Document:

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                                                                   Exhibit 10.34

                               SM&A CORPORATION
                             EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT (this "Agreement") is entered into as of
                                      ---------
February 10, 2000, by and between SM&A CORPORATION, a California corporation
("SM&A"), and MICHAEL PIRAINO ("Employee"), with reference to the following:
------                          --------

     A.  SM&A desires to employ Employee on the terms and conditions set forth
herein;

     B.  Employee desires to perform services for SM&A as an employee of SM&A on
the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration for the promises and obligations set forth
below, SM&A and Employee agree as follows:

1.   Employment and Term.
     -------------------

     1.1  SM&A agrees to employ, and Employee agrees to be employed by SM&A, on
the terms and conditions described below (the "Employment").
                                               ----------

     1.2  This Agreement shall be effective as of February 1, 2000 (the
"Effective Date") and shall, unless sooner terminated pursuant to the terms set
 --------------
forth below, terminate on January 31, 2003.

2.   Duties.
     ------

     2.1  Employee agrees that during the Employment, Employee shall devote his
full-time efforts to his duties as an employee of SM&A, now or in the future
assigned to Employee by SM&A. From and after the date of this Agreement,
Employee shall serve as President and Chief Operating Officer of SM&A. The
parties further acknowledge that, while Employee is ultimately responsible to
the Board of Directors of SM&A, from and after the date of this Agreement,
Employee shall report directly to and be directed in his duties by the Chairman
of the Board and Chief Executive Officer of SM&A.

     2.2  Employee agrees to continue to serve without additional compensation,
if, from time to time he is elected or appointed thereto, in one or more offices
as a Director or member of any committee of the Board of Directors of SM&A or of
any direct or indirect subsidiary of SM&A.

3.   Compensation.
     ------------

     3.1  As consideration for said performance and duties of adherence to the
covenants in this Agreement, Employee shall be entitled to the compensation set
forth on Exhibit A attached hereto and incorporated herein by this reference
         ---------
(the "Compensation").
      ------------

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     3.2  Employee understands and acknowledges that, except as otherwise set
forth in this Agreement, the Compensation will constitute the full and exclusive
consideration to be received by Employee for all services performed by Employee
in connection with SM&A's employment of Employee, and for the performance of all
his promises and obligations under this Agreement.

     3.3  Aside from the Compensation, SM&A may adopt, or continue in force,
benefit plans for the benefit of its employees or certain of its employees which
may include, but not be limited to, group life insurance, medical insurance,
etc. SM&A may terminate any or all such plans at any time and may choose not to
adopt any additional or replacement plans. Employee's rights under any benefit
plans now in force or later adopted by SM&A shall be governed solely by the
terms of such plans; provided, however, that in no event shall Employee's rights
under any such benefit plans be less than those of any other executive officer
SM&A.

4.   Duty to Devote Full Time and Avoid Conflict of Interest.  Employee agrees
     -------------------------------------------------------
that during the Employment he shall devote his full-time efforts to his duties
as an employee of SM&A.  Employee further agrees that during the Employment he
shall not, directly or indirectly, engage or participate in any activities which
are in conflict with the best interests of SM&A.

5.   Compliance with Rules and Regulations.  Employee agrees to comply with
     -------------------------------------
SM&A's rules, regulations and practices, including but not limited to those
rules concerning vacation and sick leave, as they may from time to time be
adopted or modified, so long as they are uniformly applied to all employees.

6.   Non-competition and Non-solicitation by Employee.
     ------------------------------------------------

     6.1  Employee agrees that, during the Employment, Employee will not engage
in any activity competitive with or adverse to SM&A's business or welfare,
whether alone, as a partner, or as an officer, director, employee or shareholder
of any other corporation and shall not otherwise undertake planning for or the
organization of any business activity competitive with SM&A's business or
combine or conspire with other employees or representatives of SM&A for the
purpose of organizing any such competitive business activity. This prohibition
shall not include ownership of less than five percent (5%) of the outstanding
stock by Employee in a publicly traded corporation.

     6.2  For a period of two (2) years following the termination of the
Employment, Employee shall not induce, solicit or influence or attempt to
induce, solicit or influence any person who is engaged as an employee or
otherwise by SM&A or any client of SM&A, to terminate his or her employment or
other engagement with SM&A.

7.   Trade Secrets of SM&A.  Employee acknowledges and understands that during
     ---------------------
the Employment, Employee will have access to and will utilize and review
information which constitutes valuable, important and confidential trade
secrets, as that term is interpreted under the Uniform Trade Secrets Act
(California Civil Code Section 3426 et seq.) and/or confidential and proprietary
material and information of or relating to the business of SM&A necessary for
the successful conduct of SM&A's business.  This information includes, but is
not limited to: (a) listings of and data regarding the Clients (past and
current); (b) information regarding potential

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customers and clients; (c) data relating to the identity of the Clients of SM&A;
(d) information regarding bidding, billing and pricing practices; (e)
information regarding the nature and type of services rendered to the Clients;
(f) other methodologies, computer programs, databases, processes, compilations
of information, results of proposals, job notes, reports and records, and (g)
information regarding the nature and type of software products sold to or under
development with Clients of SM&A (all of which information is sometimes referred
to in this Agreement as the "Secrets"). The foregoing notwithstanding, Secrets
                             -------
shall not include information or data which is (i) in the public domain, (ii)
generally known in the information technology staffing services industry, (iii)
already known to Employee as of the date he began his employment with SM&A, or
(iv) rightfully disclosed to Employee outside of the scope of his employment
with SM&A by a third party not under a duty of confidentiality to SM&A. Employee
understands further that the Secrets have been and will be accumulated, by
Employee and other personnel at SM&A at considerable expense to SM&A (including
but not limited to compensation paid to SM&A personnel dealing with the Secrets
and the Clients), and that SM&A has and will continue to expend its resources in
order to maintain actively and vigorously the confidentiality of the Secrets, as
such information is extremely valuable to SM&A, and well worth the expense of
enforcement and preservation of such confidentiality. Accordingly, Employee
agrees as follows:

          (a)  All of the Secrets shall be safeguarded and treated as
     confidential by Employee.

          (b)  Any and all data, notes, letters, computer programs, email
     records, reports, telephone records and all other written documentation
     relating to the business of SM&A (including but not limited to the Secrets)
     that may be collected, compiled, written, reviewed or conceived by
     Employee, whether set forth in tangible media or intangible, from or by
     reason of services performed by Employee for SM&A shall become the absolute
     property of SM&A, and Employee shall not assert or establish a claim for
     any statutory or common law right or any other possessory or proprietary
     right with respect to any of the above. The foregoing notwithstanding, upon
     the termination of the Employment, Employee may (i) at his own expense,
     make and retain copies of records pertaining to investment banking contacts
     (including analysts and mergers and acquisitions), commercial banking
     contacts, independent public accounting contacts, legal contacts or other
     contacts in the investment community (buy-side and sell-side) to the extent
     that such records do not constitute trade secrets of SM&A and (ii) retain
     closing binders for financings and acquisitions previously furnished to
     him; provided, however, that Employee shall ensure that SM&A retains a copy
     of all such records and closing binders; and provided further, that
     Employee shall be obligated to maintain the information contained in any
     closing binder retained by him as confidential to the extent that such
     information constitutes Secrets.

          (c)  Employee shall hold the Secrets in strictest confidence and shall
     not (i) disclose any Secrets to any person, corporation, firm, or other
     entity, either during the Employment or afterward, or (ii) use any Secrets
     in Employee's subsequent business or employment, without the prior express
     written authorization of SM&A; provided, however, that Employee may
     disclose Secrets to the extent required to do so by a subpoena lawfully
     issued in a judicial proceeding or arbitration.

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          (d)  Employee shall not otherwise commit any act which shall
     compromise the confidentiality of any Secrets, including but not limited to
     making a copy of such property (whether electronic, paper or otherwise)
     without the prior express written authorization of SM&A, except as
     permitted by Section 7(b)  above.
                  ------------

8.   Confidential Information of Clients.  All ideas, concepts, information and
     -----------------------------------
written material disclosed to Employee by SM&A, or acquired from any of the
Clients, and all financial, accounting, statistical, personnel, and business
data and plans of the Clients, are and shall remain the sole and exclusive
property and proprietary information of SM&A, or said Client, and are disclosed
in confidence by SM&A or permitted to be acquired from the Clients in reliance
on Employee's agreement to maintain them in confidence and not to use or
disclose them to any other person except in furtherance of SM&A's business.

9.   Return of Information.  At the time of the termination of the Employment,
     ---------------------
except as permitted by Section 7(b) above, Employee agrees to deliver promptly
                       ------------
to SM&A all notes, books, electronic data (regardless of storage media),
correspondence and other written or graphical records (including all copies
thereof) in Employee's possession or under Employee's control relating to any
business, work, the Clients or any other aspect of SM&A, whether or not
containing any Secrets, including but not limited to each original and all
copies of all or any part thereof.

10.  Cooperation.  Employee agrees that, both during the Employment and
     -----------
afterward, he will sign all papers, give evidence and testimony and, at SM&A's
expense, perform all acts which, in SM&A's opinion, are necessary, proper or
expedient to carry out and fulfill the purposes and intents of this Agreement.

11.  Remedies; Injunctive Relief.  In the event of a breach or threatened breach
     ---------------------------
by Employee of any of the provisions of this Agreement, Employee agrees that
SM&A, in addition to and not in limitation of any other rights, remedies, or
damages available to SM&A at law or in equity, shall be entitled to a
preliminary and a permanent injunction in order to prevent or restrain any such
breach by Employee or by Employee's partners, agents, representatives, servants,
employers, employees, and/or any and all persons directly or indirectly acting
for or with Employee.

12.  Termination of Employment.
     -------------------------

     12.1  The Employment may be terminated by SM&A at any time with "Cause" (as
                                                                      -----
defined below).  Except as otherwise agreed in writing or as otherwise provided
by this Agreement as due and payable (or as required by law), upon termination
of the Employment by SM&A with Cause, SM&A shall have no further obligation to
Employee under this Agreement by way of compensation or otherwise, but
Employee's duties under Sections 6 through 10, inclusive, shall continue after
                        ---------------------
said termination of Employment.  Notwithstanding the foregoing, to the extent
the grounds for any proposed termination with Cause are capable of being cured
or remedied by Employee, SM&A shall not terminate Employee with Cause unless the
Chief Executive Officer, Chairman of the Board of Directors, or other
representative of the Board of Directors of SM&A has first counseled Employee as
to how he could effect such cure or remedy and Employee is given at least thirty
(30) days to do so.  A determination of whether Employee

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has satisfactorily effected such cure or remedy shall be promptly made by a
majority of the disinterested (i.e. not the Employee) directors of the Board of
Directors at the end of the period provided to Employee for such cure or remedy
and such determination shall be final.

     12.2  The Employment may be terminated at any time (i) by SM&A without
Cause (as defined below) by giving Employee thirty (30) days' advance written
notice of such termination or (ii) by Employee for Good Reason (as defined
below) by giving SM&A thirty (30) days' advance written notice of such
termination. In the event that SM&A terminates the Employment without Cause, or
Employee terminates the Employment for Good Reason, SM&A shall (i) pay to
Employee the base salary of the Compensation, (ii) provide the same health and
life insurance benefits, and (iii) pay the lease payments with respect to the
automobile lease described in Exhibit A attached hereto, in each case until the
                              ---------
earlier to occur of (A) the last day of the term of this Agreement specified in
Section 1.2 above, (B) the expiration of twelve (12) calendar months after the
-----------
effective date of such termination of the Employment, (C) the date upon which
Employee becomes employed on a full-time basis (including but not limited to
self-employment, but only if Employee holds himself out to the public as being a
self-employed consultant or other businessman), or (D) the date upon which
Employee violates any of Sections 6 through 10, inclusive. In addition, SM&A
                         ---------------------
shall pay Employee the pro-rated Incentive Bonus described in Exhibit A attached
                                                              ---------
hereto to which Employee was entitled during the Employment (which proration
shall be based on a fraction, the numerator of which is the number of calendar
days during the fiscal year during which Employee was employed prior to the
effective date of the termination of the Employment and the denominator of which
is 365).  If SM&A's medical and/or life insurance plans do not allow Employee's
continued participation in such plan or plans during the period described above,
then SM&A shall pay to Employee, in monthly installments, from the date on which
Employee's participation in such medical and/or life insurance, as applicable,
is prohibited for the remainder of the time period described in the second
sentence of this Section 12.2, the monthly premium or premiums which had been
                 ------------
payable by SM&A with respect to Employee for such discontinued medical and/or
life insurance, as applicable.

     12.3  Employee may terminate the Employment without Good Reason at any time
by giving SM&A thirty (30) days' advance written notice of such termination.
Upon Employee's termination of the Employment without Good Reason, SM&A shall
have no further obligation to Employee under this Agreement by way of
compensation or otherwise (except for the obligation to pay the Compensation to
which Employee may be entitled at the time of such termination), but Employee's
duties under Sections 6 through 10, inclusive, shall continue after said
             ---------------------
termination of the Employment.

     12.4  The Employment will terminate immediately upon Employee's death. In
such event, SM&A shall (i) pay to Employee's estate the base salary and family
health benefits components of the Compensation until the earlier to occur of (A)
the last day of the term of this Agreement specified in Section 1.2 above or (B)
                                                        -----------
the expiration of twelve (12) calendar months after the effective date of such
termination. In addition, SM&A shall pay to Employee's estate the pro-rated
Incentive Bonus described in Exhibit A attached hereto to which Employee was
                             ---------
entitled during the Employment (which proration shall be based on a fraction,
the numerator of which is the number of calendar days during the fiscal year
during which Employee was employed prior to his death and the denominator of
which is 365).  Except for the payments

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expressly provided in this Section 12.4, SM&A shall have no further obligation
                           ------------
to Employee's estate under this Agreement by way of compensation or otherwise.

     12.5  SM&A may terminate the Employment at any time if Employee becomes
Disabled (as defined below) by giving Employee thirty (30) days' advance written
notice of such termination. In the event that SM&A terminates the Employment
because Employee has become Disabled, SM&A shall (i) pay to Employee the base
salary of the Compensation and (ii) provide the same health and life insurance
benefits, in each case until the earlier to occur of (A) the last day of the
term of this Agreement specified in Section 1.2 above, (B) the expiration of
                                    -----------
twelve (12) calendar months after the effective date of such termination of the
Employment, (C) the date upon which Employee becomes employed on a full-time
basis (including but not limited to self-employment, but only if Employee holds
himself out to the public as being a self-employed consultant or other
businessman), or (D) the date upon which Employee violates any of Sections 6
                                                                  ----------
through 10, inclusive.  In addition, SM&A shall pay Employee the pro-rated
----------
Incentive Bonus described in Exhibit A attached hereto to which Employee was
                             ---------
entitled during the Employment (which proration shall be based on a fraction,
the numerator of which is the number of calendar days during the fiscal year
during which Employee was employed prior to the effective date of the
termination of the Employment and the denominator of which is 365).  If SM&A's
medical and/or life insurance plans do not allow Employee's continued
participation in such plan or plans during the period describe above, then SM&A
shall pay to Employee, in monthly installments, from the date on which
Employee's participation in such medical and/or life insurance, as applicable,
is prohibited for the remainder of the time period described in the second
sentence of this Section 12.5, the monthly premium or premiums which had been
                 ------------
payable by SM&A with respect to Employee for such discontinued medical and/or
life insurance, as applicable.

     12.6 As used in this Agreement, the following terms shall have the meanings
indicated:

           (a)   "Cause" shall mean an action or actions by Employee during the
                  -----
     Employment (including but not limited to inactions) which constitute either
     (i) gross insubordination, gross negligence, unethical or criminal behavior
     constituting a felony under federal or state law and which involves moral
     turpitude, or a breach of fiduciary duty of Employee as an officer and/or
     director of SM&A, or (ii) a violation of any of Sections 4 through 10,
                                                     ---------------------
     inclusive.

          (b)    "Disabled" shall mean Employee's ability to perform his duties
                  --------
     under this Agreement is impaired, due to sickness, physical or mental
     impairment or injury, by more than twenty-five (25%) for a period of six
     (6) consecutive months or for nine (9) months in any consecutive twelve (1
     2) month period. In the event Employee disputes SM&A's determination that
     he is Disabled, Employee shall give written notice of such dispute to SM&A
     during the thirty (30) day notice period prior to the proposed effective
     date of such termination, and Employee and SM&A shall thereupon each
     select, within thirty (30) days of such notice from Employee, a physician
     to evaluate whether Employee is Disabled. Such physicians shall complete
     their evaluation and report to the Board of Directors within thirty (30)
     days. If such physicians do not agree as to whether Employee is Disabled,
     they shall promptly select a third physician to further evaluate Employee,
     whose conclusion on such matter shall be rendered within ten (10) days of
     his or her selection and shall be final and binding on Employee and SM&A.

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     (c)  "Good Reason" shall mean any of the following:
           -----------

          (i)    (A) the assignment to Employee of duties inconsistent with
     Employee's current position, duties, or responsibilities which is
     sufficient to constitute a diminution of status with SM&A, (B) a material
     change in Employee's titles or offices or diminution of reporting
     relationships (such that Employee is reporting to Company personnel other
     than the Chairman of the Board) adverse to Employee, or (C) any removal of
     Employee from or any failure to reelect Employee to any of his positions as
     a senior officer of SM&A, except, in any such case, with Employee's consent
     or in connection with the termination of his employment for disability,
     retirement (at age 70), death or resignation (other than resignation for
     Good Reason), provided, however, that Good Reason shall not include the
     assignment to Employee of any duties or responsibilities of one or more
     management positions within his competence to the extent that any such
     position is not filled at any time and it is necessary to perform the
     duties and responsibilities of such position pending the hiring of a person
     to hold such position, provided that any such assignment does not exceed
     six (6) months, and provided that SM&A is actively seeking to fill such
     position during the period of such assignment;

          (ii)   a purported reduction by SM&A in the Compensation in effect on
     the date hereof or as the same may be increased from time to time during
     the term of this Agreement or any failure by SM&A to reimburse Employee or
     provide the benefits set forth in Exhibit A;
                                       ---------

          (iii)  any material failure by SM&A to continue in effect any
     significant and material benefit plan or arrangement (including, without
     limitation, SM&A's incentive bonus plan, profit sharing plan, stock option
     plans, medical insurance plans, disability insurance plans, life insurance
     plans or vacation pay plans, with such generally applicable amendments
     thereto as may be approved from time to time in good faith by SM&A's Board
     of Directors) in which Employee is participating or other plans providing
     Employee with substantially similar benefits (collectively, the "Benefit
                                                                      -------
     Plans"), or any action by SM&A which would materially and adversely affect
     -----
     Employee's participation in or materially reduce Employee's benefits under
     any Benefit Plan;

          (iv)   a relocation of the office to which Employee is required to
     report to a location outside of a twenty-five (25) mile radius of the then
     existing SM&A corporate headquarters, or a requirement that Employee
     relocate his residence from Newport Beach, California;

          (v)    any failure by SM&A to obtain the assumption of this Agreement
     by any successor or assign of SM&A, if such successor or assigns asserts
     the position that it is not bound by the provisions hereof,

          (vi)   any failure by SM&A to comply with any material provision of
     this Agreement; or

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               (vii)  a failure to provide support services, staff, office space
          and accouterments necessary to perform any duties assigned to Employee
          or a material reduction in the level of support services and staff,
          office space or accouterments made available to Employee, unless such
          reduction is generally effective for all other officers of equal rank
          or junior to Employee;

          provided, however, that no such action shall be considered to
          constitute Good Reason unless and until Employee has given SM&A
          written notice of, and thirty (30) days' opportunity to cure or remedy
          the specific action which Employee alleges would constitute Good
          Reason if not so cured or remedied and SM&A has failed to effect such
          cure or remedy.

     12.7  The rights and remedies provided in this Section 12 shall constitute
                                                    ----------
the exclusive rights and remedies available to Employee relating to or arising
from the termination of the Employment, including claims for breach of contract;
provided, however, that Employee shall be entitled to pursue any and all
available legal remedies based on any claim that such termination constituted a
violation of applicable federal or state law.

     12.8  No policies or procedures of SM&A or benefits provided by SM&A,
whether oral or written, express or implied, formal or informal, are intended,
nor shall they be construed to limit the right or ability of SM&A or Employee to
terminate the Employment as set forth above. Except as otherwise agreed in
writing or as otherwise provided by this Agreement, upon termination of the
Employment, neither SM&A nor Employee shall have any further obligation to each
other by way of compensation or otherwise.

     12.9  SM&A will require any successor or assign (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of SM&A, by agreement in form
and substance reasonably satisfactory to Employee, expressly, absolutely and
unconditionally to assume and agree to perform this Agreement in the same manner
and to the same extent that SM&A would be required to perform this Agreement if
no such succession or assignment had taken place. In any such event, the term
"SM&A" as used in this Agreement shall mean any such successor or assign which
executes and delivers the agreement provided for in the immediately preceding
sentence or which otherwise becomes bound by the terms and provisions of this
Agreement by operation of law.

     12.10 Employee shall make a reasonable good faith effort to find new
employment during any period during which payments are paid to Employee
following Employee's termination of employment with SM&A. Except as expressly
provided herein, no payment or benefit provided for under this Agreement shall
be reduced by any compensation earned by Employee as the result of employment by
another employer after the date of termination with SM&A. Except as expressly
provided herein, the provisions of this Agreement, and any payment or benefit
provided for hereunder, shall not reduce any amounts otherwise payable, or in
any way diminish Employee's existing rights, or rights which would accrue solely
as a result of the passage of time, under any SM&A benefit plan, employment
agreement or other contract, plan or arrangement. Except as required in
connection with the determinations contemplated by Section 12.6, the amount of
                                                   ------------
any payment provided under this Agreement shall not be reduced by reason of any
present value calculation.

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13.  Change of Control of SM&A.  Notwithstanding anything to the contrary in any
     -------------------------
Stock Option Agreement or Incentive Stock Option Agreement previously entered
into by SM&A and Employee, upon the occurrence of a "change of control" during
                                                     -----------------
the Employment, any and all stock options granted to Employee under SM&A's stock
option plans shall, whether or not the Employment is terminated as a result of
such change of control, become immediately vested and exercisable for a period
not to exceed the lesser of (a) two (2) years, or (b) the date on which such
stock options would otherwise have terminated (other than by reason of the
termination of the Employment). The term "change of control" shall mean (i) any
                                          -----------------
merger or consolidation where SM&A is not the continuing or surviving
corporation or pursuant to which all or substantially all of the shares of
SM&A's Common Stock are converted into cash, other property or securities of
another corporation, other than, in either case, a merger or consolidation in
which the shares of SM&A's Common Stock outstanding immediately prior to such
merger or consolidation represent or are converted into securities representing
more than 50% of the voting power of the surviving corporation in such merger or
consolidation or the parent of such corporation, (ii) any sale, lease, exchange
or other transfer (in one transaction or a series of related transactions) of
all, or substantially all, of the assets of SM&A, (iii) the approval by the
shareholders of SM&A of any plan or proposal for the liquidation or dissolution
of SM&A, (iv) any "person" (as such term is used in Sections 13(d) and 14(d)(2)
                   ------
of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) shall
                                                         ------------
become the beneficial owner (within the meaning of Rule 13d-3 under the Exchange
Act) of 35% or more of SM&A's outstanding Common Stock after the date hereof,
(v) during any period of two consecutive years, individuals who, at the
beginning of such period constitute the entire Board of Directors, together with
persons whose nomination was approved by a vote of at least two thirds of such
directors (or directors so approved) shall cease for any reason to constitute a
majority of the members of the Board of Directors, or (vi) there shall be any
change of control of a nature which would be required to be reported in response
to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange
Act or any successor regulation of substantially similar import, regardless of
whether SM&A is subject to such reporting requirement at such time.

14.  Miscellaneous Provisions.
     ------------------------

     14.1  In the event that any of the provisions of this Agreement shall be
held to be invalid or unenforceable, then all other provisions shall
nevertheless continue to be valid and enforceable as though the invalid or
unenforceable parts had not been included in this Agreement. In the event that
any provision relating to the time period of any restriction imposed by this
Agreement shall be declared by a court of competent jurisdiction to exceed the
maximum time period which such court deems reasonable and enforceable, then the
time period of restriction deemed reasonable and enforceable by the court shall
become and shall thereafter be the maximum time period.

     14.2  This Agreement shall be binding upon the heirs, executors,
administrators, and successors-in-interest of the parties hereto.

     14.3  This Agreement shall be construed and enforced according to the laws
of the State of California, excluding its choice of law rules.

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     14.4  This Agreement supersedes all previous correspondence, promises,
representations, and agreements, if any, either written or oral, between SM&A
and Employee.  No provision of this Agreement may be modified except by a
writing signed by both SM&A and Employee.

     14.5  All notices, demands, requests, consents, approvals or other
communications (collectively "Notices") required or permitted to be given
                              -------
hereunder or which are given with respect to this Agreement shall be in writing
and shall be personally served or deposited in the United States mail,
registered or certified, return receipt requested, postage prepaid, addressed as
set forth below, or such other address as such party shall have specified most
recently by written notice. Notices shall be deemed given on the date of service
if personally served. Notices mailed as provided herein shall be deemed given on
the third business day following the date so mailed:

               To SM&A:            SM&A Corporation
                                   4695 MacArthur Blvd., Suite 800
                                   Newport Beach, CA 92660
                                   Attention: Chief Executive Officer

               with a copy to:     Rutan & Tucker, LLP
                                   611 Anton Boulevard, 14th Floor
                                   Costa Mesa, CA 92626
                                   Attention:  Thomas J. Crane

               To Employee:        Michael A. Piraino
                                   1201 Santiago Drive
                                   Newport Beach, CA 92660

               with a copy to:     ________________
                                   ________________
                                   ________________
                                   Attention:  ___________

     14.6  Should any party institute any action or proceeding to enforce this
Agreement or any provision hereof, or for damages by reason of any alleged
breach of this Agreement or of any provision hereof, or for a declaration of
rights hereunder, the prevailing party in any such action or proceeding shall be
entitled to receive from the other party all costs and expenses, including
reasonable attorneys', accountants' and experts' fees, incurred by the
prevailing party in connection with such action or proceeding.

15.  Acknowledgment by Employee.  Employee has carefully read and considered the
     --------------------------
provisions of this Agreement and agrees that all of the above-stated
restrictions, obligations and promises are fair and reasonable and reasonably
required for the protection of the interests of SM&A.  Employee further
acknowledges that the goodwill and value of SM&A is enhanced by these provisions
and that said enhancement is desired by Employee.  Finally, Employee indicates

                                       10
<PAGE>

his acceptance of this Agreement by signing and returning the enclosed copy of
this Agreement where indicated below.

16.  Counsel.  The parties hereto have requested that counsel to the Company,
     -------
Rutan & Tucker, LLP, prepare this Agreement and acknowledge that in so doing
that such counsel is acting on behalf of the Company. Piraino acknowledges that
Rutan &Tucker, LLP has previously served as and continues to serve as counsel to
Myers in other matters. Myers acknowledges that one or more current partners of
Rutan & Tucker, LLP have previously served as counsel to Piraino.

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first above written.

                                    SM&A CORPORATION

                                    By: /s/ Steven S. Myers
                                       -----------------------------------------
                                         Steven S. Myers, Chairman of the Board
                                         of Directors

                                        /s/ Michael A. Piraino
                                       -----------------------------------------
                                       MICHAEL A. PIRAINO

                                       11
<PAGE>

                                   EXHIBIT A

                      Compensation of Michael A. Piraino
                      ----------------------------------

     The following summarizes the compensation to which Employee shall be
entitled under the foregoing terms of this Employment Agreement.

1.   BASE SALARY    Effective February 1, 2000, Employee's base annual salary
     -----------
                    shall be $400,000 per year, paid in at bi-weekly
                    installments. In no event, and under no circumstances, shall
                    Employee's annual salary be reduced below the most recent
                    annual salary. For example, in no event can Employee's base
                    annual salary ever be reduced below $400,000.

2.   LEAVE CREDIT   During the Employment, and in addition to the company
     ------------
                    observed and posted holidays of 10 per year, Employee shall
                    accrue paid leave at a rate of 25 days per annum; provided,
                    however, that any such leave time, if not used, will be
                    subject to SM&A's limitations on carrying forward unused
                    leave time; and, provided further, that Employee shall use
                    his best efforts to coordinate with the President and COO of
                    SM&A the dates upon which Employee shall use his aforesaid
                    vacation so as to minimize the negative impact upon SM&A
                    occasioned by Employee's absence.

3.   CELLULAR
     PHONE:         SM&A shall reimburse Employee for the periodic cost of a
     -----
                    cellular telephone including but not limited to phone
                    equipment rental.

4.   OTHER
     BENEFITS:      Employee shall be entitled to participate in and receive
     --------
                    benefits under all profit-sharing plans, pension plans,
                    group medical plans and other benefit plans for the payment
                    of additional compensation or benefits to employees of SM&A
                    which SM&A at any time maintains for executive employees.

5.   AUTOMOBILE
     LEASE:         In lieu of an automobile allowance, SM&A shall lease an
     -----
                    automobile of Employee's choice. In addition, the reasonable
                    cost of annual insurance, fuel, maintenance, cleaning and
                    repairs shall be borne by SM&A.

                                       12
<PAGE>

6.   BUSINESS
     EXPENDITURES:  Employee may be authorized to incur reasonable expenses for
     ------------
                    promoting and conducting the business of SM&A, including but
                    not limited to expenditures for entertainment and travel, in
                    such amounts and at such times as shall be determined and
                    approved by the Chairman of the Board of SM&A. SM&A shall
                    reimburse Employee monthly for all such approved business
                    expenses upon presentation of reasonable documentation
                    establishing the amount, date, place and essential character
                    of the expenditures.

7.   INCENTIVE
     BONUS:         Employee's incentive bonus for each fiscal year shall
     -----
                    provide for a maximum bonus of up to $300,000 of his base
                    salary for such year and shall be subject to such terms and
                    conditions as shall be determined in good faith by the Board
                    of Directors, with the recommendation of and in consultation
                    with the Compensation Committee of the Board of Directors.
                    The incentive bonus may be based on financially oriented
                    components or upon Employee's individual accomplishments or
                    both. The incentive bonus earned for a fiscal year of SM&A
                    shall be paid not later than three (3) business days
                    following the review and approval by the Board of Directors
                    of SM&A of the final financial statement results of the
                    audit for said fiscal year by SM&A's independent auditors.

                    Employee may draw up tp $50,000 through quarterly payments,
                    a gross amount equal to $12,500 as a non-guaranteed advance
                                                         --------------
                    against the Incentive Bonus.

8.   INDEMNI-
     FICATION:      SM&A has entered into a directors and officers
     --------
                    Indemnification Agreement with Employee, under which SM&A is
                    required to indemnify Employee against personal liability
                    for acts of SM&A, to the extent such indemnification is
                    permitted by law.

                                       13Exhibit 10.34

                          REGENT ASSISTED LIVING, INC.

                              EMPLOYMENT AGREEMENT

              THIS EMPLOYMENT AGREEMENT (the "Agreement") is made effective the
1st day of November, 1999, by and between REGENT ASSISTED LIVING, INC., an
Oregon corporation (the "Company"), and DALE J. ZULAUF ("Executive").

                                    RECITALS:

A.            The Company is engaged in the business of developing and operating
assisted living residences for senior citizens (the "Business").

B.            Executive possesses certain skills, expertise and contacts related
to the Business.

C.            Because of those skills, expertise and contacts, the Company
desires to employ Executive, and Executive desires to accept employment with the
Company, on the terms and conditions set forth herein.

                                   AGREEMENT:

              NOW, THEREFORE, in consideration of the covenants and mutual
agreements set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

      1. Employment; Term. The Company hereby employs Executive to perform the
duties described herein, and Executive hereby accepts employment with the
Company, for a term commencing on the date hereof and expiring at the close of
business on October 31, 2004, unless earlier terminated in accordance with
Section 6 below.

      2. Position and Duties.

              2.1 Position. During the term of his employment Executive shall
serve as Chief Operating Officer of the Company. Executive shall make available
all of his business time, attention, skill, and efforts for performing services
for the Company, and shall devote as much of his business time, attention, skill
and efforts to the performance of such services as is required by the Company's
Board of Directors (the "Board of Directors"). Executive shall, at all times, be
subject to the authority of the Board of Directors.

              2.2 General Terms of Employment. Executive shall be subject to the
general terms and conditions of employment applicable to employees of the
Company, as established by the Board of Directors from time to time, including,
without limitation, all conditions relating to compliance with federal and/or
state laws and other governmental rules and regulations issued thereunder as the
same may be in effect from time to time.

Page 1 - EMPLOYMENT AGREEMENT
<PAGE>

3.         Compensation.

              3.1 Base Salary. As compensation for Executive's services under
this Agreement, the Company shall pay to Executive during the term of employment
an annual salary (the "Base Salary") of Two Hundred Thousand Dollars ($200,000),
subject to all applicable income tax withholding and other payroll taxes. The
Base Salary shall be payable in accordance with the Company's normal payroll
practices or on such other basis mutually agreed upon by the parties. The Board
of Directors (or the Compensation Committee of the board of Directors) may
adjust the Base Salary upwards, but not downwards, on an annual basis.

              3.2 Annual Bonus. Executive shall be eligible to receive an annual
bonus to be determined and paid at the time and in the manner established
annually by the Board of Directors. Company will work in good faith with
Executive to determine a quantitative model for determining the amount of such
bonus to which Executive will be entitled.

              3.3 Stock Options. Company shall grant Executive options to
purchase up to 78,000 shares of the Company's common stock. The options shall be
in accordance with the Company's standard plan in effect for other executive
officers of the Company. Walter C. Bowen, in his individual capacity, agrees to
recommend to the Board of Directors, and to vote in favor of, a resolution to
increase the number of shares subject to the Company's stock option plan.
Executive understands that the ability of the Company to increase the number of
shares subject to the plan is dependent upon the approval of Prudential Private
Equity Investors III, L.P. and a vote of the Company's shareholders. If the size
of the Company's Stock Option Plan is increased in this manner, the Company will
issue an additional option to purchase 22,000 more shares of the Company's
common stock and for purposes of vesting, the Company will give the options a
grant date of November 1, 1999.

              3.4 Relocation Expenses. Company will reimburse Executive for all
reasonable costs associated with moving Executive, his family, and their
personal property to Portland, Oregon.

              3.5 Housing Allowance. Company will reimburse Executive for his
housing expenses incurred to live in Portland for up to six months, at a monthly
rate not to exceed $1,500.

              3.6 Agreement to Relocate. As a material inducement to Company,
Executive agrees to utilize his best efforts to relocate his primary residence
to Portland, Oregon by September 30, 2000. Company agrees that Executive may use
his current home in Franktown, Colorado as a base of operations for the interim
period to that date, provided that Executive will travel to Portland as directed
by the President or Chairman to attend to Company matters. Company will pay
Executive's long distance charges and reasonable incidental office supply
charges incurred to perform his duties from his home office in Franktown.

      4. Benefits. During the term of his employment, Executive shall be
entitled to and shall receive three weeks paid vacation in addition to all other
benefits that are customarily provided by the Company to it employees generally,
subject to any eligibility requirements.

      5. Reimbursement of Expenses. The Company shall pay or reimburse Executive
for all reasonable travel and other expenses incurred by Executive in performing
his obligations under this Agreement, provided that:

Page 2 - EMPLOYMENT AGREEMENT
<PAGE>

              5.1 Each such expenditure is incurred by Executive in accordance
with such policy guidelines as may be established by the Board of Directors from
time to time; and

              5.2 Executive furnishes to the Company adequate records and other
documentary evidence required by federal and state statutes and regulations
issued by the appropriate taxing authorities for the substantiation of each such
expenditure.

6.         Termination of Employment.

              6.1 Termination of the Company for Cause. The Company may
terminate this Agreement and Executive's employment with the Company hereunder,
effective upon delivery of written notice of termination to Executive setting
forth the basis of such termination, for Cause, which shall be defined as any of
the following:

                  (a) Any misappropriation of funds or property of the Company
              by Executive;

                  (b) The conviction of or plea of guilty or nolo contendere by
              Executive of a felony or of any crime involving moral turpitude;

                  (c) Executive's engagement in illegal or immoral conduct
              tending to place Executive or the Company, by association with
              Executive, in disrepute;

                  (d) Indulgence in alcohol or drugs to an extent that renders
              Executive generally unable or unfit to perform his duties
              hereunder;

                  (e) Executive's gross dereliction of duty; or

                  (f) Any act or omission that constitutes a material breach by
              Executive of his obligations under this Agreement.

              On the effective date of termination, the Company shall pay to
Executive his Base Salary accrued through the date of termination. No annual
bonus for the fiscal year in which termination is effective or for any
subsequent year will be paid.

              6.2 Termination by the Company without Cause. The Company may
terminate this Agreement and Executive's employment with the Company hereunder,
effective upon delivery of written notice of termination to Executive, at any
time without Cause, as defined above. Upon any such termination without Cause,
Executive shall be entitled to a cash payment from the Company equal to the
Executive's one year's Base Salary at the rate in effect on the date of
termination. The Company and Executive agree that Executive shall have the
responsibilities, duties and authority as are reasonably consistent with
Executive's position as the Chief Operating Officer of the Company, and that the
reduction of Executive's responsibilities, duties and authority materially below
such level, a transfer of Executive from the Company's principal executive
office, the physical move of the principal executive office to a location more
than 45 miles from its current location, or a material breach by the Company of
this Agreement or any stock option agreement with Executive, shall be deemed a
termination of Executive without Cause.

              6.3 Termination for Death or Disability. Executive's obligations
and employment hereunder shall terminate immediately, without further notice or
action, upon either of the following events:

Page 3 - EMPLOYMENT AGREEMENT
<PAGE>

                  (a) The death of Executive. In such event, the Company shall
              pay to Executive's estate his Base Salary and any other rights
              (including the annual bonus, if any) accrued to the date of death.

                  (b) Executive shall be unable to perform the normal duties of
              his employment for a period of 90 days as a result of illness or
              injury. In such event, the Company shall pay to Executive has Base
              Salary for the 90-day period following the date active services
              cease and any other rights (including the annual bonus, if any)
              accrued to that date. Thereafter, Executive shall receive from the
              Company only such disability income as may be received by the
              Company from policies covering Executive, if any, and vested
              benefits under any employee benefit plan in accordance with the
              terms of that plan.

              6.4 Termination by Executive. Executive may terminate his
employment with the Company hereunder at any time by providing 60 days' prior
written notice to the Company. On the effective date of termination, the Company
shall pay to Executive his Base Salary and any rights accrued through the date
of termination.

7.         Restrictive Covenants.

              Executive shall not, except on behalf of the Company, either
directly or indirectly, on his own account, or as an employee, consultant,
agent, partner, joint venturer, owner, officer, director or stockholder of any
other person, firm, partnership, corporation or other entity, or in any other
capacity, in any way:

              7.1 During the term of his employment, within the United States of
America, including its possessions and territories, conduct, engage in or aid or
assist anyone in the conduct of a business which is substantially similar to or
directly competitive the Business, provided Executive may own an interest in any
congregate care or assisted living property approved by the Company's Board of
Directors (which approval shall not be unreasonably withheld), provided that
Executive shall hold any such interest for investment purposes only and shall
not take an active role in the management of any such properties and, further,
that such properties do not directly compete with the business of the Company;

              7.2 During the term of his employment, solicit, divert, take away
or accept orders from, or attempt to solicit, divert, take away or accept orders
from, any person, firm, partnership, corporation or other entity, wherever
located, for whom the Company performed any services or to whom the Company sold
any product within the immediately preceding 12-month period.

              7.3 During the term of his employment, solicit, attempt to
solicit, hire for employment or engage any person who was an employee,
independent contractor or agent employed by or engaged by the Company within the
immediately preceding 12-month period.

              7.4 Use for himself or for any other person, firm, corporation,
partnership, association or other entity, or divulge or disclose in any manner
to any person, firm, corporation, partnership, association or other entity, the
identity of the Company's residents or other customers, methods of operation,
financial data, sources of supply, know-how, pricing information, records,
books, agreements, techniques, forms, procedures, systems, financial information
or other trade secrets or confidential or proprietary information used in or
relating to the Business (hereinafter referred to as the "Confidential
Information"). Notwithstanding anything to the contrary contained in this
Agreement, the restrictions on Executive's

Page 4 - EMPLOYMENT AGREEMENT
<PAGE>

disclosure and use of the Confidential Information shall not apply to (i)
information, or techniques which are or become generally known to the public,
other than through disclosure (whether deliberate or inadvertent) by Executive
or (ii) disclosure of Confidential Information in judicial or administrative
proceedings to the extent Executive is legally compelled to disclose such
information, provided Executive shall have used his best efforts, and shall have
afforded the Company the opportunity, to obtain an appropriate protective order
or other assurance satisfactory to the Company or confidential treatment for the
information required to be so disclosed.

              7.5 Executive hereby agrees that the periods of time, geographical
scope and other limitations provided for in this Section 7 above are the minimum
such terms necessary to protect the Company and its successors and assigns in
the use and employment of the goodwill respecting the Business and the Company.
Executive further agrees that damages cannot adequately compensate the Company
in the event of Executive's breach of any of the covenants contained in this
Section 7. Accordingly, Executive agrees that in the event of a breach of any of
such covenants, the Company shall be entitled to obtain injunctive relief
against Executive, without bond but upon due notice, in addition to such other
relief as may appertain at law or in equity. Obtainment of any such injunction
by the Company shall not be deemed an election of remedies or a waiver of any
right to assert any other remedies the Company may have at law or in equity. The
existence of any claim or cause of action of Executive against the Company, of
whatever nature, shall not constitute a defense to the Company's enforcement of
such restrictive covenants. To the extent any of such restrictive covenants are
deemed unenforceable by virtue of their scope in terms of geographical area,
length of time or otherwise, but may be made enforceable by limitations hereon,
Executive agrees that the same shall be enforceable to the fullest extent
permissible under the laws and public policies of the jurisdiction in which
enforcement is sought. The parties hereto hereby authorize any court of
competent jurisdiction to modify or reduce the scope of the restrictive
covenants to the extent necessary to make such restrictive covenants
enforceable.

              7.6 Executive and the Company agree to indemnify, defend, and hold
the other harmless from and against any and all loss, cost, damages, liability
and expense (including, without limitation, reasonable attorneys' fees, court
costs and reasonable litigation expenses) which the other shall suffer, sustain
or incur as a result of, arising from or in connection with any breach of the
terms of this Agreement by the indemnifying party hereunder.

8.         Miscellaneous Provisions.

              8.1 Severability. If any provision of this Agreement is deemed by
any court of competent jurisdiction to be invalid or unenforceable for any
reason, the remaining terms and provisions hereof shall remain binding upon the
parties.

              8.2 Notices. All notices and other communications required or
permitted hereunder shall be in writing; shall be delivered personally,
including by means of telecopy, or mailed by registered or certified mail,
postage prepaid and return receipt requested; shall be deemed given on the date
of personal delivery or on the date set forth on the return receipt; and shall
be delivered or mailed to the addresses or telecopy numbers set forth below or
to such other address as any party may from time to time direct:

              If to the                     Regent Assisted Living, Inc.
              Company, to:                  121 S.W. Morrison Street, Suite 1000
                                            Portland, OR  97204
                                            Telecopy: (503) 274-4685
                                            Attention: President

Page 5 - EMPLOYMENT AGREEMENT
<PAGE>

              Copy to:                      Regent Assisted Living, Inc.
                                            121 S.W. Morrison Street, Suite 1000
                                            Portland, OR  97204
                                            Telecopy: (503) 274-4685
                                            Attention: Chief Legal Officer

              If to                         Dale J. Zulauf
              Executive,
              to:                           --------------------
                                            --------------------

              8.3 Benefit and Assignment. This Agreement shall be binding upon
and inure to the benefit of the Company and its successors and assigns. The
rights and obligations of Executive hereunder are personal to him and are not
subject to voluntary or involuntary alienation or transfer by him.

              8.4 Waiver; Amendment. The provisions of this Agreement may be
waived or amended only by an instrument in writing signed by the party against
which enforcement of the amendment or waiver is sought. Any waiver of any term
or condition of this Agreement or any breach hereof shall not operate as a
waiver of any other such term, condition or breach, and no failure to enforce
any provision hereof shall operate as a waiver of such provision or of any other
provision hereof.

              8.5 Attorneys' Fees. If suit or action is filed by either party to
enforce this Agreement or otherwise with respect to the subject matter of this
Agreement, the prevailing party shall be entitled to recover reasonable
attorneys' fees as fixed by the trial court and, if any appeal is taken from the
decision of the trial court, reasonable attorneys' fees as fixed by the
appellate court.

              8.6 Headings. The section headings in this Agreement are for
convenience only and shall not control or affect the meaning or construction of
the provisions of this Agreement.

              8.7 Entire Agreement. This Agreement sets for the entire
understanding of the parties with respect to the subject matter hereof and
supersedes all prior discussions, negotiations, understandings or written
agreements among the parties hereto relating to the subject matter contained
herein, and merges all prior and contemporaneous discussions among them. Without
limiting the foregoing, the parties agree that all prior written or oral
agreements between Executive and the Company, or any predecessor or affiliate of
the Company, regarding the terms of Executive's employment are terminated and
superseded by this Agreement.

Page 6 - EMPLOYMENT AGREEMENT
<PAGE>

              8.8 Governing Law. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Oregon
(except for its choice-of-law provisions).

              IN WITNESS WHEREOF, the parties have executed this Agreement as of
the date first set forth above.

       THE COMPANY:                              REGENT ASSISTED LIVING, INC.

                                                 By: /s/ Walter C. Bowen
                                                    ----------------------
                                                    Walter C. Bowen, President

       EXECUTIVE:                                    /s/ Dale J. Zulauf
                                                    ----------------------
                                                    Dale J. Zulauf

Page 7 - EMPLOYMENT AGREEMENT

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