Exhibit 10.22


 


MANAGEMENT EMPLOYMENT AGREEMENT


 


AGREEMENT
dated as of July 1, 1998 by and between APCOA, Inc., a Delaware Company with
offices at 800 Superior Avenue, Cleveland, Ohio 44114 (‘‘Company’’) and John
Ricchiuto (‘‘Employee’’), supersedes all agreements entered into prior to July
1, 1998.


 


WHEREAS, the
Company is engaged in the business of operating and managing open air parking
lots and indoor garages and ramps for the purpose of parking motor vehicles on
a leasehold, license, concession or management fee basis throughout the United
States under agreement with municipalities, owners of properties, and/or
otherwise (the ‘‘Business of the Company’’).


 


WHEREAS,
Employee has been employed by the Company in a management capacity. During the
course of his employment, the Employee has become an experienced and valuable
employee and knowledgeable with respect to the Business of the Company, its
trade secrets, customers, market areas, sources of supply, and its manner of
doing business.


 


NOW,
THEREFORE, in consideration of the premises hereto and the agreements and
covenants hereinafter contained, the parties hereto, intending to be legally
bound, mutually agree as follows:


 


1.                                       EMPLOYMENT
AND DUTIES


 


The Company
hereby employs Employee to serve as Senior Vice President, Airport Properties -
East (or under such title as the Company may hereafter assign to him). The
Employee hereby accepts employment upon the terms and conditions hereinafter
set forth. He shall report to the Executive Vice President or any other officer
of the Company assigned to him by such officer. The Employee will have
responsibility for the states listed in Exhibit A.


 


The Employee
shall devote his entire time, attention and energies to the Business of the
Company, and shall not, during the term of this Agreement, engage in any other
business activities that will interfere with the Employee’s employment pursuant
to this Agreement. The Employee agrees to comply in all material respects with
the ‘‘Standards of Conduct’’ as set forth in Exhibit B.


 

















 


2.                                       TERM


 


(a) The term
of this Agreement shall be for a period of three (3) years (and thereafter
until terminated by either party in the manner set forth in Section 2(b) below)
commencing as of the date set forth above, (unless Employee dies, or becomes
incapacitated and unable to perform the duties set forth in Section I hereof
and it is determined by the Company in its sole discretion that termination is
necessary for the good of the Company) or the Employee is terminated for cause
pursuant to Section 7 hereof. In the event of death, incapacity of termination
pursuant to Section 7 hereof, all rights of the Employee to receive
compensation and benefits (except to the extent then accrued or vested) shall
end as of the date of such event.


 


(b) Unless
terminated (for any reason described above) this Agreement shall remain in
effect for so long as Employee is an employee of the Company. After the initial
three (3) year period, either party shall have the right to terminate this
Agreement by giving the otherparty thirty (30) days prior written notice of
intent to do so. Notwithstanding any such termination, Sections 5 and 6 of this
Agreement shall remain in full force and effect.


 


3.                                       COMPENSATION


 


For the
services to be rendered by him pursuant to this Agreement, the Company agrees
to pay to Employee, so long as he shall be employed hereunder, the following
compensation.


 


(a) Salary at
the rate of not less that $114,000 per year, Base Salary (‘‘Salary’’) payable
in 26 equal installments. The salary shall be reviewed at  least annually and any adjustments thereto
shall be at the sole discretion of the Executive Vice President Airport
Properties, and the President.


 


1.                                       Company
agrees to pay the Employee a bonus to a maximum of 20% of his base salary as of
the preceding July 1st. Said bonus shall be computed in accordance with the
plan as set forth and attached in Exhibit C.


 


2.                                       Benefits
will be offered to the Employee, as provided in Exhibit D, hereto attached.


 


3.                                       A
company automobile will be provided according to the plan described in Exhibit
E, and the Company will reimburse 75% of insurance costs to Employee.


 


4.                                       Vacation
time will be three weeks annually.


 


2

















 


4.                                       AUTHORIZED
EXPENSES


 


The Company
will reimburse the Employee for reasonable business expenses on the
presentation by the Employee, from time to time, of an itemized account of such
expenses with documentary supporting materials. Such expenses shall include
reasonable and necessary expenses for entertainment, travel, meals, and hotel
accommodations.


 


5.                                       CONFIDENTIALITY
AND DISCLOSURE OF INFORMATION


 


The Employee,
during his tenure as an employee of the Company, has had and will have access
to, and has gained and will gain knowledge with respect to the Company’s trade
secrets, private and confidential information concerning its financial
statements and operations conducted by the Company, its sales and marketing
activities and procedures, its bidding techniques, its design and construction
techniques, its customer list of owners of parking facilities or credit and
financial data concerning such customers or potential customers (in the
aggregate hereinafter as ‘‘Secret and Confidential Information’’). The Employee
acknowledges that such information constitutes a valuable, special and unique
asset of the Company as to which the Company has the right to retain and hereby
does retain all of its proprietary interests. However, access to and knowledge
of such Secret and Confidential Information are essential to the performance of
the Employee’s services for the Company. In recognition of this fact, the
Employee agrees that he will not, during or after his employment with the
Company, disclose any of such Secret and Confidential Information to any
person, firm, corporation, association of other entity for any reason or
purpose whatsoever, except as necessary in the performance of his duties as an
Employee of the Company or make use of any such Secret and Confidential
Information for his own purposes or those of another.


 


6.                                       RESTRICTIVE
COVENANT


 


(a) The
Employee recognizes that the Company is relying on his extensive experience,
knowledge, ability and contacts in the Business engaged in by the Company in
entering into this Agreement. For this reason, Employee covenants and agrees
that during the period of his employment by the Company, and for a period of
one year immediately following such employment, (except in the event the
Company elects to terminated this Agreement or any extension thereof pursuant
to the Section 2(b) in which case Section 6(b) shall be in effect) he shall not
have any direct or indirect ownership or other financial interest in and will
not directly or indirectly, engage in, or in any manner become interested in
(as principal, agent, consultant, advisor, officer, director, employee or
otherwise) any business which competes with the Business of the Company in the
geographic territory in which the Employee is then operating nor will he
solicit business directly or indirectly on behalf of such competing business.


 


3

















 


In addition, as part of the consideration
required of him under this Agreement, Employee shall not, while in the
employment of the Company, and for a period of two (2) years thereafter either:


 


(1)                                  hire
or otherwise induce any employee or employees of the Company or any of its
subsidiaries, to leave or terminate such employment, or


 


(2)                                  employ,
assist in employing or otherwise associate in business with any such employee
of the Company or any of its subsidiaries.


 


Further, as
part of the consideration required of him under this Agreement, Employee agrees that he will not at any
time, either during his employment with the Company of after cessation thereof
divulge to any person, firm or company any information received by him during
the course of his employment relating to or affecting the business of the
Company, including, but not specifically limited to, information relating to
any contracts, statistics, methods, costs or revenues, and all of such
information shall be kept confidential and not in any way be revealed to anyone
without the express written consent of the Company.


 


Employee
understands that the breach or the threatened breach of any of the covenants
contained herein to which Employee has agreed will result in irreparable injury
to the Company and agrees that the Company may, in addition to its remedies at
law in any such event, seek and obtain a court injunction restraining the
breach of said covenants or any of them.


 


(b) In the
event that the Company elects to terminate this Agreement, or any extension
thereof under Section 2(b) hereof, the Company shall have the right to require
Employee to abide by the covenant described herein for a period of up to one
year immediately following such termination date.


 


In such event,
Employee covenants and agrees that for the non-competitive period described
above, he shall not have any direct or indirect ownership or other financial
interest in and will not directly or indirectly engage in, or in any manner
become interested in (as principal, agent, consultant, advisor, officer,
director, employee or otherwise) any business which competes with the Business
of the Company in the geographic territory in which the Employee is then
operating nor will he solicit  business,
directly or indirectly on behalf of such competing business.


 


7.                                       TERMINATION


 


The Company
shall have the right to terminate this Agreement for cause immediately and
without any further liability to employee if, in the judgment of the Corporate
Vice President Airport Properties, and the President and Chief Executive
Officer:


 


(a)                                  Employee
has failed or materially neglected to perform his obligations hereunder; or


 


4

















 


(b)                                Employee
has: (i) committed any crime involving moral turpitude or any crime in the
conduct of his official duties; (ii) committed any material act of fraud
against the Company, its parent or affiliates, or materially misused his
position for his personal gain or that of any third party; or (iii) committed
any act materially adverse to the welfare of the Company.


 


In the event
this Agreement is terminated, pursuant to this Section, Sections 5 and 6 shall
remain in full force and effect. 
However, the one year time period described in Section 5(a) shall
commence as of the date of termination.


 


8.                                       INVALIDITY


 


The
territorial, time and other limitations contained in Sections 5 and 6 are
reasonable and properly required for the adequate protection of the Business
and affairs of the Company, and in the event that any one or more of such
territorial, time or other limitation is found to be unreasonable by a court of
competent jurisdiction, the Company agrees to submit to the reduction of the
said territorial, time or other limitation, to such an area, period or other
limitation such court may determine to be reasonable. In the event that any
limitation under such sections is found to be unreasonable or otherwise invalid
in any jurisdiction, in whole or in part, the parties acknowledge and agree
that such limitation shall remain and be valid in all other jurisdictions.


 


If provision,
term, clause or part thereof this Agreement is invalid, it shall not affect the
remainder of said provision, term or clause of this Agreement, but said
remainder shall be binding and effective against both parties hereto.


 


9.                                       MISCELLANEOUS


 


This Agreement
embodies the whole agreement between the parties hereto concerning the subject
matter hereof. This Agreement may not be changed except by a writing signed by
the party against whom enforcement thereof is sought.


 


This Agreement
has been executed in the State of Ohio and shall be governed and interpreted in
accordance with the laws of the State of Ohio.


 


All notices
given hereunder shall be mailed postage paid to the address of the receiving
party as first indicated above or to such other place as such party may from
time to time designate by written notice hereafter.


 


5

















 


IN WITNESS
WHEREOF, the parties hereto, intending to be legally bound, have executed this
Agreement this 1st day of July, 1998.


 


 


	
  ATTEST:

  	
   

  	
  APCOA, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Michael J. Machi

  
	
   

  	
   

  	
  Senior Vice President

  Administration

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  John Ricchiuto

  



 


6

















 


EXHIBIT A


 


 


1.                                       Delaware


2.                                       District of
Columbia


3.                                       Illinois


4.                                       Indiana


5.                                       Iowa


6.                                       Maryland


7.                                       Massachusetts


8.                                       Michigan


9.                                     Minnesota


10.                                 Missouri


11.                                 Nebraska


12.                                 New Hampshire


13.                                 New Jersey


14.                                 New York


15.                                 North Dakota


16.                                 Ohio


17.                                 Pennsylvania


18.                                 Rhode Island


19.                                 South Dakota


20.                                 Vermont


21.                                 Wisconsin


22.                                 Connecticut


 


7

















 


EXHIBIT B


 


GUIDELINES


 


STANDARDS OF
CONDUCT


 


1.                                       Standards
of Conduct and Business Ethics. The Board of Directors of APCOA, Inc. has
adopted a Corporate policy for itself and its subsidiary and affiliated
companies regarding Standards of Conduct and Business Ethics, in order to
provide Directors, Officers and employees with a guide of conduct in fulfilling
their responsibilities to the public, and the corporation.


 


As no policy
statement can cover the total range of daily activities, it is recognized that
questions of compliance will arise. Such questions should be directed through
normal communications procedures to the General Counsel at Corporate
Headquarters.


 


Your attention
is also specifically called to the fact that disregard of sections of this
policy could result in your dismissal as an employee as well as the imposition
of civil and criminal penalties against the Company and you personally.


 


All personnel
are requested to read this policy and conform to the principles stated therein.


 


2.                                       Policy.
It is the policy of the Company that its directors, officers and employees
shall regulate their activities so as to avoid loss or embarrassment to the
Company. Either by implication or in reality, the objective exercise of sound
ethical business judgment should not be in any manner limited by any
relationship, any activity or any practice.


 


The Company
recognizes and respects the individual’s right to engage in outside activities.
However, the Company reserves the right to determine when these activities
create a conflict of interest. All conduct of the individual must conform to
the best interests of the Company.


 


3.                                       Reciprocity.
Because of the nature and variety of the business engaged in by companies
directly or indirectly controlled by APCOA, Inc., certain legal problems could
arise with respect to purchases made by APCOA, Inc. if such purchases are
conditioned upon our suppliers’ purchasing products and/or services sold by
APCOA, Inc. Conversely, similar legal problems could arise if our customers
were to condition our sales to them upon purchase of products or services from
them. This practice, commonly referred to as fireciprocity,’’ is prohibited by
various federal and state laws.


 


8

















 


It is the
policy of APCOA, Inc.
that APCOA, Inc. comply with all
applicable federal, state and local laws. The Guidelines set forth below have
been designed to ensure full compliance with such laws. These Guidelines apply
to all personnel having purchase or  sales
responsibilities. The Executives of  APCOA, Inc.  should disseminate these Guidelines  to appropriate employees and agents and require adherence
thereto.


 


4.                                       Purchase/Sales
Guidelines. The following guidelines with respect to purchases and sales
made by companies owned or controlled directly or indirectly by APCOA, Inc. apply to all employees and
agents of such companies:


 


(a)                                  No
employee or agent of APCOA, Inc.,
having purchasing responsibilities or duties shall purchase any products or
services from, or enter into or adhere to any contract, agreement or the
condition or understanding that purchases made by him will be based or
conditioned upon any sales to such supplier by APCOA, Inc.


 


(b)                                 No
employee or agent of APCOA, Inc.
having sales responsibilities or duties shall sell products or services to, or
enter into or adhere to any contract agreement or understanding that any
purchase by APCOA, Inc. from
such customer will be based or conditioned upon any sales of APCOA, Inc. to such customer.


 


(c)                                  No
employee or agent of APCOA, Inc.
shall issue to personnel with primary purchasing responsibility any lists,
notices, or other data identifying customers and their purchases made by APCOA, Inc. from any of such
customers.


 


(d)                                 No
employee or agent of APCOA, Inc.
shall issue to personnel with primary sales responsibilities any lists, notices
or other data pertaining to purchases made by APCOA, Inc. from particular suppliers.


 


(e)                                  No
employee or agent of APCOA, Inc.
shall prepare or maintain statistical compilations which compare purchases from
suppliers who supply products or services to APCOA, Inc. to such suppliers.


 


(f)                                    No
employee or agent of  APCOA, Inc. shall:


 


1.                                       Communicate
to any actual or potential seller or supplier of APCOA, Inc. that preference will be given to the purchase of
such seller’s products or services based upon sales by APCOA, Inc. to such supplier.


 


2.                                       Compare
or exchange statistical data with any such seller or supplier to facilitate any
relationship of mutual purchases and sales between such seller or supplier and APCOA, Inc.


 


9

















 


3.                                       Communicate
to any such seller or supplier the fact that APCOA, Inc. has made any purchases
from such seller or supplier for the purpose of inducing a purchase by such
seller or supplier.


 


4.                                       Direct
or recommend that APCOA, Inc. purchase products or services from any seller or
supplier for the purpose of reciprocating purchases made by, or promoting sales
to, such seller or supplier.


 


5.                                       Agree
with any seller or supplier that such seller or supplier will purchase products
or services from APCOA, Inc. in order to reciprocate purchases made by APCOA,
Inc. from such supplier.


 


5.                                       Standards
of Business Ethics. To determine if a specific interest creates a conflict
with Company interests or if a specific practice violates an ethical standard
is most difficult without judging the immediate relative circumstances
involved. Moral and legal standards are relative measurements of proper
behavior. Therefore, the Company can only set forth specific examples that may
limit an individual’s ability ethically and/or legally to perform his or her
duties for the Company. Such examples include:


 


(a)                                  Having
any position or interest in any other business enterprise operated for a profit
which would or could reasonably be supposed to conflict with the proper
performance of the employee’s duties or responsibilities, or which might tend
to restrict the employee’s independence of judgment with respect to a
transaction between the Company and such other business enterprise.


 


(b)                                 Seeking
to, accepting, offering or providing either directly from or to any individual,
partnership, association, corporation or other business entity or
representative thereof, doing or seeking to do business with the Company, or
any of its affiliates the following: loans (except with banks or other
financial institutions), services, payments, vacation or pleasure trips, or any
gifts to more than nominal value, or gifts of money in any amount.


 


(c)                                  Benefiting
personally from any purchase of any goods or services of any nature by the
Company or its affiliates, or deriving personal gain from actions taken or
associations made in any capacity as an employee of the Company.


 


(d)                                 Directly
or indirectly acquiring as an investment, any stock of any company engaged in
the parking business or any business in competition or doing business with
APCOA, Inc. and its affiliates which


 


10

















 


might be
prejudicial to the interest of the Company, without first obtaining proper
authorization.


 


(e)                                  Revealing
to a third party, any information or data regarding the financial status,
decisions or plans of the Company or any of its affiliates which might be
prejudicial to the interest of the Company, without first obtaining proper
authorization.


 


(f)                                    Misusing
one’s position with the Company or knowledge of Company affairs for outside
gains.


 


(g)                                 Acquiring
securities or other property (such as real estate) which the Company itself has
a present or potential interest in acquiring.


 


(h)                                 Carrying
on of Company business with a firm in which the employee or near relative of
the employee has an appreciable ownership or interest, without divulging the
relationship and obtaining Company approval.


 


(i)                                     Engaging
in practices or procedures which violate any laws, rules or regulations
applying to the conduct of the Company’s businesses and licenses held by the
Company, including violation of any antitrust laws.


 


(j)                                     Contributing
corporate funds or property for political contribution purposes, in violation
of local, state or federal laws.


 


(k)                                  Using
or permitting others to use the services of Company materials or equipment for
personal use or gain.


 


(l)                                     Condoning
or failing to report to appropriate Company authority the activities of any
other officer or employee of the Company which violate the principles set forth
in this policy statement.


 


(m)                               Any
other and all business practices which are construed or accepted by the general
business community as unethical or in violation of law.


 


6.                                       Obligation
of Directors, Officers and Employees. Employment by, or association with
the Company carries with it the responsibility to be constantly aware of the
importance of ethical conduct. The individual must disqualify himself from
taking part, or exerting influence, in any transaction in which his own
interests may conflict with the best interest of the Company.


 


Interests
which might otherwise be questionable may be entirely proper if accompanied by
a full advance disclosure which affords an opportunity for prior approval or
disapproval. The obligation to make such disclosure rests upon the
individual.  All disclosures should be
directed through normal communication procedures to the General Counsel at
Corporate Headquarters.


 


11

















 


Upon
disclosure, the Company recognizes that there may be many borderline situations
and it does not intend to be unreasonable in considering these cases, giving
recognition to the attendant circumstances.


 


Should
disclosure by an individual indicate the possibility of a conflict of interest,
the individual will be given a reasonable time to remedy the situation.


 


From time to
time questions may arise with  respect
to this Company policy for which it is appropriate to consult with legal
counsel. It is the responsibility of each officer and employee to recognize
these situations and seek legal advice. Such advice may be obtained by
contacting the General Counsel at Corporate Headquarters. it is never a mistake
to consult with counsel when in doubt with respect to the legality of a
proposed  course of action.


 


7.                                       Compliance
with Antitrust Laws. It is the policy of the Company to comply with all
applicable federal and state antitrust laws, including trade regulation laws,
and it is expected that all of the Company’s officers and employees will
likewise comply. The failure to comply with applicable antitrust laws may
subject the Company and/or the individuals involved to criminal and civil
penalties, including substantial fines and imprisonment, travel damage
liability, injunctions or other court orders adversely affecting the operation
of the Company’s business, and the high cost of defending an antitrust case.


 


The General
Counsel at Corporate Headquarters coordinates the handling of the Company’s
legal affairs. His staff is always available for consultation with respect to compliance
with the antitrust laws. In addition, special legal counsel will be furnished,
if required. No officer or employee is authorized to take any action which the
General counsel has advised would constitute a violation of the antitrust laws.


 


To the extent
it is legally able to do so, the Company shall be prepared to assist and/or
defend any individual who has acted in good faith upon the advice of the
General Counsel, but who nevertheless has become involved in antitrust
proceedings in the course of his employment. Any individual who has violated
the antitrust laws or is convicted of so doing shall be subject to appropriate
disciplinary action, including dismissal, if such individual acted without
seeking the advice of the General Counsel or acted contrary to his advice.


 


a.                                       Rules
to Follow. Many of the questions arising under the antitrust laws must be
resolved in the context of a particular fact situation. However, there are a
number of clearly established rules of conduct which must be observed by all
officers and employees in all circumstances, in order to assure that the
Company and the individuals involved are in full compliance with the antitrust
laws.


 


12

















 


Set out below
are a number of these rules and several other guidelines with respect to the
application of the antitrust laws to the activities of the Company:


 


1.                                       No
officer or employee shall enter into, or attempt to enter into, an
understanding, agreement, plan or arrangement, whether formal or informal,
written or oral, express or implied, with any competitor in regard to prices,
discounts, terms or conditions of or refusing to deal with any actual or
potential customers or suppliers.


 


2.                                       No
officer or employee shall give to or accept from a competitor, in written or
oral form, or discuss with a competitor, any information concerning prices,
terms or conditions of sale, or other competitor information except where: (a)
the information or discussion is relevant and necessary to a bona fide existing
or prospective customer supplier relationship between the Company and such
competitor, or (b) the General Counsel advised in writing that the conduct or
discussions would be proper because there would be no reasonable basis for
inferring  a violation of the
antitrust laws.


 


8.                                      Implementation
Procedures. It is difficult to define all situations and circumstances with
precision in a policy. If there are any questions at any time on present or
future interpretations of this policy or the propriety of any conduct,
employees are requested to consult with the General Counsel at Corporate
Headquarters to make sure of the propriety of the action contemplated.


 


In matters of
antitrust and other specialized areas, the Company retains outside counsel, who
can be consulted as the need arises. The services of outside counsel may be
obtained by making your request to the General Counsel at Corporate
Headquarters.


 


13

















 


EXHIBIT C


 


AIRPORT


BONUS
CALCULATION


 


Name                                                        John
Ricchiutto


 


Present Salary                                                  $
114,000                                                                                                               (As
of
         )


 


Bonus Pool                             20%                                                                                                       $22,800                            Maximum


 


 


Formula


 


1/3 of Pool - Airport Properties Performance


 


1/3 of Pool is $
             


 


	
   

  	
  Actual

  	
   

  	
  Actual
  Bonus

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  %

  	
  $

  	
     

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/3 of Pool
  is $           

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  



 


	
   

  	
   

  	
   

  	
  Max. Bonus

  	
   

  	
  Actual Bonus

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  25% New
  Business

  	
   

  	
   

  	
  $

  	
            

  	
   

  	
  $

  	
            

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  25% Rate
  Increase

  	
   

  	
   

  	
  $

  	
             

  	
   

  	
  $

  	
            

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  25% Contract
  Extension

  	
   

  	
   

  	
  $

  	
             

  	
   

  	
  $

  	
            

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  25%
  Discretion

  	
   

  	
   

  	
  $

  	
             

  	
   

  	
  $

  	
            

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  TOTAL

  	
   

  	
  $

  	
             

  	
   

  



 


	
  Last Year’s
  Bonus 

  	
  $

  	
            

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pay Bonus
  This Year of  

  	
  $

  	
            

  	
   

  	
   

  	
   

  



 


14

















 


EXHIBIT D


 


‘‘MARKET
PRESIDENT BENEFIT PROGRAM’’


 


The following Company paid benefits will be
provided to the Employee for as long as this Management Employment Agreement is
in effect.


 


•                                          Medical
and Dental Insurance (under current carrier) for either single or family
coverage.


 


•                                          Long
Term Disability Insurance providing for a benefit of 66 2/3% pre-disability
salary up to a maximum benefit of $5,000 per month.


 


•                                          Group
Term Life and Accidental Death and Dismemberment Insurance in the amount of
$100,000.


 


•                                          24
Hour Personal Accident Insurance in the amount of $126,000 for either single or
family coverage, with applicable family reductions per policy.


 


•                                          Membership
in a health club to be approved in advance by the Company.


 


15