EXHIBIT 10.1


                              EMPLOYMENT AGREEMENT


     This EMPLOYMENT  AGREEMENT,  the  ("Agreement")  dated as of March 4, 1999,
between Moto Guzzi  Corporation,  formerly known as North  Atlantic  Acquisition
Corp. (the "Employer"),  a Delaware  corporation having its executive offices at
350 Park  Avenue,  New York,  New York 10017 and Mark S. Hauser,  an  individual
residing at 83 Garden Road, Scarsdale, NY 10583 ("Employee").

     WHEREAS,  pursuant  to the terms of an  Agreement  and Plan of  Merger  and
Reorganization dated as of August 18, 1998, as amended (the "Merger Agreement"),
Employer has agreed to merge with Moto Guzzi Corp.  ("Merger") with the Employer
as the surviving corporation resulting from the Merger; and

     WHEREAS,  the  Employer  desires to employ the  Employee  as its  Executive
Chairman; and

     WHEREAS,  the  Employee  desires  to be  employed  by the  Employer  in the
aforesaid capacity; and

     WHEREAS, the Employer and Employee desire to set forth in writing the terms
and conditions of their agreements and understandings.

     NOW, THEREFORE,  in consideration of the foregoing premises,  of the mutual
covenants hereinafter contained,  and of other good and valuable  consideration,
the  receipt  and  sufficiency  of which are hereby  acknowledged,  the  parties
hereto, intending legally to be bound hereby, agree as follows:

     1.   EMPLOYMENT.

          (1) The Employee shall serve the Employer  faithfully,  diligently and
to the best of his ability  under the direction of the Board of Directors of the
Employer and agrees to devote such portion of his  business  time,  energies and
skill to his duties hereunder and to the business and affairs of the Employer as
are  reasonably  necessary  to perform the tasks and  responsibilities  assumed.
Notwithstanding  the  foregoing,  nothing herein shall be construed to limit the
ability or right of Employee to engage or  participate  in any other business or
professional activities during the Term provided same do not, individually or in
the  aggregate,  materially  interfere  with the  Employee's  obligations to the
Employer.  Employer  successfully  acknowledges  that Employee is a principal of
Tamarix  Investors  LDC and is an  executive  officer  of one or  more  entities
affiliated therewith,  including Tamarix Capital Corporation ("TCC"), and is the
chief executive officer of Trident Rowan Group,  Inc., and that Employee has and
will  continue  to have  substantial  duties  therewith  and will be required to
devote significant amounts of time and attention to such duties during the Term.
Employer  agrees that the  fulfillment  of such  duties  does not  violate  this
agreement.

          (2) The  principal  duties  of the  Employee  shall be to serve as the
Employer's  Executive  Chairman  and in such  capacity,  to render the  services
normally  associated  with the office of the  chairman of the board of directors
and to render such other services as are consistent with his position and office
as the Board of  Directors  of the  Employer  may from  time to time  reasonably
require.  Employee shall also have the authority  normally  associated  with the
office of  president,  including  the  authority to execute  documents and other
instruments  on behalf of the Employer.  Employee shall not,  however,  have the
responsibilities  normally  associated  with the  office of the chief  executive
officer of a corporation.

     2. TERM OF AGREEMENT. Employment under this agreement shall commence on the
effective  date of the  Merger  (the  "Effective  Date").  The  initial  term of
employment  shall end at the close of  business on the day  preceding  the third
anniversary of the Effective Date (the "Initial Term"). The Initial


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Term shall be extended for  successive  twelve month  periods on a rolling basis
unless  notice to  terminate  is received  by either  party prior to ninety days
before the termination of the then current term of this  agreement.  Each twelve
month  period  commencing  on the third  anniversary  hereof shall be a "Renewal
Year." The Initial Term  together with all Renewal Years shall be referred to as
the "Term."

     3.   COMPENSATION.

          (1) The Employer  shall pay the  Employee for all services  rendered a
salary of $90,000 per year,  payable in  accordance  with  Employer's  customary
payroll  methods.  Salary  payments  shall be subject to  withholding  and other
applicable taxes.  Employee shall be eligible to receive such bonus compensation
as the Board of Directors may determine to award in its discretion, including in
respect of achieving annual or other performance goals or having  responsibility
for  completing a material  individual  transaction,  result or event.  Employer
shall also  promptly pay TCC the sum of $9,000 on the first day of each month in
exchange  for TCC enabling  Employer to use TCC's  facilities  as its  corporate
office and for enabling Employee to perform his duties on behalf of the Employer
from TCC's facilities.

          (2) The Employer shall grant to the Employee on the Effective Date and
option to purchase an aggregate of 150,000  shares of Employer's  Class A Common
Stock,  under and pursuant to  Employer's  1998 Stock  Option Plan  ("Plan") and
pursuant to a Stock Option Grant Letter dated March 4, 1999 between the Employer
and the Employee (the "Stock Option Agreement"). In addition, the Employee shall
be eligible to receive  grants of additional  options under the Plan to purchase
Common Stock.

     4.   BENEFITS.

          (1) During the Term,  Employee shall be entitled to participate in all
pension,  retirement  and profit  sharing plans,  all medical,  hospital,  major
medical,  life insurance and statutory  disability  coverage plans and all other
employee  benefit plans which the Employer may from time to time make  generally
available  to other  executive  employees  of the  Employer  ("Employee  Benefit
Plans"),  on at least the same basis as such plan or plans and benefits are made
generally  available  to such  individuals,  subject to the  provisions  of such
plans.

          (2)  The  Employer  agrees  to  reimburse  Employee  in  full  for all
reasonable and necessary business, entertainment and travel expenses incurred or
expended  in  connection  with the  performance  of his duties  hereunder,  such
reimbursement  to be made in accordance  with corporate  policies and procedures
with respect  thereto  from time to time  adopted by the Employer for  executive
personnel of the Employer.

          (3) For each  calendar  year during the Term,  the  Employee  shall be
entitled  to six (6) weeks of paid  vacation  and shall  otherwise  enjoy and be
bound  by the  Employer's  standard  policies,  as  amended  from  time to time,
regarding accrual and utilization of paid vacation time.

     5. TERMINATION. This agreement shall be terminable prior to expiration only
as follows:

          (1) BY THE  EMPLOYER.  The Employer may  terminate  this  agreement if
Employee: (i) is convicted of a crime involving larceny,  embezzlement,  bribery
or acts of moral  turpitude;  (ii) is  consistently,  habitually  or  flagrantly
derelict in the performance of his duties; or (iii) is repeatedly intoxicated or
under the influence of alcohol or drugs (other than drugs  prescribed for him by
a licensed  physician);  or (iv) engages in actions which expose the Employer to
public  ridicule;  or (v) knowingly  engages in actions  intended by Employee to
result, and which in fact result, in substantial damage to the Employer; or (vi)
has  become  permanently  disabled,  in the good faith  opinion  of a  physician
appointed by

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the Employer,  from performing his duties and in such physician's opinion,  will
likely be unable  substantially  to perform  such duties for the  following  six
months.  Termination  pursuant  to  clauses  (ii),  (iii),  (iv)  or (v) of this
subparagraph  (a) shall not take effect  unless  Employee has failed to cure any
violation  thereof  within 30 days of notice by the Employer  setting  forth the
specific facts  constituting  such  violation.  Upon any termination by Employer
other than as permitted hereby,  all compensation  otherwise payable to Employee
for the duration of the Term shall immediately become due and payable.

          (2) BY EMPLOYEE. Employee may terminate this agreement if the Employer
violates any material provision of this agreement,  which violation is not cured
within 30 days of the giving by the  Employee of notice  thereof.  Upon any such
termination by Employee,  all compensation otherwise payable to Employee for the
duration of the Term shall immediately become due and payable.

     6.  CONFIDENTIALITY.  The  Employee  recognizes  that  the  services  to be
performed  by him for the  Employer  may require the  disclosure  to Employee of
confidential  information  and trade secrets  concerning  the  operations of the
Employer and its affiliates.  Accordingly, the Employee agrees that he will not,
except with the prior written consent of the Employer's  Board of Directors,  or
as may be required by law,  directly or indirectly,  disclose during the Term or
any time thereafter any secret or confidential  information  that he has learned
by reason of his  association  with the Employer or use any such  information to
the detriment of the Employer so long as such confidential  information or trade
secrets have not been voluntarily disclosed by the Employer without restriction,
or are not otherwise in the public domain.  If the Employee shall be required by
law to disclose any such  confidential  information,  the Employee  will, to the
extent reasonably practicable, notify and consult with the Employer prior to any
such disclosure.

     7.  NON-SOLICITATION;  NON-COMPETITION.  Employee  agrees not to solicit or
hire,  either  directly or indirectly,  any  then-current  employee,  officer or
director of the Employer, or to engage in or render services (including, without
limitation,  research,  development,  manufacturing,  marketing or sales) in any
capacity,  either directly or indirectly,  to any person,  firm,  corporation or
other  entity  engaged  in the  motorcycle  industry  or in  businesses  related
thereto,  in competition with the business of the Employer,  for so long as this
agreement remains in effect.

     8.  INDEMNIFICATION.  The  Employer  hereby  agrees to  indemnify  and hold
harmless  Employee  as an officer and  director  of the  Employer to the fullest
extent permitted by applicable law. This provision shall survive the termination
of this agreement with respect to events occurring prior thereto.

     9. MISCELLANEOUS.

          (1) Any and all notices or other  communications  required to be given
under  this  agreement  shall be deemed  to have been duly  given on the date of
delivery,  if  delivered in person or by confirmed  facsimile  transmission,  or
three days  after  mailing,  if mailed  within the  continental  United  States,
postage  prepaid,  by  registered or certified  mail,  to the party  entitled to
receive  same,  at the address set forth below for such party,  or to such other
address  or  addresses  as any party  hereto may  specify  in a notice  given in
conformity with the provisions of this Section 9(a):

          To Employer:        Moto Guzzi Corporation
                              (formerly North Atlantic Acquisition Corp.)
                              350 Park Avenue
                              New York, New York 10017
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          With a copy to:     David Lerner, Esq.
                              Morrison Cohen Singer & Weinstein, LLP
                              750 Lexington Avenue
                              New York, New York 10022

          To Employee:        Mark S. Hauser
                              83 Garden Road
                              Scarsdale, NY 10583

          (2) This  agreement  constitutes  the  entire  agreement  between  the
parties hereto with respect to the matters herein  provided,  and this agreement
cancels and supersedes any or all prior agreements and  understandings,  written
or oral,  between the parties with respect to such matters.  No  modification or
waiver of any provision  hereof shall be effective  unless in writing and signed
by the parties hereto.

          (3) The  rights  and  obligations  of any party  hereunder  may not be
assigned or transferred to any third party without the prior written  consent of
the other party hereto.

          (4) If any  provision  of this  agreement  or  application  thereof to
anyone or under any  circumstances is adjudicated to be invalid or unenforceable
in any jurisdiction,  such invalidity or  unenforceability  shall not affect any
other  provision  or  application  of this  agreement  which can be given affect
without the invalid or  unenforceable  provision  or  application  and shall not
invalidate or render  unenforceable  such  provision or application in any other
jurisdiction.

          (5) The waiver by either  party of a breach of any  provision  of this
agreement  by the other party shall not operate or be  construed  as a waiver of
any subsequent  breach by such party. No waiver shall be valid unless in writing
and signed by the party against whom enforcement of the waiver is sought.

          (6) This  agreement may be executed in several  counterparts,  each of
which is an original and all of which shall constitute one instrument.  It shall
not be necessary in making proof of this agreement or any counterpart  hereof to
produce or account for any of the other counterparts.

          (7) The  captions and headings  contained  in this  agreement  are for
convenience only and shall not be construed as a part of the agreement.

          (8)  The  validity,  interpretation,   construction,  performance  and
enforcement of this agreement  shall be governed by the  substantive  law of the
State of New York,  without  giving  effect to the  conflicts of law  provisions
thereof.

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     IN WITNESS  WHEREOF,  the parties  hereto have signed or caused  their duly
authorized agents to sign this Agreement as of the date first above written.

                     MOTO GUZZI CORPORATION
                     (formerly North Atlantic Acquisition Corp.)



                              By:
                                   --------------------------------------------
                                   Name: --------------------------------------
                                   Title:--------------------------------------



                                   /S/ MARK S. HAUSER
                                   ------------------
                                     Mark S. Hauser

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