
requested to so perform by the Corporation's Board of Directors, to whom he
shall report. Executive shall use his best efforts, skill and abilities to
promote the interests of the Corporation and its subsidiaries.

     1.2 ACCEPTANCE. Executive hereby accepts such employment and agrees to
render the Services.

     1.3 REPRESENTATIONS OF THE EXECUTIVE. The Executive represents and warrants
to the Corporation that his execution and delivery of this Agreement, his
performance of the Services hereunder and the observance of his other
obligations contemplated hereby will not (i) violate any provisions of or
require the consent or approval of any party to any agreement, letter of intent
or other document to which he is a party or (ii) violate or conflict with any
arbitration award, judgment or decree or other restriction of any kind to or by
which he is subject or bound.
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     1.4 EXECUTIVE'S ABILITY TO CONTRACT. Notwithstanding anything herein
contained to the contrary, executive shall have the right to make any contracts
or commitments on behalf of the division the Executive operates as long as the
Executive holds the position described above. Ratification of this contract by
the Board of Directors authorizes the Executive right to negotiate for capital
raises up to $1,000,000 per source. All other agreements in excess of these
amounts or requiring commitment of company stock require the express consent of
the Board of Directors.

     2. TERM OF EMPLOYMENT.

     The term of Executive's employment under this Agreement (the "Term") shall
commence on March 1, 2000 and shall terminate on February 28, 2003, unless
sooner terminated pursuant to Sections 9 or 5.2 of this Agreement; PROVIDED,
HOWEVER, if the Corporation shall fail to give Executive notice of non-renewal
not less than 180 days prior to the scheduled expiration of the Term hereof, the
Term shall automatically be extended for an additional three (3) year period.
Notwithstanding anything to the contrary contained herein, the provisions of
this Agreement governing Protection of Confidential Information shall continue
in effect as specified in Section 10 hereof.

     3. BASE SALARY, EXPENSE REIMBURSEMENT AND STOCK OPTIONS.

     3.1 BASE SALARY. During the Term, as full compensation for the Services,
the Corporation agrees to pay Executive a minimum base salary ("Base Salary") at
the annual rate of $75,000 for the period from March 31, 2000 to December 31,
2000. Such Base Salary shall be (i) increased thirteen percent (13%) annually
effective Januaryt 1st of each year during the term of this Agreement, (ii)
reviewed periodically for possible increases promptly after each future
acquisition by the Corporation of any other corporation or business or other
material increase in the Corporation's revenues or scope of the Corporation's
business and (iii) renegotiated in good faith effective as of July 15, 2002 for
possible increase based upon the Corporation's historical performance and
projections for future performance. Such Base Salary shall be subject to
withholding and other applicable taxes, payable during the term of this
Agreement in accordance with the Corporation's customary payment practices, but
not less frequently than monthly.

     3.2 BUSINESS EXPENSE REIMBURSEMENT. Upon submission to, and approval by an
officer of the Corporation designated by the Board of Directors of the
Corporation, of a statement of expenses, reports, vouchers or other supporting
information, which approval shall be granted or withheld based on the
Corporation's policies in effect at such time, the Corporation shall promptly
reimburse Executive for all reasonable business expenses actually incurred or
paid by him during the Term or renewals thereof in the performance of the
Services, including, but not limited to, expenses for entertainment, travel and
similar items.

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     3.3 STOCK OPTION AGREEMENT. In addition to the salary hereinabove provided,
the Executive shall be granted options to purchase 25,000 shares of the
Corporation's Common Stock as of January 1 of each year during the Term of this
Agreement at an exercise price equal to to average of the closing bid and asked
price of the Corporation's Common Stock during month of December immediately
preceeding said January 1, pursuant to the terms of the Stock Option Agreement
between the Corporation and the Executive executed concurrently herewith.

     4. PROFIT SHARING.

     4.1 PROFIT SHARING AMOUNT. In order to provide performance-based incentive
compensation to the Executive, the Corporation hereby agrees to pay the
Executive, in addition to the Base Salary set forth in Section 3 hereof, a
minimum cash bonus in respect of each fiscal year during the Executive's
employment hereunder (the "Bonus") equal to the Applicable Percentage (as
defined below) of the Net Pre-Tax Income (as defined below) of the Corporation.
For purposes hereof, the Applicable Percentage shall equal (a) 1.0% if the Net
Pre-Tax Income of the Corporation is less than $2,500,000 (b) 2.0% if the Net
Pre-Tax Income of the Corporation is at least $2,500,000, but less than
$3,500,000; (c) 2.50% if the Net Pre-Tax Income of the Corporation is at least
$3,500,001, but less than $5,000,000; and (d) 3.0% if the Net Pre-Tax Income of
the Corporation is at least $5,000,001.

     4.2 NET PRE-TAX INCOME OF THE CORPORATION. For purposes hereof, the Net
Pre-Tax Income of the Corporation shall be the amount determined by the Board of
Directors of the Corporation, after consultation with the independent
accountants of the Corporation, to be the Net Pre-Tax Income of the Corporation
with respect to a given fiscal year, which amount shall be determined based on
the financial statements of the Corporation (a) in a manner consistent with
generally accepted accounting principles, (b) with regard solely to the
Corporation and its subsidiaries, (c) so as to exclude the effect of any
elimination of interCorporation transfers applied with respect to any entity
which is not a subsidiary of the Corporation, (d) after adding back any charges
for management consulting or corporate services or payments with respect to
non-competition agreements which may be paid to persons who are subject to
reporting obligations with respect to the Corporation under Section 16(a) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or their
affiliates (other than the Corporation and its subsidiaries), (e) having regard
to such other matters, if any, as the Board of Directors of the Corporation may
determine to be equitable to consider and (f) without giving effect to any Bonus
paid pursuant to this Section 4.2. The determination of the Board of Directors
of the Corporation shall be final, conclusive and binding for all purposes,
absent manifest error.

     4.3 DETERMINATION AND PAYMENT. The determination of the Applicable
Percentage, of the Net Pre-Tax Income and of the extent to which any Bonus under
this Section 4 may be payable (the "Final Determination") shall be determined by
the Board of Directors (or a subcommittee thereof appointed for such purpose) of
the Corporation in accordance with the terms hereof based on the financial
statements of the Corporation and the criteria set forth herein with respect to
each fiscal year. Such Final Determination with respect to any fiscal year shall
be made promptly, and in any event within 15 days, after the Corporation has

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filed its Annual Report on Form 10-K for each year with the Securities and
Exchange Commission. Within 45 days after the end of the Corporation's fiscal
year, based on the preliminary results of the Corporation for such fiscal year,
the Corporation shall pay the Executive an amount equal to 60% of the estimated
minimum cash Bonus based on such preliminary results. The balance of the
definitive Bonus so determined, if any, shall be payable to the Executive in a
single lump sum no later than thirty days after the Final Determination has been
made. In any event, all matters pertaining to the Bonus and to the payment of
any Bonus to the Executive hereunder, shall be administered and determined by
the Board of Directors (or a subcommittee thereof appointed for such purpose) in
its reasonable discretion consistent with the terms hereof, the determination of
which shall be final, conclusive and binding for all purposes, absent manifest
error.

     4.4 BONUS. The Board of Directors, at its discretion shall be allowed to
provide an additional bonus in excess of the remuneration already included.

     4.5 PARTIAL YEARS. Notwithstanding anything contained herein to the
contrary, no Bonus under this Section 4 shall be deemed earned or payable with
respect to any fiscal year during which this Agreement or the Executive's
employment is terminated by the Corporation for Cause (as such term is
hereinafter defined).

     4.6 Nothing in this Section 4 shall be construed as conferring upon the
Executive any right (i) normally associated with the ownership of capital stock;
(ii) to continue in the employ of the Corporation or any affiliate of the
Corporation; or (iii) to interfere in any way with the right of the Corporation
to terminate this Agreement in accordance with the provisions hereof. Nothing in
this Agreement shall be construed to imply that any specific assets of the
Corporation have been set aside to provide for payments under this Agreement.
Any payments under this Agreement shall be made solely from general assets of
the Corporation existing at the time such payments are due.

     5. SEVERANCE UPON TERMINATION.

     5.1 TERMINATION. In the event that Executive's employment hereunder shall
be terminated by the Corporation without Cause (as defined in Section 9.3
hereof) or by the Executive for Good Reason (as defined in Section 9.5 hereof)
or upon a Change in Control (as defined in Section 9.6 hereof) or upon the death
or Disability (as defined in Section 9.2) of Executive at any time prior to the
end of the Term, the Executive shall be entitled to receive from the
Corporation, in addition to any Base Salary earned to the date of termination, a
severance payment in an amount equal to the greater of (i) the balance of the
Executive's Base Salary due through the balance of the Term of this Agreement or
(ii) two (2) times the Executive's Base Salary as was payable to Executive
during the then current calendar year plus two (2) times the Bonus for which
Executive was entitled during the immediately preceding fiscal year. The
Corporation agrees to purchase all the outstanding stock at the fair market
value on the date notice is given. The amounts due hereunder shall be payable,
in lump sum of the effective date of termination, without offset or defense or
any obligation of the Executive to mitigate damages.

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     6. ADDITIONAL BENEFITS.

     6.1 IN GENERAL. In addition to the compensation, bonuses, expenses and
other benefits to be paid under Sections 3, 4 and 5 hereof, Executive will be
entitled to all rights and benefits for which he shall be eligible under any
insurance, health and medical, incentive, bonus, profit-sharing, pension or
other extra compensation or "fringe" benefit plan of the Corporation or any of
its subsidiaries now existing or hereafter adopted for the benefit of the
executives or employees generally of the Corporation. The provisions of this
Agreement which incorporate employee benefit packages shall change as and when
such employee benefit packages change. In the event that the Corporation does
not provide family health and medical insurance for the benefit of the
executives and employees generally of the Corporation, the Corporation shall
provide Executive and pay the all costs associated with family health and
medical insurance for the benefit of Executive as selected by Executive in his
sole discretion.

     6.2 AUTOMOBILE. The Corporation shall pay the Executive $300 per month plus
all expenses including insurance, maintenance and repairs and fuel.

     6.3 LIFE AND DISABILITY INSURANCE. The Corporation shall provide the
Executive with (i) a policy of term life insurance in an amount equal to not
less than three (3) times his annual Base Salary HEREUNDER, payable to such
beneficiary or beneficiaries as shall be designated by him in writing and (b) a
policy of disability insurance that will provide Executive with an annual amount
equal to not less than seventy-five percent (75%) of his then current Base
Salary, payable until Executive shall reach 65 years of age, with a waiting
period not to exceed 120 days. This paragraph is effective, if and when all
officers compensation includes this provision.

     6.3 DIRECTOR'S AND OFFICERS INSURANCE. The Corporation shall provide the
Executive with a policy of director's and officers liability insurance in such
amounts and providing such coverage as the Executive and the Corporation shall
reasonably agree, consistent with policies obtained by other publicly held
companies of similar size and engaged in similar businesses.

     7. VACATION.

     The Executive shall be entitled, during the Term of this Agreement, to a
vacation period annually, as follows:

     March 1, 2000 through February 28, 2003 -- four (4) weeks; during which all
salary, compensation, benefits and other rights to which the Executive is
entitled to hereunder shall be provided in full. Such vacation may be taken in
the Executives discretion, and such time or times as are not inconsistent with
the reasonable business needs of the Corporation. In addition, Executive shall
be entitled to up to eight (8) sick days and two (2) personal days for each year
commencing January 1, during which all salary, compensation, benefits and other
rights to which the Executive is entitled to hereunder shall be provided in
full.

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     8. INSURABILITY; RIGHT TO INSURE. Executive agrees that the Corporation
shall have the right during the Term to insure the life of Executive by a policy
or policies of insurance in such amount or amounts as it may deem necessary or
desirable, and the Corporation shall be the beneficiary of any stitch policy or
policies and shall pay the premiums or other costs thereof. The Corporation
shall have the right, from time to time, to modify any such policy or policies
of insurance or to take out new insurance on the life of Executive. Executive
agrees, upon request, at any time or times prior to the commencement of or
during the Term to sign and deliver any and all documents and to submit to any
physical or other reasonable examinations which may be required in connection
with any such policy or policies of insurance or modifications thereof.

     9. TERMINATION.

     9.1 DEATH. If Executive dies during the Term of this Agreement, Executive's
employment hereunder shall terminate upon his death and all obligations of the
Corporation hereunder shall terminate on such date, except that Executive's
estate or his designated beneficiary shall be entitled to payment of any unpaid
accrued Base Salary through the date of his death. In addition, any accrued and
unpaid Bonus shall be paid in accordance with Section 4 hereof. In addition,
Executive's estate or his designated beneficiary shall be entitled to payment of
the severance payments set forth in Section 5.1 hereof.

     9.2 DISABILITY. If Executive shall be unable to perform a significant part
of his duties and responsibilities in connection with the conduct of the
business and affairs of the Corporation and such inability lasts for (i) a
period of at least one hundred twenty (120) consecutive days, or (ii) periods
aggregating at least one hundred eighty (180) days during any three hundred
sixty-five (365) consecutive days, by reason of Executive's physical or mental
disability, whether by reason of injury, illness or similar cause, Executive
shall be deemed disabled, and the Corporation any time thereafter may terminate
Executive's employment hereunder by reason of the disability. Upon delivery to
Executive of such notice, all obligations of the Corporation hereunder shall
terminate, except that Executive shall be entitled to payment of any unpaid
accrued Base Salary through the date of termination. In addition, any accrued
and unpaid Bonus shall be paid in accordance with Section 4 hereof. In addition,
the Executive shall be entitled to those severance payments set forth in Section
5.1 hereof. The obligations of Executive under Section 10 hereof shall continue
notwithstanding termination of Executive's employment pursuant to this Section
9.2.

     9.3 TERMINATION FOR CAUSE. The Corporation may at any time during the Term,
without any prior notice, terminate this Agreement and discharge Executive for
Cause, whereupon the Corporation's obligation to pay compensation or other
amounts payable hereunder to or for the benefit of Executive shall terminate on
the date of such discharge. As used herein the term Cause shall mean: (i) a
willful and material breach by Executive of the terms of this Agreement' which
breach shall not have been cured within thirty (30) days of writen notice of
such breach; (ii) willful violation of specific and lawful written direction
from the Board of Directors of the Corporation, which violation shall not have
been cured within thirty (30) days of written notice of such violation, provided

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such direction is not inconsistent with the Executive's duties and
responsibilities as the, Chief Executive Officer and President of the
Corporation; or (iii) conviction of the Executive of a felony by a federal or
state court of competent jurisdiction, which felony is directly and materially
related to or arises out of Executive's employment with the Corporation. The
obligations of the Executive under Section 10 shall continue notwithstanding
termination of the Executive's employment pursuant to this Section 9.3.

     9.4 TERMINATION WITHOUT CAUSE. The Corporation shall have the option to
terminate this Agreement Without Cause upon one hundred and eighty (180) days'
written notice to the Executive. In the event the Corporation terminates this
Agreement without Cause as defined above, the Corporation shall pay the
Executive upon termination, the amount required pursuant to Section 5.1. The
obligations of the Executive under Section 10 hereof shall continue
notwithstanding termination of the Executive's employment pursuant to this
Section 9.4.

     9.5 TERMINATION BY EXECUTIVE FOR GOOD REASON. The Executive shall have the
right to terminate this Agreement for Good Reason, as hereinafter defined, upon
written notice to the Corporation. Good Reason shall mean any of the following:
(i) the assignment to the Executive of duties inconsistent with the Executive's
position, duties, responsibilities, titles or offices as described herein; (ii)
any material reduction by the Corporation of the Executive's duties and
responsibilities (including the appointment, without the Executive's consent, of
an Executive officer senior to him, in his respective sphere and; (iii) any
reduction by the Corporation of the Executive's compensation or benefits payable
hereunder (it being understood that a reduction of benefits applicable to all
executives of the Corporation, including the Executive, shall not be deemed a
reduction of the Executive's compensation package for purposes of this
definition.

     9.6. TERMINATION BY EXECUTIVE UPON CHANGE IN CONTROL. Executive, at his
option, shall be able to terminate this Agreement upon written notice given to
the Secretary of the Corporation within ninety (90) days of an occurrence of a
"Change in Control". A "Change in Control" of the Corporation shall mean a
change in control of the Corporation or any entity controlling the Corporation
(referred to collectively in this Section 5 as the Corporation) of a nature that
would be required to be reported in response to Item 1 of a Current Report on
Form 8-K, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
(the "Exchange Act"); PROVIDED THAT, without limitation, such a Change in
Control shall be deemed to have occurred at such time as (a) any "person" (as
such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a
person who or which was a shareholder of the Corporation immediately prior to
the Corporation's initial public offering (the "IPO"), is or becomes the
"beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Corporation representing twenty-five percent
(25%) or more of the combined voting power of the Corporation's outstanding
securities ordinarily having the right to vote at elections of directors; or (b)
individuals who constitute the Board concurrent with the execution of this
Agreement (the incumbent Board) cease for any reason to constitute at least a
majority thereof, PROVIDED THAT any person becoming a director subsequent to the
date hereof whose election or nomination for election by the Corporation's
shareholders was approved by a vote of at least three quarters of the directors
comprising the Incumbent Board, shall be, for purposes of this clause (b),
considered as though he were a member of the Incumbent Board; or (c) a sale by

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the Corporation of all or substantially all of its assets occurs.
Notwithstanding anything in the foregoing to the contrary, no Change in Control
shall be deemed to have occurred for purposes of this Agreement by virtue of any
transactions which result in the acquisition by the Executive, or by a group of
persons which includes the Executive, directly or indirectly, of a majority of
either the outstanding shares of common stock of the Corporation or the voting
securities of any corporation which acquires all or substantially all of the
assets of the Corporation, whether by way of merger, consolidation, sale of such
assets or otherwise.

     10. PROTECTION OF CONFIDENTIAL INFORMATION.

     In view of the fact that Executive's work for the Corporation will bring
him into close contact with confidential information and plans for future
developments, Executive agrees to the following:

     10.1 SECRECY. To keep secret and retain in the strictest confidence all
confidential matters of the Corporation, including, without limitation, trade
"know how" and trade secrets, customer lists, pricing policies, marketing plans,
technical processes, formulae, inventions and research projects, and other
business affairs of the Corporation, learned by him heretofore or hereafter, and
not to disclose them to anyone inside or outside of the Corporation, except in
the course of performing the Services hereunder or with the express written
consent of the Chief Executive Officer or Board of Directors of the Corporation
and except to the extent SUCH information is already known to the general public

     10.2 RETURN MEMORANDA, ETC. To deliver promptly to the Corporation on
termination of his employment, or at any other time as the Chief Executive
Officer or the Board of Directors of the Corporation may so request, all
memoranda, notes, records, reports, manuals, drawings, blueprints and other
documents (and all copies thereof) relating to the Corporation's business and
all property associated therewith, which he may then possess or have under his
control.

     10.3 COVENANTS.

          10.3.1 NON-COMPETITION. EXECUTIVE agrees that at all times while he is
employed by the Corporation and, regardless of the reason for termination of his
employment or this Agreement, for a period of one (1) year thereafter, he will
not, as a principal, agent, employee, employer, consultant, stockholder,
investor, director or co-partner of any person, firm, corporation or business
entity other than the Corporation, or in any individual or representative
capacity whatsoever, directly or indirectly, without the express prior written
consent of the Corporation:

          (i) engage or participate in any business whose products or services
     are competitive with that of the Corporation, which business is involved
     with all facets of music production and sales, and which conducts or
     solicits business, or transacts with supplier or customers located within
     the United States and worldwide;

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          (ii) aid or counsel any other person, firm, corporation or business
     entity to do any of the above;

          (iii) become employed by a firm, corporation, partnership or joint
     venture which competes with the business of the Corporation within the
     United States; or

          (iv) approach, solicit business from, or otherwise do business or deal
     with any customer of the Corporation in connection with any product or
     service competitive to any provided by the Corporation.

          10.3.2 ANTI-RAIDING. Executive agrees that during the term of his
employment hereunder, and, thereafter for a period of one (1) year, he will not,
as a principal, agent, employee, employer, consultant, director or partner of
any person, firm, corporation or business entity other than the Corporation, or
in any individual or representative capacity whatsoever' directly or indirectly,
without the prior express written consent of the Corporation approach, counsel
or attempt to induce any person who is then in the employ of the Corporation to
leave the employ of the Corporation or employ or attempt to employ any such
person or persons who at any time during the preceding six months was in the
employ of the Corporation.

          10.3.3 EXECUTIVE'S ACKNOWLEDGEMENTS. Executive acknowledges (I) that
his position with the Corporation requires the performance of services which are
special, unique, and extraordinary in character and places him in a position of
confidence and trust with e Customers and employees of the Corporation, through
which, among other things, he shall obtain knowledge of the Corporation's
"technical information" and "know-how" and become acquainted with its customers,
in which matters the Corporation has substantial proprietary interests; (ii)
that the restrictive covenants set forth above are necessary in order to protect
and maintain such proprietary interests and the other legitimate business
interests of the Corporation; and (iii) that the Corporation would not have
entered into this Agreement unless such covenants were included herein.

     Executive also acknowledges that the business of the Corporation presently
will extend throughout the United States, and that he will personally supervise
and engage in such business on behalf of Corporation and, accordingly, it is
reasonable that the restrictive covenants set forth above are not more limited
as to geographic area then is set forth therein. Executive also represents to
the Corporation that the enforcement of such covenants will not prevent
Executive from earning a livelihood or impose an undue hardship on the
Executive.

     10.4 SEVERABILITY. If any of the provisions of this Section 10, or any part
thereof, is hereinafter construed to be invalid or unenforceable, the same shall
not affect the remainder of such provision or provisions, which shall be given
full effect, without regard to the invalid portions. If any of the provisions of
this Section 10, or any part thereof, is held to be unenforceable because of the

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duration of such provision, the area covered thereby or the type of conduct
restricted therein, the parties agree that the court making such determination
shall have the power to modify the duration, geographic area and/or other terms
of such provision and, as so modified, said provision(s) shall then be
enforceable. In the event that the courts of any one or more jurisdictions shall
hold such provisions wholly or partially unenforceable by reason of the scope
thereof or otherwise, it is the intention of the parties hereto that such
determination not bar or in any way affect the Corporation's right to the relief
provided for herein in the courts of any other jurisdictions as to breaches or
threatened breaches of such provisions in such other jurisdictions, the above
provisions as they relate to each jurisdiction being, for this purpose,
severable into diverse and independent covenants.

     10.5 INJUNCTIVE RELIEF. Executive acknowledges and agrees that, because of
the unique and extraordinary nature of his services, any breach or threatened
breach of the provisions of Sections 10.1, 10.2, or 10.3 hereof will cause
irreparable injury and incalculable harm to the Corporation, and the Corporation
shall, accordingly, be entitled to injunctive and other equitable relief for
such breach or threatened breach and that resort by the Corporation to such
injunctive or other equitable relief shall not be deemed to waive or to limit in
any respect any right or remedy which the Corporation may have with respect to
such breach or threatened breach. The Corporation and Executive agree that any
such action for injunctive or equitable relief shall be heard in a state or
federal court situate in Rhode Island and each of the parties hereto, hereby
agrees to accept service of process by registered mail and to otherwise consent
to the jurisdiction of such courts.

     10.6 EXPENSES OF ENFORCEMENT OF COVENANTS. In the event that any action,
suit or proceeding at law or in equity is brought to enforce the covenants
contained in Sections 10.1, 10.2, or 10.3 hereof or to obtain money damages for
the breach thereof, the party prevailing in any such action, suit or other
proceeding shall be entitled upon demand, to reimbursement from the other party
for all expenses (including, without limitation, reasonable attorneys' fees and
disbursements) incurred in connection therewith.

     10.7 SEPARATE AGREEMENT. The provisions of this Section 10 shall be
construed as an agreement on the part of the Executive independent of any other
part of this Agreement or any other agreement, and the existence of any claim or
cause of action of the Executive against the Corporation, whether predicated on
this Agreement or otherwise, shall not constitute a defense to the enforcement
by the Corporation of the provisions of this Section 10.

     11. INDEMNIFICATION.

     The Corporation shall provide the Executive (including his heirs, executors
and administrators) with coverage under a standard directors and officers
liability insurance policy at the Corporation's expense to the same extent as
provided for any other director, officer or trustee of the Corporation. In
addition, the Corporation shall indemnify the Executive (and his heirs,
executors and administrators) to the fullest extent permitted under the law of
its state of incorporation against all expenses and liabilities reasonably
incurred by him in connection with or arising out of any action, suit or

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proceeding in which the Executive may be involved by reason of his having been a
director or officer of the Corporation or any subsidiary thereof. Such expenses
and liabilities shall include, but not be limited to, judgments, court costs and
attorneys' fees and the cost of reasonable settlements, such settlements to be
approved by the Board if such action is brought against the Executive in his
capacity as a director or officer of the Corporation or any subsidiary thereof.
The Corporation shall, upon the request of the Executive, advance to the
Executive such amounts as necessary to cover expenses, including without
limitation legal fees and expenses, incurred by the Executive in connection with
any suit or proceeding in which the Executive may be involved by reason of his
being or having been a director or officer of the Corporation or of any
subsidiary thereof. Such indemnity and advance of expenses, however, shall not
extend to matters as to which the Executive is finally adjudged to be liable for
wilful misconduct in the performance of his duties.

     12. ARBITRATION.

     Except with respect to any proceeding brought under Section 10 hereof, any
controversy, claim, or dispute between the parties, directly or indirectly,
concerning this Employment Agreement or the breach hereof, or the subject matter
hereof, including questions concerning the scope and applicability of this
arbitration clause, shall be finally settled by arbitration in Kent County,
Rhode Island pursuant to the rules then applying of the American Arbitration
Association The arbitrators shall consist of one representative selected by the
Corporation, one representative selected by the Executive and one representative
selected by the first two arbitrators The parties agree to expedite the
arbitration proceeding in every way, so that the arbitration proceeding shall be
commenced within thirty (30) days after request therefore is made, and shall
continue thereafter, without interruption, and that the decision of the
arbitrators shall be handed down within thirty (30) days after the hearings in
the arbitration proceedings areclosed. The arbitrators shall have the right and
authority to assess the cost of the arbitration proceedings and to determine how
their decision or determination as to each issue or matter in dispute may be
implemented or enforced. The decision in writing of any two of the arbitrators
shall be binding and conclusive on all of the parties to this Agreement. Should
either the Corporation or the Executive fail to appoint an arbitrator as
required by this Section 12 within thirty (30) days after receiving written
notice from the other party to do so, the arbitrator appointed by the other
party shall act for all of the parties and his decision in writing shall be
binding and conclusive on all of the parties to this Employment Agreement. Any
decision or award of the arbitrators shall be final and conclusive on the
parties to this Agreement; judgment upon such decision or award may be entered
in any competent Federal or state court located in the United States of America;
and the application may be made to such court for confirmation of such decision
or award for any order of enforcement and for any other legal remedies that may
be necessary to effectuate such decision or award.

     13. NOTICES.

     All notices, requests, consents and other communications required or
permitted to be given hereunder, shall be in writing and shall be deemed to have
been duly given if delivered personally or sent by prepaid telegram, telecopy or
mailed first-class, postage prepaid, by registered or certified mail (notices

                                       11
<PAGE>
sent by telegram or mailed shall be deemed to have been given on the date sent),
to the parties at their respective addresses hereinabove set forth or to such
other address as either party shall designate by notice in writing to the other
in accordance herewith. Copies of all notices shall be sent to the attorney
selecteed by the Executive and noticed in writing to mthe Corporation from time
to time.

     14. GENERAL.

     14.1 GOVERNING LAW. This Agreement shall be governed by and construed and
enforced in accordance with the local laws of the State of Rhode Island
applicable to agreements made and to be performed entirely in Rhode Island.

     14.2 CAPTIONS. The section headings contained herein are for reference
purposes only and shall not in any way affect the meaning or interpretation of
this Agreement.

     14.3 ENTIRE AGREEMENT. This Agreement sets forth the entire agreement and
understanding of the parties relating to the subject matter hereof, and
supersedes all prior agreements, arrangements and understandings, written or
oral, relating to the subject matter hereof. No representation, promise or
inducement has been made by either party that is not embodied in this Agreement,
and neither party shall be bound by or liable for any alleged representation'
promise or inducement not so set forth.

     14.4 SEVERABILITY. If any of the provisions of this Agreement shall be
unlawful, void, or for any reason, unenforceable, such provision shall be deemed
severable from, and shall in no way affect the validity or enforceability of,
the remaining portions of this Agreement.

     14.5 WAIVER. The waiver by any party hereto of a breach of any provision of
this Agreement by any other party shall not operate or be construed as a waiver
of any subsequent breach of the same provision or any other provision hereof.

     14.6 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same Agreement.

     14.7 ASSIGNABILITY. This Agreement, and Executive's rights and obligations
hereunder, may not be assigned by Executive. The Corporation may assign its
rights, together with its obligations, hereunder in connection with any sale,
transfer or other disposition of all or substantially all of its business or
assets; in any event the rights and obligations of the Corporation hereunder
shall be binding on its successors or assigns, whether by merger, consolidation
or acquisition of all or substantially all of its business or assets; provided,
however, that any such assignment shall not release the Corporation from its
obligations hereunder. This Agreement shall inure to the benefit of, and be
binding upon, the Executive and his executors, administrators, heirs and legal
representatives.

                                       12
<PAGE>
     14.8 AMENDMENT. This Agreement may be amended, modified, superseded,
cancelled, renewed or extended and the terms or covenants hereof may be waived,
only by a written instrument executed by both of the parties hereto, or in the
case of a waiver, by the party waiving compliance. No superseding instrument,
amendment, modification, cancellation, renewal or extension hereof shall require
the consent or approval of any person other than the parties hereto. The failure
of either party at any time or times to require performance of any provision
hereof shall in no matter affect the right at a later time to enforce the same.
No waiver by either party of the breach of any term or covenant contained in
this Agreement, whether by conduct or otherwise, in any one or more instances,
shall be deemed to be, or construed as, a further or continuing waiver of any
such breach, or a waiver of the breach of any other term or covenant contained
in this Agreement.

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

ATTEST:                               OPEN DOOR ONLINE, INC.

By: /s/ Guy Panneton                       By: /s/ David N. DeBaene
   ---------------------------------          ----------------------------------
   Name: Guy Panneton                         Name: David N. DeBaene
   Title: Acting Secretary                    Title: President

WITNESS:
/s/ Thomas Carley                             /s/ Norman J. Birmingham
---------------------------------             ----------------------------------
Thomas Carley                                 Norman J. Birmingham, individually

                                       13<PAGE>   1

                                                                    EXHIBIT 10.1

                                 NARA BANK, N.A.
                          2000 LONG TERM INCENTIVE PLAN

     Nara Bank, N. A. (the "Company"), by action of its Board of Directors,
hereby adopts the Nara Bank, N.A. 2000 Long Term Incentive Plan (the "Plan")
with the following provisions:

     1. PURPOSE. The purpose of the Plan is to promote and advance the interests
of the Company and its shareholders by enabling the Company and its Subsidiaries
to attract, retain and reward senior executives, key employees and directors,
and to strengthen the mutuality of interests between such executives, employees
and directors and the Company's shareholders. The Plan is designed to meet this
intent by offering performance-based stock and cash incentives and other
equity-based incentive awards, thereby providing a proprietary interest in
pursuing the long-term growth, profitability and financial success of the
Company.

     2. DEFINITIONS. For purposes of this Plan, the following terms shall have
the meanings set forth below:

          (A) "Administrator" means the Board or the Committee.

          (B) "Award or "Awards" means an award or grant made to a Participant
under Sections 6 through 10, inclusive, of the Plan.

          (C) "Board" means the Board of Directors of the Company.

          (D) "Code" means the Internal Revenue Code of 1986, as in effect from
time to time or any successors thereto, together with rules, regulations and
authoritative interpretations promulgated thereunder.

          (E) "Committee" means a committee of two or more Independent Directors
appointed by the Board to administer the Plan.

          (F) "Common Stock" means the Common Stock of the Company or any
security of the Company issued in substitution, exchange or lieu thereof.

          (G) "Company" means Nara Bank, a national association, or a Subsidiary
or successor entity, or any holding company for Nara Bank which is a parent of
the Company within the meaning of Code Section 424(e).

          (H) "Date of Grant" means the date of the Administrator takes formal
action designating that a Participant shall receive an Award, notwithstanding
the date the Participant accepts the Award, the date the Company and the
Participant enter into a written agreement with respect to the Award, or any
other date.

          (I) "Disability" means permanent and total disability as determined by
the Administrator in accordance with the standards under Section 22(e)(3) of the
Code.

          (J) "Effective Date" means the date the Plan is approved by the
holders of a majority of the outstanding shares of common stock, provided such
approval of the shareholders of the company occurs within twelve (12) months
before or after the Board adopts the Plan. In the event the Company does not
obtain shareholder approval of the plan, any Awards granted pursuant to the Plan
shall be rescinded automatically.

                                       1
<PAGE>   2

          (K) "Exchange Act" means the Securities Exchange Act of 1934, as
amended and in the effect from time to time, or any successor statute.

          (L) "Fair Market Value" means on any given date, the closing price for
the Common Stock on such date, or, if the Common Stock was not traded on such
date, on the next preceding day on which the Common Stock was traded, determined
in accordance with the following rules.

               (I) If the Common Stock is admitted to trading or listing on a
national securities exchange registered under the Exchange Act, the closing
price for any day shall be the last reported sale price regular way, or in the
case no such reported sale takes place on such date, the average of the last
reported bid and ask prices regular way, in either case on the principal
national securities exchange on which the Common Stock is admitted to trading or
listed, or

               (II) If not listed or admitted to trading on any national
securities exchange, the last sale price of the Common Stock on the National
Association of Securities Dealers Automated Quotation National Market System
("NMS") or, in case no such reported sale takes place, the average of the
closing bid and ask prices on such date, or

               (III) If not quoted on the NMS, the average of the closing bid
and ask prices of the Common Stock on the National Association of Securities
Dealers Automated Quotation System ("NASDAQ") or any comparable system, or

               (IV) If the Common Stock is not listed on NASDAQ or any
comparable system, the closing bid and ask prices as furnished by any member of
the National Association of Securities Dealers, Inc., selected from time to time
by the Company for that purpose.

          (M) "Incentive Stock Option" means any Stock Option granted pursuant
to the provisions of Section 6 of the plan that is intended to be and is
specifically designated as an "incentive stock option" within the meaning of
Section 422 of the Code.

          (N) "Independent Director" means persons who qualify as "nonemployee
directors" as such term is defined in Securities and Exchange Commission Rule
16b-3 under the 1934 Act ("Nonemployee Directors") and who qualify as "outside
directors" within the meaning of Section 162(m)(4)(C)(i) of the Code and
Treasury Regulations 1.162-27(c)(3) ("Outside Director"). The Board shall have
the authority to appoint and remove members of the Committee, provided, however,
that any attempted appointment to the Committee of a person who does not qualify
as an Outside Director and Nonemployee Director shall be null and void. Any
Committee member who loses the status of an Outside Director and Nonemployee
Director shall automatically and without further action cease to be a member of
the Committee as soon as such status is lost.

          (O) "Non-Qualified Stock Option" means any Stock Option granted
pursuant to the provisions of Section 6 of the Plan that is not an Incentive
Stock Option.

          (P) "Participant" means any person to whom an Award is granted
pursuant to the Plan.

          (Q) "Performance Award" means an Award granted pursuant to the
provisions of Section 9 of the Plan, the vesting of which is contingent on the
attainment of specified performance criteria.

                                       2
<PAGE>   3

          (R) "Performance Share Grant" means an Award of units representing
shares of Common Stock granted pursuant to the provisions of Section 9 of the
Plan.

          (S) "Performance Unit Grant" means an Award of monetary units granted
pursuant to the provisions of Section 9 of the Plan.

          (T) "Plan" means the Nara Bank, N.A. 2000 Long Term Incentive Plan, as
set forth herein and as it may be hereafter amended and from time to time in
effect.

          (U) "Restricted Award" means an Award granted pursuant to the
provisions of Section 8 of the Plan.

          (V) "Restricted Stock Grant" means an Award of shares of Common Stock
granted pursuant to the provisions of Section 8 of the Plan.

          (W) "Restricted Unit Grant" means an Award of units representing
shares of Common Stock granted pursuant to the provisions of Section 8 of the
Plan.

          (X) "Retirement" means retirement from active employment with the
Company and its Subsidiaries on or after the normal retirement date specified in
the Company's retirement plan or such earlier retirement date as approved by the
Administrator for purposes of this Plan.

          (Y) "Stock Appreciation Right" means an Award to benefit from the
appreciation of Common Stock granted pursuant to the provisions of Section 7 of
the Plan.

          (Z) "Stock Option" means an Award to purchase shares of Common Stock
granted pursuant to the provisions of Section 6 of the Plan.

          (AA) "Subsidiary" means any corporation or entity that is a subsidiary
of the Company within the meaning of Section 424(f) of the Code (or successor
sections.)

          (BB) "Ten Percent Shareholder" means a person who owns (after taking
into account the constructive ownership rules of Section 424(d) of the Code or
successor sections) more than ten percent (10%) of the stock of the Company.

     3. ADMINISTRATION OF PLAN.

          (A) Administration. The Board shall administer the Plan unless and
until the Board delegates administration to a Committee. If administration is
delegated to a Committee, the Committee shall have, in connection with the
administration of the Plan, the powers theretofore possessed by the Board,
including the power to delegate to a subcommittee any of the administrative
powers the Committee is authorized to exercise, subject, however, to such
resolutions, not inconsistent with the provisions of the Plan, as may be adopted
from time to time by the Board. The Board may abolish the Committee at any time.

          (B) Powers of Administrator. The Administrator shall have the power,
subject to, and within the limitations of, the express provisions of the Plan:

               (I) To determine from time to time which of the persons eligible
under the Plan shall be granted Awards; when and how each Award shall be
granted; what type or combination of types of Awards shall be granted; the
provisions of each Award granted (which need not

                                       3
<PAGE>   4

be identical), including the time or times when a person shall be permitted to
receive stock pursuant to an Award; and the number of shares with respect to
which an Award shall be granted to each such person.

               (II) To construe and interpret the Plan and Awards granted under
it, and to establish, amend and revoke rules and regulations for its
administration. The Administrator, in the exercise of this power, may correct
any defect, omission or inconsistency in the Plan or in any Award agreement, in
a manner and to the extent it shall deem necessary or expedient to make the Plan
fully effective. All decisions and interpretations of the Administrator shall be
binding on all persons, including the Company and Participants.

               (III) To amend the Plan or an Award as provided in Section 18.

               (IV) Generally, to exercise such powers and to perform such acts
as the Administrator deems necessary or expedient to promote the best interests
of the Company that are not in conflict with the provisions of the Plan.

     4. DURATION OF AND COMMON STOCK SUBJECT TO THE PLAN.

          (A) Term. The Plan shall terminate automatically on the tenth (10th)
anniversary date of the date of adoption of the Plan by the Board or the tenth
(10th) anniversary date of the date of shareholder approval of the Plan,
whichever is earlier (subject to earlier termination by action of the Board),
except with respect to Awards then outstanding.

          (B) Shares of Common Stock Subject to the Plan. The maximum total
number of shares of Common Stock with respect to which aggregate stock Awards
may be granted under the Plan shall be Seven Hundred Thousand (700,000).

               (I) In no event shall more than Five Hundred Thousand (500,000)
shares of Common Stock be available for awards of Incentive Stock Options under
the Plan.

               (II) All of the amounts stated in this paragraph (b) are subject
to adjustment as provided in Section 16 below and are subject to the rules of
Section 6(g).

               (III) For the purpose of computing the total number of shares of
Common Stock available for Awards under the Plan, there shall be counted against
the foregoing limitations the number of Shares of Common Stock subject to
issuance upon exercise or used for payment or settlement of Awards. For purposes
of administering the foregoing sentence, shares subject Incentive Stock Options
shall reduce the maximum number of shares available for Incentive Stock Options
on a share for share basis, but shares subject to other types of Awards shall
first reduce the maximum number of shares without affecting the Incentive Stock
Option portion until the amount available for Awards other than Incentive Stock
Options is reduced to zero, and only then shall reduce the amount reserved for
Incentive Stock Options.

               (IV) Except in the case of Incentive Stock Options granted under
the Plan (for which each share Award may be used only once), if any Awards are
forfeited, terminated, expire unexercised, settled or paid in cash in lieu of
stock or exchanged for other Awards, the shares of Common Stock which were
theretofore subject to such Awards shall again be available for Awards under the
Plan to the extent of such forfeiture or expiration of such Awards.

               (V) Except in the case of shares acquired through exercise of an
Incentive Stock Option granted under the Plan, any shares of Common Stock which
are used as full or

                                       4
<PAGE>   5

partial payment to the Company by a Participant of the purchase price of shares
of Common Stock upon exercise of a Stock Option shall again be available for
Awards under the Plan, as shall any shares covered by Stock Appreciation Rights
which are not issued as payment upon exercise.

          (C) Source of Common Stock. Common Stock that may be issued under the
Plan may be either authorized and unissued shares or issued shares which have
been reacquired by the Company. No fractional shares of Common Stock shall be
issued under the Plan.

     5. ELIGIBILITY. Persons eligible for Awards under the Plan shall consist of
senior executives and other employees who hold positions of significant
responsibilities or whose performance or potential contribution, in the judgment
of the Administrator will benefit the Company or its Subsidiaries, and directors
of the Company or its Subsidiaries.

     6. STOCK OPTIONS. Stock Options granted under the Plan may be in the form
of Incentive Stock Options or Non-Qualified Stock Options (collectively referred
to as "Stock Options"). Stock Options shall be subject to the terms and
conditions set forth below. Each written Stock Option agreement shall contain
such additional terms and conditions, not inconsistent with the express
provisions of the Plan, as the Administrator shall deem desirable.

          (A) Grant. Stock Options shall be granted under the Plan on such terms
and conditions not inconsistent with the provisions of the Plan and pursuant to
written agreements with the optionee in such form as the Administrator may from
time to time approve in its sole and absolute discretion. The terms of
individual Stock Option agreements need not be identical. Each Stock Option
agreement shall state specifically whether it is intended to be an Incentive
Stock Option agreement or a Non-Qualified Stock Option agreement. Stock Options
may be granted alone or in addition to other Awards under the Plan. Only common
law employees may receive grants of Incentive Stock Options. No person may be
granted (in any calendar year) options to purchase more than one hundred
thousand (100,000) shares of Common Stock (subject to adjustment pursuant to
Section 16). The foregoing sentence is an annual limitation on grants and not a
cumulative limitation.

          (B) Stock Option Price. The exercise price per share of Common Stock
purchasable under a Stock Option shall be determined by the Administrator at the
time of grant. In no event shall the exercise price of a Stock Option be less
than one hundred percent (100%) of the Fair Market Value of the Common Stock on
the date of the grant of such Stock Option; provided, however, in the case of a
Ten Percent Shareholder, the exercise price shall be not less than one hundred
ten percent (110%) of the Fair Market Value of the Common Stock on the date of
its grant.

          (C) Option Term. The term of each Stock Option shall be fixed by the
Administrator. However, the term of any Stock Option shall not exceed ten (10)
years after the date such Stock Option is granted. Furthermore, the term of an
Incentive Stock Option granted to a Ten Percent Shareholder shall not exceed
five (5) years after the date of its grant.

          (D) Exercisability. A Stock Option shall be exercisable at such time
or times and subject to such terms and conditions as shall be determined by the
Administrator at the date of grant and set forth in the written Stock Option
agreement; provided, however, no Stock Option shall be exercisable during the
first six (6) months after the date such Stock Option is granted. A written
Stock Option agreement may, if permitted pursuant to its terms, become
exercisable in full upon the occurrence of events selected by the Administrator
that are beyond the control of the Participant (including, but not limited to, a
Change in Control of the Company as set forth in Section 17 below).

                                       5
<PAGE>   6

          (E) Method of Exercise. A Stock Option may be exercised, in whole or
in part, by giving written notice of exercise to the Company specifying the
number of shares to be purchased. Such notice shall be accompanied by payment in
full of the purchase price (i) in cash or (ii) if acceptable to the
Administrator, in shares of Common Stock already owned by the Participant. The
Administrator may also permit Participants, either on a selective or aggregate
basis, to simultaneously exercise Options and sell the shares of Common Stock
thereby acquired, pursuant to a brokerage or similar arrangement, approved in
advance by the Administrator, and use the proceeds from such sale as payment of
part or all of the purchase price of such shares.

          (F) Special Rule for Incentive Stock Options. With respect to
Incentive Stock Options granted under the Plan, the aggregate Fair Market Value
(determined as of the date the Incentive Stock Option is granted) of the number
of shares with respect to which Incentive Stock Options are exercisable for the
first time by a Participant during any calendar year (under this Plan and all
other incentive stock option plans of this Company or its Subsidiaries) shall
not exceed one hundred thousand dollars ($100,000) or such other limit as may be
required by the Code.

     7. STOCK APPRECIATION RIGHTS. The grant of Stock Appreciation Rights under
the Plan shall be subject to the following terms and conditions. Furthermore,
the Stock Appreciation Rights shall contain such additional terms and
conditions, not inconsistent with the express terms of the Plan, as the
Administrator shall deem desirable. The terms of each Stock Appreciation Right
granted shall be set forth in a written agreement between the Company and the
Participant receiving such grant. The terms of such agreements need not be
identical.

          (A) Stock Appreciation Rights. A Stock Appreciation right is an Award
determined by the Administrator entitling a Participant to receive an amount
equal to the excess of the Fair Market Value of a share of Common Stock on a
fixed date, which shall be the date concluding a measuring period set by the
Administrator upon granting the Stock Appreciation Right, over the Fair Market
Value of a share of Common Stock on the date of grant of the Stock Appreciation
Right, multiplied by the number of shares of Common Stock subject to the Stock
Appreciation Right. No Stock Appreciation Rights granted in any year to any
person may be measured by an amount of shares of Common Stock in excess of on
hundred thousand (100,000) shares, subject to adjustment under Section 16 below.
The foregoing sentence is an annual limitation on grants and not a cumulative
limitation.

          (B) Grant. A Stock Appreciation Right may be granted in addition to or
completely independent of a Stock Option or any other Award under the Plan. Upon
grant of a Stock Appreciation Right, the Administrator shall select and inform
the Participant regarding the number of shares of Common Stock subject to the
Stock Appreciation Right and the date that constitutes the close of the
measuring period.

          (C) Measuring Period. A Stock Appreciation Right shall accrue in value
from the date of grant over a time period established by the Administrator,
except that in no event shall a Stock Appreciation Right be payable within the
first six (6) months after the date of grant. In the written Stock Appreciation
Right agreement, the Administrator may also provide (but is not required to
provide) that a Stock Appreciation Right shall be automatically payable on one
or more specified dates prior to the normal end of the measuring period upon the
occurrence of events selected by the Administrator (including, but not limited
to, a Change in Control of the Company as set forth in Section 17 below) that
are beyond the control of the Participant. The Administrator may provide (but is
not required to provide) in the Stock Appreciation Right agreement that in the
case of a cash payment such acceleration in payment shall also be subject to
discounting of the payment to reasonably reflect the time value of money using
any reasonable discount rate selected by the Administrator in accordance with
Treasury Regulations under Code Section 162(m).

                                       6
<PAGE>   7

          (D) Form of Payment. Payment pursuant to a Stock Appreciation Right
may be made (i) in cash, (ii) in shares of Common Stock, or (iii) in any
combination of the above, as the Administrator shall determine in its sole and
absolute discretion. The Administrator may elect to make this determination
either at the time the Stock Appreciation Right is granted, at the time of
payment or at any time in between such dates. However, any Stock Appreciation
Right paid upon or subsequent to the occurrence of a Change in Control (as
defined in Section 17) shall be paid in cash.

     8. RESTRICTED AWARDS. Restricted Awards granted under the Plan may be in
the form of either Restricted Stock Grants or Restricted Unit Grants. Restricted
Awards shall be subject to the following terms and conditions. Furthermore, the
Restricted Awards shall be pursuant to a written agreement executed both by the
Company and Participant, which agreement shall contain such additional terms and
conditions, not inconsistent with the express provisions of the Plan, as the
Administrator shall deem desirable in its sole and absolute discretion. The
terms of such written agreements need not be identical.

          (A) Restricted Stock Grants. A Restricted Stock Grant is an Award of
shares of Common Stock transferred to a Participant subject to such terms and
conditions as the Administrator deems appropriate, as set forth in paragraph (d)
below.

          (B) Restricted Unit Grants. A Restricted Unit Grant is an Award of
units (with each unit having a value equivalent to one share of Common Stock)
granted to a Participant subject to such terms and conditions as the
Administrator deems appropriate, including, without limitation, the requirement
that the Participant forfeit all or a portion of such units upon termination of
employment for specified reasons within a specified period of time, and
restrictions on the sale, assignment, transfer or other disposition of such
units.

          (C) Grants of Awards. Restricted Awards may be granted under the Plan
in such form and on such terms and conditions as the Administrator may from time
to time approve. Restricted Awards may be granted alone or in addition to other
Awards under the Plan. Subject to the terms of Plan, the Administrator shall
determine the number of Restricted Awards to be granted to a Participant and the
Administrator may impose different terms and conditions (including performance
goals) on any particular Restricted Award made to any Participant. Each
Participant receiving a Restricted Stock Grant shall be issued a stock
certificate in respect of such shares of Common Stock. Such certificate shall be
registered in the name of such Participant, shall be accompanied by a stock
power duly executed by such Participant, and shall bear an appropriate legend
referring to the terms, conditions and restrictions applicable to such Award.
The certificate evidencing the shares shall be held in custody by the Company
until the restrictions imposed thereon shall have lapsed or been removed.

          (D) Restriction Period. Restricted Awards shall provide that in order
for a Participant to vest in such Awards, the Participant must continuously
provide services to the Company or its subsidiaries, subject to relief for
specified reasons, for a period commencing on the date of the Award and ending
on such later date or dates, as the Administrator may designate at the time of
the Award ("Restriction Period"). If the Administrator so provides in the
written agreement with the Participant, a Restricted Award may also be subject
to satisfaction of such performance goals as are set forth in such agreement.
During the Restriction Period, a Participant may not sell, assign, transfer,
pledge, encumber, or otherwise dispose of shares of Common Stock received under
a Restricted Stock Grant. The Administrator, in its sole discretion, may provide
for the lapse of restrictions during the Restriction Period upon the occurrence
of events selected by the Administrator that are beyond the control of the
Participant (including, but not limited to, a Change in Control of the Company
under Section 17). The Administrator may provide (but is not required to
provide) in the written agreement with the recipient that in the case of a cash
payment such acceleration in payment shall also be subject to discounting of the
payment to

                                       7
<PAGE>   8

reasonably reflect the time value of money using any reasonable discount rate
selected by the Administrator in accordance with Treasury Regulations under Code
Section 162(m). Upon expiration of the applicable Restriction Period (or lapse
of restrictions during the Restriction Period where the restrictions lapse in
installments or by action of the Administrator), the Participant shall be
entitled to receive his or her Restricted Award or portion thereof, as the case
may be.

          (E) Payment of Awards. A Participant who receives a Restricted Stock
Grant shall be paid solely by release of the restricted shares at the
termination of the Restriction Period (whether in one payment in installments or
otherwise). A Participant shall be entitled to receive payment for a Restricted
Unit Grant (or portion thereof) in an amount equal to the aggregate Fair Market
Value of the shares of Common Stock covered by such Award upon the expiration of
the applicable Restriction Period. Payment in settlement of a Restricted Unit
Grant shall be made as soon a practicable following the conclusion of the
specified Restriction Period (i) in cash, (ii) in shares of Common Stock equal
to the number of units granted under the Restricted Unit Grant with respect to
which such payment is made, or (iii) in any combination of the above, as the
Administrator shall determine in its sole and absolute discretion. The
Administrator may elect to make this determination either at the time the Award
is granted, at the time of payment or at any time in between such dates.

          (F) Rights as a Shareholder. A Participant shall have, with respect to
the shares of Common Stock received under a Restricted Stock Grant; all of the
rights of a shareholder of the Company, including the right to vote the shares,
and the right to receive any cash dividends. Such cash dividends shall be
withheld, however, until their release upon lapse of the restrictions under the
Restricted Award. Stock dividends issued with respect to the shares covered by a
Restricted Grant shall be treated as additional shares under the Restricted
Grant and shall be subject to the same restrictions and other terms and
conditions that apply to shares under the Restricted Grant with respect to which
the dividends are issued.

     9. PERFORMANCE AWARDS. Performance Awards granted under the Plan may be in
the form of either Performance Share Grants or Performance Unit Grants.
Performance Awards shall be subject to the terms and conditions set forth below.
Furthermore, the Performance Awards shall be subject to written agreements that
shall contain such additional terms and conditions, not inconsistent with the
express provisions of the Plan, as the Administrator shall deem desirable in its
sole and absolute discretion. Such agreements need not be identical.

          (A) Performance Share Grants. A Performance Share Grant is an Award of
units (with each unit equivalent in value to one share of Common Stock) granted
to a Participant subject to such terms and conditions as the Administrator deems
appropriate, including, without limitation, the requirement that the Participant
forfeit such units (or a portion of such units) in the event certain performance
criteria are not met within a designated period of time. The shares of stock
subject to Performance Share Grants authorized under the Plan shall consist of
not more than one hundred thousand (100,000) shares.

          (B) Performance Unit Grants. A Performance Unit Grant is an Award of
units (with each unit representing such monetary amount as designated by the
Administrator) granted to a Participant subject to such terms and conditions as
the Administrator deems appropriate, including, without limitation, the
requirement that the Participant forfeit such units (or a portion of such units)
in the event certain performance criteria are not met within a designated period
of time.

          (C) Grants of Awards. Performance Awards shall be granted under the
Plan pursuant to written agreements with the Participant in such form as the
Administrator may from time to time approve. Performance Awards may be granted
alone or in addition to other Awards under the Plan.

                                       8
<PAGE>   9

Subject to the terms of the Plan, the Administrator shall determine the number
of Performance Awards to be granted to a Participant and the Administrator may
impose different terms and conditions on any particular Performance Award made
to any Participant.

          (D) Performance Goals and Performance Periods. Performance Awards
shall provide that, in order for a Participant to vest in such Awards, the
Company must achieve certain performance goals ("Performance Goals") over a
designated performance period ("Performance Period"). The Performance Goals and
Performance Period shall be established by the Administrator, in its sole and
absolute discretion. The Administrator shall establish Performance Goals for
each Performance Period before the commencement of the Performance Period and
while the outcome is substantially uncertain. The Administrator shall also
establish a schedule or schedules for such Performance Period setting forth the
portion of the Performance Award which will be earned or forfeited based on the
degree of achievement of the Performance Goals actually achieved or exceeded. In
setting Performance Goals, the Administrator may use such measures as return on
equity, earnings growth, revenue growth, comparisons to peer companies, or such
other measure or measures of performance in such manner as it deems appropriate.

          (E) Payment of Awards. In the case of a Performance Share Grant, the
Participant shall be entitled to receive payment for each unit earned in an
amount equal to the aggregate Fair Market Value of the shares of Common Stock
covered by such Award as of the end of the Performance Period. In the case of a
Performance Unit Grant, the Participant shall be entitled to receive payment for
each unit earned in an amount equal to the dollar value of each unit times the
number of units earned. The Administrator, pursuant to the written agreement
with the Participant, may make such Performance Awards payable in whole or in
part upon the occurrence of events selected by the Administrator that are beyond
the control of the Participant (including, but not limited to, a Change in
Control of the Company as set forth in Section 17 below). The Administrator may
provide (but is not required to provide) in the written agreement with the
recipient that, in the case of a cash payment, acceleration in payment of a
Performance Award shall also be subject to discounting to reasonably reflect the
time value of money using any reasonable discount rate selected by the
Administrator in accordance with Treasury Regulations under Code Section 162(m).
Payment in settlement of a Performance Award shall be made as soon as
practicable following the conclusion of the Performance Period (i) in cash, (ii)
in shares of Common Stock, or (iii) in any combination of the above, as the
Administrator may determine in its sole and absolute discretion. The
Administrator may elect to make this determination either at the time the Award
is granted, at the time of payment, or at any time in between such dates.

     10. OTHER STOCK-BASED AND COMBINATION AWARDS.

          (A) The Administrator may grant other Awards under the Plan pursuant
to which Common Stock is or may in the future be acquired, or Awards denominated
in stock units, including ones valued using measures other than market value.
Such Other Stock-Based Grants may be granted either alone or in addition to any
other type of Award granted under the Plan.

          (B) The Administrator may also grant Awards under the Plan in
combination with other Awards or in exchange of Awards, or in combination with
or as alternatives to grants or rights under any other employee plan of the
Company, including the plan of any acquired entity.

          (C) Subject to the provisions of the Plan, the Administrator shall
have authority to determine the individuals to whom and the time or times at
which the Awards shall be made, the number of shares of Common Stock to be
granted or covered pursuant to such Awards, and any and all other conditions
and/or terms of the Awards.

                                       9
<PAGE>   10

     11. RESERVED.

     12. DEFERRAL ELECTIONS. The Administrator may permit a Participant to elect
to defer his or her receipt of the payment of cash or the delivery of shares of
Common Stock that would otherwise be due to such Participant by virtue of the
exercise, earn out or vesting of an Award made under the Plan. If any such
election is permitted, the Administrator shall establish rules and procedures
for such payment deferrals, including the possible (a) payment or crediting of
reasonable interest on such deferred amounts credited in cash, and (b) the
payment or crediting of dividend equivalents in respect of deferrals credited in
units of Common Stock. The Company and the Administrator shall not be
responsible to any person in the event that the payment deferral does not result
in deferral of income for tax purposes.

     13. DIVIDEND EQUIVALENTS. Awards of Stock Options, Stock Appreciation
Rights, Restricted Unit Grants, Performance Share Grants, and other stock-based
Awards may, in the sole and absolute discretion of the Administrator, earn
dividend equivalents. In respect of any such Award which is outstanding on a
dividend record date for Common Stock, the Participant may be credited with an
amount equal to the amount of cash or stock dividends that would have been paid
on the shares of Common Stock covered by such Award had such shares been issued
and outstanding on such dividend record date. The Administrator shall establish
such rules and procedures governing the crediting of dividend equivalents,
including the time, form of payment, and payment contingencies of such dividend
equivalents, as it deems appropriate or necessary.

     14. TERMINATION OF EMPLOYMENT. The terms and conditions under which an
Award may be exercised after a Participant's termination of employment shall be
determined by the Administrator and reflected in the written agreement with the
Participant concerning the Award, except that in the event a Participant's
employment with the Company or a Subsidiary terminates for any reason within six
(6) months of the date of grant of any Award held by the Participant, the Award
shall expire as of the date of such termination of employment and the
Participant and the Participant's legal representative or beneficiary shall
forfeit any and all rights pertaining to such Award.

     15. NON-TRANSFERABILITY OF AWARDS. No Award under the Plan, and no rights
or interest therein, shall be assignable or transferable by a Participant except
by will or the laws of descent and distribution. During the lifetime of a
Participant, Awards are exercisable only by, and payments in settlement of
Awards will be payable only to, the Participant or his or her legal
representative.

     16. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, ETC.

          (A) The existence of the Plan and the Awards granted hereunder shall
not affect or restrict in any way the right or power of the Board or the
shareholders of the Company to make or authorize any adjustment,
recapitalization, reorganization or other change in the Company's capital
structure or its business, any merger or consolidation of the Company, any issue
of bonds, debentures, preferred or prior preference stocks ahead of or affecting
the Company's Common Stock or the rights thereof, the dissolution or liquidation
of the Company, or any sale or transfer of all or any part of its assets or
business, or any other corporate act or proceeding.

          (B) In the event of any change in capitalization affecting the Common
Stock of the Company after the Effective Date, such as a stock dividend, stock
split, recapitalization, merger, consolidation, split-up, combination, exchange
of shares, other form of reorganization, or any other change affecting the
Common Stock, such proportionate adjustments, if any, as the Board in its
discretion may deem appropriate to reflect such change shall be made with
respect to (i) the aggregate number of shares of Common Stock for which Awards
in respect thereof may be granted under the Plan, (ii) the maximum number of
shares of Common Stock which may be sold or awarded to any Participant, (iii)
the

                                       10
<PAGE>   11

number of shares of Common Stock covered by each outstanding Award, and (iv) the
price per share in respect of outstanding Awards.

          (C) The Administrator may also make such adjustments in the number of
shares covered by, and the price or other value of any outstanding Awards in the
event of a spin-off or other distribution (other than normal cash dividends) of
Company assets to shareholders. In the event that another corporation or
business entity is being acquired by the Company, and the Company agrees to
assume outstanding employee stock options and/or stock appreciation rights
and/or the obligation to make future grants of options or rights to employees of
the acquired entity, the aggregate number of shares of Common Stock available
for Awards under Section 4 of the Plan may be increased accordingly, except that
no change shall be made to the maximum number of shares eligible for Incentive
Stock Options under Section 4(b)(i) based solely upon such an event.

     17. CHANGE IN CONTROL.

          (A) In the event of a Change in Control (as defined in paragraph (b)
below) of the Company, and except as otherwise provided in Award agreements:

               (I) All Stock Options or Stock Appreciation Rights then
outstanding shall become fully exercisable as of the date of the Change in
Control (and shall terminate at such time as specified in the Award agreements);

               (II) All restrictions and conditions of all Restricted Stock
Grants and Restricted Unit Grants then outstanding shall be deemed satisfied as
of the date of the Change in Control; and

               (III) All Performance Share Grants and Performance Unit Grants
shall be deemed to have been fully earned as of the date of the Change in
Control;

     Subject to the limitation that any Award which has been outstanding less
than six (6) months on the date of the Change in Control shall not be afforded
such treatment.

          (B) A "Change in Control" shall be deemed to have occurred upon the
occurrence of any one (or more) of the following events:

               (I) Any person, including a group as defined in Section 13(d)(3)
of the Exchange Act, becomes the beneficial owner of shares of the Company with
respect to which 25% or more of the total number of votes for the election of
the Board may be cast;

               (II) As a result of, or in connection with, any cash tender
offer, exchange offer, merger or other business combination, sale of assets or
contested election, or combination of the foregoing, persons who were directors
of the Company just prior to such event shall cease to constitute a majority of
the Board;

               (III) The stockholders of the Company shall approve an agreement
providing either for a transaction in which the Company will cease to be an
independent publicly owned corporation or for a sale or other disposition of all
or substantially all the assets of the Company; or

               (IV) A tender offer or exchange offer is made for shares of the
Company's Common Stock (other than one made by the Company) and shares of Common
Stock are

                                       11
<PAGE>   12

acquired thereunder ("Offer"). However, the acceleration of the exercisability
of outstanding options upon the occurrence of an Offer shall be within the
discretion of the Administrator.

               (V) Formation of a holding company for the Company in which the
shareholdings of the holding company after its formation are substantially the
same as for the Company prior to the holding company formation does not
constitute a Change in Control for purposes of this Plan.

          (C) In the event that any payment under this Plan (alone or in
conjunction with other payments) would otherwise constitute an "excess parachute
payment" under Section 280G of the Code (in the sole judgment of the Company),
such payment shall be reduced or eliminated to the extent the Company determines
necessary to avoid deduction disallowance under Section 280G of the Code or the
imposition of excise tax under Section 4999 of the Code. The Company may consult
with a Participant regarding the application of Section 280G and/or Section 4999
to payments otherwise due to such Participant under the Plan, but the judgment
of the Company as to applicability of those provisions, the degree to which a
payment must be reduced to avoid those provisions, and which Awards shall be
reduced, is final. The Administrator shall act on behalf of the Company in
interpreting and administering this limitation.

     18. AMENDMENT AND TERMINATION. Without further approval of the
stockholders, the Board may at any time terminate the Plan, or may amend it from
time to time in such respects as the Board may deem advisable. However, the
Board may not, without approval of the shareholders, make any amendment which
would (a) increase the aggregate number of shares of Common Stock which may be
issued under the Plan (except for adjustments pursuant to Section 16 of the
Plan), (b) materially modify the requirements as to eligibility for
participation in the Plan, or (c) materially increase the benefits accruing to
Participants under the Plan. Notwithstanding the above, the Board may amend the
Plan to take into account changes in applicable securities laws, federal income
tax laws and other applicable laws. Further, should the provisions of Rule
16b-3, or any successor rule, under the Exchange Act be amended, the Board may
amend the Plan in accordance with any modifications to that rule without the
need for shareholder approval.

     19. MISCELLANEOUS MATTERS.

          (A) Tax Withholding. The Company shall have the right to deduct from
any payment, including the delivery of shares, made under the Plan any federal,
state, or local taxes of any kind required by law to be withheld with respect to
such payments or to take such other action as may be necessary in the opinion of
the Company to satisfy all obligation for the payment of such taxes. If Common
Stock is used to satisfy tax withholding, such stock shall be valued based on
the Fair Market Value when the tax withholding is required to be made.

          (B) No Right to Employment. Neither the adoption of the Plan nor the
granting of any Award shall confer upon any employee of the Company or any
Subsidiary any right to continued employment with the Company or any Subsidiary,
as the case may be, nor shall it interfere in any way with the right of the
Company or a Subsidiary to terminate the employment of any of its employees at
any time, with or without cause.

          (C) Unfunded Plan. The Plan shall be unfunded and the Company shall
not be required to segregate any assets that may at any time be represented by
Awards under the Plan. Any liability of the Company to any person with respect
to any Award under the Plan shall be based solely upon any written contractual
obligations that may be effected pursuant to the Plan. No such obligation of the
Company shall be deemed to secured by any pledge of, or other encumbrance on,
any property of the Company.

                                       12
<PAGE>   13

          (D) Annulment of Awards. The grant of any Award under the Plan payable
in cash is provisional until cash is paid in settlement thereof. The grant of
any Award payable in Common Stock is provisional until the Participant becomes
entitled to the certificate in settlement thereof. Payment under any Awards
granted pursuant to the Plan is wholly contingent upon shareholder approval of
the Plan. Where approval for an award sought pursuant to Section
162(m)(4)(c)(ii) is not granted by the Company's shareholders, the Award shall
be annulled automatically. In the event the employment of a Participant is
terminated for cause (as defined below), any Award which is provisional shall be
annulled as of the date of such termination for cause. For purposes of the Plan,
the term "terminated for cause" means any discharge because of personal
dishonesty, willful misconduct, breach of fiduciary duty involving personal
profit, continuing intentional or habitual failure to perform stated duties,
violation of any law (other than minor traffic violations or similar misdemeanor
offenses not involving moral turpitude), or rule or regulation adopted by the
Comptroller of Currency, Federal Deposit Insurance Corporation or other
regulatory body with supervisory control over the Company or any of its
Subsidiaries, or material breach of any provision of an employment agreement
with the Company.

          (E) Other Company Benefit and Compensation Programs. Payments and
other benefits received by a Participant under an Award made pursuant to the
Plan shall not be deemed a part of a Participant's regular, recurring
compensation for purposes of the termination indemnity or severance pay law of
any state. Furthermore, such benefits shall not be included in, nor have any
effect on, the determination of benefits under any other employee benefit plan
or similar arrangement provided by the Company or a Subsidiary unless expressly
so provided by such other plan or arrangement, or except where the Administrator
expressly determines that inclusion of an Award or portion of an Award should be
included. Awards under the Plan may be made in combination with or in addition
to, or as alternatives to, grants, awards or payments under any other Company or
Subsidiary plans. The Company or any Subsidiary may adopt such other
compensation programs and additional compensation arrangements (in addition to
this Plan) as it deems necessary to attract, retain, and reward employees and
directors for their service with the Company and its Subsidiaries.

          (F) Securities Law Restrictions. No shares of Common Stock shall be
issued under the Plan unless counsel for the Company shall be satisfied that
such issuance will be in compliance with applicable federal and state securities
laws. Certificates for shares of Common Stock delivered under the Plan may be
subject to such stock-transfer orders and other restrictions as the
Administrator may deem advisable under the rules, regulations, and other
requirements of the Securities and Exchange Commission, any stock exchange upon
which the Common Stock is then listed, and any applicable federal or state
securities law. The Administrator may cause a legend or legends to be put on any
such certificates to make appropriate reference to such restrictions.

          (G) Award Agreement. Each Participant receiving an Award under the
Plan shall enter into a written agreement with the Company in a form specified
by the Administrator agreeing to the terms and conditions of the Award and such
related matters as the Administrator shall, in its sole and absolute discretion,
determine.

          (H) Costs of Plan. The costs and expenses of administering the Plan
shall be borne by the Company.

          (I) Governing Law. The Plan and all actions taken thereunder shall be
governed by and construed in accordance with the laws of the State of
California.

                                       13
<PAGE>   14

                            CERTIFICATE OF SECRETARY

     The undersigned, being the Corporate Secretary of Nara Bank, N.A., hereby
certifies that the foregoing Nara Bank, N.A. 2000 Long Term Incentive Plan was,
pursuant to the Articles and Bylaws of the Corporation, duly adopted by the
Board of Directors on June 21, 2000 and approved by the shareholders of the
Corporation on August 16, 2000.

Date:   August 17, 2000                        /s/ Bon T. Goo
      ------------------------                 ---------------------------
                                               Corporate Secretary

                            [Seal of Nara Bank, N.A.]

                                       14

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