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Exhibit 10.25  

 
 

UNOVA, INC.
  
  BOARD OF DIRECTORS' RESOLUTIONS
  GRANT OF STOCK OPTIONS TO OFFICERS OF UNOVA, INC.
  IN LIEU OF COMPENSATION    
  

        WHEREAS, this corporation proposes to give its officers the opportunity to elect to receive certain options to purchase the Common Stock
of this corporation in lieu of receiving a portion of the compensation to which they would otherwise be entitled to receive during the 2002 fiscal year, whether comprising base salary for fiscal 2002
or the bonus award to such officer made with respect to the 2002 fiscal year but payable in 2002; and 

        WHEREAS, this Board of Directors desires that no employee who voluntarily elects to receive such stock options shall in any way experience
any adverse effect under this corporation's Restoration Plan, Supplemental Executive Retirement Plan, Supplemental Executive Retirement Agreement dated as of March 15, 2000, between this corporation
and Larry D. Brady, or Change of Control Employment Agreements; 

        NOW, THEREFORE, BE IT RESOLVED, that for all purposes of the UNOVA, Inc. Restoration Plan, all amounts of cash compensation, whether
comprising base salary or bonus amounts payable in calendar 2002, which an employee elects to forego in order to receive stock options in lieu thereof shall, notwithstanding any provision of the
Restoration Plan to the contrary, be regarded as a portion of such employee's Annual Compensation (for the 2002 calendar year but for no other period of time), as that term is defined and used in such
Restoration Plan; 

        RESOLVED FURTHER, that for purposes of the UNOVA, Inc. Supplemental Executive Retirement Plan any amounts of base salary which a
participant elects to forego during the 2002 fiscal year in order to receive employee stock options shall be regarded as a part of the participant's "gross base salary" for 2002 for purposes of
computing the employee's Average Earnings as that term is defined and used in the Supplemental Executive Retirement Plan; and all amounts of the employee's bonus award with respect to the 2001 fiscal
year but payable during 2002 which are foregone by the employee for purposes of receiving stock options shall be included in the employee's "Bonus", as that term is used in the formula for computing
Average Earnings and shall be deemed to have been paid to the participant in equal monthly installments during the 2001 fiscal year; and 

        RESOLVED FURTHER, that for purposes of the Agreement between the Corporation and Larry D. Brady referred to above any amounts of base
salary which Mr. Brady elects to forego during the 2002 fiscal year for the purpose of receiving stock options in lieu thereof shall be regarded as part of his "Gross Base Salary" for 2002 for
purposes of computing Mr. Brady's Average Earnings as that term is defined and used in such Retirement Agreement; and all amounts of Mr. Brady's bonus with respect to the 2001 fiscal year but payable
during 2002 which are foregone by Mr. Brady for the purpose of receiving stock options shall be included in Mr. Brady's "Bonus" as that term is used in the formula for computing his Average Earnings
and shall be deemed to have been paid in equal monthly installments during the 2001 fiscal year; and 

        RESOLVED, that for purposes of each and every calculation to be made under any so-called Change of Control Employment Agreement between
this corporation and any of its executives (whether or not such executive is an officer of this corporation) the term "Annual Base Salary" when applicable to the 2002 fiscal year shall include the
amount of cash which such executive has foregone for the purpose of receiving in lieu thereof stock options; and the term "Annual Bonus" when applicable to the 2001 fiscal year shall include the
amount of the bonus awarded to the executive with respect to the 2001 fiscal year but payable during 2002 which the executive has elected to forego for the purpose of receiving in lieu thereof stock
options. 

*
* * * 

February
7, 2002 

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UNOVA, INC. BOARD OF DIRECTORS' RESOLUTIONS GRANT OF STOCK OPTIONS TO OFFICERS OF UNOVA, INC. IN LIEU OF COMPENSATION<PAGE>

                                                                Exhibit 10.15

                              EMPLOYMENT AGREEMENT

This agreement is made between The DeWolfe Companies, Inc. ("DeWolfe") and
Charles A. Ferraro ("Employee"). DeWolfe agrees to associate with Employee upon
the terms contained in this agreement, and Employee agrees to work in the best
interests of DeWolfe at all times, upon the terms contained in this agreement.

TERM: The employment shall commence on November 26, 2001, and will continue
until canceled, amended or terminated as described in this agreement.

TITLE: The Employee will be appointed as President of DeWolfe Mortgage Services,
Inc and Vice President of The DeWolfe Companies, Inc.

ASSIGNMENT: The Employee's assignment and responsibilities will be defined by
DeWolfe, and may be changed at any time. In general, the Employee is responsible
for managing the operations and activities of DeWolfe Mortgage Services,
including, but not limited to, (i) managing all employees hired or assigned,
(ii) planning, budgeting, and implementing DeWolfe's strategies toward achieving
service and financial goals, and (iii) in general, directing a service-oriented
Mortgage Company toward achieving the business goals established by senior
management of DeWolfe. The Employee will keep informed about the company's
business in general, and shall participate in all training, meetings and
functions required by DeWolfe.

COMPENSATION: Compensation will be established by DeWolfe from time to time, and
initially will be paid in accordance with the Compensation Schedule attached as
Exhibit A. The Employee shall be entitled to all benefits generally provided by
DeWolfe to its senior executives. The Employee shall be entitled to 4 weeks
vacation time, mutually agreed upon and submitted in writing, to accrue at a
rate of two days every month of employment. (Vacation time accrues ten months
per year, according to the Company's accrual policy).

TERMINATION: This Agreement and the employment created thereby may be terminated
at any time without cause by either party upon sixty (60) days written notice.
If employee is terminated by DeWolfe without cause, employee will be paid a
minimum of six months base pay. DeWolfe may terminate this agreement and the
employment created herein without notice for cause, including fraud, criminal
activity, dereliction of duties or failure to comply with the terms of this
agreement or DeWolfe policies and procedures. After termination, the Employee
will not solicit any employee, sales associate, manager, or other person
associated with DeWolfe or its affiliated Companies for the purpose of inducing
that person(s) to terminate employment or association with DeWolfe.

CONFIDENTIALITY: It is understood that the Employee may from time to time have
knowledge of information which is confidential in nature, including, but not
limited to customer and client lists, agent and management information, training
and procedures, manuals, sales tactics, strategies, financial results and other
trade secrets. The Employee will not, at any time during employment or after
termination, disclose any confidential information, nor trade in the stock of
The DeWolfe Companies, Inc. based upon confidential information, nor use such
confidential information in any other manner.

<PAGE>

NOTICES: Any notice required under this agreement will be deemed sufficient if
mailed or delivered to the parties at the following addresses:

         Employee:    Charles A. Ferraro
                      43 Spencer Brook Lane
                      Carlisle, MA  01741

         DeWolfe:     The DeWolfe Companies, Inc.
                      80 Hayden Avenue
                      Lexington, MA  02173
                      Attn: Paul J. Harrington, President

GOVERNING LAW: This agreement shall be governed by the laws of the Commonwealth
of Massachusetts.

Signed this 26th day of November, 2001.

Employee:                                          The DeWolfe Companies, Inc.

/S/ CHARLES A. FERRARO                             By: /S/ PAUL J. HARRINGTON
----------------------                                 -------------------------
Charles A. Ferraro                                 Paul J. Harrington, President

                                       2Exhibit 10.6  

AMENDMENT OF SERVICES AGREEMENT  

        This Amendment dated as of January 1, 2001 to the Services Agreement dated as of August 1, 2000 among Sea Containers Ltd., a Bermuda company,
Sea Containers Services Ltd., a United Kingdom company, and Orient-Express Hotels Ltd., a Bermuda company. Terms defined in the Services Agreement have the same meaning in this
Amendment. 

        Whereas,
Section 3.1 of the Services Agreement sets out an annual charge of $2,500,000 for Corporate Services, part of which are provided by OEHL itself beginning in 2001;
Section 3.2 and Schedule 3.2 of the Services Agreement specify the cost allocation and allocation methodology in 1999 and 2000 for Administration Services; and Section 3.3 of the
Services Agreement provides for a proportionate reimbursement based on office space used by the OEHL Group; 

        Whereas,
the Parties wish to amend the Services Agreement for 2001 and future years; 

        Now,
therefore, in consideration of the mutual agreements herein set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
and intending to be legally bound hereby, SCL, SC Services and OEHL hereby agree to amend the Services Agreement (i) by reducing the annual charge for Corporate Services under
Section 3.1 to $2,200,000 from January 1, 2001, and (ii) by adding a sentence to appear after the third sentence of Section 3.2, reading in its entirety, "The cost
allocation and the allocation method in 2001 and future years for Administration Services under Section 3.2 and for office space under Section 3.3 shall be as agreed among the Parties
each year at the time the consolidated budgets of SCL and OEHL are prepared, to be effective for that budget year." 

        Except
as amended by this Amendment, the Services Agreement shall remain in full force and effect. 

	SEA CONTAINERS LTD.	 	 	 	ORIENT-EXPRESS HOTELS LTD.
	
By:	
 	

/s/  D.J. O'SULLIVAN      
 Daniel J. O'Sullivan
 Senior Vice President—Finance

and Chief Financial Officer	
 	

 	
 	

By:	
 	

/s/  J.G. STRUTHERS      
 James G. Struthers
 Vice President—Finance

and Chief Financial Officer
	
SEA CONTAINERS SERVICES LTD.	
 	

 	
 	

 	
 	

 
	

By:	
 	

/s/  D.J. O'SULLIVAN      
 Daniel J. O'Sullivan
 Director and Secretary

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