EMPLOYMENT AGREEMENT



            EMPLOYMENT AGREEMENT dated as of the 23rd day of July between

TELESCENTS, INC., a New York corporation (the "Company"), and Jason S. Apfel

(the "Executive").



                              W I T N E S S E T H :



            WHEREAS, the Company has entered into an Agreement and Plan of

Merger dated as of the date hereof with National Capital Management Corporation,

a Delaware corporation ("NCMC"), and the other parties thereto, pursuant to

which the Company will merge with a subsidiary of NCMC (the "Merger") and become

a wholly-owned subsidiary of NCMC and NCMC will change its corporate name to

FragranceNet.com, Inc. (NCMC also being referred to herein as "FragranceNet");

and



            WHEREAS, the Company desires to employ the Executive in an executive

capacity and to be assured of his services in such capacity, on the terms and

conditions hereinafter set forth; and



            WHEREAS, the Executive is willing to accept such employment on such

terms and conditions.



            NOW, THEREFORE, in consideration of the premises and the mutual

agreements hereinafter set forth, the Company and the Executive hereby agree as

follows:



            1. Employment, Term.



            1.1 Employment. The Company agrees to employ the Executive, and the

Executive agrees to serve in the employ of the Company, for the term set forth

in Section 1.2, in the positions and with the responsibilities, duties and

authority set forth in Section 2 and on the other terms and conditions set forth

in this Agreement.



            1.2 Term. The term of the Executive's employment under this

Agreement shall commence on the date hereof and shall continue until terminated

in accordance with Section 6 of this Agreement.



            2. Position, Duties.



            The Executive shall serve as President and Chief Executive Officer

of the Company. The Executive shall have such responsibilities and duties

consistent with such executive positions as shall be assigned to him from time

to time by the Board of Directors of the Company. The Executive shall devote his

full business time and attention to the performance of his responsibilities and

duties hereunder. Effective upon consummation of the Merger, the Executive shall

also serve as President and Chief Executive Officer of FragranceNet.





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            3. Salary, Incentive Bonus.



            3.1 Salary. The Company shall pay to the Executive a base salary,

initially at the rate of $110,000 per annum, payable in accordance with the

standard payroll practices of the Company. The Executive's base salary shall be

increased annually by an amount equal to the incentive bonus earned by the

Executive in the prior fiscal year pursuant to Section 3.2, such increase to

take effect on the date of payment of such incentive bonus.



            3.2 Incentive Bonus. (a) In addition to the base salary provided for

in Section 3.1, the Company shall pay to the Executive an incentive bonus with

respect to each fiscal year of the Company ending during the term of this

Agreement in an amount equal to two percent (2%) of Sales in excess of Target

Sales. For purposes of this Agreement: "Sales" shall mean sales of the Company

as shown in the audited financial statements of the Company for the applicable

fiscal year; and "Target Sales" shall mean (a) for the fiscal year of the

Company ending March 31, 2000, $1,000,000 and (b) for the fiscal year of the

Company ending March 31, 2001 and each subsequent fiscal year, Sales for the

fiscal year of the Company immediately preceding such year. In no event shall

the Executive be entitled to an incentive bonus on Sales in excess of

$10,000,000; at such time as Sales shall exceed $10,000,000, the Executive and

the Company shall, at the option of the Executive, negotiate a new incentive

bonus formula in good faith. Sales shall not include revenue from businesses

owned by NCMC immediately prior to the Merger.



                  (b) In the event of the termination of employment of the

Executive by the Company without Cause (as defined in Section 6), or by reason

of the death or Disability (as defined in Section 6) of the Executive, the

Executive (or his estate or other legal representative) shall be entitled to a

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