Document:

EXHIBIT 10-21
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                     SOFTWARE DEVELOPMENT AND OEM AGREEMENT

         THIS SOFTWARE DEVELOPMENT AND OEM AGREEMENT (this "AGREEMENT") is
entered into as of December 28, 1999 (the "EFFECTIVE DATE"), by and between
MICROSTRATEGY INCORPORATED, a Delaware corporation ("MICROSTRATEGY") and
EXCHANGE APPLICATIONS, INC., a Delaware corporation ("EA").

                                    RECITALS

         1. EA has developed certain proprietary customer relations management
("CRM") software, including, without limitation, VALEX(TM) and eXstatic(TM), all
as described in greater detail hereiN.

         2. MicroStrategy desires to develop certain industry-specific data
models for a set of vertical industries, as described in greater detail herein,
and certain CRM applications which will function in connection with such data
models and with the EA Products (as defined below).

         3. EA desires to integrate the MicroStrategy Software (as defined
herein) with the data models and CRM applications and/or with the EA Products
(as defined herein) and to sublicense such Exchange Applications Solutions
directly to end users.

         4. EA and MicroStrategy believe that it is in their respective best
interests that the foregoing data models, CRM applications, development
environments and certain other developed software (collectively, the "DEVELOPED
PRODUCTS", as defined and described in greater detail in Section 1), be
developed.

         5. To achieve the development of the Developed Products, EA and
MicroStrategy have agreed to engage in certain joint development work and to
grant certain technology licenses as set forth in this Agreement.

         6. To facilitate the development of the Developed Products and
integration of the Developed Products with the EA Products and the MicroStrategy
Software, MicroStrategy has agreed to create a business unit dedicated to the
development and maintenance of the foregoing.

         7. EA and MicroStrategy have also agreed on the basis on which they
will engage in certain joint marketing efforts to achieve commercial success for
the Developed Products.

         ACCORDINGLY, EA and MicroStrategy agree as follows:

                                    AGREEMENT

1. DEFINITIONS. In addition to those terms that are defined where first used,
the following definitions shall apply:

         "APPLICATIONS" means the CRM applications developed by MicroStrategy
pursuant to this Agreement, which will consist of a set of analytic CRM
functionalities for certain horizontal and/or vertical industries as applied to
the Data Models. The Applications may include, without
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limitation, customer and segment analysis, sales and channel analysis, campaign
and offer analysis and market basket analysis.

         "CONFIDENTIAL INFORMATION" means any confidential or proprietary
information, including without limitation any source code, software tools,
designs, schematics, plans or any other information relating to any research
project, work in process, future development, scientific, engineering,
manufacturing, marketing or business plan, or financial or personnel matter
relating to either party, its present or future products, sales, suppliers,
customers, employees, investors or business, identified by the disclosing party
as Confidential Information, whether in oral form, or in written, graphic or
electronic form and marked as confidential or disclosed under circumstances that
would lead a reasonable person to conclude that the information was
confidential, including without limitation, the source code related to the EA
Products, the MicroStrategy Software and the Developed Products.

         "DATA MODELS" means the industry-specific models for the storage of
information developed by MicroStrategy pursuant to this Agreement, which may
include, without limitation, the following vertical industries: banking, mutual
fund and brokerage, telecommunications, transportation, automotive, retail
catalogue, business-to-business high technology and business-to-consumer
Internet.

         "DERIVATIVE WORK" means a work which is based on the Developed
Products, such as a revision, enhancement, modification, translation,
abridgement, condensation, expansion, or any other form in which the Developed
Products may be recast, transformed, or adapted, and which, if prepared without
authorization of the owner of the copyright in such product, would constitute a
copyright infringement. For purposes hereof, Derivative Work shall also include
any compilation that incorporates a Developed Product.

         "DEVELOPED PRODUCTS" means, collectively, the Data Models, Applications
and certain other developed software developed pursuant to the Work Plan (as
defined in Section 2.1(a)) as such Work Plan may be amended and/or modified from
time to time pursuant to the terms of the Work Plan.

         "EA KNOW-HOW" means the techniques, inventions, practices, methods,
knowledge, designs, skill and experience relating to the EA Products that are to
be disclosed by EA to MicroStrategy pursuant to this Agreement and that are
proprietary to EA.

         "EA PATENTS" means patents related to the EA Products, including
without limitation, all foreign counterparts, all substitutions, extensions,
reissues, renewals, divisions, continuations and continuations in part relating
to such patents and their foreign counterparts, and which are owned or
controlled by EA (where "CONTROLLED" means licensed by EA with a royalty-free
right to grant sublicenses).

         "EA PRODUCTS" means EA's proprietary CRM and email software products
and other CRM products and CRM applications, currently existing or which may be
later developed by EA, including, without limitation, VALEX(TM) and eXstatic(TM)
and which may include third party licensed software products as an integrated
component thereof.

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         "EA TECHNOLOGY" means (i) the inventions, designs, discoveries and
processes claimed in the EA Patents and (ii) the EA Know-How.

         "EVALUATION" means an installation of an Exchange Applications Solution
(as defined herein) for a period of sixty (60) days or less under the terms and
conditions specified herein during which an end user may evaluate the Exchange
Applications Solution for its internal use.

         "IMPROVEMENTS" means any improvements, discoveries, developments,
modifications or derivative works, whether or not patentable.

         "INTELLECTUAL PROPERTY RIGHTS" means all current and future trade
secrets, copyrights, patents and other patent rights, trademark rights, service
mark rights, mask work rights and any and all other intellectual property or
proprietary rights now known or hereafter recognized in any jurisdiction.

         "MICROSTRATEGY KNOW-HOW" means the techniques, inventions, practices,
methods, knowledge, designs, skill and experience that are proprietary to
MicroStrategy and that were employed by MicroStrategy in the development of the
MicroStrategy Software or will be employed by MicroStrategy in the development
of the Developed Products, pursuant to this Agreement.

         "MICROSTRATEGY PATENTS" means patents related to the MicroStrategy
Software, including without limitation, all foreign counterparts, all
substitutions, extensions, reissues, renewals, divisions, continuations and
continuations in part relating to such patents and their foreign counterparts,
and which are owned or controlled by MicroStrategy (where "CONTROLLED" means
licensed by MicroStrategy with a royalty-free right to grant sublicenses).

         "MICROSTRATEGY SOFTWARE" means the entire MicroStrategy product suite
which is made generally available to end users during the term of this Agreement
and which is set forth in Exhibit A in the form in which such product suite
exists as of the Effective Date and as such may be amended by MicroStrategy from
time to time during the term hereof, subject to the requirements set forth in
Section 4.9(g)(ii).

         "MICROSTRATEGY TECHNOLOGY" means (i) the inventions, designs,
discoveries and processes claimed in the MicroStrategy Patents and (ii) the
MicroStrategy Know-how.

         "OPERATIVE AGREEMENTS" means, collectively, this Agreement, the Payment
and Registration Rights Agreement, the Joint Marketing Agreement, the License
Agreement and the Strategy.com Master Affiliation Agreement.

         "QUALIFIED EVENT" means the sale of all or a substantial part of a
party's assets or a stock sale where pre-event shareholders hold less than a
majority of the capital stock of the party after such event, whether by
acquisition, merger or otherwise.

         "TERRITORY" means the World.

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         "TESTING" means the testing of the G. A. version of the Developed
Products contemplated by Section 2.4 to ensure compatibility, in all material
respects, with the Specifications to be developed by the Steering Committee (as
defined in Section 2.1).

         "USER DOCUMENTATION" means all instructional and technical materials
and related literature provided by MicroStrategy which is to be distributed to
end users in connection with the Developed Products and/or the MicroStrategy
Software.

         "VAR AGREEMENT" means the value-added reseller agreement between the
parties that will exist upon conversion of this Agreement in accordance with the
provisions herein which shall be substantially in the form set forth in Exhibit
B hereto.

2. DEVELOPMENT OF DEVELOPED PRODUCTS; LICENSE FEE; VAR AGREEMENT SUPERSEDED.

     2.1 DEVELOPMENT PROGRAM; CREATION OF BUSINESS UNIT AND STEERING COMMITTEE;
ONGOING OBLIGATIONS.

         (a) Promptly following the execution of this Agreement, MicroStrategy
will create a business unit (the "BUSINESS UNIT"), which will include an
engineering team, dedicated to the development and maintenance, support,
integration and testing of the Developed Products pursuant to the terms of this
Agreement. The composition of the Business Unit, development overview and the
development objectives are set forth in Exhibit C, which shall be subject to
modification as set forth in the Work Plan. The parties will establish a
steering committee (the "STEERING COMMITTEE") promptly following the Effective
Date, which committee will be dedicated to setting the direction for development
of the Developed Products and the other development obligations of the Business
Unit as set forth in the Work Plan, including, without limitation, the
establishment of quarterly milestones ("Milestones"). The composition,
process-related responsibilities and operations of the Steering Committee are
set forth in Exhibit D (collectively, with Exhibit C, the "WORK PLAN").
MicroStrategy will allow EA complete access to the Business Unit at all times
during normal business hours, and all reasonable efforts shall be made by EA so
that such access does not interfere with the development responsibilities of the
Business Unit and/or the achievement of Milestones. EA will have the option, at
its discretion, to locate up to ten (10) members of its own engineering and
development team at the site established by MicroStrategy for the location of
the Business Unit, and MicroStrategy will provide EA with adequate space to
accommodate the foregoing. The Steering Committee shall develop the
specifications for the Developed Products (the "SPECIFICATIONS"). Upon
termination of the Business Unit duties by EA as provided in this Agreement or
upon termination of this Agreement for any reason, excluding material breach by
EA, MicroStrategy shall promptly deliver to EA the source code to all Developed
Products which have been completed and/or are in process as of the termination
date, product and design specifications, User Documentation, test data, and
other related information reasonably requested by EA (collectively, the
"DELIVERIES"). From time-to-time as the Developed Products are completed and
tested pursuant to Work Plan and/or upon the request of EA, MicroStrategy shall
make the Deliveries (or that portion thereof requested by EA) to EA.

         (b) MicroStrategy shall maintain and support (by providing research and
development support and bug fixes to EA) the Developed Products and all software
licensed by

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MicroStategy hereunder during the term of this Agreement and any renewal periods
thereof as such software is actually used by the end user. The foregoing support
shall be provided in accordance, in all material respects, with MicroStrategy's
standard technical support procedures. In addition, MicroStrategy will provide
testing and quality engineering support for the Developed Products utilizing its
Quality Engineering and Beta Programs groups, which group will provide the
results of their tests to EA. MicroStrategy will designate a dedicated product
manager for the Developed Products, create demonstrations of the Applications
and develop pre-sales consulting materials for the Applications.

         (c) Subject to the right of either party under Section 10 to terminate
this Agreement, the Business Unit will develop the Developed Products in
accordance with the Specifications in all material respects, and will perform
the tasks and furnish the deliverables described in the Work Plan, as such may
be modified pursuant to the procedures set forth therein. The parties shall meet
on a periodic basis in connection with the establishment of deliverables
pursuant to the Work Plan to identify with specificity and in writing the
Developed Products.

         (d) The parties shall work in good faith to finalize the form of VAR
Agreement within thirty (30) days after the Effective Date.

     2.2 LICENSE FEE.

         (a) EA will pay MicroStrategy a license fee (the "LICENSE FEE") of
sixty five million dollars ($65,000,000) in cash and EA common stock in the
respective amounts and in accordance with the payment schedule set forth in the
Payment and Registration Rights Agreement by and between the parties dated as of
the Effective Date and attached hereto as Exhibit E (the "PAYMENT AND
REGISTRATION RIGHTS AGREEMENT"), in consideration of the rights, licenses and
obligations of the parties under this Agreement and the Exhibits hereto.

         (b) Except as set forth in the foregoing paragraphs of this subsection
2.2 or as otherwise expressly provided in this Agreement, each party will bear
its own costs incurred by it to accomplish its responsibilities in the
development effort.

     2.3 BUSINESS UNIT CHANGES. The parties' respective project managers shall
participate in project review meetings as mutually agreed. MicroStrategy may
change or substitute members of the Business Unit at its discretion from time to
time. Notwithstanding the foregoing, MicroStrategy shall adhere to the
then-current requirements of the Work Plan regarding the skill levels and other
qualifications of the Business Unit members.

     2.4 CONFORMANCE TESTING. MicroStrategy will complete development and
delivery of the deliverable items set forth in the Work Plan in accordance with
the Milestones set forth therein. Upon completion of the Milestones, including,
without limitation, final completion of the Developed Products and the
performance of product quality and conformance testing of the G.A. version of
the Developed Products by MicroStrategy based upon testing criteria and
Specifications established by the Steering Committee, EA have the right to
confirm the results of such product quality and performance testing.

     2.5 DEMONSTRATION ENVIRONMENT. MicroStrategy agrees to allocate a portion
of the Business Unit toward the development of a demonstration environment for
the Exchange

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Applications Solution and the Developed Products at EA's site. In connection
with the foregoing, MicroStrategy shall provide the MicroStrategy Software, the
Developed products and certain Business Unit personnel as selected by
MicroStrategy (collectively, the "MicroStrategy Resources"), and EA shall be
responsible for all third party software, all hardware and all costs related to
the demonstration environment, excluding those directly related to the
MicroStrategy Resources, or as otherwise specifically provided for in the Work
Plan.

     2.6 TERMINATION OF VAR AGREEMENT. The parties acknowledge and agree that
this Agreement supersedes and replaces that DSS Partner Value-Added Reseller
Agreement between the parties dated June 1, 1999, which is hereby terminated
pursuant to Section 15.9 thereof. All licenses to end users granted under the
foregoing agreement will survive such termination, all obligations set forth in
Section 14.6 shall survive, and MicroStrategy's obligations under Section 9.2
thereof for support shall be pursuant to this Agreement in lieu of its support
obligations thereunder.

     2.7 SOURCE CODE ESCROW. WITHIN TEN (10) DAYS AFTER the Effective Date, the
parties shall enter into a Source Code Escrow Addendum in respect of the
MicroStrategy Software in substantially the form provided to MicroStrategy's
other customers (the "SOURCE CODE ESCROW ADDENDUM").

3. JOINT MARKETING AND SALES; JOINT MARKETING AGREEMENT. The parties' respective
obligations regarding marketing and promotion of the Developed Products and
certain mutually agreed upon details regarding their relationship as embodied in
this Agreement shall be as set forth in a Joint Marketing Agreement in the form
attached hereto as Exhibit F.

4. JOINT OWNERSHIP OF DEVELOPED PRODUCTS; OEM LICENSE GRANTS TO MICROSTRATEGY
SOFTWARE.

     4.1 JOINT OWNERSHIP; RESTRICTION ON SALE. MicroStrategy and EA shall
jointly own all right, title and interest worldwide in and to the Developed
Products including, without limitation, patents, copyrights, trade secrets and
any other Intellectual Property Rights (including trademarks and trade names
related to the Developed Products, but excluding any trademarks and trade names
owned individually by either party) incorporated in the Developed Products,
whether in the United States or abroad, which ownership rights shall be subject
to the restrictions set forth in Sections 4.7, 4.8 and elsewhere in this
Agreement. EA acknowledges that MicroStrategy has not filed any patent
applications nor obtained any issued patents on the Developed Products as of the
Effective Date. It is the intention of the parties that all the Intellectual
Property Rights (including any related trademarks and trade names, but excluding
those owned individually by either party) in the Developed Products shall be
jointly owned without any duty to account (except in the event of infringement
as provided in Section 4.12 or share any royalties (except as provided in
Section 11.1) based on the licensing or use of the Developed Products by the
other party. Notwithstanding the foregoing and except pursuant to Section 10.3,
during the period of time that the Business Unit obligations are continuing
hereunder and for a period of six (6) months thereafter (the "Lockup Period"),
neither party may sell, assign, transfer or encumber its ownership interest in
the Developed Products (a "Transfer of Ownership") without the other party's
prior written consent, which may be granted or withheld in such party's sole
discretion. After the Lockup Period, either party shall have the

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right to engage in a Transfer of Ownership, provided that such transfer shall
shall be a transfer of the transferring party's joint ownership interest in the
Developed Products only (subject to the restrictions set forth in this
Agreement), and shall not entail a transfer or assignment of any license or
other rights granted by MicroStrategy pursuant to this Agreement or of any
obligations of MicroStrategy hereunder.

     4.2 ENFORCEMENT OF INTELLECTUAL PROPERTY RIGHTS. Upon reasonable request,
each party (the "ASSISTING Party") will assist the other party (the "REQUESTING
PARTY") in every proper way to obtain and from time to time enforce, United
States and foreign Intellectual Property Rights related to the Developed
Products in any and all countries. To that end, the Assisting Party will
execute, verify and deliver such documents and perform such other acts
(including appearances as a witness) as the Requesting Party may reasonably
request for use in applying for, obtaining, perfecting, evidencing, sustaining
and enforcing such Intellectual Property Rights and the Requesting Party's joint
ownership interest therein. The Assisting Party's obligation to assist the
Requesting Party with respect to such Intellectual Property Rights relating to
the Developed Products in any and all countries shall continue for a period of
five (5) years after expiration or termination of this Agreement, which expenses
shall be shared by the parties as they may mutually agree. In addition, the
Assisting Party will execute any license agreement which is consistent with the
rights granted and the terms set forth in this Agreement requiring the names of
both co-owners to make the license granted therein enforceable.

     4.3 EXECUTION OF DOCUMENTS. In the event the Requesting Party is unable for
any reason, after reasonable effort (which shall include the issuance of a final
notice pursuant to the notice provisions hereof), to secure the Assisting
Party's signature on any document needed in connection with the actions
specified in Section 4.2 above, the Assisting Party hereby irrevocably
designates and appoints the Requesting Party and its duly authorized officers
and agents as its agent and attorney in fact, which appointment is coupled with
an interest, to act for and in its behalf to execute, verify and file any such
documents and to do all other lawfully permitted acts to further the purposes of
the preceding paragraph with the same legal force and effect as if executed by
the Assisting Party.

     4.4 COPYRIGHT NOTICES ON DEVELOPED PRODUCTS. EA and MicroStrategy agree
that all copies of the Developed Products and any Derivative Works, whether or
not modified, made by EA or MicroStrategy, or their respective licensees or
sublicensees, will contain applicable proprietary notices as described in
greater detail in Exhibit G. In addition, EA and MicroStrategy agree to include
an applicable copyright notice, as described in greater detail in Exhibit G, in
or on the media of all copies of the Developed Products or any Derivative Work.

     4.5 DERIVATIVE WORKS. Neither party shall have the obligation to share or
disclose its own respective Derivative Works to the other party. Notwithstanding
the provisions of Section 8, either party may prepare and file a patent
application for its own Derivative Work in any country; provided that such party
(i) notifies the other party, in writing, at least sixty (60) days prior to
submitting such patent application; and (ii) describes the scope of the proposed
patent application and the countries in which it desires to seek patent
protection. The ownership of the patent on the Derivative Work and the
application therefor, excluding any patent or other intellectual property rights
related to the Developed Product underlying the Derivative Work or upon which
such Derivative Work is based, shall be vested in the party which is the
developer of

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such Derivative Work. Notwithstanding any of the foregoing, in no event shall
either party (the "Non-Creating Party") bring an action to enforce any rights to
seek remedies against the other party (the "Creating Party"), its customers or
licensees based upon a claim that the Creating Party's Derivative Works infringe
upon the Non-Creating Party's Intellectual Property Rights. Notwithstanding the
foregoing, nothing stated herein shall allow either party to create Derivative
Works in violation of its obligations with respect to Confidential Information
contained in Section 8 or to create Derivative Works which infringe upon the
other party's intellectual property rights related to the MicroStrategy Software
or the EA Products, as applicable.

     4.6 TRADEMARK LICENSE. MicroStrategy hereby grants to EA an unrestricted,
terminable (pursuant to Section 10), non-exclusive, royalty-free, world-wide
license (without the right of sublicense) to use all trademarks and trade names
owned by MicroStrategy and associated with the Developed Products and the
MicroStrategy Software (herein the "TRADEMARKS") in conjunction with any
licensing and/or sublicensing, as applicable, of such products to end users in
accordance with the terms of this Agreement. EA agrees to state in appropriate
places, as designated by MicroStrategy and described in greater detail in
Exhibit H, that the Trademarks are the trademarks of MicroStrategy and to
include the symbols TM and (R) as appropriate. EA agrees to maintain the quality
of the EA Products licensed in connection with the use of the Trademarks, to use
the Trademarks in accordance with guidelines and instructions as may be
reasonably promulgated by MicroStrategy from time to time, and to provide to
MicroStrategy, upon reasonable request, representative samples of product
packaging using the Trademarks. EA agrees to take all actions reasonably
necessary or requested by MicroStrategy to protect MicroStrategy's rights in the
Trademarks.

     4.7 CHANNEL DISTRIBUTION. Both parties agree to only license the Developed
Products directly to end users. Neither MicroStrategy nor EA will sell or
license the Developed Products to any third party distributor, subdistributor,
multiple tiers of subdistributors, any value-added reseller, resellers or
original equipment manufacturers (a "CHANNEL") without the express written
consent of the other party. In the event that the non-transferring party
consents to the proposed sublicensing or distribution of the Developed Products
by a Channel, the parties will negotiate in good faith the terms of a
three-party agreement providing, among other things as negotiated by the
parties, that MicroStrategy and EA would share in the revenue generated from the
sublicensing and/or distribution by the Channel of the integrated solutions that
include Developed Products, any EA Products and/or MicroStrategy Software
bundled therewith. Notwithstanding the foregoing, nothing stated herein shall
prohibit EA from sublicensing and/or distributing the Developed Products and/or
the MicroStrategy Software (subject to the other restrictions and obligations
set forth in this Agreement) using Axiom Corporation ("Axiom") as a Channel,
provided that Axiom sublicenses and/or distributes the foregoing software
products directly to End Users and not by means of a Channel. In the event of
the foregoing, the parties shall negotiate in good faith and mutually agree in
advance upon a revenue sharing arrangement that compensates MicroStrategy
adequately based upon the amount of MicroStrategy Software embedded or
integrated with each product sublicensed or distributed by Axiom.

     4.8 ADDITIONAL USAGE RESTRICTIONS. Both parties acknowledge and agree that
either party may license the object code of the Developed Products and/or its
own respective Derivative Works (in object code format only) to end users in
accordance with its standard licensing practices, provided that such license
includes adequate prohibitions on obtaining Source Code

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through reverse engineering. For the purposes of this Agreement, the term
"SOURCE CODE" shall mean the human-readable coded version of the Developed
Products and all related program documentation such that a programmer reasonably
skilled in the relevant programming language could read, understand and modify
the Developed Products. For the avoidance of doubt, the parties acknowledge and
agree that the Developed Products may be used by the parties (but not their
licensees) to provide time sharing, service bureau and/or ASP services.

4.9 MICROSTRATEGY OEM LICENSE GRANTS TO MICROSTRATEGY SOFTWARE; OEM LICENSE
RESTRICTIONS.

         (a) INTERNAL USE LICENSE. Subject to the fees payable hereunder,
MicroStrategy hereby agrees to grant to EA a royalty-free (except as provided in
Section 10), worldwide, limited (as provided in the License Agreement, as
defined below), non-exclusive and non-transferable license to use the
MicroStrategy Software in accordance with the terms and conditions set forth in
the form of License Agreement attached hereto as Exhibit I and hereby
incorporated by reference into this Agreement (the "LICENSE AGREEMENT"). The
foregoing license grant shall be coterminous with this Agreement and the VAR
Agreement. For the avoidance of doubt, EA may use the MicroStrategy Software in
connection with providing time sharing, service bureau and/or ASP services.

         (b) DEVELOPMENT LICENSE. MicroStrategy hereby grants EA a
non-exclusive, non-transferable license to use the MicroStrategy Software in a
non-production environment for the limited purpose of establishing the
compatibility of the products included in the MicroStrategy Software with the EA
Products.

         (c) LICENSE TO MARKET, SUBLICENSE AND DISTRIBUTE. MicroStrategy hereby
grants EA a license to copy (in object code form only), market, sublicense and
distribute the MicroStrategy Software and related User Documentation, including
any updates thereto provided to EA pursuant to this Agreement, in conjunction
with an Exchange Applications Solution and/or a Developed Product in the
Territory. All licenses to the MicroStrategy Software granted hereunder shall be
"ramped" or granted on a staggered basis in accordance with the delivery
schedule set forth in Exhibit J. This is not a license to market, sublicense or
distribute the MicroStrategy Software or User Documentation separately or to
copy the MicroStrategy Software for such purposes, and such action shall be a
material breach of this Agreement. EA shall sublicense and distribute the
MicroStrategy Software and User Documentation directly to end users solely
through a written sublicense agreement ("END USER LICENSE AGREEMENT") that
includes, at a minimum, contractual provisions that:

             (i) Restrict use of the MicroStrategy Software solely to use with
an Exchange Applications Solution and/or a Developed Product. For purposes of
this provision, an "Exchange Applications Solution" is the combination of the EA
Products with the MicroStrategy Software in order to create a "CRM/eCRM
Application." For purposes of this subsection, a CRM/eCRM Application means an
application that contains a substantial customer-centric data model with at
least 100 elements and a reasonable number of packaged analytical reports (I.E.,
10 or more such reports). MicroStrategy acknowledges and agrees that there may
be more than one Exchange Applications Solution.

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             (ii) Restrict use of the MicroStrategy Software to use in object
code form.

             (iii) License the MicroStrategy Software on a named user basis
exclusively for each named end user's internal business purposes.

             (iv) Prohibit transfer or duplication of the MicroStrategy Software
except for temporary transfer in the event of computer malfunction and
duplication as part of routine back-up procedures.

             (v) Prohibit assignment of the MicroStrategy Software without the
prior written consent of EA.

             (vi) Prohibit the use of the MicroStrategy Software by any third
party except agents and consultants of end users who have signed a
confidentiality agreement that requires at least a reasonable standard of care
in the protection of MicroStrategy Confidential Information.

             (vii) Prohibit causing or permitting the reverse engineering,
disassembly or decompilation of the MicroStrategy Software.

             (viii) Prohibit title to the MicroStrategy Software from passing to
end users.

             (ix) Disclaim MicroStrategy's liability for damages, whether direct
or indirect, incidental or consequential, arising in connection with the End
User License Agreement.

             (x) State that MicroStrategy makes no direct warranty of any kind
to end users under the End User License Agreement.

             (xi) Prohibit disclosure to any third party of any results of any
benchmark tests or quantitative analyses of the MicroStrategy Software.

             (xii) Require end users to use a commercially reasonable degree of
care to protect the Confidential Information of MicroStrategy and prohibit end
users from, directly or indirectly, (a) using any Confidential Information of
MicroStrategy to create any computer software program or user documentation that
is substantially similar to any MicroStrategy product or user documentation, or
(b) using or disclosing Confidential Information of MicroStrategy, except as
authorized by this Agreement.

             (xiii) Disclaim MicroStrategy's liability for any taxes or duties,
however designated or levied (including, but not limited to sales, use and
personal property taxes).

         (d) LICENSE TO DEMONSTRATE. MicroStrategy hereby grants to EA a license
to demonstrate the MicroStrategy Software in conjunction with an Exchange
Applications Solution and/or a Developed Product in the Territory. MicroStrategy
shall provide EA copies of the MicroStrategy Software for demonstration
purposes. EA shall take all reasonable precautions

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against unauthorized disclosure or copying of MicroStrategy Software while the
Exchange Applications Solution is being demonstrated. EA shall take all
reasonable steps to ensure that the MicroStrategy Software is inaccessible
during inactive demonstration times, delete any demonstration copies of the
MicroStrategy Software installed on the potential customer's computers upon
completion of any demonstration at a customer site and further exercise
commercially reasonable efforts to ensure the security of the MicroStrategy
Software.

         (e) LICENSE TO GRANT EVALUATION LICENSES. MicroStrategy grants to EA a
license to allow Evaluations of the MicroStrategy Software in conjunction with
the EA Products in the Territory, but only pursuant to a written agreement that
contains the restrictions set forth in this Section. MicroStrategy shall provide
EA with copies of the MicroStrategy Software for Evaluations. EA shall take all
reasonable precautions against unauthorized disclosure or copying of
MicroStrategy Software during Evaluations. When an Evaluation ends, if an End
User does not license the Exchange Applications Solutions, EA shall require that
all copies of the Exchange Applications Solutions be promptly removed from such
end user's facilities and returned to EA.

         (f) EA COVENANTS. In connection with the license granted in this
Section 4.9, EA covenants and agrees: (i) not to distribute the MicroStrategy
Software, except as part of an Exchange Applications Solution (as defined in
Section 4.9(c)(i)); (ii) not to distribute the MicroStrategy Software
electronically; and (iii) not to distribute the MicroStrategy Software through
Channels of distribution, except as permitted under Section 4.7.

         (g) MICROSTRATEGY SOFTWARE OEM LICENSE RESTRICTIONS AND EA COVENANTS.
The rights granted in this Section 4.9 are expressly limited to and restricted
by the following:

             (i) No copies may be made of MicroStrategy Software except as
explicitly authorized by this Agreement or the applicable End User License
Agreement. EA shall have no right to manufacture, modify, or copy User
Documentation. Notwithstanding the foregoing, EA shall have the right to make a
reasonable number of copies of the User Documentation for purposes consistent
with this Agreement, provided that such copies are of the same quality as the
originals as provided by MicroStrategy.

             (ii) MicroStrategy reserves the right to amend, modify, enhance,
add to or delete from the list of MicroStrategy Software upon thirty (30) days'
written notice to EA so long as the list includes at all times any software
product then actively marketed by MicroStrategy in the United States, provided,
however, that such modifications to the list of MicroStrategy Software shall not
apply to proposals to end users outstanding on the notice date of such
modifications until the earlier of (i) the proposal expiration date or (ii)
sixty (60) days from the notice date, provided that EA provides a list of such
end users to MicroStrategy within thirty (30) days of the notice date. The list
of end users shall include (i) the name of the end user, (ii) the date of the
proposal, and (iii) the expiration date of the proposal. This Agreement shall
automatically cover all such amendments, modifications, or enhancements to the
list of MicroStrategy Software. MicroStrategy's support obligations for
MicroStrategy Software (for End Users and EA) that is phased out in accordance
with this subsection shall be handled pursuant to MicroStrategy's standard
support policies and procedures then in effect, but in no event, shall EA or its
end users be accorded less favorable treatment than MicroStategy's direct

                                       11
<PAGE>

customers. Notwithstanding the foregoing, EA shall continue to retain its
license rights under this Section 4.9 for all MicroStrategy Software, including
those products that are phased out or discontinued as provided above
(collectively, the "DISCONTINUED PRODUCTS"), provided, however, that,
notwithstanding the foregoing, MicroStrategy shall have no warranty, support,
indemnification or other obligations whatsoever with respect to the Discontinued
Products, which shall be licensed on an "AS IS" basis as of the date which is
thirty (30) days after the date of written notice to EA as provided herein. EA
shall be entitled to the source code to a Discontinued Product pursuant to the
terms and restrictions of the Source Code Escrow Addendum at such time, if ever,
that MicroStrategy ceases to provide Technical Support Services (as defined in
the Source Code Escrow Addendum) for that particular Discontinued Product.

             (iii) EA agrees that it will not, either directly or through a
third party, use MicroStrategy Software, the source code, or a derivative
thereof, or any Confidential Information of MicroStrategy, to create, modify or
enhance any computer software programs or user documentation which is
functionally, visually, or otherwise identical or substantially similar to any
MicroStrategy Software.

             (iv) EA agrees that it will not, either directly or through a third
party, reverse engineer, disassemble or decompile any of the MicroStrategy
Software, or make any attempt to obtain or derive the source code from any
MicroStrategy Software, whether or not such product is listed in Exhibit A.

             (v) EA agrees that it will not permit any End Users to rent or
lease MicroStrategy Software or use of MicroStrategy Software (I.E., timeshares
or service bureaus).

             (vi) Regardless of any disclosure by EA to MicroStrategy of an
ultimate destination of MicroStrategy Software, EA shall not transfer or
re-export MicroStrategy Software, any goods created with MicroStrategy Software,
related documentation, or other related proprietary information, to anyone
outside the United States as to which export may be in violation of the United
States export laws or regulations, without first obtaining the appropriate
license from the U.S. Department of Commerce and/or any other agency or
department of the U.S. Government, as required.

     4.10 RESERVED RIGHTS. Any rights to or under MicroStrategy's Intellectual
Property Rights or the MicroStrategy Software not expressly granted in this
Agreement are expressly reserved by MicroStrategy. In addition, MicroStrategy
reserves the right to amend the list of provisions that must appear in the End
User License Agreement as set forth in Section 4.9(c)(ii) through (xiii) upon
ninety (90) days' advance, written notice; provided, however, that such amended
provisions shall be commercially reasonable and apply only to End User License
Agreements executed by EA subsequent to the expiration of the ninety (90) day
notice period.

     4.11 INTELLECTUAL PROPERTY MARKINGS ON MICROSTRATEGY SOFTWARE. EA will
comply with MicroStrategy's instructions regarding the marking of the
MicroStrategy Software and accompanying User Documentation with a notice
reflecting MicroStrategy's ownership of certain Intellectual Property Rights
embodied therein.

                                       12
<PAGE>

     4.12 INFRINGEMENT BY THIRD PARTIES. If either party learns of any possible
infringement or misappropriation of the other party's Intellectual Property
Rights, it shall immediately give notice thereof to the other party. Each party
agrees to cooperate with the other party's reasonable efforts to seek legal
remedies for such infringements and misappropriations. In the event of any
successful claim of infringement (a "CLAIM") of the Intellectual Property Rights
embodied in the Developed Products against a third party or any settlement
thereof involving a monetary recovery, MicroStrategy and EA agree to share
equally the net proceeds derived from the disposition or settlement of such
Claim after deducting from such proceeds each party's costs in connection
therewith to the extent that such costs are not otherwise directly covered by
the settlement amount or court award.

5. WARRANTY; DISCLAIMER OF WARRANTIES.

     5.1 WARRANTY. MicroStrategy warrants to EA for a period of ninety (90) days
from the date of delivery of the MicroStrategy Software to EA that each
unmodified MicroStrategy Software product will perform in substantial
conformance with the functions described in the User Documentation. In addition,
MicroStrategy warrants to EA through December 31, 2001 that the unmodified
MicroStrategy Software products will not fail or produce incorrect results when
processing with four (4)- digit dates for the year 2000; provided, however, that
MicroStrategy makes no warranty with respect to any such failure or incorrect
result that may arise due to: (i) the quality of the data sought to be processed
with the MicroStrategy Software; (ii) the effect of other software not licensed
by MicroStrategy to EA or developed by MicroStrategy for EA; or (iii) the use of
the MicroStrategy Software in an operating environment or on a platform not
specified by MicroStrategy. MicroStrategy Software warranty claims must be
brought within the warranty period. For any breach of the warranties contained
herein, EA's exclusive remedy and MicroStrategy's entire liability shall be, at
MicroStrategy's sole discretion, the correction of the MicroStrategy Software
errors that cause breach of the warranty, replacement of the MicroStrategy
Software which is experiencing the error or return of the License Fees allocable
to the non-conforming MicroStrategy Software product (or in the case of a breach
of the warranty contained in the second sentence of this Section 5.1, a
pro-rated portion of such license fees) upon EA's return of such MicroStrategy
Software product to MicroStrategy.

     5.2 MICROSTRATEGY DISCLAIMER. EXCEPT AS PROVIDED HEREIN, THE MICROSTRATEGY
SOFTWARE IS BEING LICENSED "AS IS" WITHOUT WARRANTY OF ANY KIND. EXCEPT FOR THE
RIGHT OF EA TO CONFIRM THE RESULTS OF MICROSTRATEGY'S CONFORMANCE TESTS PURSUANT
TO SECTION 2.4, THE DEVELOPED PRODUCTS ARE BEING FURNISHED "AS IS" WITHOUT
WARRANTY OF ANY KIND. EXCEPT AS EXPRESSLY PROVIDED IN THIS SECTION 5,
MICROSTRATEGY MAKES NO WARRANTIES, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, AS
TO ANY MATTER WHATSOEVER. IN PARTICULAR, ANY AND ALL WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE EXPRESSLY EXCLUDED.

     5.3 EA DISCLAIMER. EXCEPT AS PROVIDED IN THIS AGREEMENT, EA MAKES NO
WARRANTIES, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, AS TO THE DEVELOPED
PRODUCTS AND/OR ITS DERIVATIVE WORKS.

                                       13
<PAGE>

6. SUPPORT, MAINTENANCE AND CONSULTING.

     6.1 EA SUPPORT OPTIONS. EA will have the option of either: (i) providing
level I support to end users ("END USERS") ("LEVEL 1 SUPPORT") for all
EA-branded offerings of the Developed Products with MicroStrategy providing
level 2 support ("LEVEL 2 SUPPORT"), or (ii) MicroStrategy providing both Level
1 and Level 2 Support for such offerings. Level 1 Support will consist of (i)
initial contact with the End User to define a code or documentation problem;
(ii) provision of answers to questions about product functionality to the extent
reasonably possible; and (iii) an attempt to resolve the call. Level 2 Support
will consist of (i) receipt of problem definition and scope and all related data
and materials from first level support personnel of EA; (ii) an attempt to
provide solutions or workarounds for the problem; (iii) formulation of plans for
collection of additional data relating to the problem; (iv) the collection of
additional data relating to the problem, and (v) the provision of bug fixes
and/or patches for problems in conformance with MicroStrategy's standard support
procedures then in effect.

     6.2 SUPPORT ROYALTIES. Regardless of which of the options set forth in
Section 6.1 that EA chooses, EA shall pay to MicroStrategy a royalty of eight
percent (8%) of the license fees (assuming a maintenance rate of 16% of the
applicable end user license fees) EA receives for, or that are attributable to,
the MicroStrategy Software component of the product licensed by EA. The
MicroStrategy Software component value shall be calculated based on the lesser
of: (a) thirty percent (30%) of the MicroStrategy list price then in effect for
the MicroStrategy Software which is bundled with, or included in, the Exchange
Applications Solution, or (b) fifty percent (50%) of the actual price for the
Exchange Application Solution. This arrangement will be reciprocal for support
provided by EA (I.E., MicroStrategy will pay EA an 8% royalty) in connection
with MicroStrategy-branded offerings of the Developed Products. In connection
with the foregoing, each party agrees to charge End Users an amount equal to
sixteen percent (16%) of the applicable product license fees for maintenance and
support services. The royalty payment terms in Section 11.1 shall apply to the
payment of all royalties hereunder.

7. INDEMNITIES.

     7.1 INDEMNIFICATION.

(a) MicroStrategy shall indemnify, defend and hold EA harmless from and against
any and all liabilities, losses, damages, fees, costs and expenses, including
without limitation reasonable attorneys' fees, incurred by EA resulting from a
third party claim, suit, action or proceeding (a "Claim") alleging that the
MicroStrategy Software, the Developed Products or MicroStrategy's Derivative
Works (collectively, the "Indemnified Products") infringes or misappropriates a
third party U.S. patent, copyright, trade secret or other intellectual property
right; provided that EA (i) promptly notifies MicroStrategy in writing of such
Claim; (ii) provides MicroStrategy sole control of the defense or settlement of
such claim; and (iii) provides MicroStrategy assistance at MicroStrategy's
request and reasonable expense. EA may participate in the defense or settlement
of the Claim at its own expense. If a final injunction is obtained against EA
for use of the MicroStrategy Software or the Developed Products or licensing of
the Developed Products in accordance with the terms of this Agreement, or if
MicroStrategy reasonably believes that such injunction is likely, MicroStrategy
may, at its option and its expense, either (i) procure for EA the right to
continue using and/or licensing the

                                       14
<PAGE>

MicroStrategy Software or the Developed Products, as applicable, or (ii) modify
the MicroStrategy Software or the Developed Products, as applicable, or the
infringing portions thereof so that they become non-infringing. If in
MicroStrategy's opinion neither of the above is commercially feasible, EA shall
promptly cease licensing the infringing MicroStrategy Software, or the Developed
Products, as applicable, and MicroStrategy shall pay to EA an amount equal to
the License Fee, reasonably attributable to such component as a fraction of all
licenses granted hereunder depreciated on a three-and-one-half (3 1/2) year
straight line basis, calculated backwards from the date of infringing event to
the Effective Date. MicroStrategy will have no liability or obligation to
indemnify for any claim arising from (i) the combination of the Indemnified
Products with EA or third party materials or intellectual property, unless such
infringement would have occurred without such combination; (ii) the modification
or translation of the Indemnified Products or any portion of the MicroStrategy
Technology by EA or any third party not authorized to do so by MicroStrategy
(collectively, "EA Modifications"); (iii) any use by EA of the Indemnified
Products after directed by MicroStrategy to discontinue use thereof; or (iv) any
Improvements to the Indemnified Products created by a party other than, or not
specifically authorized by, MicroStrategy.

         (b) EA shall indemnify, defend and hold MicroStrategy harmless from and
against any and all liabilities, losses, damages, fees, costs and expenses,
including without limitation reasonable attorneys' fees, incurred by
MicroStrategy resulting from the EA Modifications or from a Claim that the
manufacture, use or licensing by EA of the MicroStrategy Software and/or the
Developed Products other than in accordance with the terms of this Agreement or
that EA's Derivative Works infringes any patent, copyright or other proprietary
rights of any third party or misappropriates any trade secret of any third
party; provided that such Claim is not a Claim based on the Indemnified Products
for which MicroStrategy indemnifies EA pursuant to Section 7.1(a); and provided
further that MicroStrategy (i) promptly notifies EA in writing of such Claim;
(ii) provides EA sole control of the defense or settlement of such claim; and
(iii) provides EA reasonable assistance at EA's request and expense.

         (c) Any failure by either party to promptly notify the other of a claim
for which indemnification may be sought or to cooperate in such claim shall only
relieve the other of its indemnity obligations hereunder to the extent that it
is prejudiced by the delay or failure to cooperate.

     7.2 ENTIRE LIABILITY. The foregoing provisions of this Section 7 state the
entire liability and obligations of each party and the exclusive remedy of each
party with respect to any alleged Intellectual Property Rights infringement or
misappropriation by the MicroStrategy Software, the Developed Products, the
Derivative Works or the parties' respective Technology incorporated in the
Developed Products. Neither party shall be liable for claims by the other
party's end users relating to the Developed Products, the EA Products and/or the
Exchange Applications Solution.

8. CONFIDENTIALITY.

     8.1 CONFIDENTIALITY. Each party hereto will maintain in confidence all
Confidential Information disclosed by the other party hereto. Neither party will
use, disclose or grant use of such Confidential Information except as expressly
authorized by this Agreement. To the extent

                                       15
<PAGE>

that disclosure is authorized by this Agreement, the disclosing party will
obtain prior written agreement from its employees, agents or consultants to whom
disclosure is to be made to hold in confidence and not make use of such
information for any purpose other than those permitted by this Agreement, and
each party shall be liable for the unauthorized disclosure of the other party's
Confidential Information by such employees, agents or consultants. Each party
will use at least the same standard of care as it uses to protect its own most
confidential information to ensure that such employees, agents or consultants do
not disclose or make any unauthorized use of such Confidential Information. Each
party will promptly notify the other upon discovery of any unauthorized use or
disclosure of the Confidential Information. In no event shall either party
disclose the other party's confidential information to the disclosing party's
competitors as defined in Exhibit K (the "Competitors") even if such Competitor
is a consultant or contractor of the receiving party.

     8.2 EXCEPTIONS. The obligations of confidentiality contained in Section 8.1
will not apply to the extent that such Confidential Information:

         (a) was already known to the receiving party, other than under an
obligation of confidentiality to the disclosing party, at the time of disclosure
by the other party;

         (b) was generally available to the public or otherwise part of the
public domain at the time of its disclosure to the other party;

         (c) became generally available to the public or otherwise part of the
public domain after its disclosure and other than through any act or omission of
the receiving party in breach of this Agreement;

         (d) was disclosed to the receiving party, by a third party who had no
obligation to the disclosing party not to disclose such information to others;

         (e) is independently developed by the receiving party without reference
to the Confidential Information;

         (f) was the subject of a court- or government-ordered disclosure,
provided that the disclosing party gives reasonable prior notice to the
non-disclosing party and limits the scope and the instances of the disclosure to
that required by the relevant order and cooperates and assists the disclosing
party in obtaining a protective order relating to such disclosure, if
applicable.

9. LIMITATION OF LIABILITY. EXCLUDING EACH PARTY'S INDEMNIFICATION OBLIGATIONS
FOR DAMAGES PAYABLE TO A THIRD PARTY FOR INFRINGEMENT OF THIRD PARTY
INTELLECTUAL PROPERTY RIGHTS AND BREACHES OF THE CONFIDENTIALITY OBLIGATIONS SET
FORTH IN SECTION 8, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY OR TO ANY
ENTITY CLAIMING THROUGH OR UNDER THE OTHER PARTY FOR ANY LOSS OF USE, PROFIT OR
INCOME, ANY LOST DATA, ANY WORK STOPPAGE, ANY EQUIPMENT DOWNTIME, OR FOR ANY
CONSEQUENTIAL, INCIDENTAL, INDIRECT, PUNITIVE, OR SPECIAL DAMAGES, WHETHER IN AN
ACTION FOR CONTRACT OR TORT OR BASED ON A WARRANTY, IN CONNECTION WITH THIS
AGREEMENT, EVEN IF SUCH PARTY HAS

                                       16
<PAGE>

BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. EXCLUDING EACH PARTY'S
INDEMNIFICATION OBLIGATIONS FOR DAMAGES PAYABLE TO A THIRD PARTY FOR
INFRINGEMENT OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS AND BREACHES OF THE
CONFIDENTIALITY OBLIGATIONS SET FORTH IN SECTION 8, IN NO EVENT SHALL EITHER
PARTY'S LIABILITY TO THE OTHER HEREUNDER EXCEED THE LICENSE FEES PAID TO
MICROSTRATEGY PURSUANT TO THIS AGREEMENT. The foregoing limitations are
independent from all other terms and provisions of this Agreement and shall
apply notwithstanding the failure of any remedy provided herein.

10. TERM; TERMINATION BASED UPON CERTAIN OCCURRENCES.

     10.1 TERM; EFFECT OF TERMINATION BY EA. This Agreement shall commence upon
the Effective Date and shall continue for an initial term of three-and-one-half
(3 1/2) years. Notwithstanding the foregoing, EA may terminate the obligations
of the Business Unit set forth in Section 2.1 and Exhibit C at any time during
the initial term upon (i) 30 days' prior notice if such notice occurs prior to
June 30, 2000, or (ii) 60 days' prior notice if such notice occurs at any time
thereafter. If EA elects to terminate the Business Unit obligations as provided
above, EA will be relieved of any payment not yet due and payable to
MicroStrategy pursuant to the Payment and Registration Rights Agreement. If EA
elects to terminate the Business Unit obligations during the first four (4)
quarters of this Agreement, then MicroStrategy shall have the right to
immediately terminate the Strategy.com Master Affiliation Agreement described in
greater detail in Section 13 hereof and to immediately cease all development,
engineering and related work hereunder, provided that MicroStrategy shall make
the Deliveries as specified in this Agreement. In addition, if EA elects to
terminate the Business Unit obligations, then this Agreement shall terminate and
be superseded by the VAR Agreement, and the Credit as defined and described in
Section 10.3 shall apply. If EA terminates this Agreement based upon a material
breach by MicroStrategy pursuant to Section 11.4, then this Agreement shall be
superseded and converted into the VAR Agreement. In addition, in the event that
this Agreement is converted into a VAR Agreement as described in the preceding
sentence, then the Credit defined and described in Section 10.3 shall apply.

     10.2 RENEWAL OPTIONS. EA shall have the right to extend the OEM license
rights contained in Section 4.9 of this Agreement for an additional three (3)
year term for a fee of $30,000,000, provided that EA has not exercised its
termination rights pursuant to Section 10.1 prior to the expiration of the
initial term. In addition, EA shall have the right to extend the Business Unit
commitment set forth in Section 2.1(a) for an additional three (3) year term for
a fee of $30,000,000, provided that EA has not exercised its termination rights
pursuant to Section 10.1 prior to the expiration of the initial term.
Alternatively, the parties agree that EA may extend the term of the OEM license
rights hereunder pursuant to the VAR Agreement for additional one (1) year terms
in consideration of the payment of incremental per unit royalties for the
MicroStrategy Software (as bundled with the EA Products) equal to the thirty
percent (30%) of the then-current list prices for such software. The renewal
option described in the immediately preceding sentence shall not be exercisable
by EA in the event that MicroStrategy terminates this Agreement pursuant to
Section 11.4 based upon a material breach by EA.

                                       17
<PAGE>

     10.3 TERMINATION BASED UPON THE OCCURRENCE OF A QUALIFIED EVENT. In the
event of a Qualified Event, the party which is not the subject of such event may
terminate this Agreement, provided that such termination occurs within ninety
(90) days after the closing date of the Qualified Event. Upon any such
termination, this Agreement shall be superseded by the VAR Agreement, including,
without limitation, a provision for a credit toward future royalties payable to
MicroStrategy in an amount equal to $30 million less 30% of the list price for
all MicroStrategy Software licensed by EA prior to the date of
termination/conversion (the "CREDIT"). In the event of the foregoing, the
royalty for the MicroStrategy Software payable to MicroStrategy will be 30% of
the then-current list prices for such products until the credit is exhausted
and, thereafter, shall be 35% of the then-current list prices for such products.

11. ROYALTIES; TAXES; AUDIT; TERMINATION FOR BREACH; ADDITIONAL EFFECTS OF
TERMINATION.

     11.1 MAINTENANCE ROYALTY PAYMENT TERMS. All royalties accruing in a
particular calendar quarter shall be paid within thirty (30) days after the end
of each such calendar quarter and shall be accompanied by a report detailing the
number of Exchange Applications Solutions licensed (or the nature of support
provided, if applicable pursuant to Section 6.2) during the quarter to which the
royalty payment set forth above applies, the rates at which royalties were
computed, the amount of royalties due, and all additional details reasonably
necessary to show how these amounts were determined.

     11.2 TAXES. The license fees specified in this Agreement are exclusive of
any sales, use, excise, or similar taxes, and of any export and import duties,
which may be levied upon or collectible by either party as a result of the
licensing or shipment of products to end users, any services performed under
this Agreement and use of products by end users. Each party agrees to pay and
otherwise be fully responsible for, and indemnify and hold the other harmless
from and against any and all such taxes and duties, unless in lieu thereof the
party responsible for collecting such taxes provides to the other an exemption
certificate acceptable to the relevant governmental authorities. Notwithstanding
the foregoing, each party, to the extent permitted by applicable law, shall have
the right to claim any and all costs expended pursuant to this Agreement for
qualified research and development per Internal Revenue Code Section 41,
research tax credit.

11.3 AUDIT.

         (a) RECORDS. EA shall keep complete and accurate records pertaining to
the licensing of the Exchange Applications Solutions. Such records will be
maintained for a five (5) year period following the year in which any license
fee and/or maintenance fee payments are made by customers pertaining to the
licensing of Exchange Applications Solutions or the provision of services
related thereto.

         (b) AUDIT REQUEST. MicroStrategy will have the right to engage, at its
own expense, an independent auditor reasonably acceptable to EA, to examine EA's
records not more than twice per calendar year to determine, with respect to any
calendar year, the correctness of any report or payment made under this
Agreement. If any such audit reveals an underpayment of more than five percent
(5%) of the correct amount of royalties due hereunder, such audit will be

                                       18
<PAGE>

at the expense of EA. If any audit shall show that EA underpaid any royalties
due to MicroStrategy as to the period subject to the audit, then EA shall
immediately pay to MicroStrategy any such deficiency with interest thereon at a
rate equal to the lower of one and a half percent per month or the highest rate
allowed by law from the date due until paid.

     11.4 TERMINATION FOR BREACH. If either party materially defaults in the
performance of its obligations hereunder or under the other Operative
Agreements, the defaulting party agrees to use its commercially reasonable
efforts to correct the default within thirty (30) days after written notice of
default from the non-defaulting party. If any such default is not corrected
within the cure period, then the non-defaulting party at its option may, in
addition to any other remedies it may have, terminate this Agreement at the end
of such cure period.

11.5 ADDITIONAL EFFECTS OF TERMINATION.

         (a) RETURN OF DOCUMENTATION AND CONFIDENTIAL INFORMATION. Upon any
termination of this Agreement, each party shall immediately return to the other
party all documentation, Confidential Information and any other tangible items
in its possession or under its control evidencing the know-how of the other
party, except as provided in the VAR Agreement and except with respect to
Confidential Information related to the Developed Products.

         (b) LICENSE TERMINATION, MICROSTRATEGY DELIVERIES. Except as set forth
in this Agreement, upon any termination of this Agreement, all licenses granted
by either party under this Agreement shall be terminated. In the event of a
termination of this Agreement for any reason, excluding termination based on a
material breach by EA in the form of a failure to make payment as required by
the Payment and Registration Rights Agreement, MicroStrategy shall promptly make
the Deliveries (as defined in Section 2.1(a)).

         (c) INVENTORY. Upon termination of this Agreement resulting from a
breach by EA, EA shall cease all marketing efforts for the Product and shall
return any and all copies of the Product to MicroStrategy. In the case of the
foregoing, MicroStrategy shall have no ongoing obligations with respect to
delivery of the Product to end user customers. Upon termination of this
Agreement resulting from a breach by MicroStrategy, MicroStrategy shall be
obligated to fulfill all orders for the delivery of Products which were licensed
to end user customers prior to the termination date of this Agreement.

         (d) ONGOING SUPPORT. Upon termination of this Agreement, MicroStrategy
and/or EA shall be entitled to provide reasonable support to customers as set
forth in this Agreement; provided, however, that such support shall not include
any updates or upgrades to the Product other than minor error corrections or
repairs.

         (e) SURVIVAL. Except as otherwise set forth in the applicable section,
the following sections shall survive a termination or expiration of this
Agreement : 4 (other than 4.9), 5, 7, 8, 9, 10, 11, 12 and 14.

12. EQUITABLE RELIEF. Neither party shall be precluded hereby from securing
equitable remedies in courts of any jurisdiction, including, but not limited to,
temporary restraining orders

                                       19
<PAGE>

and preliminary injunctions to protect its rights and interests but such relief
shall not be sought as a means to avoid or stay mediation or arbitration.

13. STRATEGY.COM MASTER AFFILIATION. On the Effective Date and upon the
execution by EA of a Strategy.com Master Affiliation Agreement in the form set
forth in Exhibit L, MicroStrategy shall grant EA "Master Affiliate" status for
Strategy.com as provided in such agreement.

14. GENERAL PROVISIONS.

     14.1 ASSIGNMENT. Neither party may assign this Agreement or any right under
this Agreement (except as provided in Section 10.3 or Section 4.1), nor delegate
any obligation under this Agreement, without the other party's prior written
consent. The rights and obligations of the parties under this Agreement shall be
binding upon and inure to the benefit of the successors and permitted assigns of
the parties. Any attempted assignment or delegation in contravention of this
Section 14.1 shall be null and void.

     14.2 FORCE MAJEURE. Neither party shall be liable to the other party, under
this Agreement or otherwise, for any delay or lack of performance (other than
non-payment) resulting from an event of Force Majeure (as defined below). If a
Force Majeure event occurs, the party prevented from performing its obligations
under this Agreement shall inform the other party as soon as possible and the
time period for performance shall be extended by a period equivalent to the
delay caused by the Force Majeure event plus any additional period reasonably
necessary to allow the prevented party to resume performance of its obligations.
The prevented party shall inform the other party as soon as possible after the
Force Majeure event ends. If the Force Majeure event lasts for more than one
hundred and twenty (120) consecutive days after the initial notice of such
event, the parties shall attempt in good faith to solve the problem of further
performance of this Agreement through friendly consultation. If the parties
cannot solve the problem of further performance within an additional sixty (60)
days, either party may terminate this Agreement without penalty. As used above,
an event of "Force Majeure" means any act of God, war, fire, typhoon, flood,
earthquake, natural disasters, governmental action, labor disruptions, materials
shortages, or any other event beyond the reasonable control of the prevented
party.

     14.3 NOTICES. All notices and other communications provided for hereunder
shall be in writing and shall be mailed by first-class, registered or certified
mail, postage paid, or delivered personally, by overnight delivery service or by
facsimile, with confirmation of receipt, addressed as follows:

If to MicroStrategy:                 MicroStrategy Incorporated
                                     8000 Towers Crescent Drive
                                     Vienna, VA  22182
                                     Attn: Adam Ruttenberg, Esq.

                                     Fax No.: (703)848-8748

With a copy to:                      David M. Janet, Esq.
                                     Cooley Godward LLP
                                     2002 Edmund Halley Drive
                                     Suite 300
                                     Reston, VA  20191-3436

                                     Fax No.: (703)262-8100

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<PAGE>

If to EA:                            Exchange Applications
                                     One Lincoln Plaza
                                     89 South Street
                                     Boston, MA  02111
                                     Attn:  Andrew Frawley, President and
                                     Wayne Townsend, Vice President

                                     Fax No.: (617)790-2849

With a copy to:                      Neil Townsend, Esq.
                                     Bingham, Dana LLP
                                     150 Federal Street
                                     Boston, MA  02110

                                     Fax No. (617) 951-8736

Either party may, by like notice, specify or change an address to which notices
and communications shall thereafter be sent. Notices sent by facsimile shall be
effective upon confirmation of receipt, notices sent by mail or overnight
delivery service shall be effective upon receipt or upon refusal of delivery,
and notices given personally shall be effective when delivered or when delivery
is refused.

     14.4 GOVERNING LAW AND VENUE. All matters arising in connection with this
Agreement or the enforcement or construction thereof shall be governed by and
resolved in accordance with the laws of State of New York, without regard to
conflict-of-laws provisions. Service of process in any suit, action or
proceeding may be made in any manner permitted by law.

     14.5 CONSTRUCTION. The headings of sections and subsections of this
Agreement are for convenience only and shall not be construed to affect the
meaning of any provision of this Agreement. Any inconsistency between provisions
in this Agreement and the exhibits shall be resolved in favor of the main body
of this Agreement.

     14.6 RELATIONSHIP OF THE PARTIES. Except as expressly provided herein,
neither party is, nor will be deemed to be, an agent or legal representative of
the other party for any purpose. Neither party will be entitled to enter into
any contracts in the name of or on behalf of the other party, and neither party
will be entitled to pledge the credit of the other party in any way or hold
itself out as having authority to do so. Neither party will incur any debts or
make any commitments for the other, except to the extent, if at all,
specifically provided herein.

     14.7 WAIVER. No provision of the Agreement, unless such provision otherwise
provides, will be waived by any act, omission or knowledge of a party or its
agents or employees

                                       21
<PAGE>

except by an instrument in writing expressly waiving such provision and signed
by a duly authorized officer of the waiving party.

     14.8 SEVERABILITY. Whenever possible, each provision of the Agreement will
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of the Agreement is held to be prohibited by or invalid
under applicable law, such provision will be ineffective only to the extent of
such prohibition or invalidity, without invalidating the remainder of the
Agreement.

     14.9 ENTIRE AGREEMENT; MODIFICATIONS. This Agreement, together with the
Exhibits attached hereto and the Operative Agreements, constitutes the entire
agreement between the parties and supersedes all prior oral or written
negotiations and agreements between the parties with respect to the subject
matter hereof. Any and all representations and warranties set forth in the
Exhibits and/or Schedules hereto shall be incorporated herein by reference and
be deemed a material part of this Agreement. No modification, variation or
amendment of this Agreement shall be effective unless made in writing and signed
by the parties. Any additional or different terms stated in any purchase order
or other document delivered to EA by MicroStrategy in connection with this
Agreement shall have no effect.

     IN WITNESS WHEREOF, EA and MicroStrategy have each caused this Agreement to
be executed by their duly authorized representatives.

MICROSTRATEGY INCORPORATED                  EXCHANGE APPLICATIONS, INC.

By:                                         By:
   -----------------------------               -----------------------------

Name:                                       Name:
     ---------------------------                 ---------------------------

Title:                                      Title:
      --------------------------                  --------------------------EXHIBIT 10.22
                                                                   -------------

[LOGO]
EXCHANGE
APPLICATIONS
--------------------------------------------------------------------------------
                         VALUE-ADDED RESELLER AGREEMENT

This Agreement, made as of December 28, 1999 (the "Effective
Date"), by and between EXCHANGE APPLICATIONS, INC., a Delaware corporation
having a principal place of business at One Lincoln Plaza, 89 South Street,
Boston, Massachusetts 02111 ("Exchange"), and MICROSTRATEGY INCORPORATED, a
Delaware corporation having a principal place of business at 8000 Towers
Crescent Drive, Vienna, Virginia 22182 ("Value-Added Reseller" or "VAR").

WHEREAS, Exchange has developed ceratin commercial computer software products,
including VALEX(TM) Software and eXstatic(TM) Software;

WHEREAS, VAR has developed or will develop Value-Added Products as described in
Appendix B, including Strategy.com, which VAR markets or plans to market to end
users in the industry; and

WHEREAS, VAR desires to obtain a license to market the Licensed Software and
otherwise to act as a Value Added Reseller thereof, but only in conjunction with
its Value-Added Products.

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

1.       DEFINITIONS.

For purposes of this Agreement, the following terms shall have the respective
meanings set forth below:

         "Designated Computer Server" means the computer hardware and operating
system designated on the relevant Order Form for use in conjunction with a
Sublicense of VALEX Software or the V Developer License.

         "Developer Licenses" means the licenses granted to VAR pursuant to the
terms of Section 2.1 of this Agreement.

         "End User" means any third party to whom VAR sublicenses the Licensed
Software (a "Sublicense") pursuant to the terms of this Agreement, including,
but not limited to, the specification of the minimum provisions of the
Sublicense Agreements set forth in Section 2.3.

         "Fees" means any and all fees payable by VAR to Exchange hereunder in
respect of the Developer Licenses, Reseller Licenses and Service Bureau License,
including, but not limited to, all license fees, maintenance fees, and
royalties.

         "Licensed Software" means the VALEX Software and eXstatic Software
(each as more specifically described in Appendix A), in object code form, which
is owned or licensed by Exchange and for which VAR is granted a license pursuant
to this Agreement; the End User guides and manuals for use of that Software
("Documentation"); and any updates, modifications or enhancements thereto
furnished to VAR by Exchange ("Updates").

         "Licenses" means the Demo License, VALEX Developer License, eXstatic
Developer License, Reseller Licenses and ASP License, collectively.

          "MCIF" means the aggregate number of individual customer records, and
the aggregate number of prospect records, of an End User in the database
accessed by the VALEX Software, at the time of execution of a Sublicense for
VALEX Software.
<PAGE>

         "Order Form" shall mean a written document, consistent with the
provisions of Section 4.1 of this Agreement, by which VAR orders Licensed
Software for an End User.

         "Proprietary Material" shall mean Licensed Software, including, but not
limited to, all related data and Documentation (and all know-how and technology
employed or utilized in such manuals and software), and any portion thereof in
any embodiment and any other information or data received by VAR from Exchange
and identified by Exchange as proprietary or confidential, in written, graphic
or machine-readable form, including, but not limited to, designs, concepts,
ideas, improvements, know-how and technology, provided that "Proprietary
Material" shall not include information and data which:

         (i)      is or becomes generally available in the public domain without
                  the fault of VAR;

         (ii)     is already known to VAR prior to disclosure hereunder without
                  an obligation of confidentiality to Exchange;

         (iii)    is independently developed by VAR where VAR establishes that
                  such development was accomplished without access to the
                  Proprietary Material;or

         (iv)     is disclosed to VAR by a third party without restriction and
                  without breach of any separate confidentiality obligation owed
                  to Exchange.

         "Reporting Quarter" means a three (3) consecutive calendar month
period: (i) December, January and February, (ii) March, April and May, (iii)
June, July and August or (iv) September, October, November.

         "Strategy Affiliate" means any contractual affiliate of VAR's
Strategy.com network, and "Affiliate Subscribers" are a Strategy Affiliate's
customers who have subscribed to receive Strategy.com network services from VAR.

         "Update" means any subsequent release of the Licensed Software which is
made generally available at no additional charge (other than shipping) to other
licensees of the Licensed Software who have contracted to receive maintenance
support. Updates shall not include any releases, options or future products
which Exchange licenses separately from the Licensed Software.

         "Value-Added Product" means VAR's software product or service which
provides value-added capabilities in connection with Licensed Software, and
which VAR develops and/or sublicenses with the Licensed Software as part of a
VAR System.

         "VAR System" means an integrated software bundle comprised of both a
Value-Added Product and VALEX Software or eXstatic Software.

2.       GRANT OF LICENSES.

2.1 DEMONSTRATION LICENSE. Exchange hereby grants to VAR, during the term of the
Agreement, a non-exclusive, non-transferable and royalty-free right and license
(the "Demo License") to operate the Licensed Software, but only in conjunction
with Value-Added Products, for the sole purpose of demonstrating the VAR System
in a non-production environment. VAR shall take all reasonable and prudent
precautions against unauthorized disclosure or copying of any Licensed Software
while demonstrating the VAR System (including, without limitation, making the
Licensed Software reasonably inaccessible during inactive demonstration times,
and deleting copies of the Licensed Software from the potential customer's
computers after completing the demonstrations at the customer site).

2.2      DEVELOPMENT LICENSES.

         a. AUTHORIZED USES. Exchange hereby grants to VAR, for the term of the
Agreement, a non-exclusive and non-transferable right and license to use one (1)
copy of the (a) VALEX Software on a single Designated Computer Server (the
"VALEX Developer License") and (b) eXstatic Software (the "eXstatic Developer
License"), in each case, with the applicable Documentation, in a non-production
environment and solely for the purposes of:

                                       2
<PAGE>

         (i)      Developing, testing and integrating Value-Added Products with
                  Licensed Software in a VAR System.

         (ii)     Providing maintenance and technical support services to VAR's
                  employees and End Users in respect of the Licensed Software in
                  a VAR System.

         b. RESTRICTIONS. VAR shall not be authorized under either Developer
License to, and VAR shall not, directly or indirectly: (i) encumber, transfer,
sublicense, rent, lease, time-share or use the Licensed Software in any service
bureau arrangement; or (ii) copy (except for archival purposes), distribute,
manufacture, adapt, create derivative works of, translate, localize, port or
otherwise modify any Licensed Software; or (iii) permit any third party to
engage in any of the acts proscribed in clauses (i) through (ii).

2.3      RESELLER LICENSES.

         a. SUBLICENSING. Exchange hereby grants to VAR, for the term of this
Agreement, a non-exclusive, non-transferable right and license to market,
distribute and sublicense the (i) VALEX Software (the "V Reseller License") and
(ii) the eXstatic Software (the "X Reseller License"), in each case, together
with the applicable Documentation, only in combination with Value-Added Products
as part of a VAR System, on a non-exclusive and non-transferable basis.

         b. SUBLICENSE AGREEMENTS. Every Sublicense of the Licensed Software by
VAR to an End User shall be accomplished using a written Sublicense agreement
(the "Sublicense Agreement"), executed by and between VAR and the End User,
which agreement shall specify, at a minimum, that:

         (i)      In the case of a VALEX Software Sublicense, the server
                  component of the Licensed Software will be used only on a
                  single Designated Computer Server.

         (ii)     Licensed Software shall only be used: (A) in object code form;
                  (B) for the End User's own internal data processing purposes;
                  and (C) only in combination with Value-Added Products as part
                  of a VAR System.

         (iii)    End User will not (A) use the Licensed Software or
                  Documentation to create any software or documentation that is
                  similar to any of the Licensed Software or Documentation, (B)
                  decompile, disassemble, reverse compile, reverse assemble,
                  reverse translate or otherwise reverse engineer any Licensed
                  Software, or use any similar means to discover the source code
                  of the Licensed Software or to discover the trade secrets
                  therein, or otherwise circumvent any technological measure
                  that controls access to the Licensed Software; (C) encumber,
                  transfer, sublicense, rent, lease, time-share or use the
                  Licensed Software in any service bureau arrangement; or (D)
                  copy (except for archival purposes), distribute, manufacture,
                  adapt, create derivative works of, translate, localize, port
                  or otherwise modify any Licensed Software; or (E) permit any
                  third party to engage in any of the acts proscribed in clauses
                  (A) through (D).

         (iv)     End User shall not obtain any right, title and interest in or
                  to the Licensed Software, except as specifically authorized by
                  this Agreement.

         (v)      Exchange (and its third party licensors) shall have no
                  liability for any damages to End Users arising out of or in
                  connection with use or performance of the Licensed Software,
                  regardless of the form of any claim or action, or whether the
                  damages are direct, indirect, incidental, special, punitive or
                  consequential.

         (vi)     The warranty in respect of the Licensed Software, and VAR's
                  obligations to correct or replace any materially non-compliant
                  Licensed Software, are not in excess of the warranty and
                  disclaimers of warranty provided in this Agreement.

                                       3
<PAGE>

         (vii)    Upon any termination of the Sublicense, the End User will: (A)
                  discontinue use of the Licensed Software; (B) return the
                  Licensed Software, Documentation and all archival or other
                  copies thereof to VAR (or, at Exchange's sole option, destroy
                  all of the same); and (C) have an officer of End User certify
                  in writing that all such copies have been returned or
                  destroyed, as the case may be, and that all use thereof has
                  been discontinued.

         (viii)   End User shall not publish or otherwise disclose any results
                  of evaluations or benchmark tests of the Licensed Software,
                  except to Exchange.

         (ix)     End User shall comply in all material respects with all
                  relevant export control laws and regulations of the United
                  States and any applicable foreign jurisdictions to assure that
                  neither the Licensed Software and any direct, indirect or
                  derivative product thereof, are not exported, directly or
                  indirectly, in violation of United States law;

         (x)      Exchange is a third party beneficiary of the Sublicense
                  Agreement.

         (xi)     The Licensed Software shall be provided with "Restricted
                  Rights" to the U.S. Government or to any federal contractor.
                  Each Sublicense Agreement shall specifically state that the
                  Licensed Software was developed at private expense and is
                  licensed with Restricted Rights in accordance with DFARS
                  52.227.7013. (VAR will place an effective restricted rights
                  legend, in addition to applicable copyright notices, on any
                  media containing the Licensed Software or Documentation.)

         (xii)    The Sublicense Agreement shall be governed by the laws of the
                  Commonwealth of Massachusetts, or of the United States of
                  America.

         (xiii)   Prohibit the use and disclosure of the Exchange's Proprietary
                  Materials in a manner consistent with the provisons of this
                  Agreement.

2.4      SERVICE BUREAU LICENSE.

         a. AUTHORIZED USE. Exchange hereby grants to VAR, for the term of this
Agreement, a non-exclusive, non-transferable right and license (the "Service
Bureau License") to host on VAR's computer server and use one (1) copy of the
eXstatic Software for the purpose of operating an electronic mail, marketing and
messaging service bureau (also commonaly known as being an application service
provider, the "Service Bureau"), but such service shall only be provided to and
for the benefit of Strategy Affiliates and solely for the purpose of marketing
Strategy.com services to Affiliate Subscribers. In connection with operation of
this Service Bureau, VAR shall not provide, disclose or sublicense the Licensed
Software to any Strategy Affiliate.

         b. RESTRICTIONS. VAR shall not be authorized under the Service Bureau
License to, and VAR shall not, directly or indirectly: (i) encumber, transfer,
sublicense, rent, lease, time-share or use the Licensed Software in any service
bureau arrangement (except as expressly provided for in Section 2.4(a)); or (ii)
copy (except for archival purposes), distribute, manufacture, adapt, create
derivative works of, translate, localize, port or otherwise modify any Licensed
Software; or (iii) permit any third party to engage in any of the acts
proscribed in clauses (i) through (ii).

         c. SERVICE AGREEMENTS. Provision of the service bureau services by VAR
to every Strategy Affiliate shall be accomplished using a written service
agreement (the "Service Bureau Agreement"), executed by and between VAR and the
Strategy Affiliate, which agreement shall specify, at a minimum, that:

         (i)      Strategy Affiliate shall not use or disclose the Licensed
                  Software, except in connection with receipt of services from
                  VAR.

                                       4
<PAGE>

         (ii)     Strategy Affiliate shall not, directly or indirectly: (A)
                  access the Licensed Software; (B) decompile, disassemble,
                  reverse compile, reverse assemble, reverse translate or
                  otherwise reverse engineer any Licensed Software, or use any
                  similar means to discover the source code of the Licensed
                  Software or to discover the trade secrets therein, or
                  otherwise circumvent any technological measure that controls
                  access to the Licensed Software; or (C) copy, distribute,
                  manufacture, adapt, create derivative works of, translate,
                  localize, port or otherwise modify any Licensed Software.

         (iii)    Strategy Affiliate shall not obtain any right, title and
                  interest in or to the Licensed Software.

         (iv)     Exchange (and its third party licensors) shall have no
                  liability for any damages to Strategy Affiliate arising out of
                  or in connection with use or performance of the Licensed
                  Software or VAR's services, regardless of the form of any
                  claim or action, or whether the damages are direct, indirect,
                  incidental, special, punitive or consequential.

         (v)      VAR's services shall not be warranted in any respect with
                  reference to the Licensed Software.

         (vi)     Upon any termination of the Service Bureau License, the
                  Strategy Affiliate shall no longer have any right to the
                  provision of services by VAR that depend or rely on, in any
                  mannter VAR's use of Licensed Software.

3.       SERVICES.

3.1      MAINTENANCE AND SUPPORT SERVICES.

         a. DEVELOPER LICENSES. In connection with the Developer Licenses,
Exchange shall provide maintenance and support services for the Licensed
Software in accordance with Appendix C. Such services will be provided to VAR on
an annual basis, commencing on the Effective Date, provided that maintenance and
support services for years after the first year will only be provided (and fees
will only be payable hereunder) if such services are requested by VAR. VAR shall
pay to Exchange the applicable maintenance Fees specified in Exhibit A, for each
of the VALEX Developer License and eXstatic Developer License, within thirty
(30) days of the first anniversary of the Effective Date and every anniversary
thereafter during the term of this Agreement for which maintenance and support
services are requested by VAR. VAR shall designate no more than one (1) System
Manager, and one (1) designated alternate in the event the System Manager is not
available, for receipt of maintenance and support services from Exchange.

         b. RESELLER LICENSES. In connection with each Sublicense granted
pursuant to the Reseller Licenses, Exchange shall provide maintenance and
support services for the Licensed Software in accordance with Appendix D. Such
services will be provided directly to VAR (not to any End User) on an annual
basis, commencing on the effective date of each Sublicense. VAR shall pay to
Exchange the applicable Fees specified in Exhibit A within thirty (30) days of
the Sublicense effective date and within thirty (30) days of each anniversary
thereafter. VAR shall designate no more than one (1) System Manager, and one (1)
designated alternate in the event the System Manager is not available, for
receipt of maintenance and support services from Exchange.

         c. SERVICE BUREAU LICENSE. In connection with the Service Bureau
License, Exchange shall provide maintenance and support services for the
Licensed Software in accordance with Appendix E. Such services will be provided
only to VAR (not to any Strategy Affiliate) on an annual basis, commencing on
the Effective Date, provided that maintenance and support services for years
after the first year will only be provided (and fees will only be payable
hereunder) if such services are requested by VAR. VAR shall pay to Exchange the
applicable Fees specified in Exhibit A within thirty (30) days of the Effective
Date and within thirty (30) days of each anniversary thereafter. VAR shall
designate no more than one (1)

                                       5
<PAGE>

system manager, and one (1) designated alternate in the event the System Manager
is not available, for receipt of maintenance and support services from Exchange.

         d. SUPPORT FOR END USERS AND STRATEGY AFFILIATES. VAR is responsible
for providing complete support to End Users and Strategy Affiliates, as the case
may be, for its Value-Added Products, each VAR System and the Service Bureau.
VAR shall be responsible for providing first line support, skilled instructors
and technical assistance to End Users and Strategy Affiliates. First line
support shall include, but not be limited to, answering questions about using
the Licensed Software or service, ensuring that the Licensed Software or service
is used by End Users or Strategy Affiliates in accordance with the
Documentation, and determining the origin of problems. Exchange shall provide to
VAR one (1) copy of each Update, error correction, or modification to the
Licensed Software (in object code format), and to the corresponding
Documentation, if any. VAR shall be responsible for copying and distributing
Updates and other maintenance to End Users; PROVIDED, that (A) such recipient
End User has a valid Sublicense and maintenance agreement with VAR; and (B) VAR
has paid to Exchange all Sublicense and maintenance Fees due with respect to the
End User. In the event that Exchange performs maintenance services with respect
to the VAR System or Service Bureau that, pursuant to Appendix D or Appendix E,
as the case may be, should have been performed by VAR, then VAR will reimburse
Exchange for such services at Exchange's then current rates. VAR will also
reimburse Exchange for all actual and reasonable expenses incurred in the
performance of such services.

         e. REMOTE ACCESS. VAR shall install and maintain for the duration of
this Agreement, a 28.8K baud or higher modem and associated dial-up telephone
line. VAR shall pay for installation, maintenance and use of such equipment and
associated telephone line use charges. Exchange, with VAR's consent, may use
this modem and telephone line in connection with error diagnosis and correction.

         f. SOURCE CODE ESCROW. Promptly after the Effective Date, Exchange
shall cooperate with VAR in order that VAR shall become a preferred beneficiary
(at VAR's sole expense) and upon terms with respect to trigger events to be
mutually agreed under that certain Master Preferred Escrow Agreement, effective
as of 4 February 1997, by and between Exchange and Data Securities
International, Inc., upon and after which VAR shall have the rights and
obligations of a beneficiary in accordance with and subject to such escrow
agreement.

3.2 TRAINING. Exchange will provide training services under the Developer
License, in accordance with the terms, if any, of this Agreement. For any on
site services requested by VAR, VAR shall reimburse Exchange for actual,
reasonable travel and out-of-pocket expenses incurred. VAR may participate in
additional training relative to the Licensed Software subject to Exchange's then
current policies and prices.

3.3 PROFESSIONAL SERVICES. VAR may contract with Exchange for other professional
services which Exchange makes available. All such services will be provided in
accordance with the Master Agreement for Professional Services, attached hereto
as Exhibit C.

4.       ORDERS; SHIPMENTS.

4.1 ORDERS. Upon the initial execution of each Sublicense Agreement (and any
later amendment for additional copies of the Licensed Software or to upgrade or
transfer the Licensed Software), VAR shall provide to Exchange an Order Form
consistent with the terms of this Agreement. Each Order Form shall contain at
least the following information:

         a.       End User's legal name, address, contact name and phone number.

         b.       Sublicense effective date.

         c.       Identification of Licensed Software components.

         d.       For VALEX Sublicenses, the MCIF, Designated Computer Server
                  and number of named users.

         e.       Sublicense royalty

         f.       Maintenance royalty

                                       6
<PAGE>

         g.       Installation date

4.2 SHIPMENTS. No order shall be binding upon Exchange until accepted by an
authorized representative or agent of Exchange at its principal place of
business, which acceptance shall not be unreasonably withheld. Within five (5)
business days after acceptance, Exchange will ship the ordered Licensed Software
to VAR, for VAR's subsequent distribution to the End User.

5.       FEES; REPORTS; PAYMENTS.

5.1 DEVELOPER LICENSES. Upon execution of this Agreement, VAR shall pay to
Exchange the license fees set forth for each of the VALEX Developer License and
eXstatic Developer License set forth in Exhibit A. VAR shall pay to Exchange the
annual maintenance fees specified in Exhibit A, for each of the VALEX Developer
License and eXstatic Developer License, within thirty (30) days of each
anniversary of the Effective Date during the term of this Agreement.

5.2 RESELLER LICENSES. Within thirty (30) days after execution of each
Sublicense Agreement, VAR shall pay to Exchange the applicable Sublicense
royalty and the first year's annual maintenance royalty set forth in Exhibit B.
Within thirty (30) days of every anniversary of the Sublicense effective date
during the term of this Agreement, VAR shall pay to Exchange the annual
maintenance royalty specified in Exhibit B. In the case of any eXstatic
Sublicense, VAR shall pay to Exchange monthly in arrears, the recurring
Sublicense royalty within thirty (30) days after the end of each calendar month,
based on the End User's actual email volume as set forth in Exhibit B. In the
event that an End User desires to upgrade VALEX Sublicense to a larger MCIF
capacity, or transfer the Licensed Software to another operating system, VAR
will pay transfer fee royalties to Exchange based on Exchange's transfer
policies and rates in effect at the time of reference thereto. All such transfer
fee royalties shall be due and payable within thirty (30) days of the effective
date of such transfer. Exchange reserves the right, from time to time and at any
time, to revise the published list price for any Licensed Software, which new
price shall become effective for the purposes of VAR's royalty payments
hereunder upon ninety (90) days prior written notice to VAR.

5.3 SERVICE BUREAU LICENSE. Within fifteen (15) days after the end of each
Reporting Quarter during the term of this Agreement, VAR shall report the number
of Strategy Affiliates designated by VAR for purposes of the Service Bureau
during such quarter, and pay to Exchange the applicable license fee and first
year's annual maintenance fee set forth in Exhibit B in respect of such new
Strategy Affiliates; provided, however, during the initial term of this
Agreement, VAR shall not be obligated to pay any license fees under this Section
5.3 in excess of eight million dollars ($8,000,000). At the time of such
quarterly payments, VAR shall pay the annual maintenance fee set forth in
Exhibit B in respect of each Strategy Affiliate, the anniversary of whose
designation by VAR occurred during such quarter.

5.4 PAYMENTS. All Fees are due and payable in US Dollars at Exchange's address.
All shipments by Exchange shall be FOB origin.

5.5 TAXES. All payments required by this Agreement are exclusive of federal,
state, local and foreign taxes, duties, tariffs, levies and similar assessments
and VAR agrees to bear and be responsible for the payment of all such charges
imposed upon the Licensed Software and Documentation used, copied or distributed
by VAR hereunder, excluding taxes based upon Exchange's net income, corporate
franchise, personal property or employee-related taxes.

5.6 RECORDS AND AUDITS. VAR shall maintain compete and accurate records
concerning all shipments of Licensed Software, Sublicense Agreements, Service
Bureau Agreements, and Fees payable to Exchange, including the number of
Strategy Affiliates. During the term of this Agreement and for five (5) years
after the year in which any payments are made to VAR hereunder, Exchange shall
have the right upon reasonable advance written notice, to have an independent
auditor verify VAR's marketing efforts, compliance with this Agreement and the
notices, reports and payments provided by VAR to Exchange. VAR shall make its
processors and all applicable books and records available for such inspection
during normal business hours at VAR's principal place of business. In connection
with such audit, Exchange will

                                       7
<PAGE>

not unreasonably interfere with VAR's business. Any such audit shall be at the
expense of Exchange, unless such audit discloses an underpayment by the VAR for
the audited period in excess of five percent (5%), in which case VAR shall
reimburse Exchange for such expenses. If the audit discloses any underpayment by
VAR, VAR shall promptly make payment to Exchange of such underpayment, together
with interest thereon at the rate of 1.5% per month or, if lesser, the maximum
amount permitted by law. Exchange's rights under this Section 5.6 shall survive
any expiration or termination of this Agreement.

6. RESPONSIBILITIES OF VAR. VAR represents that within two (2) months after the
Effective Date, it will have the personnel, knowledge and skill necessary to
market (a) the Licensed Software as part of VAR Systems, (b) the Service Bureau.
VAR agrees that it shall, at its sole expense:

         a.       Provide installation support as well as reasonable training of
                  End Users and Strategy Affiliates in the day to day use and
                  application of the VAR System and Service Bureau,
                  respectively.

         b.       Operate a maintenance and support service to provide End Users
                  and Strategy Affiliates with answers to questions and other
                  assistance in using the VAR System or Service Bureau.

         c.       Serve as the sole point of contact with End Users and Strategy
                  Affiliates to respond to requests for maintenance services,
                  and to process claims for correction or replacement of any
                  portions of the Licensed Software incorporated in the VAR
                  System to the extent that such claim may involve Exchange's
                  warranty obligations under this Agreement.

         d.       Keep complete and accurate records of warranty claims and
                  requests for maintenance services or other assistance and of
                  actions taken in response thereto, and promptly make available
                  all such records to Exchange upon request.

         e.       Use commercially reasonable efforts to promote, advertise and
                  market the VAR Systems and Service Bureau.

         f.       Refrain from deceptive, misleading, illegal, or unethical
                  practices that may be detrimental to Exchange or Licensed
                  Software.

         g.       Not make any representations, warranties or guarantees to End
                  Users or Strategy Affiliates concerning the Licensed Software
                  that are inconsistent with or in addition to those made in
                  this Agreement.

         h.       Comply with all applicable federal, state, and local laws and
                  regulations in performing its duties with respect to the
                  Licensed Software and the Service Bureau.

         i.       Ensure that Value-Added Products comprise a significant
                  portion of every VAR System.

         j.       Establish its own pricing for the VAR System and Service
                  Bureau services, and acknowledge that Exchange is free to
                  establish its own prices for the Licensed Software.

         k.       Indemnify Exchange and hold it harmless from any loss, claim
                  or damage to any person arising out of VAR's unauthorized use
                  of the Licensed Software; PROVIDED, that (i) Exchange shall
                  have promptly provided VAR written notice thereof and
                  reasonable cooperation, information, and assistance (at VAR's
                  expense) in connection therewith, and (ii) VAR shall have sole
                  control and authority with respect to the defense, settlement,
                  or compromise thereof. Any failure by Exchange to promptly
                  notify VAR of a claim for which indemnification is sought
                  under this Section 6(k), or to cooperate in such claim, shall
                  only relieve VAR of its indemnity obligations hereunder to the
                  extent that it is prejudiced by such delay or failure to
                  cooperate.

                                       8
<PAGE>

7.     TRADEMARKS

7.1 USE OF MARKS. VAR shall use the Exchange's trademarks (including, but not
limited to, "VALEX(TM)" and "eXstatic(TM)"), service marks, the Exchange design
and logo, and the trade name "Exchange" (collectively, the "Marks") in
connection with the marketing of the Licensed Software, VAR Systems and Service
Bureau in accordance with the terms of this Agreement. Any use of the Marks by
VAR shall remain the sole property of Exchange and shall inure to the benefit of
Exchange. All right, titel and interest in and to the Marks adopted by Exchange
to identify the Licensed Software and other Exchange products and services
remain with Exchange, and VAR will have no rights in such Marks except as
expressly set forth herein. VAR's use of the Marks shall be under Exchange's
trademark policies and procedures then in effect.

7.2 NO CONFUSION. VAR agrees not to use the trademark "Exchange", "VALEX" or
"eXstatic" or any mark beginning with the letters "EXC", B+"Val", or "Exc" or
any other mark likely to cause confusion with the trademark "Exchange", as any
part of VAR's trade name, trademark for any Value-Added Product or other product
of VAR. VAR shall have the right to use the Marks solely to refer to Exchange's
products and services. VAR shall not market the Licensed Software in any way
which could reasonably be deemed to imply that the Licensed Software is the
proprietary product of VAR or of any party other than Exchange.

7.3 NOTICES. With respect to Exchange's registered trademarks, VAR shall include
in each advertisement, brochure, or other such use, the trademark symbol "(R)"
and the following statement:

         __________(R)is a registered  trademark of Exchange  Applications
         Inc.,  Boston,  Massachusetts  02111

Unless notified otherwise in writing by Exchange, with respect to Exchange's
other trademarks, VAR shall include in each advertisement, brochure, or other
such use, the symbol "TM" and the applicable statement:

         VALEX(TM)is a trademark of Exchange Applications, Inc., Boston,
         Massachusetts 02111 eXstatic(TM)is a trademark of Exchange
         Applications, Inc., Boston, Massachusetts 02111 __________(TM)is a
         trademark of Exchange Applications, Inc., Boston, Massachusetts 02111

8.       WARRANTY; WARRANTY DISCLAIMERS; LIMITAITON OF LIABILITY.

8.1 LICENSED SOFTWARE WARRANTY. Exchange warrants to VAR (and not to any End
User or Strategy Affiliate) that, during the first ninety (90) days following
the delivery (in respect of the Developer Licenses, the Service Bureau License,
and each Sublicense granted under the Reseller Licenses) of the Licensed
Software (the "Warranty Period"), the Licensed Software will conform in all
material respects to the specifications contained in the Documentation.
Exchange's sole responsibility under this warranty shall be to correct or
replace that portion of the Licensed Software which fails to conform to said
warranty; PROVIDED, that VAR has reported in writing to Exchange any defect or
error claimed to be a breach of warranty within the Warranty Period. If Exchange
is unable to correct or replace the nonconforming Licensed Software within
thirty (30) days of written notification to Exchange during the 90-day warranty
period, Exchange shall reimburse VAR for the amount of license fees paid for the
nonconforming Licensed Software, and the license for that nonconforming Licensed
Software shall be immediately terminated.

8.2 EXCLUSIONS. Exchange will have no liability under the foregoing warranty if
(i) the Licensed Software is modified by any party other than Exchange or
without Exchange's prior written consent, (ii) VAR fails to give Exchange
written notice of the claimed breach of warranty within the Warranty Period,
(iii) the failure to conform is caused in whole or part by persons other than
Exchange, or by products, equipment, databases, inputs or computer programs not
furnished by Exchange (including, but not limited to, any Value-Added Products
or any other VAR System or Service Bureau component); (iv) the Licensed

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<PAGE>

Software is used other than in accordance with the terms of this Agreement or
exposed to environmental or operating conditions beyond those specified in
writing by Exchange; or (v) the Licensed Software is damaged, altered or
affected in any material respect by accident, neglect, misuse or other abuse
other than by Exchange's employees or agents. All Documentation and Updates are
provided without warranty, on an "AS IS" basis. Exchange does not represent or
warrant that all errors can, or will be, corrected.

8.3 NO WARRANTY FOR SERVICES. EXCHANGE MAKES NO WARRANTY OF ANY KIND, WRITTEN OR
ORAL, STATUTORY, EXPRESS OR IMPLIED, WITH RESPECT TO ANY MAINTENANCE, SUPPORT OR
OTHER SERVICE PROVIDED HEREUNDER (INCLUDING THE FIXING OF ERRORS THAT MAY BE
CONTAINED IN THE LICENSED SOFTWARE).

8.4 WARRANTY DISCLAIMERS. EXCEPT AS SPECIFICALLY PROVIDED IN THIS SECTION 8, THE
LICENSED SOFTWARE IS NOT ERROR-FREE AND IS BEING PROVIDED "AS IS" WITHOUT
WARRANTY OF ANY KIND. EXCHANGE HEREBY DISCLAIMS ALL OTHER WARRANTIES, WHETHER
EXPRESS OR IMPLIED, ORAL OR WRITTEN, WITH RESPECT TO THE LICENSED SOFTWARE
INCLUDING, WITHOUT LIMITATION, ALL IMPLIED WARRANTIES OF TITLE,
NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE AND ALL
WARRANTIES IMPLIED FROM ANY COURSE OF DEALING OR USAGE OF TRADE. EXCHANGE'S
EXPRESS WARRANTIES SHALL NOT BE ENLARGED, DIMINISHED OR AFFECTED BY, AND NO
OBLIGATION OR LIABILITY SHALL ARISE OUT OF, EXCHANGE'S RENDERING OF TECHNICAL OR
OTHER ADVICE OR SERVICE IN CONNECTION WITH LICENSED SOFTWARE. ALL THIRD PARTY
LICENSORS DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED WITH RESPECT TO THE USE OF
THEIR MATERIALS IN CONNECTION WITH THE LICENSED SOFTWARE, INCLUDING (WITHOUT
LIMITATION) ANY WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE.

8.5 VAR RESPONSIBILITIES. VAR shall make no representation or warranty
concerning the quality, performance or other characteristics of the Licensed
Software, or Exchange's obligations with respect thereto, other than those which
are consistent in all respects with, and do not expand the scope of, the
warranties set forth herein.

8.6 LIMITATION OF LIABILITY. EXCEPT FOR (i) EITHER PARTY'S OBLIGATIONS IN
RESPECT OF THIRD PARTY CLAIMS UNDER SECTION 9 (INFRINGEMENT INDEMNITIES) AND
(ii) EITHER PARTY'S BREACH OF ITS OBLIGATIONS UNDER SECTION 10 (PROTECTION OF
PROPRIETARY RIGHTS), IN NO EVENT SHALL EITHER PARTY'S AGGREGATE LIABILITY FOR
ALL DAMAGES TO THE OTHER PARTY FOR ANY CAUSE WHATSOEVER, REGARDLESS OF THE FORM
OF ANY CLAIM OR ACTION, EXCEED THE License FEES OR SUBLICENSE ROYALTIES (A) IN
THE CASE OF EXCHANGE, PAID BY VAR OR (B) IN THE CASE OF VAR, THAT SHOULD HAVE
BEEN PAID BY VAR, FOR THE COPY OF THE LICENSED SOFTWARE THAT GAVE RISE TO THE
CLAIM. EXCEPT FOR (IIi) EITHER PARTY'S OBLIGATIONS IN RESPECT OF THIRD PARTY
CLAIMS UNDER SECTION 9 (INFRINGEMENT INDEMNITIES) AND (iV) EITHER PARTY'S BREACH
OF ITS OBLIGATIONS UNDER SECTION 10 (PROTECTION OF PROPRIETARY RIGHTS), IN NO
EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY LOSS OF DATA,
BUSINESS, PROFITS OR USE OF THE LICENSED SOFTWARE, OR FOR ANY SPECIAL,
INCIDENTAL, INDIRECT, PUNITIVE OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN
CONNECTION WITH THE USE OR PERFORMANCE OF THE LICENSED SOFTWARE OR OTHERWISE
UNDER THIS AGREEMENT, WITHOUT REGARD TO WHETHER SUCH PARTY HAS BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES. THESE LIMITATIONS ARE INDEPENDENT FROM ALL
OTHER PROVISIONS OF THIS AGREEMENT AND SHALL APPLY NOTWITHSTANDING THE FAILURE
OF ANY REMEDY PROVIDED HEREIN.

9.       INFRINGEMENT INDEMNITIES.

9.1      EXCHANGE'S INDEMNITY.

                                       10
<PAGE>

         a. INDEMNITY. Except as provided below, Exchange shall defend and
indemnify VAR from and against any damages, liabilities, costs and expenses
(including reasonable attorneys' fees) finally awarded against VAR and arising
out of any claim that the Licensed Software infringes a valid United States
patent or copyright or misappropriates a trade secret of a third party;
PROVIDED, that (i) VAR shall have promptly provided Exchange written notice
thereof and reasonable cooperation, information, and assistance (at Exchange's
expense) in connection therewith, and (ii) Exchange shall have sole control and
authority with respect to the defense, settlement, or compromise thereof. If any
Licensed Software becomes or, in Exchange's opinion, is likely to become the
subject of any injunction preventing its use as contemplated herein, Exchange
may, at its option, (1) procure for the VAR (and End Users and Strategy
Affiliates) the right to continue using such Licensed Software, (2) replace or
modify such Licensed Software so that it becomes non-infringing without
substantially compromising its functionality, or, if (1) and (2) are not
reasonably available to Exchange, then (3) terminate VAR's Licenses and the
Sublicenses in respect of the allegedly infringing Licensed Software and pay to
VAR an amount not to exceed thedepreciated value of the Licensed Software equal
to the license Fee paid by VAR for such Licensed Software depreciated on a
straight line basis over a three and one-half (3 1/2) year period. Exchange
shall have no obligation for any costs incurred by Licensee without Exchanges's
prior written authorization.

         b. EXCLUSIONS. Exchange shall have no liability or obligation to VAR
hereunder with respect to any patent, copyright or trade secret infringement
claim based upon (i) use of the Licensed Software in an application or
environment or on a platform or with devices for which the Licensed Software was
not designed or contemplated, (ii) modifications, alterations, combinations or
enhancements of the Licensed Software not created or authorized by Exchange or
its authorized contractors or agents, (iii) use of a superseded version of the
Licensed Software if the infringement would have been avoided by using an Update
that Exchange provided to VAR; or (iv) any patent, copyright or trade secret in
which VAR (or any of its affiliates), or any End User or Strategy Affiliate, has
an interest. In accordance with Section 9.2, VAR shall indemnify and hold
Exchange harmless from all costs, damages and expenses (including reasonable
attorneys' fees) arising from any claim enumerated in clauses (i) through (iv)
above.

         c. ENTIRE LIABILITY. The foregoing states the entire liability of
Exchange, and the sole and exclusive remedy of VAR, with respect to any claim of
infringement of patents, copyrights and trade secrets by the Licensed Software,
or any part thereof, or by its operation.

9.2      VAR'S INDEMNITY.

         a. INDEMNITY. VAR shall defend and indemnify Exchange from and against
any damages, liabilities, costs and expenses (including reasonable attorneys'
fees) arising out of any claim that any software, product or service (including,
but not limited to, any Value-Added Product) provided in connection with any VAR
System or the Service Bureau infringes a valid United States patent or copyright
or misappropriates a trade secret of a third party; PROVIDED, that (i) Exchange
shall have promptly provided VAR written notice thereof and reasonable
cooperation, information, and assistance (at VAR's expense) in connection
therewith, and (ii) VAR shall have sole control and authority with respect to
the defense, settlement, or compromise thereof.

         b. ENTIRE LIABILITY. The foregoing states the entire liability of VAR,
and the sole and exclusive remedy of Exchange, with respect to any claim of
infringement of patents, copyrights and trade secrets by VAR's software,
products and services, or any part thereof, or by their operation.

9.3 PROMPT NOTICE. The party seeking indemnification under this Section 9 will
immediately inform the indemnifying party as soon as it becomes aware of any
threatened or actual liability claim by a third party. Any failure by the party
seeking indemnification under this Section 9 to promptly notify the indemnifying
party of a claim for which indemnification is sought, or to cooperate in such
claim, shall only relieve the indemnifying party of its indemnity obligations
hereunder to the extent that it is prejudiced by such delay or failure to
cooperate.

10.      PROTECTION OF PROPRIETARY RIGHTS.

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<PAGE>

10. DEFINITION. "Proprietary Materials" shall mean, with respect to Exchange,
all Licensed Software, Updates and enhancements, modifications and translations
thereof , with respect to VAR, all Value-Added Products, and with repsect to
both parties, any other information or data disclosed by either party to the
other, in written, graphic or machine readable form which by its nature or type
should reasonably be considered proprietary or confidential or which the
disclosing party labels as being proprietary or confidential. Each party
acknowledges that the other's Proprietary Materials are confidential and
constitute valuable assets of the discolosing party (or its third party
licensors). Proprietary Material does not include:

         (i)      Information which is or becomes available in the public domain
                  other than through disclosure by the receiving party (the
                  "Recipient") in breach of this Agreement);

         (ii)     Information disclosed or made available at any time to the
                  Recipient by a third party without breach of any relationship
                  of confidentiality to the disclosing party (the "Discloser");

         (iii)    Information independently developed by the Recipient without
                  use of the Proprietary Material of the Discloser;

         (iv)     Information which was already known to the Recipient, without
                  an obligation of confidentiality to the Discloser, at the time
                  of disclosure hereunder.

10.2 CONFIDENTIALITY. Except for the specific rights granted by this Agreement,
Recipient shall not use, copy or disclose any Proprietary Material without the
written consent of the Discloser. Recipient shall hold all Proprietary Materials
in confidence, and use the highest commercially reasonable degree of care to
protect the Proprietary Materials, including at a minimum, those precautions
Recipient employs to protect its own confidential information, but not less than
a reasonable degree of care. Recipient shall not disclose the Proprietary
Materials except to its employees that have a need to know in connection with
Recipient's authorized uses under this Agreement and who have agreed in writing
not to disclose the Proprietary Materials. Recipient shall bear the
responsibility for any breaches of confidentiality by its employees. Within ten
(10) days after Discloser's request, and in its sole discretion, Recipient shall
either return to Discloser all originals and copies of any Proprietary Materials
and all information, records and materials developed therefrom by Recipient, or
destroy the same, other than such Proprietary Materials as to which this
Agreement expressly provides a continuing right to Recipient to retain at the
time of the request.

10.3 PROPRIETARY RIGHTS. Discloser (or its third party licensors) shall retain
all rights, title and interest in the Proprietary Materials, and Recipient shall
not take any action inconsistent with such title and ownership. VAR, End Users
and Strategy Affiliates shall not acquire any rights in Exchange's Proprietary
Materials, and Exchange shall not acquire any rights in VAR's Proprietary
Materials, except as express in this Agreement. VAR will keep records of the
number and location of all copies of Proprietary Materials and make such records
available to Exchange. Recipient shall not remove any copyright or legal notices
or proprietary rights notice included in any Proprietary Material and shall
reproduce all such notices on any copies of Proprietary Material.

10.4 NO REVERSE ENGINEERING. VAR shall not: (i) use any Licensed Software or
Documentation to create any software or documentation that is similar to or
competitive with any of the Licensed Software or Documentation; (ii) decompile,
disassemble, reverse compile, reverse assemble, reverse translate or otherwise
reverse engineer any Licensed Software, or use any similar means to discover the
source code of the Licensed Software or to discover the trade secrets therein,
or otherwise circumvent any technological measure that controls access to the
Licensed Software; or (iii) permit any third party to engage in any of the acts
proscribed in clauses (i) through (ii).

10.5 NOTICE. Recipient shall notify Discloser promptly of any unauthorized
possession, disclosure, or use of Proprietary Material or, in the case of VAR,
any violation of the confidentiality provisions included in any Sublicense
Agreement or Service Bureau Agreement of which VAR is aware. Recipient will take
such

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<PAGE>

actions as Discloser may reasonably request (including instituting appropriate
legal proceedings) to enforce the confidentiality provisions of such agreements
and to prevent or remedy any further unauthorized possession, disclosure or use
of Proprietary Materials.

10.6 REMEDIES. Money damages will not be an adequate remedy if this Section 10
is breached and, therefore, Discloser shall, in addition to any other legal or
equitable remedies, be entitled to seek an injunction or similar equitable
relief against such breach or threatened breach without the necessity of posting
any bond.

11.      TERM; TERMINATION

11.1 TERM. This Agreement shall commence on the Effective Date and continue for
a period of three and one-half (3 1/2) years thereafter. This Agreement may be
renewed for an additional term of equal duration, upon the mutual written
consent of the parties.

11.2 TERMINATION. Notwithstanding the foregoing, this Agreement may be
terminated:

         a. MATERIAL BREACH. By either party, in the event the other party
materially breaches a provision of this Agreement and the breaching party fails
to cure such breach within thirty (30) days of the receipt of notice of such
breach from the non-breaching party.

         b. BANKRUPTCY. By either party, immediately in the event any assignment
is made by the other party for the benefit of creditors, the party admits in
writing its inability to pay debts as they come due, or if a receiver, trustee
in bankruptcy or similar officer shall be appointed to take charge of any or all
of the other party's property, or if the other party files a voluntary petition
under federal bankruptcy laws or similar state statutes or such a petition is
filed against the other party and is not dismissed within sixty (60) days.

11.3 EFFECTS OF TERMINATION. Upon termination of this Agreement for any reason,
all rights, obligations and licenses of the parties hereunder shall cease,
except for the following obligations:

         a. PAYMENTS. VAR's liability for any Fee, charges, payments or expenses
due to Exchange that accrued prior to the termination date shall not be
extinguished by termination, and such amounts (if not otherwise due on an
earlier date) shall be immediately due and payable on the termination date.

         b. TERMINATION OF LICENSES. VAR shall have no further right to copy or
use any Licensed Software (except to fulfill Sublicense orders outstanding as of
the termination date) and immediately after the termination or expiration date
hereof, VAR shall deliver to Exchange, at VAR's expense, all originals and
copies of the (i) Licensed Software, (ii) Documentation, (iii) other Proprietary
Materials in the possession or under the control of VAR and (iv) render unusable
all intangible data and information. VAR shall certify in writing to Exchange
within ten (10) days following termination that it has complied with this
Section 11.3.b.

         c. SURVIVAL. The provisions of Sections 5.5 (Taxes), 5.6 (Records and
Audits), 8 (Warranty; Warranty Disclaimers; Limitation of Liability), 9
(Infringement Indemnities), 10 (Protection of Proprietary Materials), 12
(Nondisclosure), 13 (Compliance with Laws), 14 (General) and this Section 11
shall survive any termination or expiration of this Agreement.

11.4 SUBLICENSES. Notwithstanding any of the foregoing, any expiration or
termination of this Agreement shall not have an impact on those Sublicense
Agreements issued under this Agreement, and all terms and conditions of such
Sublicense Agreements shall continue in full force and effect.

                                       13
<PAGE>

12. NONDISCLOSURE. Without first obtaining the written consent of the other
party, neither party shall disclose the terms and conditions of this Agreement,
except as may be required to implement and enforce the terms of this Agreement,
or as may be required by legal procedures or by law. No other information
exchanged between the parties shall be deemed confidential unless the parties
otherwise agree in writing. VAR shall not disclose the results of benchmark
tests or the statistical performance results of any other evaluation of the
Licensed Software to any third party without Exchange's prior written approval.

13.      COMPLIANCE WITH LAWS.

13.1 EXPORT. VAR shall not export or re-export, directly or indirectly
(including via remote access), Licensed Software, Documentation or other
information or materials provided by Exchange hereunder, to any country for
which the United States or any other relevant jurisdiction requires any export
license or other governmental approval at the time of export without first
obtaining such license or approval. It shall be VAR's responsibility to comply
with the latest United States export regulations, and VAR shall defend and
indemnify Exchange from and against any damages, fines, penalties, assessments,
liabilities, costs and expenses (including reasonable attorneys' fees and court
costs) arising out of any claim that Licensed Software, Documentation, or other
information or materials provided by Exchange hereunder were exported or
otherwise accessed, shipped or transported in violation of applicable laws and
regulations.

13.2 COMPLIANCE WITH LAWS OF OTHER JURISDICTIONS. VAR shall comply in all
material respects with all laws, legislation, rules, regulations, and
governmental requirements with respect to the Licensed Software, and the
performance by VAR of its obligations hereunder, of any jurisdiction in or from
which VAR directly or indirectly causes the Licensed Software to be used or
accessed. In the event that this Agreement is required to be registered with any
governmental authority, VAR shall cause such registration to be made and shall
bear any expense or tax payable in respect thereof.

14.      GENERAL

14.1 FORCE MAJEURE. In the event that either party is prevented from performing,
or is unable to perform, any of its obligations under this Agreement due to any
cause beyond the reasonable control of the party invoking this provision, the
affected party's performance shall be extended for the period of delay or
inability to perform due to such occurrence.

14.2 WAIVER. The waiver by either party of a breach or a default of any
provision of this Agreement by the other party shall not be construed as a
waiver of any succeeding breach of the same or any other provision, nor shall
any delay or omission on the part of either party to exercise or avail itself of
any right, power or privilege that it has, or may have hereunder, operate as a
waiver of any right, power or privilege by such party. No remedy referred to in
this Agreement is intended to be exclusive, but each shall be cumulative and in
addition to any other remedy referred to herein or otherwise available at law or
in equity.

14.3 NO AGENCY; INDEPENDENT CONTRACTORS. Nothing contained in this Agreement
shall be deemed to constitute either party as the agent or representative of the
other party, or both parties as joint venturers or partners for any purpose. VAR
shall have no authority to vary, alter or enlarge any of Exchange's obligations
hereunder or to make representations, warranties or guarantees on behalf of
Exchange. VAR shall make all agreements with End Users and Strategy Affiliates
in its own name and for its own account and risk, and shall establish its own
prices.

14.4 GOVERNING LAW; JURISDICTION & VENUE. This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, USA, without
regard to its choice of law provisions. In the event of any conflict between
foreign laws, rules and regulations and those of the United States, the laws,
rules and regulations of the United States shall govern. The United Nations
Convention on Contracts for the International Sale of Goods shall not apply to
this Agreement.

                                       14
<PAGE>

14.5 ENTIRE AGREEMENT; AMENDMENT. This Agreement and the Appendices and Exhibits
attached hereto constitute the entire agreement between the parties with regard
to the subject matter hereof. No representation, promise, inducement or
statement of intention has been made by either party which is not set forth in
this Agreement and neither shall be bound by or liable for any alleged
representation, promise, inducement or statement of intention not so set forth.
No waiver, consent, modification or change of terms of this Agreement shall bind
either party unless in writing signed by both parties, and then such waiver,
consent, modification or change shall be effective only in the specific instance
and for the specific purpose given. Terms set forth in any purchase order of VAR
(or other similar document) that are in addition to or at variance with the
terms of this Agreement are specifically waived by VAR. All such terms are
considered by Exchange to be proposed material alterations of this Agreement and
are rejected. VAR's purchase order is only effective as VAR's unqualified
commitment to pay for a license to the Licensed Software upon the terms (and
only the terms) set forth herein.

14.6 COSTS, EXPENSES AND ATTORNEYS' FEES. VAR shall reimburse Exchange for all
reasonable costs (including attorneys' fees) incurred by Exchange in collecting
late payments from VAR. If either party commences any action or proceeding
against the other party to enforce or interpret this Agreement, the prevailing
party in such action or proceeding shall be entitled to recover from the other
party the actual costs, expenses and attorneys' fees (including all related
costs and expenses), incurred by such prevailing party in connection with such
action or proceeding and in connection with obtaining and enforcing any judgment
or order thereby obtained.

14.7 ASSIGNMENT. This Agreement, the Licenses and all of the other rights and
obligations hereunder, may not be assigned, in whole or in part by VAR, without
the prior written consent of Exchange. Any attempt by VAR to do so without such
consent shall be null and void AB INITIO. In the case of any permitted
assignment or transfer of or under this Agreement, this Agreement or the
relevant provisions shall be binding upon, and inure to the benefit of, the
successors, executors, heirs, representatives, administrators and assigns of the
parties hereto.

14.8 NOTICES. Any notice or communication from one party to the other shall be
in writing and either personally delivered or sent certified mail, postage
prepaid, return receipt requested, addressed to such other party at the address
specified in the first paragraph of this Agreement, or at such other address as
such party may from time to time designate in a notice to the other party. All
notices shall be in English and shall be effective upon receipt.

14.9 NON SOLICITATION. For the term of this Agreement and for a period of twelve
months after any expiration or termination of this Agreement, the parties hereto
do agree and affirm to refrain from any and all attempts to solicit or recruit
the employees of the other without the prior written approval of the party whose
employee is being considered for employment. This shall in no way, however, be
construed to restrict, limit or encumber the rights of any employee granted by
law.

14.10 COUNTERPARTS. This Agreement may be executed in multiple counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. In making proof of this Agreement, it
shall not be necessary to produce or account for more than one such counterpart.

                                       15
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers or representatives as of the date
first written above.

EXCHANGE APPLICATIONS, INC.              MICROSTRATEGY INCORPORATED

By:______________________________        By:________________________________

Name:____________________________        Name:______________________________

Title:___________________________        Title:_____________________________

Date:____________________________        Date:______________________________

_________________________________        EXHIBITS EXCLUDED

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