Document:

Exhibit 10.14

              GREENPOINT FINANCIAL CORP. 1999 ANNUAL INCENTIVE PLAN

                                        I

                                     PURPOSE

      The GreenPoint Financial Corp. 1999 Annual Incentive Plan (the "Plan"),
which, subject to approval by the Company's stockholders, shall be effective as
of January 1, 1999, is designed to provide a significant and variable economic
opportunity to selected officers and employees of the Company as a reflection of
their individual and group contributions to the success of GreenPoint Financial
Corp. and its subsidiaries (the "Company"). The payments pursuant to Article IX
of the Plan are intended to qualify under Section 162(m)(4)(C) of the Code (as
defined below) as excluded from the term "applicable employee remuneration".

                                       II

                                   DEFINITIONS

      For purposes of the Plan, the following terms are defined as set forth
below. In addition, certain other terms used herein have the definitions given
to them in the first place in which they are used.

      "Board" shall mean the Board of Directors of the Company.

      "Bonus" shall mean a cash award payable to a Participant pursuant to the
terms of the Plan, including an Incentive Award (as defined in Article IX
hereof).

      "Cause" shall mean personal dishonesty, willful misconduct, any breach of
fiduciary duty involving personal profit, intentional failure to perform stated
duties, or any willful violation of any law, rule, regulation (other than
traffic violations or similar offenses) or final cease and desist order.

      "Code" means the Internal Revenue Code of 1986, as amended.

      "Committee" means the Committee referred to in Article III hereof.

      "Covered Employees" shall mean Participants (as defined in Article IV
hereof) designated by the Committee who are or are expected to be "covered
employees" within the meaning of Section 162(m)(3) of the Code for the year in
which a Bonus hereunder is payable.

      "Disinterested Person" means a member of the Board who qualifies as an
"outside director" for purposes of Section 162(m) of the Code.

      "Payment Date" shall mean the date following the conclusion of a
particular Measurement Period (as such term is defined in Article IX) on which
the Committee certifies that applicable Performance Objectives (as such term is
defined in Article IX) have been satisfied and authorizes payment of
corresponding Incentive Awards.

      "Target Bonus" shall mean the amount determined by the Committee at the
time of grant in its sole discretion, which need not be the same for each
Participant.

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                                       III

                                 ADMINISTRATION

      The Plan shall be administered by the Compensation Committee of the Board
or such other committee of the Board, composed of not less than two
Disinterested Persons, each of whom shall be appointed by and serve at the
pleasure of the Board.

      In administering the Plan, the Committee may at its option employ
compensation consultants, accountants and counsel (who may be the independent
auditors and outside counsel and compensation consultants of the Company) and
other persons to assist or render advice to the Committee, all at the expense of
the Company.

                                       IV

                                   ELIGIBILITY

      The Committee shall, in its sole discretion, determine each fiscal year
those officers and employees of the Company who shall be eligible to participate
in the Plan (the "Participants") for such fiscal year based upon such
Participants' opportunity to have a substantial impact on the Company's
operating results. Nothing contained in the Plan shall be construed as or be
evidence of any contract of employment with any Participant for a term of any
length nor shall participation in the Plan in any year by any Participant
require continued participation by such Participant in any subsequent year.

                                        V

                             DETERMINATION OF BONUS

      Subject to Article IX hereof, the form and amount of each Bonus award to a
Participant shall be determined by and in the discretion of the Committee.
Subject to Article IX, the Committee may condition the earning of a Bonus upon
the attainment of specified performance goals measured over a period not greater
than one year relating to the Participant or the Company or subsidiary, division
or department of the Company for or within which the Participant is primarily
employed, or upon such other factors or criteria as the Committee shall
determine, which goals may be different for each award recipient. Bonuses under
the Plan will consist of an award, payable in cash from the Company, based upon
a percentage or multiple of the Target Bonus, payable based upon the degree of
achievement of such predetermined performance objectives over the specified
Measurement Period. Bonuses under this Plan for Covered Employees shall be
subject to pre-established performance goals in accordance with Article IX
hereof. Subject to Article IX, the Committee may, in its sole discretion,
increase or decrease the amount of any Bonus payable to a Participant and may
award Bonuses to Participants (other than Covered Employees) even though the
Bonuses are not earned. Bonuses earned or otherwise awarded will be paid on the
Payment Date.

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                                       VI

                            TERMINATION OF EMPLOYMENT

      In the event that a Participant's employment with the Company terminates
for any reason prior to the Payment Date with respect to any Bonus, the balance
of any Bonus which remains unpaid at the time of such termination, shall be
payable to the Participant, or forfeited by the Participant, in accordance with
the terms of the award established by the Committee at the time of grant;
provided, however, that in the case of a Covered Employee, no amount shall be
payable unless the Performance Objectives (as defined below) are satisfied
unless the termination of employment of the Covered Employee is due to the death
or disability of the Participant. Participants who remain employed through the
Measurement Period but are terminated prior to the Payment Date shall be
entitled to receive Bonuses payable with respect to such Measurement Period,
unless terminated for Cause.

                                       VII

                            AMENDMENT AND TERMINATION

      The Board shall have the right to amend, modify or terminate the Plan from
time to time but no such amendment or modification shall, without prior approval
of the stockholders, change Article IX of this Plan so as to alter the business
criteria on which the Performance Objectives are based or to increase the amount
set forth in Section (e) of Article IX, materially increase the amount available
for awards, materially increase the benefits accruing to Participants who are
Covered Employees hereunder, materially modify the requirements regarding
eligibility for participation in the Plan or, without the consent of the
Participant affected, impair any award made prior to the effective date of the
amendment, modification or termination.

                                      VIII

                                  MISCELLANEOUS

      Bonus payments shall be made from the general funds of the Company and no
special or separate fund shall be established or other segregation of assets
made to assure payment. No Participant or other person shall have under any
circumstances any interest in any particular property or assets of the Company.
The Plan shall be governed by and construed in accordance with the laws of the
State of Delaware, without regard to its principles of conflict of laws.

                                       IX

                   PROCEDURES FOR CERTAIN DESIGNATED EMPLOYEES

      Bonuses under the Plan to Participants who are Covered Employees shall be
subject to pre-established performance goals as set forth herein.
Notwithstanding Article V hereof, the Committee shall not have discretion to
modify the terms of awards to such Participants except as specifically set forth
in this Article IX.

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      (a) Target Bonus. Prior to the commencement of a Measurement Period (as
defined below), the Committee shall grant bonus award opportunities ("Incentive
Awards") to such of the Participants who may be Covered Employees payment of
which shall be conditioned upon satisfaction of specific Performance Objectives
(as defined below) measured over a period not greater than one year established
by the Committee in writing at the time of grant. An Incentive Award shall
consist of an award payable in cash from the Company, based upon a percentage or
multiple of a Target Bonus. The extent, if any, to which an Incentive Award
based upon the Target Bonus will be payable will be based upon the degree of
achievement of predetermined Performance Objectives (as defined below) over a
specified Measurement Period (as defined below); provided, however, that the
Committee may, in its sole discretion, reduce the amount which would otherwise
be payable upon expiration of the Measurement Period (under which circumstances
the Participant will have no right to receive the amount of such reduction even
if the Performance Objectives are met).

      (b) Measurement Period. The measurement period will be a period of one
fiscal year, unless a shorter period is otherwise selected and established in
writing by the Committee at the time the Performance Objectives are established
with respect to a particular Incentive Award (the period so specified being
hereinafter referred to as the "Measurement Period").

      (c) Performance Objectives. The performance objectives ("Performance
Objectives") established by the Committee at the time the Incentive Award is
granted will be based on return on equity, return on assets, earnings per share,
net income and/or achievement of predetermined strategic milestones during the
Measurement Period. Performance Objectives may be specified relative to budgeted
or other internal goals, or relative to the performance of one or more peer
groups. Performance Objectives may be stated in the alternative or in
combination.

      (d) Payment of an Incentive Award. At the time the Incentive Award is
granted, the Committee shall prescribe a formula to determine the percentage of
the Target Bonus which may be payable based upon the degree of attainment of the
Performance Objectives which shall be determined as of the last day of the
Measurement Period. If the minimum Performance Objectives established by the
Committee are not met, no Incentive Award payment will be made to the
Participant. To the extent that the minimum Performance Objectives are surpassed
and upon written certification by the Committee that the Performance Objectives
have been satisfied to a particular extent and any other material terms and
conditions of the Incentive Awards have been satisfied, payment shall be made on
the Payment Date in accordance with the prescribed formula based upon a
percentage or multiple of the Target Bonus unless the Committee determines, in
its sole discretion, to reduce the payment to be made. The Committee may provide
in writing at the time of grant that Incentive Awards shall be payable at a
fixed time following a Measurement Period and it may impose forfeiture or
vesting requirements. In no event shall an Incentive Award be paid to a Covered
Employee unless and until the Plan has been approved by the Company's
stockholders.

      (e) Maximum Payable. The maximum amount payable to a Covered Employee is
$3,000,000.

                                        X

                               DEFERRAL ELECTIONS

      The Committee may at its option establish procedures pursuant to which
Participants are permitted to defer the receipt of Bonuses payable hereunder.

                                       57EMPLOYMENT AGREEMENT

      AGREEMENT, effective as of July 1,1999 (the "Agreement"), between INFINITE
GROUP, INC., a Delaware corporation, having its principal office at 2364 Post
Road, Warwick, Rhode Island 02886, (the "Company"), and J. Terence Feeley,
residing at 40 Charlotte Avenue, Saunderstown, RI 02864 (the "Executive").

                                   WITNESSETH:

      WHEREAS, the Company desires to employ the Executive as the President of
the Company's Laser Fare, Inc. , Advanced Technology Group Division ("ATG") to
devote full time to the business of the Company, and the Executive desires to be
so employed hereunder effective as of the date thereof.

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

1. EMPLOYMENT

      1.1 The Company hereby agrees to employ the Executive and the Executive
hereby agrees to serve, as the President of ATG upon the terms and conditions
herein contained. The Executive shall report regularly and administratively to
the Chief Executive Officer of the Company and to the Board of Directors in the
exercise of their fiduciary duties and responsibilities. The Executive shall
have the executive power and authority to carry out the business plans and
policies of the Company and its Subsidiaries, and to make decisions in
connection therewith.

      1.2 The term of employment under this Agreement shall commence as of the
date hereof (the "Effective Date"), and, subject to the terms thereof, shall
terminate on the earlier of: (i) July 1, 2002 (the "Termination Date"), or the
(ii) termination of the Executive's employment pursuant to this Agreement (such
term of employment referred to hereinafter as the "Employment Term"); provided,
however, that on the Termination Date and on the date one year thereafter, the
Termination Date shall be extended for up to two consecutive periods of one year
each unless either party shall have given written notice to the other party not
less than six months prior to any such date that the Termination Date shall not
be so extended.

      1.3 Throughout the Employment Term, the Executive shall devote his best
efforts and substantially all his business time and services to the business and
affairs of the Company and its Subsidiaries.

      1.4 This Agreement shall not be interpreted to prohibit the Executive from
making passive personal investments or conducting private business affairs if
those activities do not materially affect the services required under this
Agreement.

<PAGE>

2. SALARY

      2.1 From the Effective Date, the Executive shall be entitled to receive a
base salary at a rate of not less than $150,000 for each year, payable in
arrears in equal installments not less frequently than monthly in accordance
with the Company's payroll practices, with such increases as are hereinafter
provided. Once increased, such higher amount shall constitute the Executive's
annual salary.

      2.2 The Company shall increase the Executive's annual base salary on each
January 1 after the Effective Date,which occurs during the Employment Term for
the 12 month period ending on each December 31.

      2.3 In addition to any increase under Section 2.2, the Company at any time
may increase the Executive's base salary.

      2.4 The Company shall pay the Executive a bonus of $50,000 on or before
January 31, 2000 on account of services performed during the calendar year 1999,
if the Company's operations are profitable.

3. BONUSES

      3.1 The Executive shall participate in all executive bonus plans now
existing and established from time to time by the Company including the
Company's Executive Incentive Performance Plan. The Company may grant bonuses to
the Executive in such amounts and at such times, as the Board of Directors shall
determine.

4. EMPLOYEE BENEFITS

      4.1 The Executive shall be included to the extent eligible thereunder
under any and all existing and future plans, programs or arrangements providing
benefits for the senior executives and at least comparable to those maintained
by the Company and/or Subsidiary as of the date hereof.

      4.2 The Executive shall be included in all incentive, profit-sharing,
bonus, stock option or other similar or comparable plans applicable to senior
executives of the Company, and/ or other subsidiaries (including, without
limitation, the Company's Executive Performance Plan) in accordance with the
terms thereof.

      4.3 The Executive shall be provided with an automobile and shall be
entitled to all other perquisites or privileges of office which have been and
are made available to other senior executives of the Company and / or
Subsidiaries.

      4.4 The Executive shall be provided, at the expense of the Company, a
level of disability and life insurance, the terms, conditions and amounts of
which are no less favorable to the Executive than those in effect on the
Effective Date or as the same may be increased for the senior executives of the
Company and/ or Subsidiary.

<PAGE>

      4.5 The Executive shall be entitled to no less than four (4) weeks paid
vacation in each year. The Company may grant additional vacation time to the
Executive.

5. EXPENSES

      5.1 The Executive is authorized to incur reasonable expenses necessary to
carry out his duties under this Agreement. The Company will reimburse the
Executive for all such expenses upon presentation by the Executive from time to
time of an itemized account of such expenditures in accordance with Company
practices consistently applied.

6. TERMINATION

      6.1 In the event that the Executive's employment is terminated by the
Company (other than as provided in Section 7, or for Cause, as defined below) or
the Executive terminates his employment for Good Reason (as defined below) prior
to the Termination Date, as then in effect, the Executive shall be entitled to
receive, in an immediate lump sum payment, the product of:

      (i)   The sum of (A) the Executive's highest annual rate of salary,
            determined pursuant to Section 2 of this Agreement during the
            Employment Term, and (B) the highest annual bonus paid to or accrued
            for the benefit of the Executive during the Employment Term;
            multiplied by

      (ii)  The greater of :

            (A)   2.00; or

            (B)   the number of months (counting any portion of the month as a
                  full month) occurring between the date on which the
                  Executive's employment is terminated and the Executive's
                  Termination Date, as then in effect, divided by 12.

      6.2 In addition, the Company shall provide the Executive with a
continuation of the employee benefits or substantially equivalent coverage ( or
the full value thereof in cash), for the period from the end of the Employment
Term until the Termination Date (as then in effect); provided, however, that in
the event that the Executive obtains other substantially comparable employment
during such period, the Executive is entitled under this Section 6.2 shall be
reduced (but not below zero) by any such benefits provided by the Executive's
new employer. The Executive shall also be entitled to receive a pro rate share
of the maximum award available under any incentive plan or program (including
but not limited to the Executive Performance Incentive Plan or any substitute,
successor or replacement thereto) for which the performance period has not
closed (or, if closed, payment has not been made) prior to the end of the
Employment Term.

      6.3 If the Employment Term ends on or after the Termination Date (as then
in effect), the executive shall be entitled to payment by the Company of a
special performance bonus for his services hereunder equal to one (1) year's
base salary as then in effect.

<PAGE>

7. DEATH OR PERMANENT DISABILITY

      7.1 In the event the Executive shall fail during the Employment Term,
because of illness, physical or mental disability or other incapacity, for a
period of six consecutive months to render the services provided for by this
Agreement ("Permanent Disability"), then the Company may terminate the
Employment Term, by notice to the Executive effective not less than 30 days
after giving such notice which sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's
employment under this Section 7.1; provided, however, that the Company shall,
after such termination due to Permanent Disability, continue to pay the
Executive's annual base salary ( as set forth in Section 2 of this Agreement)
and provide for the continuation of the employee benefits and the benefit
provided under Section 4.4 of this agreement or substantially equivalent
coverage ( or the full value thereof in cash) for a period of 24 months. The
Executive will use his reasonable best efforts to cooperate with any physician
engaged by the Company to determine whether or not Permanent Disability exists.
Any payments provided for in this Section 7.1 shall be offset (but not below
zero) by any salary continuation payments received by the Executive under any
plan, program or arrangements described in Section 4.1 of this Agreement.

      7.2 In the event of the death of the Executive during the Employment Term,
the Employment Term shall terminate on the date of the Executive's death, and
the Company shall pay an amount, or provide Life Insurance, equal to (i) 2.99
times (ii) the Executive's base salary for the period of twelve (12) months, to
his estate or other beneficiary designated by him. Thereafter, the Company shall
have no further obligation to compensate the Executive, under this agreement.

8. TERMINATION FOR GOOD REASON

      8.1 The Executive may terminate his employment hereunder for Good Reason
at any time during the Employment Term. For purposes of this Agreement, "Good
Reason" shall mean any of the following (without the Executive's express prior
written consent):

            (i) The assignment to the Executive by the Company of duties
inconsistent with the Executive's position, duties, responsibilities, titles or
offices, or any removal of the Executive from or any failure to re-elect the
Executive to any of such positions, except in connection with the termination of
the Executive's employment for Cause, Permanent Disability as set forth herein
in Section 7, or as a result of the Executive's death or by the Executive other
than for Good Reason;

            (ii) A reduction by the Company in the Executive's base salary as in
effect at the Effective Date hereof, as the same may be increased according to
the terms of this Agreement;

            (iii) A relocation of the Company's principal executive offices to a
location outside Rhode Island or the Company's requiring the Executive to be
based anywhere other than the Company's principal executive offices, except for
required travel on the Company's business to an extent substantially

<PAGE>

consistent with the Executive's business travel obligations at the Effective
Date hereof, or any material reduction or adverse change in the emoluments or
perquisites of office provided to the Executive at the Effective Date hereof;

            (iv) A failure by the Company to continue in effect any benefit or
compensation plan (including any pension, profit sharing, bonus, life insurance,
health, accidental death or dismemberment or disability plan) in which the
Executive is participating at the Effective Date hereof (or in the case of plans
adopted after the date hereof and providing a type of benefit not provided by
the Company at the Effective Date hereof, at the respective dates of adoption of
such plans) without providing for or establishing plans or arrangements
providing the Executive with substantially similar benefits or the taking of any
action by the Company which would adversely affect the Executive's participation
in or reduce the Executive's benefits under any of such plans;

            (v) The taking of any action by the Company which would deprive the
Executive of any material fringe benefit enjoyed by the Executive at the
Effective Date hereof ( or in the case of a fringe benefit not provided by the
Company on the Effective Date hereof, at the respective dates of adoption of
such plans first providing such fringe benefits) or the failure by the Company
to provide the Executive with the number of paid vacation days to which the
Executive is entitled hereunder or, if greater, in accordance with the Company's
practices at the Effective Date hereof;

            (vi) The failure by the Company to obtain the specific assumption of
this Agreement by any successor or assign of the Company or any person acquiring
a substantial portion of the assets of the Company or, following any such
assumption, assignment or acquisition by an entity other than Subsidiary, the
occurrence of any event the Executive reasonably believes will impair his duties
under this Agreement;

            (vii) Any material breach by the Company of any provision of this
Agreement;

            (viii) Any purported termination of the Executive's employment which
is not effected pursuant to a notice of termination satisfying the requirements
of Section 7 or 9 of this Agreement, no such purported termination shall be
effective, or

            (ix) Any Change in Control (as defined below).

      8.2 CHANGE IN CONTROL

For purposes of this Agreement, a "Change in Control" of the Company shall be
deemed to have occurred if:

            (i) any Person (as defined below) is or becomes the "beneficial
owner" (as defined in Rule 13d-3 under the Securities Exchange Act, as amended
(the "Exchange Act")), directly or indirectly, of securities of the Company
representing 25% or more of the combined voting power of the Company's then
outstanding securities; however, purchases of securities of the Company
conducted by the Company's Investment Banker (who was under contract to the
Company prior to July 1, 1999), from any such Person representing 25% or more of
the combined voting power (who was also a shareholder of record at July 1, 1999)
shall not be deemed a "Change of Control" if purchased by Investment Banker on
or before February 11, 2001;

             (ii) during any period of no more than two consecutive years (not
including any period prior to the execution of this Agreement) individuals who
at the beginning of such period constitute the Board, and any new director
(other than a director designated by a person who has entered into an agreement
with the Company to effect a transaction described in clause (i), (iii), or (iv)
of this definition)

<PAGE>

whose election by the Board or nomination for election by the Company's
stockholders was approved by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors at the beginning of the
period or whose election or whose nomination for election was previously so
approved, cease for any reason to constitute at least a majority thereof;

            (iii) the stockholders of the Company approve a merger or
consolidation of the Company with any other than (a) a merger or consolidation
which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity
) more than 75% immediately after such merger or the consolidation or (b) a
merger or consolidation effected to implement a recapitalization of the Company
(or similar transaction) in which no Person acquires 25% or more of the combined
voting power of the Company's then outstanding securities; or

            (iv) the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the
Company of all or substantially all of the Company's assets.

      As used in this Agreement, the term "Person" has the meaning given such
term in Section 3 (a) (9) of the Exchange Act, as modified and used in Sections
13 (d) and 14 (d) of the Exchange Act, but excludes (x) the Company, (y) any
trustee or other fiduciary holding securities under an employee benefit plan of
the Company ( or of any subsidiary of the Company) and (z) any corporation
owned, directly or indirectly by the stockholders of the Company in
substantially the same proportions as their ownership of the stock of the
Company.

      9. DISCHARGE FOR CAUSE

      The Company shall have the right to terminate the employment of the
Executive for Cause. In the event that prior to the Termination Date the
Executive's employment is (a) terminated by the Company for Cause, as
hereinafter defined, or (b) by the Executive other than for Good Reason or (c)
other than as a result of Permanent Disability or death, the Executive shall be
entitled to receive all salary, bonuses, and benefits to which the Executive is
entitled or which have accrued up to and including the effective date of the
Executive's termination of employment hereunder. All bonuses and similar amounts
shall accrue through the date of termination. If the Company follows the
procedures specified in this Section 9, in the case of the termination of the
Executive's employment for Cause, the Company's obligation under this Agreement
to make any further payments, or provide any benefits specified herein, to the
Executive shall thereupon cease and terminate. As used herein, the term "Cause"
shall mean (i) the willful and continued failure by the Executive to
substantially perform his duties with the Company (other than such failure
resulting from his incapacity due to physical and mental illness or any such or
anticipated failure resulting from his termination for Good Reason), after a
demand for substantial performance is delivered to the Executive by the Board of
Directors of the Company which specifically identified the manner in which the
Board of Directors believe that the Executive has not substantially performed
his duties, or (ii) the willful engaging by the Executive in conduct which is
demonstrably and materially injurious to the Company or Subsidiary monetarily or
otherwise, or (iii) the Executive's willful and continued personal dishonesty,
breach of fiduciary duty involving personal profit, or conviction of a felony
(other than minor traffic violations). For purposes of this Section, no act or
failure to act on the Executive's part shall be considered

<PAGE>

"willful" unless done, or omitted to be done, by the Executive not in good faith
and without reasonable belief that his action or omission was in the best
interest of the Company or Subsidiary. Termination of the Executive's employment
pursuant to this Section 9 shall be communicated by a Notice of Termination. For
purposes of this Agreement a "Notice of Termination" shall mean delivery to the
Executive of a copy of a resolution duly adopted by the affirmative vote of not
less than a majority of the entire membership of the Company's Board of
Directors at a meeting of the Board called and held for the purpose (after
reasonable notice to the Executive and reasonable opportunity for the Executive,
together with the Executive's counsel, to be heard before the Board prior to
such vote), finding that in the good faith opinion of the Board that any event
constituting Cause for Termination in accordance with this Section 9 has
occurred and specifying the particulars thereof in detail. For purposes of this
Agreement, no such purported termination of the Executive's employment shall be
effective without such Notice of Termination.

      10. NO OBLIGATION TO MITIGATE DAMAGES

      10.1 The Executive shall not be required to mitigate damages or the amount
of any payment provided for under this Agreement by seeking other employment or
otherwise, not shall the amount of any payment provided for under this Agreement
be reduced by any compensation earned by the Executive as a result of employment
by another employer after the termination of his employment hereunder or
otherwise, except to the extent set forth in Section 6.2 of this Agreement. In
addition, the Company shall reimburse the Executive on a quarterly basis for all
costs and expenses incurred by the Executive to enforce or protect his rights
under this Agreement unless it shall ultimately be determined by a final
judgment of a court of competent jurisdiction that the Executive was without any
justification for commencing or continuing any such action or proceedings. In
the event of such final judgement, the Executive shall repay to the Company any
amounts of reimbursement paid under this Section 10.

      11. NONCOMPETITION

      During the Employment Term, the Executive shall not, directly or
indirectly become under contract to or associated with, employed by, render
services to or own an interest (other than as a shareholder owning not more than
a 5% interest) in any business that is then in competition with the Company or
Subsidiary, unless so directed or permitted by a majority of the Board of
Directors.

      12. INDEMNIFICATION: DIRECTORS & OFFICERS INSURANCE

      12.1 The Company agrees to indemnify the Executive and agrees to cause
Subsidiary to indemnify the Executive to the fullest extent permitted under the
applicable laws of Delaware and Rhode Island, respectively. Such indemnification
shall be in no way exclusive of any other right of indemnification to which the
Executive may be entitled.

<PAGE>

      12.2 Within 30 days of the date hereof, the Company shall obtain and
thereafter during the Employment Term maintain directors' and officers'
liability insurance with limits of at least $1,000,000 under policies and issued
by a company or companies reasonably acceptable to the Executive.

      13. CONFIDENTIALITY

      13.1 The Executive shall not intentionally disclose or reveal to any
unauthorized person, during the period of the Employment Term any trade secret
or other confidential information relating to the Company or Subsidiary that has
not been previously disclosed or revealed.

      14. NOTICES

      14.1 All notices or communications hereunder shall be in writing,
addressed to each party at its or his address set forth above. Any such notice
or communications shall be sent certified or registered mail, return receipt
requested, postage prepaid, or by prepaid nationally-recognized courier service
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 therefor, shall determine the time at which notice was given.

      15. SEPARABILITY

      15.1 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.

      16. ASSIGNMENT

      16.1 This Agreement shall be binding upon and inure to the benefit of the
heirs and representatives of the Executive and the assigns and successors of the
Company, but neither this Agreement nor any rights hereunder shall be assignable
or otherwise subject to hypothecation by the Executive, provided, however, that
no such assignment by the Company without the Executive's written consent shall
release the Company from any of its obligations hereunder.

      17. ENTIRE AGREEMENT

      18.1 This Agreement represents the entire agreement of the parties and
shall supercede any and all previous contracts, arrangements or understandings
between the Company and the Executive; provided however, that the benefits
provided for in this Agreement are in addition to and shall in no way reduce or
diminish any right to which he is otherwise entitled that is already accrued for
or granted to the

<PAGE>

Executive pursuant to a plan, program or arrangement of the Company. This
Agreement may be amended at any time by mutual written agreement of the parties
hereto.

      18. GOVERNING LAW

      19.1 This Agreement shall be construed, interpreted, and governed in
accordance with the laws of the State of Rhode Island.

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

      Witness: /s/ Doris A. Connor

      by:   /s/Clifford G. Brockmyre II
            Chairman and CEO

      by:   /s/ J. Terence Feeley
            Executive

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