Document:

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                                                                    EXHIBIT 10.7

                              AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT

                  AMENDED AND RESTATED AGREEMENT, dated as of March 3, 2000,
between ZD Events Inc., a Delaware corporation (the "Company"), Ziff Davis Inc.,
a Delaware corporation ("ZD") and Jason E. Chudnofsky ("Executive").

                  WHEREAS, pursuant to an Employment Agreement dated as of April
1, 1998 (the "Former Employment Agreement") Executive has served as the
President and Chief Executive Officer of the Company.

                  WHEREAS, ZD intends to transfer the stock or assets of the
Company to a newly-formed entity ("Holding Co.") to eventually be owned by the
shareholders of ZD (the "Spin-Off").

                  WHEREAS, ZD has entered into an employment agreement with
Fredric D. Rosen ("Rosen") whereby Rosen will become Chairman and Chief
Executive Officer of Holding Co.

                  WHEREAS, the Company and ZD wish to continue to employ
Executive as President and Chief Executive Officer of the Company and as
President and Chief Operating Officer of Holding Co., in both cases reporting
directly to Rosen.

                  WHEREAS, as set forth in Schedule 1, Executive has been
granted options to acquire shares of ZD ("ZD Options"), shares of ZD Net ("ZD
Net Options") and shares of SOFTBANK Corp. ("Softbank Options").

                  THEREFORE, in consideration of the premises and the respective
covenants and agreements of the parties herein contained, the parties hereto
agree as follows:

1.       Cancellation of Former Employment Agreement.
         -------------------------------------------

              The Former Employment Agreement shall be cancelled upon execution
of this Agreement by all parties.

2.       Employment
         ----------

              The Company hereby agrees to continue to employ Executive as
President and Chief Executive Officer of the Company. Executive shall become a
director of Holding Co.,
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and Holding Co. shall agree to employ Executive as President and Chief Operating
Officer. Executive hereby agrees to devote his full time and use his best
efforts to serve the Company and Holding Co. in such capacities, on the terms
and conditions set forth herein; it being understood that Executive shall
continue to participate in trade show industry organizations or similar
activities involving a reasonable amount of Company time and expense. Executive
will in both of his capacities as an employee report directly to Rosen or
Rosen's successor.

3.       Term
         ----

                  Unless sooner terminated as contemplated herein, the term of
employment of Executive under the terms of this Agreement will commence on the
date hereof and end on March 31, 2001 (the "Term"). Executive shall notify
Employer, in writing, on or before December 1, 2000, if he desires to continue
his employment with Employer after the expiration of the Term, in which case
Executive and Employer shall negotiate in good faith a new employment agreement
governing such continued employment, or if he desires to conclude his employment
with the Employer upon the expiration of the Term. In either event, this
Agreement shall terminate on March 31, 2001, provided, however, that the
provisions of the Agreement which by their terms are intended to survive
(including, without limitation, Sections 7,13,14,15) shall remain in full force
and effect.

4.       Place of Performance
         --------------------

                  Executive's employment shall be based at the offices of the
Company located at 300 First Avenue, Needham, Massachusetts 02194, or elsewhere
in the greater metropolitan area of Boston, Massachusetts.

5.       Compensation and Related Matters
         --------------------------------

                  (a) Salary. During the term of Executive's employment, the
                      ------
Company shall pay to Executive an annual base salary at a rate not less than
$800,000 (subject to periodic review for increases), with such salary to be paid
pursuant to the Company's normal payroll practices.

                  (b) Incentive Bonus. During the term of Executive's
                      ---------------
employment, the Company shall pay to Executive, on or before March 31 (or such
earlier date as bonuses may

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be paid to any other senior Ziff-Davis executive) a guaranteed bonus of $300,000
in respect of the year 2000; and in respect of the year 2001, an incentive bonus
of $300,000 if 100% of EBITDA targets and non-EBITDA-related performance goals
are achieved, as follows:

                  (i) A base bonus shall be paid if and to the extent the EBITDA
         of the Company for the preceding calendar year exceeds 90% of the
         EBITDA target preestablished for such year by the Company's Board of
         Directors in consultation with Executive. The amount of such bonus
         shall increase linearly at a rate of $24,000 for each 1% (calculated to
         the nearest one thousandth) of EBITDA above 90% of target, reaching
         $240,000 at 100% of target and continuing thereafter to increase at the
         rate of $24,000 for each 1% of EBITDA, with no maximum limit if EBITDA
         achieved exceeds target. Budgeted EBITDA targets will, from time to
         time, be adjusted as necessary to take account of the removal or
         addition of operations previously included or not included,
         respectively, as contributing to the achievement of a budgeted target,
         as well as for any special expenditures not included in the budget, all
         by agreement between the Executive and Rosen.

                  (ii) A supplemental bonus shall be paid each year upon the
         achievement of pre-established performance goals not related to EBITDA,
         determined by Rosen in consultation with Executive. The amount of such
         supplemental bonus shall be $60,000 (in the event that such performance
         goals are fully achieved) and shall be subject to increase or decrease,
         by agreement between the Executive and Rosen, in the event that such
         performance goals are exceeded or not fully achieved, respectively.

                  (c) Benefits and Perquisites. During the term of his
                      ------------------------
employment, Executive shall participate in and be provided with employee benefit
plans and programs and perquisites in the aggregate at least equivalent in value
to those provided to any other senior Company executive. In addition, during
such term the Company shall maintain term life insurance for Executive in the
amount of $1,000,000 and disability insurance of $200,000.

                  (d) Holding Co. Stock Options. Effective not later than the
                      -------------------------
date of the Spin-Off, ZD shall cause Holding

                                       -3-
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Co. to grant options to the Executive to acquire shares of its common stock in
accordance with an Incentive Compensation Plan to be adopted by the Board of
Holding Co. Such Plan will include all provisions typically found in an
incentive plan for senior executives of a public company including SEC
registration at the expense of Holding Co.

                  (i)  Number of Shares.  The number of shares of
                       ----------------
the common stock of Holding Co. which may be acquired by the
Executive upon exercise of the options shall be equal to
3,000,000 shares.

                  (ii) Exercise Prices. The exercise price for one-half of the
                       ---------------
shares subject to option shall be equal to $4.90 and the exercise price for the
other half of the shares subject to option shall be $11.00, provided, however,
the exercise prices shall in all events be the same as the exercise prices
granted to Fred Rosen.

                  (iii) Vesting. Vesting occurs if Executive is employed by the
                        -------
Company or the Holding Co. on the relevant date. An equal number of the high-and
low-price options shall vest on each vesting date. No option may be exercised
until vested in accordance with the following schedule or as otherwise provided
in this Agreement:

                Portion of         ... Which Vest
                 Options                 on:
                ----------         -----------------
                    25%           February 28, 2001,
                                  and

                  6.25%           at the end of each
                                  three-month period
                                  thereafter.

Notwithstanding the Terms of the Incentive Compensation Plan the options will
fully vest immediately and become immediately exercisable upon a Change of
Control, which means:

                                       -4-
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                           (A) individuals who, on the date of the spin off, are
                  members of the Board of Directors of Holding Co. (the
                  "Incumbent Directors") cease for any reason following the date
                  of the Spin Off, to constitute at least a majority of such
                  Board; provided, that any new director who is approved by a
                  vote of at least a majority of the Incumbent Directors shall
                  be treated as an Incumbent Director;

                           (B) the stockholders of Holding Co. approve a merger,
                  consolidation, statutory share exchange or any manner of
                  corporate transaction in which Holding Co. is not the
                  surviving corporation or entity or more than 50% of the value
                  of Holding Co. is affected by a merger or acquisition;
                  provided, however, that such approval shall not be a Change in
                  Control if immediately following such transaction, Executive
                  is the president and chief operating officer of the surviving
                  entity; or

                           (C) the stockholders of Holding Co. approve a
                  plan of complete liquidation or dissolution or a
                  sale of all or substantially all of the assets.

                  (iv)  Expiration.  Vested options shall expire at
                        ----------
the earliest of:

                        (A)  The 10th anniversary of the date of grant; or

                        (B)  Immediately upon termination of employment for
                             Cause (as defined below); or

                        (C)  Ninety (90) days after termination of employment
                             for any reason other than Cause, except that if
                             such termination occurs on or after December 1,
                             2000, 25% (or the percentage of options which have
                             vested, if greater than 25%) of the options granted
                             to executive (less the number, if any, of options
                             exercised by Executive prior to termination of
                             employment) shall be exercisable until the later of
                             January 2, 2003 or 90 days after termination of
                             employment; or

                                       -5-
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                        (D)  Under conditions specified in Section 7(e).

                  (v) Exercise. The exercise price of each share as to which a
                      --------
stock option is exercised shall be paid in full at the time of such exercise in
cash, by tender of shares of common stock owned by the Executive valued at fair
market value as of the date of exercise (subject to such guidelines as the
Compensation Committee of the Board may establish), by a "sale to cover" broker
transaction or other cashless exercise method permitted under Regulation T of
the Federal Reserve Board, or by a combination of cash, shares of common stock
and other consideration as the Compensation Committee deems appropriate.

                  In the event of a Change of Control, the Executive may elect
to receive in cancellation of his outstanding and unexercised stock options, a
cash payment in an amount equal to the difference between the exercise price of
such stock options and (A) in the event the Change of Control is the result of a
tender offer or exchange offer for the common stock, the final offer price per
share paid for the common stock multiplied by the number of shares of common
stock covered by such stock options, or (B) in the event the Change of Control
is the result of any other occurrence, the aggregate value of the Common Stock
covered by such stock options, as reasonably determined by the Compensation
Committee at such time.

                  (vi) Adjustments of and Changes in Stock. In the event of any
                       -----------------------------------
change in the outstanding shares of common stock by reason of any stock dividend
or split, recapitalization, merger, consolidation, spinoff, combination or
exchange of shares or other corporate change, or any distributions (including
stock or stock rights distributions) to common shareholders other than regular
cash dividends, the Compensation Committee shall make a substitution or
appropriate adjustment which preserves the aggregate option value and ratio of
exercise price to fair market value of the property subject to option.

                  (e) ZD and ZD Net Options. Upon the termination of Executive's
                      ---------------------
employment with the Company (i) at any time by the Company pursuant to Paragraph
6(d) or (ii) on or after December 1, 2000 for any reason, all of the unvested ZD
and ZDNet stock options granted to Executive by ZD shall immediately vest. Those
options and any options vested

                                       -6-
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prior to that date shall be exercisable at any time thereafter until January 2,
2003 at which time all unexercised options shall terminate. While employed by
the Company, Executive shall continue to vest in his ZD and ZDNet options
according to the regular quarterly vesting schedule of each grant and may
exercise those vested options as if he were still employed by ZD. If Executive's
employment with the Company ends prior to December 1, 2000 because of his
resignation without "Good Reason" or Cause (both as later defined), then all
unvested ZD and ZDNet options shall terminate and the Executive shall have
ninety (90) days from such termination to exercise his then vested options (but
not longer than the "Termination Date" state in the stock option agreements
related to each grant). If the Executive's employment with the Company ends
prior to December 1, 2000 because of his death or disability, then those
unvested options that would have vested on December 31, 2000 had Executive
remained employed shall be immediately vested and all remaining unvested options
shall be terminated. In that case, the options vested by Executive's death or
disability and all options vested prior to that date shall be exercisable
immediately thereafter until the date one year after the Executive's termination
date.

6.       Termination
         -----------

                  The Company may terminate Executive's employment without Cause
at the end of the Term, or otherwise at any time for Cause. Executive may
terminate such employment effective any time between December 1, 2000, and March
31, 2001, upon not less than ninety (90) days written notice or otherwise at any
time for Good Reason (all as defined below). The Executive's employment shall
also terminate upon his death or Disability. Termination of employment by or
with the Company or by or with Holding Co. shall be deemed termination by or
with both such employers. Any termination of such employment shall be subject to
the following conditions:

                  (a) Regardless of the reason for such termination, the Company
shall pay Executive his base salary through the Date of Termination (as defined
below) and any amounts owed to Executive pursuant to the terms and conditions of
the employee benefit plans and programs of the Company at the time such payments
are due.

                                       -7-
<PAGE>

                  (b) If such employment is terminated as a result of
Executive's Disability or death, the Company shall pay, following the
determination of such award, the prorated portion of any annual incentive bonus
Executive would have received for the year of such termination to Executive or
his legal representatives or to Executive's estate or as may be directed by the
legal representatives of such estate, as the case may be.

                  (c) If Executive's employment is terminated by the Company for
Cause or the Executive voluntarily terminates his employment effective prior to
December 1, 2000 other than for Good Reason, the Company shall have no
additional obligations to Executive under this Agreement.

                  (d) If at the end of the Term the Company terminates
Executive's employment without Cause, or Executive terminates such employment at
any time for Good Reason; or the Executive voluntarily terminates his employment
effective between December 1, 2000, and March 31, 2001, upon at least ninety
(90) days prior written notice, then the Company shall pay Executive:

              (i)   The amounts provided in Section 6(a);

             (ii)   Any bonus to which Executive may be entitled for the year in
                    which termination occurs pro rated for the length of service
                    during that year; and

            (iii)   A severance payment equal to two years' base salary plus two
                    times the average annual bonus received by Executive in
                    respect of the three years prior to year of termination;

             (iv)   Continued participation in the medical, health insurance,
                    and life insurance plans of the Company, at the
                    pre-termination level, without cost to Executive, for a
                    period until November 30, 2002; and

              (v)   The maximum allowable contribution to Executive's account
                    under the applicable 401(k) plan through the date of
                    termination on a pro rata basis provided such contribution
                    may legally be made.

                                       -8-
<PAGE>

          (e)  If the Executive's employment is terminated under Section 6(d):

          (i)  Notwithstanding any other provision of any plans or agreements
               under which the ZD, ZD Net and Softbank Options were granted:

               (A)  All unvested ZD and ZD Net Options shall become fully
                    exercisable on the Date of Termination and shall remain
                    exercisable in accordance with Section 5(e).

               (B)  All unvested Softbank Options shall become fully exercisable
                    on January 19, 2001 and shall remain fully exercisable until
                    January 2, 2003, whereafter they shall lapse.

          (ii) Executive shall be vested with the greater of:

               (A)  25% of the Holding Co. options provided for in Section
                    5(d)(i), and

               (B)  the number of such options already vested under the
                    provisions of the Incentive Compensation Plan.

          (f) For purposes of this Agreement, the following terms shall have the
meanings specified:

          (i) "Disability" shall mean Executive's absence from his full-time
     duties hereunder by reason of physical or mental illness for a period of
     six consecutive months.

         (ii) Termination for "Cause" shall mean termination of Executive's
     employment by the Company following Executive's:

               (A) gross misconduct that is injurious to the Company or its
          affiliates; or

               (B) conviction of, or a plea of nolo contendere to, a felony by
                                               ---------------
          any criminal tribunal; or

                                       -9-
<PAGE>

                       (C) willful and continuing failure to substantially
                  perform his reasonable duties (other than as a result of
                  physical or mental illness) that is not corrected within 30
                  days following a written demand by the Company that
                  specifically identifies the manner in which the Company
                  believes Executive has not substantially performed his duties;
                  or

                       (D) willful misconduct that results in gain or personal
                  enrichment of Executive to the detriment of the Company or its
                  affiliates, whether monetarily or otherwise;

                  (iii) Termination for "Good Reason" shall mean termination by
         Executive following a material breach of this Agreement by the Company
         (without Executive's written consent) that is not corrected within 30
         days of Executive notifying the Company in writing of such breach.

                  (iv) "Date of Termination" shall mean the date of Executive's
         death, Disability or the date otherwise set forth on a notice of
         termination provided by one party hereof to the other.

7.  Confidentiality; Non-Competition
    --------------------------------

                  (a) Without written consent of the Company, Executive may not
for a period of two years following the termination of his employment
(regardless of the reason for the termination) engage in any trade show
enterprise which competes with the Company or any of its affiliates by
conducting trade shows, conferences or other events featuring (i) computers,
(ii) computer related subjects, or (iii) any other subjects on which the Company
has actually held a trade show, conference or other event or has announced and
will hold a show, conference or other event within three months following
Executive's termination of employment. If Executive's position with another
company gives him responsibility for significantly all of the operations of that
company or of a division of that company, including computer or computer-related
competitive operations, such position will not violate this Section 7(a) if the
annual revenues of those competitive operations combined constitute less than 5%
of the total revenues under Executive's direction and are less than $40 million.
This

                                      -10-
<PAGE>

paragraph also shall not bar Executive from owning up to 5% of the outstanding
securities of any publicly-held company. As used in this Agreement, the term
"affiliate" of the Company means any partnership, firm, corporation or other
entity which, directly or indirectly, owns or controls, is owned or controlled
by, or is under common ownership or control with, the Company.

                  (b) Executive shall keep secret and confidential and not use
(except in connection with the business of the Company and its affiliates or
pursuant to applicable law or court order) any information with respect to any
confidential or non-public aspect of the business or affairs of the Company or
any of its affiliates, including without limitation ZD and SOFTBANK Corp. This
obligation shall be in effect while Executive is employed by the Company and at
all times after he ceases to be so employed, but it shall not apply at any time
to information that is or becomes generally known to the public (other than
through a breach of this Section 7(b)).

                  (c) Without written consent of the Company, Executive shall
not, for two years following the termination of his employment (regardless of
the reason for the termination), employ or solicit the employment of any person
who is at such time an employee of the Company or any of its affiliates or was
such an employee at any time during the year prior to the termination of
Executive's employment; provided, however, Executive shall not be precluded from
engaging in an employment relationship, partnership relationship or other
business relationship with Charles D. Forman.

                  (d) Executive acknowledges that the remedy at law for breach
of his covenants under this Section 7 will be inadequate and, accordingly, in
the event of any breach or threatened breach by Executive of the provisions of
this Section 7 the Company shall be entitled (without the necessity of showing
economic loss or other actual damage), in addition to all other remedies (which
shall include the termination of Executive's right to any payment under this
Agreement), to seek an injunction restraining any such breach, without any bond
or other security being required. Executive and the Company recognize and agree
that the duration and scope for which the covenants not to compete and solicit
set forth in this Section 7 are to be effective are reasonable. In the event
that any court determines that

                                      -11-
<PAGE>

the time period or the area, or both of them, are unreasonable and that such
covenants are to that extent unenforceable, the parties hereto agree that the
covenants shall remain in full force and effect for the greatest time period and
in the greatest area that would not render them unenforceable.

                  (e) In the event of a material breach by Executive of any
covenant under this Section 7 Executive agrees that, notwithstanding anything to
the contrary in this Agreement or any award of or letter agreement for any
option to acquire common stock of Holding Co., ZD, ZD Net or of SOFTBANK Corp.,
any such option that is at the time of such breach unexercised shall immediately
terminate.

                  (f) In the event Executive's employment is terminated pursuant
to any provision of Section 6 and the Company defaults in its obligation to pay
amounts required by Section 6 in such circumstances, Executive shall not be
bound by the provisions of paragraphs (a) and (c) of this Section 7.

                  (g) In the event Executive's employment is terminated for any
reason, the Company will consent to his employment by Worldwide Unlimited, Inc.,
a corporation owned and controlled by Judy Chudnofsky or her children, provided
the total revenues from operations competing with the Company or any of its
affiliates do not exceed $10 million.

8.       Successors; Binding Agreement
         -----------------------------

                  (a) The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company, by agreement in
form and substance satisfactory to Executive, to expressly assume and agree to
perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place.

                  (b) This Agreement and all rights of Executive hereunder shall
inure to the benefit of and be enforceable by Executive's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees.

                                      -12-
<PAGE>

9.  Notices
    -------

                  For the purposes of this Agreement, notices, demands and all
other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given when delivered or (unless otherwise
specified) mailed by United States certified or registered mail, return receipt
requested, postage prepaid, addressed as follows:

                  If to Executive:

                           Mr. Jason E. Chudnofsky
                           42 Cranberry Lane
                           Needham, Massachusetts 02192

                  with a copy to:

                           Paul G. Roberts, Esq.
                           300 First Avenue
                           Needham, Massachusetts 02494

                  If to the Company:

                           Key-3 Media
                           300 First Avenue
                           Needham, Massachusetts 02494

                           Attn:  Fredric D. Rosen
                           Attn:  Ned Goldstein, Esq.

                  with, until the spin off occurs, copies to:

                           Ziff-Davis Inc.
                           One Park Avenue
                           New York, NY 10011

                           Attn:  Chairman and
                           Attn:  Corporate Secretary

or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

                                      -13-
<PAGE>

10.      Modification; Waiver
         --------------------

                  No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing
signed by Executive and the Chairman of ZD. No waiver by either party hereto at
any time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. No agreements or representations,
oral or otherwise, express or implied, with respect to the subject matter hereof
have been made by either party which are not set forth expressly in this
Agreement.

11.      Entire Agreement
         ----------------

                  This Agreement and the related documents referred to herein
set forth the entire agreement of the parties hereto in respect of the subject
matter contained herein and supersedes all prior agreements, promises,
covenants, arrangements, communications, representations or warranties, whether
oral or written, by any officer, employee or representative of any party hereto;
and any prior agreement of the parties hereto in respect of the subject matter
contained herein (including the Former Employment Agreement, and the Employment
Agreement dated as of April 1, 1995, between SOFTBANK COMDEX Inc. and Executive)
is hereby terminated and cancelled.

12.      Validity
         --------

                  The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

                                      -14-
<PAGE>

13.      Limitation
         ----------

                  All obligations of ZD under this Agreement, other than those
obligations with respect to ZD and ZD Net Options, shall expire immediately upon
the Spin-Off, except with respect to the ZD, ZD Net and Softbank Options.

14.      Governing Law
         -------------

                  This Agreement shall be governed by, and construed in
accordance with, the laws of the Commonwealth of Massachusetts. Subject to the
provisions of Section 14, each of the parties consents to personal jurisdiction
in any action brought in any court in Boston, Massachusetts having subject
matter jurisdiction over matters arising under this Agreement.

15.      Arbitration
         -----------

                  Any dispute or controversy under this Agreement shall be
settled exclusively by arbitration in Boston, Massachusetts by three arbitrators
in accordance with the rules of the American Arbitration Association then in
effect. Judgment may be entered on the arbitration award in any court in Boston
or any court elsewhere having jurisdiction over the party against whom the
judgment is entered.

                  Nothing in this Section 15 shall prevent the Company from
seeking injunctive relief in any court in Boston or any other court having
jurisdiction over Executive for any breach or threatened breach of this
Agreement, including, without limitation, the provisions of Section 7. All costs
and expenses of any arbitration proceeding (including fees and disbursements of
counsel) shall be borne by the respective party incurring such costs and
expenses, but the Company shall reimburse Executive for such reasonable costs
and expenses in the event he substantially prevails in such arbitration
proceeding.

                                      -15-
<PAGE>

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

                                    ZD EVENTS INC.

                                    By: /s/ Eric Hippeau
                                       ----------------------
                                       Eric Hippeau
                                       Director

                                    ZIFF DAVIS INC.

                                    By: /s/ Eric Hippeau
                                       ----------------------
                                       Eric Hippeau
                                       Chairman and Chief Executive Officer

                                       ----------------------
                                       Jason E. Chudnofsky

                                      -16-<PAGE>

                                                                    Exhibit 10.8

                             EMPLOYMENT AGREEMENT

        Agreement, dated as of March 1, 2000, between ZD Events Inc., a Delaware
corporation (the "Employer" or "ZD Events"), and Peter B. Knepper (the
"Executive").

        WHEREAS, ZD Events is a wholly owned subsidiary of Ziff-Davis Inc.
("Ziff-Davis") engaged in the business of conducting trade shows, conferences
and other events (the "Events Business"); and

        WHEREAS, Ziff-Davis intends to (a) contribute the stock of all of its
subsidiaries engaged in the Events Business, including ZD Events, and any other
assets directly used in the Events Business, to a newly formed Delaware
corporation ("Newco"), (b) cause ZD Events to assign to Newco, and cause Newco
to assume, all of ZD Events' rights and obligations under this Agreement, after
which Newco will be considered to be the Employer hereunder (such assignment and
assumption, the "Newco Assumption"), (c) cause ZD Events to guarantee the
performance of this Agreement by Newco until the Spin Off (described below) is
effectuated, and (d) distribute all of the stock of Newco to the holders of
Ziff - Davis Inc. - ZD Common Stock ("ZD Common Stock") as a dividend (the "Spin
Off"); and
<PAGE>

        WHEREAS, ZD Events wishes to have the Executive immediately assume his
senior management position with the Events Business while it is still owned by
Ziff-Davis and thereafter following the Spin Off; and

        WHEREAS, the Board of Directors of ZD Events has determined that it is
in the best interests of ZD Events to enter into this Agreement.

        THEREFORE, in consideration of the premises and the respective covenants
and agreements herein contained, the parties hereto agree as follows:

        1.      Employment
                ----------
        Until the Newco Assumption is finalized, Executive shall be employed by
ZD Events in the capacity of Executive Vice President and Chief Financial
Officer. Upon the Newco Assumption, the Executive shall be employed as the
Executive Vice President and Chief Financial Officer of Newco and shall be in
charge of the financial affairs of Newco. Executive shall report directly to the
Chairman and Chief Executive Officer of Newco. Subject to the authority of the
Board of Directors and Chief Executive Officer of Employer, Executive shall
have all of the powers and duties incident to the office of Executive Vice
President and Chief Financial Officer; provided, however, no executive or other
employee of Newco shall hold a position, stature, title or powers
<PAGE>

higher or greater than or equal to those of Executive with respect to the
financial affairs of Newco. The Executive will devote his full business time,
and use his best efforts, to serve the Employer in the described capacities, on
the terms and conditions set forth herein. Executive may continue his
memberships on the boards of directors of the corporations on which he currently
serves, as well as on additional boards with the consent of the Chief Executive
Officer of Newco, which shall not be unreasonably withheld.

        2.      Term
                ----
        Unless sooner terminated as contemplated herein, the term of employment
of the Executive under this Agreement will commence on the date hereof and end
on February 28, 2005. Each consecutive 12 month period during the term hereof
commencing on March 1 and ending on the last day of the next February, shall
constitute a contract year.

        3.      Place of Performance
                --------------------
        The Executive's employment will be based in the Los Angeles area.

        4.      Compensation and Related Matters
                --------------------------------
        (a) Salary. During the term of the Executive's employment, the Employer
will pay to the Executive an annual base salary of not less than (subject to
increase by action of the Board or the Compensation Committee, as applicable)
the amounts set
<PAGE>

forth herein below, payable no less frequently than monthly: Contract years 1-3,
$525,000; contract years 4-5, $550,000.

        (b)     Performance Bonus. During each contract year of the term hereof,
                Employer shall pay Executive an annual performance bonus as
                determined by the Board of Directors of Employer, or it
                Compensation Committee, in its sole discretion, the
                determination of which shall be based upon such standards,
                guidelines, and factual circumstances as the Board of Directors
                or its Compensation Committee deems relevant, including, without
                limitation, the operating results of Employer during such
                contract year, the importance of the efforts of Executive in
                achieving those results and the achievement by the Employer
                and/or Executive of performance goals previously established by
                the Board of Directors for such contract year: provided,
                however, that in no event shall the bonus for any contract year
                be less
<PAGE>

                than $125,000 for contract year 1 and $150,000 for contract
                years 2-5.

                (c)     INTENTIONALLY OMITTED.

                (d)     INTENTIONALLY OMITTED.

                (e)     Stock Options. Effective as of the date of the Spin Off,
Newco will grant options to the Executive to acquire shares of its common stock
in accordance with an Incentive Compensation Plan to be adopted by the Board.
Such Plan will include all provisions typically found in an incentive plan for
senior executives of a public company including SEC registration at the expense
of Newco.

                (i)     Number of Shares. The number of shares of the common
stock of Newco which may be acquired by the Executive upon exercise of the
options shall be 700,000.

                (ii)    Strike Price. The exercise price for one-half of the
shares subject to option shall be equal to (x)$640 million plus the amount of
any equity infusion described in paragraph (i) above less the consolidated debt
of Newco (as set forth in the third WHEREAS clause) as of the date of the Spin
Off divided by (y) the number of issued and outstanding shares of stock of
Newco as of the date of the Spin Off. For example, if the consolidated debt is
$395 million and 100 million shares are outstanding, the option price will be
$2.45 per share. The exercise price for the
<PAGE>

other half of the shares subject to option shall be the exercise price
determined pursuant to the preceding sentence times 5.50 divided by 2.45.

                (iii)   Vesting. Vesting occurs if Executive is employed by the
Employer on the relevant date. No option may be exercised until vested in
accordance with the following schedule or as otherwise provided in this
Agreement:

                     Portion of                  ...Which Vest
                       Options                       on:
                     ----------                  -------------
                        1/16                    May 31, 2000
                        1/16                    August 31, 2000
                        1/16                    November 30, 2000
                        1/16                    February 28, 2001
                        1/48                    at the end of each
                                                month beginning
                                                March 31, 2001

It is recognized that some options may be fully vested when granted if the Spin
Off does not occur before May 31, 2000. Notwithstanding the terms of the
Incentive Compensation Plan, the options will fully vest immediately and become
immediately exercisable upon a Change of Control, which means:

                (A) individuals who, on the date of the Spin Off, are members of
        the Board (the "Incumbent Directors") cease for any reason following the
        date of the Spin Off, to constitute at least a majority of the Board;
        provided, that any new director who is approved by a vote of at least a
        majority of the Incumbent Directors shall be treated as an Incumbent
        Director;
<PAGE>

                (B) the stockholders of Newco approve a merger, consolidation,
        statutory share exchange or any manner of corporate transaction in which
        Newco is not the surviving corporation or entity or more than 50% of the
        value of Newco is affected by a merger or acquisition; provided,
        however, such approval shall not be a Change in Control if immediately
        following such approval Fredric D. Rosen continues to serve as the
        highest ranking officer of the surviving entity; or

                (C) the stockholders of Newco approve a plan of complete
        liquidation or dissolution or a sale of all or substantially all of the
        assets.

        (iv)    Expiration. Options shall expire at the earliest of:

                (A)     The 10th anniversary of the Spin Off; or

                (B)     The 3rd anniversary of termination of employment for any
                        reason except Cause (as defined below);
                        or

                (C)     Immediately upon termination of employment for Cause; or

                (D)     Under conditions specified in Section 6(d); or

                (E)     Six (6) months following a voluntary termination of this
                        Agreement by Employee, other than
<PAGE>

                        for Good Reason, death or Disability.

        (v)  Exercise. The option price of each share as to which a stock
option is exercised shall be paid in full at the time of such exercise in cash,
by tender of shares of common stock owned by the Executive valued at fair market
value as of the date of exercise (subject to such guidelines as the Compensation
Committee of the Board may establish), by a "sale to cover" broker transaction
or other cashless exercise method permitted under Regulation T of the Federal
Reserve Board, or by a combination of cash, shares of common stock and other
consideration as the Compensation Committee deems appropriate.

        In the event of a Change of Control, the Executive may elect to receive
in cancellation of his outstanding and unexercised stock options, a cash payment
in an amount equal to the difference between the option price of such stock
options and (A) in the event the Change of Control is the result of a tender
offer or exchange offer for the common stock, the final offer price per share
paid for the common stock multiplied by the number of shares of common stock
covered by such stock options, or (B) in the event the Change of Control is the
result of any other occurrence, the aggregate value of the Common Stock
<PAGE>

covered by such stock options, as reasonably determined by the Compensation
Committee at such time.

        (vi)    Adjustments of and Changes in Stock. In the event of any change
in the outstanding shares of common stock by reason of any stock dividend or
split, recapitalization, merger, consolidation, spinoff, combination or exchange
of shares or other corporate change, or any distributions (including stock or
stock rights distributions) to common shareholders other than regular cash
dividends, the Compensation Committee shall make a substitution or appropriate
adjustment which preserves the aggregate option value and ratio of strike price
to fair market value of the property subject to option.

        (f)     Benefits and Perquisites. During the term of his employment, the
Executive will be entitled to benefits and perquisites as set forth on Schedule
4(f).

        5.      Termination
        The Executive's employment shall terminate upon his death. The Employer
may terminate the Executive's employment for Disability or Cause, or without
Cause, and the Executive may terminate such employment at any time for Good
Reason (all as defined below). Any termination of such employment shall be
subject to the following conditions:
<PAGE>

        (a)     Regardless of the reason for such termination, the Employer will
pay the Executive his base salary through the date of termination and any
amounts owed to the Executive pursuant to the terms and conditions of the
benefit plans of the Employer at the time such payments are due.

        (b)     If such employment is terminated as a result of the Executive's
Disability or death, the Employer will pay (i) one year's worth of base
compensation in a lump sum plus (ii) following the determination of such award,
the prorated portion of any annual performance bonus the Executive would have
received for the year of such termination. These payments will be made to the
Executive or his legal representatives or to Executive's estate or as may be
directed by the legal representatives of such estate, as the case may be.

        (c)     If such employment is terminated by the Employer for Cause or
prior to the end of the Initial Term by the Executive voluntarily for other than
Good Reason, the Employer will have no additional obligations to the Executive
under this Agreement.

        (d)     If the Spin Off does not occur before December 31, 2000, then
the Executive shall have the right to terminate his employment effective as of
June 30, 2001 by providing written notice to Employer on or before February 28,
2001. In the event the Executive
<PAGE>

so elects to terminate his employment, then upon such election the Employer
shall pay the Executive $350,000 in satisfaction of all obligations under this
agreement.

        (e)  If the Employer terminates the Executive's employment other than
for Disability or Cause or the Executive terminates such employment for Good
Reason, then during the period commencing on the Executive's termination of
employment and ending on the date 24 months later (or February 28, 2005, if
earlier) the Employer will (i) pay the Executive his base salary at the level in
effect as of the date of termination (at the time such payments would normally
be made), (ii) pay the Executive 2 times his most recent performance bonus,
spread in monthly payments and (iii) fully vest all options.

        (f)  Termination of Executive's employment for any reason whatsoever
shall not affect Executive's ability to exercise stock options that have vested
prior to the date of termination.

        (g)  For purposes of this Agreement, the following terms shall have
the meanings specified below:

        (i)  "Disability" will mean the Executive's absence from his full-
     time duties hereunder by reason of physical or mental illness for a period
     of six consecutive months.
<PAGE>

        (ii)  Termination for "Cause" will mean termination of the Executive's
     employment by the Employer following the Executive's:

                (A) gross misconduct that is permanently and materially
        injurious to the Employer;

                (B) conviction of, or plea of nolo contendere to, a felony or
        any crime involving financial impropriety by or before any criminal
        tribunal;

                (C) willful and continuing failure to substantially perform his
        reasonable duties (other than as a result of physical or mental illness)
        that is not corrected within 30 days following a written demand by the
        Employer that specifically identifies the manner in which the Employer
        believes the Executive has not substantially performed his duties.

        Notwithstanding the foregoing, the Executive shall not be deemed to have
        been terminated for Cause unless and until there shall have been
        delivered to the Executive a copy of a resolution duly adopted by the
        Board at a meeting of the Board called and held for such purpose (after
        reasonable notice to Executive and an opportunity for the
<PAGE>

                Executive, together with the Executive's counsel, to be heard
                before the Board), finding that in the good faith opinion of
                the Board, the Executive was guilty of the conduct set forth in
                clause (i), (ii) or (iii) of this section and specifying the
                particulars thereof.

                (iii) Termination for "Good Reason" shall mean termination by
           the Executive following a material breach of this Agreement by the
           Employer or a diminution of Executive's responsibilities or status
           that is not corrected within 30 days of the Executive's notifying the
           Employer in writing of such breach or diminution.

                6.      Confidentiality; Non-Competition
                (a) In consideration for any severance that may be due to the
Executive after termination of employment (but regardless of whether and for how
long any severance is in fact due) and for allowing the Executive's stock
options to be exercised after termination of employment (except for Cause), and
in return for other valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, for a period of two years commencing upon the
termination of his employment hereunder (regardless of the reason for
<PAGE>

the termination), the Executive shall not, without written consent of the
Employer, engage, as a stockholder, director, officer, consultant or otherwise,
in any enterprise which competes with the Employer or any business of its
subsidiaries, or directly or indirectly employ, contract for or solicit the
services in any capacity of any executive or management person who is, or within
the prior three months has been, employed by the Employer or any such business.
The Executive will not be deemed to be engaged in a competing enterprise if (A)
less than 10% of the gross receipts of such enterprise are derived from
businesses that compete with the Employer or businesses of its affiliates that
were under the Employer's management control, and (B) the Executive's engagement
does not involve such competing businesses. This paragraph shall not bar
Executive from owning up to 5% of the outstanding securities of any publicly
held company.

        (b) The Executive shall keep secret and confidential and not use (except
in connection with the business of the Employer and its affiliates or pursuant
to applicable law or court order) any confidential information with respect to
the business or affairs of the Employer or its subsidiaries. This obligation
will be in effect while the Executive is employed by the Employer and for thirty
six (36)
<PAGE>

months after he ceases to be so employed, but it will not apply at any time to
information that is or becomes generally known to the public (other than through
a breach of this Section 6(b)).

        (c) The Executive acknowledges that the remedy at law for breach of his
covenants under this Section 6 will be inadequate and, accordingly, in the
event of any breach or threatened breach by the Executive of the provisions of
this Section 6 the Employer will be entitled (without the necessity of showing
economic loss or other actual damage), in addition to all other remedies to an
injunction restraining any such breach, without any bond or other security
being required. The Executive and the Employer recognize and agree that the
duration and scope for which the covenants not to compete and solicit set forth
in this Section 6 are to be effective are reasonable. In the event that any
court determines that the time period or the area, or both of them, are
unreasonable and that such covenants are to that extent unenforceable, the
parties agree that the covenants shall remain in full force and effect for the
greatest time period and in the greatest area that would not render them
unenforceable.

        (d) In the event of a breach by the Executive of any covenant under this
Section 6, the Executive agrees that, notwithstanding anything to the
<PAGE>

contrary in this Agreement or any award of or letter agreement for any options
to acquire common stock of the Employer, all remaining obligations of the
Employer hereunder and under such options shall thereupon automatically be
extinguished and all such options shall thereupon automatically expire. No
breach shall be deemed to occur under this Section 6(d) until Employer delivers
a written allegation to Executive setting forth in reasonable detail the facts
or events constituting the breach; and further, no breach shall be deemed to
have occurred if Executive cures said breach within 30 days of such notice,
unless such breach was of such magnitude as to be incapable of being cured.

        7.      Inventions
        All copyrights, trademarks, proprietary processes and analytical models
or formulas and other intangible or intellectual property rights that may be
invented, conceived, developed or enhanced by the Executive during the term of
his employment under this Agreement that relate to the business or operations of
the Employer or any affiliate thereof of which the Executive has served as an
officer, or that result from any work performed by the Executive for the
Employer or any such affiliate, will be the sole property of the Employer or
such affiliate, as the case may be, and the Executive hereby waives any right
<PAGE>

        or interest that he may otherwise have in respect thereof. Upon the
        reasonable request of the Employer, the Executive will execute and
        deliver any instrument or document reasonably necessary or appropriate
        to give effect to this Section 7 and do all other acts and things
        reasonably necessary to enable the Employer or such affiliate, as the
        case may be, to exploit the same or to obtain patents or similar
        protection with respect thereto.

        8.      Nontransferability; Forfeiture
        No amount payable hereunder shall be assignable or transferable, and no
        right or interest of the Executive shall be subject to any lien,
        obligation or liability of the Executive, except by will or the laws of
        descent and distribution. Notwithstanding the immediately preceding
        sentence, the Compensation Committee may, subject to the terms and
        conditions it may specify, permit Executive to transfer any stock
        options (other than incentive stock options) granted to him pursuant to
        the Incentive Compensation Plan to one or more of his immediate family
        members or to trusts, limited liability companies or family partnerships
        (collectively "family entities") established in whole or in part for the
        benefit of the Executive and/or one or more of such immediately family
        members. During the lifetime of the Executive, stock options shall be
        exercisable only
<PAGE>

by the Executive or by the immediate family member or family entity to whom such
stock options have been transferred in accordance with this Section 8. For
purposes of this Plan, (a) "immediate family" shall mean the Executive's spouse
and issue (including adopted and stepchildren) and (b) "immediate family members
and family entity established in whole or in part for the benefit of the
Executive and/or one more of such immediate family members" shall be further
limited, if necessary, so that neither the transfer of a stock option to such
immediate family member or family entity, nor the ability of Executive to make
such transfer, shall have adverse consequences to the Employer or the Executive
by reason of Section 162 (m) of the Code.

        9.      No Obligation to Mitigate Damages; Other Rights
        The Executive shall not be required to mitigate damages or any amount
payable under this Agreement by seeking other employment or otherwise, nor shall
any such amount be reduced by any compensation received by the Executive from
another employer after the date of resignation or termination, or otherwise;
provided, however, in the event of a termination of Executive by Employer other
than by reason of Cause, Disability or death, then Executive shall have a duty
to mitigate commencing one year
<PAGE>

after the date of termination, provided such duty shall be limited to a
comparable position with comparable compensation, stock options and benefits.
The provisions of this Agreement, and any payment provided for hereunder, shall
not, to the extent permitted by law, reduce any amounts otherwise payable, or in
any way diminish the Executive's rights under any other employee benefit plan,
contract or arrangement.

        10. Successors; Binding Agreement
        (a) The Employer will require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of
the business and/or assets of the Employer, by agreement in form and substance
satisfactory to the Executive, to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Employer would be
required to perform it if no such succession had taken place.

         (b) This Agreement and all rights of the Executive hereunder will inure
to the benefit of and be enforceable by the Executive's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive should die following his termination of
employment while any amounts would still be payable to him pursuant to the
provisions of
<PAGE>

Section 5 or Section 8 if he had continued to live, all such amounts will be
paid in accordance with the terms of this Agreement to the Executive's devisee,
legatee, or other designee or, if there be no such designee, to the Executive's
estate.

        11.     Notices
        For the purposes of this Agreement, notices, demands and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when delivered or (unless otherwise specified)
mailed by United States certified or registered mail, return receipt requested,
postage prepaid, addressed as follows:

        If to the Executive:
                Mr. Peter B. Knepper
                3004 Palos Verdes Drive West
                Palos Verdes, CA

                Fax 310 541-6579

        If to the Employer:

                ZD Events
                Needham, MA
                Attention: Chief Executive Officer

        with a copy to:

                SOFTBANK Holdings Inc.
                10 Langley Road, Suite 403
                Newton Center, MA 02159

                Attention:  Mr. Ronald D. Fisher

<PAGE>

                                                Vice Chairman

or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

        12.     Modification; Waiver
        No provision of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing signed by
the Executive and the Employer and a duly authorized member of the Board. No
waiver by either party hereto at any time of any breach by the other party
hereto of, or compliance with, any condition or provision of this Agreement to
be performed by such other party will be deemed a waiver of similar or
dissimilar provisions or conditions at the same or at any prior or subsequent
time. No agreements or representations, oral or otherwise, express or implied,
with respect to the subject matter hereof have been made by either party which
are not set forth expressly in this Agreement.

        13.     Certain Taxes
        In the event of termination of the Executive's employment as a result of
a Change in Control, the Company shall pay to the Executive an amount which, on
an after-tax basis (including federal
<PAGE>

income and excise taxes, and state and local income taxes) equals the excise
tax, if any, imposed by Section 4999 of the Internal Revenue Code of 1986, as
amended, upon the executive by reason of amounts payable under this Agreement
(including this Section 8). For purposes of this Section 13, the Executive shall
be deemed to pay federal, state and local income taxes at the highest marginal
rate of taxation for the calendar year in which the gross up payment is to be
made, taking into account the maximum reduction in federal income taxes which
could be obtained from deduction of state and local income taxes.

        14.     Entire Agreement
        This Agreement and the related documents referred to herein set forth
the entire agreement of the parties in respect of the subject matter contained
herein, and upon the effectiveness of this Agreement shall supersede all prior
agreements, promises, covenants, arrangements, communications, representations
or warranties, whether oral or written, by any officer, employee or
representative of any party hereto.

        15.     Validity
        The invalidity or unenforceability of any provision or provisions of
this Agreement will not affect the validity or enforceability of any other
<PAGE>

provision of this Agreement, which will remain in full force and effect.

        16.     Governing Law
        This Agreement will be governed by, and construed in accordance with,
the laws of the State of New York. Each of the parties consents to personal
jurisdiction in any action brought in any court in New York City having subject
matter jurisdiction over matters arising under this Agreement.

        17.     Counterparts
        This Agreement may be signed in two counterparts, each of which shall be
deemed an original agreement, but both of which together shall constitute one
and the same instrument.

        18.     Withholding taxes
        All payments made pursuant to this Agreement are subject to withholding
of applicable income employment taxes. The Employer shall have the right to
require the Executive to pay to the Employer such amount required to be withheld
prior to the issuance or delivery of any shares of common stock deliverable upon
exercise of a stock option. The Compensation Committee may, in its discretion,
permit the Executive to elect to satisfy such withholding obligation by having
the Employer retain the number of shares of common stock whose fair market value
equals the amount required to be withheld.
<PAGE>

        19.     Expenses
        Subject to documentation the Employer shall reimburse Executive for his
reasonable out-of-pocket expenses incurred in (i) entering into this Agreement
and (ii) as a result of Executive's earlier efforts with respect to the failed
"Pritzker deal".

        20.     Indemnification
        The Employer shall indemnify Executive if he is made, or threatened to
be made, a party to an action or proceeding, to the full extent permitted by
applicable law, including an action by or in the right of the Employer to
procure a judgment in its favor, by reason of the fact that Executive is or was
an officer, director or employee of the Employer, against all costs and expenses
resulting from or related to such action or proceeding, or any appeal thereof,
if Executive acted in good faith for a purpose which he reasonably believed to
be in the best interests of the Employer. The termination of any such action or
proceeding by judgment, settlement, conviction or upon a plea of nolo
contendere, or its equivalent, shall not in itself create the presumption that
Executive did not act in good faith for a purpose which he reasonably believed
to be in the best interests of the
<PAGE>

Employer. As used in this Section 20, (i) "costs and expenses" means any and all
costs, expenses and liabilities incurred by Executive, including but not limited
to (A) attorney fees, (B) amounts paid in settlement of, or in the satisfaction
of any order or judgment in, any action or proceeding and (C) fines, penalties
and assessments asserted or adjudged in any action or proceeding, and (ii)
"action or proceeding" means any and all suits, claims, actions, investigations
or proceedings whether civil, criminal or administrative, heretofore or
hereafter instituted or asserted. For purposes of this Section 20, "Employer"
means Newco or Ziff-Davis, as applicable.

        21.     ZD Events Guarantee
        ZD Events guarantees the performance of this Agreement by Newco until
the Spin Off is effectuated.
<PAGE>

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

                ZD Events Inc.

                By: /s/ Fredric D. Rosen, Chairman of the Board
                    -----------------------

                    /s/ Peter B. Knepper
                    -----------------------
                    Peter B. Knepper
<PAGE>

                                                             Schedule 4(f)

Benefits and Perquisites

        (a) Expenses. Executive shall be entitled to receive prompt
reimbursement for all documented business expenses incurred by him in the
performance of his duties hereunder consistent with reimbursements accorded to
CFO's and other senior executives provided that Executive properly accounts
therefore in accordance with the Company's reimbursement policy.

        (b) Fringe Benefits. Executive shall be entitled to participate in and
receive benefits under all of the Company's benefit plans or programs generally
available to senior management of the Company, including, but not limited to any
retirement plan, medical, dental or disability insurance plans and all other
similar plans or programs. Nothing paid to Executive under any benefit plan
presently in effect or made available in the future shall be deemed to be in
lieu of compensation payable to Executive under this Agreement.

        (c) Life Insurance. So long as Executive is insurable, the Company
agrees to maintain in effect during the term hereof insurance on Executive's
life payable to his estate or his named beneficiary or beneficiaries in the
amount of $2,000,000. The ownership of such insurance policies may, at the sole
discretion of the Executive, be transferred to a trust for the benefit of his
spouse or family.

        (d) Vacations. During the term hereof, Executive shall be entitled to
sick leave and paid holidays consistent with the Company's sick leave and
holiday policy for senior management and up to four (4) weeks paid vacation
during each year. Any vacation time that is not taken in a given year shall be
carried forward to the following year or years, as the case may be but in no
event more than two (2) weeks, on a cumulative basis. The Executive shall not
receive additional compensation for vacation time not taken.

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