Document:

<PAGE>   1
                                                                    EXHIBIT 10.7

                          OPTIMARK TECHNOLOGIES, INC.

                                1999 STOCK PLAN

                             STOCK OPTION AGREEMENT

Unless otherwise defined herein, the terms defined in the 1999 Stock Plan shall
have the same defined meanings in this Stock Option Agreement.

     1.      NOTICE OF STOCK OPTION GRANT

         [OPTIONEE'S NAME AND ADDRESS]

The undersigned Optionee has been granted an Option to purchase Common Stock of
the Company, subject to the terms and conditions of the Plan and this Option
Agreement, as follows:

<TABLE>
<S>                                                <C>
Date of Grant
                                                   -----------------------------------------------

Vesting Commencement Date
                                                   -----------------------------------------------

Exercise Price per Share                           $
                                                    ----------------------------------------------

Total Number of Shares Granted
                                                   -----------------------------------------------

Total Exercise Price                               $
                                                    ----------------------------------------------

Type of Option:                                    ___      Incentive Stock Option

                                                   ___      Nonstatutory Stock Option

Term/Expiration Date:                              Ten (10) years from the Date of Grant
</TABLE>

Vesting Schedule:

This Option shall be exercisable, in whole or in part, according to the
following vesting schedule:

The Shares subject to the Option shall vest in five (5) successive equal annual
installments measured from the Vesting Commencement Date, subject to Optionee's
continuing to be a Service Provider on such dates.

Termination Period:

Upon Optionee's termination as a Service Provider for any reason, all unvested
Shares then subject to the Option shall immediately terminate and cease to be
outstanding.  In the event of Optionee's termination as a Service Provider for
any reason other than Disability or death, the vested portion of

<PAGE>   2
the Option shall be exercisable for 30 days after Optionee ceases to be a
Service Provider.  In the event of Optionee's termination as a Service Provider
by reason of Disability, the vested portion of the Option may be exercised for
one year after Optionee ceases to be a Service Provider.  In the event of
Optionee's termination as a Service Provider by reason of death, the vested
portion of the Option may be exercised for six months after Optionee ceases to
be a Service Provider.

In no event, however, may Optionee exercise this Option after the
Term/Expiration Date as provided above.

     2.      AGREEMENT

          (a)        Grant of Option.  The Plan Administrator of the
Company hereby grants to the Optionee named in the Notice of Grant (the
"Optionee"), an option (the "Option") to purchase the number of Shares set
forth in the Notice of Grant, at the exercise price per Share set forth in the
Notice of Grant (the "Exercise Price"), and subject to the terms and conditions
of the Plan, which is incorporated herein by reference.  Subject to Section
16(c) of the Plan, in the event of a conflict between the terms and conditions
of the Plan and this Option Agreement, the terms and conditions of the Plan
shall prevail.

         If designated in the Notice of Grant as an Incentive Stock Option
("ISO"), this Option is intended to qualify as an Incentive Stock Option as
defined in Section 422 of the Code.  Nevertheless, to the extent that it
exceeds the $100,000 rule of Code Section 422(d), that portion of this Option
shall be treated as a Nonstatutory Stock Option ("NSO").

          (b)        Exercise of Option.

                  (i)             Right to Exercise.  This Option shall be
exercisable during its term in accordance with the Vesting Schedule set out in
the Notice of Grant and with the applicable provisions of the Plan and this
Option Agreement.

                  (ii)            Method of Exercise.  This Option shall be
exercisable by delivery of an exercise notice in the form attached as Exhibit A
(the "Exercise Notice") which shall state the election to exercise the Option,
the number of Shares with respect to which the Option is being exercised, and
such other representations and agreements as may be required by the Company.
The Exercise Notice shall be accompanied by payment of the aggregate Exercise
Price as to all Shares for which said Option is being exercised.  This Option
shall be deemed to be exercised upon receipt by the Company of such fully
executed Exercise Notice accompanied by the aggregate Exercise Price.

No Shares shall be issued pursuant to the exercise of an Option unless such
issuance and such exercise complies with Applicable Laws.  Assuming such
compliance, for income tax purposes the Shares shall be considered transferred
to the Optionee on the date on which the Option is exercised with respect to
such Shares.

          (c)        Optionee's Representations.  In the event the Shares have
not been registered under the Securities Act of 1933, as amended, at the time
this Option is exercised, the Optionee shall, if required by the Company,
concurrently with the exercise of all or any portion of this Option,

                                      -2-

<PAGE>   3
deliver to the Company his or her Investment Representation Statement in the
form attached hereto as Exhibit B.

          (d)        Lock-Up Period.  Optionee hereby agrees that, if so
requested by the Company or any representative of the underwriters (the
"Managing Underwriter") in connection with any registration of the offering of
any securities of the Company under the Securities Act, Optionee shall not sell
or otherwise transfer any Shares or other securities of the Company during the
180-day period (or such other period as may be requested in writing by the
Managing Underwriter and agreed to in writing by the Company) (the "Market
Standoff Period") following the effective date of a registration statement of
the Company filed under the Securities Act.  Such restriction shall apply only
to the first registration statement of the Company to become effective under
the Securities Act that includes securities to be sold on behalf of the Company
to the public in an underwritten public offering under the Securities Act.  The
Company may impose stop-transfer instructions with respect to securities
subject to the foregoing restrictions until the end of such Market Standoff
Period.

          (e)        Method of Payment.  Payment of the aggregate Exercise
Price shall be by any of the following, or a combination thereof, at the
election of the Optionee:

                   (i)            cash or check;

                  (ii)            consideration received by the Company under a
formal cashless exercise program adopted by the Company in connection with the
Plan; or

                  (iii)           beginning on the date that the Common Stock
is first registered under Section 12 of the Exchange Act, other Shares which
(A) in the case of Shares acquired upon exercise of an option, have been owned
by the Optionee for more than six months on the date of surrender, and (B) have
a Fair Market Value on the date of surrender equal to the aggregate exercise
price of the Shares as to which said Option shall be exercised.

          (f)        Restrictions on Exercise.  This Option may not be
exercised until such time as the Plan has been approved by the shareholders of
the Company, or if the issuance of such Shares upon such exercise or the method
of payment of consideration for such shares would constitute a violation of any
Applicable Law.

          (g)        Non-Transferability of Option.  This Option may not be
transferred in any manner otherwise than by will or by the laws of descent or
distribution and may be exercised during the lifetime of Optionee only by
Optionee.  The terms of the Plan and this Option Agreement shall be binding
upon the executors, administrators, heirs, successors and assigns of the
Optionee.

          (h)        Term of Option.  This Option may be exercised only within
the term set out in the Notice of Grant, and may be exercised during such term
only in accordance with the Plan and the terms of this Option.

          (i)        Tax Consequences.  Set forth below is a brief summary as
of the date of this Option of some of the federal tax consequences of exercise
of this Option and disposition of the Shares.  THIS SUMMARY IS NECESSARILY
INCOMPLETE, AND THE TAX LAWS AND

                                      -3-

<PAGE>   4
REGULATIONS ARE SUBJECT TO CHANGE.  THE OPTIONEE SHOULD CONSULT A TAX ADVISER
BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

                  (i)             Exercise of NSO.  There may be a regular
federal income tax liability upon the exercise of an NSO.  The Optionee will be
treated as having received compensation income (taxable at ordinary income tax
rates) equal to the excess, if any, of the Fair Market Value of the Shares on
the date of exercise over the Exercise Price.  If Optionee is an Employee or a
former Employee, the Company will be required to withhold from Optionee's
compensation or collect from Optionee and pay to the applicable taxing
authorities an amount in cash equal to a percentage of this compensation income
at the time of exercise, and may refuse to honor the exercise and refuse to
deliver Shares if such withholding amounts are not delivered at the time of
exercise.

                  (ii)            Exercise of ISO.  If this Option qualifies as
an ISO, there will be no regular federal income tax liability upon the exercise
of the Option, although the excess, if any, of the Fair Market Value of the
Shares on the date of exercise over the Exercise Price will be treated as an
adjustment to the alternative minimum tax for federal tax purposes and may
subject the Optionee to the alternative minimum tax in the year of exercise.

                  (iii)           Disposition of Shares.  In the case of an
NSO, if Shares are held for at least one year, any gain realized on disposition
of the Shares will be treated as long-term capital gain for federal income tax
purposes.  In the case of an ISO, if Shares transferred pursuant to the Option
are held for at least one year after exercise and of at least two years after
the Date of Grant, any gain realized on disposition of the Shares will also be
treated as long-term capital gain for federal income tax purposes.  If Shares
purchased under an ISO are disposed of within one year after exercise or two
years after the Date of Grant, any gain realized on such disposition will be
treated as compensation income (taxable at ordinary income rates) to the extent
of the difference between the Exercise Price and the lesser of (1) the Fair
Market Value of the Shares on the date of exercise, or (2) the sale price of
the Shares.  Any additional gain will be taxed as capital gain, short-term or
long-term depending on the period that the ISO Shares were held.

                  (iv)            Notice of Disqualifying Disposition of ISO
Shares.  If the Option granted to Optionee herein is an ISO, and if Optionee
sells or otherwise disposes of any of the Shares acquired pursuant to the ISO
on or before the later of (1) the date two years after the Date of Grant, or
(2) the date one year after the date of exercise, the Optionee shall
immediately notify the Company in writing of such disposition.  Optionee agrees
that Optionee may be subject to income tax withholding by the Company on the
compensation income recognized by the Optionee.

          (j)        Entire Agreement; Governing Law.  The Plan is incorporated
herein by reference.  The Plan and this Option Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the
Company and Optionee with respect to the subject matter hereof, and may not be
modified adversely to the Optionee's interest except by means of a writing
signed by the Company and Optionee.  This agreement is governed by the internal
substantive laws but not the choice of law rules of New Jersey.

                                      -4-

<PAGE>   5
          (k)        No Guarantee of Continued Service.  OPTIONEE ACKNOWLEDGES
AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF
IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY
(NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING
SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET
FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED
ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT
ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH OPTIONEE'S RIGHT OR THE COMPANY'S
RIGHT TO TERMINATE OPTIONEE'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME,
WITH OR WITHOUT CAUSE.

Optionee acknowledges receipt of a copy of the Plan and represents that he or
she is familiar with the terms and provisions thereof, and hereby accepts this
Option subject to all of the terms and provisions thereof.  Optionee has
reviewed the Plan and this Option in their entirety, has had an opportunity to
obtain the advice of counsel prior to executing this Option and fully
understands all provisions of the Option.  Optionee hereby agrees to accept as
binding, conclusive and final all decisions or interpretations of the
Administrator upon any questions arising under the Plan or this Option.
Optionee further agrees to notify the Company upon any change in the residence
address indicated below.

<TABLE>
<S>                                                         <C>
OPTIONEE                                                    OPTIMARK TECHNOLOGIES, INC.

---------------------------------------------------         ------------------------------------------------------
Signature                                                   By

---------------------------------------------------         ------------------------------------------------------
Print Name                                                  Title

---------------------------------------------------

---------------------------------------------------
Residence Address
</TABLE>

                                      -5-

<PAGE>   6
                                   EXHIBIT A

                                1999 STOCK PLAN

                                EXERCISE NOTICE

OptiMark Technologies, Inc.

[Address]

Attention: [Title]

         1.      Exercise of Option.  Effective as of today, ___________, 20__,
the undersigned ("Optionee") hereby elects to exercise Optionee's option to
purchase _________ shares of the Common Stock (the "Shares") of OptiMark
Technologies, Inc. (the "Company") under and pursuant to the 1999 Stock Plan
(the "Plan") and the Stock Option Agreement dated ________, 20______(the
"Option Agreement").

         2.      Delivery of Payment.  Purchaser herewith delivers to the
Company the full purchase price of the Shares, as set forth in the Option
Agreement.

         3.      Representations of Optionee.  Optionee acknowledges that
Optionee has received, read and understood the Plan and the Option Agreement
and agrees to abide by and be bound by their terms and conditions. Optionee
also acknowledges that Optionee has received, read and understood that
documents entitled "Risks Associated with Purchasing OptiMark Common Stock",
"OptiMark Technologies, Inc. Employee Stock Options" and certain financial
information regarding the Company.

         4.      Rights as Shareholder.  Until the issuance of the Shares (as
evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company), no right to vote or receive
dividends or any other rights as a shareholder shall exist with respect to the
Optioned Stock, notwithstanding the exercise of the Option.  The Shares shall
be issued to the Optionee as soon as practicable after the Option is exercised.
No adjustment shall be made for a dividend or other right for which the record
date is prior to the date of issuance except as provided in Section 14 of the
Plan.

         5.       Tax Consultation.  Optionee understands that Optionee may
suffer adverse tax consequences as a result of Optionee's purchase or
disposition of the Shares.  Optionee represents that Optionee has consulted
with any tax consultants Optionee deems advisable in connection with the
purchase or disposition of the Shares and that Optionee is not relying on the
Company for any tax advice.

         6.      Restrictive Legends and Stop-Transfer Orders.

<PAGE>   7

                 (a)      Legend.  Optionee understands and agrees that the
Company shall cause the legend set forth below or a legend substantially
equivalent thereto, to be placed upon any certificate(s) evidencing ownership
of the Shares together with any other legends that may be required by the
Company or by state or federal securities laws:

                THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
                UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE
                OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
                UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF
                COMPANY COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES,
                SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN
                COMPLIANCE THEREWITH.

                 (b)      Stop-Transfer Notices.  Optionee agrees that, in
order to ensure compliance with the restrictions referred to herein, the
Company may issue appropriate "stop transfer" instructions to its transfer
agent, if any, and that, if the Company transfers its own securities, it may
make appropriate notations to the same effect in its own records.

                 (c)      Refusal to Transfer.  The Company shall not be
required (i) to transfer on its books any Shares that have been sold or
otherwise transferred in violation of any of the provisions of this Exercise
Notice or (ii) to treat as owner of such Shares or to accord the right to vote
or pay dividends to any purchaser or other transferee to whom such Shares shall
have been so transferred.

         7.      Successors and Assigns.  The Company may assign any of its
rights under this Exercise Notice to single or multiple assignees, and this
Exercise Notice shall inure to the benefit of the successors and assigns of the
Company.  Subject to the restrictions on transfer herein set forth, this
Exercise Notice shall be binding upon Optionee and his or her heirs, executors,
administrators, successors and assigns.

         8.      Interpretation.  Any dispute regarding the interpretation of
this Exercise Notice shall be submitted by Optionee or by the Company forthwith
to the Administrator which shall review such dispute at its next regular
meeting.  The resolution of such a dispute by the Administrator shall be final
and binding on all parties.

         9.      Governing Law; Severability.  This Exercise Notice is governed
by the internal substantive laws but not the choice of law rules, of New
Jersey.

         10.      Entire Agreement.  The Plan and Option Agreement are
incorporated herein by reference.  This Exercise Notice, the Plan, the Option
Agreement and the Investment Representation Statement constitute the entire
agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the
Company and Optionee with respect to the subject matter hereof, and may not be
modified adversely to the Optionee's interest except by means of a writing
signed by the Company and Optionee.

<TABLE>
<S>                                                         <C>
Submitted by:                                               Accepted by:
</TABLE>

<PAGE>   8
<TABLE>
<S>                                                         <C>
OPTIONEE                                                    OPTIMARK TECHNOLOGIES, INC.

---------------------------------------------------         ------------------------------------------------------
Signature                                                   By

---------------------------------------------------         ------------------------------------------------------
Print Name                                                  Title

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

---------------------------------------------------         ------------------------------------------------------

---------------------------------------------------         ------------------------------------------------------

                                                            ------------------------------------------------------
                                                            Date Received
</TABLE>

<PAGE>   9

                                   EXHIBIT B

                      INVESTMENT REPRESENTATION STATEMENT

OPTIONEE:

COMPANY:                  OPTIMARK TECHNOLOGIES, INC.

SECURITY:                 COMMON STOCK

AMOUNT:

DATE:

In connection with the purchase of the above-listed Securities, the undersigned
Optionee represents to the Company the following:

         (a)     Optionee is aware of the Company's business affairs and
financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Securities.
Optionee is acquiring these Securities for investment for Optionee's own
account only and not with a view to, or for resale in connection with, any
"distribution" thereof within the meaning of the Securities Act of 1933, as
amended (the "Securities Act").

         (b)     Optionee acknowledges and understands that the Securities
constitute "restricted securities" under the Securities Act and have not been
registered under the Securities Act in reliance upon a specific exemption
therefrom, which exemption depends upon, among other things, the bona fide
nature of Optionee's investment intent as expressed herein.  In this
connection, Optionee understands that, in the view of the Securities and
Exchange Commission, the statutory basis for such exemption may be unavailable
if Optionee's representation was predicated solely upon a present intention to
hold these Securities for the minimum capital gains period specified under tax
statutes, for a deferred sale, for or until an increase or decrease in the
market price of the Securities, or for a period of one year or any other fixed
period in the future.  Optionee further understands that the Securities must be
held indefinitely unless they are subsequently registered under the Securities
Act or an exemption from such registration is available and as such Optionee
acknowledges that Optionee must bear the economic risk of the investment for an
indefinite period of time. Optionee further acknowledges and understands that
the Company is under no obligation to register the Securities.  Optionee
understands that the certificate evidencing the Securities will be imprinted
with a legend which prohibits the transfer of the Securities unless they are
registered or such registration is not required in the opinion of counsel
satisfactory to the Company, and any other legend required under applicable
state securities laws.

         (c)     Optionee is familiar with the provisions of Rule 701 and Rule
144, each promulgated under the Securities Act, which, in substance, permit
limited public resale of "restricted securities" acquired, directly or
indirectly from the issuer thereof, in a non-public offering subject to the

<PAGE>   10

satisfaction of certain conditions. Rule 701 provides that if the issuer
qualifies under Rule 701 at the time of the grant of the Option to the
Optionee, the exercise will be exempt from registration under the Securities
Act.  In the event the Company becomes subject to the reporting requirements of
Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days
thereafter (or such longer period as any market stand-off agreement may
require) the Securities exempt under Rule 701 may be resold, subject to the
satisfaction of certain of the conditions specified by Rule 144, including:
(1) the resale being made through a broker in an unsolicited "broker's
transaction" or in transactions directly with a market maker (as said term is
defined under the Securities Exchange Act of 1934); and, in the case of an
affiliate, (2) the availability of certain public information about the
Company, (3) the amount of Securities being sold during any three month period
not exceeding the limitations specified in Rule 144(e), and (4) the timely
filing of a Form 144, if applicable.

         In the event that the Company does not qualify under Rule 701 at the
time of grant of the Option, then the Securities may be resold in certain
limited circumstances subject to the provisions of Rule 144, which requires the
resale to occur not less than one year after the later of the date the
Securities were sold by the Company or the date the Securities were sold by an
affiliate of the Company, within the meaning of Rule 144; and, in the case of
acquisition of the Securities by an affiliate, or by a non-affiliate who
subsequently holds the Securities less than two years, the satisfaction of the
conditions set forth in sections (1), (2), (3) and (4) of the paragraph
immediately above.

         (d)     Optionee further understands that in the event all of the
applicable requirements of Rule 701 or 144 are not satisfied, registration
under the Securities Act, compliance with Regulation A, or some other
registration exemption will be required; and that, notwithstanding the fact
that Rules 144 and 701 are not exclusive, the Staff of the Securities and
Exchange Commission has expressed its opinion that persons proposing to sell
private placement securities other than in a registered offering and otherwise
than pursuant to Rules 144 or 701 will have a substantial burden of proof in
establishing that an exemption from registration is available for such offers
or sales, and that such persons and their respective brokers who participate in
such transactions do so at their own risk.  Optionee understands that no
assurances can be given that any such other registration exemption will be
available in such event.

                        Signature of Optionee:

                        ------------------------------------------------------

                        Date:                                          , 20
                             ------------------------------------------    ----

                                      -2-<PAGE>   1
                                                                    EXHIBIT 10.8
                             STOCK OPTION AGREEMENT

         THIS AGREEMENT is made this _______ day of ___________, 199__, by and
between OptiMark Technologies, Inc., a Delaware corporation (hereinafter
referred to as "Employer"), and ______________________ (hereinafter referred to
as "Employee").

         WHEREAS, Employee is a valued and trusted employee of Employer, or of
a subsidiary of Employer, and Employer considers it desirable and in its best
interest that Employee be given an inducement to acquire a proprietary interest
in Employer, as an added incentive to advance the interests of Employer, by
giving Employee an option to purchase common stock of Employer in accordance
with the Incentive Stock Option Plan (hereinafter referred to as the "Plan")
adopted by the Board of Directors of Employer's predecessor on July 15, 1994,
and approved by the shareholders of Employer's predecessor as of July 15, 1994,
and adopted by Employer as its own plan on July 29, 1996;

         NOW, THEREFORE, IT IS AGREED BY AND BETWEEN EMPLOYER AND EMPLOYEE AS
FOLLOWS:

     1.      OPTION GRANTED.  Employer hereby and herein grants Employee an
option to purchase _________ shares of OptiMark Technologies, Inc. common stock
subject to the terms and conditions contained herein.  20% of the shares of
OptiMark Technologies, Inc. common stock subject to the option shall vest each
year on the anniversary of ____________, beginning on ____________, 1999, and
ending on ____________, 2003, provided that Employee is employed by Employer or
a subsidiary of Employer (hereinafter also referred to as "Employer") on the
applicable anniversary date.

     2.       EXERCISE PRICE OF OPTION.  Employee shall be entitled to exercise
the option granted herein at a purchase price of _____________________
($_____.__) per share, said price being the fair market value of a share of
Employer's common stock on the date the option is granted.

     3.      CUMULATIVENESS OF OPTION.  The right to exercise the option
granted herein is cumulative, so that if Employee does not exercise his/her
option at the moment the option is first exercisable, as described in Paragraph
1 hereof, his/her right to exercise the same shall not lapse, but shall
continue, subject to the other conditions contained in this Agreement, until
such time as the option shall terminate, as described in Paragraph 6 hereof.

     4.      EXERCISE OF OPTION.  Subject to the other conditions contained in
this Agreement, exercise of the option granted herein shall be made by the
giving of written notice to Employer by Employee.  Such written notice shall be
deemed sufficient for purposes of this Agreement only if such notice is
delivered by registered or certified mail to Employer at its principal office,
states the number of shares with respect to which the option is being
exercised, and further states the date, not more than ninety (90) days after
the date of such notice, on which the shares of

<PAGE>   2
stock shall be taken up and payment therefor shall be made.  If payment is not
received within the ninety (90) days after the date of such notice, the written
notice shall be deemed null and void.

                 The payment for shares of stock taken up pursuant to an
exercise of the option granted herein shall be made in cash or certified check
at the principal office of Employer or at any office of a transfer agent
appointed for the shares of the stock of Employer.  Upon an exercise of the
option granted herein in compliance with the provisions of this paragraph, and
upon the receipt by Employer or its transfer agent of payment for the stock so
taken up, Employer shall deliver or cause to be delivered to Employee so
exercising his/her option a certificate or certificates for the number of
shares of stock with respect to which the option is so exercised and payment is
so made.

     5.      TRANSFER OF OPTION.  The option granted herein shall not be
transferred by Employee, other than by will or the laws of descent and
distribution, and shall be exercisable, during his/her lifetime, only by
Employee. Notwithstanding the above, in the event of Employee's death, the
representative of Employee's estate, or the person who received by bequest or
inheritance the right to exercise such option, may exercise the option to the
same extent as if the option were being exercised by the decedent, and subject
to the same conditions as the decedent, except as otherwise noted herein.

     6.      TERMINATION OF OPTION.  Upon the termination of Employee's
employment with Employer, whether by disability, death, retirement or
otherwise, any option, or part thereof, which is not exercisable as of the date
the Employee's employment so terminates (hereinafter referred to as
"Termination Date"), shall also terminate.  As to any option, or part thereof,
which is exercisable on the Termination Date:

          (a)        in the event of Employee's disability (within the meaning
of Section 22(e)(3) of the Internal Revenue Code) while employed by Employer,
any option, or part thereof, granted to Employee under the Plan, which is
exercisable on the Termination Date and not previously exercised or otherwise
expired, shall be exercisable at any time within one (1) year from the date
Employee's employment so terminates;

          (b)        in the event of Employee's death while employed by
Employer, any option, or part thereof, granted to Employee under the Plan,
which is exercisable on the Termination Date and not previously exercised or
otherwise expired, shall be exercisable at any time within six (6) calendar
months from the date of Employee's death;

          (c)        in the event Employee's employment with Employer is
terminated as a result of the retirement of Employee, any option, or part
thereof, granted to Employee under the Plan, which is exercisable on the
Termination Date and not previously exercised or otherwise expired, shall be
exercisable at any time within ninety (90) days from the date employment so
terminates;

          (d)        in the event Employee's employment with Employer is
terminated by Employer, whether or not for Cause, any option, or part thereof,
granted to Employee under the Plan, which is exercisable on the Termination
Date and not previously exercised or otherwise expired, shall be exercisable at
any time within thirty (30) days from the date employment so terminates;

                                      -2-

<PAGE>   3
          (e)        in the event Employee's employment with Employer is
terminated other than by disability, death, retirement or Employer (as provided
in Paragraphs 6(a), 6(b), 6(c) or 6(d) above), any option, or part thereof,
granted to Employee under the Plan, which is exercisable on the Termination
Date and not previously exercised or otherwise expired, shall be exercisable at
any time within thirty (30) days from the date employment so terminates;

          Notwithstanding the above provisions, no option granted herein shall
be exercisable at any time after ten (10) years have passed from the date this
option is granted.

     7.      CHANGE OF CONTROL.  In the event Employee's employment is
terminated by OptiMark (or its successor) without Cause within one year
following a Change in Control, any option granted to Employee under the Plan
shall become fully vested and exercisable in accordance with Section 6(d).

     8.      OWNERSHIP OF STOCK.  Employee will not be deemed to be a holder of
any shares as to which this option is granted, and shall have none of the
rights of a shareholder as to any of the shares as to which this option is
granted, until payment of the option price by him/her and delivery of a stock
certificate to him/her for such shares, and then shall be deemed a holder of
shares with the corresponding shareholder rights only as to the number of
shares for which Employee has paid and a stock certificate delivered.  Except
as otherwise provided in this Agreement, no adjustment shall be made for
dividends or other rights for which the record date is prior to the date such
stock certificate is delivered.

              All shares taken up by Employee pursuant to any exercise of
the option granted herein shall be registered in the name of Employee or in the
name of Employee jointly with his/her spouse.  Nothing contained herein,
however, shall be construed to prohibit any shares taken up by Employee
pursuant to any exercise of the option granted herein from being registered in
the name of a trust pursuant to a qualified 401(k) plan or qualified family,
living or similar trust wherein the beneficiary of such plan or trust is
Employee or Employee and his/her heirs.

     9.      LIMITATION ON EXERCISE.  The option granted herein may not be
exercised if the issuance of shares of common stock of Employer upon such
exercise would constitute a violation of any applicable Federal or State
securities or other laws.  Employee, as a condition to his/her exercise of this
option, shall represent to Employer that the shares of common stock of Employer
that Employee acquires under this option are being acquired by and for Employee
for investment and not with a present view to distribution or resale, unless
counsel for Employer is of the opinion that such a representation is not
required under the Securities Act of 1933 or any other applicable law,
regulation or rule of any governmental agency or private regulating body.
Furthermore, the option granted herein shall be subject to the requirement that
if at any time Employer shall determine, in its sole discretion, that the
listing, registration or qualification of the shares covered thereby under any
State or Federal law, or the consent of or approval of any governmental
regulatory body, is necessary or desirable as a condition of, or in connection
with, the granting of such option, or the issue or purchase thereunder, such
option shall not be exercised in whole or in part unless and until such
listing, registration, qualification, consent, or approval shall have been
effected or obtained free of

                                      -3-

<PAGE>   4
any condition not acceptable to Employer.

     10.     EFFECTIVE DATE OF PLAN.  The Plan shall take effect upon its
approval by the shareholders of Employer, and when so approved shall be deemed
to have been in full force and effect from and after the date on which it is
adopted for Employer by action of its Board of Directors.

     11.     ACKNOWLEDGEMENT.  Employee acknowledges receipt of a copy of the
Plan, a copy of which is annexed hereto, and represents that he/she is familiar
with the terms and provisions thereof. The Plan is incorporated herein by
reference.  Employee hereby accepts this option subject to all the terms and
provisions of the Plan. Employee hereby agrees to accept, as binding,
conclusive and final, all decisions and interpretations of the Board of
Directors of Employer upon any question arising under the Plan.  The Plan and
this Agreement constitute the entire agreement of the parties with respect to
the subject matter hereof and supersede in their entirety all prior
undertakings and agreements of the Employer and Employee with respect to the
subject matter hereof, and may not be modified adversely to the Employee's
interest except by means of a writing signed by the Employer and Employee.  As
a condition to the issuance of shares of common stock of Employer under this
option, Employee authorizes Employer to withhold, in accordance with applicable
law, from any regular cash compensation payable to him, any taxes required to
be withheld by Employer under Federal, State or local law as a result of his
exercise of this option.  This agreement is governed by the internal
substantive laws, but not the choice of law rules, of Colorado.

     12.     NO GUARANTEE OF CONTINUED SERVICE.  EMPLOYEE ACKNOWLEDGES AND
AGREES THAT THE OPTION TO PURCHASE SHARES PURSUANT HERETO IS EARNED ONLY BY
CONTINUING AS A SERVICE PROVIDER AT THE WILL OF EMPLOYER (AND NOT THROUGH THE
ACT OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER).
EMPLOYEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF
CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR ANY PERIOD, OR AT ALL, AND SHALL
NOT INTERFERE WITH EMPLOYEE'S RIGHT OR EMPLOYER'S RIGHT TO TERMINATE EMPLOYEE'S
RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

     13.     LOCK-UP PERIOD.  Employee hereby agrees that, if so requested by
Employer or any representative of the underwriters (the "Managing Underwriter")
in connection with any registration of the offering of any securities of
Employer under the Securities Act, Employee shall not sell or otherwise
transfer any shares of OptiMark Technologies, Inc. common stock or other
securities of Employer during the 180-day period (or such other period as may
be requested in writing by the Managing Underwriter and agreed to in writing by
Employer) (the "Market Standoff Period") following the effective date of a
registration statement of Employer filed under the Securities Act. Such
restriction shall apply only  to the first registration statement of Employer
to become effective under the Securities Act that includes securities to be
sold on behalf of Employer to the public in an underwritten public offering
under the Securities Act.  Employer may impose stop-transfer instructions with
respect to securities subject to the foregoing restrictions until the end of
such Market Standoff Period.

                                      -4-

<PAGE>   5

             Signed and sealed on the date first above written with intent to
be legally bound.

                                         EMPLOYER

                                         OPTIMARK TECHNOLOGIES, INC.

                                         By:

                                         EMPLOYEE

                                        --------------------------------------
                                         (Signature)

                                        --------------------------------------
                                         (Name: Typed or Printed)

                                      -5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00008-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00008-of-00352.parquet"}]]