Document:

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                                                                    EXHIBIT 10.8

                           INSTINET GROUP INCORPORATED
                               THREE TIMES SQUARE
                            NEW YORK, NEW YORK 10036

                                                                    June 9, 2002

Edward J. Nicoll
98 South Fullerton Avenue
Montclair, New Jersey 07042

Dear Ed:

                  Reference is made to (i) the Agreement and Plan of Merger (the
"Merger Agreement"), dated as of the date hereof, among Instinet Group
Incorporated ("Instinet"), Instinet Merger Corporation and Island Holding
Company, Inc. (together with any successor or assign thereto, "Island Holding")
and (ii) the Amended and Restated Employment Agreement (the "Employment
Agreement"), dated as of October 15, 1999, between you and Datek Holdings Corp.
("Datek"). Capitalized terms used and not defined herein shall have the
respective meaning ascribed thereto in the Merger Agreement or the Employment
Agreement, as applicable.

                  As provided in the Merger Agreement, it is a condition to
Instinet's willingness to enter into the Merger Agreement that you agree to the
provisions set forth in this letter agreement, including, without limitation,
the interpretation of certain terms of the Employment Agreement and your waiver
of certain of your rights under the Employment Agreement. Accordingly, to induce
Instinet to enter into the Merger Agreement and consummate the transactions
contemplated thereby and for other good and valuable consideration, the receipt
and sufficiency of which you hereby acknowledge, you and Instinet hereby agree,
effective as of the date hereof but (except with respect to paragraphs III, IV
and V below) subject to consummation of the Merger, as follows:

I. INTERPRETATION.

                  (a) Change in Control. You hereby acknowledge and agree that
the consummation of the transactions contemplated by the Merger Agreement and
any changes to the members of the Board of Directors of Island Holding from or
after the Effective Time or otherwise in connection with or in contemplation of
such transactions do not and will not constitute a "Change in Control" as
defined in or for any purpose under the Employment Agreement.

                  (b) Good Reason. You hereby acknowledge and agree that none of
your ceasing to serve as Chief Executive Officer of, or in any other position
with, Datek, your ceasing to serve as Chairman of Island Holding, the
termination of your employment with Datek or Island Holding or your commencing
employment with Instinet as its Chief Executive Officer will constitute "Good
Reason" as defined in or for any purpose under the Employment
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Agreement and, in particular, none of such events will constitute or result in a
reduction of your title or any material reduction in your position, status,
authorities, duties or responsibilities.

II WAIVER OF CERTAIN RIGHTS.

                  (a) Accelerated Vesting. You hereby waive any and all rights
you may have (including, without limitation, any such rights pursuant to
Paragraph (A)(3) of Schedule I to the Employment Agreement and any rights
pursuant to any option grant agreement or option certificate) to the accelerated
or immediate vesting and/or exercisability of any options to purchase shares of
capital stock of Island Holding or any other equity award or awards in respect
of the capital stock of Island Holding granted to you or otherwise held by you
(such options and other equity awards, the "Island Holding Equity Awards") in
connection with or as a result of any Change in Control, including, without
limitation, in connection with or as a result of the consummation of the
transactions contemplated by the Merger Agreement and the pending transactions
contemplated by Datek and Ameritrade (the "Datek Transaction"); provided that,
effective from and after the Effective Time, to the extent vested, (i) each
Island Holding Equity Award will also be exercisable in accordance with the
terms of the applicable option grant agreement or option certificate and related
equity plan under which such award was granted and (ii) the exercise period of
those Island Holding Equity Awards that are, as of the date hereof, vested or
that, during the period commencing on the date hereof and ending on the three
year anniversary of the date that includes the Effective Time (the "Closing
Date"), become vested in accordance with the terms of the applicable option
grant agreement or option certificate and related equity plan under which such
award was granted will remain exercisable for at least the three year period
following the Closing Date, but in no event longer then their stated term.

                  (b) Resignation With or Without Good Reason Following a Change
in Control. You hereby acknowledge and agree that you will not have the right to
resign from your employment with Instinet, Island Holding or any of their
respective subsidiaries or affiliates, other than Datek (collectively, the
"Instinet Group"), with or without Good Reason at any time after the date
hereof, including, without limitation, following consummation of the
transactions contemplated by the Merger Agreement, and in connection with or as
a result of such resignation be entitled to receive any severance compensation,
benefit, right or other entitlement pursuant to Paragraph (B)(3) of Schedule I
to the Employment Agreement or otherwise. Notwithstanding the foregoing, subject
to execution of a definitive employment agreement by and between you and
Instinet, as contemplated below, you will be entitled to the severance
compensation and benefits set forth in such agreement in the event of your
resignation from Instinet for "good reason," as defined therein, if, to the
extent and under the circumstances, if any, and in the amounts provided therein.

III EXECUTION OF INSTINET EMPLOYMENT AGREEMENT.

                  You hereby covenant, acknowledge and agree that the summary of
principal terms attached hereto as Exhibit A (the "Summary") sets forth your
understanding of the principal terms of your compensation and employment
arrangements with Instinet effective as of the Effective Time and that, promptly
following the date hereof, you and Instinet will negotiate in good faith and
execute a definitive employment agreement with Instinet, which agreement will be
based on the Instinet standard form of senior executive employment agreement
previously

                                       2
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provided to you and will include the terms set forth in such Summary. You
further understand and agree that the terms set forth in the Summary are
intended to be legally binding upon you and Instinet until such terms are
superceded upon the execution of such definitive employment agreement by you and
Instinet.

IV COOPERATION.

                  You hereby covenant and agree that, promptly following the
date hereof, you will use your best efforts to obtain from each of the
individuals listed on Schedule A attached hereto a written agreement and waiver,
substantially in the form of this letter agreement, as modified to the extent
necessary to conform the provisions hereof to the comparable rights and
agreements of each such individual (any such modification to be subject to the
approval of Instinet). You further acknowledge and agree that it is expected
that you will secure all such waivers and agreements as soon as possible
following the date hereof.

V HOLD HARMLESS.

                  You hereby agree to refrain from bringing any action, suit,
proceeding or claim against any member of the Instinet Group, and you hereby
release each member of the Instinet Group from any and all liabilities and
obligations, if any, (i) arising out of, in connection with, in respect of or
under the Employment Agreement or any other agreement to which you and Datek are
parties or (ii) otherwise arising out of or in connection with the termination
of your employment with Datek, the consummation of the Datek transaction, the
failure of such truncation to be consummated or the forfeiture of, or the
failure to vest in or acquire the right to exercise, any equity awards or other
rights in respect of any equity interests, direct or indirect, in Datek.

                  This letter agreement shall be governed by, and construed in
accordance with, the laws of the State of New York and may be executed in
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same instrument.

                  Please confirm your agreement to all of the terms and
provisions of this side letter, including Schedule A and Exhibit A hereto, by
signing and dating the enclosed copy of this letter agreement and returning such
executed copy to Instinet.

                                       3
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                                           Very truly yours,

                                           Instinet Group Incorporated

                                           By:     /s/ Mark Nienstedt
                                               -------------------------------
                                               Name:  Mark Nienstedt
                                               Title: Chief Executive Officer

Acknowledged, Accepted and
     Agreed as of this 9th day of June, 2002:

By:  /s/ Edward J. Nicoll
     -----------------------------
Name:  Edward J. Nicoll

                                       4
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                                                                       Exhibit A

                          Summary of Principal Terms of
                      Employment Arrangements for Ed Nicoll

Title:                              Chief Executive Officer and Member of the
                                    Board of Directors of Instinet Group
                                    Incorporated ("Instinet").

Duties and Authority:               Executive will have such duties and
                                    authority as is customarily exercised by
                                    chief executive officers of similar
                                    organizations, including authority to hire,
                                    fire and determine the compensation of
                                    Instinet's senior executives and other key
                                    employees based on Instinet's corporate
                                    governance principals and procedures and
                                    those of the Instinet Compensation Committee
                                    (the "Committee").

Current Directorships:              Executive will be permitted to continue his
                                    current outside directorship positions,
                                    subject to the Committee's approval, which
                                    approval will not be unreasonably withheld.
                                    The Committee will review with Executive the
                                    nature and extent of such directorship
                                    positions in connection with its
                                    consideration of the issue.

Reporting Responsibilities:         To the Board of Directors of Instinet.

Annual Salary:                      $600,000

Annual Bonus:                       2002: Target bonus of $2 million (pro-rated
                                    rated based on service after closing), based
                                    on achievement of performance goals related
                                    to integration of businesses, as established
                                    and assessed by the Committee. In any event,
                                    Executive will be entitled to a guaranteed
                                    minimum bonus for 2002 of $1 million
                                    (pro-rated as described above) (the
                                    "Post-Closing Minimum Bonus Amount") and an
                                    annual bonus from Island Holding for the
                                    portion of the 2002 year preceding the
                                    Closing Date, as approved by the Island
                                    Holding Compensation Committee, provided
                                    that such annual bonus payable by Island
                                    Holding shall not exceed $500,000, with such
                                    $500,000 amount to be pro-rated for the
                                    portion of the 2002 year preceding the
                                    Closing Date. Executive may elect to receive
                                    50% of the Post-Closing Minimum Bonus Amount
                                    in cash or in Instinet shares (net of
                                    withholding taxes), with the number of
                                    shares payable determined on the basis of
                                    the Parent Share Price (as

                                       5
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                                    defined in the Agreement and Plan of
                                    Merger).(1) The remaining 50% of the
                                    guaranteed minimum bonus and any portion of
                                    the 2002 target bonus payable to Executive
                                    in excess of the guaranteed minimum bonus
                                    amount (in each case, pro-rated as described
                                    above) will be paid in cash.

                                    (1) Defined, generally, as the average of
                                    the closing prices of Instinet shares for
                                    the 20 trading days ending on the third
                                    trading day prior to the date on which the
                                    merger becomes effective, provided that,
                                    pursuant to the Merger Agreement, the share
                                    price on trading days prior to the record
                                    date for the extraordinary cash dividend
                                    will be adjusted to reflect such dividend.

                                    2003: Target bonus of $2 million, based on
                                    achievement of financial targets and
                                    additional integration goals; targets to be
                                    determined by the Committee after
                                    consultation with Executive.

Long-Term Compensation;             On the date of the closing of the merger
Instinet Option Grants:             (the "Closing Date"), Executive will receive
                                    a one-time special retention grant of
                                    options to purchase 575,000 Instinet shares,
                                    at an exercise price per share equal to the
                                    closing price of such shares on the last
                                    trading day prior to the Closing Date.(2)
                                    Subject to Executive's continued employment,
                                    25% of the special retention options will
                                    become vested on the eighteen month
                                    anniversary of the Closing Date and the
                                    remaining 75% will become vested in 36 equal
                                    increments, on each monthly anniversary of
                                    the Closing Date, beginning with the
                                    nineteen month anniversary of the Closing
                                    Date. All other terms of the special options
                                    will be governed by the Instinet 2000 Stock
                                    Option Plan (the "Option Plan").

                                    2. Note that the number of option shares to
                                    be granted at the closing and in '03 has
                                    been established after giving effect to the
                                    extraordinary cash dividend to be declared
                                    prior to the closing of the Island Holding
                                    transaction and the exercise price will be
                                    determined based on the market price for
                                    Instinet shares after the record date, which
                                    will also reflect the effects of the
                                    dividend.

---------------------
(1) Defined, generally, as the average of the closing prices of Instinet shares
for the 20 trading days ending on the third trading day prior to the date on
which the merger becomes effective, provided that, pursuant to the Merger
Agreement, the share price on trading days prior to the record date for the
extraordinary cash dividend will be adjusted to reflect such dividend.

(2) Note that the number of option shares to be granted at the closing and in
'03 has been established after giving effect to the extraordinary cash dividend
to be declared prior to the closing of the Island transaction and the exercise
price will be determined based on the market price for Instinet shares after the
record date, which will also reflect the effects of the dividend.

                                       6
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                                    Executive will be eligible for annual option
                                    grants under the Option Plan, beginning with
                                    a grant in February 2003 of options to
                                    purchase 300,000 Instinet shares, at an
                                    exercise price per share equal to the per
                                    share closing price of Instinet shares on
                                    the last trading day prior to the date of
                                    grant. In accordance with the terms of the
                                    Option Plan, subject to Executive's
                                    continued employment, 25% of the February
                                    2003 options will become vested on the first
                                    anniversary of the date of grant and the
                                    remaining 75% of such options will become
                                    vested in 36 equal increments on each
                                    monthly anniversary of the date of grant,
                                    commencing with the thirteen month
                                    anniversary.

                                    Annual options grants in February 2004 and
                                    thereafter will be for such number of
                                    options as may be determined by the
                                    Committee, commensurate with Executive's
                                    position. Note that, upon a change in
                                    control of Instinet, options granted under
                                    the Option Plan continue to vest in
                                    accordance with their existing vesting
                                    schedule, subject to acceleration in the
                                    event of a subsequent termination without
                                    cause or resignation for good reason.

Employee Benefits:                  Executive to participate in all employee and
                                    executive benefit plans maintained by
                                    Instinet for its executives.

Treatment of Island Holding         Executive waives right to accelerated
Options:                            vesting upon any change in control and
                                    minimum three year exercise period. Options
                                    continue to vest and become exercisable in
                                    accordance with their current terms, except
                                    that Good Reason shall be as defined below
                                    and Cause shall be as defined in the
                                    Instinet standard form of senior executive
                                    employment agreement.

Treatment of Datek Options          Datek Options in respect of Datek Shares to
in respect of Datek Shares:         be retained by Executive in accordance with
                                    their current terms, which include
                                    accelerated vesting and exercisability in
                                    the event of a Datek change in control or
                                    IPO under certain circumstances.

Lock-Up:                            Executive would be precluded from selling
                                    any Instinet shares for 18 months following
                                    the closing of the merger (including those
                                    received in exchange for Island Holding
                                    shares, shares purchased upon exercise of
                                    any options and shares paid to Executive in
                                    respect of his 2002 or any other annual
                                    bonus); except that Executive would be

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                                    permitted to sell a sufficient number of
                                    shares to cover income taxes incurred upon
                                    the exercise of options.

Consequences of                         -        Eighteen months' salary;
Termination without
Cause or Resignation for                -        150% of "average bonus" (based
Good Reason (subject to                          on average of prior three
delivery of general                              years' bonuses), except that if
release):                                        termination occurs prior to
                                                 January 1, 2004, Executive will
                                                 receive 150% of the target
                                                 annual bonus (i.e., 150% of $2
                                                 million);

                                        -        continued vesting of options
                                                 (including special retention
                                                 options and converted Island
                                                 Holding options) over the
                                                 eighteen month severance period
                                                 and exercisability of vested
                                                 options during severance period
                                                 and for 30 days following the
                                                 expiration thereof;

                                        -        eighteen months' medical
                                                 benefits;

                                        -        pro rata bonus for year of
                                                 termination (based on target
                                                 bonus for that year); and

                                        -        expiration of lock-up on sales
                                                 of Instinet shares on
                                                 termination without cause.
                                                 Committee may waive lock-up in
                                                 whole or in part on a
                                                 resignation for good reason.

Definition of Good Reason:          Executive would be required to acknowledge
                                    that the merger and change in his position
                                    do not constitute good reason under his
                                    existing agreement.

                                    Going forward, good reason would include
                                    material diminution in position, duties,
                                    authority, etc., material decrease in base
                                    pay or relocation.

Non-Compete/Non-Solicit, etc:       In case of termination without cause or
                                    resignation for good reason: 18 months
                                    following termination (i.e., severance
                                    pay-out period); in all other cases, 12
                                    months following termination.

Hold Harmless; Forfeiture Upon      Executive would be required to agree that he
Termination with Datek:             will not seek recovery from Instinet or any
                                    of its subsidiaries or affiliates (including
                                    Island Holding) for any losses incurred by
                                    him (e.g., forfeiture of any options or
                                    other equity awards or any compensation or
                                    other benefits) in connection with the
                                    termination of his employment with

                                       8
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                                    Datek.

Parachute Tax Reimbursement         None.
and Gross-Up:

Definitive Documentation:           Instinet and Executive will negotiate in
                                    good faith the terms of a definitive
                                    employment agreement to be executed by
                                    Instinet and Executive, which definitive
                                    employment agreement will contain all of the
                                    provisions herein and will be based upon the
                                    Instinet standard form of senior executive
                                    employment agreement.

                                       9<PAGE>

                                                                    EXHIBIT 10.9

                           INSTINET GROUP INCORPORATED
                               THREE TIMES SQUARE
                            NEW YORK, NEW YORK 10036

                                                                    June 9, 2002

Matthew Andresen
25 Broad Street, #17F
New York, NY  10004

Dear Matt:

                  Reference is made to (i) the Agreement and Plan of Merger (the
"Merger Agreement"), dated as of the date hereof, among Instinet Group
Incorporated ("Instinet"), Instinet Merger Corporation and Island Holding
Company, Inc. (together with any successor or assign thereto, "Island Holding")
and (ii) the Employment Agreement (the "Employment Agreement"), dated as of June
19, 2001, between you and Island ECN, Inc. ("Island"). Capitalized terms used
and not defined herein shall have the respective meaning ascribed thereto in the
Merger Agreement or the Employment Agreement, as applicable.

                  As provided in the Merger Agreement, it is a condition to
Instinet's willingness to enter into the Merger Agreement that you agree to the
provisions set forth in this letter agreement, including, without limitation,
the interpretation of certain terms of the Employment Agreement and your waiver
of certain of your rights under the Employment Agreement. Accordingly, to induce
Instinet to enter into the Merger Agreement and consummate the transactions
contemplated thereby and for other good and valuable consideration, the receipt
and sufficiency of which you hereby acknowledge, you and Instinet hereby agree,
effective as of the date hereof but (except with respect to paragraph III below)
subject to consummation of the Merger, as follows:

I. INTERPRETATION.

                  You hereby acknowledge and agree that any change or alteration
to your title, position, duties, status, authority or responsibilities and the
transfer of your employment from Island to Instinet resulting from or made in
connection with or in contemplation of the consummation of the transactions
contemplated by the Merger Agreement or the integration of the businesses of
Instinet and Island Holding thereafter will not constitute "Good Reason" as
defined in or for any purpose under the Employment Agreement.

II WAIVER OF CERTAIN RIGHTS.

                  You hereby acknowledge and agree that you will not, and you
hereby waive any all of your rights under the Employment Agreement to, resign
from your employment with Instinet, Island Holding or any of their respective
subsidiaries or affiliates, other than Datek Holdings Corp. ("Datek")
(collectively (excluding Datek), the "Instinet Group") with or without Good
Reason at any time after the date hereof, including, without limitation,
following
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consummation of the transactions contemplated by the Merger Agreement, and in
connection with or as a result of such resignation be entitled to receive any
severance compensation, benefit, right or other entitlement pursuant to
Paragraph (B)(3) of Schedule I to the Employment Agreement or otherwise.
Notwithstanding the foregoing, subject to execution of a definitive employment
agreement by and between you and Instinet, as contemplated below, you will be
entitled to the severance compensation and benefits set forth in such agreement
in the event of your resignation from Instinet for "good reason," as defined
therein, if, to the extent and under the circumstances, if any, and in the
amounts provided therein.

III EXECUTION OF INSTINET EMPLOYMENT AGREEMENT.

                  You hereby covenant, acknowledge and agree that the summary of
principal terms attached hereto as Exhibit A (the "Summary") sets forth your
understanding of the principal terms of your compensation and employment
arrangements with Instinet effective as of the Effective Time and that, promptly
following the date hereof, you and Instinet will negotiate in good faith and
execute a definitive employment agreement with Instinet, which agreement will be
based on the Instinet standard form of senior executive employment agreement
previously provided to you and will include the terms set forth in such Summary.
You further understand and agree that the terms set forth in the Summary are
intended to be legally binding upon you and Instinet until such terms are
superceded upon the execution of such definitive employment agreement by you and
Instinet.

                  This letter agreement shall be governed by, and construed in
accordance with, the laws of the State of New York and may be executed in
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same instrument.

                  Please confirm your agreement to all of the terms and
provisions of this side letter, including Schedule A and Exhibit A hereto, by
signing and dating the enclosed copy of this letter agreement and returning such
executed copy to Instinet.

                                       2
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                                      Very truly yours,

                                      Instinet Group Incorporated

                                      By:      /s/ Mark Nienstedt
                                          ----------------------------------
                                          Name:  Mark Nienstedt
                                          Title: Chief Executive Officer

Acknowledged, Accepted and Agreed as of this 9th day of June, 2002:

By: /s/ Matthew Andresen
    ----------------------------
Name:  Matthew Andresen

                                       3
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                                                                       Exhibit A

                          Summary of Principal Terms of
                    Employment Arrangements for Matt Andresen

Title:                     [To come] of Instinet Group Incorporated ("Instinet")

Reporting                  To the Chief Executive Officer of Instinet
Responsibilities:

Annual Salary:             $350,000

Annual Bonus:              Target bonus for 2002 (pro rated from closing) and
                           2003 of $1.4 million, based upon achievement of
                           financial targets and performance goals established
                           by the Compensation Committee of Instinet (the
                           "Committee"), after consultation with the CEO. In any
                           event, Executive will be entitled to a guaranteed
                           minimum bonus for 2002 of $700,000 (pro-rated as
                           described above) and any bonus payable by Island, as
                           approved by the Island Compensation Committee, for
                           the portion of the 2002 year preceding the closing,
                           as pro-rated for such portion of the 2002 year.

Long-Term                  On the date of the closing of the merger (the
Compensation;              "Closing Date"), Executive will receive a one-time
Instinet Option            special retention grant of options to purchase
Grants:                    150,000 Instinet shares, at an exercise price per
                           share equal to the closing price of such shares on
                           the last trading day prior to the Closing Date.(1)
                           Subject to Executive's continued employment, 25% of
                           the special retention options will become vested on
                           the one year anniversary of the Closing Date and the
                           remaining 75% will become vested in 36 equal
                           increments, on each monthly anniversary of the
                           Closing Date, beginning with the thirteen month
                           anniversary of the Closing Date. All other terms of
                           the special options will be governed by the Instinet
                           2000 Stock Option Plan (the "Option Plan").

                           (1) Note that the number of option shares has been
                           established after giving effect to the extraordinary
                           cash dividend to be declared prior to the closing of
                           the Island Holding transaction and the exercise price
                           will be determined based on the market price for
                           Instinet shares after the record date, which will
                           also reflect the effects of the dividend.

                           Executive will be eligible for annual option grants
                           under the Option Plan, beginning in February 2003,
                           for such number of options as may be determined by
                           the Committee, commensurate with Executive's
                           position.

-------------------------
(1) Note that the number of option shares has been established after giving
effect to the extraordinary cash dividend to be declared prior to the closing of
the Island Holding transaction and the exercise price will be determined based
on the market price for Instinet shares after the record date, which will also
reflect the effects of the dividend.

                                       4
<PAGE>
                           Note that, upon a change in control of Instinet,
                           options granted under the Option Plan continue to
                           vest in accordance with their existing vesting
                           schedule, subject to acceleration in the event of a
                           subsequent termination without cause or resignation
                           for good reason.

Employee Benefits:         Executive to participate in all employee and
                           executive benefit plans maintained by Instinet for
                           its executives.

Treatment of Island        All options to purchase Island Holding shares
Holding Options:           currently held by Executive will continue in
                           accordance with their current terms, as converted
                           into options to purchase Instinet shares in
                           accordance with the Merger Agreement.

Treatment of               Datek SARs in respect of Datek Shares to be retained
Datek SARs in              by Executive in accordance with their current terms,
respect of Datek           which include accelerated vesting and exercisability
Shares:                    in the event of a Datek change in control or IPO
                           under certain circumstances.

Lock-Up:                   Executive would be precluded from selling more than
                           150,000 Instinet shares during the 12 month period
                           following the closing of the merger (including those
                           purchased upon exercise of any options).

Consequences of               -        Eighteen months' salary;
Termination without
Cause or Resignation          -        150% of "average bonus" (based on
for Good Reason                        average of prior three years'
(subject to delivery                   bonuses);
of general release):
                              -        continued vesting of options
                                       (including special retention
                                       options and converted Island
                                       Holding options) over the eighteen
                                       month severance period and
                                       exercisability of vested options
                                       during severance period and for 30
                                       days following the expiration
                                       thereof;

                              -        eighteen months' medical benefits;

                              -        pro rata bonus for year of
                                       termination (based on target bonus
                                       for that year); and

                              -        expiration of lock-up on sales of
                                       Instinet shares on termination
                                       without cause. Compensation
                                       Committee may waive lock-up in
                                       whole or in part on a resignation
                                       for good reason.

Definition of              Executive would be required to acknowledge that the
Good Reason:               merger and change in his position do not constitute
                           good reason under his existing agreement. Note that
                           Executive will also be required to waive any right to
                           resign within six months following the merger and
                           receive severance.

                           Going forward, good reason would include material
                           diminution in position,

                                       5
<PAGE>
                           duties, etc., material decrease in base pay or
                           relocation.

Non-Compete/               In case of termination without cause or resignation
Non-Solicit, etc.:         for good reason: 18 months following termination
                           (i.e., severance pay-out period); in all other cases,
                           12 months following termination.

Parachute Tax              None.
Reimbursement
and Gross-Up:

Compensation              Instinet and Executive will negotiate in good faith
Committee                 the terms of a definitive employment agreement to be
Approval;                 executed by Instinet and Executive, which definitive
Definitive                employment agreement will contain all of the
Documentation:            provisions herein and will be based upon the Instinet
                          standard form of senior executive employment
                          agreement.

                                       6

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