Document:

<PAGE>

EXHIBIT 10.5
                             STOCK PLEDGE AGREEMENT

      THIS STOCK PLEDGE AGREEMENT is made as of the 27th day of March, 2002 by
and between Frank W. Getman Jr., an individual residing at 410 Richards Avenue,
Portsmouth, New Hampshire (the "Pledgor"), and BayCorp Holdings, Ltd., a
Delaware corporation, with a principal place of business at 51 Dow Highway, Unit
7, Eliot, Maine (the "Company").

      WHEREAS, the Pledgor is exercising certain incentive stock options and
nonstatutory stock options to acquire shares of the Company's common stock;

      WHEREAS, the Pledgor is exercising 22,066 incentive stock options at an
exercise price of Four Dollars and Ninety Cents ($4.90) per share for a total
number of 22,066 shares of the Company's common stock (the "Shares") at an
aggregate purchase price of One Hundred Eight Thousand, One Hundred Twenty Three
Dollars and Forty Cents ($108,123.40) ("Purchase Price");

      WHEREAS, the Pledgor is borrowing the Purchase Price from the Company
pursuant to the terms of the Pledgor's promissory note dated as of the date
hereof (the "Note");

      WHEREAS, as the sole collateral for the Note, the Pledgor has agreed to
pledge the Shares pursuant to the terms hereof; and

      WHEREAS, the Company shall take possession of the Shares pursuant to the
terms of this Pledge Agreement.

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

      1.    PLEDGE. The Pledgor hereby pledges the Shares to secure the payment
of the Note.

      2.    DEPOSIT. The Pledgor hereby deposits with the Company certificates
evidencing the Shares and stock transfer powers for the Shares which are
endorsed in blank (the "Stock Powers"). The Company shall hold such Shares and
Stock Powers subject to the terms of this Pledge Agreement.

      3.    ENCUMBRANCE; HOLDING CERTIFICATES. The Company shall not encumber or
dispose of the Shares except as provided in this Pledge Agreement. The Company
shall keep and preserve the certificates until such time that the Company is
required to deliver the certificates to the Pledgor in accordance with Section
8, 10, or 11, or until such time that the Company is required or allowed to
otherwise dispose of the certificates in accordance with the terms of this
Pledge Agreement.

      4.    DIVIDENDS. During the term of this Pledge Agreement, and so long as
the Pledgor is not in default under the Note, all dividends and other amounts
payable with respect to the

<PAGE>

                                      -2-

Shares shall be collectible by the Pledgor for his own use and benefit, unless
otherwise provided herein.

      5.    VOTING. During the term of this Pledge Agreement, and so long as the
Pledgor is not in default under the Note, the Pledgor shall have the right to
vote the Shares on all corporate questions and may exercise all rights and
privileges of ownership thereof, provided, however, the Pledgor shall not
further pledge the equity in the Shares as collateral or otherwise encumber the
Shares in any way.

      6.    SHARE DIVIDENDS. In the event that, during the term of this Pledge
Agreement, any share dividend, reclassification, readjustment, or other change
is declared or made in the capital structure of the Company, all new,
substituted, and additional shares, or other securities, issued by reason of any
such change shall be immediately delivered to and held by the Company under the
terms of this Pledge Agreement in the same manner as the Shares held hereunder.

      7.    WARRANTS. In the event that during the term of this Pledge Agreement
subscription warrants or any other rights or options of any kind shall be issued
in connection with the Shares held hereunder, such warrants, rights and options
shall be immediately assigned by the Pledgor to the Company under this Pledge
Agreement.

      8.    SALE OF SHARES. Notwithstanding any other provision of this Pledge
Agreement, the Pledgor may sell the Shares held pursuant to this Pledge
Agreement during the term hereof so long as the proceeds of such sale are first
applied to pay the outstanding amount due under the Note. Upon notice that the
Pledgor desires to sell the Shares, the Company shall release the certificates
to the Pledgor so that the Pledgor can consummate a sale of the Shares in
accordance with this Section 8. In the event that the sale is not consummated,
the Pledgor shall return the certificates to the Company to be held subject to
the terms of this Pledge Agreement.

      9.    DEFAULT. If the Pledgor is in default under the Note, the Company,
after giving the Pledgor prior written notice, may retain or sell the Shares. If
the Company retains the Shares, it may execute the Stock Powers in its own name.
The Company shall calculate the total value of the retained Shares based on the
then current and readily ascertainable market price and shall remit to the
Pledgor the excess of the total value of the Shares over the amount due under
the Note. Alternatively, the Company shall use commercially reasonable efforts
to sell the Shares. In the event of a sale, the Company may execute the Stock
Powers in favor of the person or entity purchasing the Shares. The Company shall
account to the Pledgor for the proceeds of such sale and shall remit to the
Pledgor the excess of the sale proceeds over the amount due under the Note plus
the reasonable costs of the sale. The decision whether to retain or sell the
Shares shall be made in the Company's sole discretion.

      10.   SATISFACTION OF NOTE. If the Pledgor has not reacquired possession
of the certificates as provided in Section 8 above, upon the Pledgor's
satisfaction of the Note, the Company shall deliver the certificates and Stock
Powers to the Pledgor.

<PAGE>

                                      -3-

      11.   PARTIAL SATISFACTION OF NOTE. If the Pledgor pays a portion of the
outstanding principal amount due under the Note, the Pledgor shall be entitled
to receive from the Company a portion of the Shares pledged hereunder. Upon such
partial payment of the Note, the Company shall retain that number of Shares
having an aggregate fair market value equal to two times the Pledgor's remaining
indebtedness, and the Company shall release to the Pledgor a certificate or
certificates evidencing the excess Shares. The Company shall calculate the
number of Shares to be released hereunder and it shall not be obligated to
release fractional Shares. The Shares released to Pledgor in accordance with
this Section 11 shall no longer be subject to the provisions of this Pledge
Agreement.

      12.   DISPUTE. In the event of a dispute between the Pledgor and the
Company as to the disposition of Shares and/or any funds and/or any other rights
held by the Company from time to time acquired in connection with this Pledge
Agreement, or as to the propriety of any acts or refusal to act by the Company
under this Pledge Agreement, the Company may, following the giving of ten (10)
days prior written notice to the Pledgor, in the form and the manner described
for giving notice in this Agreement, deposit in a court of competent
jurisdiction, the certificates, Stock Powers and any funds then held thereunder.

      13.   NOTICES. All notices or communications provided for herein or
incidental to the transactions contemplated hereby shall be in writing and shall
be deemed duly given if delivered personally or sent by certified or registered
mail, return receipt requested, to the parties at the following addresses or
such other addresses as a party may theretofore have specified by notice in
writing as aforesaid:

                  To Pledgor:       Frank W. Getman
                                    410 Richards Avenue
                                    Portsmouth, New Hampshire 03801

                  To the Company:   BayCorp Holdings, Ltd.
                                    51 Dow Highway, Unit 7
                                    Eliot, Maine 03903

      14.   GOVERNING LAW; JURISDICTION. This Pledge Agreement shall be
construed and interpreted according to the laws of the State of New Hampshire.
The parties agree that any suit or action shall only be brought and maintained
in the New Hampshire state courts and the federal courts sitting in New
Hampshire, and the parties hereby consent to such jurisdiction.

      15.   AMENDMENT. This Agreement may only be amended by a writing signed by
both of the parties hereto.

                            [Signature Page Follows]

<PAGE>

                                      -4-

      IN WITNESS WHEREOF, the undersigned have placed their hands and seals on
the date first above-written. COMPANY:

                                     BAYCORP HOLDINGS, LTD.

                                     By: /s/ Patrycia T. Barnard
                                        ---------------------------------------
                                        Name:  Patrycia T. Barnard
                                        Title: Treasurer and Vice President of
                                               Finance

                                     PLEDGOR:

                                     /s/ Frank W. Getman Jr.
                                     ------------------------------------------
                                     Frank W. Getman Jr.<PAGE>
                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this "Agreement") made as of the 27th day of February
2002, between LILT Canada Inc., a corporation duly incorporated under the laws
of Quebec having its head office at: 8851 Trans-Canada Highway, St. Laurent,
Quebec, H4S 1Z6 (the "Company") and Mr. Mark Andrews, residing at 4390 Wilson
Avenue, Montreal, Quebec H4A 2V2 (the "Executive").

WHEREAS:

1.   The Company is engaged in the fabrication and production of photonic chips
     (the "Business");

2.   The Company wishes to employ the Executive on the terms and conditions set
     out below;

3.   The Executive wishes to be so employed by the Company;

THIS AGREEMENT witnesses that the parties have agreed that the terms and
conditions of the relationship shall be as follows:

1.   EMPLOYMENT

1.1  DUTIES: The Company appoints the Executive to undertake the duties and
     exercise the powers of VICE PRESIDENT AND CHIEF TECHNICAL OFFICER of the
     Company. The Executive agrees to be bound by the terms and conditions of
     this Agreement. In carrying out his duties he will comply with all
     reasonable, general or specific instructions as may be given by the
     President of the Company.

1.2  ADDITIONAL DUTIES: In addition to the duties and responsibilities set forth
     above, the Executive agrees to perform such additional duties and
     responsibilities as may from time to time be determined to be necessary by
     the Company.

1.3  CHANGES TO DUTIES: The Executive agrees that his reporting relationship,
     duties and responsibilities may be changed unilaterally by the Company as
     the Company deems appropriate. The Executive agrees that any of the changes
     which may occur pursuant to this Article 1.3 will not affect the
     application of this Agreement.
<PAGE>

                                      -2-

2.   TERM

2.1  EMPLOYMENT: Subject to the provisions of this Agreement concerning the
     termination of employment, the employment of the Executive shall be for an
     indeterminate term.

2.2  HIRING DATE: For the purpose of this Agreement, the date of hiring of the
     Executive and the date from which the Executive will be deemed to have
     started accumulating years of service with the Company will be July 1st
     1998.

3.   COMPENSATION

3.1  BASE SALARY: The Executive shall be paid a gross annual base salary of two
     hundred and seventy five thousand Canadian dollars ($275,000 CAN). Said
     salary shall be subject to all tax and statutory withholdings and other
     deductions and shall be paid bi-monthly the 15th and the last day of each
     month (24 pay periods per year), by direct bank transfer. Subject to the
     following, the Executive agrees and recognizes that the above annual base
     salary is inclusive of all activities and work performed to the benefit of
     the Company.

3.2  BONUS: In addition to the annual base salary outlined above, the Executive
     will be entitled to participate in such bonus program, which the Company
     may introduce from time to time. Nothing herein shall require the Company
     to offer bonus program or prevent it from amending or terminating them.
     Bonuses will be provided in accordance with the formal bonus program and
     any issues with respect to entitlement to or payment of any bonus will be
     governed by the terms of such program establishing the bonus.

3.3  STOCK OPTIONS: As an incentive for the Executive to remain in the service
     of the Company, the Company has granted to the Executive on the 27th day of
     February 2002 an option to acquire up to a maximum of one hundred thousand
     (100,000) common shares of the capital stock of the Company (the "Stock
     Options") subject to the Company's Stock Option Plan. The Stock Options
     will vest and become exercisable immediately. The exercise price of the
     Stock Options will be the closing price of the Company's common stock on
     the Nasdaq National Market on the last trading day immediately preceding
     the date of grant.

     The Stock Options will be considered null and void upon:

     a)   the employment of the Executive being terminated by the Company with
          or without cause;

     b)   the Executive resigning from his employment with the Company;

          Such Stock Options cannot be assigned or transferred. Upon the death
          of the Executive, such Stock Options will be considered null and void.

<PAGE>

                                      -3-

          Any outstanding Stock Options will automatically expire without
          compensation at the end of the employment of the Executive with the
          Company, however caused.

          Furthermore, the present Stock Options are subject to the Company
          Stock Options Agreement, unless as modified above.

3.4  AUTOMOBILE: The Company shall lease for the Executive an automobile (Audi
     TT) and shall reimburse the Executive, upon proper receipts, all expenses
     and costs related to the use of the said automobile.

3.5  CHANGES IN COMPENSATION: After each year of the Executive's employment, the
     Executive's base salary may be reviewed at the discretion of the Company.
     Changes in base salary once accepted by the Executive, will not affect the
     application of this Agreement.

4.   BENEFITS

4.1  BENEFIT PLANS: The Executive shall participate in all benefit plans (the
     "Benefits") which the Company provides, including medical/hospital and
     extended health care benefits, dental care and life insurance. The Company
     reserves the right to unilaterally revise the terms of the Benefits.
     Benefits will be provided in accordance with the formal plan documents or
     policies and any issues with respect to entitlement or payment of benefits
     under any of the Benefits will be governed by the terms of such documents
     or policies establishing the benefit in issue.

4.2  VACATION: As of May 1st 2002, the Executive shall be entitled to take four
     (4) weeks vacation with pay per calendar year. The reference year for
     vacation purposes extends from May 1st to April 30th.

4.3  EXPENSES: It is understood and agreed that the Executive will incur
     expenses in connection with his duties under this Agreement. The Company
     will reimburse the Executive for any expenses provided that the Executive
     provides to the Company an itemized written account and receipts acceptable
     to the Company within 30 days after they have been incurred.

4.4  DIRECTORS AND OFFICERS INSURANCE: The Executive shall be covered by the
     Directors and Officers Liability Insurance Policy maintained by the
     Company.

5.   EXCLUSIVE SERVICE

5.1  FULL TIME AND ATTENTION: Consistent with his position with the Company, the
     Executive shall:

<PAGE>

                                      -4-

     a)   devote the whole of his working time, attention and skill to his
          duties hereunder, respecting the fact that he retains his status as a
          tenured professor at McGill University; which status shall be
          maintained without remuneration and without responsibility by way of
          teaching, research or administration with the exception of not more
          than five (5) hours per month, and shall not interfere with his
          present or ongoing duties;

     b)   report to the President from time to time;

     c)   adhere to the directions of the President;

     d)   use his best efforts to promote the interests of the Company and its
          affiliates. The Executive may not serve as a member of the board of
          directors of any entity other than charitable organizations, unless
          permitted by the President of the Company in its sole discretion.

6.   OBLIGATIONS OF LOYALTY, NON-SOLICITATION AND NON-COMPETITION

6.1  NON-COMPETITION: The Executive agrees with and for the benefit of the
     Company that during his employment pursuant to this Agreement and for a
     period of twelve (12) months from the date of termination of this
     Agreement, however caused, he will not for any reason, directly or
     indirectly, either as an individual or as a partner or joint venture or as
     an employee, principal, consultant, agent, shareholder, (excluding
     ownership by the Executive, as a passive investment of less than one
     percent (1%) of the outstanding shares of capital stock of any corporation
     with one or more classes of its capital stock listed on a Security Exchange
     or publicly traded in the over the counter market) officer, director, or
     salesperson for any person, firm, association, organization, syndicate,
     company or corporation, or in any other manner carry on, be engaged in,
     concerned with, interested in, advise, lend money to, guarantee the debts
     or obligations of, permit his or her name or any part of it to be used or
     employed by, any person, business, firm, association, syndicate, company,
     organization or corporation concerned with or engaged or interested in a
     business which is the same as, or competitive with, the Business of the
     Company, namely, the business consisting in the fabrication and production
     of optical components using planar lightwave circuit technology and
     process, within the geographical area of Canada and the United States of
     America;

6.2  NON-SOLICITATION OF CUSTOMERS: Without restricting the generality of the
     foregoing, the Executive agrees with and for the benefit of the Company
     that during his employment pursuant to this Agreement and for a period of
     eighteen (18) months from the date of the termination of his employment,
     however caused, he will not for any reason, directly or indirectly, either
     as an individual or as a partner or joint venture or as an employee,
     principal, consultant, agent, shareholder, officer, director, or
     salesperson for any person, firm, association, organization, syndicate,
     company or corporation, or in any other

<PAGE>
                                      -5-

     capacity, solicit or accept business with respect to products competitive
     with those of the Company from any of the Company's customers, wherever
     situated. Company's customers include all customers upon the termination of
     the Executive and, any prior customers that were the Company's customers at
     any time during the twelve (12) month period preceding the Executive's
     termination or for which the Company has offered its products or services
     at any time during the twelve (12) month period preceding the Executive's
     termination.

6.3  NON-SOLICITATION OF PERSONNEL: Without restricting the generality of the
     foregoing, the Executive further agrees that, during his employment
     pursuant to this Agreement and for a period of eighteen (18) months
     following the termination of his employment, however caused, the Executive
     will not hire or take away or cause to be hired or taken away any employee
     of the Company or, following the termination of the Executive's employment,
     however caused, hire any employee who was in the employment of the Company
     during the twelve (12) months preceding the date of the termination of his
     employment.

7.   CONFIDENTIALITY

7.1  CONFIDENTIAL INFORMATION: Except in the normal and proper course of the
     Executive's duties hereunder, the Executive will not use for the
     Executive's own account or disclose to anyone else, during his employment
     and for a period of five (5) years following the termination of his
     employment, however caused, any confidential or proprietary information or
     material (as defined hereinafter) relating to the Company's operations or
     business which the Executive obtains from the Company or its officers or
     employees, agents, suppliers or customers or otherwise by virtue of the
     Executive's employment by the Company or by the Company's predecessor.
     Confidential or proprietary information or material includes, without
     limitation, the following types of information or material, both existing
     and contemplated, regarding the Company or its parent, affiliated or
     subsidiary companies: corporate information, including contractual
     licensing arrangements, plans, strategies, tactics, policies, resolutions,
     patent, trade-mark and trade name applications, and any litigation or
     negotiations, information concerning suppliers, marketing information,
     including sales, investment and product plans, customer lists, strategies,
     methods, customers, customer lists, prospects and market research data,
     financial information, including cost and performance data, debt
     arrangements, equity structure, investors and holdings, operational and
     scientific information, including trade secrets; technical information,
     including technical drawings and designs and personnel information,
     including personnel lists, resumes, personnel data, compensation practices
     and procedures, organizational structure and performance evaluations (the
     "Confidential Information").

7.2  RETURN OF DOCUMENTS: The Executive agrees that all documents (including,
     without limitation, software and information in machine-readable form) of
     any nature pertaining to activities of the Company and to its parent and
     their respective affiliated, related, associated or subsidiary companies,
     including, without limitation, Confidential Information, in his possession
     now or at any time during his employment, are and shall

<PAGE>

                                       -6-

     be the property of the Company and its parent, and their respective
     affiliated, related, associated or subsidiary companies, and that all such
     documents and all copies of them shall be surrendered to the Company
     whenever requested by the Company.

7.3  PROPRIETARY INFORMATION: The Executive hereby acknowledges and agrees that
     the Company, or its designee, shall be the sole and exclusive owner of any
     and all right, title, and interest in any and all inventions, ideas,
     concepts, innovations, algorithms, software, and original works of
     authorship (together "Proprietary Works"), whether or not protectable by
     patent, copyright, mask work, integrated circuit topography laws,
     trademark, industrial design laws, or other proprietary rights, that are
     made, developed or conceived by me solely or jointly with others, at any
     time during the term of his employment with the Company. Consequently, the
     Executive hereby assigns to the Company, or its designee, as its exclusive
     property any and all right, title and interest which he may have in and to
     the Proprietary Works including, but not limited to any and all copyright,
     patent right, moral rights, industrial design right, trademark right, data
     bases rights, mask work rights, integrated circuit topography rights and
     any other proprietary rights, which assignment of rights, titles and
     interests is made without any restriction, for the entire world and for the
     duration of such rights, titles and interests including any renewal or
     extension of such duration and in perpetuity thereafter. The Executive
     hereby waives to the benefit of the Company, or its designees, and its
     successors, assignees and licensees any and all moral rights and any other
     rights of similar nature which the Executive may hold in any and all of the
     Proprietary Works, and such waiver is made without any restriction
     whatsoever, for the entire world, for the duration of any such moral rights
     including any renewal or extension of such duration, and in perpetuity
     thereafter.

7.4  ACKNOWLEDGEMENT: The Executive acknowledges that, in connection with the
     Executive's employment by the Company, he will receive or will become
     eligible to receive substantial benefits and compensation. The Executive
     acknowledges that his employment by the Company and all compensation and
     benefits and potential compensation and benefits to the Executive from such
     employment will be conferred by the Company upon him only because and on
     condition of his willingness to commit his best efforts and loyalty to the
     Company, including protecting the Company's right to have its Confidential
     Information protected from non-disclosure by him and abiding by the
     confidentiality, non-competition and other provisions herein. The Executive
     understands his obligations as set forth in Article 6 and agrees that such
     obligations would not unduly restrict or curtail his legitimate efforts to
     earn a livelihood following any termination of his employment with the
     Company. The Executive agrees that the restrictions contained in Articles 6
     and 7 are reasonable and valid and all defenses to the strict enforcement
     thereof by the Company are waived by him. The Executive further
     acknowledges that irreparable damage would result to the Company if the
     provisions of Articles 6 and 7 are not specifically complied with by the
     Executive, and agrees that the Company shall be entitled to any appropriate
     legal, equitable, or other remedy, including injunctive relief, in respect
     of any failure or continuing failure to comply with the provisions of
     Articles 6 and 7.
<PAGE>

                                      -7-

8.   TERMINATION OF EMPLOYMENT

8.1  TERMINATION FOR DEATH: The parties understand and agree that the
     Executive's employment pursuant to this Agreement may be terminated, by
     paying the Executive all accrued base salary, any earned but unpaid bonus
     amounts at the date of termination on a prorated basis and any accrued but
     unused vacation benefits, all earned through the date of termination, in
     the following manner in the specified circumstances:

     a)   upon the death of the employee;

8.2  TERMINATION FOR CAUSE: The parties understand and agree that the
     Executive's employment pursuant to this Agreement may be terminated, for
     cause, in the Company's absolute discretion, without any notice or pay in
     lieu thereof, by paying the Executive all accrued base salary and any
     accrued but unused vacation benefits earned to the date of termination.

     Failure by the Company to rely on the provision of this paragraph in any
     given instance or instances shall not constitute a precedent or be deemed a
     waiver.

8.3  TERMINATION WITHOUT CAUSE: The parties understand and agree that the
     Company, in its absolute discretion and for any reason other than the ones
     mentioned in Articles 8.1 and 8.2, may terminate the Executive's employment
     by paying the Executive all accrued base salary, any earned but unpaid
     bonus amounts at the date of termination on a prorated basis and any
     accrued but unused vacation benefits, all earned through the date of
     termination, and by paying to the Executive and indemnity equivalent to 15
     months of base salary.

8.4  FAIR AND REASONABLE NOTICE: The Executive acknowledges that the prior
     notice and/or payments contemplated in Article 8.3 above include all of his
     entitlements to either notice or pay in lieu of notice and severance pay
     under the Civil Code of Quebec and the Act Respecting Labor Standards of
     Quebec. The Executive acknowledges and agrees that the notice or pay in
     lieu of notice provisions in Article 8.3 is fair and reasonable and is the
     result of negotiations between the parties.

8.5  COMPANY'S ABILITY TO ALLEGE CAUSE: The parties understand and agree that
     the payment of the indemnity above mentioned to the Executive on
     termination of the Executive's employment shall not prevent the Company
     from alleging cause for the termination.

8.6  RESIGNATION: The Executive shall have the right to terminate his employment
     upon giving the Company a one (1) month written notice. The Employee agrees
     and recognizes that the notice provided for in the present Article 8.6 is
     for the sole benefit of the Company, and that, as such, the Company, in its
     sole discretion, shall have the right to renounce and waive the benefit of
     part and/or of the totality of any such notice and the

<PAGE>

                                      -8-

     Executive will not be entitled to any indemnity or damages of any nature
     whatsoever. The Executive shall be paid for his written notice period.

8.7  RESIGNATION FROM OFFICES: On termination of employment the Executive shall
     immediately resign all offices held (including directorships) in the
     Company and save as provided in this Agreement, the Executive shall not be
     entitled to receive any payment or compensation for loss of office or
     otherwise by reason of the resignation. If the Executive fails to resign as
     mentioned the Company is irrevocably authorized to appoint some person in
     his or her name and on the Executive's behalf to sign any documents or do
     any things necessary or requisite to give effect to such resignation.

9.   COMPANY PROPERTY

9.1  COMPANY PROPERTY: The Executive acknowledges that all items of any and
     every nature or kind created or used by the Executive pursuant to the
     Executive's employment under this Agreement, or furnished by the Company to
     the Executive, and all equipment, automobiles, cellular phones, credit
     cards, books, records, reports, files, diskettes, manuals, literature,
     confidential information or other materials shall remain and be considered
     the exclusive property of the Company at all times and shall be surrendered
     to the Company, in good condition, promptly at the request of the Company,
     or in the absence of a request, on the termination of the Executive's
     employment with the Company. 10. SUCCESSORS AND ASSIGNS 10.1 SUCCESSORS AND
     ASSIGNS: This Agreement shall enure to the benefit of, and be binding on,
     the parties and their respective heirs, administrators, executors,
     successors and permitted assigns. The Company shall have the right to
     assign this Agreement to any successor (whether direct or indirect, by
     purchase, amalgamation, arrangement, merger, consolidation or otherwise) to
     all or substantially all of the business and/or assets of the Company
     provided only that the Company must first require the successor to
     expressly assume and agree to perform this Agreement in the same manner and
     to the same extent that the Company would be required to perform it if no
     such succession had taken place. The Executive by his signature hereto
     expressly consents to such assignment. The Executive shall not assign or
     transfer, whether absolutely, by way of security or otherwise, all or any
     part of the his rights or obligations under this Agreement without the
     prior written consent of the Company.

11.  NOTICES

11.1 NOTICE TO EXECUTIVE: Any notice required or permitted to be given to the
     Executive shall be sufficiently given if delivered to the Executive
     personally or if mailed by registered

<PAGE>

                                      -9-

     mail to the Executive's address last known to the Company, or if delivered
     to the Executive via facsimile.

11.2 NOTICE TO COMPANY: Any notice required or permitted to be given to the
     Company shall be sufficiently given if mailed by registered mail to the
     Company's Head Office at its address last known to the Executive, or if
     delivered to the Company via facsimile.

12.  SEVERABILITY

12.1 SEVERABILITY: In the event that any provision or part of this Agreement
     shall be deemed void or invalid by a court of competent jurisdiction, the
     remaining provisions or parts shall be and remain in full force and effect.

13.  ENTIRE AGREEMENT

13.1 ENTIRE AGREEMENT: This document constitutes the entire Agreement between
     the parties with respect to the employment and appointment of the Executive
     and any and all previous agreements, written or oral, express or implied,
     between the parties or on their behalf, relating to the employment and
     appointment of the Executive by the Company, are terminated and cancelled
     and each of the parties releases and forever discharges the other of and
     from all manner of actions, causes of action, claims and demands
     whatsoever, under or in respect of any agreement.

14.  MODIFICATION OF AGREEMENT

14.1 MODIFICATION: Any modification to this Agreement must be in writing and
     signed by the parties or it shall have no effect and shall be void.

15.  HEADINGS

15.1 HEADINGS: The headings used in this Agreement are for convenience only and
     are not to be construed in any way as additions to or limitations of the
     covenants and agreements contained in it.

16.  GOVERNING LAW

16.1 GOVERNING LAW: This Agreement shall be construed in accordance with the
     laws of the Province of Quebec.

17.  SATISFACTION OF ALL CLAIMS

17.1 SATISFACTION OF ALL CLAIMS: The terms set out in this Agreement, provided
     that such terms are satisfied by the Company, are in lieu of (and not in
     addition to) and in full

<PAGE>

                                      -10-

     satisfaction of any and all other claims or entitlements which the
     Executive has or may have upon the termination of the Executive's
     employment and the compliance by the Company with these terms will cause a
     full and complete release of the Company and its parent and their
     respective affiliates, associates, subsidiaries and related companies from
     any and all claims which the Executive may have for whatever reason or
     cause in connection with the Executive's employment and the termination of
     it, other than those obligations specifically set out in this Agreement. In
     agreeing to the terms set out in this Agreement, the Executive specifically
     agrees to execute a formal release document to that effect and will deliver
     upon request appropriate resignations from all offices and positions with
     the Company and its parent and their respective affiliated, associated,
     subsidiary or related companies if, as and when requested by the Company
     upon termination of his employment within the circumstances contemplated by
     this Agreement.

18.  ACKNOWLEDGEMENT

18.1 ACKNOWLEDGEMENT: The Executive acknowledges that:

     a)   he has had sufficient time to review this Agreement thoroughly;

     b)   he has read and understands the terms of this Agreement and the
          obligations hereunder;

     c)   he has been given an opportunity to obtain independent legal advice
          concerning the interpretation and effect of this Agreement;

     d)   he has been provided an adequate explanation of the nature and scope
          of each of the terms of this Agreement; and

     e)   he has received a fully executed original copy of this Agreement.

19.  The parties acknowledge that they have agreed that the present Agreement as
     well as all documents and notices given pursuant hereto or relating
     directly or indirectly hereto may be drawn up in English. Les parties
     reconnaissent avoir accepte que la presente convention ainsi que tout
     document execute et avis donne directement ou indirectement a la suite ou
     relativement a la presente convention puissent etre rediges en anglais.

<PAGE>

                                      -11-

                                             LILT CANADA INC.

                                             Per:  /s/ Gary S. Moskovitz
                                                   -----------------------------
                                                   GARY S. MOSKOVITZ

  /s/ Benoit Belisle                               /s/ Mark Andrews
  -----------------------------                    -----------------------------
  WITNESS                                          MARK ANDREWS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}]]