Document:

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                                                                    EXHIBIT 10.4

     (ENGLISH TRANSLATION OF JAPANESE LANGUAGE DOCUMENT FOR REFERENCE ONLY)

                                    FORM OF
            AGREEMENT ON GRANT OF SUBSCRIPTION RIGHTS OF NEW SHARES

Jupiter Telecommunications Co., Ltd. (hereinafter referred to as "A") and
____________ (hereinafter referred to as "B") hereby agree as follows as to the
grant of subscription rights based on the resolutions of A's shareholders'
meeting on August 23, 2000 and A's board of directors' meeting on the same day.

Article 1 (Grant of Subscription Rights)

       1. On September 11, 2000, A shall grant B subscription rights of new
          shares with specifics as follows (hereinafter referred to as "the
          Subscription Rights").

          (1)  Distinction between par value shares and non-par value shares, as
               well as the type of the shares to be issued:

               Common non-par value shares issued by A (hereinafter referred to
               as the "Shares")

          (2)  Number of shares to be issued (hereinafter referred to as "number
               of shares granted"):

               ___ shares

          (3)  Issue price per share:

               276,000 yen per share

          (4)  Exercise period:

                        The exercise period shall be from September 11,
                        2000 to August 23, 2010, provided, however, that the
                        Subscription Rights shall be exercisable only when A's
                        stock certificates have been registered with the Japan
                        Securities Dealers Association or listed on any of the
                        stock exchanges, and, further provided, that for the
                        period between September 11, 2000 and September 11,
                        2001, the Subscription Rights shall be exercisable only
                        when the provisions under Article 2, Paragraph 2, Item 3
                        are applicable.

       2. In any of the following cases, the specifics of the
          Subscription Rights shall be adjusted, restricted or invalidated,
          subject to the provisions in the attachment.

          (1)  When A's stocks become subject to stock split (including
               capitalization of profits available for dividend payments or
               capital reserve; the same applies hereinafter) or reverse stock
               split.

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     (ENGLISH TRANSLATION OF JAPANESE LANGUAGE DOCUMENT FOR REFERENCE ONLY)

           (2)  When A issues new shares (except for the cases of conversion of
                convertible bonds and the exercise of the rights under the
                subscription certificate of new shares and Subscription Rights
                pursuant to Article 280-19 of the Commercial Code) at a price
                below the market value (however, prior to the public offering of
                A's shares, this provision shall apply by substituting the
                market price with the unadjusted issue price at the time).

           (3)  When A issues the securities convertible to stock or the
                securities with the rights to subscribe new shares at a price
                below the market price (however, prior to the public offering of
                A's shares, this provision shall apply by substituting the
                market price with the unadjusted issue price at the time).

           (4)  When A merges with any other company or a new company
                incorporated for consolidation, or implements a stock swap or
                stock transfer, or if any other adjustments become necessary.

Article 2 (Number of Shares on Which the Subscription Rights are Exercisable by
Different Exercise Period)

       1.  When A's stocks have been registered with the Japan Securities
           Dealers Association or have been listed on any of the stock
           exchanges, B's Subscription Rights shall become exercisable after
           September 12, 2002 and B may exercise the number of Shares granted in
           whole or in part on and after that date.

       2.  The provisions of the preceding Paragraph shall not apply in the
           following cases and the Subscription Rights shall become exercisable
           after September 12, 2001 under Item 1 or Item 2, and immediately
           under Item 3.

           (1)  Article 6 Paragraph 3 (long-continued disease, etc.) or Article
                6, Paragraph 4 (retirement under the age limit),

           (2)  B dies and the Subscription Rights are inherited under Article
                7, Paragraph 1, or

           (3)  The board of directors of A determines that the total number of
                shares owned, directly or indirectly, by corporate groups each
                of which owns, directly or indirectly, twenty percent (20%) or
                more of the outstanding shares of A as of the date hereof falls
                below one third of the then outstanding shares of A and that it
                is appropriate not to apply the provisions of the preceding
                Paragraph, and B is notified to that effect.

Article 3 (Exercise of the Subscription Rights)

       1.  The Subscription Rights may be exercised for an integral multiple of
           the number of one share.

       2.  B shall, when it exercises the Subscription Rights, complete the
           "Request Form for New Share Issue" as prescribed by A, and submit the
           form signed and sealed to the Human Resources Department of A.

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       3.  B shall credit in cash the entire amount of the issue price of the
           shares to be acquired through the exercise of the Subscription Rights
           to A's designated account by the date specified by A.

       4.  If any withholding tax on the economic benefits available upon the
           exercise of the Subscription Rights shall be withheld by A, B shall
           credit an amount equal to such tax to A's designated account by the
           date specified by A, according to A's demand for payment

Article 4 (Treatment of Dividends)

           The first or interim dividend payments on the shares issued pursuant
           to exercise of the Subscription Rights shall be made regarding that
           the shares are issued on January 1 of the relevant year for the
           exercise of the Subscription Rights between January 1 and June 30,
           and on July 1 of the relevant year for the exercise of the
           Subscription Rights between July 1 and December 31 of each year.

Article 5 (Consignment of Custody of Stock Certificates)

       1.  A shall deliver the stock certificates acquired by B through the
           exercise of the Subscription Rights directly to B's account wherein
           those stock certificates are managed ( which is referred to as the
           "Account" in the following Paragraph) to be opened by B in its own
           name with the securities company designated by A (hereinafter
           referred to as the "Designated Securities Company").

       2.  B shall consign a custody of the stock certificates to the Designated
           Securities Company, in accordance with the standard terms of the
           Account.

Article 6 (Forfeiture of the Subscription Rights)

           In any of the events listed below, B shall immediately forfeit the
           Subscription Rights without going through formalities. The same shall
           apply when B falls under Article 6, Paragraph 2, Paragraph 3 or
           Paragraph 4 below and subsequently falls under any item of this
           Paragraph.

           (1)  When B ceases to be an officer (which means a director or an
                auditor; the same applies hereafter) of A or an A's group
                company, due to dismissal or the equivalent thereto;

           (2)  When B becomes an officer, employee or consultant, etc. of a
                company competing with A (excluding A's group company) except
                for the case where A's board of directors has approved it;

           (3)  When B is in breach of laws or internal regulations or duty of
                loyalty to A;

           (4)  When B is in breach of the provisions of this Agreement; or

           (5)  When B offers to A in the form designated by A to waive all or a
                part of the Subscription Rights granted hereunder, or to cancel
                this Agreement.

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     (ENGLISH TRANSLATION OF JAPANESE LANGUAGE DOCUMENT FOR REFERENCE ONLY)

       2.  B shall forfeit the Subscription Rights on the date as specified
           under each item for the number of shares as follows, if B ceases to
           be an officer or employee of A or an A's group company due to an
           expiration of the term of office, a voluntary resignation, or the
           equivalent thereto, provided, however, that if at A's board of
           directors meeting a decision that all or part of the provisions in
           this Paragraph is not applicable to the extent that such decision
           shall not adversely affect B's rights is made, then such decision
           shall prevail and the contents of such decision shall be applied,
           and, further provided, that under Paragraph 1 of this Article, the
           date of forfeiture of the Subscription Rights is later than the final
           date of the exercise period (i.e., August 23, 2010; hereinafter
           referred to as the "Final Date of the Exercise Period") provided for
           under Article 1, Paragraph 1, Item (4) above, B shall forfeit the
           Subscription Rights on the Final Date of the Exercise Period.

           (1)  For the number of shares granted on which the Subscription
                Rights are exercisable under Article 2, Paragraph 1 on the date
                of loss of the position:

                On the 30th day following the date of such loss of the position.

           (2)  For the number of shares granted on which the Subscription
                Rights are not exercisable under Article 2, Paragraph 1 on the
                date of loss of the position:

                On the date of such loss of the position.

       3.  When B ceases to be an officer or employee of A or an A's group
           company due to a long-continued disease or the equivalent thereto, B
           shall forfeit the Subscription Rights on the date 12 months after the
           date of loss of the position, or September 12, 2001, whichever comes
           later. However, when the date of forfeiture of the Subscription
           Rights is later than the Final Date of the Exercise Period, B shall
           forfeit the Subscription Rights on the Final Date of the Exercise
           Period.

       4.  When B ceases to be an officer or employee of A or an A's group
           company due to retirement under age limit, B shall forfeit the
           Subscription Rights on the date 24 months or such other extended
           period as may be approved by the board of directors of A after the
           date of loss of the position, or September 12, 2001, whichever comes
           later. However, when the date of forfeiture of the Subscription
           Rights is later than the Final Date of the Exercise Period, B shall
           forfeit the Subscription Rights on the Final Date of the Exercise
           Period. Even if B falls under any of Paragraph 1 through Paragraph 3
           above, the provision of this paragraph shall be applicable if A's
           board of directors meeting has approved to that effect.

       5.  The scope of A's group company provided for under Paragraph 1 through
           Paragraph 4 above shall comprise the subsidiaries prescribed by the
           rules on consolidated financial statements and affiliated companies
           determined by A's board of directors meeting, unless A's board of
           directors meeting has decided to

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     (ENGLISH TRANSLATION OF JAPANESE LANGUAGE DOCUMENT FOR REFERENCE ONLY)

           exclude the relevant company from A's group company for the purpose
           of this Agreement.

Article 7 (Inheritance of the Subscription Rights)

       1.  When B dies, B's heirs may exercise the unexercised Subscription
           Rights on the condition that such heirs shall be bound by the
           provisions of this Agreement and other terms and conditions to be
           determined by A, except for the case where B shall have submitted to
           A in the form designated by A before B dies to the effect that B does
           not desire to have his/her heirs exercise the Subscription rights
           granted hereunder.

       2.  If there are more than one heir, B's heirs who shall inherit the
           Subscription Rights granted hereunder should be limited to one person
           (hereinafter referred to as "Successor"), provided, however, that
           more than one heirs may be Successors if the Board of Directors of A
           specifically so approves.

       3.  When the Successor(s) dies after the succession of the Subscription
           Rights, the Subscription Rights shall not be succeeded to by a
           successor and thus shall immediately cease to exist without going
           through formalities.

       4.  The exercise period for the unexercised Subscription Rights inherited
           by the Successor under Paragraph 1 of this Article shall expire 12
           months after the date of inheritance or September 12, 2001 whichever
           comes later (hereinafter referred to as the "Succession Period");
           provided, however, that, if B had fallen under Article 6, Paragraph
           2, Paragraph 3 or Paragraph 4 above before B died, the exercise
           period shall expire on the date of forfeiture of the Subscription
           Rights, the Final Date of the Succession Period or the Final Date of
           the Exercise Period, all of which were applicable to B prior to the
           death, whichever is the first to come.

       5.  The Successor, or in case of being more than one Successors all
           Successors, must submit to A the following documents or their
           respective equivalents or the report on the following matters without
           delay after the date of succession:

           (1)  A copy of a family register (limited to one issued within 3
                months);

           (2)  A certificate of the seal impression of the Successor (limited
                to one issued within three months);

           (3)  Agreement on division of the estate, or any other evidence to
                show the division of the estate;

           (4)  Any document to confirm the name(s) and address(es) of the
                Successor(s) and, if any Successor resides in a foreign country
                domestic; and

           (5)  Any other documents or matters specified by A.

       6.  When B's heirs fail to reach agreement on division of the estate,
           they shall report to that effect to A in the name of their
           representative without delay. In this case,

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     (ENGLISH TRANSLATION OF JAPANESE LANGUAGE DOCUMENT FOR REFERENCE ONLY)

           the documents provided for under the preceding Paragraph shall be
           submitted to A upon reaching agreement among the heirs.

       7.  Under Paragraph 1 above, "B" shall be translated to the "B's
           Successor," to whom each provision under this Agreement except that
           this Article shall apply to the extent that the application shall not
           run counter to the effect of such provisions.

Article 8 (Prohibition of Disposition of the Subscription Rights)

           B may not assign, pledge or dispose of the Subscription Rights, in
           whole or in part, to the third party.

Article 9 (Expenses)

           B shall bear all the taxes and other expenses arising in connection
           with the acquisition of the stocks following the exercise of the
           Subscription Rights, as well as the sale or disposal of the stocks
           acquired by B.

Article 10 (Compliance with Related Laws and Internal Regulations)

            For the exercise of the Subscription Rights, sale of stocks issued
            by A, purchase of stocks, etc. before and after such sale, B shall
            comply with the Securities Exchange Law, Commercial Code, Tax Law
            and other related laws and regulations, as well as A's internal
            rules on insider tradings and other internal regulations.

Article 11 (Waiver of Any Claim for Damages)

            B shall not make any claim for indemnification, extra profits,
            damages or any other liability against A, A's directors, etc. and
            the Designated Security Company in relation to this Agreement,
            irrespective of any reasons.

Article 12 (Notice)

       1.  Any notice from A to B under this Agreement shall be made by means of
           telephone, in writing or by email to a department to which B belongs
           so long as B remains as an officer or employee of A or an affiliate
           company of A. When B ceases to be an officer or employee of A or an
           affiliate company of A for reasons except for a death, B shall notify
           Human Resources Department of A in writing of its contact place for
           every change thereof. If the whereabouts and contact place become
           uncertain due to B's failure in making such notice, any notice from A
           to B shall be deemed to have been effectively given under this
           Agreement when such notice is put in place at A's Human Resources
           Department.

       2.  Any notice from B to A under this Agreement shall be made in writing
           to A's Human Resources Department.

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Article 13 (Amendments to This Agreement)
            In the event of any amendments to related laws and regulations
            including the Commercial Code, Securities Exchange Law, Tax Law,
            etc. after the conclusion of this Agreement, and if A considers it
            necessary to make amendments to this Agreement, B shall agree to the
            amendment made by B.

Article 14 (Right to Establish Detailed Rules)

       1.  A may establish "detailed rules regarding the agreement on the grant
           of Subscription rights of new shares" (hereinafter referred to as
           "detailed rules") and make amendment to or abolish detailed rules.

       2.  A shall notify to the public the establishment, amendment, or
           abolishment of detailed rules immediately after A made it in
           accordance with the provision of the preceding Paragraph.

       3.  The notice to the public as stipulated in the preceding Paragraph
           shall be made by posting the relevant contents on a bulletin board in
           A's Head Office.

       4.  B or its Successor may request A to see detailed rules during A's
           business hours and make copies thereof at its own expense.

Article 15 (Treatment of Matters not Provided for Under This Agreement)

           A and B shall discuss and determine in good faith any matters not
           provided for under this Agreement.

IN WITNESS WHEREOF, A and B have executed this Agreement in duplicate, with A
keeping the original and B its copy.

September 11, 2000

         A: Jupiter Telecommunications Co., Ltd.
         x-chome xx - x
         Higashi-Ikebukuro, Toshima-ku
         Tokyo

         -----------------------------------------------
         Tsunetoshi Ishibashi, President

         B:
         Address:
                  --------------------------------------
         Name:
               -----------------------------------------

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     (ENGLISH TRANSLATION OF JAPANESE LANGUAGE DOCUMENT FOR REFERENCE ONLY)

Exhibit

1.      A shall make adjustments specified as follows when A conducts stock
        split (including capitalization of profits available for dividend
        payments or capital reserve; the same applies hereinafter) or reverse
        stock split.

        1)      Of the number of shares granted as specified under Article 1,
                Paragraph 1, Item 2 of the Agreement on Grant of Subscription
                Rights of New Shares (hereinafter "number of shares granted"),
                the number of unexercised shares granted shall be adjusted using
                the following calculation formula, and any fractions smaller
                than one share resulting from the adjustment shall be omitted.

                        Adjusted number of shares granted = Unadjusted number of
                        shares granted multiplied by the ratio of (stock split
                        or reverse stock split)

        2)      The issue price as specified under Article 1, Paragraph 1, Item
                3 of the Agreement on Grant of Subscription Rights of New Shares
                (hereinafter the "issue price") shall be adjusted using the
                following calculation formula, and any fractions smaller than
                one yen resulting from the adjustment shall be rounded off.

                        Adjusted issue price per share = Unadjusted issue price
                        per share multiplied by 1/ratio of (stock split or
                        reverse stock split)

        3)      The adjustments as specified under 1) and 2) above shall be
                applicable from the next day and thereafter following the
                scheduled date of rights offering for the stock split or from
                the next day and thereafter following the expiration of a
                certain period as provided for under Article 215, Paragraph 1 of
                the Commercial Code (which will apply to Article 220, mutatis
                mutandis), if the date of rights offering for the stock split is
                not scheduled or in the case of reverse stock split. However,
                any adjustments in the case of stock split for dividend payments
                shall be made in the manner as may be otherwise specified by A.

2.      When A issues new shares (except for the cases of conversion of
        convertible bonds and the exercise of the rights under the subscription
        certificate of new shares and Subscription Rights pursuant to Article
        280-19 of the Commercial Code) at a price below the market value
        (however, prior to the public offering of A's shares, this provision
        shall apply by substituting the market price with the unadjusted issue
        price at the time), adjustment shall be made as follows:

        1)      Of the number of shares granted, unexercised number of shares
                shall be adjusted using the following calculation formula and
                any fractions smaller than one share resulting from the
                adjustment shall be omitted.

                      Adjusted number of shares granted = (Unadjusted number of
                      shares granted X Unadjusted issue price)/Adjusted issue
                      price

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     (ENGLISH TRANSLATION OF JAPANESE LANGUAGE DOCUMENT FOR REFERENCE ONLY)

        2)      The issue price shall be adjusted using the following
                calculation formula and any fractions smaller than one yen shall
                be rounded off.

                        Adjusted issue price = Unadjusted issue price multiplied
                        by [Number of issued shares + (Number of newly issued
                        shares X Price paid per share)/Market price]/(Number of
                        issued shares + Number of newly issued shares)

                a)      The "Market Price" used in the calculation formula shall
                        be, when A's shares are registered with the Japan
                        Securities Dealers Association, the average price of the
                        most recent purchase and sales price of A's common
                        shares at 3 p.m. of each day (except for the day when no
                        trading is made) announced by the Japan Securities
                        Dealers Association during the 30 days starting on the
                        45th trading day prior to the initial day of
                        "Application date of adjustment" stipulated in 3) below,
                        and when A's shares are listed on any of the stock
                        markets, it shall be the average price of the daily
                        closing price of regular transaction at the stock market
                        during the above 30 trading days (except for the day
                        when no trading is made). Any fraction less than one yen
                        shall be rounded up.

                b)      "Number of issued shares" to be used in the calculation
                        formula shall be the number of issued shares on the date
                        of allotment to the shareholders if there is such date,
                        or the date one month prior to "Application date of
                        adjustment." in all other cases, as stipulated under 3)
                        below.

        3)      The adjustment stipulated under 1) and 2) shall be applicable
                from the next day following the payment deadline (if there is a
                date for shareholders allotment, then the date next day
                following such date).

3.      When A issues securities convertible to stock or securities with a right
        to subscribe new shares at a price below the market value (however,
        prior to the public offering of A's shares, this provision shall apply
        by substituting the market price with the unadjusted issue price at the
        time), the number of shares granted and the issue price shall be
        adjusted properly according to the previous provision.

4.      When A merges with any other company or a new company incorporated for
        consolidation, or implements a stock swap or stock transfer, or if any
        other adjustments become necessary, A may make reasonable adjustments as
        needed to the number of shares granted, issued price, exercise period
        and others, as well as limit the exercise of the right and invalidate
        unexercised subscription rights of new shares.

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     (ENGLISH TRANSLATION OF JAPANESE LANGUAGE DOCUMENT FOR REFERENCE ONLY)

                                   MEMORANDUM

Jupiter Telecommunications Co., Ltd. (hereinafter referred to as "A") and
______________ (hereinafter referred to as "B") hereby agree to amend the below
provisions of the Agreement on Grant of Subscription Rights of New Shares
(hereinafter referred to as the "Agreement") between A & B, dated September 11,
2000, and its Exhibit, according to the resolutions of A's extraordinary
shareholders' meeting held on September 19, 2000, and A's board of directors'
meeting held on the same day, as follows:

--------------------------------------------------------------------------------
                                Before Amendment
--------------------------------------------------------------------------------
Agreement

Article 1 (Grant of Subscription Rights)

2.  In any of the following cases, the specifics of the Subscription Rights
    shall be adjusted, restricted or invalidated, subject to the provisions in
    the attachment.

    (1)  When A merges with any other company or a new company incorporated for
         consolidation, or implements a stock swap or stock transfer, or if any
         other adjustments become necessary.me subject to stock split (including
         capitalization of profits available for dividend payments or capital
         reserve; the same applies hereinafter) or reverse stock split.

    (2)  When A issues new shares (except for the cases of conversion of
         convertible bonds and the exercise of the rights under the subscription
         certificate of new shares and Subscription Rights pursuant to Article
         280-19 of the Commercial Code) at a price below the market value
         (however, prior to the public offering of A's shares, this provision
         shall apply by substituting the market price with the unadjusted issue
         price at the time).

    (3)  When A issues the securities convertible to stock or the securities
         with the rights to subscribe new shares at a price below the market
         price (however, prior to the public offering of A's shares, this
         provision shall apply by substituting the market price with the
         unadjusted issue price at the time).

    (4)  When A merges with any other company or a new company incorporated for
         consolidation, or implements a stock swap or stock transfer, or if any
         other adjustments become necessary.

--------------------------------------------------------------------------------
                                 After Amendment
--------------------------------------------------------------------------------
Agreement

Article 1 (Grant of Subscription Rights)

In any of the following cases, the specifics of the Subscription Rights shall be
adjusted, restricted or invalidated, subject to the provisions in the
attachment.

    (1)  When A's stocks become subject to stock split (including capitalization
         of profits available for dividend payments or capital reserve; the same
         applies hereinafter) or reverse stock split.

    (2)  When A merges with any other company or a new company incorporated for
         consolidation, or implements a stock swap or stock transfer, or if any
         other adjustments become necessary.

    (3)  When A issues 2,622,857.16 new shares by shareholder allotment at the
         issue price of one yen per share, with September 28, 2000 as the
         allotment date, pursuant to the resolution of the board of directors'
         meeting on September 12, 2000.

<Deletion of (2) and (3) of Article 1, Section 2; shifting (4) up to (2);
addition of (3)>

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     (ENGLISH TRANSLATION OF JAPANESE LANGUAGE DOCUMENT FOR REFERENCE ONLY)

--------------------------------------------------------------------------------
                                Before Amendment
--------------------------------------------------------------------------------
Exhibit

2.  When A issues new shares (except for the cases of conversion of convertible
    bonds and the exercise of the rights under the subscription certificate of
    new shares and Subscription Rights pursuant to Article 280-19 of the
    Commercial Code) at a price below the market value (however, prior to the
    public offering of A's shares, this provision shall apply by substituting
    the market price with the unadjusted issue price at the time), adjustment
    shall be made as follows:

    1)   Of the number of shares granted, unexercised number of shares shall be
         adjusted using the following calculation formula and any fractions
         smaller than one share resulting from the adjustment shall be omitted.

         Adjusted number of shares granted = (Unadjusted number of shares
         granted X Unadjusted issue price)/Adjusted issue price

    2)   The issue price shall be adjusted using the following calculation
         formula and any fractions smaller than one yen shall be rounded off.

         Adjusted issue price = Unadjusted issue price multiplied by [Number of
         issued shares + (Number of newly issued shares X Price paid per
         share)/Market price]/(Number of issued shares + Number of newly issued
         shares)

         a) The "Market Price" used in the calculation formula shall be, when
            A's shares are registered with the Japan Securities Dealers
            Association, the average price of the most recent purchase and sales
            price of A's common shares at 3 p.m. of each day (except for the day
            when no trading is made) announced by the Japan Securities Dealers
            Association during the 30 days starting on the 45th trading day
            prior to the initial day of "Application date of adjustment"
            stipulated in 3) below, and when A's shares are listed on any of the
            stock markets, it shall be the average price of the daily closing
            price of regular transaction at the stock market during the above 30
            trading days (except for the day when no trading is made). Any
            fraction less than one yen shall be rounded up.

         b) "Number of issued shares" to be used in the calculation formula
            shall be the number of issued shares on the date of allotment to the
            shareholders if there is such date, or the date one month prior to
            "Application date of adjustment." in all other cases, as stipulated
            under 3) below.

    3)   The application date of the adjustment stipulated under 1) and 2) shall
         be date next following the payment deadline (if there is a date for
         shareholders allotment, then the date next following such date).

3.  When A issues securities convertible to stock or securities with a right to
    subscribe new shares at a price below the market value (however, prior to
    the public offering of A's shares, this provision shall apply by
    substituting the market price with the unadjusted issue price at the time),
    the number of shares granted and the issue price shall be adjusted properly
    according to the previous provision.

4.  When A merges with any other company or a new company incorporated for
    consolidation, or implements a stock swap or stock transfer, or if any other
    adjustments become necessary, A may make reasonable adjustments as needed to
    the number of shares granted, issued price, exercise period and others, as
    well as limit the exercise of the right and invalidate unexercised
    subscription rights of new shares.

--------------------------------------------------------------------------------
                                 After Amendment
--------------------------------------------------------------------------------
Exhibit

2.  When A merges with any other company or a new company incorporated for
    consolidation, or implements a stock swap or stock transfer, or if any other
    adjustments become necessary, A may make reasonable adjustments as needed,
    without granting additional substantial financial benefit to B, to the
    number of shares granted, issued price, exercise period and others, as well
    as limit the exercise of the right and invalidate unexercised subscription
    rights of new shares.

3.  When A issues 2,622,857.16 new shares by shareholder allotment at the issue
    price of one yen per share, with September 28, 2000 as the allotment date,
    pursuant to the resolution of the board of directors' meeting on September
    12, 2000, the number of shares subscribed shall be adjusted to three times
    the original number and the issue price to 92,000 yen, following the day
    after the payment date of the new shares.

<Deletion of sections 2 and 3, shifting section 4 up to 2 and addition of the
underlined part; addition of section 3>

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     (ENGLISH TRANSLATION OF JAPANESE LANGUAGE DOCUMENT FOR REFERENCE ONLY)

IN WITNESS WHEREOF, A and B have executed this Agreement in duplicate, with A
keeping the original and B its copy.

September 20, 2000

                                   ------------------------------------
                             A:    Tsunetoshi Ishibashi, Chairman
                                   Jupiter Telecommunications Co., Ltd.
                                   4-42-24 Higashi-Ikebukuro, Toshima-ku Tokyo

                             B:    Name:
                                        --------------------------------------

                                   Address:
                                           -----------------------------------

                                  *    *    *

                                 REPRESENTATION

     The undersigned certifies that the foregoing is a fair and accurate
English translation of the original Japanese language document.

                                   /s/ Tsunetoshi Ishibashi
                                   _______________________________________
                                   Tsunetoshi Ishibashi
                                   Chairman

                                       3<PAGE>   1
                                                                    EXHIBIT 10.5

                                   [Form of]
                            DEBT INDEMNITY AGREEMENT

                  This DEBT INDEMNITY AGREEMENT (the "AGREEMENT") dated as of -,
2000, by and among Microsoft Corporation, a Washington corporation (together
with its successors and permitted assigns "MICROSOFT CORP."), Sumitomo
Corporation, a company organized under the laws of Japan (together with its
successors and permitted assigns, "SUMITOMO"), and Liberty Media Corporation, a
Delaware corporation ("LMC") and Jupiter Telecommunications Co., Ltd. a
corporation organized under the laws of Japan ("JUPITER").

                                    RECITALS

                  WHEREAS, upon the IPO (as defined below), Sumitomo, Microsoft
Holdings V, Inc., a Nevada corporation and a wholly owned subsidiary of
Microsoft Corp. (together with its successors and permitted assigns,
"MICROSOFT"), Itochu Corporation, a company organized under the laws of Japan
("ITOCHU") and Toshiba Corporation, a company organized under the laws of Japan
("TOSHIBA"); Liberty Jupiter, Inc., a Delaware corporation ("LJ"), Liberty
Japan, Inc., a Delaware corporation ("LIBERTY JAPAN") (LJ and Liberty Japan are
referred to herein collectively as "LIBERTY MEDIA") will be the owners of
Jupiter Equity Securities.

                  WHEREAS, Sumitomo has entered into agreements to guarantee
certain debt obligations of Jupiter.

                  WHEREAS, Microsoft has entered into agreements to guarantee
certain debt obligations of TITUS Communications Corporation, a corporation
organized under the laws of Japan and a wholly-owned subsidiary
(kanzen-kogaisha) of Jupiter ("TITUS").

                  WHEREAS, Microsoft, Sumitomo and LMC have previously entered
into a debt indemnity agreement with respect to the guarantee of Indebtedness of
TITUS and Jupiter (the "ORIGINAL AGREEMENT").

                  WHEREAS, the parties are entering into this Agreement in
connection with the failure to discharge the guarantees which were the subject
of the Original Agreement prior to the IPO.

                  IT IS HEREBY AGREED as follows:

                                   ARTICLE I.
                               CERTAIN DEFINITIONS

         1.1 Specific Definitions. In addition to those terms defined in the
text, for purposes of this Agreement, the following terms shall have the
meanings set forth below:

                  "ASSOCIATE": means in relation to any person, another company,
corporation, partnership, joint venture, firm and/or any other person (other
than a director or officer of such person) in which the Parent of such person
directly or indirectly (i) owns Equity Securities of such other person entitling
it to cast fifty percent (50%) or more of the total votes entitled to be cast
generally for the election of directors (or persons of a similar position) of
such other person

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by all the holders of such Equity Securities or (ii) otherwise has the power to
control or direct the management of such other person through a management
agreement or other contractual arrangement that grants management and
operational control irrespective of voting power or equity ownership.

                  "BACK-UP INDEMNTIY": means the back-up indemnity obligations
set forth in Section 3.1.

                  "BUSINESS PLAN": means the business plan of Jupiter as
approved by the board of directors of Jupiter.

                  "EFFECTIVE DATE": means the date of this Agreement.

                  "EQUITY SECURITIES": means in relation to any Person, any
shares of, or other equity interests in, such Person that entitle the holder
thereof to vote generally for the election of directors (or persons of a similar
position) of such Person.

                  "GUARANTEE" means any obligation contingent or otherwise, of
any Person directly or indirectly guaranteeing any Indebtedness of any Person
and any obligation, direct or indirect, contingent or otherwise, of such Person
(i) to purchase or pay (or advance or supply funds for the purchase or payment
of) such Indebtedness or other obligation of such Person (whether arising by
virtue of partnership arrangements, or by agreements to keep-well, to purchase
assets, goods, securities or services, to take-or-pay or to maintain financial
statement conditions or otherwise) or (ii) entered into for the purpose of
assuring in any other manner the obligee of such Indebtedness of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or
in part).

                  "GUARANTORS": means a person that has guaranteed of Jupiter
Debt and/or TITUS Debt that is party to this Agreement each, a "GUARANTOR".

                  "INDEBTEDNESS": means, as to any Person, any loan, debt, bond,
note, loan stock, debenture or other obligation for borrowed moneys, any
obligation under any hire purchase, conditional sale or title retention
agreement or lease (other than for payment of rent and service charges not
exceeding a commercial rate under any lease of real property), any liability in
respect of any acceptance credit or note or bill discounting facility, any
amount of consideration left outstanding by way of loan or otherwise under any
agreement for the sale or purchase of assets and/or the supply of services
(other than normal trade credit) and any guarantee, indemnity or security.

                  "INDEMNITY PAYMENTS": means the LMC-Microsoft Indemnity
Payment, the LMC-Sumitomo Indemnity Payment, the Microsoft-LMC Indemnity
Payment, the Microsoft-Sumitomo Indemnity Payment; the Sumitomo-LMC Indemnity
Payment and the Sumitomo-Microsoft Indemnity Payment, and each an "INDEMNITY
PAYMENT".

                  "IPO": means the consummation of the first public offering of
the Jupiter Equity Securities representing ten percent (10%) or more of the
outstanding Jupiter Equity Securities

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after such offering and listing of such Jupiter Equity Securities on a
recognised securities exchange.

                  "JUPITER EQUITY SECURITIES": means in relation to Jupiter, any
shares of, or other equity interest in, Jupiter that entitle the holder to vote
generally for the election of the directors (or persons having a similar
position) of Jupiter.

                  "JUPITER DEBT": means all of the Indebtedness of Jupiter, its
Associates and the Jupiter Franchise Systems existing as of the Effective Date
other than TITUS Debt.

                  "JUPITER DEBT GUARANTEES": means all of the Guarantees (other
than any Back-up Indemnity) of Jupiter Debt issued by the Parties or any of
their Associates.

                  "JUPITER MAJOR SHAREHOLDERS' AGREEMENT": means the
shareholders' agreement dated the date hereof by and among Sumitomo; LMC;
Liberty Media.; Microsoft Corp. and Microsoft as amended from time to time.

                  "LMC-MICROSOFT INDEMNITY PAYMENT": means the indemnity payment
owed by LMC to Microsoft Corp. stated in Section 3.1(b)(ii).

                  "LMC-SUMITOMO INDEMNITY PAYMENT": means the indemnity payment
owed by LMC to Sumitomo stated in Section 3.1(a)(i).

                  "LMC'S RELATIVE PERCENTAGE ENTITLEMENT": means (i) the
Percentage Entitlement of Liberty Media and its Associates, divided by (ii) the
sum of the Percentage Entitlements of the Guarantors and their respective
Associates multiplied by, (iii) 100.

                  "MICROSOFT'S RELATIVE PERCENTAGE ENTITLEMENT": means (i) the
Percentage Entitlement of Microsoft and its Associates, divided by (ii) the sum
of the Percentage Entitlements of the Guarantors and their respective Associates
multiplied by, (iii) 100.

                  "MICROSOFT-LMC INDEMNITY PAYMENT": means the indemnity payment
owed by Microsoft Corp. to LMC stated in Section 3.1(c)(ii).

                  "MICROSOFT-SUMITOMO INDEMNITY PAYMENT": means the indemnity
payment owed by Microsoft Corp. to Sumitomo stated in Section 3.1(a)(ii).

                  "PARTY" or "PARTIES" means a party or parties to this
Agreement.

                  "PARENT" means with respect to (i) Sumitomo, Sumitomo or its
successor (ii) Microsoft, Microsoft Corp. or its successor (iii) Liberty Media,
LMC or its successor (iv) Jupiter, Jupiter or its successor, and (v) TITUS,
TITUS or its successor.

                  "PERCENTAGE ENTITLEMENT" means in relation to each of
Sumitomo, Liberty Media and Microsoft, the percentage (rounded to two decimal
places) equal to (i) the total number of votes that such Person and its
Associates is entitled to cast generally in the election of directors of Jupiter
in respect of Jupiter Equity Securities owned by such Person and its

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Associates, divided by (ii) the total number of votes that all shareholders of
Jupiter are entitled to cast generally in the election of directors in respect
of Jupiter Equity Securities, multiplied by (iii) one hundred (100).

                  "PERSON": means any individual, firm, company or other
incorporated or unincorporated entity.

                  "RELATIVE PERCENTAGE ENTITLEMENT": means Sumitomo's Relative
Percentage Entitlement, LMC's Relative Percentage Entitlement or Microsoft's
Relative Percentage Entitlement, as the case may be.

                  "SUMITOMO-LMC INDEMNITY PAYMENT": means the indemnity payment
owed by Sumitomo to LMC stated in Section 3.1(c)(i).

                  "SUMITOMO-MICROSOFT CORP. INDEMNITY PAYMENT": means the
indemnity payment owed by Sumitomo to Microsoft Corp. stated in Section
3.1(b)(i).

                  "SUMITOMO'S RELATIVE PERCENTAGE ENTITLEMENT": means (i) the
Percentage Entitlement of Sumitomo and its Associates, divided by (ii) the sum
of the Percentage Entitlements of the Guarantors and their respective Associates
multiplied by, (iii) 100.

                  "TITUS DEBT" means all of the Indebtedness of TITUS, its
Associates and the TITUS Franchise Systems existing as of the Effective Date.

                  "TITUS DEBT GUARANTEES" means all of the Guarantees (other
than any Back-up Indemnity) of TITUS Debt issued by Microsoft Corp. and its
Associates.

         1.2 OTHER DEFINITIONAL PROVISIONS.

         (a) The words "hereof", "herein", and "hereunder" and words of similar
import, when used in this Agreement, shall refer to this Agreement as a whole
and not to any particular provision of this Agreement.

         (b) The terms defined in the singular shall have a comparable meaning
when used in the plural, and vice versa.

         (c) Capitalized terms used but not defined in this Agreement have the
meanings assigned to them in the Jupiter Major Shareholders Agreement.

                                   ARTICLE II.
                                   COVENANTS

         2.1 EXISTING GUARANTEES.

         (a) Sumitomo agrees to maintain in all material respects its
obligations as at the Effective Date in relation to the Jupiter Debt Guarantees
in accordance with the terms and conditions of such Jupiter Debt Guarantees,
provided that on or after the Effective Date,

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Sumitomo, may transfer to LMC up to 50% of the burden of any Jupiter Debt
Guarantees existing at the Effective Date following prior consultation with LMC
and the beneficiaries of such Jupiter Debt Guarantees.

         (b) Microsoft Corp. agrees to maintain or cause to be maintained in all
material respects its obligations as at the Effective Date in relation to the
TITUS Debt Guarantees in accordance with the terms and conditions of such TITUS
Debt Guarantees.

         (c) LMC agrees to maintain or cause to be maintained in all material
respects its obligations, (if any) as at the Effective Date in relation to any
Jupiter Debt Guarantees transferred to it by Sumitomo in accordance with the
terms and conditions of such Jupiter Debt Guarantees as at the time of the
applicable transfer.

         2.2 FINANCING DISCUSSIONS

         2.3 RELEASE OF GUARANTEES

                  The Parties agree to discuss, in good faith from time to time,
strategies with respect to Jupiter obtaining adequate financing.

                  Each of the Parties shall cooperate in good faith with each
other in order to attempt to obtain the release of all Jupiter Debt Guarantees
and TITUS Debt Guarantees in exchange for commercially reasonable alternative
funding methods.

         2.4 PRIOR CONSULTATION.

         (a) In the event that a claim has been made against Sumitomo or any of
its Associates in respect of a Jupiter Debt Guarantee, Sumitomo shall promptly
notify Microsoft Corp. and LMC and shall, to the extent reasonably practicable,
not make payment with respect to such claim without first consulting with
Microsoft Corp. and LMC with respect to such claim.

         (b) In the event that a claim has been made against Microsoft Corp. or
any of its Associates in respect of a TITUS Debt Guarantee or a Jupiter Debt
Guarantee, Microsoft Corp. shall promptly notify Sumitomo and LMC and shall, to
the extent reasonably practicable, not make payment with respect to such claim
without first consulting with Sumitomo and LMC with respect to such claim.

         (c) In the event that a claim has been made against LMC or any of its
Associates in respect of a Jupiter Debt Guarantee, LMC shall promptly notify
Sumitomo and Microsoft Corp. and shall, to the extent reasonably practicable,
not make payment with respect to such claim without first consulting with
Sumitomo and Microsoft Corp. with respect to such claim.

                                  ARTICLE III.
                                   INDEMNITY

         3.1 BACK-UP INDEMNITY AGREEMENT.

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         (a) Subject to the provisions of Section 2.4(a), upon written demand,
Sumitomo shall have the right to recover (i) from LMC, an amount equal to LMC's
Relative Percentage Entitlement of any payments made by Sumitomo or its
Associates under any Jupiter Debt Guarantee issued by Sumitomo or its Associates
with interest from and including the date of payment by Sumitomo to but
excluding the date of payment by LMC at the Citibank, Tokyo prime rate for
Japanese Yen and (ii) from Microsoft Corp., an amount equal to Microsoft's
Relative Percentage Entitlement of any payments made by Sumitomo or its
Associates under any Jupiter Debt Guarantee issued by Sumitomo with interest
from and including the date of payment by Sumitomo or its Associates to but
excluding the date of payment by Microsoft Corp. at the Citibank, Tokyo prime
rate for Japanese Yen.

         (b) Subject to the provisions of Section 2.4(b), upon written demand,
Microsoft Corp. shall have the right to recover (i) from Sumitomo, an amount
equal to Sumitomo's Relative Percentage Entitlement of any payments made by
Microsoft Corp. or its Associates under any TITUS Debt Guarantee or Jupiter Debt
Guarantee issued by Microsoft Corp. or its Associates with interest from and
including the date of payment by Microsoft Corp. to but excluding the date of
payment by Sumitomo or Jupiter, as applicable at the Citibank, Tokyo prime rate
for Japanese Yen; and (ii) from LMC, an amount equal to LMC's Relative
Percentage Entitlement of any payments made by Microsoft Corp. or its Associates
under any TITUS Debt Guarantee or Jupiter Debt Guarantee issued by Microsoft
Corp. or its Associates, together in each case with interest from and including
the date of payment by Microsoft Corp. to but excluding the date of payment by
Sumitomo or Jupitor, as applicable at the Citibank, Tokyo prime rate for
Japanese Yen.

         (c) Subject to the provisions of Section 2.4(c), upon written demand,
LMC shall have the right to recover (i) from Sumitomo, an amount equal to
Sumitomo's Relative Percentage Entitlement of any payments made by LMC or its
Associates under any Jupiter Debt Guarantee issued by LMC or its Associates with
interest from and including the date of payment by Sumitomo to but excluding the
date of payment by Sumitomo at the Citibank, Tokyo prime rate for Japanese Yen
and (ii) from Microsoft Corp., an amount equal to Microsoft's Relative
Percentage Entitlement of any payments made by LMC or its Associates under any
Jupiter Debt Guarantee issued by LMC or its Associates with interest from and
including the date of payment by LMC to but excluding the date of payment by
Microsoft Corp. at the Citibank, Tokyo prime rate for Japanese Yen.

                                  ARTICLE IV.
                                      FEES

         4.1 GUARANTEE AND INDEMNITY FEES

         (a) As consideration for the Guarantors entering into the Jupiter Debt
Guarantees and the TITUS Debt Guarantees in respect of the Jupiter Debt or the
TITUS Debt, as the case may be, Jupiter agrees to pay each of the Guarantors a
fee (the "Fee") payable ten business days after the last day of each calendar
quarter in arrears equal to (i) 1.0% of the total Jupiter Debt and TITUS Debt
that is subject to a Jupiter Debt Guarantee and/or TITUS Debt Guarantee given by
such Guarantor ("TOTAL GUARANTEED DEBT").

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         (b) Each Guarantor agrees to pay to each person that provides a Back-up
Indemnity in respect of Jupiter Debt Guarantees and TITUS Debt Guarantors given
by such Guarantor, a fee (the "BACK-UP INDEMNITY FEE") payable ten business days
after receipt of payment by the Guarantor of the Guarantee Fee equal to 0.75% of
the Total Guaranteed Debt multiplied by the Relative Percentage Entitlement of
the person providing the Back-up Indemnity.

         (c) For the purposes of calculating the Guarantee Fee and the Back-up
Indemnity Fee, the Total Guaranteed Debt shall be equal to the average of the
Total Guaranteed Debt outstanding on the last day of the month of each of the
three months comprising the relevant calendar quarter. The Guarantee Fee and the
Back-up Indemnity Fee shall be payable in Yen.

                                   ARTICLE V.
                           EFFECTIVENESS; TERMINATION

         5.1 TERMINATION; EFFECT OF TERMINATION.

         (a) This Agreement shall terminate upon the payment in full of the
TITUS Debt, the Jupiter Debt and full discharge of the Indemnity Payments under
this Agreement.

         (b) Upon a termination of this Agreement, no Party shall have any
further obligation to the other parties pursuant to this Agreement, except (i)
to fully discharge each Indemnity Payment, Back-up Indemnity Fee or, in the case
of Jupiter, Guarantee Fee (or any part of a Guarantee Fee or Back-up Indemnity
Fee that is accruing on a daily basis up to the date of termination but not yet
payable) owed by it, as the case may be, and (ii) with respect to any prior
breach hereof.

                                   ARTICLE VI.
                                   ASSIGNMENT

                  Any Party hereto may assign all of the relevant portion of its
rights and obligations hereunder in connection with a transfer of Jupiter Equity
Securities permitted under the Jupiter Major Shareholders' Agreements if the
Person to whom such obligation or portion thereof is to be assigned has, by
itself or together with any credit enhancements, a credit risk reasonably
comparable to or better than the transferor.

                                  ARTICLE VII.
                            MISCELLANEOUS PROVISIONS

         7.1 AMENDMENT AND MODIFICATION.

                  This Agreement may be amended, modified or supplemented at any
time by mutual written agreement of the Parties hereto. This Agreement may be
amended only by an instrument in writing signed on behalf of the Parties hereto.

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         7.2 EXTENSION; WAIVER.

                  Any agreement on the part of any Party to any extension of
time for the performance of any of the obligations or other acts of the other
Party or waive compliance with any obligation, covenant or agreement contained
herein shall be valid only if set forth in an instrument in writing signed on
behalf of the Party entitled to the benefits of such extended or waived term or
provision.

         7.3 ENTIRE AGREEMENT; ASSIGNMENT.

         Upon the Effective Date, this Agreement:

         (a) and the Jupiter Major Shareholders Agreement constitute the entire
agreement among the Parties with respect to the subject matter hereof and
supersedes all other prior agreements and understandings, both written and oral,
among the Parties with respect to the subject matter hereof;

         (b) shall be binding upon and inure to the benefit of the Parties and
their respective successors and permitted assigns.

         7.4 SEVERABILITY.

                  The provisions of this Agreement shall be deemed severable and
the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof. If any provision of
this Agreement, or the application thereof to any Person or any circumstance, is
invalid or unenforceable, (a) a suitable and equitable provision shall be
substituted therefor in order to carry out, so far as may be valid and
enforceable, the intent and purpose of such invalid or unenforceable provision
and (b) the remainder of this Agreement and the application of such provision to
other Persons, entities or circumstances shall not be affected by such
invalidity or unenforceability, nor shall such invalidity or unenforceability
affect the validity or enforceability of such provision, or the application
thereof, in any other jurisdiction.

         7.5 NOTICES.

                  All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be deemed given if
delivered personally or by facsimile transmission (with written confirmation) or
three (3) days after being mailed by registered or certified mail (return
receipt requested), postage prepaid, to the parties at the following addresses
and fax numbers (or at such other address for a party as shall be specified by
like notice; provided that notices of a change of address shall be effective
only upon receipt thereof):

         (a) if to Jupiter, to

             Jupiter Telecommunications Co., Ltd.
             Higashi-Ikebukuro Building
             4-41-24, Higashi Ikebukuro
             Toshima-Ku, Tokyo 170-0013

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             Japan

             with copies to:

             Latham & Watkins
             99 Bishopsgate,
             London, EC2M 3XF
             United Kingdom

             Attention:  David Miles
             Fax:+44 20 7374 4460

         (b) if to Sumitomo, to:

             Sumitomo Corporation
             1-2-2 Hitotsubashi
             Chiyoda-ku, Tokyo 100-8601
             Japan

             Attention: Tsuguhito Aoki
             General Manager,
             CATV & Satellite Business Dept.

             Fax:+81 3 3217 7049

             with a copy to:

             Attention: Naoki Saito
             Deputy General Manager,
             Legal Dept.

             Fax:+81 3 3217 5277

         (c) if to LMC, to:

             Liberty Media International, Inc.
             9197 South Peoria Street,
             Englewood, Colorado  80112
             USA

             Attention: Chief Financial Officer
             Fax:+1 720 875 4983

             with copies to:

             Attention: Elisa Erickson

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<PAGE>   10

             Fax:+1 720 875 5858

         (d) if to Microsoft Corp., to:

             Microsoft Corporation
             One Microsoft Way
             Redmond, Washington 98052-6399
             USA

             Telephone:(425) 936-5266
             Fax:(425) 936-2625
             Attention: Chief Financial Officer

             with copies to:
             Sullivan & Cromwell
             125 Broad Street
             New York, New York 10004
             USA

             Telephone:(212) 558-4000
             Fax:(212) 558-3588
             Attention: Duncan C. McCurrach

         7.6 GOVERNING LAW.

                  This Agreement shall be governed by and construed in
accordance with the laws of Japan.

         7.7 DESCRIPTIVE HEADINGS.

                  The descriptive headings herein are inserted for convenience
of reference only and are not intended to be part of or to affect the meaning or
interpretation of this Agreement.

         7.8 COUNTERPARTS.

                  This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. This Agreement shall be effective upon
execution and delivery of either manually signed or facsimile signed signature
pages.

         7.9 PARTIES IN INTEREST.

                  This Agreement shall be binding upon and inure solely to the
benefit of each Party hereto and their respective successors and assigns and
nothing in this Agreement, express or implied, is intended by or shall confer
upon any other Person any rights, benefits or remedies of any nature whatsoever
under or by reason of this Agreement.

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IN WITNESS WHEREOF, the undersigned has caused this Agreement to be signed by
its duly authorized officers as of the date first above written.

                                                     SUMITOMO CORPORATION

                                       By:_____________________________________
                                       Name:
                                       Title:

                                       LIBERTY MEDIA CORPORATION

                                       By:_____________________________________
                                       Name:
                                       Title:

                                       MICROSOFT CORPORATION

                                       By:_____________________________________
                                       Name:
                                       Title:

                                       JUPITER TELECOMMUNICATIONS CO., LTD.

                                       By:_____________________________________
                                       Name:
                                       Title:

                                       11

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