Document:

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                                                                    Exhibit 10.7

    [LOGO]                          226 West 26th Street, Studio D
                                          New York, NY 10001
                              Tel: (646) 205-8300 o Fax: (646) 205-8315

October 31, 2000

CALP II Limited Partnership
C/o Thomson Kernaghan & Co., Ltd.
365 Bay Street, 10th Floor
Toronto, Ontario  M5H 2V2
Canada
Attention: Mark Valentine

Re:      Second Amendment to Equity Line of Credit Agreement, dated as of June
         14, 2000 (the "Equity Line") by and between JagNotes.com Inc.
         ("JagNotes") and CALP II Limited Partnership ("CALP II'), as amended
         (the "Second Amendment")

Dear Mark:

As discussed, the following sets forth our understanding regarding the Second
Amendment to the Equity Line. If not otherwise defined, capitalized terms used
in this Second Amendment have the meanings ascribed to them in the Equity Line.

First, our right to put shares of JagNotes common stock (`Shares") to CALP II in
accordance with the terms of Equity Line will be tolled until January 1, 2001
(the "Reinstatement Date"), provided that CALP II is not in default of any of
its other funding obligations to JagNotes.

Immediately after the Reinstatement Date, JagNotes may once again put Shares to
CALP II by delivering Advance Notices in accordance with the terms of the Equity
Line, except that, notwithstanding any limitation imposed by the Maximum Advance
Amount, we may request an Advance of any amount up to and including $400,000
(instead of $350,000), net of the ten percent (10%) commission payable to
Thomson Kernaghan & Co., Ltd. and The May Davis Group, Inc. with respect to each
Advance Notice delivered to CALP II.

Except as set forth above, the Equity Line shall remain unchanged and in full
force and effect.

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CALP II Limited Partnership
October 31, 2000
Page -2-

If the above accurately sets forth our understanding, please indicate your
agreement and acceptance by signing in the space provided below.

Sincerely yours,
JAGNOTES.COM INC.                   AGREED AND ACCEPTED
                                    CALP II LIMITED PARTNERSHIP

By: /s/ Gary Valinoti               By: /s/ Mark Valentine
    ---------------------               -----------------------
    Name: Gary Valinoti                 Name:  Mark Valentine
    Tile: President & CEO               Title: President
                                        Date:<PAGE>

                                                                  Exhibit 10.11

October 30, 2000

Thomson Kernaghan & Co., Ltd.
365 Bay Street, 10th Floor
Toronto, Ontario M5H 2V2
Canada
Attn:  Mark Valentine

Dear Mark:

This letter will confirm our agreement that Thomson Kernaghan & Co., Ltd.
("TKCo") will purchase, or cause to be purchased, six convertible debentures
(the "Debentures") of JagNotes.com Inc. (the "Company") aggregating $3,000,000,
$500,000 of which was paid on Friday, October 20, 2000 and $2,500,000 of which
will be purchased no later than the dates indicated in the following schedule
(each a "Drawdown"):

     1.    $500,000 on November 3, 2000
     2.    $500,000 on November 10, 2000
     3.    $500,000 on November 17, 2000
     4.    $500,000 on November 24, 2000
     5.    $500,000 on December 1, 2000

The Debentures will be issued against receipt of the above amounts and will be
substantially in the form attached. In addition, our outstanding $2.5
convertible debenture would be amended to provide for a similar conversion rate
equal to the lesser of the stated formula or $.80 per share. The maturity date
of the Debentures will be three years from the date of issuance.

The Debentures will have warrant coverage (the "Debenture Warrants") equal to
20% of the number of Shares issuable upon conversion of the Debentures. The
Debenture Warrants will have an exercise price computed based upon the formula
set forth in that certain Equity Line of Credit Agreement, dated as of June 14,
2000, between the Company and CALP II Limited Partnership (as amended).

In addition, the Company agrees to issue to TKCo or its designee an additional
five-year stock purchase warrant for 3,000,000 Shares, exercisable at a price of
$1.25 per Share. All warrants will be substantially in the form attached.

The Company will undertake to register the Shares issuable upon conversion of
the Debentures and exercise of the Debenture Warrants on a Registration
Statement on Form SB-2 within 45 calendar days following the Company's filing
with the U.S. Securities

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Mark Valentine
October 30, 2000
Page -2-

and Exchange Commission of its 2000 Annual Report on Form 10-KSB, but in any
case no earlier than 10 days following the last purchase of a Debenture.

The Company agrees to pay Thomson Kernaghan & Co., Ltd., as placement agent,
$300,000, representing an aggregate of 10% of the gross proceeds received by the
Company pursuant to the sale of the Debentures. The placement agent fee shall be
paid in five (5) equal installments of $60,000, which amounts will be paid from
the Drawdown funded by TKCo on each Drawdown date. TKCo shall indemnify and hold
harmless the Company (and its directors, officers, employees and affiliates)
from any loss, cost, expenses or damages (including reasonable attorneys fees
and expenses) arising from, or in connection with, any claim (s) by The May
Davis Group (or any of its directors, officers, employees or affiliates) that
they are entitled to a fee or compensation of any kind in connection with the
transaction contemplated by this agreement.

Please indicate your agreement with the above terms and conditions by signing
this letter below and returning a fully executed copy to Thomas J. Mazzarisi by
facsimile (561-447-8247) with the original to follow by overnight mail.

Very truly yours,

JAGNOTES.COM INC.

By: /s/ Thomas J. Mazzarisi
    ---------------------------------
    Name: Thomas J. Mazzarisi
    Title:   Executive Vice President

ACKNOWLEDGED, AGREED
AND ACCEPTED:

THOMSON KERNAGAN & CO., LTD.

By: /s/ Mark Valentine
    -----------------------
    Name: Mark Valentine
    Title:Exhibit 4.1

                  PROGRAMMED LOGIC CORPORATION
                   INCENTIVE STOCK OPTION PLAN

1.   Purpose of plan.  The purpose of this Incentive Stock Option
     Plan (the "Plan") is to further the success of Programmed
     Logic Corporation, a New Jersey Corporation ("PLC"), by
     making available common stock of PLC for purchase by
     eligible employees of PLC, and thus, to provide an
     additional incentive to such employees to continue in the
     employ of PLC, and to give them a greater interest as
     stockholders in the success of PLC.

2.   Effective Date of the Plan.  The effective date of the Plan
     shall be April 1, 1995 (the "Effective Date") subject to
     approval of the stockholders of PLC holding not less than a
     majority of the outstanding shares.

3.   Stock subject to the Plan.  Subject to any provisions hereof
     regarding adjustment upon changes in capitalization, there
     shall be reserved for issuance or transfer, upon the
     exercise of options to be granted from time to time under
     the Plan, an aggregate of ten thousand shares of common
     stock, no par value (the "Common Stock") which shares may be
     in whole or in part, as the Board of Directors of PLC (the
     "Board") shall from time to time determine, (a) authorized
     and unissued shares of Common Stock, or (b) issued shares of
     Common Stock which shall have been re-acquired by PLC.  If
     any option granted under the Plan shall expire or terminate
     for any reason without having been exercised in full, the un-
     purchased shares subject thereto shall again be available
     for the purposes of the Plan.

4.   Administration.  The Plan shall be administered by a
     committee (the "Committee"), appointed by the Board and
     serving at the Board's pleasure.  If a member of the
     Committee is eligible to receive an option under the Plan,
     they shall be prohibited from voting on their own option.
     Any vacancy occurring in the membership of the Committee
     shall be filled by appointment by the Board.  The Committee
     may interpret the Plan, prescribe, amend, and rescind any
     rules and regulations necessary or appropriate for the
     administration of the Plan, or for the continued
     qualification of any Options, and make such other
     determination and take such other action as it deems
     necessary or advisable, except as otherwise expressly
     reserved to the Board under the Plan.  Any interpretation,
     determination or other action taken by the Committee shall
     be final, binding and conclusive.  The Committee shall
     select one of its members as its chairman and shall hold its
     meetings at such times and places as it may determine.  A
     majority of its members shall constitute a quorum.  All
     determinations of the Committee shall be made by not less
     than a majority of its members.  Any decision or
     determination reduced to writing and signed by all the
     members shall be fully as effective as if it had been made
     by a majority vote at a meeting duly called and held.  The
     Committee may appoint a secretary, shall keep minutes of its
     meetings and shall make such rules and regulations for the
     conduct of its business as it shall deem advisable.

5.   Grant of Options.  Subject to the provisions of the Plan,
     the Committee shall (a) determine and designate those
     employees to whom Options are to be granted; (b) determine
     the number of shares subject to each Option; (c) determine
     when an option can be exercised and whether in whole or in
     installments; (d) determine the purchase price of the Common
     Stock covered by each option; and (e) determine the terms
     and provisions (and amendments thereof) of the respective
     option agreements (which need not be identical), including
     such terms and provisions (and amendments) as shall be
     required in the judgment of the Committee to conform to any
     change in any law or regulation applicable thereto.  No
     option shall be granted after the expiration of ten years
     from the Effective Date.

6.   Eligibility.  Options may be granted only to full-time
     salaried employees of PLC.  A director of PLC, who is not
     also a full-time salaried employee of PLC, will not be
     eligible to receive an option.  In determining the employees
     to whom options shall be granted and the number of shares to
     be covered by each option, the Committee may take into
     account the nature of the services rendered by the
     respective employees, their present and potential
     contributions to PLC's success and such other factors as the
     Committee in its discretion shall deem relevant.  Options
     may be granted to employees who hold or have held options
     under previous plans.  An employee who had been granted an
     option under the Plan may be granted an additional option or
     options under the Plan if the Committee shall so determine.
     The aggregate fair market value (determined as of the date
     an Option is granted) of all Stock for which an employee may
     be granted Options under the Plan exercisable for the first
     time in any calendar year shall not exceed $100,000.

7.   Terms and Conditions of Options.  Each option shall be
     evidenced by an agreement in a form approved by the
     Committee.  Such agreement shall be subject to the following
     express terms and conditions and to such other terms and
     conditions as the Committee may deem appropriate:

     (a)  Option Period.  Each option agreement shall specify the
     period for which the Option evidenced thereby is granted and
     shall provide that the Option shall expire at the end of
     such period.  The Committee may extend such period provided
     such extension shall not in any way disqualify the Option as
     an incentive stock option.  In no case shall such period,
     including any extensions, exceed ten years from the date of
     the grant, provided, however, that, in the case of an Option
     granted to an eligible employee who, at the time of the
     grant, is the beneficial owner of stock possessing more than
     ten (10) percent of the total combined voting power of all
     classes of stock of PLC (a "Ten Percent Stockholder"), such
     period, including extensions, shall not exceed five years
     from the date of grant.

     (b)  Option Price.  The option price per share shall be
     determined by the Committee at the time the option is
     granted, and shall not be less than (i) the fair market
     value per share of stock or (ii) in the case of an option
     granted to a Ten Percent Stockholder, One Hundred Ten
     Percent (110%) of the fair market value per share of stock
     on the date the Option is granted, as determined by the
     Committee.

     (c)  Exercise of Option.  No part of any Option may be
     exercised until the optionee shall have remained in the
     employ of PLC for such period, which shall be no less than
     one year, after the date on which the Option is granted as
     the Committee may specify in the Option agreement, and the
     Option agreement may provide for exercisability in
     installments.

     (d)  Payment of Purchase Price upon Exercise.  Each option
     agreement shall provide that the purchase price of the
     shares as to which an Option shall be exercised shall be
     paid to PLC at the time of exercise either in cash, or in
     such other consideration as the Committee deems appropriate.
     PLC shall not be required to deliver certificates for such
     shares until such payment has been made.  The optionee shall
     not have the rights of a stockholder with respect to the
     share subject to option until such shares shall be issued or
     transferred to the optionee upon the exercise of the
     optionee's option.

8.   No rights as Stockholder.  No optionee shall have any rights
     as a shareholder with respect to any shares of stock subject
     to an Option prior to the date of issuance of a certificate
     for such shares.

9.   Non-transferability of options.  No option granted under the
     Plan shall be transferable otherwise than by will or the
     laws of descent and distribution, and an option may be
     exercised, during the lifetime of the optionee thereof, only
     by the optionee.

10.  No Right to Continued Employment.  Nothing in the Plan or in
     any option granted pursuant to the Plan shall confer on any
     individual any right to continue in the employ of PLC or
     interfere in any way with the right of PLC to terminate the
     employment of any individual at any time.

11.  Termination without cause and with consent.  If the
     employment of an optionee by PLC is terminated for reasons
     other than (a) for cause, or (b) voluntarily on the part of
     the optionee and without the written consent of PLC, the
     optionee may (unless otherwise provided in the option
     agreement) exercise their option to the extent they would
     have been entitled to do so on the date of their
     termination, at any time, or from time to time, within three
     months after such date of termination of employment, but not
     later than the expiration date set forth in the option
     agreement.

12.  Termination for cause or without consent.  If the employment
     of an optionee by PLC is terminated (a) for cause or (b)
     voluntarily on the part of the employee and without the
     written consent of PLC, any option held by that employee
     under the Plan, to the extent not theretofore exercised,
     shall forthwith terminate.  For this purpose, termination
     for cause shall mean termination of employment by reason of
     the optionee's willful breach or habitual neglect of their
     duties as an officer or employee of PLC, or the optionee's
     commission of a felony, fraud or willful misconduct that has
     resulted, or is likely to result, in material damage to PLC,
     all as the Committee in it sole discretion may determine.
     The option agreement may contain such provisions as the
     Committee shall approve with reference to the effect of
     approved leaves of absence.

13.  Death of optionee.  Notwithstanding any other provision of
     the Plan, if an optionee shall die (a) while in the
     employment of PLC or (b) within three months after the
     termination of employment because of the disability of the
     optionee, the optionee's Option may be exercised to the
     extent the optionee would have been entitled to do so on the
     date of the optionee's death or such termination of
     employment, by the person or persons to whom the optionee's
     rights under the Option pass by will or otherwise, or if no
     such person has such right, by the optionee's executors or
     administrators, at any time, or from time to time, within
     twelve months after the date of the death of optionee but in
     no event after the expiration date set forth in the option
     agreement.

14.  Adjustment upon changes in capitalization.  In the event of
     any change in the Stock by reason of any stock dividend,
     recapitalization, reorganization, merger, consolidation,
     liquidation, split-up, combination or exchange of shares,
     acquisition of property or stock, or any rights offering to
     purchase stock at a price substantially below market value,
     or of any similar change affecting the Stock, then the
     number and kind of shares which may thereafter be optioned
     and sold under the Plan and the number and kind of shares
     subject to option in outstanding option agreements and the
     purchase price per share may be adjusted appropriately
     consistent with such change in such manner as the Committee
     may deem equitable to prevent substantial dilution or
     enlargement of the rights granted to, or available for,
     participants in the Plan.

15.  Shareholder's Agreement.  The Committee shall require the
     optionee to sign, prior to and as a condition precedent to
     the issuance of any shares hereunder, PLC's then existent
     stockholder's agreement, in such form as the Committee may
     specify, in which the optionee (a) represent the shares
     acquired by the optionee are being acquired for investment
     and not with a view to the sale or distribution thereof, (b)
     grant to PLC and to PLC's shareholders, a right of first
     refusal, in accordance with the terms to be established by
     the Committee, on any transfer of shares of stock acquired
     by exercise of an Option.

16.  Restrictions on Disposition of Shares.  Certificates for
     shares of Stock delivered under the Plan may be subject to
     stop-transfer orders and other restrictions as the Committee
     may deem advisable under the rules, regulations or other
     requirements of the Securities and Exchange Commission, any
     stock exchange upon which the Stock is then listed, or any
     applicable federal or state securities laws, and the
     Committee may cause a legend to be placed on any such
     certificates to make appropriate reference to such
     restrictions.

17.  Compliance with Laws and Regulations.  The Plan, the grant
     and exercise of Options, and the obligations of PLC to sell
     and deliver shares under Options, shall be subject to all
     applicable federal and state laws, rules and regulations and
     to such approvals by any government agency that may be
     required.  PLC shall not be required to issue or deliver any
     certificates for shares of Stock prior to (a) the listing of
     such shares on any stock exchange with the Stock may then be
     listed and (b) the completion of any registration or
     qualification of such shares under any federal or state law,
     or any rule or regulation of any governmental body which PLC
     shall, in its sole discretion, determine to be necessary or
     advisable.

18.  Amendment and termination.  Unless the Plan shall
     theretofore have been terminated as hereinafter provided, it
     shall terminate ten years from the Effective Date, and no
     Option shall be granted after that date.  The Board may
     terminate or suspend the Plan or make such modifications or
     amendments thereof as it shall deem advisable, or in order
     to conform to any change in any law or regulation applicable
     thereto; provided, however, that the Board may not, without
     further approval by the holders of a majority of the
     outstanding stock of PLC having general voting power, (a)
     increase the maximum number of shares as to which options
     may be granted under the Plan, (b) change the class of
     employees eligible to be granted options, (c) increase the
     periods during which options may be granted or exercised, or
     (d) provide for the administration of the Plan otherwise
     than by the Committee.  No termination, modification, or
     amendment of the Plan may, without the consent of the
     employee to whom any option shall theretofore have been
     granted, adversely affect the rights of such employee under
     such option.

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