Document:

Exhibit 10.10

                              Employment Agreement

     EMPLOYMENT AGREEMENT ("Agreement"), dated as of March 1, 2000, between
Candie's Inc., a Delaware corporation (the "Company"), with principal executive
offices at 2975 Westchester Avenue, Purchase, New York 10577 and John Joseph
McPhee (the "Executive"), residing at 19 Saint Nicholas Road, Darien,
Connecticut 06820.

                                   Witnesseth

     WHEREAS, the Company has determined that it desires to employ Executive as
President of Wholesale.

     WHEREAS, the Company and Executive desire to enter into an agreement
relating to the employment of Executive by the Company;

     NOW, THEREFORE, in consideration of the covenants and agreements
hereinafter set forth, the parties agree as follows:

     1. EMPLOYMENT

     The Company hereby agrees to employ Executive as of the commencement of the
Employment Term (as hereinafter defined), and Executive hereby agrees to accept
employment with the Company and agrees to serve, upon the terms and conditions
herein contained, as President of Wholesale and shall have the duties and
responsibilities normally inherent in such capacity in corporations of similar
size and character. Executive shall report to the Chief Executive Officer of the
Company.

     The term of employment under this Agreement shall commence on March 15,
2000 and, subject to the terms hereof shall terminate on January 31, 2003 (such
term of employment is referred to hereinafter as the "Employment Term").

     Throughout the period of his employment hereunder, Executive shall devote
substantially all his business time, and his best efforts to the business and
affairs of the Company. The Company acknowledges that the Executive owns
investment real estate holdings, which do not conflict with his duties with the
Company.

     The duties and services to be performed by Executive hereunder shall be
rendered in the Manhattan and/or Westchester County, New York Metropolitan Area,
except for reasonable travel on the Company's business incident to the

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performance of Executive's duties. Executive shall not be required to perform
any duties or services that would require him to relocate his current residence.

     2. SALARY

     During the Employment term, Executive shall be entitled to receive a base
salary at a rate of $200,000 for the period commencing March 1, 2000 and ending
March 15, 2000, $225,000 thereafter for a term expiring January 31, 2001,
$275,000 for the 12 months ending January 31, 2002 and $325,000 for the 12
months ending January 31, 2003, payable in bi-weekly installments in accordance
with the Company's payroll practices.

     3. BONUS AND STOCK OPTIONS

     Executive shall receive an annual bonus of 1% of the Company's income
before income taxes (but in no event less than $25,000 in respect of the fiscal
year ending January 31, 2001). The bonus shall be paid within 30 days of
company's filing of its Form 10-K with the Securities and Exchange Commission,
or 120 days from fiscal year-end, whichever occurs first.

     In consideration of Executive entering into this Agreement, the Company
hereby grants to Executive, and Executive hereby accepts, an option to purchase
100,000 shares (the "2000 Option") of the Company's common stock at a price per
share equal to the fair market value as of the date hereof. This option shall
vest such that 33 1/3% of the shares subject to option may be exercised
immediately, 66 2/3% of the shares subject to option may be exercised on the
first anniversary of the Agreement, and upon the second anniversary of this
Agreement, the option may be exercised as to all optioned shares not previously
exercised.

     The Company has previously granted options to Executive which, together
with shares subject to 2000 Option, constitute options in the aggregate in
respect of 250,000 shares of the Company's common stock (the "Option Shares").
On or before September 1, 2000, the Company shall file with the Securities and
Exchange Commission a Registration Statement on Form S-8, or such other
comparable form, as necessary to register the Option Shares under the Securities
Act of 1933, as amended, and shall take all such other action as is necessary to
register or qualify the Option Shares under all applicable Blue Sky laws of the
States of New York and Connecticut and any other jurisdiction in which such
registration or qualification is required by law. If the Company does not
satisfy the requirements of this paragraph by September 1, 2000, then it shall
pay Executive a bonus in the amount of $25,000 not later than September 15,
2000, and Executive shall retain all other rights hereunder.

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     If during the period that Executive is employed by the Company, Executive
shall be discharged by the Company other than for Cause (as hereinafter defined)
including without limitation Executive's termination for Good Reason (as
hereinafter defined) or a Change in Control of the Company (as hereinafter
defined) shall occur, or if Executive shall die or be permanently and totally
disabled within the meaning of Section 422 (e) of the Internal Revenue Code,
then all options relating to the Option Shares shall be immediately vested and
shall be exercisable for a period of one year after any such event.

     4. TERMINATION

     In the event that Executive's employment is terminated other than for Cause
(as hereinafter defined) including by reason of a "Change in Control" (as
hereinafter defined) of the company, or for "Good Reason" (as hereinafter
defined) the company shall be obligated to pay Executive his full salary and
benefits through the date of termination plus full base salary for one year or
the balance of the term of Agreement, whichever is greater, without an
obligation to mitigate. Any bonus due shall be paid on a pro-rata basis. A
"Change in Control" of the Company shall be deemed to have occurred in the event
of: (i) the direct or indirect sale or exchange by the stockholders of the
Company of all or substantially all of the stock of the Company, in a single or
series of related transactions, after which sale or exchange the stockholders of
the Company immediately prior to such transactions do not retain, directly or
indirectly, at least a majority of the beneficial interest in the voting stock
of the Company (subject to the express understanding that ordinary trading in
the Company's common stock in public markets is not deemed to be a Change in
Control under this provision); (ii) a merger in which the Company is a party
after which merger the stockholders of the Company do not retain, directly or
indirectly, at least a majority of the beneficial interest in the voting stock
of the surviving company; or (iii) the sale, exchange or transfer of all or
substantially all of the Company's assets (other than a sale, exchange or
transfer to one or more corporations in which the stockholders of the Company
before such sale, exchange or transfer retain, directly or indirectly, at least
a majority of the beneficial interest in the voting stock of the corporations to
which the assets are transferred).

     5. TERMINATION FOR GOOD REASON

     Executive may terminate his employment hereunder if there is a Change in
Control or for Good Reason at any time during the Employment Term, in which
event Executive agrees to resign from all of his positions with the Company. For
purposes of the Agreement, "Good Reason" shall mean any of the following
(without Executive's express prior written consent):

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     The assignment to Executive by the Company of duties inconsistent with a
senior executive officer of the Company, except in connection with the
termination of Executive's employment for Cause;

     A Reduction by the Company in Executive's base salary as in effect at the
commencement of the Employment Term or as the same may be increased from time to
time during the term of this Agreement or the Company's failure to increase
Executive's base salary in an amount which is at least equals the amount
prescribed in Section 2 hereof;

     A failure by the Company to discharge its obligations under any bonus or
stock option arrangement described in Section 3 hereof:

     The Company requiring Executive to be based anywhere other than a location
within the Manhattan or Westchester County New York Metropolitan Area, except
for reasonable travel on the Company's business incidental to the performance of
Executive's duties;

     A failure by the Company to continue in effect any benefit or compensation
plan or stock option plan (including any pension, profit sharing, bonus, life
insurance, health, accidental death or dismemberment or disability plan) in
which Executive is participating at the substantially similar benefits to those
in effect at the commencement of the Employment Term, or the taking of any
action by the Company which would adversely affect Executive's participation in
or materially reduce Executive's benefits under any such plans, except to the
extent that any modifications are applicable to all of the Company's executives;

     The taking of any action by the Company which would deprive Executive of
any material fringe benefit enjoyed by Executive at the commencement of the
Employment term or the failure by the Company to provide Executive with the
number of vacation days to which the Executive was entitled to in accordance
with the Company's normal vacation policy in effect at the commencement of the
Employment Term, except to the extent that any modifications are applicable to
all of the Company's executives;

     Any material breach by the Company of any provision of this Agreement; or,

     Any purported termination of Executive's employment which is not effected
pursuant to a Notice of Termination (as hereinafter defined) satisfying the
requirements of Section 6 of this Agreement and for the purposes of this
Agreement no such purported termination shall be effective.

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     6. DISCHARGE FOR CAUSE

     The Company shall have the right to terminate the employment of Executive
during the Employment Term. If the Company terminates the employment of
Executive other than for Cause, the provisions of Section 4 hereof shall apply.
If the Company terminates the employment of Executive for Cause, its obligations
under this Agreement (including, but not limited to, Section 4) to make any
further payments to Executive shall thereupon cease and terminate (except that
Executive shall be entitled to prompt payment of all accrued salary and expenses
for which he is entitled to reimbursement). As used herein, the term "Cause"
shall be limited to (a) an action by Executive involving willful malfeasance
having a material adverse effect on the Company, (b) death or permanent and
total disability of Executive or (c) Executive being convicted of a felony, or
of any economic, business or commercial crime; provided, however, that any
action or failure to act by Executive shall not constitute "Cause" if, in good
faith, Executive reasonably believed such action or failure to act to be in or
not opposed to the best interests of the Company, or if Executive shall be
entitled, under applicable law or the charter or bylaws of the Company, to be
indemnified with respect to such action or failure to act. Termination of
Executive for Cause pursuant to this Section 6 shall be communicated by a
"Notice of Termination". For purposes of this Agreement, a "Notice of
Termination" shall mean delivery to Executive of a notice from the Company's
Chief Executive Officer stating that in the good faith opinion of the Chief
Executive Officer, Executive was guilty of the conduct set forth in the fourth
sentence of this Section 6 and specifying the particulars thereof in detail. For
purposes of this Agreement, no such purported termination of Executive's
employment shall be effective without such Notice of Termination.

     7. EXPENSES

     Executive is authorized in incur reasonable expenses for promoting the
business of the Company including expenses for travel and similar items.
Executive will travel coach class for domestic travel and business class for
international travel. The Company will promptly reimburse Executive for all of
the above expenses upon presentation by Executive from time to time of an
itemized account of such expenditures in accordance with the Company's
reasonable procedures as in effect from time to time.

     8. EMPLOYEE BENEFITS

     Executive shall be provided, to the extent eligible, with all benefits
coverage afforded by the Company to its senior executives, including, without

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limitation, health and hospitalization insurance, disability insurance, travel
insurance and vacations.

     Executive shall be included in all pension plans or other similar or
comparable plans, programs and arrangements applicable generally to senior
executives of the Company in accordance with the terms thereof and shall be
provided with the benefits provided by the Company under such plans, programs
and arrangements as allowed by law.

     Executive shall receive an all-inclusive monthly automobile of choice (BMW
740 iL, approximate monthly lease fee $900.00).

     9. NON-COMPETITION, CONFIDENTIAL INFORMATION AND NON-SOLICITATION

     For the duration of Executive's employment during the Employment Term,
Executive agrees that he will not, within the United States of America or in any
foreign country where the Company or any material subsidiary engages in
business, directly or indirectly, engage in any business activity that is
competitive with the business conducted by the Company or any material
subsidiary either as principal, officer, employee, partner or stockholder (other
than as a holder of less than 3% of any class of outstanding voting securities
of any business whose voting securities are listed on a national securities
exchange or traded in the over-the-counter market), or as a director, trustee or
manager of any competing corporation, association, business or firm without
prior written approval of the Board of Directors of the Company.

     For the purposes of this Section 9, a subsidiary shall be considered
"material" if the revenues of such subsidiary are greater than 10% of the
revenues of the Company and each member of its consolidated group, taken as a
whole.

     Executive recognizes and acknowledges that the name, trade or service
marks, records, plans or methods of the Company's business, together with its
list of customers, constitutes a valuable asset of the Company's business.
Accordingly, at no time shall Executive use such names, marks, records, plans,
or methods of the Company's business nor the Company's proprietary confidential
customers' list or disclose them or any part thereof to any person, firm,
corporation, association or other entity for any reason or purpose whatsoever,
other than to further the business interests of the Company during the
Employment Term.

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     10. LIMITATION ON PAYMENTS

     If any amount payable to Executive pursuant to this Agreement which are
deemed to constitute Parachute Payments (as hereinafter defined) when added to
any other payments which are deemed to constitute Parachute Payments, would
result in the imposition on Executive of an excise tax under Section 4999 of the
Internal Revenue Code, then the amounts payable under Section 4 hereof shall be
reduced by the smallest amount necessary to avoid the imposition of such excise
tax; but shall be reduced only if, by reason of such reduction, Executive's Net
After Tax Benefit (as hereinafter defined) shall exceed the Net After Tax
Benefit if such reduction were not made. The foregoing calculations (including
any calculations required under the definition of Net After Tax Benefit) shall
be made, at the Company's expense, by an accounting firm and outside counsel
mutually acceptable to the Executive and the Company. In the event it becomes
necessary to limit any payments under this Agreement, Executive's health and
life insurance shall be the last payments to be so limited; any other payments
payable under this Agreement shall be payable when due until the remaining
maximum permissible amount has been paid to the Executive under this Section 10.

     For the purposes of this Section 10, the terms "Net After Tax Benefit" and
Parachute Payment" shall have the meanings set forth below:

     "Net After Tax Benefit" means the sum of (i) the total amounts payable to
the Executive under this Agreement, plus (ii) all other payments and benefits
which Executive receives or is entitled to receive from the Company that would
constitute a Parachute Payment, less (iii) the amount of federal income taxes
payable with respect to the foregoing to be paid by Executive (based upon the
rate in effect for such year as set forth in the Internal Revenue Code at the
time of termination of his employment), less (iv) the among of excise taxes
imposed with respect to the payments and benefits described in (i) ad (ii) above
by Section 4999 of the Internal Revenue Code.

     "Parachute Payment" means any payment deemed to constitute a "parachute
payment" as defined in Section 280G of the Code.

     11. NOTICES

     All notices or communications hereunder shall be in writing, addressed as
follows:

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         To the Company:            Candie's Incorporated
                                    2975 Westchester Avenue
                                    3rd Floor
                                    Purchase, NY 10577
                                    ATTN: Neil Cole

         To Executive:              Mr. John J. McPhee
                                    19 St. Nicholas Road
                                    Darien, CT 06820

         With a copy to:            Jed E. Solomon, Esq.
                                    Cooper, White and Cooper LLP
                                    201 California Street
                                    17th Floor
                                    San Francisco, CA 94111

     Any such notice or communication shall be sent certified or registered
mail, return receipt requested, postage prepaid, addressed as above (or to such
other address as such party may designate in writing from time to time), and the
actual date of receipt, as shown by the receipt therefore, shall determine the
time at which notice was given.

     12. SEVERABILITY; LEGAL FEES

     If any provision of this Agreement shall be declared to be invalid or
unenforceable, in whole or in part, such invalidity or unenforceability shall
not affect the remaining provisions hereof which shall remain in full force and
effect. In the event of any proceeding or action, the prevailing party shall be
entitled to reasonable fees and costs incurred.

     13. ENTIRE AGREEMENT

     This Agreement, and any amendments thereof represent the entire agreement
of the parties and shall supersede any and all previous contracts, arrangements
or understandings between the Company and Executive with respect to the subject
matter hereof. This Agreement may be amended at any time by mutual written
agreement of the parties hereof.

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<PAGE>

     14. GOVERNING LAW

     This Agreement shall be construed, interpreted, and governed in accordance
with the internal laws of the State of New York applicable to agreements made
and to be performed entirely within such State, without regard to the conflicts
of law principles of such State.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly
executed and Executive has hereunto set his hand, as of the date first set forth
above.

/s/ John J. McPhee
--------------------
John J. McPhee
President Wholesale, Candie's Inc.

/s/ Neil Cole
---------------------------
Neil Cole
Chief Executive Officer
Candie's Inc.

                                       9<PAGE>   1
                                                                    EXHIBIT 10.1

                          MANAGEMENT SERVICES AGREEMENT

        THIS MANAGEMENT SERVICES AGREEMENT ("AGREEMENT") is made and entered
into effective as of the 1st day of July, 2000 (the "EFFECTIVE DATE"), by and
between JCM Partners, LLC, a Delaware limited liability company (the "COMPANY"),
and JCIV, LLC, a California Limited Liability company ("EXECUTIVE").

        In consideration of the promises herein made and on the terms and
subject to the conditions herein contained, the Company and Executive hereby
agree as follows:

        1. Engagement. The Company hereby retains Executive for the period
commencing on the Effective Date and continuing through April 30, 2001, subject
to termination as provided under Section 4 below. Executive accepts such
engagement.

        2. Duties.

               (a) Executive will employ John Connolly IV ("CONNOLLY") to act as
the Chief Executive Officer and President of the Company and cause Connolly to
report directly to the Company's Board of Directors ("BOARD"). Connolly will
have the day-to-day responsibility for the management and direction of the
Company as well as such other duties and responsibilities commensurate with a
chief executive officer and president.

               (b) Connolly will perform his duties in conformity with the
reasonable and appropriate directions of the Board. Connolly will devote
approximately ninety percent (90%) of his working time, attention and energies
to the business and affairs of the Company.

               (c) Connolly will, subject to reasonable travel requirements on
behalf of the Company, be based at the Company's offices in Concord, California.

        3. Compensation.

               (a) Fee. The Company will pay to Executive a fee (the "FEE") at
the monthly rate of Forty-One Thousand Six Hundred Sixty-Six Dollars ($41,666)
per month, payable semi-monthly on the 15th and last day of each month. The
Company will not withhold any taxes from such Fee.

               (b) Benefits. Executive will be responsible for payment of
Connolly's withholding obligations and health benefits.

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<PAGE>   2

               (c) Directors and Officers Insurance; Indemnity. The Company will
maintain $5,000,000 of directors and officers insurance coverage and $5,000,000
of liability insurance. The Company will name Executive as an additional
insured. Subject to the exceptions specified in the Company's form of
Indemnification Agreement, the Company will indemnify, defend and hold Executive
and Connolly harmless against any claims, costs (including legal fees) or
liabilities respecting Executive's or Connolly's actions on behalf of the
Company.

               (d) Reimbursement. The Company will reimburse Executive for its
reasonable Company-related expenses.

        4. Termination of Employment.

               (a) Termination at Will by Either Party. Subject to the payment
to Executive of the applicable termination payment as provided in Section 4(e)
below, if any, either party may terminate this Agreement, for any reason, with
or without Cause or Good Reason (as defined at Section 4(c) and (d) below), upon
written notice to the other.

               (b) Death or Permanent Disability of Connolly. This Agreement
will terminate automatically upon the death or permanent disability of Connolly.
Connolly will be deemed permanently disabled for the purpose of this Agreement
if in the good faith determination of the Board, Connolly has become physically
or mentally incapable of performing his duties hereunder for a continuous period
of 90 days, in which event Connolly will be deemed permanently disabled upon the
expiration of such 90-day period. In the event of a termination of this
Agreement due to the death or permanent disability of Connolly, Executive will
be entitled only to the Fee earned through the date of such death or permanent
disability in accordance with Section 3, but to no other termination payment.

               (c) Executive's Termination for Cause. The Board will have the
right to terminate this Agreement for "Cause" at any time effective upon its
giving written notice to Executive specifying with particularity the facts and
circumstances constituting such Cause. For such purposes, "CAUSE" means the
occurrence of one or more of the following: (i) conviction of Connolly of any
crime constituting either a felony or embezzlement, fraud or theft with respect
to the property of the Company; (ii) habitual alcohol or drug abuse by Connolly
which adversely affects his job performance; (iii) the intentional breach of
fiduciary duty to the Company; (iv) gross neglect or bad faith misconduct in the
performance of Connolly's duties hereunder which causes material loss, damage or

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<PAGE>   3

injury to or otherwise materially endangers the property, reputation or
employees of the Company; (vi) failure or refusal to perform the duties required
by this Agreement and as may be assigned to Connolly; provided such duties are
commensurate with Connolly's position; (vii) commission of any other action with
the intent to materially harm or injure the Company; or (viii) the breach of any
material provision of this Agreement by Executive.

               (d) Executive's Resignation with Good Reason. Executive will have
the right to terminate this Agreement with Good Reason at any time effective
upon thirty (30) days written notice to the Company of the facts and
circumstances constituting Good Reason in order to provide the Company an
opportunity to remedy the facts and circumstances constituting such Good Reason.
For purposes of this Section 4(d), "GOOD REASON" will mean (i) any reduction by
the Company in Executive's compensation payable hereunder; (ii) a material
diminution or material adverse change in Connolly's powers, duties, or reporting
responsibilities; (iii) the assignment to Connolly of duties that are
inconsistent with his position; (iv) a requirement that Connolly relocate his
residence; or (v) the sale of the Company or a change in the majority of the
current managers on the Board.

               (e) Compensation Upon Termination.

                      (i) In the event the Company terminates this Agreement for
Cause or Executive voluntarily terminates this Agreement without Good Reason,
Executive will be entitled to only: (A) the compensation provided for in Section
3(a) hereof for the period of time ending with the date of termination; and (B)
reimbursement for such expenses as Executive may have properly incurred on
behalf of the Company as provided in Section 3(d) above prior to the date of
termination.

                      (ii) In the event the Company terminates this Agreement
without Cause or Executive terminates this Agreement with Good Reason, Company
further will pay Executive Forty-One Thousand Six Hundred Sixty-Six Dollars
($41,666) for each month or partial month remaining in the term of this
Agreement up to a maximum termination payment of Two Hundred Fifty Thousand
Dollars ($250,000).

        5. Assignment and Transfer.

               (a) Company. This Agreement may not be assigned by the Company to
any purchaser of all or substantially all of the Company's business or assets
without the written consent of Executive.

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<PAGE>   4

               (b) Executive. Executive's rights and obligations under this
Agreement will not be transferable by Executive by assignment or otherwise,
except to any entity controlled by either Executive or Connolly. Any purported
assignment, transfer or delegation thereof will be void.

        6. Confidentiality. Executive agrees that all trade secrets,
confidential or proprietary information with respect to the activities and
businesses of the Company including, without limitation, personnel information,
business plans, marketing plans, forecasts, strategies and information which
have been or are learned by Executive in the course of its employment by the
Company (collectively, "PROPRIETARY INFORMATION") will be kept and held in
confidence and trust by Executive. Executive will not use or disclose
Proprietary Information except as necessary in the normal course of the business
of the Company for its sole and exclusive benefit, unless Executive is compelled
so to disclose under process of law, in which case Executive will first notify
the Company promptly after receipt of a demand to so disclose. Executive agrees
and acknowledges that it will cause Connolly to comply with the terms of Section
6 of this Agreement.

        7. Arbitration. Any dispute hereunder will be submitted to binding
arbitration before a single arbitrator in accordance with the Employment Dispute
Resolution Rules of the American Arbitration Association, provided that: (i) the
arbitrator will be instructed and empowered to take whatever steps to expedite
the arbitration as he or she deems reasonable; (ii) each party will pay fifty
percent (50%) of the fees of the arbitration; (iii) the arbitrator's judgment
will be final and binding upon the parties, except that it may be challenged on
the grounds of fraud or gross misconduct; and (iv) the arbitration will be held
in San Francisco, California. Judgment upon any verdict in arbitration may be
entered in any court of competent jurisdiction. The parties hereby consent to
the jurisdiction of, and proper venue in, the federal and state courts located
in San Francisco, California. The procedures specified in this Section 7 will be
the sole and exclusive procedures for the resolution of disputes and
controversies between the parties arising out of or relating to this Agreement;
provided, however, that a party may seek a preliminary injunction or other
provisional judicial relief if in its judgment such action is necessary to avoid
irreparable damage or to preserve the status quo. Despite such action the
parties will continue to participate in good faith in the procedures specified
in this Section 7.

                                      -4-
<PAGE>   5

        8. Independent Contractor. It is the express intention of the parties
that Executive is an independent contractor and neither it nor Connolly are
employees of the Company. Executive reserves the right to determine the method,
manner and means by which the services will be performed. Executive shall not be
entitled to employ anyone other than Connolly to perform the services provided
by this Agreement, without the express written consent of the Company. Unless
specifically requested by the Company, Executive is not required to perform the
services during a fixed hourly or daily time.

        9. Miscellaneous.

               (a) Governing Law; Interpretation. This Agreement will be
governed by the substantive laws of the State of California applicable to
contracts entered into and fully performed in such jurisdiction. The headings
and captions of the Sections of this Agreement are for convenience only and in
no way define, limit or extend the scope or intent of this Agreement or any
provision hereof. This Agreement will be construed as a whole, according to its
fair meaning, and not in favor of or against any party, regardless of which
party may have initially drafted certain provisions set forth herein.

               (b) Notices. Any notice, request, claim or other communication
required or permitted hereunder will be in writing and will be deemed to have
been duly given if delivered by hand or if sent by Federal Express to Executive
at the address set forth below its signature, or to the Company at its address
as set forth below its signature, or to such other address or addresses as
either party may have furnished to the other in writing in accordance herewith.

               (c) Entire Agreement; Amendments. This Agreement constitutes the
final and complete expression of all of the terms of the understanding and
agreement between the parties hereto with respect to the subject matter hereof,
and this Agreement replaces and supersedes any and all prior or contemporaneous
negotiations, communications, understandings, obligations, commitments,
agreements or contracts, whether written or oral, between the parties respecting
the subject matter hereof. This Agreement may not be modified, amended, altered
or supplemented except by means of the execution and delivery of a written
instrument mutually executed by both parties.

               (d) Attorneys' Fees. In the event it becomes necessary for any
party to initiate arbitration or any other proceeding to enforce, defend or
construe such party's rights or obligations under this Agreement, the prevailing
party (i.e., the party receiving substantially the benefits or relief sought by
that party), except as provided in clause (ii) of Section 7 of this Agreement,
will be entitled to its

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<PAGE>   6

reasonable costs and expenses, including attorneys' fees, incurred in connection
with such arbitration or proceeding whether or not brought to final judgment.

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

JCM PARTNERS, LLC,                        JCIV, LLC,
a Delaware limited liability company      a California limited liability company

By: /s/ MARVIN J. HELDER                         By: /s/ JOHN CONNOLLY IV
   ----------------------------------        -----------------------------------
                                             John Connolly IV    9/13/00

Its: CHAIRMAN                             Its: Managing Member

2151 Salvio Street, Suite 325             9 Compton Court
Concord, CA 94522-3000                    Mill Valley, CA 94941

Fax: 925-676-1744                         Fax: 415-383-2229

                                      -6-

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