Document:

TRANSFER AND REGISTRATION RIGHTS AGREEMENT
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     This Transfer and Registration  Rights Agreement  ("Agreement") is executed
by ParkerVision,  Inc., a Florida corporation, with an office at 8493 Baymeadows
Way,  Jacksonville,  Florida 32256 (hereinafter referred to as the "ISSUER") and
Peconic Fund Ltd., a company organized in The Cayman Islands,  with an office at
the  address  on the  signature  page  hereof  (hereinafter  referred  to as the
("PURCHASER")  in reliance upon the  exemption  contained in Section 4(2) of the
Securities Act of 1933, as amended ("Securities Act").

     By  Subscription   Agreement  between  the  ISSUER  and  Leucadia  National
Corporation  ("Leucadia") dated May 22, 2000,  Leucadia purchased 529,475 shares
of the ISSUERS's  Common Stock,  $.01 par value ("Common  Stock"),  and a common
stock purchase option to purchase 529,475 shares of Common Stock.

     By agreement between Leucadia and PURCHASER dated the date hereof, Leucadia
has sold to PURCHASER  34,592 shares of Common Stock ("Shares") and a portion of
the common  stock  purchase  option to purchase  34,592  shares of Common  Stock
("Purchase Option") which it purchased from ISSUER.

     Each of the parties hereto represents and warrants to, and agrees with, the
other as follows:

     1.   PURCHASER REPRESENTATIONS.

     (a)  TRANSACTIONAL  REPRESENTATIONS.  PURCHASER  represents and warrants to
          ISSUER as follows:

          1.   PURCHASER is purchasing the Shares and Purchase Option (including
          the  underlying  Common  Stock)  for its own  account  for  investment
          purposes and not with a view toward distribution.

          2.   PURCHASER  understands  that the Shares and Purchase  Option (and
          the  underlying  Common  Stock)  have not been  registered  under  the
          Securities Act and that such securities are "restricted securities" as
          defined in Rule 144 promulgated  under the Securities  Act.  PURCHASER
          further   understands   that  the  Shares  and  Purchase  Option  (and
          underlying  Common  Stock)  may not be  offered,  resold,  pledged  or
          otherwise  transferred by such PURCHASER except: A) (1) pursuant to an
          effective  registration  statement  under the  Securities  Act, or (2)
          pursuant to an available exemption from the registration  requirements
          of the  Securities  Act;  and B) in  accordance  with  all  applicable
          securities  laws  of  the  states  of  the  United  States  and  other
          jurisdictions;

          3.   PURCHASER  understands  that  the  purchase  of  the  Shares  and
          Purchase Option (and  underlying  Common Stock) involves a high degree
          of risk and further acknowledges that it can bear the economic risk of
          the  purchase  of the  securities,  including  the  total  loss of its
          investment;

          4.   PURCHASER  understands  that the Shares and Purchase  Option (and
          underlying  Common Stock) are being sold to it in reliance on specific
          exemptions  from the  registration  requirements  of federal and state
          securities  laws and that the  ISSUER  is  relying  upon the truth and
          accuracy of the representations, warranties,

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          agreements,  acknowledgments and understandings of PURCHASER set forth
          herein;

          5.   PURCHASER is  sufficiently  experienced in financial and business
          matters  to be  capable  of  evaluating  the  merits  and risks of its
          investment, and to make an informed decision relating thereto; and

          6.   In  evaluating  its  investment,  PURCHASER has consulted its own
          investment and/or legal and/or tax advisors.

     (b)  CURRENT PUBLIC INFORMATION.  PURCHASER acknowledges that PURCHASER has
          available to it copies of the ISSUER's  Annual Report on Form 10-K for
          the year ended December 31, 1999, as amended by Form 10-K/A,  and Form
          10-Q for the quarter ended March 31, 2000, and Proxy Statement for the
          Annual  Meeting  to be held  July  13,  2000,  all as  filed  with the
          Securities  and Exchange  Commission  (the "SEC").  PURCHASER  further
          acknowledges  that PURCHASER has read and understands the Risk Factors
          set forth in Exhibit 99.1 to the ISSUER's Form 10-K for the year ended
          December 31, 1999.

     (c)  INDEPENDENT  INVESTIGATION;  ACCESS.  PURCHASER  acknowledges that, in
          making its decision to purchase the Shares and Purchase Option, it has
          relied on the publicly available information about the ISSUER and upon
          independent investigations made by it and its representatives, if any.

     (d)  NO GOVERNMENT  RECOMMENDATION OR APPROVAL.  PURCHASER understands that
          no  federal  or state  agency  has  passed on or made any  finding  or
          determination  relating to the fairness of an investment in the Shares
          and Purchase  Option,  or has passed or made, or will pass on or make,
          any recommendation or endorsement of the Shares and Purchase Option.

     2.   LEGEND.  PURCHASER  understands  that the  ISSUER  will  instruct  its
transfer agent to place a stop transfer  order with respect to the  certificates
representing  the  Shares  and that such  certificates  will bear the  following
legend,  as well as a legend  describing the restriction  referred to in Section
3(b) hereof:  "The shares represented by this certificate have been acquired for
investment  and have not been  registered  under the  Securities Act of 1933, as
amended (the "Securities  Act").  Transfer of these shares is prohibited  except
pursuant to  registration  under the  Securities Act or pursuant to an available
exemption from registration."

     3.   REGISTRATION RIGHT.

          (a)  REGISTRATION.  The  ISSUER  shall file a  registration  statement
               under the  Securities  Act  ("Registration  Statement")  with the
               Securities and Exchange Commission registering the Shares and the
               shares  underlying the Purchase  Option for re-offer and re-sale.
               The ISSUER  agrees to have the  Registration  Statement  declared
               effective by May 23, 2001, the first  anniversary of the purchase
               of  the  original   issuance  of  the   securities   by  Leucadia
               ("Anniversary").  Once the  Registration  Statement  is  declared
               effective,  the  ISSUER  shall  keep the  Registration  Statement
               effective  and  current  until  all  the  securities   registered
               thereunder  are sold or may be sold freely by PURCHASER in any 90
               day period without registration under an appropriate

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<PAGE>

               exemption under the Securities Act. If the Registration Statement
               has not been declared  effective by the  Anniversary or, if it is
               so declared  effective but after the Anniversary  becomes subject
               to a stop order or is not otherwise current for use by PURCHASER,
               then during such periods,  the PURCHASER may have such securities
               included on any other applicable  registration statement filed by
               ISSUER, which "piggyback"  registration rights will be subject to
               such  reasonable  terms as are  ordinarily  offered to  investors
               purchasing  similar  securities  to those  purchased  under  this
               Subscription Agreement.

          (b)  PUBLIC RESALE  LIMITATION.  The PURCHASER agrees that it will not
               sell any of the Shares or shares of Common Stock  underlying  the
               Purchase Option pursuant to the  Registration  Statement prior to
               the Anniversary, without the written consent of the ISSUER, which
               consent may be withheld for any reason without explanation.

          (c)  TERMS.  The  ISSUER  shall  bear  all of its  fees  and  expenses
               attendant to registering the Shares,  but PURCHASER shall pay any
               and all  underwriting  commissions  and the expenses of any legal
               counsel  selected by PURCHASER to represent it in connection with
               the  registration  or sale of the Shares.  Promptly upon request,
               ISSUER  will  provide to  PURCHASER  such number of copies of the
               prospectus  forming a part of the  Registration  Statement as are
               reasonably  requested by the  PURCHASER,  and all  supplements to
               such  prospectus.  ISSUER will promptly  notify  PURCHASER at any
               time that the Registration Statement or the prospectus may not be
               used either due to the change of material  information  contained
               therein or the omission of material information therefrom or upon
               the  receipt by the ISSUER of a cease and desist or stop order of
               the Securities and Exchange  Commission.  The ISSUER will use its
               commercially  reasonably  efforts  to  amend  or  supplement  the
               Registration  Statement  to  permit  its  continued  use  by  the
               PURCHASER.

          (d)  INDEMNIFICATION BY THE ISSUER. The ISSUER agrees to indemnify and
               hold  harmless  PURCHASER,  its  directors  and officers and each
               person, if any, who controls  PURCHASER within the meaning of the
               Securities  Act and/or the  Securities  Exchange Act of 1934,  as
               amended ("Exchange Act"), against any losses,  claims, damages or
               liabilities,  joint or several, to which PURCHASER or such person
               may become  subject,  under the Securities  Act,  Exchange Act or
               otherwise, insofar as such losses, claims, damages or liabilities
               (or  actions in respect  thereof)  arise out of or are based upon
               (i)  any  untrue  statement  or  alleged  untrue  statement  of a
               material  fact  contained (A) in any  prospectus or  registration
               statement  for the Shares or (B) in any blue sky  application  or
               other document  executed by the ISSUER  specifically for blue sky
               purposes or based upon any other written information furnished by
               the ISSUER or on its behalf to any state or other jurisdiction in
               order to qualify  any or all of the Shares  under the  securities
               laws thereof (any such application, document or information being
               hereinafter  called  a  "Blue  Sky  Application"),  or  (ii)  the
               omission  or  alleged  omission  by the  ISSUER  to  state in any
               prospectus  or  registration  statement  for the Shares or in any
               Blue Sky  Application  a  material  fact  required  to be  stated
               therein or necessary to make

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               the statements therein, in light of the circumstances under which
               they were made, not misleading,  and will reimburse PURCHASER and
               each  such  person  for any  legal or other  expenses  reasonably
               incurred  by  PURCHASER  or  such  person  in   connection   with
               investigating  or  defending  any  such  loss,   claim,   damage,
               liability or action; provided,  however, that the ISSUER will not
               be  liable  in any such case to the  extent  that any such  loss,
               claim,  damage or  liability  arises  out of or is based  upon an
               untrue  statement  or alleged  untrue  statement  or  omission or
               alleged  omission made in reliance  upon and in  conformity  with
               information  regarding PURCHASER which is furnished in writing to
               the ISSUER by PURCHASER or its  representatives  for inclusion in
               any  registration  statement  for the Shares or any such Blue Sky
               Application ("Non-Indemnity Events").

          (e)  INDEMNIFICATION  BY  THE  PURCHASER.   The  PURCHASER  agrees  to
               indemnify and hold harmless the ISSUER, each officer and director
               of the ISSUER,  and each person,  if any, who controls the ISSUER
               within the meaning of the  Securities Act and/or the Exchange Act
               against  any losses,  claims,  damages or  liabilities,  joint or
               several,  to which the ISSUER or such person may become  subject,
               under the Securities  Act,  Exchange Act or otherwise  insofar as
               such  losses,  claims,  damages  or  liabilities  (or  actions in
               respect thereof) arise out of or are based upon any Non-Indemnity
               Event;  and will  reimburse  the ISSUER and such  persons for any
               legal or other  expenses  reasonably  incurred  by the  ISSUER in
               connection with  investigating or defending any such loss, claim,
               damage,  liability  or action  provided  that such  loss,  claim,
               damage or  liability  is found  ultimately  to arise out of or be
               based upon any  Non-Indemnity  Event;  provided  that the maximum
               amount of the  indemnification  payments by  PURCHASER  shall not
               exceed  the net sale  proceeds  of any of the Shares or shares of
               Common Stock underlying the Purchase Option sold by the PURCHASER
               pursuant to the registration statement.

          (f)  PROCEDURE.  Promptly after receipt by an indemnified  party under
               this Section 3 of notice of the commencement of any action,  such
               indemnified  party will,  if a claim in respect  thereof is to be
               made against any indemnifying  party under this Section 3, notify
               in writing the indemnifying  party of the  commencement  thereof;
               and the omission so to notify the indemnifying party will relieve
               the indemnifying party from any liability under this Section 3 as
               to the particular  item for which  indemnification  is then being
               sought (if such failure  materially  prejudices the  indemnifying
               party), but not from any other liability which it may have to any
               indemnified party. In case any such action is brought against any
               indemnified  party, and it notifies an indemnifying  party of the
               commencement  thereof, the indemnifying party will be entitled to
               participate  therein, and to the extent that it may wish, jointly
               with any other indemnifying party,  similarly notified, to assume
               the defense thereof,  with counsel who shall be to the reasonable
               satisfaction of such indemnified party, and after notice from the
               indemnifying  party to such indemnified  party of its election so
               to assume the defense thereof, the indemnifying party will not be
               liable to such  indemnified  party  under this  Section 3 for any
               legal or other expenses subsequently incurred by such indemnified
               party  in  connection   with  the  defense   thereof  other  than
               reasonable costs of

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               investigation. Any such indemnifying party shall not be liable to
               any such  indemnified  party on account of any  settlement of any
               claim or action effected without the consent of such indemnifying
               party, which consent shall not be unreasonably withheld.

          (g)  CONTRIBUTION. If the indemnification provided for in this Section
               3 is  unavailable  to any  indemnified  party in  respect  to any
               losses,  claims,  damages,  liabilities  or expenses  referred to
               therein,  then the  indemnifying  party,  in lieu of indemnifying
               such  indemnified  party,  will  contribute to the amount paid or
               payable by such  indemnified  party,  as a result of such losses,
               claims, damages, liabilities or expenses in such proportion as is
               appropriate  to reflect the  relative  fault of the ISSUER on the
               one hand,  and of the  PURCHASER on the other hand, in connection
               with the  statements or omissions  which resulted in such losses,
               claims,  damages,  liabilities  or  expenses as well as any other
               relevant  equitable  considerations.  The  relative  fault of the
               ISSUER on the one hand, and the PURCHASER on the other hand, will
               be determined with reference to, among other things,  whether the
               untrue or alleged  untrue  statement  of a  material  fact or the
               omission to state a material fact relates to information supplied
               by the ISSUER,  and its  relative  intent,  knowledge,  access to
               information  and opportunity to correct or prevent such statement
               or omission.

          (h)  EQUITABLE CONSIDERATIONS. The ISSUER and the PURCHASER agree that
               it would not be just and  equitable if  contribution  pursuant to
               this Section 3 were  determined by pro rata  allocation or by any
               other method of  allocation  which does not take into account the
               equitable considerations referred to in the immediately preceding
               paragraph.

          (i)  ATTORNEYS' FEES. The amount payable by a party under this Section
               3 as a result of the  losses,  claims,  damages,  liabilities  or
               expenses referred to above will be deemed to include any legal or
               other  fees or  expenses  reasonably  incurred  by such  party in
               connection  with  investigating  or defending any action or claim
               (including, without limitation, fees and disbursements of counsel
               incurred  by an  indemnified  party in any  action or  proceeding
               between the indemnifying  party and indemnified  party or between
               the indemnified party and any third party or otherwise).

          (j)  DOCUMENTS TO BE DELIVERED BY PURCHASER.  PURCHASER  shall furnish
               to the ISSUER a completed and executed  questionnaire provided by
               the ISSUER requesting  information  customarily sought of selling
               security holders.

     4.   GOVERNING LAW. This Agreement  shall be governed by and interpreted in
accordance  with the rulings of the laws of the State of Florida  without regard
to  conflicts  of law.  The ISSUER and  PURCHASER  each  hereby  agrees that any
action, proceeding or claim against it arising out of, or relating in any way to
this  agreement  shall be  brought  and  enforced  in the courts of the State of
Florida or of the United  States of America for the Middle  District of Florida,
Jacksonville  Division  and  irrevocably  submits  to such  jurisdiction,  which
jurisdiction  shall be  exclusive.  The ISSUER and  PURCHASER  hereby waives any
objection  to such  exclusive  jurisdiction  and that such courts  represent  an
inconvenient forum. Any process or summons to be

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served  upon the  ISSUER  and  PURCHASER  may be served by  transmitting  a copy
thereof by registered  or certified  mail,  return  receipt  requested,  postage
prepaid,  addressed to it at its address set forth herein. Such mailing shall be
deemed  personal  service  and shall be legal and  binding  upon the  ISSUER and
PURCHASER in any action,  proceeding or claim.  The ISSUER and PURCHASER  agrees
that the  prevailing  party(ies) in any such action shall be entitled to recover
from the other  party(ies)  all of its reasonable  attorneys'  fees and expenses
relating to such action or proceeding  and/or  incurred in  connection  with the
preparation therefor.

     5.   ENTIRE  AGREEMENT.  This  Agreement and the Purchase  Option issued to
PURCHASER constitutes the entire agreement among the parties hereof with respect
to the subject matter hereof and supersedes any and all prior or contemporaneous
representations,   warrants,   agreements  and   understandings   in  connection
therewith.  This  Agreement  may be amended  only by a writing  executed  by all
parties hereto.

     6.   NOTICES.  Any notice or other  document  required or  permitted  to be
given or  delivered  to the  parties  to this  Subscription  Agreement  shall be
personally   delivered  or  sent  by  facsimile  or  other  form  of  electronic
transmission  to the party at the address or addresses or  telecopier  number on
the signature page hereto.  Unless  otherwise  specified in this agreement,  all
notices and other  documents  given under this agreement shall be deemed to have
been duly given when delivered, if personally delivered, and when transmitted if
sent by facsimile or other form of electronic transmission.

     IN WITNESS  WHEREOF,  this  Agreement  was duly  executed on the date first
written below.

Dated this ____ day of the month of ______, 2000.

PECONIC FUND LTD.                        PARKERVISION, INC.

By:_____________________________         By:_______________________________
   Name:                                    Name: Jeffrey L. Parker
   Title:                                   Title: Chief Executive Officer

Notice Addresses:                        Jeffrey L. Parker, CEO
c/o Ramius Capital Group LLC             ParkerVision, Inc.
666 Third Avenue                         8493 Baymeadows Way
New York, NY 10017                       Jacksonville, Florida 32256
Facsimile:                               Facsimile: (904) 731-7125

                                         with a copy to

                                         David Alan Miller, Esq.
                                         Graubard Mollen & Miller
                                         600 Third Avenue
                                         New York, NY  10016
                                         Facsimile (212) 818-888

                                        6<PAGE>

February 16, 2000                                               Exhibit 10.71

/Name/
/Title/
Aspect Communications
San Jose, CA  95131

Dear /Name/:

     This letter agreement (the "Agreement") is to confirm the terms of your
ongoing employment with Aspect Communications Corporation (the "Company") and
supersedes and replaces all prior oral and/or written agreements regarding the
subject matter hereof between you and the Company.

     1.   This Agreement will commence on the date hereof and continue until
February 28, 2002 (the "Original Term"), unless extended for one or more
                        -------------
additional one-year terms upon mutual written agreement between you and the
Company or unless terminated pursuant to the terms described herein.  Approval
by the Company shall be evidenced by the adoption of resolutions by the
Compensation Committee of the Board of Directors of the Company (the
"Committee").  In the event that the Company has entered into discussions with a
 ---------
third party regarding a Change of Control in the beneficial ownership of the
Company (as defined below) and such Change of Control discussions are ongoing at
the end of the Original Term or any extension, this Agreement automatically
shall be extended until the later of (a) the end of a period of eighteen (18)
months following the closing of such Change of Control transaction or (b) at the
time that the parties have ceased their discussions.

     2.   You are employed as /Title/, and as such report to the Company's
/Title/.  Your job duties and responsibilities are described on Exhibit A
                                                                ---------
attached hereto.  You agree to the best of your ability and experience that you
will, to the reasonable satisfaction of the Company and its Board, at all times
loyally and conscientiously perform all of the duties and obligations required
of you pursuant to the terms of this Agreement; provided, however, that you
shall not be precluded from engaging in civic, charitable or religious
activities, from devoting a reasonable amount of time to private investments, or
from serving on the boards of directors of other business entities with the
prior written approval of the Board of Directors of the Company (the "Board"),
so long as such activities or service do not interfere with your
responsibilities to the Company hereunder.  You will comply with and be bound by
the Company's operating policies, procedures and practices in effect from time
to time during the term of your employment.
<PAGE>

     3.   You acknowledge that your employment is and will continue to be at-
will, as defined under applicable law, and that your employment with the Company
may be terminated by either party at any time for any or no reason, with or
without cause, and with or without notice.  If your employment terminates for
any reason, you will not be entitled to any payments, benefits, damages, award
or compensation other than as provided in this Agreement.  Notwithstanding the
foregoing, you still shall have the right to receive (i) payment of regular
monthly salary and any bonus that has accrued but is unpaid on the date of
termination, (ii) payment of all of your accrued and unused vacation through the
date of termination, (iii) following your submission of proper expense reports,
reimbursement by the Company for all expenses reasonably and necessarily
incurred by you in connection with the business of the Company prior to
termination, (iv) vested contributions and earnings from the Company's 401(k)
plan, and (v) your rights under any of the Company's employee benefit plans,
policies or arrangements in accordance with the terms of such plans, policies
and arrangements.  Any payments described in this paragraph shall be made
promptly upon termination, but in any event in compliance with applicable law
and any applicable terms of the Company's plans, policies, and arrangements.
The rights and duties created by this paragraph may not be modified in any way
except by a written agreement executed by you and the Chief Executive Officer on
behalf of the Company.

     4.   If your employment is involuntarily terminated other than for Cause
(as defined below) or terminated by you following a Constructive Termination (as
defined below) at any time upon or within twelve (12) months following a Change
of Control (the "Coverage Period"), you will be entitled to receive payment of
severance benefits equal to 24 months of your regular monthly salary plus your
annual target bonus (subject to any applicable tax withholding) in effect on the
date of your termination or upon the occurrence of the Change of Control,
whichever is greater. (Effective January 1, 2001, the Coverage Period shall be
expanded to include the period beginning three (3) months prior to the
occurrence of a Change of Control and ending thirteen (13) months following a
Change of Control.) Payment will be made in a lump sum not more than thirty (30)
days following the date of termination. Provided that you make a timely election
to continue coverage under the Company's group health plans pursuant to the
Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), health
insurance benefits with the same coverage provided to you prior to the
termination (e.g. medical, dental, optical, mental health) will be provided at
the Company's cost for eighteen (18) months following the termination date, but
not longer than until you are covered by comparable health insurance benefits
from another employer or are otherwise ineligible for COBRA continuation
coverage. Nothing in this Section 4 shall restrict the ability of the Company or
its successor from changing some or all of the terms of such health insurance
benefits, the cost to participants, or other features of such benefits;
provided, however, that all similarly situated participants are treated the
same. In addition, and except as otherwise determined below, each stock option
and share of restricted stock you hold that is not otherwise fully exercisable
and/or vested (i.e., released from the Company's repurchase option) as of the
termination date shall become immediately exercisable and/or vested in full as
of such date.

2
<PAGE>

          Notwithstanding the foregoing, you shall not be required to mitigate
the amount of any payment provided for in this Agreement by seeking other
employment or otherwise nor, except for your eligibility for COBRA continuation
coverage, shall the amount of any payment or benefit provided for in this
paragraph be reduced or otherwise affected by any compensation or benefits
received by you as a result of employment by another employer or self-
employment, by any retirement benefits regardless of source, by offset against
any amount claimed to be owed by you to the Company, or otherwise.

     5.   In the event that the severance and other benefits provided to you by
this Agreement (i) constitute "parachute payments" within the meaning of Section
280G of the Internal Revenue Code of 1986, as amended (the "Code"), or any
                                                            ----
comparable successor provisions, and (ii) but for this paragraph would be
subject to the excise tax imposed by Section 4999 of the Code,  or any
comparable successor provisions (the "Excise Tax"), then your benefits hereunder
shall be either

                         (i)   provided to you in full, or

                         (ii)  provided to you as to such lesser extent which
                               would result in no portion of such benefits being
                               subject to the Excise Tax,

whichever of the foregoing amounts, when taking into account applicable federal,
state, local and foreign income and employment taxes, the Excise Tax, and any
other applicable taxes, results in the receipt by you, on an after-tax basis, of
the greatest amount of benefits, notwithstanding that all or some portion of
such benefits may be taxable under the Excise Tax.  Unless the Company and you
agree otherwise in writing, any determination required under this paragraph
shall be made in writing in good faith by a qualified third party (the
"Professional Service Firm").  In the event of a reduction of benefits
 -------------------------
hereunder, you shall be given the choice of which benefits to reduce, in the
event that the reduction to zero dollars ($0) of all benefits paid in cash is
insufficient to avoid liability under the Excise Tax.  For purposes of making
the calculations required by this paragraph, the Professional Service Firm may
make reasonable assumptions and approximations concerning applicable taxes and
may rely on reasonable, good faith interpretations concerning the application of
the Code, and other applicable legal authority.  The Company and you shall
furnish to the Professional Service Firm such information and documents as the
Professional Service Firm may reasonably request in order to make a
determination under this Section 5.  The Company shall bear all costs the
Professional Service Firm may reasonably incur in connection with any
calculations contemplated by this paragraph.

          If, notwithstanding any reduction described in this paragraph, the
Internal Revenue Service ("IRS") determines that you are liable for the Excise
                           ---
Tax as a result of the receipt of the payment of benefits described above, then
you shall be obligated to pay back to the Company, within thirty (30) days after
a final IRS determination or in the event that you challenge the final IRS
determination, a final judicial determination, a portion of the payment equal to
the "Repayment Amount."  The Repayment Amount with respect to the payment of
benefits shall be the smallest amount, if any, as shall be required to be paid
to the Company so that your net after-tax proceeds with respect to any payment
of benefits (after taking into account the payment of the Excise Tax and all
other applicable taxes imposed on such payment) shall be maximized.  The
Repayment Amount with respect to the payment of benefits shall be zero if a
Repayment Amount of more than zero would not result in your net

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<PAGE>

after-tax proceeds with respect to the payment of such benefits being maximized.
If the Excise Tax is not eliminated pursuant to this paragraph, you shall pay
the Excise Tax.

          Notwithstanding any other provision of this paragraph, if (i) there is
a reduction in the payment of benefits as described in this paragraph, (ii) the
IRS later determines that you are liable for the Excise Tax, the payment of
which would result in the maximization of your net after-tax proceeds
(calculated as if your benefits previously had not been reduced), and (iii) you
pay the Excise Tax, then the Company shall pay to you those benefits which were
reduced pursuant to this paragraph contemporaneously or as soon as
administratively possible after you pay the Excise Tax so that your net after-
tax proceeds with respect to the payment of benefits is maximized.

     6.   For purposes of this Agreement, the following definitions will apply:

          (a)  "Cause" for your termination will exist if the Company terminates
                -----
your employment for any of the following reasons:  (i) you willfully fail to
substantially perform your duties hereunder (other than any such failure due to
your physical or mental illness), and such willful failure is not remedied
within ten (10) business days after written notice from the Company's Chief
Executive Officer, which written notice shall state that failure to remedy such
conduct may result in an involuntary termination for Cause; (ii) you engage in
willful and serious misconduct (including, but not limited to, an act of fraud
or embezzlement) that has caused or is reasonably expected to result in material
injury to the Company or any of its affiliates, (iii) you are convicted of or
enter a plea of guilty or nolo contendere to a crime that constitutes a felony
related to your employment with the Company or which materially adversely
affects your ability to perform your duties on behalf of the Company, or (iv)
you willfully breach any of your obligations hereunder or under any other
written agreement or covenant with the Company or any of its affiliates,
including, but not limited to, the Confidentiality Agreement, and such willful
breach is not remedied within ten (10) business days after written notice from
the Company's Chief Executive Officer, which written notice shall state that
failure to remedy such conduct may result in an involuntary termination for
Cause.

          (b)  "Change of Control" will mean (i) a dissolution or liquidation of
                -----------------
the Company; (ii)  a sale, lease or other disposition of all or substantially
all of the assets of the Company so long as the Company's stockholders of record
immediately prior to such transaction will, immediately after such transaction,
hold less than fifty percent (50%) of the voting power of the acquiring entity;
(iii) an acquisition of the Company by another entity by means of any
transaction or series of related transactions (including, without limitation,
any reorganization, merger or consolidation but excluding any merger effected
exclusively for the purpose of changing the domicile of the Company), so long as
the Company's stockholders of record immediately prior to such transaction or
series of related transactions will, immediately after such transaction or
series of related transactions, hold less than fifty percent (50%) of the voting
power of the surviving or acquiring entity; or (iv) the individuals who, as of
the date of this Agreement, are members of the Board (the "Incumbent Board"),
cease for any reason to constitute at least fifty percent (50%) of the Board.
If the election, or nomination for election by the Company's stockholders, of
any new director was approved by a vote of at least fifty percent (50%) of the
Incumbent Board, such new director shall be considered as a member of the
Incumbent Board.

               Effective January 1, 2001, "Change of Control" will mean (i) a
dissolution or liquidation of the Company; (ii) a sale, lease or other
disposition of all or substantially all of the assets of the Company so long as
the Company's stockholders

4
<PAGE>

immediately prior to such transaction will, immediately after such transaction,
fail to possess direct or indirect beneficial ownership of more than fifty
percent (50%) of the voting power of the acquiring entity (for purposes of this
clause 7(b)(ii), any person who acquired securities of the Company prior to the
occurrence of such asset transaction in contemplation of such transaction and
who after such transaction possesses direct or indirect ownership of at least
ten percent (10%) of the securities of the acquiring entity immediately
following such transaction shall not be included in the group of stockholders of
the Company immediately prior to such transaction); (iii) either a merger or
consolidation in which the Company is not the surviving corporation and the
stockholders of the Company immediately prior to the merger or consolidation
fail to possess direct or indirect beneficial ownership of more than fifty
percent (50%) of the voting power of the securities of the surviving corporation
(or if the surviving corporation is a controlled affiliate of another entity,
then the required beneficial ownership shall be determined with respect to the
securities of that entity which controls the surviving corporation and is not
itself a controlled affiliate of any other entity) immediately following such
transaction, or a reverse merger in which the Company is the surviving
corporation and the stockholders of the Company immediately prior to the reverse
merger fail to possess direct or indirect beneficial ownership of more than
fifty percent (50%) of the securities of the Company (or if the Company is a
controlled affiliate of another entity, then the required beneficial ownership
shall be determined with respect to the securities of that entity which controls
the Company and is not itself a controlled affiliate of any other entity)
immediately following the reverse merger (for purposes of this clause 6(b)(iii),
any person who acquired securities of the Company prior to the occurrence of a
merger, reverse merger, or consolidation in contemplation of such transaction
and who after such transaction possesses direct or indirect beneficial ownership
of at least ten percent (10%) of the securities of the Company or the surviving
corporation (or if the Company or the surviving corporation is a controlled
affiliate, then of the appropriate entity as determined above) immediately
following such transaction shall not be included in the group of stockholders of
the Company immediately prior to such transaction); (iv) an acquisition by any
person, entity or group within the meaning of Section 13(d) or 14(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or any
comparable successor provisions (excluding any employee benefit plan, or related
trust, sponsored or maintained by the Company or a subsidiary or other
controlled affiliate of the Company) of the beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act, or comparable
successor rule) of securities of the Company representing at least fifty percent
(50%) of the combined voting power entitled to vote in the election of
directors; or (v) the individuals who, as of the date of this Agreement, are
members of the Board (the "Incumbent Board"), cease for any reason to constitute
at least fifty percent (50%) of the Board. If the election, or nomination for
election by the Company's stockholders, of any new director was approved by a
vote of at least fifty percent (50%) of the Incumbent Board, such new director
shall be considered as a member of the Incumbent Board.

     (c)  "Constructive Termination" will be deemed to occur if (A)(i) your
           ------------------------
duties and responsibilities as Chief Operating Officer of the Company (or a
successor corporation) are materially diminished from your duties and
responsibilities as in effect at any time from the time immediately prior to the
occurrence of a Change of Control or at any time thereafter, without your prior
written consent; (ii) any reduction in the total value of your base compensation
and benefits occurs; (iii) your new business office location is either (a) more
than thirty (30) miles in distance from your current business office location or
(b) greater than your current commute to and from your current business office
location; and (B) within sixty (60) days immediately following such event
described in clauses (i) through (iii) above, you elect to terminate your
employment voluntarily.  For purposes of this definition and this Agreement,
however, a change in title with substantially the same duties and
responsibilities

5
<PAGE>

shall not be considered a Constructive Termination, should this
result solely from an acquisition by a larger company in which you have
continuing responsibilities for the acquiror which are substantially the same as
those you had for the Company when it was independent.

     7.   You have signed a document entitled "Employee Agreement" (the
"Confidentiality Agreement") substantially in the form attached hereto as
 -------------------------
Exhibit B.  You hereby represent and warrant to the Company that you have
---------
complied with all obligations under the Confidentiality Agreement and agree to
continue to abide by the terms of the Confidentiality Agreement and further
agree that the provisions of the Confidentiality Agreement will survive any
termination of this Agreement or of your employment relationship with the
Company.

     Upon your involuntary termination of employment other than for Cause or
your voluntary termination following a Constructive Termination, and as a
condition of the receipt of any benefits under this Agreement, you shall execute
an effective release (the "Release") in substantially the form incorporated
                           -------
herein and attached hereto as Exhibit C (or if you are under forty (40) years
                              ---------
old at the time of such termination, in substantially the form attached hereto
as Exhibit C with appropriate changes to reflect the inapplicability of the Age
Discrimination in Employment Act) as shall ultimately be determined by the
Company.  Such Release shall specifically relate to all of your rights and
claims in existence at the time of such execution and shall confirm your
obligations under the Confidentiality Agreement. It is understood that you have
twenty-one (21) days to consider whether to execute such Release, and you may
revoke such Release within seven (7) business days after execution.  In the
event you do not execute such Release within the twenty-one (21) day period, or
if you revoke such Release within the subsequent seven (7) business day period,
no benefits shall be payable under this Agreement and this Agreement shall be
null and void.  Notwithstanding the foregoing, in addition to or in lieu of the
Release attached hereto as Exhibit C, you may be required to execute and deliver
an effective release in such other form as the Company may, in its sole
discretion, determine to be necessary or appropriate in order to comply with the
requirements of the laws of any jurisdiction applicable to you in order to make
a general release of claims effective and enforceable.

     9.   You represent that you have not entered into any agreements,
understandings, or arrangements with any other person or entity which would be
breached by you as a result of, or that would in any way preclude or prohibit
you from entering into this Agreement or performing any of the duties and
responsibilities provided for herein.

     10.  Any successor to the Company as a result of the occurrence of a Change
of Control (whether direct or indirect and whether by purchase, lease, merger,
consolidation, liquidation or otherwise) or otherwise which succeeds to all or
substantially all of the Company's business and/or assets shall assume the
obligations under this Agreement and agree expressly to perform the obligations
under this Agreement in the same manner and to the same extent as the Company
would be required to perform such obligations in the absence of a succession.
For all purposes under this Agreement, the term "Company" shall include any
successor to the Company's business and/or assets which executes and delivers
the assumption agreement described in this paragraph or which becomes bound by
the terms of this Agreement by operation of law.

6
<PAGE>

          The terms of this Agreement and all of your rights hereunder shall
inure to the benefit of, and be enforceable by, your personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees or legatees.

     11.  This Agreement, including any Exhibits hereto, constitutes the sole
agreement of the parties and supersedes all negotiations and prior agreements
with respect to the subject matter hereof, i.e., the rights and responsibilities
of you and the Company in the event of certain terminations of your employment
with the Company relating to the occurrence of a Change of Control.

     12.  Any term of this Agreement may be amended or waived only with the
written consent of the parties.

     13.  Any notice required or permitted by this Agreement will be in writing
and will be deemed sufficient upon receipt, when delivered personally, by
facsimile or by a nationally-recognized delivery service (such as Federal
Express or Express Mail), or 72 hours after being deposited in the U.S. mail as
certified or registered mail with postage prepaid, if such notice is addressed
to the party to be notified at such party's address as set forth below or as
subsequently modified by written notice.

     14.  The validity, interpretation, construction and performance of this
Agreement will be governed by the laws of the State of California, without
giving effect to the principles of conflict of laws.

     15.  If one or more provisions of this Agreement are held to be
unenforceable under applicable law, the parties agree to re-negotiate such
provision in good faith.  In the event that the parties cannot reach a mutually
agreeable and enforceable replacement for such provision, then (i) such
provision will be excluded from this Agreement or a legal authority of competent
jurisdiction (including an arbitrator) will have the authority to modify or
replace the invalid or unenforceable provision with a valid and enforceable
provision that most accurately embodies the parties' intention with respect to
the invalid or unenforceable provision, (ii) the balance of the Agreement will
be interpreted as if such provision were so excluded, modified or replaced and
(iii) the balance of the Agreement will be enforceable in accordance with its
terms.

     16.  You and the Company agree to attempt to settle any disputes arising in
connection with this Agreement through good faith consultation.  In the event
that we are not able to resolve any such disputes within fifteen (15) days after
notification in writing to the other, we agree that any dispute or claim arising
out of or in connection with this Agreement will be finally settled by binding
arbitration in Santa Clara County, California in accordance with the rules of
the American Arbitration Association by one arbitrator appointed in accordance
with said rules.  The arbitrator will apply California law, without reference to
rules of conflicts of law or rules of statutory arbitration, to the resolution
of any dispute.  Judgment on the award rendered by the arbitrator may be entered
in any court having jurisdiction thereof.  Notwithstanding the foregoing, the
parties may apply to any court of competent jurisdiction for preliminary or
interim equitable relief, or to compel arbitration in accordance with this
paragraph, without breach of this arbitration provision.   You agree that
punitive damages will not be awarded.  This paragraph will not apply to the
Confidentiality Agreement.

          If there is termination of your employment with the Company followed
by a dispute as to whether you are entitled to the benefits provided under this
Agreement, then,

7
<PAGE>

during the period of that dispute the Company shall pay you fifty percent (50%)
of the amount specified in Section 4 hereof (except that the Company shall pay
one hundred percent (100%) of any insurance premiums provided for in Section 4),
if, and only if, you agree in writing that if the dispute is resolved against
you, you shall promptly refund to the Company all payments you receive plus
interest at the rate provided in Section 1274(d) of the Code, compounded
quarterly. If the dispute is resolved in your favor, promptly after resolution
of the dispute the Company shall pay you the sum that was withheld during the
period of the dispute plus interest at the rate provided in Section 1274(d) of
the Code, compounded quarterly.

          Notwithstanding any other provisions of this Agreement, if you either
(i) bring any action to enforce your rights pursuant to this Agreement, or (ii)
defend any legal challenge to your rights hereunder, you shall be entitled to
recover reasonable attorneys' fees and costs incurred in connection with such
action from the Company, payable on a monthly basis, regardless of the outcome
of such action; provided, however, that in the event such action is commenced by
you, the court finds the claim was brought in good faith.

     17.  You acknowledge that, in executing this Agreement, you have had the
opportunity to seek the advice of independent legal counsel, and have read and
understood all of the terms and provisions of this Agreement.

          Please indicate your agreement with the above terms by signing below.

                              Sincerely,

                              Aspect Communications Corporation

                              /s/ James R. Carreker

                              Title: Chief Executive Officer and President

                              Address: 1310 Ridder Park Drive
                                       San Jose, CA 95131

                              Facsimile Number: (408) 325-2261

     My signature below signifies my agreement with the above terms.

     By:  /Name/

     Address:  /Address/

8
<PAGE>

                                   EXHIBIT A
                                   ---------

                           DESCRIPTION OF JOB DUTIES
                           -------------------------
                             AND RESPONSIBILITIES
                             --------------------
<PAGE>

                                   EXHIBIT B
                                   ---------

                          CONFIDENTIALITY  AGREEMENT
                          --------------------------
<PAGE>

                                   EXHIBIT C
                                   ---------

                                    RELEASE
                                    -------
<PAGE>

                                    RELEASE
                        [NOTE: INCLUDES ADEA LANGUAGE]

     Certain capitalized terms used in this Release are defined in the letter
agreement between me and the Company dated /Date/, (the "Agreement") which I
have executed and of which this Release is a part.

     I hereby confirm my obligations under the Company's Confidentiality
Agreement.

     Except as otherwise set forth in this Release, I hereby release, acquit and
forever discharge the Company, its parents and subsidiaries, and their officers,
directors, agents, servants, employees, shareholders, successors, assigns and
affiliates, of and from any and all claims, liabilities, demands, causes of
action, costs, expenses, attorneys fees, damages, indemnities and obligations of
every kind and nature, in law, equity, or otherwise, known and unknown,
suspected and unsuspected, disclosed and undisclosed (other than any claim for
indemnification I may have as a result of any third party action against me
based on my employment with the Company), arising out of or in any way related
to agreements, events, acts or conduct at any time prior to the date I execute
this Release, including, but not limited to:  all such claims and demands
directly or indirectly arising out of or in any way connected with my employment
with the Company or the termination of that employment, including but not
limited to, claims of intentional and negligent infliction of emotional
distress, any and all tort claims for personal injury, claims or demands related
to salary, bonuses, commissions, stock, stock options, or any other ownership
interests in the Company, vacation pay, fringe benefits, expense reimbursements,
severance pay, or any other form of disputed compensation; claims pursuant to
any federal, state or local law or cause of action including, but not limited
to, the federal Civil Rights Act of 1964, as amended; the federal Age
Discrimination in Employment Act of 1967, as amended ("ADEA"); the federal
Employee Retirement Income Security Act of 1974, as amended; the federal
Americans with Disabilities Act of 1990; tort law; contract law; statutory law;
common law; wrongful discharge; discrimination; fraud; defamation; emotional
distress; and breach of the implied covenant of good faith and fair dealing;
provided, however, that nothing in this paragraph shall be construed in any way
to release the Company from its obligation to indemnify me pursuant to the
Company's indemnification obligation pursuant to agreement or applicable law.

     In giving this release, which includes claims that may be unknown to me at
present, I acknowledge that I have read and understand Section 1542 of the
California Civil Code which reads as follows:  "A general release does not
extend to claims which the creditor does not know or suspect to exist in his
favor at the time of executing the release, which if known by him must have
materially affected his settlement with the debtor."  I expressly waive and
relinquish all rights and benefits under that section and any law of any
jurisdiction of similar effect with respect to my release of any unknown or
unsuspected claims I may have against the Company.

     I acknowledge that I am knowingly and voluntarily waiving and releasing any
rights I may have under ADEA.  I also acknowledge that the consideration given
under this Agreement for the waiver and release in the preceding paragraph
hereof is in addition to anything of value to which I was already entitled.  I
further acknowledge that I have been advised by this writing, as required by the
ADEA, that:  (A) my waiver and release do not apply to any rights or claims that
may arise on or after the date I execute this Release; (B) I have the right to
consult with an attorney prior to executing this Release; (C) I have twenty-one
(21) days to consider this Release (although I may choose to voluntarily execute
this Release earlier); (D) I have seven (7) days following the execution of this
Release by the parties to revoke the Release; and (E) this Release shall not be
effective until the date upon which the revocation period has expired, which
shall be the eighth day after this Release is executed by me.

                                        By: __________________________________

                                        Date: ________________________________

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