Document:

Exhibit 10.2

                           CONSOLIDATED AGREEMENT

         This Consolidated Agreement (Agreement) is being entered by and
between The Nasdaq Stock Market, Inc. (Nasdaq or Customer), a Delaware
Corporation that is a subsidiary of the National Association of Securities
Dealers, Inc. (a Securities Self-Regulatory Organization, registered with
the United States Securities and Exchange Commission and subject to the
Securities Exchange Act of 1934) (NASD) (NASD and its affiliates are
collectively referred to as the Corporations), whose principal place of
business is located at 1735 K Street, N.W., Washington, D.C. 20006.

         Unisys Corporation ("Unisys") will sell and license Products and
services and Customer agrees to purchase and license those Products and
services under the following terms and conditions:

1.   Definitions

1.1. Software means the object code or microcode versions of computer
programs and any related documentation, excluding maintenance diagnostics.
Software also means the source code version where provided by Unisys.

1.2. Products means equipment, Software, documentation (including manuals
and education materials) and Software maintenance releases and updates.

1.3. Software Processing Unit ("SPU") means equipment which controls and
executes Software.

1.4. SURETY Support Services means various forms of installation and
support for the Products.

1.5. Proprietary Information means Software, diagnostics, including manuals
and any other information conspicuously marked and subject to confidential
treatment hereunder of Unisys or its licensors.

1.6. Professional Services means all technical and consultative services
other than SURETY Support Services.

1.7. Installation Date means the date Unisys Customer executes a Notice of
Acceptance following installation and successful testing at Customer's site
subject to the acceptance criteria in Attachment 1 hereto, or, if equipment
or Software is to be installed by Customer, the tenth day following
shipment.

2.   Effective Date

This Agreement will become effective when signed by a duly authorized
representative of Unisys and a duly authorized officer of Nasdaq and will
continue in effect until terminated according to its terms. The Initial
Term of this Agreement is for the period from the Effective Date until
December 31, 1998. Unless Unisys gives 180 days Notice of voluntary
termination to Customer prior to the end of the current term, this
Agreement shall renew until December 31 of the next year. Unless Customer
gives 60 days Notice of voluntary termination to Unisys prior to the end of
the current term, this Agreement shall renew until December 31 of the next
year. The terms of this Agreement apply to software licenses until they
expire by their own terms.

3.   Schedules - Ordering Procedure

3.1. Unisys will furnish to Customer and Customer will accept and pay for
the Products and services itemized on the following schedules which,
together with the terms on the Schedules, are an integral part of this
Agreement.

         Schedule                   Name
            A                       Equipment Sale
            B                       SURETY Support Services
            C                       Software Licenses
            D                       Professional Services
         Attachment 1      Acceptance Criteria
         Attachment 2      Expansion Equipment
         Attachment 3      Additional Terms

All references to Products and services in this Agreement are to the
Products and services listed on the Schedules and on any Schedules
submitted to and accepted by Unisys pursuant to Section 0 and to any
Products and services supplied by Unisys with such listed Products and
services.

3.2. Customer may order additional Products and services under this
Agreement by submitting properly completed Unisys Supplemental Schedule
Orders referencing this Agreement. All orders will refer to this Agreement
by number and will be signed by Customer. All education lecture courses
must be ordered on a Customer Education Enrollment Application. No
preprinted term on any Schedule Order or on any purchase order form shall
be binding on the parties.

3.3. All orders are subject to acceptance by Unisys. Acceptance by Unisys
will be effective when communicated in writing to Customer. The receipt or
deposit by Unisys of a Customer down payment will not constitute acceptance
of an order. Any down payment received from Customer will be returned if
the order is not accepted by Unisys.

3.4. If Unisys fails to deliver any order within ten (10) days of the date
and time reasonably requested in the order, Nasdaq, without waiving any
other remedy available to it under law or this Agreement, may cancel the
order upon 10 days notice with an opportunity to cure within the 10 days,
or if the failure to deliver substantially impairs the value of the entire
Agreement, terminate this Agreement.

3.5. Unisys may substitute Unisys Products of equivalent or superior
functionality and performance in the event that any of the Products ordered
are not available at the time of shipment. Unisys shall give Notice to
Customer prior to such substitution and unless Unisys has obtained
Customers consent to the substitution, Customer shall have fifteen (15)
days after notification to cancel the order. Customer may make changes or
request substitutions subject to Unisys consent, not unreasonably withheld,
provided, that Nasdaq shall reimburse Unisys for out-of-pocket expenses
directly resulting from the Customer requested change or substitution.

4.   Delivery, Installation, and Acceptance

4.1. Unisys will arrange for delivery of Products and Customer will pay
Unisys for transportation charges stated in the order letter. Customer will
also pay for all non-standard cables and other site-specific installation
materials required to install the equipment at Customer's site, provided,
the Charges for Additional Work Section is complied with.

4.2. Unisys will provide Customer with one copy of the then-current user
documentation, in paper or electronic form, for use with the Products
ordered and Unisys will provide environmental specifications for equipment,
where applicable. Prior to delivery of equipment, Customer will prepare the
installation site in accordance with such specifications and will continue
to maintain the installation site in accordance with such specifications.

4.3. Customer will install all items of equipment with the designation "Y"
in the "Customer installable" column when there is no installation charge
listed on Schedule A. Unisys will install all other items of equipment.
Customer will install all items of Software other than those for which a
fixed installation charge is indicated on Schedule C. All Products to be
installed by Unisys will be installed during Unisys normal working hours,
unless otherwise provided in this Agreement, or unless instructed by
Customer. Any installation services provided outside of PPM shall be as
stated in the applicable order letter.

4.4. Customer may arrange for installation by Unisys of Customer
installable Products, subject to the Unisys charges and conditions
applicable to Nasdaq under Schedule D. However, during Customer's PPM, the
Unisys on-site maintenance engineer may provide above service without
additional charge to Nasdaq in the event that all of the on-site engineer's
primary responsibilities have been completed.

4.5. If additional labor and rigging is required for installation due to
Customer's special site requirements, Customer will pay those costs
including costs to meet union or local law requirements.

5.   Payment

5.1. Invoices for Products will be sent upon shipment. Notwithstanding any
statement in the invoice, payment of such invoices shall be due and owing
to Unisys within 30 days after Acceptance, as defined in this Agreement.
Unisys shall instruct its billing and collection and other personnel about
the operative terms of this Agreement.

5.2. Charges for SURETY Support Services will be invoiced in advance,
monthly, annually, or at other periodic intervals; otherwise, charges will
be invoiced after the services are performed. Hourly use, page and remote
service charges will be invoiced monthly unless otherwise indicated.

5.3. Charges for Professional Services will be invoiced monthly as the
services are performed, or as otherwise provided in writing between the
parties.

5.4. Except as provided in this Agreement, all charges must be paid no
later than 30 days from the date of receipt of the invoice.

5.5. If Nasdaq has a bona fide dispute about any item or amount, Nasdaq
shall pay all amounts not in dispute; all disputed amounts are not due
until the dispute is resolved. Unisys may impose a late payment charge
equal to the lesser of (a) 1-1/2% per month or (b) the maximum rate allowed
by law.

5.6. Additional charges may apply to services rendered outside contracted
hours or beyond normal coverage at Customer's request, e.g. premium and
minimum charges, provided, the Charges for Additional Work Section is
complied with. All travel and related expenses require Customer's prior
written consent.

6.   Taxes

6.1. Except as hereinafter stated, Customer will pay any tax that Unisys
becomes obligated to pay after Customer's Installation Date by virtue of
this Agreement, exclusive of taxes based on the net income or personal
property of Unisys.

6.2. All personal property and similar taxes assessed after title has
passed to Customer hereunder, will be paid by Customer.

7.   Price Protection

7.1. The charges for Products in any accepted order will remain firm
through the Installation Date, unless through no fault of Unisys shipment
takes place more than one year after the date of the order. If Unisys
notifies Customer that an increase in charges will apply to its order,
Customer may terminate the affected part of its order by giving written
notice to Unisys within 15 days of the date of notification of the
increase.

7.2. ***** *

7.3. *****

7.4. During the Initial Term of this Agreement, Unisys will extend to
Nasdaq the right to buy additional quantities of Unisys Hardware styles
initially ordered under this Agreement at the net price offered herein.
Customer shall also be entitled to a quoted net price on purchases of
certain Hardware not initially ordered hereunder but listed in Attachment 2
to this Agreement, entitled "Expansion Equipment".

7.5  *****

7.6. *****

8.  Customer's Operational Responsibilities

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

8.1. Customer acknowledges it has independently determined that the
Products and services ordered under this Agreement meet its requirements.

8.2. Customer has sole responsibility for use of the Products, including
operating procedures, audit controls, accuracy and security of input and
output data, restart and recovery routines, and other procedures necessary
for Customer's intended use of the Products.

8.3. Unless otherwise agreed upon in writing by the parties, Nasdaq is
responsible for data back-up relating to the system which is the subject of
this Agreement.

8.4. If Unisys is providing SURETY Support Services, Customer will (a)
maintain the operating environment in accordance with Unisys specifications
that have been supplied to Customer by Unisys, (b) provide working and
adequate storage space for use by Unisys personnel near the equipment, (c)
provide Unisys full access to the equipment and sufficient computer time,
subject only to Customer's security rules and the needs of the Nasdaq Stock
Market" during operational hours, (d) follow Unisys procedures for
determining if remedial service is required, (e) follow Unisys instructions
for operator maintenance and obtaining services, (f) attempt to provide a
memory dump and additional data in machine readable form as Confidential
Information, if requested, (g) attempt to reproduce suspected errors or
malfunctions in Software in Nasdaq's development environment outside hours
that the markets are operated by Nasdaq or as considered appropriate by
Customer, and (h) install all error corrections and maintenance releases
supplied by Unisys that do not affect Customer's application programs, and
after sufficient testing by Nasdaq.

8.5. Professional Services supplied by Unisys under this Agreement are
provided to assist Customer. Customer, not Unisys, will be responsible for
determining objectives.

9.  Protection of Proprietary Information

9.1. Protection of the Corporation's proprietary information is subject to
a separate agreement. Customer will keep in confidence and protect
Proprietary Information from disclosure to third parties (except the
Corporations and each of their employees, officers, directors, and other
agents) to the same degree the Corporations do so with respect to their own
similar proprietary information and restrict its use to implementation of
the Corporation's systems. The Corporations acknowledge that unauthorized
disclosure of Proprietary Information may cause substantial economic loss
to Unisys or its licensors. All materials containing Proprietary
Information will be marked with "Proprietary", "Confidential", or when
noted as such to Customer prior to its disclosure. Proprietary information
will not be copied, in whole or in part, except for the use of persons
authorized under this Paragraph for the uses stated herein for Customer's
authorized use. Each copy, including its storage media, will be marked by
Customer with all notices which appear on the copied portion of the
original. Any of the Corporations may disclose information to the extent
demanded by a court, revealed to a government agency with regulatory
jurisdiction over one or more of the Corporations, or in its regulatory
responsibilities over its members and associated persons under the Exchange
Act of 1934. The obligation of non-disclosure shall not extend to: (1)
information that is already in the possession of the other party (including
the Corporations) and not under a duty of non-disclosure; (2) information
that is generally known or revealed to the public; (3) information that is
revealed to either party (including the Corporations) by a third
party--unless the receiving party knows that the third party is under a
duty of non-disclosure; or (4) information that a party (including the
Corporations) develops independently of the disclosure. The obligation of
non-disclosure shall survive for a period of three years from the date of
disclosure to a party (including the Corporations).

9.2. Upon termination or cancellation of any license granted under this
Agreement, Customer will destroy (and, upon Notice by Unisys, in writing,
certify destruction) or return to Unisys all copies of the Software the
license for which has been so terminated or canceled (except archival
copies reasonably made for backup/historical, security, or regulatory
purposes that are a general back-up of the SPU, which shall be treated as
Proprietary Information and will not be used to operate the Nasdaq market
system).

9.3. Any ideas, concepts, know-how, data-processing techniques, Software,
documentation, diagrams, schematics, blueprints, or any other deliverable
developed by Unisys personnel (alone or jointly with Customer) in
connection with Professional Services provided to Customer will be treated
in accordance with the following principals:

         9.3.1.   ***** *
         9.3.2.   *****
         9.3.3.   *****
         9.3.4.   *****
         9.3.5.   *****
         9.3.6.   *****

9.4. Customer acknowledges that all other Unisys-provided support
materials, including without limitation, diagnostic software, are the
property of and may include Proprietary Information of Unisys. Such
materials will be used only by appropriate Unisys personnel and that Unisys
has the right to remove such materials from Customer's facility at any
time. This provision applies even though such materials may be listed in
the Unisys price lists, catalogs, invoices or contracts.

9.5. Customer will inform and instruct its employees of their obligations
under this Section.

9.6. The obligations of this Section survive any rescission, termination,
or cancellation of this Agreement.

10.  License

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

10.1. Unisys grants to Customer a non-exclusive and nontransferable (except
to one or more of the Corporations) license to use Software (including
related documentation) on the Unisys SPU for which it was originally
licensed, according to the terms and conditions of this Agreement, in
conjunction with the business of the Corporations which includes but is not
limited to, the input from, processing at the request of, and dissemination
to, third parties of data related to entities, issuers, issues, markets,
financial instruments, qualification and other testing, insurance, and news
referring or related to the above, including that from markets operated and
entities regulated by the Corporations. Full use and access to the Software
and documentation can be granted to employees, independent contractors, and
other agents of the Corporations in conjunction with the above business of
the Corporations, provided, that Customer shall defend, indemnify and hold
Unisys harmless against any breaches of this Agreement by the Corporations,
their directors, independent contractors and other agents.

10.2. Customer agrees that Unisys may from time-to-time, at mutually agreed
upon times, upon reasonable advanced Notice, not during hours that the
Corporation's market systems are operational, and in such a manner so as
not to disrupt the business of the Corporations, inspect the computer site
in order to audit the Unisys software installed at Customer's site.

10.3. Customer may develop application programs, may modify any Unisys
Software, and may combine such with other programs or materials to form an
updated work, provided that upon discontinuance or termination of the
license, the Unisys application Software will be removed from the updated
work and returned to Unisys. Unisys must be notified of any alteration of
the operating system software. Unisys makes no representation regarding
compatibility of future software releases, nor assumes any corrective
obligation, with respect to Customer's alteration of the operating system
software.

10.4. Except to the extent permitted by law, Customer will not decompile or
disassemble any Software provided under this Agreement or modify Software
which bears a copyright notice of any third party. Customer may make and
maintain archival copies (reasonably made for backup/historical, security,
or regulatory purposes) of each item of Software, and each copy will
contain all legends and notices and will be subject to the same conditions
and restrictions as the original.

10.5. If the SPU on which any item of Software is licensed becomes
temporarily unavailable, use of such Software may be temporarily
transferred to an alternative SPU.

10.6. Except for the purposes stated in this agreement, no license is
granted to Customer to use any Unisys proprietary operating system Software
to (a) assess, test or develop any hardware products either for others or
where they are to be marketed by Customer for compensation, or (b) develop
any software program other than an application program. This license
restriction does not apply to MS/DOS, UNIX, and CTOS/BTOS operating
systems. Application programs mean programs for performing specific
automatic data processing tasks such as payroll, inventory control,
information retrieval or repetitive arithmetic operations, but excludes
programs such as environmental programs, handlers, operating systems, and
data base management programs, unless such programs are used for interface
and interoperability purposes between Unisys and other systems.

10.7. If Customer desires to use Software in a service bureau mode except
as described in this Agreement, at a location other than Customer's
computer centers, or as described in Section 0, Customer shall request
prior permission in writing from Unisys. Unisys will then advise Customer
whether, and under what terms and conditions, Unisys will license the
Software as requested. All restrictions applicable to Customer will also
apply to any permitted service bureau users. Unisys agrees that the
Corporations' present uses are permitted under this Agreement.

10.8. This Agreement does not transfer to Customer title to any
intellectual property contained in any Software, documentation or
Proprietary Information.

10.9 ***** *

11.  Warranties and Disclaimers

11.1. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, THERE ARE NO
WARRANTIES, EXPRESS OR IMPLIED, BY OPERATION OF LAW OR OTHERWISE. UNISYS
DISCLAIMS THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A
PARTICULAR PURPOSE AS TO BOTH UNISYS AND NON-UNISYS PRODUCTS AND SERVICES.
UNISYS WARRANTIES EXTEND SOLELY TO THE CORPORATIONS.

12.  Equipment:

12.1.***** *

12.2. Because equipment requires on-going maintenance, the preceding
warranty is not a substitute for SURETY Support Services, which are
available to Customer for a charge.

13.  Software:

13.1.*****

14.  SURETY Support Services:

14.1. Unisys warrants that equipment and Software will be supported in
accordance with the specific SURETY Service Plan selected. Except as stated
in this Agreement, Unisys sole and exclusive obligations under this
warranty will be to conform to the Service Descriptions. Equipment parts
which are removed for replacement by Unisys become the property of Unisys.
Unisys warrants and represents that it will have good and clear title, free
of any liens or encumbrances to replacement hardware parts; replacement
conveys such title to Nasdaq. Any replacement item shall perform to at
least the manufacturers' specifications of the replaced item when new.

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

* ***** Confidential Treatment has been requested for the redacted portions.
The confidential redacted portions have been filed separately with the
Securities and Exchange Commission.

14.2. To determine eligibility and prerequisites for SURETY Support
Services, Unisys may require inspection, at Customer expense, of equipment
which (a) has not been maintained continuously by Unisys from the date of
purchase by Customer or (b) has been relocated.

14.3. All equipment, interconnected by signal and power cables, and
non-application Software, located at the same site and which are subject to
SURETY Support Services are required to be supported at the same Service
Level as the SPU. Local area networks, workstations and remote data
communication Products are not required to be at the same Service Level as
the SPU.

14.4. SURETY Support Services do not cover the parts and service required
to repair damage attributable to (i) unapproved attachments or alterations,
out-of-specification supplies, or defects in design, material or
workmanship of non-Unisys-provided products and services, (ii) accidents,
misuse, negligence or failure of Customer to follow previously provided
instructions for proper use, care and cleaning of equipment, (iii) external
factors (e.g., failure or fluctuation of electrical power or air
conditioning, fire, flood); or (iv) failure by Customer to comply with
Unisys previously provided environmental specifications.

14.5.   ***** *

14.6. Unisys agrees to provide preventive maintenance service to the
mainframe at the Customer's back-up computer center between the hours of 12
a.m. and 4 a.m. (EST/EDT) each Saturday and to the mainframe at Customer's
primary computer center between the hours of 6 p.m. and 12 p.m. (EST/EDT)
each Sunday. The frequency and duration of preventive maintenance shall be
in accordance with Unisys technical publications and mutually agreed to
between the Unisys local customer service manager (CSM) and Customer's
operations representative. If Monday is a Holiday, then if requested by
Nasdaq on 2 weeks notice (oral or written to the local Unisys field service
manager), Unisys shall perform the preventive maintenance services on
Monday, without additional charge.

14.7. With respect to Customer's primary and back-up computer centers,
Unisys agrees to make commercially reasonable efforts during hours outside
the PPM to cause a CSE to respond to Customer's call for Remedial
Maintenance within three hours, such efforts subject to availability of
field personnel and timeliness of Customer's authorization process.

15.  Professional Services:

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

15.1. Unisys will provide the Professional Services noted on Schedule D (or
other task order) in the time frame noted therein. Such services shall be
of the highest quality provided by Unisys and in no event less than
generally accepted standards within the industry. Such services shall
include comprehensive documentation, fixing of bugs or other defects, and
transitional training as would generally be expected within the industry.

15.2. Unisys may assign, reassign, and substitute personnel at any time and
may provide the same or similar services and materials to other customers,
as long as such activity does not interfere with Unisys ability to fully
comply, in a timely manner, with the provisions of this Agreement.

15.3. Unisys will maintain accurate and complete records as to time spent
in its performance of the Services and will allow Nasdaq or its designated
agents to examine such records from time to time upon written request in
order that Nasdaq may ascertain the correctness of invoices submitted to
Nasdaq by Unisys.

15.4. Unisys will make all reasonable efforts to make available the same
consultant for modification or correction of work prepared under a previous
work order, if reasonably requested by Nasdaq.

16.  Unisys Obligations for Services.

16.1. Unisys shall provide all insurance coverage required by applicable
laws, regulations, or employment agreements, including, without limitation,
medical and workman's compensation.

16.2. Unisys shall be responsible for payment of all unemployment, social
security and other payroll taxes of all individuals on whom Unisys is
legally obligated to pay such taxes, who are engaged in the performance of
the Services. If, at any time, any liability is asserted against the
Corporations for unemployment, social security or any other payroll tax
related to Unisys or any individuals or subcontractors employed by or
associated with Unisys, then Unisys shall be liable to, indemnify and hold
harmless the Corporations from any such liability, including, without
limitation, any such taxes, any interest or penalties related thereto, and
reasonable attorney's fees and costs.

16.3. Unisys shall be responsible to Nasdaq for the quality of work and
performance of any Unisys subcontractor to the same extent as if such were
performed by Unisys itself.

16.4. Except for on-site Unisys Customer Service Engineers (CSE), Nasdaq
reserves the right to interview and approve or reasonably disapprove all
Unisys-provided personnel prior to start of work.

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

16.5.   ***** *

16.6. Nasdaq may terminate any Task Order for any reason by giving written
Notice to Unisys that the subject Task Order will terminate not less than
ten (10) days from receipt of the Notice. Nasdaq will pay Unisys the amount
due for authorized work and expenses incurred in completion of such
authorized work as of the effective date of termination.

17.  Alterations and Attachments

17.1. If Unisys is providing SURETY Support Services, Customer will give
Unisys prior written notice of any proposed unapproved alterations or
attachments to equipment. Unisys has no obligation to provide SURETY
Support Services for unapproved attachments and alterations. Should Unisys
agree to maintain, support or correct unapproved alterations or
attachments, Unisys may impose additional charges, or require that Nasdaq
return the Products to their condition absent the unapproved alterations
and attachments before performing the requested SURETY services. Unisys
obligation to provide SURETY Software support services extends to the
Software as unmodified by Customer.

17.2. Unisys is not responsible for any malfunction, nonperformance or
degradation of performance of Products, supplies or maintenance support
materials caused by or resulting directly or indirectly from any unapproved
alteration or attachment unless Unisys has contractually committed to
maintain the unapproved alteration or attachment that causes the
malfunction, or Nasdaq returns the affected Products to their condition
absent the unapproved alterations and attachments.

17.3. Unisys warranties will not apply to the extent that an unapproved
alteration or attachment directly or indirectly results in any malfunction,
nonperformance or degradation of performance of Unisys Products; in
addition, Customer will be solely responsible for resulting infringement,
personal injury or damage to property and Products that arises to the
extent of the unapproved alteration or attachment.

17.4. For purposes of this Agreement, "unapproved attachment or
alterations" means: the incorporation into, or connection by power and
signal cables and non-application Software to, Unisys Products of
non-Unisys-provided or non-Unisys approved components, boards and
subassemblies into equipment; the incorporation into, or connection by
power and signal cables and non-application Software to, Unisys Products of
components, boards and subassemblies into equipment that are not generally
accepted in the industry as Unisys-compatible; as well as non-Unisys
supplied or un-notified Customer modifications to Software.

18.   ***** *

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

19.  Intellectual Property Indemnification

19.1. Unisys, at its own expense, will be liable to, defend, indemnify, and
hold harmless Customer (including the Corporations and each of their
employees, directors, and other agents) against claims that Products
furnished under this Agreement infringe a third party's patent or
copyright, or misappropriate trade secret protected under law, provided
Customer: (a) gives Unisys prompt written Notice of such claims, (b)
permits Unisys to defend or settle the claims, and (c) provides reasonable
assistance to Unisys in defending or settling the claims. The duty of
assistance in litigation shall not require and is without waiver of the
attorney-client, work product, or other legal privileges of the
Corporations.

19.2. As to any Product which is subject to a claim of infringement or
misappropriation, Unisys may elect to (a) obtain the right of continued use
of such Product for Customer or (b) replace or modify such Product to avoid
such claim. If neither alternative is available on commercially reasonable
terms, then, in the case of equipment, at the request of Unisys, Customer
will discontinue use and return such equipment and Unisys will grant to
Customer a refund for the price paid to Unisys, less a reasonable offset
for use and obsolescence; in the case of Software, the applicable license
will be terminated and no further charges will accrue. Customer will
receive a pro-rata credit for any unused months on any pre-paid ETP
Software license.

19.3. Unisys will not defend or indemnify Customer to the extent any claim
of infringement or misappropriation (a) is asserted by a parent, subsidiary
or affiliate of Customer, (b) results from Customer's design (which has not
been approved by Unisys in writing) or Customer's unapproved alteration or
attachment of any Product, or (c) results from use of any Product in
combination with any non-Unisys provided Product, except where the
indemnified party is an aider, abetter or contributing infringer.

19.4. This Section states the entire liability of Unisys and Customer's
sole and exclusive remedies for patent or copyright infringement and trade
secret misappropriation.

20.   Termination and Cancellation

20.1. Unisys may suspend SURETY Support Services if any payment (other than
one disputed for a bona fide reason, until such dispute is resolved) for
such service under this Agreement is past due more than 60 days, until
payment is received in full, at which time Unisys shall perform all missed
SURETY Support Services.

20.2. Unisys may terminate SURETY Support Services for or change the levels
of support available to an item of Software upon six months written Notice
prior to the expiration of the then-current term for SURETY Support
Services.

20.3. Nasdaq may terminate SURETY Support Services for any particular
Product upon 30 days Notice. Unisys may terminate SURETY Support Services
for any particular Product upon expiration of the applicable term by
providing 180 days prior written notice. Failure to give such notice will
result in a renewal or extension of the license or service in accordance
with the provisions of this Agreement. Nasdaq may elect, without prejudice
to any other rights or remedies, to terminate SURETY Support services upon
30 days notice if, in Nasdaq's opinion, Unisys is not providing an adequate
level of service that leads to a loss of trust and confidence in Unisys
services by Nasdaq. As soon as is practicable, authorized representatives
of the parties shall meet and in good faith attempt to resolve the
problems. However, if Nasdaq is not satisfied with the Unisys proposed
resolution, then in the event of termination, Unisys shall promptly refund
to Nasdaq on a pro rata basis any unused portion of prepaid service. The
licenses for any Software automatically terminate upon Customer's permanent
discontinuance of use of the SPU on which the Software was licensed, at
which time Customer must either destroy or return the Software and Software
documentation to Unisys (except archival copies reasonably made for
backup/historical, security, or regulatory purposes). Upon termination or
cancellation of SURETY Support Services, all diagnostics will be returned
to Unisys.

20.4. Without prejudice to other remedies, Unisys may cancel this Agreement
or any order placed under it, for default if, upon written notice, Customer
fails to (i) make any payment identified as delinquent (including payment
of charges for Services) within 60 days of receipt of Notice of delinquency
or (ii) cure any default relating to Sections 0 or 0 within 30 days of
receipt of Notice of default.

20.5. Unisys may suspend SURETY Support Services on 30 days prior written
Notice if Unisys determines that any unapproved alterations or attachments,
or failure to install a maintenance release that does not affect Customer's
application programs will interfere with the provision of such services,
until Customer has returned the affected hardware or software to an
unaltered or current release condition.

20.6. The terms of this Agreement apply to those obligations that survive
any cancellation, termination, or rescission, namely--Proprietary
Information and Non-Use of NASD Name sections of this Agreement, and any
indemnification obligations or warranties.

20.7. Further, either party may terminate this Agreement immediately if the
other party becomes insolvent, admits in writing its inability to pay its
debts as they mature, makes an assignment for the benefit of creditors,
files or has filed against it by a third party any petition under any
Bankruptcy Act, or an application for a receiver of the other party is made
by anyone and such petition or application is not resolved favorably to the
other party within sixty (60) days. Customer has the rights of software
lessee under the Bankruptcy Code.

21.   ***** *

22.      Notices

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

22.1. The term Notices means written communications under this Agreement,
shall be deemed to have been duly given upon actual receipt by the parties,
or upon constructive receipt if sent by certified mail, return receipt
requested, or any other delivery method that obtains a signed delivery
receipt when addressed to the person(s) named below at the following
addresses or to such other address as any party hereto shall hereafter
specify by written Notice to the other party or parties hereto:

         (a)  if to Unisys:

                                 *****
              Unisys Corporation
              2 Enterprise Drive
              Shelton, CT 06484
              *****       *****
              Unisys Corporation
              8008 Westpark Drive
              McLean, VA 22021
              *****

              Unisys Corporation
              2 Oak Way
              Berkeley Heights, NJ 07922-2705
              Attn: Law Department

              Unisys Corporation
              Township Line and Union Meeting Roads
              Blue Bell PA 19424
              *****

         (b)  if to Customer:

              Name:      *****
              Title:     *****
              Address:   80 Merritt Blvd.
                         Trumbull, Connecticut
                         06611 *****
              Telephone #:******
and:

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

              Name:      *****
              Title:     *****
              Address:   80 Merritt Blvd.
                         Trumbull, Connecticut  06611
                         *****
              Telephone #:*****

         With, in the event of a dispute, required copies to:

              Name:      *****
              Title:     *****
              Address:   80 Merritt Blvd.
                         Trumbull, Connecticut  06611
              Telephone #:*****
and:

              The Nasdaq Stock Market, Inc.,
              1735 K Street, N.W.
              Washington, D.C.  20006
              Attn:  Office of General Counsel - Nasdaq Contracts Group

23. Arbitration

23.1 Any claim, dispute, or controversy (referred to collectively in this
Section as "Dispute") or other matter arising out of or relating to this
Agreement shall exclusively be subject to final, binding arbitration in
accordance with the Commercial Arbitration Rules of the American
Arbitration Association ("AAA") provided, however, that submission of any
Dispute shall not (absent agreement between the parties) be to the AAA. Any
such arbitration will be conducted in New York City. Each party is to
specify one arbitrator within thirty days of receipt by the respondent
party of the written arbitration demand which is to be sent by certified
mail, return receipt requested. After these two arbitrators are named, the
arbitrators will select a third arbitrator within twenty days. This third
arbitrator is to have experience and knowledge of electronic computers, the
computer business, or the securities business. If the arbitrators fail to
appoint a third arbitrator within this time frame, the parties shall
request the AAA (provided such does not require submission of the remainder
of the suit to the AAA) to provide a list of potential arbitrators, and the
parties will select the third arbitrator from that list that is not
objectionable to either party, pursuant to the rules of the AAA. If the
parties fail to agree to a third arbitrator from the list, then the AAA
will appoint the third arbitrator, who is to have experience and knowledge
of electronic computers, the computer business, or the securities business.
A party may enforce the arbitration duties and subsequent awards in court.

23.2 Except as provided in Sections Error! Reference source not found. and
Error! Reference source not found., the arbitrators will have no authority
to award punitive damages, nor any other damages not measured by the
prevailing party's actual damages, and may not, in any event, make any
ruling, finding or award that directly conflicts with the terms and
conditions of this Agreement.

23.3 Either party, before or during any arbitration, may apply to a court
having jurisdiction for a temporary restraining order or preliminary
injunction where such relief is necessary to protect its interests pending
completion of the arbitration proceedings. Arbitration will not be required
for actions for recovery of specific property, such as actions for
replevin.

23.4 Prior to initiation of arbitration or any other form of legal or
equitable proceeding, the aggrieved party will give the other party written
Notice in accordance with Section 22, describing the Dispute as to which it
intends to initiate action. The parties shall attempt to meet within 20
days of such Notice to attempt to resolve the Dispute. If the parties are
unable to resolve the Dispute within the 20 days period, arbitration may be
initiated.

24.  Other Provisions

24.1. All risk of loss or damage to Products procured by Customer hereunder
will pass to Customer upon delivery on the Customer's computer floor, and,
if applicable, after inspection of the uncrated Product by Customer at that
time.

24.2. Neither party will be liable for monetary damages or specific
performance for failure to fulfill its obligations when due to causes
beyond its reasonable control and without the fault or negligence of such
party. Such causes may include, but are not limited to: labor disputes,
strikes, fires, acts of God, floods, earthquakes, war, acts of the public
enemy, riots, acts of military authorities, embargoes, inability to secure
raw materials, or transportation facilities, or unavailability of
communications facilities. However, the aggrieved party may exercise its
other rights under this Agreement.

24.3. Any failure or delay by either party in exercising any right or
remedy will not constitute a waiver.

24.4. THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

24.5. This Agreement (that includes the Consolidated Agreement, its
Schedules, and the Specifications that are incorporated herein by
reference) constitutes the entire agreement between the parties with
respect to the Products and services provided hereunder and supersedes all
prior proposals and agreements, both written and oral, and all other
written and oral communications between the parties. The terms and
conditions of this Agreement will supersede all other terms and conditions,
including any preprinted terms on any purchase orders.

24.6. Unisys may assign its right to receive payments without Customer's
prior written consent. Any such assignment, however, will not change the
obligations of Unisys to Customer. Customer may share the use of any
Products or this Agreement (including discount arrangements), or assign or
transfer its rights or obligations under this Agreement, in whole or in
part, to the National Association of Securities Dealers, Inc., Nasdaq,
Ltd., or any parent, subsidiary, or sister entity of the above now or
hereafter created without Unisys consent, provided, that Customer remains
responsible to Unisys for the obligations of such other entity or entities.
Customer may also elect to assign Customer's right to purchase and lease
back items ordered hereunder to a third party with prior consent of Unisys
which shall not be unreasonably withheld or delayed, provided that the
lessor meets Unisys usual and customary credit standards, at anytime prior
to acceptance of the order, and subject to any reasonably agreeable
assignment of purchase rights consistent with the terms of this Agreement.
Otherwise neither party may assign or transfer its rights or obligations or
this Agreement (including by operation of law). Unisys may subcontract any
services described in this Agreement to third parties selected by Unisys,
provided, Unisys remains liable for the quality of work and performance of
any Unisys subcontractor to the same extent as if such were performed by
Unisys itself.

24.7. Nothing in the Agreement, express or implied, is intended to or shall
(a) confer on any person other than the parties hereto (and any of the
Corporations), or their respective permitted successors or assigns, any
rights to remedies under or by reason of this Agreement; (b) constitute the
parties hereto partners or participants in a joint venture; or (c) appoint
one party the agent of the other.

24.8. The terms and conditions of this Agreement may be modified only in
writing signed by a Unisys Vice President, General Manager or Contracts
Manager and a duly authorized officer of Customer.

24.9. No arbitration proceeding or legal action, regardless of its form,
related to or arising out of this Agreement, may be brought by either party
more than two years after the cause of action first accrued.

24.10. Each paragraph and provision of this Agreement is severable, and if
one or more paragraphs or provisions are declared invalid, the remaining
provisions of this Agreement will remain in full force and effect.

25. Permits and Licenses. Unisys warrants and represents that it now has
and will maintain throughout the term of this Agreement, all necessary
permits and licenses (and associated insurance or bonds) to perform any
work required under this Agreement. To the extent any additional special
permits are required (e.g. building or electrical permits), Nasdaq will
procure such permits at its own cost, unless otherwise agreed between the
parties.

26. Standards. Unisys warrants that it shall perform all work in a good and
workmanlike manner, in accordance with manufacturer and industry standards
and specifications, and that its work will not cause any Product or any of
the Corporations to violate any State or Federal law, including but not
limited to radiation, emission, toxic substance, and OSHA. Unisys will
comply with all applicable laws including, but not limited to, employee
taxes, sales/use taxes, American with Disabilities Act, environmental and
toxic waste disposal, and equal employment laws. After completion of work,
Unisys shall insure that the exterior of any equipment and the surrounding
areas are clean and that all discarded parts, supplies and other waste are
placed in Customer's appropriate disposal facilities (e.g., wastebaskets,
dumpsters), provided such does not cause the Corporations to violate any
applicable law or regulation.

27. Nasdaq or Third Party Repair. If Unisys is unable or unwilling to
perform maintenance, repair, or modification work, then notwithstanding any
term in the Agreement, Nasdaq may perform or authorize a third party to
perform maintenance, repair, or modification work. In the event Customer
undertakes such repairs, then Customer shall provide written Notice within
48 hours to Unisys, identifying the equipment on which the emergency
repairs have been performed and any Unisys spare parts used by Customer.
Unisys reserves the right to impose additional charges if such repairs or
modifications undertaken by Customer can be satisfactorily demonstrated by
Unisys to require corrective work or to have caused material harm,
necessitating Unisys to perform a comprehensive examination of the
equipment in order to certify it as eligible for continued enrollment under
Unisys maintenance. In the event that the equipment is irrevocably damaged,
Unisys shall have the right to void the warranty to maintain the equipment
in "good working order" and Customer may elect to continue maintenance
services by Unisys on a "reasonable efforts" basis or terminate maintenance
as to the equipment.

28. Insurance. Unisys will maintain throughout the life of this Agreement,
adequate liability insurance.

29. Subcontractor Liens. Unisys will promptly pay all subcontractors,
holding in trust any monies paid by Nasdaq for work done by
sub-contractors. Unisys will promptly pay any amount subject to a
subcontractor lien or otherwise cause the removal of such lien before
foreclosure. Unisys will also ensure, to then extent permitted by law,
through agreements with its subcontractors that in the event of non-payment
by Unisys to the subcontractor after payment for that subcontractor's work
to Unisys by Nasdaq, the subcontractor will waive the right to assert
mechanic's liens against Nasdaq property.

30.  ***** *

31. Permits and Emissions Requirements. Unisys warrants and represents that
its Equipment will meet the requirements of, and shall assist Nasdaq in
obtaining, all approvals, permits, and licenses and passing all
inspections, required for the Equipment under State and Federal law,
including, but not limited to: electrical, radiation, emission,
environmental, and toxic substances laws.

---------

* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

32. Defect Notification. To date, Unisys has no knowledge of any hostile
code occurring in its 2200 Series software. In the event it is established
that hostile code has infected Unisys 2200 Series software, Unisys will
inform Customer of the presence of such hostile code and will use
reasonable efforts to locate and neutralize the effect of such hostile
code.

33. Non-use Of Customer Proprietary Name and Marks. Unisys shall not use
the names National Association of Securities Dealers, Inc., The Nasdaq
Stock Market, Inc., Nasdaq, Inc., NASD Market Services, Inc., or "NASD,"
"The Nasdaq Stock Market", "Nasdaq," or "MSI" or any other of the
Corporations' names in any advertising or promotional media without the
prior written consent of Nasdaq. Unisys shall not use any trademark,
service mark, copyright, or patent of the Corporations, registered or
unregistered, without written consent of Nasdaq.

34. Security Regulations. Unisys personnel will be instructed to comply
with security regulations pertinent to each Corporation location and any
oral security instructions or demands of Corporation personnel. Unisys
personnel, when deemed appropriate by a Corporation in its sole discretion,
will be issued a visitor identification card by Corporation. Such cards
will be surrendered by Unisys personnel upon demand by a Corporation and
without further demand upon expiration or termination of this Agreement.

35. Confidentiality. Unisys acknowledges that it may be given access to
areas in which it may observe or acquire private, secret, or material
non-public information of any of the Corporations (including but not
limited to information relating to: investigatory matters, personnel
matters, regulatory matters, matters involving broker/dealers, issues, or
issuers) in performing its obligations under this Agreement. Unisys shall
use such information only in fulfillment of its obligations under this
Agreement; shall hold such information in confidence; and shall not use,
disclose, copy, or publish any such information without the prior written
approval of Nasdaq. The duties in this Section do not apply to information:
(1) lawfully within Unisys possession prior to this Agreement; (2) that is
voluntarily disclosed by a third-party so long as that party does not
breach any obligation not to reveal such information; (3) is voluntarily
disclosed to the public by any of the Corporations; or (4) is generally
known to the public.

36. Conflicts. Unisys represents and warrants to Nasdaq that it is now
under no contract or obligation, nor will it enter into a contract or
assume an obligation during the term of this Agreement that would
materially interfere with Unisys duties and responsibilities under this
Agreement.

37. Escalation Procedures. In instances which result in the inability of
Customer's system to accomplish productive work processing, Unisys has a
Management Escalation Procedure. Unisys agrees to comply with the Unisys
policy respecting Management Escalation which provides as follows:

         (a)      A Customer Service Engineer initiates Management
                  Escalation one hour after a Unisys Customer Service
                  Engineer on-site or initial remote diagnostics are unable
                  to correct a problem.

         (b)      Management Escalation complies with an established Timetable.

         Notification        Management to
         Responsibility             be Notified             Time
         --------------             -----------             ----

         ***** *

         Unisys agrees that appropriate resources, within the scope of
         authority of the Unisys employees put on notice in accordance with
         the above Escalation Timetable, will be devoted to correcting
         Customer's equipment malfunction.

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

38. Agreement is Proprietary Information. This Agreement shall be treated
as Confidential or Proprietary Information under this Agreement.

39. Counterparts. The Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, and such
counterparts together shall constitute but one and the same instrument.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed by their duly authorized officers.

                   =============================================================
                   FOR PUBLICLY TRADED COMPANIES. Nasdaq and its affiliates
                   (Corporations) have an internal policy of monitoring or
                   restricting trading by certain of its employees in publicly
                   traded stocks where the granting, renewal, or termination
                   of the agreement is considered by the publicly traded
                   company to be a "significant" event (one that could affect
                   the price of your company's stock or require a public
                   announcement). While the Corporations offer no
                   representation or warranty about the enforcement of its
                   policy or the securities activities of anyone associated
                   with the Corporations, if your company believes its
                   contracts with the Corporations may be "significant",
                   please initial here _________.
                   =============================================================

Unisys, (Unisys)

By:
    -------------------------------------------

Name:
    -------------------------------------------
-
Title:
    -------------------------------------------
         AUTHORIZED OFFICER

Date:
    -------------------------------------------

Executed this ______ day of _____________,
19____, for and on behalf of:

The Nasdaq Stock Market, Inc. (Nasdaq),

By:
    -------------------------------------------

Name:
    -------------------------------------------

Title:
    -------------------------------------------

Schedule A - Equipment Sale

***** *

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

Schedule B - Definitions and Service Descriptions

 ***** *

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

Schedule C - Software Licenses

***** *

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

Schedule D - Professional Services

***** *

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

                                                               Attachment 1

                         Nasdaq Acceptance Criteria
                         --------------------------

***** *

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

                                                               Attachment 2

                     ATTACHMENT II EXPANSION EQUIPMENT

                                                    LIST           NET
ITEM       STYLE NO.      DESCRIPTION               PRICE          PRICE

    1      UPK9222322     IP Upgrade                ***** *
    2      UPK9222333     PCC/PCU/ICC Upgrade       *****

    3      UPK9422633     PCC/IP Upgrade            *****
    4      UPK9633844     PCC/IPE/ICC Upgrade       *****
    5      UPK9844848     ICC Upgrade               *****
    6      229000-M64     Memory Expansion          *****

---------
* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.

                                                               Attachment 3
                              Additional Terms

***** *

---------

* ***** Confidential Treatment has been requested for the redacted
portions. The confidential redacted portions have been filed separately
with the Securities and Exchange Commission.Exhibit 10.3

                         NETWORK USER LICENSE AGREEMENT
                                     between
                          THE NASDAQ STOCK MARKET, INC.
                                       and
                               ORACLE CORPORATION

This Network User License Agreement ("User Agreement") shall be governed by the
terms of the Software License and Services Agreement between The Nasdaq Stock
Market, Inc. ("Client") and Oracle Corporation ("Oracle") effective November 30,
1993 (the "Agreement") and the terms set forth below.

1.       PROGRAMS AND DEFINITIONS

1.1      LICENSED PROGRAMS

         1.1.1    "Licensed Programs" means the Programs in the Program Set(s)
                  that are currently available in production release as of the
                  Effective Date for use on the corresponding Hardware and as
                  specified in the License Type.

<TABLE>
<CAPTION>
                  Program Set A:                     Hardware

                  <S>                       <C>                                 <C>
                  Programs                  (Computer/Operating System)         License Type
                  Oracle7                   Sequent Dynix/ PTX                  Deployment
                  procedural option         Unisys Dynix/ PTX
                  distributed option        Sun 4/ Solaris
                  parallel server option    Sun 4/ Sun OS
                  SQL*Net                   SCO/ Unix
                  SQL*Net TCP/IP            Macintosh/ Mac OS
                  SQL*Plus                  PC Compatible/ Netware
                                            PC Compatible/ OS/2
                                            PC Compatible/ MS DOS

                  Program Set B:            Hardware
                  Programs                  (Computer/Operating System)         License Type
                  Oracle 7                  Sequent Dynix/ PTX                  Full-use
                  procedural option         Unisys Dynix/ PTX
                  distributed option        Sun 4/ Solaris
                  parallel server option    Sun 4/ Sun OS
                  SQL*Net                   SCO/Unix
                  SQL*Net TCP/IP            Macintosh/ Mac OS
                  CDE Tools bundle          PC Compatible/ OS/2
                  (SQL*Forms/Menu,          PC Compatible/ MS DOS
                  SQL*Plus,                 PC Compatible/ MS WINDOWS
                  SQL*Reportwriter)
                  Pro*C
</TABLE>

         The "Hardware" shall be defined as the Computer/Operating System
         combinations listed above that are owned, leased to, or under the sole
         control of Client or an Agent at a location where the Licensed Programs
         are installed and used in accordance with Paragraph 1.8 C. of the
         Agreement.

1.1.2    During the User Agreement Term, Client may add Computer/Operating
         System combinations, except those for massively parallel processors,
         ("Additional Hardware") to the Hardware specified above on the
         following Program Set at no additional charge, provided: (i) the
         Licensed Programs are available in production release status on the
         Additional Hardware at the time Client elects to add the Additional
         Hardware; and (ii) Client has continuously maintained Technical Support
         for the Licensed Programs.

         Program Set                              Number of Additional Hardware
         ----------------------------------------------------------------------
         Program Set A                                        10
         Program Set B                                        10

         Oracle shall ship to the Client Location five (5) master copies of the
         Licensed Programs for each Additional Hardware added. These Licensed
         Programs may only be copied and installed in accordance with Section 4
         of this User Agreement.

         Client acknowledges that the Licensed Programs for use on the
         Additional Hardware specified above may not be currently available and
         may not become available during the User Agreement Term. Client agrees
         that it has not relied on the availability of such Licensed Programs in
         executing this User Agreement and further agrees that the availability
         of such Licensed Programs will not affect Client's payment obligations
         under Section 2 below. Oracle is under no obligation and does not imply
         that it will make available any Programs or Program/Hardware
         combinations that are not currently available.

1.1.3    During the User Agreement Term after Client has added all Additional
         Hardware allowed under Section 1.1.2 above, Client may exchange a
         Computer/Operating System listed in the Hardware or added to the
         Hardware under Section 1.1.2 above ("Prior Hardware") for a
         Computer/Operating System (except those for massively parallel
         processors) ("New Hardware"), at no charge provided that Client is
         under Technical Support services for the Licensed Programs on the Prior
         Hardware at the time the transfer is ordered.

         Oracle shall ship to the Client Location five (5) master copies of the
         Licensed Programs for each New Hardware added. These Licensed Programs
         may only be copied and installed in accordance with Section 4 of this
         User Agreement.

         Client acknowledges that the Licensed Programs for use on the New
         Hardware specified above may not be currently available and may not
         become available during the User Agreement Term. Client agrees that it
         has not relied on the availability of such Licensed Programs in
         executing this User Agreement and further agrees that the availability
         of such Licensed Programs will not affect Client's payment obligations
         under Section 2 below. Oracle is under no obligation and does not imply
         that it will make available any Programs or Program/Hardware
         combinations that are not currently available.

1.1.4    During the User Agreement Term, for each of the Current Programs
         specified below which have already been licensed to Client under this
         User Agreement the no charge technical support Update for each shall be
         made available to Client on the applicable Hardware and for the
         applicable License Type when and if such Programs are made available in
         production release; provided Client is under contract with Oracle to
         receive Technical Support for each of the current Programs specified
         below at the time the applicable technical support Update for each is
         released:

         Current Programs           Update           License Type

         SQL*Forms/SQL*Menu         Oracle Forms     Full-use
         SQL*ReportWriter           Oracle Reports

1.2      LICENSE TYPE

         "Full Use Programs" are defined as an unaltered version of the Licensed
         Programs with all functions intact.

         "Deployment Programs" are limited to use solely in conjunction with and
         in support of a Client Entity's business Application(s) ("Client
         Application(s)") and as restricted below. The combination of the
         Deployment Programs and a Client Application shall be defined as the
         Application Package.

         a.       The Application Package under Client Application control may
                  be used to create new tables or alter tables only to the
                  extent necessary to implement the Application Package's
                  functions. The Application Package may not allow use of the
                  Deployment Programs' Create or Alter commands or any other
                  command that would allow the User to create tables or alter
                  tables outside the scope of those necessary for the operation
                  of the Client Application(s).

         b.       The Application Package may not allow use of the Deployment
                  Programs' SQL*Forms modules or any other functionality that
                  would enable modification of forms created by the Application
                  Package or generation of new forms.

         c.       The Application Package may not allow use of the Deployment
                  Programs outside the scope of the Application Package, or to
                  be used to create any new application programs, or expand the
                  functionality of the Application Package, or for any general
                  database management.

1.3      USER

A.       For Program Set A, one "Concurrent User" is defined as one individual
         employed by Client, an Entity Employee, Agent Individual, or Subscriber
         Designee who may use the Programs under Paragraph 1.8 of the Agreement,
         or one individual authorized by a Sublicensee in accordance with
         Exhibit A to this User Agreement to access one or more Oracle instances
         online within Client or a Client Entity at the same point in time from
         the same device. Each additional process (e.g., a report, update, or
         query requested through an application program, or batch process) shall
         also be counted as a Concurrent User.

         If multiplexing software or hardware (which is software or hardware
         whose primary purpose is to reduce the number of Concurrent Users
         directly connected to an Oracle instance, e.g. a TP monitor) is used,
         then the number of Concurrent Users shall be measured as the number of
         distinct inputs to the multiplexing front-end. Otherwise, the number of
         Concurrent Users shall be measured as the number of unique connections
         to the same Oracle instance.

B.       For Program Set B, "Concurrent User(s)" is defined as each session
         connected to the database by individuals employed by Client (or an
         Entity Employee, Agent Individual, or Subscriber Designee who may use
         the Programs under Paragraph 1.8 of the Agreement) on the specified
         Computer at the same point in time. This includes all batch processes
         and on-line users. If multiplexing software or hardware (e.g. a TP
         monitor) is used to reduce the number of sessions directly connected to
         the database, the number of Concurrent Users must be measured as the
         number of distinct inputs to the multiplexing front-end.

C.       The maximum number of Concurrent Users of the Program Sets on the
         Hardware shall be as follows:

         Program Set                Number of Concurrent Users
         Program Set A              2,250 Concurrent Users
         Program Set B              48 Concurrent Users

         All references to User in this User Agreement shall mean Concurrent
         User.

1.3.1    During the User Agreement Term, Client shall have the option to
         increase the number of Concurrent Users of the Licensed Programs in
         Program Sets A and B for use on the relevant Hardware in additional
         User Increments (with a minimum of one User Increment per order) as
         specified below:

<TABLE>
<CAPTION>

                           Number of
                           Concurrent        Maximum Number of
                           Users per         User Increments Client may      Additional Fee
         Program Set       User Increment    Acquire under this Option       per User Increment

         <S>               <C>               <C>                             <C>
         Program Set A     ***** *                    *****
                           *****                      *****
                           *****                      *****
                           *****                      *****
         Program Set B     *****                      *****
</TABLE>

---------
* *****Confidential Treatment has been requested for the redacted portions.
The confidential redacted portions have been filed with the Securities and
Exchange Commission.

         Orders placed against this option must be sequential (i.e. For a
         purchase of 1200 additional Concurrent Users for Program Set A, Client
         would pay (i) ***** per 100 Concurrent Users for the first 500
         Concurrent Users, (ii) ***** per 100 Concurrent Users for the second
         500 Concurrent Users, and (iii) ***** per 100 Concurrent Users for the
         next 200 Concurrent Users). The total number of additional Concurrent
         Users is not reset to zero after each purchase (i.e. If Client chose to
         purchase another 700 Concurrent Users for Program Set A after the above
         mentioned 1200 Concurrent User purchase, Client would pay (i) ***** per
         100 Concurrent Users for the first 300 Concurrent Users and (ii) *****
         per 100 Concurrent Users for the next 400 Concurrent Users). For each
         order, applicable sales tax will be added to the Additional Fee. All
         applicable fees shall be due and payable on the date that Client
         notifies Oracle in writing of its exercise of this option. Upon
         election, this payment obligation is noncancelable, and the sum paid is
         nonrefundable, except as provided in the Agreement. At the time of each
         order , Client may obtain Standard Technical Support services from
         Oracle as set forth in Section 6.2 below at the following fees:

                  Technical Support Fee as a Percentage of the
                       Additional Fee per Concurrent User
         Year of
         User Agreement Term                Increment ordered

                  First Year                   *****
                  Second Year                  *****
                  Third Year                   *****
                  Fourth Year                  *****

1.4      USER AGREEMENT TERM

         The "User Agreement Term" shall be from the Effective Date to December
31, 1998.

1.5      TERRITORY

         The "Territory" shall be defined as the Client Entities facilities in
         the United States. The "Territory" from which a Subscriber Designee may
         access a Program, in accordance with Paragraph 1.8 of the Agreement,
         shall be worldwide except for the countries and nationals thereof
         excluded in this Section 1.5. During the User Agreement Term, Client
         may request from Oracle written permission to add additional countries
         to the Territory, which permission shall not be unreasonably withheld.
         Such additional countries shall exclude the following countries and
         nationals thereof: Afghanistan, People's Republic of China, Laos,
         Latvia, Lithuania, Mongolia, Romania, Libya, Hungary, Poland, Albania,
         Bulgaria, Czechoslovakia, Estonia, the geographic area formerly
         comprising the Union of Soviet Socialist Republics, Cuba, Cambodia,
         North Korea, Vietnam, South Africa (Military and Police), Iran, Iraq,
         Syria, Haiti, Montenegro, Serbia and any other country or entity to
         which the United States Department of Commerce or other United States
         government agency prohibits shipment. Client shall have the right to
         request from Oracle written permission to install the Licensed Programs
         in such countries and/or have Users in such countries upon Oracle's
         prior written consent, which shall not be unreasonably withheld. Client
         acknowledges that the Program(s) are subject to export controls imposed
         on Oracle and Client by the U.S. Export Administration Act of 1979, as
         amended (the "Act"), and the regulations promulgated thereunder (the
         Act and the regulations shall be referred to collectively as the "DOC
         Regulations"). Client certifies that neither the Program(s) nor any
         direct product thereof are intended to be used for any purposes
         prohibited by the DOC Regulations, including, without limitation,
         nuclear, chemical, or biological weapons proliferation. Further, Client
         shall not transfer the Program(s) outside of the Territory for which
         Client has rights under this User Agreement. Client agrees to comply
         fully with all relevant regulations of the United States Departments of
         Commerce, Treasury, and State, and all other U.S. governmental agencies
         to assure the Program(s) are not exported in violation of U.S.
         governmental agency regulations. The obligations under this Section
         shall survive the expiration of this User Agreement. Upon Oracle's
         reasonable request, Client shall make records available to Oracle to
         allow Oracle to confirm compliance with Client's obligations as set
         forth under this Section.

1.6      CLIENT

         For purposes of this User Agreement, the term "Client" means Client and
         Client Entities, as defined in the Agreement, and located in the United
         States as of the Effective Date. If the Territory is expanded pursuant
         to Section 1.5 to include other countries, "Client" shall be further
         defined to include additional Client Entities as provided in the
         Agreement located in the additional countries.

2.       FEES AND PAYMENTS

         The license fee for this User Agreement shall be ***** * Client shall
         be granted the one-time only right to apply ***** in license fees
         previously paid to Oracle, which are associated with the termination of
         Client's Program licenses under Customer Support Identification (CSI)
         number ***** as a credit toward such User Agreement license fees.
         Client's Program licenses under CSI numbers ***** shall also be
         terminated. Therefore, Client's total license fee payment obligation
         under this User Agreement shall be ***** This fee shall be due and
         payable in two installments the first installment of ***** shall be due
         and payable within ***** days of the Effective Date and the second
         installment of ***** shall be due and payable on November 29, 1994.
         This payment obligation is noncancelable and the sum paid is
         nonrefundable, except as provided in the Agreement. The pricing
         specified herein is specific to this User Agreement and the fees
         contained herein may not be reduced by any existing credits or any
         other discounts. Except as specified under Section 1.3.1 above,
         licenses for any additional Users, Programs, Hardware, or Operating
         Systems that are acquired under the Agreement shall be at terms and
         fees as determined when such additional licenses are acquired.
         Applicable sales tax shall be charged to Client based on the point of
         delivery of the master copy and paid under the terms of the Agreement.
         Client is responsible for payment of any use tax or other tax arising
         from use of the Licensed Programs in any other Location.

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The confidential redacted portions have been filed with the Securities and
Exchange Commission.

3.       LICENSE GRANT

         In consideration for the payment specified in Section 2 above, Oracle
         grants to Client a non-exclusive, non-transferable license to use the
         Licensed Programs for the applicable License Type on the applicable
         Hardware, as specified in Sections 1.1.1, 1.1.2, and 1.1.3 in the
         Territory under the terms of the Agreement, for up to the maximum
         number of Concurrent Users specified in Section 1.3 C. above as
         increased, if at all, for additional fees under Section 1.3.1 above.

         During the User Agreement Term, Client shall be permitted to
         reconfigure its Computers and its use of the Licensed Programs provided
         that (i) Client does not install the Licensed Programs outside the
         Territory; (ii) the Licensed Programs are installed only on the
         Hardware as listed in Section 1.1.1. plus Additional Hardware and New
         Hardware added, if any, under Sections 1.1.2 and 1.1.3 ("Total
         Hardware"); and (iii) the total number of Concurrent Users specified in
         Section 1.3 C. plus Concurrent Users added, if any, under Section 1.3.1
         ("Total Concurrent Users") who may access the Licensed Programs
         installed on the Total Hardware does not exceed the Total Concurrent
         Users. Upon expiration of the User Agreement Term, the Licensed
         Programs on the Computers comprising the Hardware shall be fixed in
         accordance with Section 4 below.

4.       DELIVERY AND INSTALLATION

         Oracle shall deliver to Client ***** copies of the software media and
         ***** sets of documentation ("master copy") for each Licensed Program
         for use on the applicable Hardware to the following Client location:
         9513 Key West Avenue, Rockville, Maryland 20850 ("Client Location").
         Client shall be responsible for copying the software media and
         installing the Licensed Programs. Unless otherwise specified herein,
         Client shall acquire no right to copy documentation. The Acceptance
         Period for each of the Licensed Programs shall commence on delivery of
         the master copy of the Licensed Programs, and all subsequent copies
         shall be deemed accepted upon acceptance of the master copy. Upon
         expiration of the User Agreement Term, the Concurrent Users, server
         Computers, and types of Computer/Operating Systems shall be fixed for
         the Territory as follows: (1) the number of Concurrent Users for the
         Licensed Programs within each Program Set shall be fixed at the total
         number of Concurrent Users acquired for the Program Set under Sections
         1.3 C. and 1.3.1 above; (2) the types of Computer/Operating Systems
         shall be fixed to the Hardware types acquired under Sections 1.1.1,
         1.1.2, and 1.1.3 above ("Total Hardware"); and (3) the number and
         make/model of server Computers shall be fixed at the number of server
         Computers upon which the Licensed Programs are installed as of the
         expiration of the User Agreement Term ("Installed Servers") plus an
         additional number of server Computers, within the Total Hardware, equal
         to ***** * of the Installed Servers ("Uninstalled Servers") upon which
         the Licensed Programs may be installed after the User Agreement Term.
         The number of personal computers will not be fixed. Upon fixing of the
         Licensed Programs on the Computers, the Program licenses shall be
         perpetual subject to the terms of the Agreement. Thereafter, unless
         this User Agreement is extended or modified, Program licenses for use
         on additional Computers or licenses for additional Users shall be
         acquired separately.

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* *****Confidential Treatment has been requested for the redacted portions.
The confidential redacted portions have been filed with the Securities and
Exchange Commission.

       During the User Agreement Term, Client may order Oracle documentation
         for the Licensed Programs at Oracle's standard fees in effect when each
         order is placed less the Discount Percentage corresponding to the List
         Price of Documentation for a single order.

         List Price of Documentation        Discount Percentage
         ------------------------------------------------------
         (Single Order)
         $1,000 - $1,999                             ***** *
         $2,000 - $3,999                             *****
         $4,000 - $5,999                             *****
         $6,000 and over                             *****

5.       REPORTING

         On each anniversary of the Effective Date, Client shall notify Oracle
         in writing of: (i) the number of personal computers and the location,
         models and serial numbers of all server Computers on which the Licensed
         Programs are installed; (ii) the Computer/Operating Systems on which
         the Licensed Programs are installed; and (iii) the number of users
         using each Program Set. When reporting, ordering or communicating with
         Oracle under this User Agreement, Client shall reference: (a) this User
         Agreement (include Effective Date); and (b) the contract number and
         Effective Date of the Agreement.

6.       TECHNICAL SUPPORT

6.1      Until November 30, 1994 ("First Support Year"), Client shall receive
         Standard Technical Support services for all Licensed Programs licensed
         under this User Agreement (except for additional Concurrent Users
         acquired under Section 1.3.1 above and additional Programs acquired
         under Section 9 below) payable in advance for an annual Technical
         Support fee of ***** . For the remaining years of the User Agreement
         Term, provided Client has continuously maintained Technical Support
         services, Client may acquire Standard Technical Support services for
         all Licensed Programs licensed under this User Agreement (except for
         additional Concurrent Users acquired under Section 1.3.1 above and
         additional Programs acquired under Section 9 below) payable in advance
         in annual installments as specified below. After the User Agreement
         Term, Client may obtain annual Technical Support services from Oracle
         under Oracle's Technical Support fees and policies in effect when such
         services are ordered, but in any event in accordance with the
         Agreement.

                  Support Year              Technical Support Fee
                  -----------------------------------------------
                  Second Year                        ***** *
                  Third Year                         *****
                  Fourth Year                        *****

6.2      Client shall designate and provide to Oracle the name of one (1) Client
         employee who shall serve as an on-site technical contact ("Technical
         Contact") to act as the sole liaison between Client and Oracle for the
         Technical Support services provided under this User Agreement. Client
         shall also provide the names of two (2) employees who shall serve as
         backups to the Technical Contact. Notwithstanding the foregoing, Client
         may designate up to an additional fifty (50) individuals authorized by
         Client to use the Telephone Assistance portion of Technical Support
         services. Client shall notify Oracle whenever the designated Technical
         Contact responsibilities are transferred to another employee. For any
         Technical Support updates to the Licensed Programs provided during the
         User Agreement Term, Oracle shall ship to the Client Location five (5)
         Technical Support update copies for each Hardware type. Client shall be
         responsible for copying and installing the updates on the Computers for
         which the Licensed Programs are licensed.

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* *****Confidential Treatment has been requested for the redacted portions.
The confidential redacted portions have been filed with the Securities and
Exchange Commission.

7.       VERIFICATION

         Oracle may, at its expense, audit the number of copies of the Licensed
         Programs in use by Client, the Computers on which the Licensed Programs
         are installed, and the number of users using the Licensed Programs. Any
         such audit shall be scheduled in advance and shall be conducted during
         hours agreed upon by the parties, at Client's facilities and shall not
         interfere unreasonably with Client's business activities. If an audit
         reveals that Client has underpaid fees to Oracle, Client shall be
         invoiced for the underpaid fees based on the Price List in effect when
         the audit is completed. Audits shall be conducted no more than once
         annually.

8.       ASSIGNMENT

         The rights granted under this User Agreement may not be assigned or
         transferred to any third party without the express written consent of
         Oracle Corporation. However, Client may, upon written notice to Oracle,
         assign all Client's rights and obligations under this User Agreement to
         a Client Entity, provided that prior to such assignment the Client
         Entity agrees in writing to be bound by the terms of this User
         Agreement and the Agreement.

9.       ADDITIONAL PROGRAMS

9.1      During the User Agreement Term, Client may order, for installation in
         the United States, production release versions of all Programs
         available in production release and listed in Oracle's U.S. Price List
         in effect when such Programs are ordered, except those Programs
         designated by Oracle as Manufacturing Programs. The license fee for
         such Programs shall be at a discount of ***** * off Oracle's standard
         list license fees as listed in Oracle's U.S. Price List in effect when
         such Programs are ordered, plus applicable sales tax. Such license fees
         shall be due and payable on Client's written election of the option
         provided hereunder. This payment obligation is noncancelable and the
         sum paid is nonrefundable except as provided in the Agreement. During
         the User Agreement Term, Client may purchase annual Basic Technical
         Support for the Programs licensed under this Section 9.1 payable in
         advance for an annual Basic Technical Support fee of ***** of the
         discounted Program license fees paid to Oracle for the Programs. After
         the User Agreement Term, Client may obtain Technical Support services
         from Oracle for such Programs under Oracle's Technical Support fees and
         policies in effect when such services are ordered, but in any event in
         accordance with the Agreement. Programs acquired under this Section 9.1
         shall not become part of any Program Set or be a Licensed Program (as
         defined in Section 1.1 above) under this User Agreement.

         Client acknowledges that the Programs specified in this Section 9 above
         may not be currently available and may not become available during the
         User Agreement Term. Client agrees that it has not relied on the
         availability of such Programs in executing this User Agreement and
         further agrees that the availability of these Programs will not affect
         Client's payment obligations under this User Agreement. Oracle is under
         no obligation to make available any Programs or Program/Hardware
         combinations that are not currently available.

10.      TRAINING

         In consideration for the payment to Oracle of ***** within ***** of the
         Effective Date, Client shall receive ***** Oracle standard Training
         Units which are valid for ***** from the Effective Date of this User
         Agreement to be used as provided under the Price List in effect as of
         the Effective Date. When the ***** Training Units have expired or been
         used up, Client may, during the remainder of the User Agreement Term,
         purchase additional Training Units at a discount of ***** off list
         price, and to be used as provided in the Price List in effect when the
         Training Units are ordered. Each Training Unit may be used to acquire
         one (1) day of instruction, excluding Client's expenses, for one (1)
         Client employee at an Oracle Education Center in the United States.

11.      Documentation

         During the User Agreement Term, Client shall have the option, to
         receive the annual copying rights stated in this Section for the fees
         stated in this Section. In consideration for the payment to Oracle of
         ***** * Oracle shall deliver to Client Location one (1) copy of
         copy-ready documentation for each of the Licensed Programs licensed
         herein. Client shall have the right to make ***** copies of such
         documentation for a period of ***** beginning on the date Client
         exercises this option. During the same year, Client shall also have the
         right to make ***** copies of any updates to such documentation
         released by Oracle before the end of that year. Such updates shall be
         shipped to Client in copy-ready form. Documentation copied under this
         Section may only be used with the Licensed Programs licensed under this
         User Agreement. This payment shall be due and payable on the date
         Client exercises this option. This payment obligation is noncancelable
         and the sum paid is nonrefundable, except as provided in the Agreement.
         Thereafter, Client may renew the annual right to make ***** copies of
         documentation at Oracle's standard fees in effect when Client exercises
         the renewal option.

12.      CONFIDENTIALITY

         Client and Oracle agree that the pricing and terms of this User
         Agreement shall be considered as Confidential Information under the
         Agreement.

13.      CONFLICT

         In the event of conflict between this User Agreement and the Agreement,
this User Agreement will control.

14.      SURVIVAL

         Sections 1.2, 1.3, 1.5, 1.6, 3, the first paragraph of 4, 5, 6.2, 7, 8,
         12, 13, and 14 shall survive expiration of this User Agreement.

15.      Pricing Warranty

         During the term of this User Agreement, Oracle shall provide Client
         Entities with the relevant percentages of discount stated in this User
         Agreement for future procurements of Programs or Services in the United
         States. In the event that Client Entity orders Programs or Services for
         which Oracle ***** during the User Agreement Term, Oracle will provide
         ***** * to Client Entities during the User Agreement Term. ***** The
         term ***** shall not include any entity where it is acting as a third
         party re-seller or where the entity is a federal, state or local
         government or is an educational institution or a charitable
         organization. This Section states Oracle's sole liability and Client
         Entities' exclusive remedy for this obligation.

---------
* *****Confidential Treatment has been requested for the redacted portions.
The confidential redacted portions have been filed with the Securities and
Exchange Commission.

The Effective Date of this User Agreement is November 30, 1993.

THE NASDAQ STOCK MARKET, INC.         ORACLE CORPORATION

By:                                   By:
         ------------------------               -----------------------------

Name:                                 Name:
         ------------------------               -----------------------------

Title:                                Title:
         ------------------------               -----------------------------

--------
* ***** Confidential Treatment has been requested for the redacted portions. The
confidential redacted portions have been filed with the Securities and Exchange
Commission.

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