Document:

Exhibit 10.3

                              EMPLOYMENT AGREEMENT
                      LEONARD W. SUROFF AND IPORUSSIA, INC.

         THIS  EMPLOYMENT  AGREEMENT  ("Agreement"),  dated as of the 1st day of
April, 2002, by and between IPORUSSIA,  INC., a Delaware  corporation,  having a
place  of  business  at 12  Tompkins  Avenue,  Jericho,  NY  11753  (hereinafter
designated  and referred to as  "Company"),  and Leonard W. Suroff  (hereinafter
designated and referred to as "Employee").

         WHEREAS,  the Company desires to employ the Employee in the capacity of
Treasurer and Secretary of the Company; and

         WHEREAS,  Employee is willing to accept such employment by the Company,
all in accordance with provisions hereinafter set forth.

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

         1. Term: The term of this  Agreement  shall be for a period of five (5)
years commencing April 1, 2002 and  automatically  terminating on March 31, 2007
subject to earlier  termination as provided  herein or unless extended by mutual
consent of both parties in writing  sixty (60) days prior to the end of the term
of this Agreement or any extension thereof, but nothing herein shall require the
Company to agree to any specific term or condition or to any continuation of the
employment beyond March 31, 2007.

         2. Effective  Date: The effective date (the  "Effective  Date") of this
Agreement  shall  commence  two weeks after the Company  obtains  funding in the
amount of at least Two Hundred and Fifty Thousand Dollars (USD$250,000).  If the
Effective  Date does not  commence  before  December  31, 2002 either  party may
terminate  this  Agreement  on ten (10) days  written  notice,  unless  mutually
extended.

         3. Scope of Employment:

              [a]  Capacity.  Company  hereby  agrees  to employ  Employee,  and
Employee hereby accepts such  employment,  as Treasurer and Secretary of Company
during the term of this  Agreement  and shall have such powers and  authority as
may be given  to him from  time to time by the  Board  of  Directors  ("Board").
Employee  shall  report to the  President  and Chief  Executive  Officer  of the
Company and perform the services and duties customarily  incident to such office
and as otherwise decided upon by the President and Chief Executive Officer.

              [b] Devotion Of Services. The Employee prior to the Effective Date
shall not be required  to devote a  significant  amount of business  time to the
Company,  and  commencing on the Effective  Date expects to devote such business
time as is necessary to the business of the Company.

              [c]  Place  of  Performance.  Employee  agrees  to work out of the
offices of the Company in Long Island, New York.

<PAGE>

         4. Salary and Bonus: In consideration of the services to be rendered by
Employee  hereunder,  including  without  limitation any services rendered as an
officer or director of Company or any  subsidiary or affiliate  thereof,  during
the term of this Agreement  commencing on the Effective Date,  Company shall pay
to Employee the following:

              [a] A salary in the amount of Fifty Thousand Dollars (USD $50,000)
per annum until the Company's funding reaches Five Hundred Thousand Dollars (USD
$500,000)  at  which  time the  full  salary  of One  Hundred  Thousand  Dollars
(USD$100,000)  per annum shall be paid.  The Board may, at its sole and absolute
discretion,  increase Employee's salary;  provided,  however,  Employee's annual
salary  shall be  increased at the end of each twelve (12) month period from the
Effective Date by at least fifteen percent (15%) over the previous year.

              [b] The Company's  Board may, but shall not be obligated to, award
bonuses to Employee based upon his performance.

              [c] All  payments  to  Employee  shall be subject  to the  regular
withholding requirements of all appropriate governmental taxing authorities.

         5. Other Benefits:

              [a]  Commencing  on the  Effective  Date,  Company shall provide a
medical  insurance plan for Employee.  Employee  acknowledges  that the terms of
such plan may change  from time to time.  The  Employee  shall be  entitled to a
three (3) weeks annual vacation.

              [b]  Commencing on the Effective  Date,  the Company shall provide
Employee  with a  Company  car for  Employee's  use  for  business  purposes  in
accordance  with  standard  Company  guidelines.  This car shall be insured  and
registered  with the Motor Vehicle  Department by the Company.  Company shall be
responsible  for the  costs of  proper  maintenance,  gasoline,  insurance,  and
repairs.  The Employee,  in the alternative,  may have the Company reimburse him
for the car, insurance, and related expenses.

         6.  Expenses:  Company will  advance to or  reimburse  Employee for all
reasonable  travel and  entertainment  required by Company and other  reasonable
expenses incurred by Employee in connection with the performance of his services
under this Agreement in accordance with Company policy as established  from time
to time and upon  submission to the Company by him of  appropriate  vouchers and
expense account reports.

         7.  Indemnification:  Employee shall be indemnified by Company  against
expenses, including attorney's fees, actually and necessarily incurred by him in
connection with the defense of any action, suit,  investigation or proceeding or
similar legal activity, regardless of whether criminal, civil, administrative or
investigative  in  nature  to which he is made a party by reason of his being or
having been an officer of Company,  to the full extent  permitted by  applicable
law  and  the   Certificate  of   Incorporation   of  Company.   Such  right  of
indemnification  will not be  deemed  exclusive  of any  other  rights  to which
Employee  may be  entitled  under  Company's  Certificate  of  Incorporation  or
By-Laws, as in effect from time to time, under any agreement or otherwise.

                                  Page 2 of 7
<PAGE>

         8.  Restrictive  Covenant:  (A)  Employee  acknowledges  that  (i)  the
business in which the Company is engaged is intensely  competitive  and that his
employment  by the Company will require that he have access to and  knowledge of
confidential information of the Company,  including, but not limited to, certain
of the Company's confidential business plans, expansion plans, financial status,
and plans  and  personnel  information  and  trade  secrets,  which are of vital
importance to the success of the Company's business; (ii) the direct or indirect
disclosure  of any  such  confidential  information  to  existing  or  potential
competitors of the Company would place the Company at a competitive disadvantage
and would do damage,  financial and otherwise,  to the Company's  business;  and
(iii) by his training,  experience  and  expertise,  some of his services to the
Company will be special and unique. (B) Employee agrees that, during the term of
this Agreement and if the Agreement is terminated by the Company for cause,  for
a period of two (2) years after the termination of this  Agreement,  he will not
directly or indirectly  become affiliated as an officer,  director,  employee or
consultant or as a substantial  security holder with any other company or entity
whose business is directly competitive with any business then being conducted by
the Company or its subsidiaries within the Continental United States.

         9. Discoveries, etc.:

              [a] The Company shall be the owner, without further  compensation,
of all  rights of every  kind in and with  respect  to any  reports,  materials,
inventions, processes,  discoveries,  improvements,  modifications,  know-how or
trade  secrets  hereafter  made,  prepared,  invented,   discovered,   acquired,
suggested  or reduced to practice  (hereinafter  designated  and  referred to as
"Property Rights") by Employee in connection with Employee's  performance of his
duties pursuant to this Agreement,  and the Company shall be entitled to utilize
and dispose of such in such manner as it may determine.

              [b] The  Employee  agrees to and shall  promptly  disclose  to the
Board all  Property  Rights  (whether or not  patentable)  made,  discovered  or
conceived  of by him,  alone or with others,  at any time during his  employment
with  the  Company.  Any such  Property  Rights  will be the sole and  exclusive
property of the Company, and Employee will execute any assignments  requested by
the  Company of his right,  title or interest in any such  Property  Rights.  In
addition,  the Employee will also provide the Company with any other instruments
or documents  requested  by the Company,  at the  Company's  expense,  as may be
necessary  or  desirable  in applying  for and  obtaining  patents  with respect
thereto in the United States and all foreign countries. The Employee also agrees
to cooperate with the Company and to devote  reasonable  time to the prosecution
or  defense  of  any  patent  claims  or  litigation  or  proceedings  involving
inventions,  trade  secrets,  trademarks,   services  marks,  secret  processes,
discoveries or improvements, whether or not he is employed by the Company at the
time.

         10. Confidentiality:

              [a]  Restrictions On Use Of Trade Secrets And Records.  During the
term of his employment,  Employee will have access to and become acquainted with
various trade secrets of Company,  consisting of formulas, business formulations
secret  inventions,   processes,   compilations  of  information,   records  and
specifications (collectively "Trade Secrets"), all of which are owned by Company
and used in the  operation of Company's  business.  Additionally,  Employee will
have access to and may become acquainted with various files,  records,  customer
lists, documents, drawings, specifications, equipment and similar items relating
to the business of Company (collectively "Confidential  Information").  All such
Trade Secrets and Confidential Information, whether they are designed, conceived
or prepared by Employee or come into  Employee's  possession or knowledge in any
other way, are and shall remain the exclusive  property of Company and shall not
be removed  from the  premises  of Company  under any  circumstances  whatsoever
without the prior written consent of Company.  Employee promises and agrees that
he will not use for himself or for  others,  or divulge or disclose to any other
person  or  entity,  directly  or  indirectly,  either  during  the  term of his
employment by Company or at any time thereafter,  for his own benefit or for the
benefit of any other person or entity or for any reason  whatsoever,  any of the
Trade  Secrets  or  Confidential  Information  described  herein,  which  he may
conceive, develop, obtain or learn about during or as a result of his employment
by Company unless specifically authorized to do so in writing by Company.

                                  Page 3 of 7
<PAGE>

              [b]  Employee  recognizes  that  Company  will invest  substantial
effort in assembling  its employees  and in developing  its customer  base. As a
result,  and  particularly  because  of  Company's  many  types of  confidential
business  information,  Employee understands that any solicitation of a customer
or  employee  of  Company,   in  an  effort  to  get  them  to  change  business
affiliations,  would presumably involve a misuse of Company's confidences, Trade
Secrets and  Confidential  Information.  Employee  therefore  agrees that, for a
period of two (2) years from the later of the date of  termination of Employee's
employment with Company for any reason  whatsoever or the receipt by Employee of
any compensation  paid to Employee by Company,  Employee will not influence,  or
attempt to influence,  existing  employees or customers of Company in an attempt
to divert,  either  directly or  indirectly,  their  services  or business  from
Company.

         11.  Return of Company  Property:  Employee  agrees that  following the
termination of his  employment  for any reason,  he shall return all property of
the Company which is then in or thereafter comes into his possession, including,
but not limited to, documents, contracts, agreements, plans, photographs, books,
notes, electronically stored data and all copies of the foregoing as well as any
other materials or equipment supplied by the Company to the Employee.

         12. Termination Of Agreement:

              [a]  Termination  By Company.  The  Company  shall have the right,
before the expiration of the term of this Agreement, to terminate this Agreement
and to discharge Employee for cause (hereinafter  "Cause"), and all compensation
to Employee shall cease to accrue upon discharge of the Employee for Cause.  For
the purposes of this  Agreement,  the term "Cause" shall mean the Employee's (i)
violation of the Company's written policy or specific written  directions of the
Board  which  directions  are  consistent  with  normally   acceptable  business
practices  or the failure to  observe,  or the failure or refusal to perform any
obligations required to be performed in accordance with this Agreement,  (ii) if
the  Board  determines  that  employee  has  committed  a  demonstrable  act (or
omission) of malfeasance  seriously detrimental to this Company (which shall not
include  any  exercise  of  business  judgment  in good faith or any  illegal or
unethical act).

                                  Page 4 of 7
<PAGE>

              [b]  Notice  by  Company.  If the  Company,  elects  to  terminate
Employee's  employment for Cause,  under Section 12[a],  the Company shall first
give  Employee  written  notice  and a period of  thirty  (30) days to cure such
Cause, and if such Cause is not cured in said thirty (30) days, such termination
shall be effective  five (5) days after the Company gives written notice of such
termination  to the Employee.  In the event of a termination  of the  Employee's
employment for Cause in accordance  with the  provisions of Section  12[a],  the
Company shall have no further obligation to the Employee, except for the payment
of salary through the date of such termination from employment.

              [c] Termination By Employee. Employee may terminate his employment
hereunder at any time for cause.  For purposes of this  Section  12[c],  "Cause"
shall mean the breach of any provision of this Agreement by Company which is not
cured within  thirty (30) days after  Employee  delivers  written  notice to the
Company's  Board  describing  such breach.  If the breach is not so cured within
such  thirty  (30) days  after  delivery  of such  notice,  the  termination  of
employment shall become effective after the expiration of such cure period.

              [d] Death Or Disability.  Employee's employment with Company shall
cease  upon the date of his  death.  In the  event  the  Employee,  by reason of
physical or mental  incapacity,  shall be disabled for a period of at least four
(4)  consecutive  months or six (6) months in the  aggregate  in any twelve (12)
month period of this Agreement or any extension  hereof,  the Company shall have
the option at any time  thereafter  to terminate  Employee's  employment  and to
terminate this Agreement.  Such  termination to be effective ten (10) days after
the Company gives written notice of such  termination  to the Employee,  and all
obligations  of the  Company  hereunder  shall  cease  upon  the  date  of  such
termination.  "Incapacity"  as used  herein  shall  mean  the  inability  of the
Employee to perform his normal duties.

              [e] Effect Of  Termination.  Upon the  termination  of  Employee's
employment  hereunder or the  expiration  or  termination  of the  Agreement,(a)
Company shall pay Employee all  compensation  accrued and  outstanding as of the
date of such termination or expiration,  and (b) notwithstanding anything to the
contrary  contained  herein,  the rights  and  obligations  of each party  under
Sections 8, 9 and 10 herein shall survive such termination or expiration.

         13. Waiver:  Any waiver by either party of a breach of any provision of
this  Agreement  shall not operate as or be  construed  as a waiver of any other
breach or default hereof.

         14.  Governing  Law:  The  validity of this  Agreement or of any of the
provisions  hereof shall be  determined  under and  according to the laws of the
State of New York,  and this  Agreement  and its  provisions  shall be construed
according to the laws of the State of New York  without  reference to its choice
of law rules.

         15. Notice: All notices,  requests,  consents and other  communications
hereunder  shall be in writing,  shall be  addressed  to the  receiving  party's
address set forth  below or to such other  address as a party may  designate  by
notice  hereunder,  and  shall be either  (i)  delivered  by hand,  (ii) made by
telecopy or facsimile transmission and e-mail, (iii) sent by recognized national
overnight  courier  service,  or (iv) sent by registered  mail,  return  receipt
requested, postage prepaid.

                                  Page 5 of 7
<PAGE>

         If to Employee:                          If to Company:
         Leonard W. Suroff                        IPORUSSIA, INC.
         12 Tompkins Ave.                         12 Tompkins Ave.
         Jericho, NY 11753                        Jericho, NY 11753

         Tel:  516-937-6600                       Tel: 516-937-6600
         Fax: 516-681-3900                        Fax: 516-681-3900
         E-mail:Suroff@hotmail.com                E-mail:iporussia@yahoo.com

         16.  Assignment:  The  Employee's  assignment of this  Agreement or any
interest  herein,  or any  monies  due or to  become  due by reason of the terms
hereof,  without the prior written  consent of the Company  shall be void.  This
Agreement  shall be binding  upon the Company,  its  successors  (including  any
transferee of the good will of the Company) or assigns.

         17.  Miscellaneous:  This Agreement  contains the entire  understanding
between the parties hereto and supersedes all other oral and written  agreements
or understandings  between them. No modification or addition hereto or waiver or
cancellation  of any provision  shall be valid except by a writing signed by the
Company and Employee.  Facsimile signatures of the undersigned parties will have
the same force and effect as original signatures.

         18. Obligations of a Continuing Nature: It is expressly  understood and
agreed that the covenants,  agreements and restrictions undertaken by or imposed
on Employee  hereunder,  which are stated to exist or continue after termination
of Employee's employment with the Company, shall exist and continue irrespective
of  the  method  or   circumstances  of  such  termination  from  employment  or
termination of this Agreement.

         19.  Severability:  Employee  agrees  that  if any  of  the  covenants,
agreements or restrictions on the part of Employee are held to be invalid by any
court of competent  jurisdiction,  such holding will not  invalidate  any of the
other  covenants,  agreements  and/or  restrictions  herein  contained  and such
invalid  provisions  shall  be  severable  so that  the  invalidity  of any such
provision shall not invalidate any others.  Moreover,  if any one or more of the
provisions  contained in this Agreement shall be held to be excessively broad as
to duration, activity or subject, such provisions shall be construed by limiting
and  reducing  them so as to be  enforceable  to the maximum  extent  allowed by
applicable law.

         20.  Representation:  Employee  represents and warrants that he has the
legal right to enter into this  Agreement and to perform all of the  obligations
on his part to be performed  hereunder in accordance  with its terms and that he
is not a party  to any  agreement  or  understanding,  written  or  oral,  which
prevents  him  from  entering  into  this  Agreement  or  performing  all of his
obligations  hereunder.  In the  event of a  breach  of such  representation  or
warranty on his part or if there is any other legal  impediment  which  prevents
him from  entering  into this  Agreement or  performing  all of his  obligations
hereunder the Company may terminate this Agreement.

                                  Page 6 of 7
<PAGE>

         21. Descriptive  Headings:  The paragraph headings contained herein are
for  reference  purposes  only and shall not in any way  affect  the  meaning or
interpretation of this Agreement.

         22.  Counterparts:  This  Agreement  may be  executed  in  one or  more
counterparts,  each  of  which  shall  be an  original  and all of  which  shall
constitute but one and the same instrument.

         IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the day and year first above written.

                                       IPORUSSIA, INC.

                                       By: /s/  Vladimir F. Kuznetsov
                                           ---------------------------
                                           Vladimir F. Kuznetsov
                                           President and Chief Executive Officer

                                           /s/  Leonard W. Suroff
                                           -----------------------------
                                           Leonard W. Suroff
                                           Employee

                                  Page 7 of 7Exhibit 10.4

                          FINANCIAL ADVISORY AGREEMENT

                                     BETWEEN

                          JOINT STOCK BANK ELEKTRONIKA

                                       AND

                                 IPORUSSIA, INC.

<PAGE>

                          FINANCIAL ADVISORY AGREEMENT

     This  Agreement,  effective  this 30 day of  April,  2002,  by and  between
IPORUSSIA,  INC.  ("Advisor"),  a  Delaware  Corporation,  and Joint  Stock Bank
Elektronika  ("Bank"),  located  in the  Russian  Federation.  The  Bank and the
Advisor are referred herein together as the "Parties",  and each separately as a
"Party".

         WHEREAS,  the Bank is an Open Joint  Stock  Company and desires to have
its securities traded in the United States Stock Market ("Stock Market");

         WHEREAS, Advisor represents that it will endeavor to introduce the Bank
to one  or  more  underwriting  companies,  stock  brokerage  companies,  and/or
investors  ("Investors")  who  may be  interested  in  engaging  in a  financing
arrangement or in a business  combination with the Bank. Public  Underwriting of
the securities of the Bank in the Stock Market shall be stipulated in writing by
a separate Agreement between Bank and Investors ("Transaction"); and

         WHEREAS,  the Bank desires to retain the services of Advisor to provide
an introduction to such Investors.

                       IT IS HEREBY MUTUALLY AGREED THAT:

1.  Appointment.  The Bank  retains  Advisor  to find  Investors  interested  in
effecting  a  Transaction  on terms  acceptable  to the Bank and the  Investors.
Advisor will  endeavor to introduce  the Bank to such  Investors.  Advisor is an
independent  contractor  and is not an agent  of the  Bank and it shall  have no
authority to bind the Bank in any manner.

2. Business  Information.  The Bank will furnish  Advisor from time to time with
current business  information,  in the Russian Language and appropriate sections
translated  into  English  if  requested  ("Business  Information").  Advisor is
authorized to send copies of the Business  Information  to potential  Investors.
The Bank  hereby  represents  and  warrants  that all the  Business  Information
provided Advisor pertaining to the Bank shall be true and correct. The volume of
information furnished shall be reasonable and sufficient for the consummation of
Transaction.  Advisor shall provide the Bank,  from time to time, with a list of
Investors  that  have  been   contacted  and   introduces  to  Bank's   Business
Information.

                                       2
<PAGE>

3. Compensation.

         (A) In the event of a  consummated  Transaction,  the Bank  shall pay a
cash fee ("Fee") to Advisor upon closing  ("Closing") of the  Transaction at the
amount of 7% of all considerations paid in such Transaction.

"consideration  paid in such  Transaction"  for purposes of this Agreement shall
mean the value of (1) all  consideration,  including  proceeds  from the sale of
securities of the Bank and its  Stockholders  in an  Underwriting,  Investments,
paid  to the  Bank  and  the  Stockholders  of the  Bank  in  connection  with a
Transaction, including cash, securities or other consideration exchanged or paid
at Closing;  assumption of debt;  and any deferred  payments  including  without
limitation  notes,  contingent  payments  and (2) the  aggregate  amount  of any
investment made by the Investor in a joint venture with the Bank. Payment of the
applicable  Fee set  forth  above  will be made at the  Closing  of the  related
Transaction.  The Fee shall be payable in cash and any consideration  other than
cash which is paid in the  consummated  Transaction  shall be valued at its fair
market value.

         (B) The Fee to Advisor shall be considered  separate and apart from any
underwriters  compensation or brokerage fee or commission on a Transaction.  The
Bank shall be responsible for all of their legal,  accounting and other expenses
associated with a Transaction. The compensation Fee to Advisor shall include all
Advisor's  expenses  associated  with  Transaction,  and/or with  performance of
Advisor's  obligations for the said Agreement.  Bank bears no responsibility for
Advisor's  expenses  associated  with  Transaction,  and/or with  performance of
Advisor's obligations for the said Agreement.

         (C) In the event when Advisor  shall find  Investor  that  provides for
financing of the costs  associated with the Bank's Initial Public Offering (IPO)
on terms  agreeable to the Bank,  the per cent value  stated in  Paragraph  3(A)
might be increased.  Upon coordinated  resolution to increase Advisor's Fee, the
Parties shall conclude a separate Exhibit to the given Agreement.

         (D) Should  impossibility  of performance  of the given  Agreement be a
result of  circumstances  that neither Party is responsible  for, Bank shall not
reimburse Advisor for expenses incurred.

4. Term.  This  Agreement  shall remain in full force and effect for a period of
twenty four (24) months after the date hereof;  provided,  however, that Advisor
shall be entitled to receive the full Fee set forth in Paragraph 3 hereof in the
event an introduction was made by Advisor to an Investor during the term of this
Agreement and a Transaction  or other business  arrangement is consummated  with
such Investor within two years from the expiration of this Agreement.

                                       3
<PAGE>

5. Expenses. Neither Party shall incur any expenses on behalf of the other Party
without  prior  approval in writing.  Advisor  agrees to use its best efforts to
introduce the Bank to one or more possible Investors interested in financing the
costs associated with the support of and/or  placement Bank's  securities in the
Stock Market on terms agreeable to the Bank.

6. Entire  Agreement.  This Agreement  contains the entire  understanding of the
Parties  hereto with respect to the  transactions  contemplated  and may only be
amended  or  modified  if reduced to  writing  and signed by both  Parties,  and
supersedes all prior agreements  between the Parties with respect to its subject
matter whether written or oral. Both Parties represent and warrant to each other
that the Parties  signing  this  Agreement  are officers and have full power and
authority to enter into this  Agreement  and carry out the terms and  conditions
contemplated hereby.

7.  Captions,  Headings,  or Titles.  All  captions,  headings  or titles in the
sections of the Agreement  are inserted for  convenience  of reference  only and
shall not  constitute a part of this  Agreement or a limitation  of scope of the
particular sections to which they apply.

8.  Counterparts.  This Agreement may be signed in counterparts and shall become
effective  as if executed in a single,  complete  document as of the date hereof
upon its execution by both parties.

9. Governing Law. This Agreement and any modifications, amendments and additions
thereto shall be governed in accordance with the laws of the Russian Federation.

10.  Confidentiality.  The Parties agree that any information  disclosed to each
other  marked  "Confidential"  shall not be  disclosed  to any Investor or third
party unless prior written permission has been obtained.

11.  Disputes  and  Arbitration.  Any  controversy  or claim  arising  out of or
relating  to this  Agreement  shall be  settled by  binding  arbitration  by the
International Court of Arbitration of the International Chamber of Commerce (the
"ICC") in accordance  with the ICC Rules of Arbitration in effect at the time of
the  arbitration.  The  arbitration  proceedings  shall be  conducted in Geneva,
Switzerland and in the English  language.  There shall be three (3) arbitrators,
one of whom shall be selected by the Party seeking to initiate the  arbitration,
one by the other Party and the third by the two  arbitrators  so  selected.  The
arbitration  award  shall be given in writing  and shall be final and binding on
the Parties with respect to the subject matter in controversy. The Parties shall
keep  confidential  the  arbitration  proceedings  and terms of any  arbitration
award, except as may otherwise be required by law. Each Party shall bear its own
legal  fees  and  other  costs  related  to the  arbitration,  except  that  the
arbitrators  shall  determine who shall bear the costs of the  arbitrators.  The
arbitrators may determine  arbitrability  but may not award punitive  damages or
limit, expand or otherwise modify the terms of this Agreement.

                                       4
<PAGE>

12. This Agreement is made in English and Russian. The English and Russian forms
of this Agreement shall be equally binding. Should any difficulties or ambiguous
interpretation  of terms and  conditions of this  Agreement  arise,  the Parties
shall first attempt to resolve this matter between them. If not successful,  the
controversy shall be subject to Paragraph 11.

13. Notices. All notices, requests,  consents and other communications hereunder
shall be in writing,  shall be addressed to the  receiving  Party's  address set
forth  below  or to such  other  address  as a Party  may  designate  by  notice
hereunder,  and shall be either (i) delivered by hand,  (ii) made by telecopy or
facsimile  transmission  and  e-mail,  (iii)  sent by  recognized  international
overnight  courier  service,  or (iv) sent by registered  mail,  return  receipt
requested, postage prepaid.

         If to Bank:

         Vladimir Romanov
         Chairman of the Board
         Joint Stock Bank
         Elektronika
         6, Pyzhevsky Pereulok,
         Moscow, 103012
         Russian Federation
         Tel:  (095) 777-8866
         Fax:  (095) 781-1111
         E-Mail:  info@elektronika.ru

                                       5
<PAGE>

         If to Advisor:

         Vladimir Kuznetsov
         President
         IPORUSSIA, INC.
         12 Tompkins Ave.
         Jericho, New York 11753
         United States of America
         Tel/Fax: (516) 625-6282
         E-Mail: iporussia@yahoo.com

         In Witness Whereof,  Bank and the Advisor have duly signed and executed
this Agreement effective as of the date first written above.

IPORUSSIA, INC.                                 Commercial Joint Stock
                                                Bank Elektronika

By: /s/ Vladimir Kuznetsov                      By: /s/ Vladimir Romanov
   ------------------------                          --------------------------
   Vladimir Kuznetsov                                Vladimir Romanov
   President                                         Chairman of the Board

                                       6

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