Document:

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                                                                   EXHIBIT 4.8.2

                               LOGICVISION, INC.

                        FORM OF STOCK OPTION AGREEMENT

     This Agreement is made as of ________ (the "Grant Date"), between
LogicVision, Inc. (the "Company") and ____________ ("Optionee").

                                  WITNESSETH:

     WHEREAS, the Company regards Optionee as a valuable director of the
Company, and has determined that it would be to the advantage and in the
interests of the Company and its stockholders to grant the options provided for
in this Agreement to Optionee as an inducement to remain in the service of the
Company and as an incentive for increased efforts during such service;

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set
forth, the parties to this Agreement hereby agree as follows:

     1.   Option Grant.  The Company hereby grants to Optionee the right and
          ------------
option to purchase from the Company on the terms and conditions hereinafter set
forth, all or any part of an aggregate of shares of the Common Stock of the
Company (the "Stock"). This option is not intended to satisfy the requirements
of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code").

     2.   Option Price.  The purchase price of the Stock subject to this option
          ------------
shall be $2.50 per share, which price is not less than the per share fair market
value of such Stock as of the Grant Date as determined by the Board of Directors
of the Company or a Committee designated by it (the "Committee"). The term
"Option Price" as used in this agreement refers to the purchase price of the
Stock subject to this option.

     3.   Option Period.  This option shall be exercisable only during the
          -------------
Option Period, and during such Option Period, the exercisability of the option
shall be subject to the limitations of paragraph 4 and the vesting provisions of
paragraph 5. The Option Period shall commence on the Grant Date and except as
provided in paragraph 4, shall terminate (the "Termination Date") ten years from
the Grant Date.

     4.   Limits on Option Period.  The Option Period may end before the
          -----------------------
Termination Date, as follows:

     (a)  If Optionee ceases to be a director of the Company for any reason
other than disability (within the meaning of subparagraph (c)) or death during
the Option Period, the Option Period shall terminate three months after the date
Optionee ceases to be a director or on the Termination Date, whichever shall
first occur, and the option shall be exercisable only to the extent exercisable
under paragraph 5 on the date Optionee ceases to be a director.

     (b)  If Optionee dies while a director of the Company; the Option Period
shall end one year after the date of death or on the Termination Date, whichever
shall first occur, and

                                      -1-
<PAGE>

Optionee's executor or administrator or the person or persons to whom Optionee's
rights under this option shall pass by will or by the applicable laws of descent
and distribution may exercise this option only to the extent exercisable under
paragraph 5 on the date of Optionee's death.

     (c)  If Optionee's directorship is terminated by reason of disability, the
Option Period shall end one year after the date Optionee ceases to be a director
or on the Termination Date, whichever shall first occur, and the option shall be
exercisable only to the extent exercisable under paragraph 5 on the date
Optionee ceases to be a director.

     (d)  If Optionee is on a leave of absence from the Company because of his
disability, or for the purpose of serving the government of the country in which
the principal place of employment of Optionee is located, either in a military
or civilian capacity, or for such other purpose or reason as the Committee may
approve, Optionee shall not be deemed during the period of such absence, by
virtue of such absence alone, to have terminated directorship with the Company
except as the Committee may otherwise expressly provide.

     5.   Vesting of Right to Exercise Options.  Subject to other limitations
          ------------------------------------
contained in this Agreement, the Optionee shall have the right to exercise the
option as to ______ of the shares of stock covered by the option at any time
after the Grant Date. The Optionee shall have the right to exercise the option
as to the remaining shares on the earlier of (i) the date of the next Annual
Meeting of the Company's stockholders or (ii) August 9, 2001. Any portion of the
option that is not exercised shall accumulate and may be exercised at any time
during the Option Period prior to the Termination Date. No partial exercise of
this option may be for less than 5 percent of the total number of shares then
available under this option. In no event shall the Company be required to issue
fractional shares.

     6.   Method of Exercise.  Optionee may exercise the option with respect to
          ------------------
all or any part of the shares of Stock then subject to such exercise as follows:

     (a)  By giving the Company written notice of such exercise, specifying the
number of such shares as to which this option is exercised. Such notice shall be
accompanied by an amount equal to the Option Price of such shares, in the form
of any one or combination of the following: (i) cash; (ii) a certified check,
bank draft, postal or express money order payable to the order of the Company in
lawful money of the United States; (iii) shares of Stock valued at fair market
value; (iv) if authorized for Optionee by the Committee, notes; or (v) in any
combination of the foregoing. The shares of Stock shall be valued in accordance
with procedures established by the Committee. Any note used to exercise this
option shall be a full recourse, interest-bearing obligation containing such
terms as the Committee shall determine. If a note is used, the Optionee agrees
to execute such further documents as the Committee may deem necessary or
appropriate in connection with issuing the note, perfecting a security interest
in the Stock purchased with the note, and any related terms or conditions that
the Committee may propose. Such further documents may include, not by way of
limitation, a security agreement, an escrow agreement, a voting trust agreement
and an assignment separate from certificate.

     (b)  Optionee (and Optionee's spouse, if any) shall be required, as a
condition precedent to acquiring Stock through exercise of the option, to
execute one or more agreements relating to obligations in connection with
ownership of the Stock or restrictions on transfer of the

                                      -2-
<PAGE>

Stock no less restrictive than the obligations and restrictions to which the
other stockholders of the Company are subject at the time of such exercise.

     (c)  If required by the Committee, Optionee shall give the Company
satisfactory assurance in writing, signed by Optionee or his legal
representative, as the case may be, that such shares arc being purchased for
investment and not with a view to the distribution thereof, provided that such
assurance shall be deemed inapplicable to (1) any sale of such shares by such
Optionee made in accordance with the terms of a registration statement covering
such sale, which may hereafter be filed and become effective under the
Securities Act of 1933, as amended, and with respect to which no stop order
suspending the effectiveness thereof has been issued, and (2) any other sale of
such shares with respect to which in the opinion of counsel for the Company,
such assurance is not required to be given in order to comply with the
provisions of the Securities Act of 1933, as amended.

     As soon as practicable after receipt of the notice required in paragraph
6(a) and satisfaction of the conditions set forth in paragraphs 6(b) and 6(c),
the Company shall, without transfer or issue tax and without other incidental
expense to Optionee, deliver to Optionee at the office of the Company, at 101
Metro Drive, 3rd Floor, San Jose, California 95110, attention of the Secretary,
or such other place as may be mutually acceptable to the Company and Optionee, a
certificate or certificates of such shares of Stock; provided, however, that the
time of such delivery may be postponed by the Company for such period as may be
required for it with reasonable diligence to comply with applicable registration
requirements under the Securities Act of 1933, as amended, the Securities
Exchange Act of 1934, as amended, any applicable listing requirements of any
national securities exchange, and requirements under any other law or regulation
applicable to the issuance or transfer of such shares.

     7.   Corporate Transactions.  If there should be any change in a class of
         ----------------------
Stock subject to this option, through merger, consolidation, reorganization,
recapitalization, reincorporation, stock split, stock dividend or other change
in the capital structure of the Company, the Company shall make appropriate
adjustments in order to preserve, but not to increase, the benefits to Optionee,
including adjustments in the number of shares of such Stock subject to this
option and in the price per share. Any adjustment made pursuant to this
paragraph 7 as a consequence of a change in the capital structure of the Company
shall not entitle Optionee to acquire a number of shares of such Stock of the
Company or shares of stock of any successor company greater than the number of
shares Optionee would receive if, prior to such change, Optionee had actually
held a number of shares of such Stock equal to the number of shares then subject
to this option.

     8.   Limitations on Transfer.  This option shall, during Optionee's
          -----------------------
lifetime, be exercisable only by Optionee, and neither this option nor any right
hereunder shall be transferable by Optionee by operation of law or otherwise
other than by will or the laws of descent and distribution. In the event of any
attempt by Optionee to alienate, assign, pledge, hypothecate, or otherwise
dispose of this option or of any right hereunder, except as provided for in this
Agreement, or in the event of the levy of any attachment, execution, or similar
process upon the rights or interest hereby conferred, the Company at its
election may terminate this option by notice to Optionee and this option shall
thereupon become null and void.

                                      -3-
<PAGE>

     9.   No Stockholder Rights.  Neither Optionee nor any person entitled to
          ---------------------
exercise Optionee's rights in the event of his death shall have any of the
rights of a stockholder with respect to the shares of Stock subject to this
option except to the extent the certificates for such shares shall have been
issued upon the exercise of this option.

     10.  Notice.  Any notice required to be given under the terms of this
          ------
Agreement shall be addressed to the Company in care of its Secretary at the
Office of the Company at 101 Metro Drive, Suite 3, San Jose, California 95110,
and any notice to be given to Optionee shall be addressed to him at the address
given by him beneath his signature to this Agreement, or such other address as
either party to this Agreement may hereafter designate in writing to the other.
Any such notice shall be deemed to have been duly given when enclosed in a
properly sealed envelope or wrapper addressed as aforesaid, registered or
certified and deposited (postage or registration or certification fee prepaid)
in a post office or branch post office regularly maintained by the United
States.

     11.  Lock-Up Agreement.
          -----------------

     (a)  Optionee, if requested by the Company and the lead underwriter of any
public offering of the Common Stock or other securities of the Company (the
"Lead Underwriter"), hereby irrevocably agrees not to sell, contract to sell,
grant any option to purchase, transfer the economic risk of ownership in, make
any short sale of, pledge or otherwise transfer or dispose of any interest in
any Common Stock or any securities convertible into or exchangeable or
exercisable for or any other rights to purchase or acquire Common Stock (except
Common Stock included in such public offering or acquired on the public market
after such offering) during the 180-day period following the effective date of a
registration statement of the Company filed under the Securities Act, or such
shorter period of time as the Lead Underwriter shall specify. Optionee further
agrees to sign such documents as may be requested by the Lead Underwriter to
effect the foregoing and agrees that the Company may impose stop-transfer
instructions with respect to such Common Stock subject until the end of such
period. The Company and Optionee acknowledge that each Lead Underwriter of a
public offering of the Company's stock, during the period of such offering and
for the 180-day period thereafter, is an intended beneficiary of this Section
11.

     (b)  Notwithstanding the foregoing, Section 11(a) shall not prohibit
Optionee from transferring any shares of Common Stock or securities convertible
into or exchangeable or exercisable for the Company's Common Stock either during
Optionee's lifetime or on death by will or intestacy to Optionee's immediate
family or to a trust the beneficiaries of which are exclusively Optionee and/or
a member or members of Optionee's immediate family; provided; however, that
prior to any such transfer, each transferee shall execute an agreement pursuant
to which each transferee shall agree to receive and hold such securities subject
to the provisions of Section 11 hereof. For the purposes of this paragraph, the
term "immediate family" shall mean spouse, lineal descendant, father, mother,
brother or sister of the transferor.

     (c)  During the period from identification as a Lead Underwriter in
connection with any public offering of the Company's Common Stock until the
earlier of (i) the expiration of the lock-up period specified in Section 11(a)
in connection with such offering or (ii) the

                                      -4-
<PAGE>

abandonment of such offering by the Company and the Lead Underwriter, the
provisions of this Section 11 may not be amended or waived except with the
consent of the Lead Underwriter.

     12.  Committee Decisions Conclusive.  All decisions of the Committee upon
          ------------------------------
any question arising under the Plan or under this Agreement shall be conclusive.

     13.  Successors.  This Agreement shall be binding upon and inure to the
          ----------
benefit of any successor or successors of the Company. Where the context
permits, "Optionee" as used in this Agreement shall include Optionee's executor,
administrator or other legal representative or the person or persons to whom
Optionee's rights pass by will or the applicable laws of descent and
distribution.

     14.  California Law.  The interpretation, performance and enforcement of
          --------------
this Agreement shall be governed by the laws of the State of California.

     IN WITNESS WHEREOF, the Company and Optionee have executed this agreement
as of the day and year first above written.

                                       LOGICVISION, INC.

                                       By:______________________________________
                                                Vinod K. Agarwal, President

                                       OPTIONEE

                                       _________________________________________

                                       Address:  _______________________________
                                                 _______________________________

                                      -5-
<PAGE>

                                 ATTACHMENT A
                              -
                               CONSENT OF SPOUSE

     I, ______________________, spouse of _____________, have read and approved
the foregoing Agreement.  In consideration of granting of the right of my spouse
to purchase shares of LogicVision, Inc.  as set forth in the Agreement, I hereby
appoint my spouse as my attorney-in-fact with respect to the exercise of any
rights of the Agreement insofar as I may have any rights under such community
property laws of the State of California or similar laws relating to marital
property in effect in the state of our residence as of the date of the signing
of the foregoing Agreement.

Dated:  __________________________

                                       By:  ____________________________________<PAGE>

                                                                  EXHIBIT 10.7.4

   [CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS OF THIS DOCUMENT
    HAVE BEEN REDACTED AND HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.]

                          Technology License Agreement

                            Nortel Networks Limited

                               LogicVision, Inc.

                          Design For Testability (DFT)

                                  Amendment #3

                                 March 20, 2001
<PAGE>

                           AMENDMENT TO THE AGREEMENT

THIS AGREEMENT is made and entered into as of the 20th day of March 2001 (the
"Amendment Date")

BY AND BETWEEN

     Nortel Networks Limited, formerly Northern Telecom Limited ("Northern
     Telecom"), a corporation organized and existing under the laws of Canada,
     having its executive offices at 8200 Dixie Road, Brampton, Ontario, Canada
     L6T 5P6, on behalf of itself and its Subsidiaries and on behalf of its
     Affiliates (hereinafter collectively referred to as "Nortel Networks");

AND

     LOGICVISION, INC., formerly LV SOFTWARE, INC., a corporation organized and
     existing under the laws of Delaware, having its primary business office at
     101 Metro Drive, Third Floor, San Jose, California 95110 (hereinafter
     referred to as "Licensee").

WHEREAS the Parties entered into an Agreement with an Effective Date of the 14th
day of September 1992 concerning software known as the Design For Testability
tool suite (the "Agreement"); and

WHEREAS the Parties made and entered into an amendment to the Agreement on the
1st day of October 1993; and

WHEREAS the Parties made and entered into an amendment to the Agreement on the
11th day of January 1994; and;

WHEREAS the Parties wish to further amend the Agreement as provided herein:

NOW THEREFORE, in consideration of the mutual promises set forth herein, the
Parties agree as follows:

1.0  ARTICLE 1 "DEFINITIONS" is hereby deleted and replaced by the following:

As used herein, unless otherwise defined:

   (a)  "Affiliate" means a company which a Party hereto, or its parent,
        effectively controls, directly or indirectly, other than a Subsidiary,
        through the ownership or control of shares in the company;
<PAGE>

(b)  "Associated Utilities" means the software elements, cells, or models
     described in Schedule C attached hereto and forming a part hereof;

(c)  "Derivative Works" means any software produced by Licensee incorporating
     all or a portion of the Licensed Product;

(d)  "DFT License Revenues" means ***, after deducting any reasonable and
     actually incurred transportation charges or allowances, transportation
     insurance, value added taxes or other sales taxes and custom duties imposed
     upon and paid by Licensee ***:

     (i) ***, or

     (ii)   ***.

(e)  "Documentation" means those documents and other written materials related
     to the Licensed Products, Derivative Works, or Licensed IP that may be
     delivered to End-Users, as described in and subject to certain conditions
     outlined in Schedule B attached hereto and forming a part hereof;

(f)  "Distributor" means any party to whom Licensee provides the Licensed
     Products, Derivative Works, or Licensed IP for sub-licensing to End-Users;

(g)  "Effective Date" means the 14th day of September, 1992;

(h)  "End-Users" shall mean all persons or companies, other than Nortel
     Networks, its Affiliates, Subsidiaries and Manufacturing Licensees, which
     acquire directly from

*** CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE COMMISSION.

<PAGE>

     Licensee or indirectly through a Distributor, the right to use a Licensed
     Product, Derivative Works or Licensed IP as contemplated in this Agreement;

(i)  "Licensed IP" means any intellectual property licensed, or to be licensed,
     to an End-User whether software or otherwise which is derived from or
     created by the use of the Licensed Product, Technology or Technology IP
     licensed to Licensee under this Agreement.  For greater clarity, Licensed
     IP shall not include any intellectual property made, conceived, developed
     or reduced to practice by the Licensee independently without reference to
     any Technology, Technology IP, Technical Information, Associated Utilities,
     Licensed Product or any other material or information provided by Nortel
     Networks to Licensee.

(j)  "Licensed Product" means the Design for Testability (DFT) tool suite and
     any portion or modification thereof, as described in and subject to certain
     conditions identified in Schedule A attached hereto and forming a part
     hereof;

(k)  "Manufacturing Licensee" means a third party with whom Nortel Networks has
     entered into an agreement permitting such third party to make and sell or
     lease products based on products designed by or for and sold or leased by
     Nortel Networks;

(l)  "Party" means either Licensee or Nortel Networks;

(m)  "Patent Rights" means any patent rights associated with the patents and
     patent applications set forth in Schedule A together with any patents or
     patent rights arising or issuing from said patent applications, provided,
     however, that such patents and patent applications have an effective filing
     date prior to or including the Amendment Date;

(n)  "Subsidiary" means a company which Nortel Networks Limited or Licensee
     hereto effectively owns or controls, and continues to own or control,
     directly or indirectly, more than fifty percent (50%) of the voting stock
     or shares;

(o)  "Technical Information" means all technical or scientific documentation,
     product drawings, bills of materials, component supplier lists, and other
     information (in any form) that is related to the manufacture, use, support
     or maintenance of Licensed Products or that is related to the Technology,
     and that is provided by Nortel Networks to Licensee;

(p)  "Technology" means the source code, object code utilities, libraries,
     development utilities, circuit designs in HDL, algorithms, proof-of-
     concepts described in Schedule A attached hereto and as provided by Nortel
     Networks to Licensee, the associated utilities described in Schedule C
     attached hereto and as provided by Nortel Networks to Licensee, and all
     Technical Information as provided by Nortel Networks to Licensee;

(q)  "Technology IP" means the copyrights and trade secrets owned by Nortel
     Networks as of the Amendment Date directed to and covering the Technology,
     and also includes the Patent Rights, but excludes all trademarks; and

(r)  "Territory" means worldwide subject to applicable United States and
     Canadian export restrictions.
<PAGE>

2.0 ARTICLE 2 "LICENSE" is hereby deleted and replaced by the following:

Nortel Networks hereby, as of the Amendment Date, grants to Licensee subject to
the terms and conditions of this Agreement a personal, non-exclusive, non-
transferable, non-assignable, indivisible, worldwide right and license:

  (i)    to use, copy, translate, improve, enhance, and modify the Licensed
         Product and Technology object code and source code, to merge or have
         merged such translations, modifications, improvements or enhancements
         into other programming material, to sub-license and distribute object
         code versions of Licensed Product, Licensed IP and Derivative Works to
         End-Users, to copy, translate and modify the Documentation and to use,
         sell or distribute copies of such Documentation;
  (ii)   to appoint and to sub-license Distributors to sublicense for use and to
         distribute to End-Users object code versions of Licensed Product,
         Licensed IP and Derivative Works under terms and conditions no less
         stringent than those set out in this Agreement;
  (iii)  to place Licensed Products, Licensed IP and Derivative Works source
         code in escrow for the benefit of End-Users and Distributors and grant
         source code licenses to such End-Users and Distributors pursuant to
         which, in the event of a bankruptcy or similar proceeding against
         Licensee or in the event of termination of this Agreement and the
         refusal of Nortel Networks to assume Licensee's support obligations,
         such End-User or Distributor would be granted a license to use such
         source code solely to maintain and support the Licensed Product,
         Licensed IP or Derivative Works;
  (iv)   to make, use, sell the subject matter claimed by the patents listed in
         Schedule A and attached hereto and the trade secrets inherent in the
         Technology to develop Licensed IP and Derivative Works and to market,
         promote, distribute and license such Licensed IP and Derivative Works
         to End-Users directly or through Distributors;
  (v)    to authorize, directly or through Distributors, End-Users to use and
         incorporate any design objects or Licensed IP generated by the licensed
         use of a Licensed Product or Derivative Work into such End-User's
         integrated circuit designs, and to make or have made and sell or
         otherwise distribute integrated circuits based on such designs; and
  (vi)   to use the Technical Information only as may be necessary to exercise
         the rights granted in this Article 2.

  Nortel Networks also grants to Licensee the right to use Associated Utilities
  in the development and debugging of software produced by Licensee or for
  demonstration purposes.  Associated Utilities must not be delivered to End-
  Users.

  No provision or term or condition of this Agreement shall affect the rights of
  Nortel Networks or any Manufacturing Licensee to use Licensed Product,
  Derivative Works, Licensed IP or Associated Utilities in the normal course of
  Nortel Networks' business.

  Nothing contained herein shall transfer, or be deemed to transfer, or
  contemplate the transfer of, any rights in or to the Technology or Technology
  IP other than those rights specifically granted herein, and in particular but
  without restricting the generality of the foregoing, Nortel
<PAGE>

  Networks does not in any way transfer any right, title, or interest in or to
  the Technology or Technology IP, or any element constituting a portion thereof
  to Licensee or Distributors or End-Users, other than the limited right granted
  herein.

3.0    ARTICLE 3 "GRANTBACK" is hereby deleted and replaced by the following:

Licensee hereby grants to Nortel Networks and Manufacturing Licensees, a non-
exclusive, perpetual, irrevocable, transferable, assignable, worldwide paid-up
right to use Derivative Works and Licensed IP for use in the normal course of
Nortel Networks' business.  Such right includes the right to modify the
Derivative Works and Licensed IP and to incorporate them into software or
product for use in the normal course of Nortel Networks' business.  For greater
clarity, Nortel Networks shall have no right to sub-license, transfer, assign
Innovations (defined below) for the purpose of creating competing products with
Derivative Works.  Ownership in and to the Derivative Works (exclusive of any
Technology or Technology IP) and in and to any and all ideas, inventions,
discoveries, creations, processes, techniques, designs, methods, improvements or
know-how that Licensee may make, conceive, develop or reduce to practice
(collectively, "Innovations"), regardless of whether such Innovations are
developed as a result of Licensee's access to the Technology or Technology IP,
shall remain with and be vested in Licensee.  Subject to the provisions of
Article 2.0(iii), Licensee shall not be obligated to provide the source code
form of the Derivative Works to Nortel Networks.

In partial consideration of the License granted herein by Nortel Networks,
Licensee hereby grants to Nortel Networks, to the full extent of its legal right
to do so, an irrevocable, perpetual, non-exclusive, non-transferable, non-
sublicenseable, fully-paid up, royalty-free, worldwide license under any patents
or patent applications that Licensee owns or acquires that are embodied in the
Derivative Works or Licensed IP or were acquired as a result of access  to the
Technology or Technology IP or rights granted under this Agreement.

This Article 3 Grantback shall not be construed ***, nor shall it be construed
***.

4.0  ARTICLE 5 "ROYALTY" is hereby deleted and replaced by the following:

In partial consideration of the rights granted hereunder, including the
additional Technology and Technology IP, Licensee shall make the following
royalty payments (hereinafter "Royalties") to Nortel Networks:

     (i)  In addition to any royalty payments made prior to December 31st, 2000,
          an additional one million, one hundred and twenty-five thousand
          dollars ($1,125,000 US) will be paid immediately upon execution of
          this Amendment in lieu of Royalties due up to and including December
          31st, 2000; and
     (ii) ***, paid within thirty (30) days

*** CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE COMMISSION.
<PAGE>

           following the end of each quarterly period ending on March 31, June
           30, September 30, and December 31; and
     (iii) Eight hundred and fifty thousand dollars ($850,000 US) paid in seven
           (7) consecutive quarterly payments of one hundred and twenty-one
           thousand, four hundred and twenty-nine dollars ($121,429 US)
           beginning March 31, 2001.

     Nortel Networks acknowledges that the payments under this amended Article 5
     (i) *** and except as expressly provided in this Article 5 (ii) and (iii),
     Licensee shall possess a fully paid-up license upon completion of these
     payment obligations.

     For further clarification, final payment obligations shall include payments
     under Article 5 (ii) and (iii) up to and including September 30, 2002.

5.0  ARTICLE 8 "RECORDS AND REMITTANCES" is hereby amended by deleting the
     following text:

"Payments related to Licensee's licensing activities in the USA shall be made
to:

Northern Telecom Inc.
200 Athens Way,
Nashville, Tennessee,
U.S.A.  37228

     Attention:    Sue Kane, Dept. 8452."

and adding the following text:

"Payments related to Licensee's licensing activities shall be made to

     Nortel Networks Limited
     8200 Dixie Road, Suite 100 MS:036NO154
     Brampton, Ontario
     L6T 5P6 Canada

     Attention:  Director, Technology Licensing Programs
     FAX:  905-863-8431

6.0  ARTICLE 14 "DURATION AND CONTINUING RIGHTS" is hereby deleted and replaced
     by the following:

*** CONFIDENTIAL MATERIAL REDACTED AND SEPARATELY FILED WITH THE COMMISSION.
<PAGE>

This Agreement shall continue until the earlier of September 30, 2002 and the
full and final payment of all sums due Nortel Networks hereunder or until
terminated pursuant to Article 15 hereof.

Provided this Agreement is not terminated prior to September 30, 2002, Licensee
shall on October 1, 2002 posses a fully paid up license to exercise the rights
granted in Article 2 (including patent rights granted in Article 2) without
having the obligation of making payments and providing statements as prescribed
in Articles 5 and 8 hereof.

7.0  ARTICLE 15 "TERMINATION" is hereby amended by adding the following as the
     last two paragraphs:

Notwithstanding anything else contained herein, in the event Licensee brings
patent infringement proceedings against Nortel Networks at any future date,
under any patent that is embodied in the Derivative Works or Licensed IP or that
was acquired as a result of access to the Technology or Technology IP or rights
granted under this Agreement, Nortel Networks shall have the right to
immediately terminate this Agreement and all continuing rights contemplated
under ARTICLE 14 hereof.

During the term of this Agreement, Licensee shall have the right to terminate
the Agreement with or without cause upon thirty (30) days written notice to
Nortel Networks subject to the termination prior to expiration obligations
above.  Termination initiated by Licensee as provided in this ARTICLE 15 shall
also result in immediate termination of all continuing rights contemplated under
ARTICLE 14 hereof.

8.0  ARTICLE 16 "NOTICES" is hereby deleted and replaced by the following:

Any and all notices or other information to be given by one Party to the other
shall be in writing and sent by certified or registered mail, return receipt
requested, or by hand delivery to the other Party at the following address or
fax number:

(a) if to Licensee:

     LOGICVISION, INC.
     101 Metro Drive, Third Floor,
     San Jose, California 95110
     USA

     Attention:    Dr. V.K. Agarwal, Chief Executive Officer
     FAX:          408-573-7640
<PAGE>

(b) if to Nortel Networks:

     Nortel Networks Limited
     8200 Dixie Road, Suite 100  MS:036NO154
     Brampton, Ontario
     L6T 5P6 Canada

     Attention:    Director, Technology Licensing Programs
     FAX:   905-863-8431

Such notices shall be deemed to have been received five (5) business days after
mailing if forwarded by mail or on the day of receipt if delivered by hand or
fax.  The address of either Party may be changed by giving notice to the other
Party in accordance with the foregoing.

9.0  ARTICLE 18 "GENERAL PROVISIONS" is hereby amended by replacing the first
     paragraph with the following paragraph:

"This Agreement shall not be assigned or transferred by either Party except with
the written consent of the other such consent not to be unreasonably refused.
Notwithstanding the foregoing, this Agreement may be assigned by Nortel Networks
to any of its Subsidiaries or Affiliates upon notification to Licensee.

And is further amended by replacing the paragraph;

"This Agreement sets forth the entire agreement and understanding between the
Parties with respect to the licensing of Licensed Products and Associated
Utilities and supersedes and cancels all previous negotiations, agreements,
commitments and writings in respect of the subject matter hereof, and no Party
hereto shall be bound by any term, clause, provision, or condition save as
expressly provided in this Agreement or as duly set forth on or subsequent to
the date hereof in writing, signed by duly authorized officers of the Parties.
The Parties may, however, modify Schedules A, B, and C hereto, from time to time
by written instrument signed by representatives of both Parties, provided any
such modification does not materially change the scope and substance of this
Agreement."

     with the following paragraph;

"This Agreement sets forth the entire agreement and understanding between the
Parties with respect to the licensing of Technology and Technology IP and
supersedes and cancels all previous negotiations, agreements, commitments and
writings in respect of the subject matter hereof, and no Party hereto shall be
bound by any term, clause, provision, or condition save as expressly provided in
this Agreement or as duly set forth on or subsequent to the Amendment Date
hereof in writing, signed by duly authorized officers of the Parties, which for
Nortel Networks Limited shall include the Vice President, Intellectual Property
Law.  The Parties may, however, modify Schedules A, B, and C hereto, from time
to time by written instrument signed
<PAGE>

by representatives of both Parties, provided any such modification does not
materially change the scope and substance of this Agreement."

10.0 SCHEDULE A "LICENSED PRODUCT" is hereby deleted and replaced by the amended
     SCHEDULE A "LICENSED PRODUCT AND PATENTS" attached hereto.

11.0 SCHEDULE B "DOCUMENTATION" is hereby deleted and replaced by the amended
     SCHEDULE B "DOCUMENTATION" attached hereto.

12.0 SCHEDULE C "ASSOCIATED UTILITIES" is hereby deleted and replaced by the
     amended SCHEDULE C "ASSOCIATED UTILITIES" attached hereto.

13.0 This Amendment shall be effective on the date first mentioned above.

IT IS FURTHER AGREED that this Amendment be and is hereby made a part of and
attached to the Agreement and that the Agreement, shall remain in full force and
effect, according to the terms, conditions and covenants therein, except as
herein amended.

IN WITNESS WHEREOF, the Parties hereto have duly executed this amending
agreement.

<TABLE>
<CAPTION>
Nortel Networks Limited                                     LOGICVISION, INC.

<S>                                                         <C>
/s/ Arthur Fisher                                           /s/ V.K. Agarwal  03/20/2001
-------------------------------------------------------     -------------------------------------------------------
Authorized Signature and Date                               Authorized Signature and Date

Arthur Fisher, VP Intellectual Property Law                 Dr. V.K. Agarwal, Chief Executive Officer
-------------------------------------------------------     -------------------------------------------------------
Printed Name and Title                                      Printed Name and Title

/s/ Blair F. Morrison
-------------------------------------------------------
Authorized Signature

Blair F. Morrison, Assistant Secretary
-------------------------------------------------------
Printed Name and Title
</TABLE>
<PAGE>

                                   SCHEDULE A

                          LICENSED PRODUCT AND PATENTS

Patents
-------
4969148        Serial Testing Technique For Embedded Memories
5349587        Multiple Clock Rate Test Apparatus For Testing Digital Systems

Source Code
-----------
The Design For Testability (DFT) Technology consists of the tool suite and
database provided to Licensee in source code form as described herein:

               (i)    SCANCHEK, Version 5 Release 3 (5.03) *See Note 2
                      This tool compiles a circuit description from Verilog
                      structural netlists and checks the logic for compliance to
                      a set of scan rules. It also extracts the combinational
                      logic driven by the scan chain as well as a description of
                      the scan chain connections and pin types.

               (ii)   ATPG, Version 5 Release 3 (5.03) *See Note 2
                      Automatic Test Pattern Generator (ATPG) generates and/or
                      evaluates a set of test vectors for the faults in the
                      combinational part of the logic of a circuit. ATPG applies
                      random patterns to detect most faults and switches to
                      deterministic algorithms to find the remaining one.
                      Optionally, a Linear-Feedback-Shift-Register (LFSR) can
                      generate the random patterns and the expected responses
                      for the circuit are compressed and expressed in terms of a
                      32-bit signature.

               (iii)  SEQUENCE, Version 5 Release 3 (5.03) *See Note 2
                      SEQUENCE populates a test pattern database with the test
                      patterns generated by ATPG for the combinational portion
                      of the circuit. SEQUENCE automatically adds generic test
                      patterns for the scan chain itself and asynchronous set /
                      reset pins, if applicable.

               (iv)   TPI, Version 5 Release 2 Maintenance Release 1 (5.02.01)
                      Test Point Insertion (TPI) tool.

               (v)    RamBist, Version 5 Release 2 (5.02)
                      A tool that generates a memory built-in self test
                      controller, a verification test bench, and test pattern.

               (vi)   ScanBist, Version 5 (5.00)
                      A tool that generate a scan built-in self test (a.k.a.
                      logicbist) controller, a verification test bench, and test
                      pattern.

               (vii)  IATPG, Version 5 (5.00)
                      A tool to perform Interconnect Automatic Test Pattern
                      Generator (IATPG)

               (viii) dh2wgl
                      A tool to extract test patterns from datahub native format
                      and translated to Fluence (former TSSI) WGL format.
<PAGE>

               (ix)   datahub
                      A proprietary database and the associated schema for
                      integrating DFT software tools via the storage and
                      exchange of data.

Notes:
-----
1. All Licensed Products and Derivative Works delivered to End-Users must be in
object code form.
2. The following software elements or modules must be modified by Licensee and
Nortel Networks must approve such modifications before Licensee delivers
Licensed Products or Derivative Works to any End-User.
               (i)    SCANCHEK: Cadence menus, ScanBist support, Nortel Networks
                      specific options.
               (ii)   ATPG: Cadence menus, ScanBist support, Nortel Networks
                      specific options.
               (iii)  SEQUENCE: Cadence menus, "Fast simulation", Nortel
                      Networks specific options.

Object Code Utility
-------------------

The Design For Testability (DFT) Technology includes the following utility
provided to Licensee in object code form.  This utility may be included in
Licensed Products or Derivative Works provided however delivery to End-Users
must only be in object code form:

               (i)    dh2tif, Version 5 Release 2 (5.02) A utility to extract
                      test patterns from a DATAHUB file and convert into a TIF
                      (Tool Interchange Format).

Libraries
---------

The Design For Testability (DFT) Technology includes the following libraries
provided to Licensee.  These utilities may be included in Licensed Products or
Derivative Works provided however delivery to End-Users must only be in object
code form:

               (i)    spdata,  (sp.a)
                      a collection of functions for read/write to/from the
                      simulation event file.

               (ii)   anvil,  (anvil.a)
                      a collection of functions for specifying design
                      verification event or test patterns.

               (iii)  Message, (MSg.a)
                      a collection of functions for messaging errors or
                      information messages.

               (iv)   Pattern, (PP.a)
                      a collection of functions for extracting patterns stored
                      in datahub.

               (v)    Read Scaninfo, (readscan.a)
                      a collection of functions for parsing the scaninfo
                      information into datahub.

               (vi)   Datahub, (datahub.a)
<PAGE>

                      a collection of functions that includes the basic
                      read/write of the datahub database and the interface
                      functions.

               (vii)  scan PLI,
                      a collection of PLI functions for Verilog to read and
                      write spdata file.

Circuit Designs in HDL
----------------------
The Design For Testability (DFT) Technology includes the following circuit
designs in HDL.

               (i)    TAP
                      A circuit design that implements an interpretation of the
                      IEEE 1149.1 Standard Test Access Port (TAP).

               (ii)   Boundary Scan Cells
                      A collection of circuit designs that implement an
                      interpretation of the IEEE 1149.1 standard boundary scan
                      cells.

               (iii)  Rambist Controller
                      A circuit design that implements the built-in self-test
                      controller for memory testing which employs the technique
                      specified in patent 4969148.

               (iv)   Logicbist Controller
                      A circuit design that implements the built-in self-test
                      controller for scan based logic testing which employs the
                      technique specified in patent 5349587.

                              [End of Schedule A]
<PAGE>

                                   SCHEDULE B

                                 DOCUMENTATION

The Documentation associated with licensed Technology that, once modified, can
be delivered with Licensed Products, Derivative Works, and/or Licensed IP to
End-Users consists of the following:

    1.  Scan Reference Guide, Version 5 Release 3 (5.03)     CCP 143.1

    2.  DFT Application Notes, Version 5 Release 2 (5.02)    CCP 146.1

    3.  DFT Guidelines, Version 5 Release 1 (5.01)           CCP 146.2

    4.  Memory BIST Guidelines, Version 5 (5.00)

    5.  Scanbist Documentation, Version 5 (5.00)

    6.  TIF Format Description, Version 5 (5.00)

     Note: Licensee must modify The Documentation and Nortel Networks must
     approve such modifications before Licensee delivers any Documentation to
     End-Users.  All other Technical Information is considered Confidential
     Information.

                              [End of Schedule B]
<PAGE>

                                   SCHEDULE C

                              ASSOCIATED UTILITIES

Associated Utilities include the following software elements, cells, or models
that can be used by Licensee for developing and debugging new software or for
demonstration purposes but must not be delivered to End-Users.

          (i)    cells,
                 a subset of simple BATMOS gates including Verilog nominal and
                 SCAN models.

          (ii)   memory macros,

          (iii)  mx,
                 a macro preprocessing utility.

          (iv)   syntran,
                 a translation utility for translating FML2 format into Verilog
                 HDL format.

          (v)    dh2tif, Version 5 Release 2 (5.02)
                 A utility to extract test patterns from a DATAHUB file and
                 convert into a TIF (Tool Interchange Format).

          (vi)   Synful and Synopsys Technology Library Translator to Synful
                 format.

                              [End of Schedule C]

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