Document:

<PAGE>

                                                                   Exhibit 10.12

         SECOND AMENDEMENT, dated as of November 23, 1999 (this "Amendment"), to
         the CREDIT AGREEMENT, dated as of November 17, 1997, as amended by the
         First Amendment dated as of April 1, 1999 ( the "Credit Agreement"),
         among Pneumo Abex Corporation (the "Company"), the financial
         institutions from time to time parties to the Credit Agreement (the
         "Lenders"), the arranger and documentation agent named therein and The
         Chase Manhattan Bank, as Administrative Agent. Terms defined in the
         Credit Agreement shall be used in this Amendment with their defined
         meanings unless otherwise defined herein.

                              W I T N E S S E T H :

         WHEREAS, the Company has requested the Lenders to enter into this
         Amendment on the terms and conditions set forth herein;

         NOW, THEREFORE, in consideration of the premises and for other good and
         valuable consideration the receipt and sufficiency of which is hereby
         acknowledged, the parties hereto hereby agree as follows:

I.       AMENDMENT. Subsection 8.6 of the Credit Agreement is hereby amended by
         adding a new clause (v) to the end thereof which shall read in its
         entirety as follows:

                  (v) So long as no Default or Event of Default has occurred and
                  is continuing at the time such Restricted Payment is made or
                  would result therefrom, up to $20,300,000 of Restricted
                  Payments made (directly or indirectly) for the purpose of
                  enabling M&F Worldwide Corp. to redeem or repurchase its
                  Series A 8% Convertible Redeemable Convertible Preferred Stock
                  ( and pay accrued dividends thereon), provided that, in the
                  event that any such Restricted Payment is made, no Restricted
                  Payments may be made pursuant to clause (iii) of this
                  Subsection 8.6 on the basis of Adjusted Consolidated Net
                  Income for the 1998 and 1999 fiscal years (other than
                  Restricted Payments made prior to November 23, 1999)"

II.      MISCELLANEOUS.

                  1.    Representations and Warranties. The Company hereby
                        represents and warrants as of the Second Amendment
                        Effective Date that, after giving effect to this
                        Amendment, (a) no Default or Event of Default has
                        occurred and is continuing and (b) all representations
                        and warranties of the Company contained in the Loan
                        Documents ( with each reference to the Loan Documents in
                        such representations and warranties being deemed to
                        include, unless the context otherwise requires, this
                        Amendment and the Credit Agreement as amended by this
                        Amendment) are true and correct in all material respects
                        with the same effect as if made on and as of such date.

<PAGE>

                  2.    Expenses. The Company agrees to pay or reimburse the
                        Administrative Agent on demand for all its reasonable
                        out-of-pocket costs and expenses incurred in connection
                        with the preparation and execution of this Amendment,
                        including, without limitation, the reasonable fees and
                        disbursements of counsel to the Administrative Agent.

                  3.    No Change. Except as expressly provided herein, no term
                        or provision of the Credit Agreement shall be amended,
                        modified or supplemented, and each term and provision of
                        the Credit Agreement shall remain in full force and
                        effect.

                  4.    Effectiveness. This Amendment shall become effective on
                        the date (the "Second Amendment Effective Date") on
                        which (a) the Administrative Agent shall have received
                        counterparts hereof duly executed by the Company and the
                        Required Lenders and (b) the Borrower shall have paid to
                        the Administrative Agent for the account of the relevant
                        Lenders an amendment fee equal to 0.125% of the
                        Commitment of each Lender that submits an executed
                        signature page to the Administrative Agent or its
                        counsel (including by facsimile transmission) no later
                        than 5:00 p.m., New York City time, on December 3, 1999.

                  5.    Counterparts. This Amendment may be executed by the
                        parties hereto in any number of separate counterparts,
                        and all of said counterparts taken together shall be
                        deemed to constitute one and the same instrument.

                  6.    GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND
                        OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
                        GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
                        WITH, THE LAW OF THE STATE OF NEW YORK.

                  IN WITNESS WHEREOF, the parties hereto have caused this
                  Amendment to be duly executed and delivered by their proper
                  and duly authorized officers as of the date first above
                  written.

                                   PNEUMO ABEX CORPORATION

                                   By:/s/Peter W. Grace
                                      ------------------------------------------
                                      Title:  Senior Vice President

                                   THE CHASE MANHATTAN BANK, as
                                   Administrative Agent and as a Lender

                                   By:/s/Neil R. Boylan
                                      ------------------------------------------
                                      Title:  Managing Director

<PAGE>

                                   BANKBOSTON, N.A.

                                   By:/s/Daniel C. Dupre
                                      ------------------------------------------
                                      Title:  Authorized Officer

                                   BANQUE PARIBAS

                                   By:/s/John J. McCormick, III
                                      ------------------------------------------
                                      Title:  Vice President

                                   BANQUE PARIBAS

                                   By:/s/Ro Toyoshima
                                      ------------------------------------------
                                      Title:  Assistant Vice President

                                   FUJI BANK, LIMITED

                                   By:/s/Teiji Teramoto
                                      ------------------------------------------
                                      Title:  Vice President & Manager

                                   GENERAL ELECTRIC CAPITAL CORPORATION

                                   By:/s/William S. Richardson
                                      ------------------------------------------
                                      Title:  Duly Authorized Signatory

                                   NATEXIS BANQUE BFCE

                                   By:/s/Frank H. Madden, Jr.
                                      ------------------------------------------
                                      Title:  Vice President & Group Manager

                                   NATEXIS BANQUE BFCE

                                   By:/s/Jordan Sadler
                                      ------------------------------------------
                                      Title:  Associate

                                   NATIONAL WESTMINSTER BANK PLC

                                   By:/s/Andrew S. Weinberg
                                      ------------------------------------------
                                      Title:  Senior Vice President

<PAGE>

                                   ROYAL BANK OF CANADA

                                   By:/s/Michael Korine
                                      ------------------------------------------
                                      Title:  Senior Manager

                                   U.S. BANK NATIONAL ASSOCIATION

                                   By:/s/Elliot J. Jaffee
                                      ------------------------------------------
                                      Title:  Senior Vice President

                                   CREDIT AGRICOLE INDOSUEZ

                                   By:/s/:Sarah McClintock
                                      ------------------------------------------
                                      Title:  Vice President

                                   CREDIT AGRICOLE INDOSUEZ

                                   By:/s/:Rene LeBlanc
                                      ------------------------------------------
                                      Title:  Vice President<PAGE>

                                                                   Exhibit 10.13

                                 Stephen G. Taub
                         Executive Employment Agreement

o        TERM.  September 1, 1996 - December 31, 2000.

o        END-OF-TERM. After 12/31/99, Company may give notice of non-renewal;
         term extends for 12 months. After 12/31/00, term extends on
         one-day-at-a-time basis until notice of non-renewal given; then, term
         extends for 12 months.

o        BASE SALARY. $400,000 per year in 1996; $500,000 per year thereafter;
         if adjusted upward at sole discretion of Company, increased amount
         becomes Base Salary.

o        BONUS. If Company achieves the percentage of business plan set forth
         below, Employee receives performance bonus of the corresponding
         percentage of Base Salary.

                   Percentage of                      Percentage of
              EBITDA in Business Plan                  Base Salary
              -----------------------                  -----------
                        80%                                 60%
                        85                                  75
                        90                                  90
                        95                                 100
                       100                                 105
                       105                                 110
                       110                                 125
                       115                                 150

o        DEATH. Base Salary paid until death; prorated performance bonus paid if
         otherwise due for the year in which Employee dies.

o        DISABILITY. Company may terminate Agreement after six months. Base
         salary, reduced by any disability benefits received by Employee, paid
         until Company terminates; prorated performance bonus paid if otherwise
         due for the year in which Agreement is terminated.

o        BENEFITS. Standard Company officer benefits.

o        CAUSE. Upon gross neglect, conviction of felony, conviction of any
         crime relating to Company property, willful misconduct or material
         breach by employee or material prejudice to Company, Company can
         terminate without further liability.

<PAGE>

o        COMPANY BREACH. Employee receives Base Salary, performance bonuses and
         all benefits for longer of balance of term or 12 months; if end-of-term
         provisions are in effect, for balance of 12 month period; prorated
         performance bonus paid if otherwise due for balance of term; employee
         obligated to mitigate.

o        OTHER PROVISIONS. Protection of confidential information, non-compete
         during term, assignment of inventions, legal fees to employee if he
         prevails in action for breach or injunction; legal fees to Company if
         it prevails in action for injunction.

THIS SUMMARY PAGE IS FOR CONVENIENCE OF REFERENCE ONLY. IT SHALL NOT CONSTITUTE
A PART OF THE AGREEMENT

<PAGE>

                              Employment Agreement

                  EMPLOYMENT AGREEMENT, dated as of September 1, 1996, between
Mafco Worldwide Corporation, a Delaware corporation (the "Company") and Stephen
G. Taub (the "Executive").

                  WHEREAS, the Company wishes to employ the Executive, and the
Executive wishes to accept such employment, on the terms and conditions set
forth in this Agreement;

         Accordingly, the Company and the Executive hereby agree as follows:

                  1.       Employment, Duties and Acceptance.

                           1.1 Employment, Duties. The Company hereby employs
the Executive for the Term (as defined in Section 2.1), to render exclusive and
full-time services to the Company as President and Chief Operating Officer or in
such other executive position as may be mutually agreed upon by the Company and
the Executive, and to perform such other duties consistent with such position as
may be assigned to the Executive by the Board of Directors or any officer of the
Company senior to the Executive.

                           1.2 Acceptance. The Executive hereby accepts such
employment and agrees to render the services described above. During the Term,
the Executive agrees to serve the Company faithfully and to the best of the
Executive's ability, to devote the Executive's entire business time, energy and
skill to such employment, and to use the Executive's best efforts, skill and
ability to promote the Company's interests. The Executive further agrees to
accept election, and to serve during all or any part of the Term, as an officer
or director of the Company and of any subsidiary or affiliate of the Company,
without any compensation therefor other than that specified in this Agreement,
if elected to any such position by the shareholders or by the Board of Directors
of the Company or of any subsidiary or affiliate, as the case may be.

                           1.3 Location. The duties to be performed by the
Executive hereunder shall be performed primarily at the office of the Company in
Camden, New Jersey, subject to reasonable travel requirements on behalf of the
Company.

<PAGE>

                  2.       Term of Employment; Certain Post-Term Benefits.

                           2.1 The Term. The term of the Executive's employment
under this Agreement (the "Term") shall commence on September 1, 1996 and shall
end on December 31, 2000 or such later date to which the Term is extended
pursuant to Section 2.2.

                           2.2 End-of-Term Provisions. At any time on or after
December 31, 1999 the Company shall have the right to give written notice of
non-renewal of the Term. In the event the Company gives such notice of
non-renewal, the Term automatically shall be extended so that it ends twelve
months after the last day of the month in which the Company gives such notice.
From and after January 1, 2001, unless and until the Company gives written
notice of non-renewal as provided in this Section 2.2, the Term automatically
shall be extended day-by-day; upon the giving of such notice by the Company, the
Term automatically shall be extended so that it ends twelve months after the
last day of the month in which the Company gives such notice.

                           2.3 Special Curtailment. The Term shall end earlier
than the original December 31, 2000 termination date provided in Section 2.1 or
any extended termination date provided in Section 2.2, in either case if sooner
terminated pursuant to Section 4. Non-extension of the Term shall not be deemed
to be a wrongful termination of the Term or this Agreement by the Company
pursuant to Section 4.4.

                  3.       Compensation; Benefits.

                           3.1 Salary. As compensation for all services to be
rendered pursuant to this Agreement, the Company agrees to pay the Executive
during that portion of the Term ending on December 31, 1996 a base salary,
payable semi-monthly in arrears, at the annual rate of not less than $400,000
and, thereafter during the Term, at an annual rate of not less than $500,000,
less such deductions or amounts to be withheld as required by applicable law and
regulations (the "Base Salary"). In the event that the Company, in its sole
discretion, from time to time determines to increase the Base Salary, such
increased amount shall, from and after the effective date of the increase,
constitute "Base Salary" for purposes of this Agreement.

                           3.2 Bonus. In addition to the amounts to

<PAGE>

be paid to the Executive pursuant to Section 3.1, the Executive will be eligible
to receive a bonus with respect to each calendar year included within the Term
computed in accordance with the provisions of the next two succeeding sentences.
If, with respect to any calendar year, the Company achieves EBITDA of at least
the percentage set forth in the table below of its business plan for such year,
such bonus shall be the percentage set forth in the table below of Base Salary
with respect to the year for which the bonus (any such bonus, a "performance
bonus") was earned:

                   Percentage of                      Percentage of
              EBITDA in Business Plan                  Base Salary
              -----------------------                  -----------
                        80%                                 60%
                        85                                  75
                        90                                  90
                        95                                 100
                       100                                 105
                       105                                 110
                       110                                 125
                       115                                 150

In the event that the Term or this Agreement is terminated other than pursuant
to Section 4.3, the Executive shall be entitled to receive a prorated
performance bonus (if such a bonus is otherwise payable) with respect to (A) the
year in which the Term or this Agreement terminated or, (B) in the event of a
termination pursuant to Section 4.4, the year in which the Executive was last
entitled to receive any payments of Base Salary, in an amount equal to (x) the
percentage of Base Salary otherwise payable as a performance bonus with respect
to such year multiplied by (y) a fraction, the numerator of which is the number
of whole months elapsed from the beginning of such year to the date as of which
the Term or this Agreement terminated or the last day as of which the Executive
is entitled to receive payments of Base Salary, as applicable and the
denominator of which is 12. A performance bonus or other bonus, if either or
both are earned in accordance with this Agreement, shall be paid no later than
March 31st of the year next following the year with respect to which such bonus
was earned. The maximum bonus payable pursuant to this Section 3.2 shall be
$1,000,000 with respect to any calendar year. The bonus payable hereunder on
account of calendar years commencing after December 31, 1996 shall be subject to
approval by the shareholders of the Company of the bonus plan described herein.

<PAGE>

                           3.3 Business Expenses. The Company shall pay or
reimburse the Executive for all reasonable expenses actually incurred or paid by
the Executive during the Term in the performance of the Executive's services
under this Agreement, upon presentation of expense statements or vouchers or
such other supporting information as the Company customarily may require of its
officers provided, however, that the maximum amount available for such expenses
during any period may be fixed in advance by the Chairman, the Vice Chairman or
the Chief Executive Officer of the Company.

                           3.4 Vacation. During the Term, the Executive shall be
entitled to a vacation period or periods of four (4) weeks taken in accordance
with the vacation policy of the Company during each year of the Term. Vacation
time not used by the end of a year shall be forfeited, except that one week of
vacation pay may be "banked" in accordance with Company policy.

                           3.5 Fringe Benefits. During the Term, the Executive
shall be entitled to all benefits for which the Executive shall be eligible
under any qualified pension plan, 401(k) plan, non-qualified benefit restoration
plan, group insurance or other so-called "fringe" benefit plan which the Company
provides to its executive employees generally. Such benefits include the right
to the use of an automobile as is currently available to the Company's executive
employees. In addition, the Company shall "gross up" the income imputed to the
Executive under federal and any applicable state income tax laws for his
personal use of the Company-furnished automobile and for any life insurance
furnished to the Executive, such that the Executive effectively will suffer no
personal cost for such fringe benefits.

                  4.       Termination.

                           4.1 Death. If the Executive dies during the Term, the
Term shall terminate forthwith upon the Executive's death and the Company shall
have no obligation hereunder to make any payments to the Executive's
beneficiaries on account of any period of time after such termination. After
such termination, the Executive's beneficiaries shall receive any benefits to
which the Executive or such beneficiaries may be entitled under any fringe
benefit program that may have been provided by the Company pursuant to Section
3.5.

<PAGE>

                           4.2 Disability. If, during the Term the Executive
becomes disabled or incapacitated to the extent he is unable to perform his
duties hereunder ("Totally Disabled") for a period of six (6) consecutive
months, the Company shall have the right at any time thereafter, so long as the
Executive is then still Totally Disabled, to terminate the Term upon sending
written notice of termination to the Executive. If the Company elects to
terminate the Term by reason of the Executive becoming Totally Disabled, the
Company shall have no obligation hereunder to make any payments to the Executive
on account of any period of time after such termination. After such termination,
the Executive shall receive any benefits to which he may be entitled under any
fringe benefit program that may have been provided by the Company pursuant to
Section 3.5. While the Executive is Totally Disabled prior to the Term being
terminated, Base Salary payable pursuant to Section 3.1 shall be reduced by any
other benefits payable to the Executive under any disability plan provided for
hereunder or otherwise furnished to the Executive by the Company.

                           4.3 Cause. In the event of gross neglect by the
Executive of the Executive's duties hereunder, conviction of the Executive of
any felony, conviction of the Executive of any lesser crime or offense involving
the property of the Company or any of its subsidiaries or affiliates, willful
misconduct by the Executive in connection with the performance of any material
portion of the Executive's duties hereunder, breach by the Executive of any
material provision of this Agreement or any other conduct on the part of the
Executive which would make the Executive's continued employment by the Company
materially prejudicial to the best interests of the Company, the Company may at
any time by written notice to the Executive terminate the Term and, upon such
termination, this Agreement shall terminate and the Executive shall be entitled
to receive no further amounts or benefits hereunder, except any as shall have
been earned to the date of such termination.

                           4.4 Company Breach. In the event of the breach of any
material provision of this Agreement by the Company, the Executive shall be
entitled to terminate the Term upon 60 days' prior written notice to the
Company. Upon such termination, or in the event the Company terminates the Term
or this Agreement other than pursuant to the provisions of Section 4.2 or 4.3,
the Company shall continue to provide the Executive (i) payments of Base Salary,
in the manner and amount specified in Section 3.1, (ii)

<PAGE>

performance bonuses, in the manner and amount specified in Section 3.2 and (iii)
fringe benefits and additional benefits in the manner and amounts specified in
Section 3.5 until the end of the Term (as in effect immediately prior to such
termination) or, if the Company has not then given written notice of non-renewal
pursuant to Section 2.2, for a period of twelve months after the last day of the
month in which termination described in this Section 4.4 occurred, whichever is
longer (the "Damage Period"). The Company's obligations pursuant to this Section
4.4 are subject to the Executive's duty to mitigate damages by seeking other
employment provided, however, that the Executive shall not be required to accept
a position of lesser importance or of substantially different character than the
position held with the Company immediately prior to the effective date of
termination or in a location outside of the Philadelphia, Pennsylvania
metropolitan area. To the extent that the Executive shall earn compensation
during the Damage Period (without regard to when such compensation is paid), the
Base Salary and bonus payments to be made by the Company pursuant to this
Section 4.4 shall be correspondingly reduced.

                           4.5 Litigation Expenses. Except as provided for in
Section 5.7, if the Company and the Executive become involved in any action,
suit or proceeding relating to the alleged breach of this Agreement by the
Company or the Executive, and if a judgment in such action, suit or proceeding
is rendered in favor of the Executive, the Company shall reimburse the Executive
for all expenses (including reasonable attorneys' fees) incurred by the
Executive in connection with such action, suit or proceeding. Such costs shall
be paid to the Executive promptly upon presentation of expense statements or
other supporting information evidencing the incurrence of such expenses.

                  5.       Protection of Confidential Information;
                             Non-Competition.

                           5.1 In view of the fact that the Executive's work for
the Company will bring the Executive into close contact with many confidential
affairs of the Company not readily available to the public, and plans for future
developments, the Executive agrees:

<PAGE>

                           5.1.1 To keep and retain in the strictest confidence
all confidential matters of the Company, including, without limitation, "know
how", trade secrets, customer lists, pricing policies, operational methods,
technical processes, formulae, inventions and research projects, and other
business affairs of the Company, learned by the Executive heretofore or
hereafter, and not to disclose them to anyone outside of the Company, either
during or after the Executive's employment with the Company, except in the
course of performing the Executive's duties hereunder or with the Company's
express written consent. The foregoing prohibitions shall include, without
limitation, directly or indirectly publishing (or causing, participating in,
assisting or providing any statement, opinion or information in connection with
the publication of) any diary, memoir, letter, story, photograph, interview,
article, essay, account or description (whether fictionalized or not) concerning
any of the foregoing, publication being deemed to include any presentation or
reproduction of any written, verbal or visual material in any communication
medium, including any book, magazine, newspaper, theatrical production or movie,
or television or radio programming or commercial; and

                           5.1.2 To deliver promptly to the Company on
termination of the Executive's employment by the Company, or at any time the
Company may so request, all memoranda, notes, records, reports, manuals,
drawings, blueprints and other documents (and all copies thereof) relating to
the Company's business and all property associated therewith, which the
Executive may then possess or have under the Executive's control.

                           5.2 During the Term, the Executive shall not,
directly or indirectly, enter the employ of, or render any services to, any
person, firm or corporation engaged in any business competitive with the
business of the Company or of any of its subsidiaries or affiliates; the
Executive shall not engage in such business on the Executive's own account; and
the Executive shall not become interested in any such business, directly or
indirectly, as an individual, partner, shareholder, director, officer,
principal, agent, employee, trustee, consultant, or in any other relationship or
capacity provided, however, that nothing contained in this Section 5.2 shall be
deemed to prohibit the Executive from acquiring, solely as an investment, up to
five percent (5%) of the outstanding shares of capital stock of any public
corporation.

                           5.3 If the Executive commits a breach, or

<PAGE>

threatens to commit a breach, of any of the provisions of Sections 5.1 or 5.2
hereof, the Company shall have the following rights and remedies:

                           5.3.1 The right and remedy to have the provisions of
this Agreement specifically enforced by any court having equity jurisdiction, it
being acknowledged and agreed that any such breach or threatened breach will
cause irreparable injury to the Company and that money damages will not provide
an adequate remedy to the Company; and

                           5.3.2 The right and remedy to require the Executive
to account for and pay over to the Company all compensation, profits, monies,
accruals, increments or other benefits (collectively "Benefits") derived or
received by the Executive as the result of any transactions constituting a
breach of any of the provisions of the preceding paragraph, and the Executive
hereby agrees to account for and pay over such Benefits to the Company.

Each of the rights and remedies enumerated above shall be independent of the
other, and shall be severally enforceable, and all of such rights and remedies
shall be in addition to, and not in lieu of, any other rights and remedies
available to the Company under law or in equity.

                           5.4 If any of the covenants contained in Sections 5.1
or 5.2, or any part thereof, hereafter are construed to be invalid or
unenforceable, the same shall not affect the remainder of the covenant or
covenants, which shall be given full effect, without regard to the invalid
portions.

                           5.5 If any of the covenants contained in Sections 5.1
or 5.2, or any part thereof, are held to be unenforceable because of the
duration of such provision or the area covered thereby, the parties agree that
the court making such determination shall have the power to reduce the duration
and/or area of such provision and, in its reduced form, said provision shall
then be enforceable.

                           5.6 The parties hereto intend to and hereby confer
jurisdiction to enforce the covenants contained in Sections 5.1 and 5.2 upon the
courts of any state within the geographical scope of such covenants. In the
event that the courts of any one or more of such states shall hold such
covenants wholly unenforceable by reason of the breadth of such covenants or
otherwise, it is the intention of the parties hereto that such determination not
bar or in any way affect the Company's right to the relief provided

<PAGE>

above in the courts of any other states within the geographical scope of such
covenants as to breaches of such covenants in such other respective
jurisdictions, the above covenants as they relate to each state being for this
purpose severable into diverse and independent covenants.

                           5.7 In the event that any action, suit or other
proceeding in law or in equity is brought to enforce the covenants contained in
Sections 5.1 and 5.2 or to obtain money damages for the breach thereof, and such
action results in the award of a judgment for money damages or in the granting
of any injunction in favor of the Company, all expenses (including reasonable
attorneys' fees) of the Company in such action, suit or other proceeding shall
(on demand of the Company) be paid by the Executive. In the event the Company
fails to obtain a judgment for money damages or an injunction in favor of the
Company, all expenses (including reasonable attorneys' fees) of the Executive in
such action, suit or other proceeding shall (on demand of the Executive) be paid
by the Company.

                  6.       Inventions and Patents.

                           6.1 The Executive agrees that all processes,
technologies and inventions (collectively, "Inventions"), including new
contributions, improvements, ideas and discoveries, whether patentable or not,
conceived, developed, invented or made by him during the Term shall belong to
the Company, provided that such Inventions grew out of the Executive's work with
the Company or any of its subsidiaries or affiliates, are related in any manner
to the business (commercial or experimental) of the Company or any of its
subsidiaries or affiliates or are conceived or made on the Company's time or
with the use of the Company's facilities or materials. The Executive shall
further: (a) promptly disclose such Inventions to the Company; (b) assign to the
Company, without additional compensation, all patent and other rights to such
Inventions for the United States and foreign countries; (c) sign all papers
necessary to carry out the foregoing; and (d) give testimony in support of the
Executive's inventorship.

                           6.2 If any Invention is described in a patent
application or is disclosed to third parties, directly or indirectly, by the
Executive within two years after the termination of the Executive's employment
by the Company, it is to be presumed that the Invention was conceived or made
during the Term.

<PAGE>

                           6.3 The Executive agrees that the Executive will not
assert any rights to any Invention as having been made or acquired by the
Executive prior to the date of this Agreement, except for Inventions, if any,
disclosed to the Company in writing prior to the date hereof.

                  7.       Intellectual Property.

                  The Company shall be the sole owner of all the products and
proceeds of the Executive's services hereunder, including, but not limited to,
all materials, ideas, concepts, formats, suggestions, developments,
arrangements, packages, programs and other intellectual properties that the
Executive may acquire, obtain, develop or create in connection with and during
the Term, free and clear of any claims by the Executive (or anyone claiming
under the Executive) of any kind or character whatsoever (other than the
Executive's right to receive payments hereunder). The Executive shall, at the
request of the Company, execute such assignments, certificates or other
instruments as the Company may from time to time deem necessary or desirable to
evidence, establish, maintain, perfect, protect, enforce or defend its right,
title or interest in or to any such properties.

                  8.       Indemnification.

                  The Company will indemnify the Executive, to the maximum
extent permitted by applicable law, against all costs, charges and expenses
incurred or sustained by the Executive in connection with any action, suit or
proceeding to which the Executive may be made a party by reason of the Executive
being an officer, director or employee of the Company or of any subsidiary or
affiliate of the Company.

                  9.       Notices.

                  All notices, requests, consents and other communications
required or permitted to be given hereunder shall be in writing and shall be
deemed to have been duly given if delivered personally, sent by overnight
courier or mailed first class, postage prepaid, by registered or certified mail
(notices mailed shall be deemed to have been given on the date mailed), as
follows (or to such other address as either party shall designate by notice in
writing to the other in accordance herewith):

                  If to the Company, to:

                  Mafco Worldwide Corporation
                  5900 North Andrews Avenue

<PAGE>

                  Suite 700
                  Fort Lauderdale, FL  33309-2367
                  Attn:  Chief Executive Officer

                  If to the Executive, to:

                  Stephen G. Taub
                  3031 Simpson Avenue
                  P.O. Box 930
                  Ocean City, NJ  08226

                  10.      General.

                           10.1 This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York
applicable to agreements made and to be performed entirely in New York.

                           10.2 The section headings contained herein are for
reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.

                           10.3 This Agreement sets forth the entire agreement
and understanding of the parties relating to the Executive's employment by the
Company, and supersedes all prior agreements, arrangements and understandings,
written or oral, relating to the Executive's employment by the Company,
including, without limitation, the Employment Agreement dated as of January 1,
1990, as amended (the "Prior Agreement") between the Company and the Executive,
which Prior Agreement is deemed terminated hereby and of no further force or
effect. No representation, promise or inducement has been made by either party
that is not embodied in this Agreement, and neither party shall be bound by or
liable for any alleged representation, promise or inducement not so set forth.

                           10.4 This Agreement, and the Executive's rights and
obligations hereunder, may not be assigned by the Executive. The Company may
assign its rights, together with its obligations, hereunder (i) to any affiliate
or (ii) to third parties in connection with any sale, transfer or other
disposition of all or substantially all of the business or assets of the
Company; in any event the obligations of the Company hereunder shall be binding
on its successors or assigns, whether by merger, consolidation or acquisition of
all or substantially all of its business or assets.

<PAGE>

                           10.5 This Agreement may be amended, modified,
superseded, canceled, renewed or extended and the terms or covenants hereof may
be waived, only by a written instrument executed by both of the parties hereto,
or in the case of a waiver, by the party waiving compliance. The failure of
either party at any time or times to require performance of any provision hereof
shall in no manner affect the right at a later time to enforce the same. No
waiver by either party of the breach of any term or covenant contained in this
Agreement, whether by conduct or otherwise, in any one or more instances, shall
be deemed to be, or construed as, a further or continuing waiver of any such
breach, or a waiver of the breach of any other term or covenant contained in
this Agreement.

                  11.       Subsidiaries and Affiliates.

                  11.1 As used herein, the term "subsidiary" shall mean any
corporation or other business entity controlled directly or indirectly by the
corporation or other business entity in question, and the term "affiliate" shall
mean and include any corporation or other business entity directly or indirectly
controlling, controlled by or under common control with the corporation or other
business entity in question.

<PAGE>

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

                                        MAFCO WORLDWIDE CORPORATION

                                        By:/s/Theo W. Folz
                                           -------------------------------------
                                           Theo W. Folz
                                           Chief Executive Officer

                                           /s/Stephen G. Taub
                                           -------------------------------------
                                           Stephen G. Taub

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