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                                                                    Exhibit 10.2

                              EMPLOYMENT AGREEMENT


     This EMPLOYMENT AGREEMENT (the "Agreement"), entered into this 25th day of
April, 1997, between May & Speh, Inc., a Delaware corporation (the "Company")
and Peter I. Mason ("Executive").

                                  WITNESSETH:

     A.  The Company desires to obtain the benefits of Executive's knowledge, 
skill, and experience by employing Executive upon the terms and subject to the
conditions of this Agreement.

     B.  Executive desires to be employed by the Company upon the terms and 
subject to the conditions of this Agreement.

                                  AGREEMENTS:

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth below, and for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Company and Executive hereby
covenant and agree as follows:

     1.  Definitions.  For purposes of this Agreement, the following
capitalized terms shall have the following meanings, and all other capitalized
terms used in this Agreement but not defined in this paragraph 1 shall have the
meanings assigned elsewhere in this Agreement:

     "Base Amount" means $400,000.

     "Cause" has the meaning assigned in paragraph 5(a).

     "Change in Control" has the meaning assigned in paragraph 6(f).

     "Code" means the Internal Revenue Code of 1986, as amended, or any
     successor thereto.

     "Compensation Committee" means the applicable compensation committee of the
     Board of Directors of the Company.

     "Disabled" or "Disability" has the meaning assigned in paragraph 5(c).

     "Employment Period" has the meaning assigned in paragraph 2.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
     any successor thereto.
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     "Executive Plan" means the Amended and Restated 1994 Executive Stock Option
     Plan of May & Speh, Inc.

     "Good Reason" has the meaning assigned in paragraph 6(e).

     "Initial Consulting Period" has the meaning assigned in paragraph 3(a).

     "Notice of Termination" means a written notice of either the Company or
     Executive, as applicable, setting forth in reasonable detail the facts and
     circumstances claimed to provide a basis for termination.

     "Option Agreements" has the meaning assigned to it in paragraph 16.

     "Termination Date" has the meaning assigned in the initial paragraph of
     paragraph 5.

     2.   Employment Period.  The Company shall employ Executive, and Executive
shall be employed by the Company and shall provide services to the Company for
the period beginning on the date hereof, and continuing for a period of five
years from the date that he becomes President and Chief Operating Officer
pursuant to paragraph 3(b) (whereby each year is comprised of 12 complete,
consecutive months) (the "Employment Period") or such earlier date on which
Executive's employment is terminated in accordance with paragraph 5 below;
provided, however, that after expiration of the initial Employment Period, the
Employment Period shall automatically be extended or re-extended for successive
one year periods unless the Company or Executive delivers a notice specifying
such party's intent not to extend or re-extend the Employment Period at least
ninety (90) days prior to an extension or re-extension date.

     3.   Performance of Duties.

          (a) From the date hereof until the later of (i) May 19, 1997 and (ii)
     that date that Executive's employment shall not conflict with his existing
     obligations (the "Initial Consulting Period"), Executive shall serve as a
     consultant to the Company, providing such services that he can provide as
     are consistent with his existing obligations.

          (b) Commencing on the day after termination of the Initial Consulting
     Period through and including September 30, 1997, Executive's title shall be
     President and Chief Operating Officer of the Company, and he shall possess
     such powers and perform such duties as are normally incident to such
     positions, as provided in the By-laws of the Company and in accordance with
     the General Corporation Law of the State of Delaware.  During this period,
     (i) Executive shall report only to the Chief Executive Officer of the
     Company and the Board of Directors of the Company, (ii) the Chief Financial
     Officer of the Company shall report jointly to the Chief Executive Officer
     and the President and Chief Operating Officer, and (iii) all other
     employees of the Company shall report to the President and Chief Operating
     Officer.

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          (c) Commencing October 1, 1997 without further action by the Company, 
     Executive shall become President and Chief Executive Officer of the
     Company, and he shall possess such powers and perform such duties as are
     normally incident to such positions, as provided in the By-laws of the
     Company and in accordance with the General Corporation Law of the State of
     Delaware. During this period, Executive agrees that he shall perform his
     duties faithfully and efficiently subject to the direction of the Board of
     Directors of the Company, and the Company agrees that Executive shall be
     required to report only to the Board of Directors.

          (d) Executive agrees that during the Employment Period he shall devote
     substantially his full business time to the business affairs of the
     Company, provided, however, that notwithstanding any other provision
     hereof, the parties acknowledge that Executive may engage in other business
     activities, including but not limited to attending to his personal
     investment activities and serving as a member of the board of directors of
     public, private, and not-for-profit companies, to the extent that such
     activities do not interfere with the performance of his duties hereunder,
     and that Executive shall be entitled to retain all compensation (whether in
     the form of cash, equity securities or perquisites) paid or delivered to
     Executive in connection with such activities.  Executive agrees that
     Executive shall not, without the prior consent of the Board of Directors of
     the Company (which consent shall not be unreasonably withheld), agree to
     serve on any boards of directors other than the boards of directors upon
     which Executive presently serves.

     4.   Compensation.  For services rendered by Executive after the Initial
Consulting Period, and upon the condition that Executive fully and faithfully
perform all of his duties and obligations set forth herein, Executive shall be
compensated for his services as follows:

     (a)  Subject to the following sentence, Executive shall receive an annual
          salary, payable in monthly or more frequent installments, in an amount
          equal to the Base Amount, less income tax withholdings and other
          normal employee deductions.  Executive agrees that for the period
          commencing on the day after termination of the Initial Consulting
          Period and ending on September 30, 1997, his compensation shall be
          paid at the rate of $350,000 per annum.  The Base Amount shall be
          reviewed annually as of the end of each fiscal year commencing
          September 30, 1997 by the Compensation Committee, and may, at the sole
          discretion of the Compensation Committee, be increased by an amount
          that it deems appropriate.  If the Base Amount is increased by the
          Compensation Committee, it shall not be decreased thereafter during
          the Employment Period.

     (b)  Executive shall receive bonus payments in accordance with any
          arrangements or bonus plans established by the Company for its senior
          executive officers, in such amounts and upon such terms as are

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          determined by the Compensation Committee pursuant to such plans.
          Notwithstanding the foregoing, the Company agrees that Executive will
          be eligible for a potential bonus for the fiscal year ending September
          30, 1997 of $125,000, such bonus to be determined by the Compensation
          Committee in its discretion.

     (c)  Executive shall be a participant, to the extent he meets all
          eligibility requirements of general application, in any and all plans,
          programs and arrangements maintained by the Company to provide
          benefits for its employees, including, but not limited to, medical and
          hospitalization, group term life insurance, disability, profit
          sharing, employee stock ownership and retirement plans.  The Company
          shall not make any changes in such plans, programs and arrangements
          which would adversely affect Executive's rights or benefits
          thereunder, unless such change occurs pursuant to a plan, program or
          arrangement applicable to all senior executive employees of the
          Company and does not result in a proportionately greater reduction in
          the rights of or benefits to Executive as compared with any other
          senior executive employee of the Company.

     (d)  Without limiting the generality of paragraph 4(c), upon presentation
          of appropriate premium notices, the Company shall pay, or reimburse
          Executive for, the premiums of one or more term life insurance
          policies on Executive's life in an aggregate amount not to exceed
          $2,000,000, provided that the maximum premium(s) payable by the
          Company under this paragraph 4(d) shall not exceed $5,000.  Executive
          shall be the owner of such policy or policies and shall have the sole
          right to designate the beneficiaries of such policy or policies.
          Executive agrees to comply with reasonable requests of the Company in
          connection with the Company's attempts to obtain, maintain, replace or
          renew one or more insurance policies on the life of Executive, of
          which the Company would be the owner and have the right to designate
          the beneficiaries of such policies; provided that the Company's
          attempts to obtain, maintain replace or renew such policies do not
          interfere with Executive's attempts to obtain, maintain, replace or
          renew the policies referred to above.

     (e)  Without limiting the generality of paragraph 4(c), the Company will
          reimburse Executive for the annual premiums for Executive's existing
          long-term disability insurance policies (which policies provide an
          aggregate benefit of $14,501 per month) or any comparable replacement
          policy obtained by Executive.

     (f)  Executive shall be entitled to reasonable vacations.

     (g)  Executive shall be entitled to be reimbursed for the dues, assessments
          and expenses attendant to (i) his membership in the Young Presidents
          Organization, and (ii) his membership in the Chicago Club.

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     (h)  Executive shall be entitled to a dedicated secretary selected by
          Executive and retained as an employee of the Company (at Company
          expense).

     (i)  Executive shall be entitled to such perquisites as may be customarily
          granted by the Company to its senior executives.

     (j)  The Company shall reimburse Executive for the reasonable and necessary
          business expenses incurred by him in connection with the performance
          of his duties and obligations as set forth herein.  Reimbursement
          shall be made upon the presentation by Executive to the Company of
          reasonably detailed statements of such expenses.

Payment of the Base Amount shall not in any way limit or reduce any other
obligation of the Company pursuant to this Agreement, and no other compensation,
benefit, or payment hereunder shall in any way limit or reduce the obligation of
the Company to pay Executive's Base Amount, except that, for the period
commencing on the date Executive becomes Disabled and ending on the Termination
Date, the Base Amount shall be reduced by any amounts that are payable to
Executive prior to or during such period under any disability benefit plan of
the Company in which Executive participates.

     5.   Termination.  Executive's employment hereunder shall terminate at the
end of the Employment Period.  In addition, the Employment Period may be
terminated at any time as provided in this paragraph 5, and, subject to the last
paragraph of this paragraph 5, the applicable effective date of termination as
expressed herein shall be referred to as the "Termination Date."

          (a) Cause.  The Employment Period may be terminated at the option of
     the Company for "Cause" (as such term is hereinafter defined), effective
     upon the date stated in the Notice of Termination to Executive.  As used
     herein, the term "Cause" shall mean and be limited to:

               (i) Executive's conviction of (or plea of no contest or similar
          plea to) a felony; or

               (ii) Executive's intentional continuing refusal to substantially
          perform his obligations under this Agreement (except by reason of
          incapacity due to illness or accident) if he (a) shall have failed to
          remedy the alleged breach caused by such conduct within 30 days from
          the date written notice is given by the Secretary of the Company
          demanding that he remedy the alleged breach caused by such conduct, or
          (b) shall have failed to take reasonable steps in good faith to that
          end during such 30-day period, provided that, with respect to this
          paragraph 5(a)(ii), after the end of such 30-day period there shall
          have been delivered to Executive a certified copy of a resolution of
          the Board of Directors of the Company, adopted by the affirmative vote
          of not less than two-thirds of the members of the Board of Directors,
          taken at a meeting of the Board of Directors at

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          which Executive, together with his counsel, is given the opportunity
          to be heard (hereafter, a "Supermajority Vote"), finding that
          Executive was guilty of conduct set forth in this paragraph 5(a)(ii)
          and specifying the details thereof, and that Executive has failed to
          take reasonable steps in good faith to remedy the alleged breach
          caused by such conduct, or

               (iii) upon a finding by a Supermajority Vote that Executive
          engaged in willful fraud or defalcation, either of which involved
          funds or other assets of the Company.

          (b) Death.  The Employment Period shall terminate automatically
     effective upon the death of Executive.

          (c) Disability.  In the event Executive becomes Disabled (as such term
     is hereinafter defined) during the Employment Period, and the Company is
     unable to make a reasonable accommodation which would enable Executive to
     continue to perform the essential functions of his employment position with
     the Company, the Employment Period may be terminated at the option of
     Executive or the Company effective 30 days after a Notice of Termination is
     given (provided that Executive shall not have returned to the performance
     of his duties on a full-time basis during such 30-day period).  "Disabled"
     or "Disability" means a determination, made at the request of Executive or
     upon the reasonable request of the Company set forth in a notice to
     Executive, by an independent competent medical authority that Executive is
     unable to perform his duties as specified in this Agreement and in all
     reasonable medical likelihood such inability will continue for a period in
     excess of 180 days.  Unless otherwise agreed by Executive and the Board of
     Directors, the independent medical authority shall be selected by Executive
     and the Company each selecting a board certified licensed physician and the
     two physicians selected shall designate an independent medical authority,
     whose determination that Executive is Disabled shall be binding upon the
     Company and Executive.

          (d) Voluntary Resignation.  Executive may resign his employment at any
     time, effective upon Notice of Termination (which shall state whether such
     resignation is with Good Reason) given by Executive to the Company.

          (e) Termination without Cause by the Company.  The Company may
     terminate Executive's employment at any time, effective upon Notice of
     Termination (which shall state that such termination is without Cause)
     given by the Company to Executive.

If, within 30 days after any Notice of Termination for Cause is given by the
Company, Executive notifies the Company that a dispute exists concerning the
termination, then the Termination Date shall be the date (the "Final
Determination") as determined either by mutual written agreement of the parties,
by a binding and final arbitration award or by a final judgment, order or decree
of a court of competent jurisdiction (the time for appeal therefrom having
expired and no appeal having been perfected).

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Notwithstanding the foregoing, the Company shall not be prohibited from removing
Executive from his position with the Company pending the Final Determination
provided that such removal is without prejudice to Executive's rights to receive
all benefits from the Company to which he may be entitled upon the Final
Determination.

     6.   Separation Benefits.  Executive shall be entitled to receive
separation benefits upon such events and in such amounts as are set forth in
this paragraph 6.

          (a) Termination Without Cause or for Good Reason.  In the event that
     Executive's employment with the Company is terminated at any time during
     the Employment Period by the Company without Cause, or by Executive for
     "Good Reason" (as such term is hereafter defined in paragraph 6(e) below),
     then Executive (or if he shall have died after termination but prior to
     payment, his surviving spouse, or if he leaves no spouse, his personal
     representative, as successor in interest) shall be paid by the Company an
     amount equal to the product of Executive's Base Amount in effect as of the
     Date of Termination, multiplied by three, payable in cash in a lump sum on
     or before the fifteenth day following the Date of Termination.

          (b) Termination Upon Death.  If the Employment Period is terminated by
     Executive's death, the Company shall pay Executive's surviving spouse, or
     if he leaves no spouse, his personal representative, as successor in
     interest, (i) an amount equal to the then current Base Amount (paid in one
     lump sum payment on or before the fifteenth day following the date of
     Executive's death, and (ii) any death benefit payable under any employee
     benefit plans, programs and arrangements of the Company in which Executive
     is a participant on the date of his death.

          (c) Termination Upon Disability.  If the Employment Period is
     terminated in accordance with the terms of paragraph 5(c) because of
     Executive's Disability, the Company shall pay to Executive (or in the event
     of Executive's death after a finding of Disability, his surviving spouse,
     or if he leaves no spouse, his personal representative, as successor in
     interest) all compensation and benefits specified under paragraph 4 herein,
     for a period of one year from the Date of Termination, payable in the same
     manner as if the Employment Period had not been terminated.

          (d) Additional Separation Benefit.  For a period of three years
     following (i) the full completion of the Employment Period or (ii)
     following the Date of Termination of the Employment Period for any reason
     other than termination by the Company for Cause or termination by Executive
     for other than Good Reason, the Company shall permit, at the Company's
     expense, Executive, his spouse and dependents, as applicable (the "Benefit
     Participants"), to participate in all group medical and health insurance
     plans and employee benefit plans, programs and arrangements now or
     hereafter made available to the senior executive employees of the Company
     (the "Plans") (including but not limited to such Plans in which Executive
     was entitled to participate immediately prior to the Date of

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     Termination), in the same manner provided to its other senior executive
     employees; provided, however, that this paragraph 6(d) shall not apply in
     the event that (i) the Company shall hereafter terminate the applicable
     Plan, or (ii) the participation of the Benefit Participants in such Plan is
     prohibited by law or, if applicable, would disqualify such Plan as a tax
     qualified plan pursuant to the Code, or (iii) the participation of the
     Benefit Participants violates the general terms and provisions of such
     applicable Plan.  In the event that any of the Benefit Participants'
     participation in such Plans is prohibited by law or, if applicable, would
     disqualify the Plan as a tax qualified plan, or the participation of the
     Benefit Participants violates the general terms and provisions of such
     applicable Plan, the Company shall permit the Benefit Participants to
     acquire substantially comparable coverage or benefits, at the Company's
     expense, from a source of Executive's or his spouse's choosing, provided,
     however, that if provision of such coverage or benefit would result in a
     cost in excess of 130% of the cost to the Company if provided under a
     Company Plan, the Company may satisfy its obligations under this paragraph
     6(d) by contributing to the Benefit Participants 130% of the cost to the
     Company under the Company Plans.  Notwithstanding the foregoing, in no
     event will the Benefit Participants receive from the Company the coverage
     and benefits contemplated by this paragraph 6(d) if the Benefit
     Participants receive such coverage and benefits from any other source.

          (e) Good Reason Defined.  For purposes of this Agreement, "Good
     Reason" means:

               (i) a Change in Control of the Company (as defined in paragraph
     6(f) below);

               (ii) a decrease in the total amount of Executive's Base Amount
     below the amount in effect on the date hereof;

               (iii) a reduction in Executive's title, a material reduction in
     his duties or job responsibilities, or a material adverse change in his
     working conditions (including the relocation of Executive's office more
     than 40 miles from the Company's present executive offices), without
     Executive's consent, as determined by Executive in his reasonable judgment;

               (iv) a failure by the Company to comply with any material
     provision of this Agreement or the Option Agreements if the Company shall
     have failed to remedy the alleged breach within 30 days from the date
     written notice is given by Executive demanding that the Company remedy the
     alleged breach;

               (v) any purported termination of Executive's employment which is
     not effected pursuant to a proper Notice of Termination (and for purposes
     of this Agreement no such purported termination shall be effective);

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               (vi) Executive ceases to be a director of the Company for any
     reason other than Executive's resignation from the Board of Directors or
     Executive's refusal to stand for election as a director; or

               (vii) modification without Executive's consent of the vesting
     schedule, exercise period or number of shares subject to the options issued
     to Executive pursuant to the Option Agreements.

          (f) Change in Control Defined.  For purposes of this Agreement, a
     "Change in Control" shall be deemed to occur in the following situations:

               (i) in the event any "person" (as such term is used in paragraphs
     13(d) and 14(d) of the Exchange Act) or more than one such person acting as
     a group, other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company, is or becomes the "beneficial
     owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
     indirectly, of the securities of the Company, in a transaction or a series
     of transactions, representing thirty percent (30%) or more of the combined
     voting power of the Company's then outstanding securities ordinarily having
     the right to vote for the election of directors of the Company;

               (ii) during any period of two consecutive years during the
     Employment Period, individuals who at the beginning of the Employment
     Period constitute the Board of Directors of the Company cease for any
     reason to constitute at least a majority thereof, unless the election, or
     the nomination for election by the Company's stockholders, of each director
     who was not a director at the beginning of the Employment Period has been
     approved in advance by directors representing at least two-thirds of the
     directors then in office who were (A) directors at the beginning of the
     Employment Period, or (B) previously approved in accordance with this
     subparagraph (ii);

               (iii) the Company sells or otherwise disposes of all or
     substantially all of its assets; and

               (iv) the Company participates in a merger or consolidation and,
     immediately following the consummation of such merger or consolidation, the
     Company's stockholders prior to such merger or consolidation do not own 50%
     or more of the voting shares of stock of the surviving or successor
     corporation.

          (g) Excise Tax Gross-Up.  If Executive becomes entitled to one or more
     payments (with a "payment" including, but not limited to, the vesting of an
     option or other non-cash benefit or property), whether pursuant to the
     terms of this Agreement or any other plan, arrangement, or agreement with
     the Company or any affiliated company (the "Total Payments"), which are or
     become subject to the tax imposed by Section 4999 of the Code (or any
     similar tax that may hereafter be imposed) (the "Excise Tax"), the Company
     shall pay to Executive at the time specified below an additional amount
     (the "Gross-Up Payment") (which

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     shall include, but not be limited to, reimbursement for any penalties and
     interest that may accrue in respect of such Excise Tax) such that the net
     amount retained by Executive, after reduction for any Excise Tax (including
     any penalties or interest thereon) on the Total Payments and any federal,
     state and local income or employment tax and Excise Tax on the Gross-Up
     Payment provided for by this subparagraph (g), but before reduction for any
     federal, state, or local income or employment tax on the Total Payments,
     shall be equal to the sum of (a) the Total Payments, and (b) an amount
     equal to the product of any deductions disallowed to Executive for federal,
     state, or local income tax purposes because of the inclusion of the Gross-
     Up Payment in Executive's adjusted gross income multiplied by the highest
     applicable marginal rate of federal, state, or local income taxation,
     respectively, for the calendar year in which the Gross-Up Payment is to be
     made.

               For purposes of determining whether any of the Total Payments
     will be subject to the Excise Tax and the amount of such Excise Tax:

               (i) The Total Payments shall be treated as "parachute payments"
     within the meaning of Section 280G(b)(2) of the Code, and all "excess
     parachute payments" within the meaning of Section 280G(b)(1) of the Code
     shall be treated as subject to the Excise Tax, unless, and except to the
     extent that, in the written opinion of independent compensation consultants
     or auditors of nationally recognized standing ("Independent Advisors")
     selected by the Company and reasonably acceptable to Executive, the Total
     Payments (in whole or in part) do not constitute parachute payments, or
     such excess parachute payments (in whole or in part) represent reasonable
     compensation for services actually rendered within the meaning of Section
     280G(b)(4) of the Code in excess of the base amount within the meaning of
     Section 280G(b)(3) of the Code or are otherwise not subject to the Excise
     Tax;

               (ii) The amount of the Total Payments which shall be treated as
     subject to the Excise Tax shall be equal to the lesser of (A) the total
     amount of the Total Payments or (B) the total amount of excess parachute
     payments within the meaning of Section 280G(b)(1) of the Code (after
     applying clause (i) above); and

               (iii) The value of any non-cash benefits or any deferred payment
     or benefit shall be determined by the Independent Advisors in accordance
     with the principles of Sections 280G(d)(3) and (4) of the Code.

               For purposes of determining the amount of the Gross-Up Payment,
     Executive shall be deemed (A) to pay federal income taxes at the highest
     marginal rate of federal income taxation for the calendar year in which the
     Gross-Up Payment is to be made; (B) to pay any applicable state and local
     income taxes at the highest marginal rate of taxation for the calendar year
     in which the Gross-Up Payment is to be made, net of the maximum reduction
     in federal income taxes which could be obtained from deduction of such
     state and

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     local taxes if paid in such year (determined without regard to limitations
     on deductions based upon the amount of Executive's adjusted gross income);
     and (C) to have otherwise allowable deductions for federal, state, and
     local income tax purposes at least equal to those disallowed because of the
     inclusion of the Gross-Up Payment in Executive's adjusted gross income.  In
     the event that the Excise Tax is subsequently determined to be less than
     the amount taken into account hereunder at the time the Gross-Up Payment is
     made, Executive shall repay to the Company at the time that the amount of
     such reduction in Excise Tax is finally determined (but, if previously paid
     to the taxing authorities, not prior to the time the amount of such
     reduction is refunded to Executive or otherwise realized as a benefit of
     Executive) the portion of the Gross-Up Payment that would not have been
     paid if such Excise Tax had been applied in initially calculating the
     Gross-Up Payment, plus interest on the amount of such repayment at the rate
     provided in Section 1274(b)(2)(B) of the Code.  In the event that the
     Excise Tax is determined to exceed the amount taken into account hereunder
     at the time the Gross-Up Payment is made (including by reason of any
     payment the existence or amount of which cannot be determined at the time
     of the Gross-Up Payment), the Company shall make an additional Gross-Up
     Payment in respect of such excess (plus any interest and penalties payable
     with respect to such excess) at the time that the amount of such excess is
     finally determined.

               The Gross-Up Payment provided for above shall be paid on the 30th
     day (or such earlier date as the Excise Tax becomes due and payable to the
     taxing authorities) after it has been determined that the Total Payments
     (or any portion thereof) are subject to the Excise Tax; provided, however,
     that if the amount of such Gross-Up Payment or portion thereof cannot be
     finally determined on or before such day, the Company shall pay to
     Executive on such day an estimate, as determined by the Independent
     Advisors, of the minimum amount of such payments and shall pay the
     remainder of such payments (together with interest at the rate provided in
     Section 1274(b)(2)(B) of the Code), as soon as the amount thereof can be
     determined.  In the event that the amount of the estimated payments exceeds
     the amount subsequently determined to have been due, such excess shall
     constitute a loan by the Company to Executive, payable on the fifth day
     after demand by the Company (together with interest at the rate provided in
     Section 1274(b)(2)(B) of the Code).  If more than one Gross-Up Payment is
     made, the amount of each Gross-Up Payment shall be computed so as not to
     duplicate any prior Gross-Up Payment.  The Company shall have the right to
     control all proceedings with the Internal Revenue Service that may arise in
     connection with the determination and assessment of any Excise Tax and, at
     its sole option, the Company may pursue or forego any and all
     administrative appeals, proceedings, hearings, and conferences with any
     taxing authority in respect of such Excise Tax (including any interest or
     penalties thereon); provided, however, that the Company's control over any
     such proceedings shall be limited to issues with respect to which a Gross-
     Up Payment would be payable hereunder, and Executive shall be entitled to
     settle or contest any other issue raised by the Internal Revenue Service or
     any other taxing authority.  Executive

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     shall cooperate with the Company in any proceedings relating to the
     determination and assessment of any Excise Tax and shall not take any
     position or action that would materially increase the amount of any Gross-
     Up Payment hereunder.

     7.   Noncompetition.  During the Employment Period and continuing until the
later of (or if the Employment Period is terminated by the Company for Cause or
by Executive for other than Good Reason, the first anniversary of the later of),
(i) the expiration of the Employment Period, (ii) the Termination Date, and
(iii) the date upon which the last of Executive's separation benefits hereunder
(if any), ceases in accordance with its terms, Executive shall not, without the
prior written authorization of the Board of Directors of the Company, (i)
directly or indirectly render services of a business, professional or commercial
nature (whether for compensation or otherwise) to any person or entity
competitive or adverse to the Company's business welfare, (ii) engage in any
activity, whether alone, as a partner, or as an officer, director, employee,
consultant, independent contractor, or stockholder in any other corporation,
person, or entity which is competitive with or adverse to the Company's business
welfare, or (iii) hire or solicit for hire any of the Company's employees.  This
Section 7 shall not, however, prevent Executive from investing in securities
issued by any such competitive or adverse corporation provided the holdings
thereof by Executive do not constitute more than three percent of any one class
of such securities.

     8.   Confidentiality.

          (a) Disclosure and Use.  Executive shall not disclose or use at any
     time, either during or subsequent to the Employment Period, any trade
     secrets or other confidential information of the Company of which Executive
     is or become informed or aware of prior to or during the Employment Period,
     except (i) as may be required for Executive to perform his duties and
     obligations under this Agreement, (ii) to the extent such information has
     been disclosed to Executive by a third party who is not affiliated with the
     Company or which otherwise becomes generally available to the public, (iii)
     information which must be disclosed as a result of a subpoena or other
     legal process, or (iv) unless Executive shall first secure the Company's
     prior written authorization.  This paragraph shall survive the termination
     of this Employment Period, whether by lapse of time or otherwise, and shall
     remain in effect and be enforceable against Executive for as long as any
     such Company trade secrets or confidential information retains commercial
     value.  Executive shall execute additional agreements and confirmations of
     his obligations to the Company concerning such non-disclosure of Company
     trade secrets and other confidential information as the Company may require
     from time to time, provided that the execution of such additional
     agreements and confirmations are (i) reasonable and (ii) are required of
     all other senior executive employees of the Company under similar
     circumstances.

          (b) Return of Materials.  Upon termination of his employment for any
     reason, Executive (or in the event of termination due to Executive's death,
     his

                                      -12-
<PAGE>
 
     surviving spouse or personal representative, as applicable) shall promptly
     deliver to the Company all materials of a secret or confidential nature
     relating to the Company's business, which are in the possession or under
     the control of Executive.

     9.   Ideas and Improvements.  Executive hereby assigns to the Company all
of his rights, title, and interest in and to all inventions, discoveries,
processes, designs, and other intellectual property (hereinafter referred to
collectively as the "Inventions"), and all improvements on existing Inventions
made or discovered by Executive during the term of his employment by the
Company.  Promptly upon the development or making of any such Invention or
improvement thereon, Executive shall disclose the same to the Company and shall
execute and deliver to it such reasonable documents as it may request to confirm
the assignment of Executive's rights therein and, if requested, shall assist the
Company in applying for and prosecuting any patents which may be available in
respect thereof.  The Company acknowledges and hereby notifies Executive that
this paragraph 9 does not apply to an Invention for which no equipment,
supplies, facility or trade secret information of the Company was used and which
was developed entirely on Executive's own time, unless (a) the Invention relates
to (i) the business of the Company, or (ii) the Company's actual or demonstrably
anticipated research or development, or (b) the Invention results from any work
performed by Executive for the Company.

     10.  Remedies.  If, at any time, Executive violates to any material extend
any of the covenants or agreements set forth in paragraphs 7, 8 and 9, the
Company shall have the right to terminate all of its obligations to make further
payments under this Agreement.  Executive acknowledges that the Company would be
irreparably injured by a violation of paragraph 7, 8 or 9 and agrees that the
Company shall be entitled to an injunction restraining Executive from any actual
or threatened breach of paragraph 7, 8 or 9 or to any other appropriate
equitable remedy without any bond or other security being required.

     11.  Resolution of Disputes.  (a)  In the event of any controversy among
the parties hereto arising out of, or relating to, this Agreement which cannot
be settled amicably by the parties (other than a controversy contemplated by
paragraphs 6 (separation benefits) and 12 (legal fees and expenses) herein),
within 60 days of the date the dispute arose, such controversy shall be finally
settled by arbitration conducted expeditiously in accordance with the American
Arbitration Association Commercial Arbitration Rules by a board of three
independent arbitrators.  Either the Company or Executive may institute such
arbitration proceeding by giving written notice to the other party and by
designating one independent arbitrator.  Within 10 days thereafter, the other
party shall designate a second independent arbitrator, and such two arbitrators
shall thereafter select the third independent arbitrator.  A hearing shall be
held by the three arbitrators in the City of Chicago, Illinois, and a decision
of the matter submitted to them shall be rendered promptly in accordance with
the rules of the American Arbitration Association.  The decision of a majority
of the arbitrators shall be final and binding upon all parties hereto.  Judgment
upon the award rendered may be entered in any court having jurisdiction thereof.
If the responding party shall fail to

                                      -13-
<PAGE>
 
appoint an independent arbitrator within the 10-day period provided above, the
American Arbitration Association may be called upon by the other party to
appoint such independent arbitrator and such two arbitrators shall thereupon
select a third independent arbitrator and the three arbitrators thus chosen
shall constitute the board of arbitration.  The cost of arbitration (other than
as provided in paragraph 12) shall be borne by the Company.  The arbitrators are
not empowered to award damages in excess of compensatory damages and each party
hereby irrevocably waives any damages in excess of compensatory damages.

     (b) Notwithstanding the foregoing, Executive acknowledges and agrees that
the Company may seek in a court of competent jurisdiction an injunction
prohibiting Executive's breach or alleged breach of paragraphs 7, 8 and 9.

     12.  Legal Fees and Expenses.  (a)  Subject to subparagraph (b) below and
any arbitration award of fees and expenses, each party shall bear its own costs
and expenses, including attorneys fees, incurred in connection with the
enforcement of this Agreement.

     (b) The Company shall pay, or reimburse Executive for, up to $_____________
in legal fees and expenses incurred by Executive in connection with the
preparation, negotiation, execution and delivery of this Agreement and the
transactions contemplated herein.

     13.  Amendment and Termination.  This Agreement may be amended or canceled
by mutual agreement of the parties without the consent of any other person and,
so long as Executive lives, no person, other than the parties hereto, shall have
any rights under or interest in this Agreement or the subject matter hereof.

     14.  Notice.  Any notice required or permitted to be given under this
Agreement shall be sufficient if given in writing and personally delivered or
sent by registered or certified mail, return receipt requested, or by facsimile,
telegram or telex followed by a confirmation letter sent by registered or
certified mail, return receipt requested, addressed as follows:

     If to the Company:      May & Speh, Inc.
                             1501 Opus Place
                             Downers Grove, Illinois 60515
                             Attention: Chief Financial Officer
                             Facsimile: (630) 964-1501

                                      -14-
<PAGE>
 
     If to Executive:        Peter I. Mason
                             121 East Fifth Street
                             Hinsdale, Illinois 60521
                             Phone: (630) 850-9512
                             Fax: (630) 850-9803

     15.  Non-assignment.  The interests of Executive under this Agreement are
not subject to the claims of his creditors and may not be voluntarily or
involuntarily assigned, alienated or encumbered.

     16.  Stock Options.  (a)  On the date hereof, the Company shall execute and
deliver to Executive an Option Agreement in the form attached hereto as Exhibit
A-1 (the "Fiscal 1997 Option Agreement"), pursuant to which the Company shall
grant to Executive options to purchase 600,000 shares of the Company's Common
Stock pursuant to the Executive Plan.

     (b) On October 1, 1997, the Company shall execute and deliver to Executive
an Option Agreement in the form attached hereto as Exhibit A-2 (the "Fiscal 1998
Option Agreement;" collectively with the Fiscal 1997 Option Agreement, the
"Option Agreements"), pursuant to which the Company shall grant to Executive
options to purchase 295,000 shares of the Company's Common Stock pursuant to the
Executive Plan.

     (c) The Company represents and warrants to Executive that it has reserved,
and covenants that it will continue to reserve, for issuance to Executive,
895,000 of the authorized but unissued shares of Common Stock of the Company
reserved for issuance under the Executive Plan.

     17.  Board of Directors.  (a)  In the event that at any time, or from time
to time, during the Employment Period the Board of Directors of the Company
establishes an executive or similar committee of the Board of Directors of the
Company, the Company covenants Executive will be a member of such committee.

          (b) In the event that at any time, or from time to time, during the
Employment Period the Board of Directors of the Company establishes a nominating
or similar committee of the Board of Directors of the Company, the Company
covenants that Executive will be a member of such committee.

          (c) The Company covenants and agrees that Mr. Casey Cowell will,
effective upon his agreement to serve as a director of the Company, be elected a
Class I Director of the Company with a term that will expire on March 1, 2000.

          (d) The Company covenants and agrees that as soon as reasonably
practicable after the date hereof the Company will elect a director proposed by
Executive and reasonably acceptable to a majority of the members of the Board of
Directors of the Company, such director to be elected a Class III Director of
the Company with a term that will expire on March 1, 1999.

                                      -15-
<PAGE>
 
     18.  Severability.  If any provision of this Agreement is held invalid or
unenforceable, either in its entirety or by virtue of its scope or application
to given circumstances, such provision shall thereupon be deemed modified only
to the extent necessary to render such provision valid, or not applicable to
given circumstances, or excised from this Agreement, as the situation may
require, and this Agreement shall be construed and enforced as if such provision
had been included herein as so modified in scope or application, or had not been
included herein, as the case may be.  Should this Agreement, or any one or more
of the provisions hereof, be held to be invalid, illegal or unenforceable within
any governmental jurisdiction or subdivision thereof, the Agreement or any such
provision or provisions shall not as a consequence thereof be deemed to be
invalid, illegal or unenforceable in any other governmental jurisdiction or
subdivision thereof.

     19.  Successors.  This Agreement shall be binding upon, and inure to the
benefit of, the Company and Executive, and, in the case of the Company, its
successors and assigns and any Person acquiring, whether by merger,
consolidation, purchase of assets or otherwise, all or substantially all of the
Company's assets and business, and in the case of Executive, his heirs,
executors, administrators, legal representatives, successors and assigns.

     20.  Disclosure of Agreement.  The Company and Executive agree that the
Company will issue a press release (and cause to be made all appropriate
filings) disclosing the Agreement and the general terms of the Agreement.  The
timing and terms of the press release and the timing of any filings and the
nature of the disclosures included therein shall be in form and substance
acceptable to Executive.

     21.  Prior Agreements.  This Agreement cancels any employment agreement,
whether written or oral, entered into between the Company and Executive prior to
the day and year first above written.

     22.  Counterparts.  The Agreement may be executed in two or more
counterparts, any one of which shall be deemed an original and all of which
taken together shall constitute a single instrument.

     23.  Governing Law.  This Agreement, and all matters or disputes relating
to the validity, construction, performance or enforcement hereof, shall be
governed, construed and controlled by and under the laws of the State of
Illinois without regard to principles of conflicts of law.


                            [Signature page follows]

                                      -16-
<PAGE>
 
     IN WITNESS WHEREOF, the parties have executed this Employment Agreement as
of the day and year first above written.



                                    /s/ Peter I. Mason
                                    ----------------------------------------
                                    Peter I. Mason



                                    MAY & SPEH, INC.


                                    By:  /s/ Lawrence J. Speh
                                       -------------------------------------
                                      Lawrence J. Speh,
                                      President and Chief Executive Officer


                                    By:  /s/ Eric Loughmiller
                                       -------------------------------------
                                      Eric Loughmiller
                                      Executive Vice President, Chief
                                      Financial Officer

                                      -17-