Document:

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                                                                   EXHIBIT 10.73

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT is dated as of December 1, 2000, by and
between EDAC TECHNOLOGIES CORPORATION, a Wisconsin corporation ("Edac"), and
Richard A. Dandurand ("Mr. Dandurand").

                                     RECITAL

         Edac desires to employ Mr. Dandurand and Mr. Dandurand is willing to
make his services available to Edac on the terms and conditions set forth below.

                                   AGREEMENTS

         In consideration of the premises and the mutual agreements which
follow, the parties agree as follows:

         1. Employment. Edac hereby employs Mr. Dandurand and Mr. Dandurand
hereby accepts employment with Edac on the terms and conditions set forth in
this Agreement.

         2. Term. The initial term of Mr. Dandurand's employment hereunder shall
commence on the date hereof and continue for a period of one year, subject to
earlier termination as set forth in this Agreement. The term of Mr. Dandurand's
employment will automatically be extended one year on each anniversary of the
date of this Agreement unless either party notifies the other in writing to the
contrary at least 45 days prior to any such anniversary. The term of employment
is referred to in this Agreement as the "Employment Term."

         3. Duties. Mr. Dandurand shall serve as the President and Chief
Executive Officer of Edac and will, under the direction of the Board of
Directors (the "Board"), faithfully and to the best of his ability, perform the
duties of such positions as determined by the Board from time to time. As the
President and Chief Executive Officer, Mr. Dandurand shall be responsible for
managing the business and affairs of Edac in a professional manner with the
primary objective of enhancing shareholder value and ensuring that Edac's
customers, employees and suppliers are treated in a manner consistent with
Edac's Corporate Mission Statement. Without limiting the generality of the
foregoing, Mr. Dandurand shall supervise the operations of Edac and perform
those duties normally associated with the offices of President and Chief
Executive Officer. Mr. Dandurand shall also perform such additional duties and
responsibilities which may from time to time be reasonably assigned or delegated
by the Board. Mr. Dandurand agrees to
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devote substantially all of his entire business time, effort, skill and
attention to the proper discharge of such duties while employed by Edac.

Effective as of the date hereof and pursuant to Section 3.09 of Edac's By-Laws
now in effect, the Board shall elect Mr. Dandurand to serve as a member of the
Board until his successor is duly elected and qualified, or until his prior
death, resignation or removal.

         4. Compensation.

                  (a) Base Salary. Mr. Dandurand shall receive a base salary of
$250,000 per year, payable in regular and equal installments in accordance with
Edac's payroll practices as in effect from time to time (the "Base Salary"). Mr.
Dandurand's Base Salary shall be reviewed annually by the Compensation Committee
of the Board (the "Compensation Committee") to determine appropriate increases,
if any, in the Base Salary, but the Base Salary shall not be reduced without Mr.
Dandurand's written consent.

                  (b) Bonus. Mr. Dandurand shall be eligible to receive a cash
bonus at the end of Edac's fiscal year (the "Cash Bonus"). It is intended to
reward Mr. Dandurand for his performance as measured by agreed upon objectives,
with a payout of up to 50% of Base Salary. However, the Compensation Committee,
with approval of the Board of Directors, may at its discretion exceed the 50%
target based on their judgment of Mr. Dandurand's performance. The Cash Bonus
shall be paid to Mr. Dandurand, subject to appropriate tax withholding, as soon
as practicable after the close of the fiscal year but, in any event, no later
than 90 days after the end of the fiscal year.

                  (c) Stock Options. Simultaneous with the execution of this
Agreement and in consideration of Mr. Dandurand's entering this Agreement, Mr.
Dandurand and Edac shall enter into a Granting Agreement (the "Granting
Agreement") in the form attached hereto as Exhibit A, pursuant to which Edac
shall grant to Mr. Dandurand 200,000 stock options (the "Options") under Edac's
2000-B Employee Stock Option Plan (the "Plan"). The grant of the first 150,000
Options will be effective as of the date of this Agreement. The grant of the
final 50,000 Options shall be contingent upon renewal of this Agreement and
shall be effective on the first anniversary of this Agreement. Only vested
Options shall be exercisable. The Options will vest over the three-year period
immediately following the effective date of the Option grant and at the rate set
forth in the vesting schedule below, provided Mr. Dandurand is employed by Edac
at such time:

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                           (i) 40% vesting on the first anniversary of the
effective date of the grant;

                           (ii) 30% vesting on the second anniversary of the
effective date of the grant; and

                           (iii) 30% vesting on the third anniversary of the
effective date of the grant.

The grant of the Options pursuant to the Granting Agreement is independent of
the Cash Bonus and shall not be considered in determining the amount of any such
Cash Bonus. Furthermore, such grant of Options is independent of any options the
Compensation Committee may award to Mr. Dandurand for performance in the year
2001.

         5. Fringe Benefits. During the Employment Term, Mr. Dandurand shall
receive all normal benefits available to every Edac employee, plus the following
fringe benefits:

                  (a) Vacation. Mr. Dandurand shall be entitled to four weeks of
paid vacation annually.

                  (b) Automobile. Edac shall provide Mr. Dandurand with the use
of an Edac-owned or leased automobile. In addition, Edac shall pay, or reimburse
Mr. Dandurand for his payment of, the ordinary and reasonable expenses incurred
in the normal operation of such automobile.

                  (c) Country Club. Edac shall, during the Employment Term, pay
all initiation fees, dues and assessments (collectively, the "Fees") associated
with a family membership for Mr. Dandurand in a club to be mutually agreed to.

                  (d) Reimbursement for Reasonable Business Expenses. Edac shall
pay or reimburse Mr. Dandurand for reasonable expenses incurred by him in
connection with the performance of his duties pursuant to this Agreement,
including, but not limited to, travel expenses, expenses in connection with
trade shows, seminars, professional conventions or similar professional
functions and other reasonable business expenses.

                  (e) Insurance. Edac will purchase on behalf of Mr. Dandurand a
term life insurance policy and a long-term disability insurance policy in the
amounts set forth below. Such insurance coverages shall be maintained at all
times during the Employment Term. The premiums on all policies shall be paid by

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Edac. Mr. Dandurand shall own such policies and shall be entitled to name the
beneficiary or beneficiaries of such policies.

                           (i) Term Life Insurance. The face amount of the term
life insurance policy shall be an amount equal to three times the Base Salary.

                           (ii) Long-Term Disability Insurance. The long-term
disability insurance policy shall provide for periodic payments of 70% of the
Base Salary.

                  (f) Fringe Benefits. Mr. Dandurand shall receive all fringe
benefits that are made available to management level employees of Edac.

         6. Termination of Employment.

                  (a) Termination for Death, Disability, Voluntary Termination
or Cause. Mr. Dandurand's employment hereunder shall automatically terminate
upon his death. In addition, Edac shall be entitled to terminate Mr. Dandurand's
employment at any time upon his "Disability." For purposes of this Agreement,
"Disability" shall have the same meaning as contained in the most recently dated
disability insurance policy held by Edac covering Mr. Dandurand. If no such
policy exists, Disability shall mean a physical or mental sickness or any injury
which renders Mr. Dandurand incapable of performing the services required of him
as an employee of Edac and which does or may be expected to continue for more
than three months during any twelve-month period. Edac and Mr. Dandurand shall
determine the existence of a Disability and the date upon which it occurred. In
the event of a dispute regarding whether or when a Disability occurred, the
matter shall be referred to a medical doctor selected by Edac and Mr. Dandurand.
If they fail to agree upon such a medical doctor, Edac and Mr. Dandurand shall
each select a medical doctor and the two doctors so selected shall together
select a third medical doctor who shall make the determination. The
determination by the selected medical doctor shall be conclusive and binding
upon the parties hereto.

                           If it becomes apparent that the Disability renders
Mr. Dandurand unable to discharge his responsibilities and is supported by
medical evidence that his return cannot be determined, Edac may, in its
discretion, terminate or modify this Agreement once it is established that Mr.
Dandurand will not return to full-time status.

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                           Edac may also terminate Mr. Dandurand's employment
under this agreement for "Cause," effective immediately upon delivery of notice
to Mr. Dandurand. "Cause" shall mean:

                           (i) the willful and continued failure of Mr.
Dandurand to perform substantially Mr. Dandurand's duties with Edac or its
affiliates (other than any such failure resulting from incapacity due to
physical or mental illness), after a written demand for substantial performance
is delivered to Mr. Dandurand by the Board which specifically identifies the
manner in which the Board believes that Mr. Dandurand has not substantially
performed his duties and after Mr. Dandurand is given a reasonable period of
time to rectify or eliminate such failure;

                           (ii) the willful engaging by Mr. Dandurand in illegal
conduct or gross misconduct which is materially and demonstrably injurious to
Edac;

                           (iii) the commission by Mr. Dandurand of fraud or
dishonesty with respect to Edac which is materially and demonstrably injurious
to Edac or a material misrepresentation by Mr. Dandurand to Edac's shareholders
or directors;

                           (iv) a material breach of the terms of this Agreement
that is demonstratively injurious to Edac; or

                           (v) Mr. Dandurand's election not to renew this
Agreement pursuant to Section 2 hereof. If Mr. Dandurand's employment terminates
due to his Disability or death, or if Mr. Dandurand voluntarily terminates his
employment or is terminated by Edac for Cause, Mr. Dandurand shall be entitled
to receive his Base Salary and vested fringe benefits prorated to the date of
termination. In addition, in the event of a termination due to Mr. Dandurand's
death or Disability, Mr. Dandurand shall also receive a prorated Cash Bonus for
the year of termination. The amount of the prorated Cash Bonus shall be
determined by the Compensation Committee and paid as soon as possible after such
determination.

                           In the event of termination for Cause, or if Mr.
Dandurand voluntarily terminates his employment, Mr. Dandurand shall forfeit any
unvested Option that he may have at such time. If Mr. Dandurand's employment
terminates due to death or disability, Mr. Dandurand's Options shall lapse in
accordance with section 4 of the Plan.

                  (b) Termination Without Cause. Notwithstanding anything in
this Agreement to the contrary, if Mr. Dandurand's employment is terminated by

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Edac for any reason other than for Cause, Disability or death, or if Edac elects
not to renew this Agreement pursuant to Section 2 hereof, or if this Agreement
is terminated or not renewed by Edac for what Edac believes is Cause or
Disability, and it is ultimately determined that Mr. Dandurand was wrongfully
terminated, Mr. Dandurand shall, as full and liquidated damages for such
termination, receive a severance payment equal to 18 months of Base Salary less
any payments, if any, due under the termination provisions of the Change of
Control Agreement (as defined in section 10, below) (the "Severance"). The
Company shall have the option to pay the Severance: (i) in a single installment
payable within 90 days following the termination of Mr. Dandurand's employment;
or (ii) in 18 equal consecutive monthly installments, with the first such
installment payable on the first day of the first month immediately following
the termination of Mr. Dandurand's employment, and each subsequent installment
payable on the same day of each consecutive month thereafter until the Severance
is paid in full. The deferred portion of the Severance shall not bear interest.
In addition to the Severance, Mr. Dandurand shall receive the following benefits
in the event his employment with the Company is terminated under this section:
(x) for a period of six months following the date of termination, an automobile
on terms substantially identical to the terms of Section 5(b) hereof; and (y)
term life and long term disability insurance coverage on terms substantially
identical to the terms of Section 5(e) hereof until such time as Mr. Dandurand
secures other employment which provides comparable coverage or until the last
day of the 18th month following termination of Mr. Dandurand's employment under
this section, whichever occurs first. Furthermore, all unvested Options Mr.
Dandurand may have at such time as his employment is terminated pursuant to this
section 6(b) shall vest immediately and be exercisable in accordance with the
terms of the Granting Agreement and the Plan.

         7. Noncompetition. The parties agree that Edac's supplier, customer,
vendor and employee contacts and relations are established and maintained at
great expense and, by virtue of Mr. Dandurand's employment with Edac, Mr.
Dandurand will have unique and extensive exposure to and personal contact with
Edac's suppliers, customers, vendors and employees and that he will be able to
establish a unique relationship with those individuals and entities that will
enable him, both during and after employment, to unfairly compete with Edac.
Further, the parties agree that the terms and conditions of the following
restrictive covenants are reasonable and necessary for the protection of Edac's
business, trade secrets and confidential information and to prevent great damage
or loss to Edac as a result of action taken by Mr. Dandurand. Mr. Dandurand
acknowledges that the noncompete restrictions and nondisclosure of confidential
information restrictions contained in this Agreement are reasonable and the
consideration provided for herein is sufficient to fully and adequately
compensate Mr. Dandurand for

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agreeing to such restrictions. Mr. Dandurand acknowledges that he could continue
to actively pursue his career and earn sufficient compensation in the same or
similar business without breaching any of the restrictions contained in this
Agreement. For purposes of this section 7 and section 8 below, "Edac" shall
refer to each of Edac Technologies Corporation and each of its subsidiaries.

                  (a) During Term of Employment. Mr. Dandurand covenants and
agrees that, during his employment with Edac, he shall not, directly or
indirectly, either individually or as an employee, principal, agent, partner,
shareholder, owner, trustee, beneficiary, co-venturer, distributor, consultant
or in any other capacity, participate in, become associated with, provide
assistance to, engage in or have a financial or other interest in any business,
activity or enterprise which is competitive with Edac or any successor or assign
of Edac. The ownership of less than a one percent interest in a corporation
whose shares are traded in a recognized stock exchange or traded in the
over-the-counter market, even though that corporation may be a competitor of
Edac, shall not be deemed financial participation in a competitor.

                  (b) Upon Termination of Employment. Mr. Dandurand agrees that
for a one-year period after Mr. Dandurand's employment with Edac terminates for
any reason, he will not, directly or indirectly, either individually or as an
employee, agent, partner, shareholder, owner, trustee, beneficiary, co-venturer,
distributor, consultant or in any other capacity:

                           (i) Request or advise any of the customers, vendors,
suppliers, or other business contacts of Edac who currently have or have had
business relationships with Edac within two years preceding the date of such
action, to withdraw, curtail or cancel any of their business or relations with
Edac.

                           (ii) Induce or attempt to induce any employee, sales
representative, supplier, consultant or personnel of Edac to terminate his or
her relationship or breach his or her agreements with Edac.

                           (iii) Participate in, become associated with, provide
assistance to, engage in or have a financial or other interest in any business,
activity or enterprise located within the Territory (as defined below) which is
competitive with the business of Edac or any successor or assign of Edac and
which conducts such competitive business within the Territory; provided,
however, that the ownership of less than 1% of the stock of a corporation whose
shares are traded in a recognized stock exchange or traded in the
over-the-counter market, even though that corporation may be a competitor of
Edac, shall not be deemed financial participation in a competitor. For purposes
of this Agreement, the term

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"Territory" shall mean the United States of America. The Board may, in its sole
discretion and at any time prior to the termination of Mr. Dandurand's
employment by Edac, expand the Territory to include those countries in which the
Company or any of its subsidiaries does business.

         8. Confidential Information. The parties agree that Edac's customers,
business connections, customer lists, procedures, operations, techniques,
customer profiles and other aspects of its business are established at great
expense and protected as confidential information and provide Edac with a
substantial competitive advantage in conducting its business. The parties
further agree that, by virtue of Mr. Dandurand's employment with Edac, he will
have access to, and be entrusted with, secret, confidential and proprietary
information, and that Edac would suffer great loss and injury if Mr. Dandurand
would disclose this information or use it to compete with Edac. Therefore, Mr.
Dandurand agrees that during the term of his employment, and for a period ending
on the earlier of (a) two years after the termination of his employment with
Edac or (b) the date on which the information referred to in this section
becomes publicly known through no fault of Mr. Dandurand, he will not, directly
or indirectly, either individually or as an employee, agent, partner,
shareholder, owner, trustee, beneficiary, co-venturer, distributor, consultant
or in any other capacity, use or disclose, or cause to be used or disclosed, any
secret, confidential or proprietary information acquired by Mr. Dandurand during
his employment with Edac whether owned by Edac prior to or discovered and
developed by Edac subsequent to Mr. Dandurand's employment, and regardless of
the fact that Mr. Dandurand may have participated in the discovery and the
development of that information.

         9. Law of Torts and Trade Secrets. The parties agree that nothing in
this Agreement shall be construed to limit or negate the statutory or common law
of torts or trade secrets where it provides Edac with broader protection than
that provided herein.

         10. Change of Control. Simultaneous with the execution of this
Agreement, the parties shall enter into a Change of Control Agreement (the
"Change of Control Agreement") in the form attached hereto as Exhibit B.

         11. Waiver. The failure of either party to insist, in any one or more
instances, upon performance of the terms or conditions of this Agreement shall
not be construed as a waiver or a relinquishment of any right granted hereunder
or of the future performance of any such term, covenant or condition.

         12. Notices. Any notice to be given hereunder shall be deemed
sufficient if addressed in writing, and delivered by registered or certified
mail or

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delivered personally, in the case of Edac, to its principal business office, and
in the case of Mr. Dandurand, to his address appearing on the records of Edac,
or to such other address as he may designate in writing to Edac.

         13. Severability. If any provision of this Agreement is held to be
invalid or unenforceable for any reason whatsoever, it is agreed such invalidity
or unenforceability shall not affect any other provision of this Agreement and
the remaining covenants, restrictions and provisions hereof shall remain in full
force and effect and any court of competent jurisdiction may so modify the
objectionable provision as to make it valid, reasonable and enforceable.
Furthermore, the parties specifically acknowledge that the provisions of
sections 7(a), 7(b)(i), 7(b)(ii) and 7(b)(iii) are each separate and independent
agreements.

         14. Amendment. This Agreement may only be amended by an agreement in
writing signed by all of the parties hereto.

         15. Benefit. This Agreement shall be binding upon and inure to the
benefit of and shall be enforceable by and against Edac, its successors and
assigns and Mr. Dandurand, his heirs, beneficiaries and legal representatives.
It is agreed that the rights and obligations of Mr. Dandurand may not be
delegated or assigned.

         16. Entire Agreement. Except for the Change of Control Agreement, the
provisions of which will control in the event of a conflict with the provisions
of this Agreement, this Agreement constitutes the entire agreement between the
parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings among the parties with respect to such
subject matter.

         17. Miscellaneous. This Agreement shall be governed by and construed in
accordance with the laws of the State of Connecticut, without reference to
principles of conflict of laws. The captions of this Agreement are not part of
the provisions hereof and shall have no force or effect.

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         The parties have executed or caused this Agreement to be executed as of
the day, month and year first above written.

                                          EDAC TECHNOLOGIES CORPORATION

                                          BY /s/ John J. DiFrancesco
                                             ---------------------------------
                                               Its Chairman

                                          /s/ Richard A. Dandurand
                                          -----------------------------------
                                          Richard A. Dandurand

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                                                                   EXHIBIT 10.74

                           CHANGE OF CONTROL AGREEMENT

         THIS CHANGE OF CONTROL AGREEMENT is effective as of December 1, 2000 by
and between EDAC TECHNOLOGIES CORPORATION, a Wisconsin corporation (the
"Company"), and RICHARD A. DANDURAND (the "Executive").

                                    RECITALS

         A. The Board of Directors of the Company (the "Board") has determined
that it is in the best interests of the Company and its shareholders to assure
that the Company will have the continued dedication of the Executive,
notwithstanding the possibility, threat or occurrence of a Change of Control (as
defined below) of the Company.

         B. The Board believes it is imperative to diminish the inevitable
distraction of the Executive by virtue of the personal uncertainties and risks
created by a pending or threatened Change of Control and to encourage the
Executive's full attention and dedication to the Company currently and in the
event of any threatened or pending Change of Control, and to provide the
Executive with compensation and benefit arrangements upon a Change of Control
which ensure that the compensation and benefit expectations of the Executive
will be satisfied and which are competitive with those of other corporations.

         C. In order to accomplish the objectives of the Board summarized in
these recitals, the Board has caused the Company to enter into this Agreement.

                                   AGREEMENTS

         In consideration of the recitals and the mutual covenants and
agreements set forth in this Agreement and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, the
parties agree as follows:

         1. Definitions. For the sole and exclusive purposes of this Agreement,
the following terms have the following meanings:

                  (a) Effective Date. The "Effective Date" means the first date
during the Change of Control Period on which a Change of Control occurs.
Notwithstanding anything in this Agreement to the contrary, if a Change of
Control occurs and Executive's employment with the Company or this Agreement was
terminated prior to the date on which the Change of Control occurs, and if it is
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reasonably demonstrated by the Executive that such termination of employment or
of this Agreement (i) was at the request of a third party who has taken steps
reasonably calculated to effect a Change of Control or (ii) otherwise arose in
connection with or anticipation of a Change of Control, then for all purposes of
this Agreement the "Effective Date" shall mean the date immediately prior to the
date of such termination of employment or purported termination of this
Agreement.

                  (b) Change of Control Period. The "Change of Control Period"
means the period commencing on the date of a Change of Control and ending on the
last day of the 18th month immediately following such date.

                  (c) Change of Control. "Change of Control" means:

                           (i) The acquisition by any individual, entity or
group (within the meaning of section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person") of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 20% or more of either [a] the then outstanding shares of common
stock of the Company (the "Outstanding Company Common Stock") or [b] the
combined voting power of the then outstanding voting securities of the Company
entitled to vote generally in the election of directors (the "Outstanding
Company Voting Securities"); provided, however, that the following acquisitions
shall not constitute a Change of Control: [i] any acquisition directly from the
Company, [ii] any acquisition by the Company, [iii] any acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any corporation controlled by the Company or [iv] any acquisition by any
corporation pursuant to a transaction which complies with clauses [a], [b] and
[c] of subsection (c)(iii) of this section 1, or [v] any acquisition by Dapco
Industries, Inc. unless such acquisition results in a Material Diminution as
defined in section 1(F)(i) hereof.

                           (ii) Individuals who, as of the date hereof,
constitute the Board (the "Incumbent Board") cease for any reason to constitute
at least a majority of the Board; provided, however, that any individual
becoming a director subsequent to the date hereof whose election, or nomination
for election by the Company's shareholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with
respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the
Board.

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                           (iii) Approval by the shareholders of the Company of
a reorganization, merger or consolidation (a "Business Combination"), in each
case, unless, following such Business Combination, [a] all or substantially all
of the individuals and entities who were the beneficial owners, respectively, of
the Outstanding Company Common Stock and Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 60% of, respectively, the then outstanding shares of
common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case
may be, of the corporation resulting from such Business Combination (including,
without limitation, a corporation which as a result of such transaction owns the
Company through one or more subsidiaries) in substantially the same proportions
as their ownership, immediately prior to such Business Combination, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities, as
the case may be, [b] no Person (excluding any employee benefit plan (or related
trust) of the Company or such corporation resulting from such Business
Combination) beneficially owns, directly or indirectly, 20% or more of,
respectively, the then outstanding shares of common stock of the corporation
resulting from such Business Combination or the combined voting power of the
then outstanding voting securities of such corporation except to the extent that
such ownership existed prior to the Business Combination and [c] at least a
majority of the members of the board of directors of the corporation resulting
from such Business Combination were members of the Incumbent Board at the time
of the execution of the initial agreement, or of the action of the Board,
providing for such Business Combination. Notwithstanding the foregoing, the
merger of the Company into, the consolidation of the company with, or the
acquisition of the Company by, Dapco Industries, Inc. shall not constitute a
Change of Control for purposes of this Agreement unless any such merger,
consolidation or acquisition results in a Material Diminution as defined in
section 1(F)(i) hereof.

                           (iv) Approval by the shareholders of the Company of
[a] a complete liquidation or dissolution of the Company or [b] the sale or
other disposition of all or substantially all of the assets of the Company,
other than to a corporation, with respect to which following such sale or other
disposition, [i] more than 60% of, respectively, the then outstanding shares of
common stock of such corporation and the combined voting power of the then
outstanding voting securities of such corporation entitled to vote generally in
the election of directors is then beneficially owned, directly or indirectly, by
all or substantially all of the individuals and entities who were the beneficial
owners, respectively, of the Outstanding Company Common Stock and outstanding
Company Voting Securities immediately prior to such sale or other disposition in
substantially the

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same proportion as their ownership, immediately prior to such sale or other
disposition, of the Outstanding Company Common Stock and Outstanding Company
Voting Securities, as the case may be, [ii] less than 20% of, respectively, the
then outstanding shares of common stock of such corporation and the combined
voting power of the then outstanding voting securities of such corporation
entitled to vote generally in the election of directors is then beneficially
owned, directly or indirectly, by any Person (excluding any employee benefit
plan (or related trust) of the Company or such corporation), except to the
extent that such Person owned substantially the same percent of the Outstanding
Company Common Stock or Outstanding Company Voting Securities prior to the sale
or disposition, and [iii] at least a majority of the members of the board of
directors of such corporation were members of the Incumbent Board at the time of
the execution of the initial agreement, or of the action of the Board, providing
for such sale or other disposition of assets of the Company or were elected,
appointed or nominated by the Board.

                  (d) Disability. "Disability" means a physical or mental
sickness or injury which renders the Executive incapable of performing the
services required of him as an employee of the Company and which does or which
may be expected to continue for more than three months during any 12-month
period. The Executive and the Company shall determine the existence of a
Disability and the date upon which it occurred. If a dispute regarding whether
or when a Disability occurred arises, the matter shall be referred to a medical
doctor selected by the Company and the Executive. If they fail to agree upon
such a medical doctor, the Company and the Executive shall each select a medical
doctor and the two doctors so selected shall together select a third medical
doctor who shall make the determination. The determination by the selected
medical doctor shall be conclusive and binding upon the parties.

                  (e) Cause. "Cause" shall have the same meaning as contained in
the employment agreement between the Company and the Executive in effect at the
time of termination or, if no such employment agreement is in effect at that
time, "Cause" shall mean:

                           (i) the willful and continued failure of the
Executive to perform substantially the Executive's duties with the Company or
its affiliates (other than any such failure resulting from incapacity due to
physical or mental illness), after a written demand for substantial performance
is delivered to the Executive by the Board which specifically identifies the
manner in which the Board believes that the Executive has not substantially
performed the Executive's duties and after the Executive is given a reasonable
period of time to rectify or eliminate such failure;

                                       4
<PAGE>   5
                           (ii) the willful engaging by the Executive in illegal
conduct or gross misconduct which is materially and demonstrably injurious to
the Company; or

                           (iii) the commission by the Executive of fraud or
dishonesty with respect to the Company or a material misrepresentation by the
Executive to the Company's shareholders or directors.

                  (f) Good Reason. "Good Reason" means:

                           (i) any action by the Company which results in a
material diminution in Executive's position, authority, duties or
responsibilities as contemplated by section 3(a) of this Agreement, excluding
for this purpose an isolated, insubstantial and inadvertent action not taken in
bad faith and which is remedied by the Company promptly after receipt of notice
thereof given by the Executive (each a "Material Diminution");

                           (ii) any failure by the Company to comply with any of
the provisions of section 3(b) of this Agreement, other than an isolated,
insubstantial and inadvertent failure not occurring in bad faith and which is
remedied by the Company promptly after receipt of notice thereof given by the
Executive;

                           (iii) the Company's requiring the Executive to be
based at any office or location other than as provided in section 3(a)(i)(b)
hereof or the Company's requiring the Executive to travel on Company business to
a substantially greater extent than required immediately prior to the Effective
Date;

                           (iv) any purported termination by the Company of the
Executive's employment otherwise than as expressly permitted by this Agreement;
or

                           (v) any failure by the Company to comply with and
satisfy section 10(c) of this Agreement.

                  (g) Date of Termination. "Date of Termination" means (i) if
the Executive's employment is terminated by the Company for Cause, or by the
Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified therein, as the case may be, (ii) if the Executive's
employment is terminated by the Company other than for Cause or Disability, the
Date of Termination shall be the date on which the Company notifies the
Executive of such termination, and (iii) if the Executive's employment is
terminated by reason of

                                       5
<PAGE>   6
death or Disability, the Date of Termination shall be the date of death of the
Executive or the Disability Effective Date, as the case may be.

         2. Employment Period. The Company agrees to continue the Executive in
its employ, and the Executive agrees to remain in the employ of the Company
subject to the terms and conditions of this Agreement, for the period commencing
on the Effective Date and ending on the last day of the 24th month immediately
following the Effective Date (the "Employment Period").

         3. Terms of Employment.

                  (a) Position and Duties.

                           (i) During the Employment Period, [a] the Executive's
position (including status, offices, titles and reporting requirements),
authority, duties and responsibilities shall be at least commensurate in all
material respects with those held, exercised or assigned at any time during the
120-day period immediately preceding the Effective Date and [b] the Executive's
services shall be performed at the location where the Executive was employed
immediately preceding the Effective Date or any office or location less than 35
miles from such location.

                           (ii) During the Employment Period, and excluding any
periods of vacation and sick leave to which the Executive is entitled, the
Executive agrees to devote reasonable attention and time during normal business
hours to the business and affairs of the Company and, to the extent necessary to
discharge the responsibilities assigned to the Executive hereunder, to use the
Executive's reasonable efforts to perform faithfully and efficiently such
responsibilities.

                  (b) Compensation.

                           (i) Base Salary. During the Employment Period, the
Executive shall receive an annual base salary ("Annual Base Salary"), at least
equal to twelve times the highest monthly base salary paid or payable, including
any base salary which has been earned but deferred, to the Executive by the
Company and its affiliated companies in respect of the 12-month period
immediately preceding the month in which the Effective Date occurs. During the
Employment Period, the Annual Base Salary shall be reviewed no more than 12
months after the last salary increase awarded to the Executive prior to the
Effective Date and thereafter at least annually and shall be first increased no
more than 12 months after the last salary increase awarded to the Executive
prior to the Effective Date and thereafter at least annually by the higher of
[a] the average

                                       6
<PAGE>   7
increase (excluding promotional increases) in base salary awarded to the
Executive for each of the three full fiscal years (annualized in the case of any
fiscal year consisting of less than twelve full months or during which the
Executive was employed for less than twelve months) prior to the Effective Date,
and [b] the percentage increase (excluding promotional increases) in base salary
generally awarded to peer executives of the Company and its affiliated companies
for the year of determination. Any increase in Annual Base Salary shall not
serve to limit or reduce any other obligation to the Executive under this
Agreement. Annual Base Salary shall not be reduced after any such increase and
the term Annual Base Salary as utilized in this Agreement shall refer to Annual
Base Salary as so increased. As used in this Agreement, the term "affiliated
companies" shall include any company controlled by, controlling or under common
control with the Company. As used in this Agreement, the term "Monthly Base
Salary" shall mean the Annual Base Salary in effect at the time of the
Executives termination of employment divided by 12.

                           (ii) Annual Bonus. In addition to Annual Base Salary,
the Executive shall be awarded, for each fiscal year ending during the
Employment Period, an annual bonus (the "Annual Bonus") in cash at least equal
to the higher of [a] the average of the three highest bonuses paid or payable,
including any bonus or portion thereof which has been earned but deferred, to
the Executive by the Company and its affiliated companies in respect of the five
fiscal years (or such shorter period during which the Executive has been
employed by the Company) immediately preceding the fiscal year in which the
Effective Date occurs (annualized for any fiscal year during such period
consisting of less than twelve full months or with respect to which the
Executive has been employed by the Company for less than twelve full months) and
[b] the bonus paid or payable (annualized as described above), including any
bonus or portion thereof which has been earned but deferred, to the Executive by
the Company and its affiliated companies in respect of the most recently
completed fiscal year prior to the Effective Date (such higher amount being
referred to as the "Recent Annual Bonus"). Each such Annual Bonus shall be paid
no later than the end of the third month of the fiscal year next following the
fiscal year for which the Annual Bonus is awarded, unless the Executive shall
elect to defer the receipt of such Annual Bonus. As used in this Agreement, the
term "Monthly Bonus" shall mean the Recent Annual Bonus determined on the date
of termination of Executive's employment divided by 12.

                           (iii) Incentive, Savings and Retirement Plans. During
the Employment Period, the Executive shall be entitled to participate in all
incentive, savings and retirement plans, practices, policies and programs
applicable generally to other peer executives of the Company and its affiliated
companies, but in no

                                       7
<PAGE>   8
event shall such plans, practices, policies and programs provide the Executive
with incentive opportunities (measured with respect to both regular and special
incentive opportunities, to the extent, if any, that such distinction is
applicable), savings opportunities and retirement benefit opportunities, in each
case, less favorable, in the aggregate, than the most favorable of those
provided by the Company and its affiliated companies for the Executive under
such plans, practices, policies and programs as in effect at any time during the
120-day period immediately preceding the Effective Date or if more favorable to
the Executive, those provided generally at any time after the Effective Date to
other peer executives of the Company and its affiliated companies.

                           (iv) Welfare Benefit Plans. During the Employment
Period, the Executive and/or the Executive's family, as the case may be, shall
be eligible for participation in and shall receive all benefits under welfare
benefit plans, practices, policies and programs provided by the Company and its
affiliated companies (including, without limitation, medical, prescription,
dental, disability, salary continuance, employee life, group life, accidental
death and travel accident insurance plans and programs) to the extent applicable
generally to other peer executives of the Company and its affiliated companies,
but in no event shall such plans, practices, policies and programs provide the
Executive with benefits which are less favorable, in the aggregate, than the
most favorable of such plans, practices, policies and programs in effect for the
Executive at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive, those provided generally
at any time after the Effective Date to other peer executives of the Company and
its affiliated companies.

                           (v) Expenses. During the Employment Period, the
Executive shall be entitled to receive prompt reimbursement for all reasonable
expenses incurred by the Executive in accordance with the most favorable
policies, practices and procedures of the Company and the affiliated companies
in effect for the Executive at any time during the 120-day period immediately
preceding the Effective Date or, if more favorable to the Executive, as in
effect generally at any time thereafter with respect to other peer executives of
the Company and its affiliated companies.

                           (vi) Fringe Benefits. During the Employment Period,
the Executive shall be entitled to fringe benefits, including, without
limitation, tax and financial planning services, payment of club dues, and, if
applicable, use of automobile and payment of related expenses, in accordance
with the most favorable plans, practices, programs and policies of the Company
and its affiliated companies in effect for the Executive at any time during the
120-day period immediately preceding the Effective Date or, if more favorable to
the Executive, as

                                       8
<PAGE>   9
in effect generally at any time thereafter with respect to other peer executives
of the Company and its affiliated companies.

                           (vii) Office and Support Staff. During the Employment
Period, the Executive shall be entitled to an office or offices of a size and
with furnishings and other appointments, and to exclusive personal secretarial
and other assistance, at least equal to the most favorable of the foregoing
provided to the Executive by the Company and its affiliated companies at any
time during the 120-day period immediately preceding the Effective Date or, if
more favorable to the Executive, as provided generally at any time thereafter
with respect to other peer executives of the Company and its affiliated
companies.

                           (viii) Vacation. During the Employment Period, the
Executive shall be entitled to paid vacation in accordance with the most
favorable plans, policies, programs and practices of the Company and its
affiliated companies as in effect for the Executive at any time during the
120-day period immediately preceding the Effective Date or, if more favorable to
the Executive, as in effect generally at any time thereafter with respect to
other peer executives of the Company and its affiliated companies.

         4. Termination of Employment.

                  (a) Death or Disability. The Executive's employment shall
terminate automatically upon the Executive's death during the Employment Period.
If the Company determines in good faith that a Disability of the Executive has
occurred during the Employment Period, it may terminate the Executive's
employment as specified in and pursuant to the terms of the employment agreement
in effect between the Company and the Executive at the time of such termination
and, on such a termination, the Executive shall receive the consideration set
forth in such employment agreement. If no such employment agreement is in effect
at the time of the Executive's Disability, the Company shall give to the
Executive written notice in accordance with section 11(b) of this Agreement of
its intention to terminate the Executive's employment. In the event such notice
is delivered pursuant to this Agreement, the Executive's employment with the
Company shall terminate effective on the 30th day after receipt of such notice
by the Executive (the "Disability Effective Date"), provided that, within the 30
days after such receipt, the Executive shall not have returned to full-time
performance of the Executive's duties.

                  (b) Cause. The Company may terminate the Executive's
employment during the Employment Period for Cause.

                                       9
<PAGE>   10
                  (c) Good Reason. During the Employment Period, the Executive's
employment may be terminated by the Executive for Good Reason. For purposes of
this section 4(c), any good faith determination of "Good Reason" made by the
Executive shall be conclusive. Anything in this Agreement to the contrary
notwithstanding, a termination by the Executive for any reason during the
180-day period immediately following the Effective Date shall be deemed to be a
termination for Good Reason for all purposes of this Agreement.

                  (d) Notice of Termination. Any termination by the Company for
Cause, or by the Executive for Good Reason, shall be communicated by Notice of
Termination to the other party hereto given in accordance with section 11(b) of
this Agreement. For purposes of this Agreement, a "Notice of Termination" means
a written notice which (i) indicates the specific termination provision in this
Agreement or the Executive's then effective employment agreement with the
Company, if any, relied upon, (ii) to the extent applicable, sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive's employment under the provision so indicated, and
(iii) if the Date of Termination (as defined below) is other than the date of
receipt of such notice, specifies the termination date (which date shall be not
more than thirty days after the giving of such notice). The failure by the
Executive or the Company to set forth in the Notice of Termination any fact or
circumstance which contributes to a showing of Good Reason or Cause shall not
waive any right of the Executive or the Company, respectively, hereunder or
preclude the Executive or the Company, respectively, from asserting such fact or
circumstance in enforcing the Executive's or the Company's rights hereunder.

         5. Obligations of the Company upon Termination.

                  (a) Termination by the Executive for Good Reason or by the
Company for Other than Cause, Death or Disability. If, during the Employment
Period, the Company shall terminate the Executive's employment other than for
Cause, death or Disability or the Executive shall terminate employment for Good
Reason then, in lieu of any payments which the Executive would be entitled to
under his then effective employment agreement with t he Company, if any:

                           (i) The Company shall pay to the Executive in a lump
sum in cash within 30 days after the Date of Termination or, at the Board's
election, over the remaining portion of the Employment Period, the aggregate of
the following amounts:

                                       10
<PAGE>   11
                                    [a] the sum of [i] the Executive's Annual
Base Salary through the Date of Termination to the extent not theretofore paid,
[ii] the product of [A] the higher of [1] the Recent Annual Bonus and [2] the
Annual Bonus paid or payable, including any bonus or portion thereof which has
been earned but deferred (and annualized for any fiscal year consisting of less
than 12 full months or during which the Executive was employed for less than 12
full months), for the most recently completed fiscal year during the Employment
Period, if any (such higher amount being referred to as the "Highest Annual
Bonus") and [B] a fraction, the numerator of which is the number of days in the
current fiscal year through the Date of Termination, and the denominator of
which is 365 and [iii] any compensation previously deferred by the Executive
(together with any accrued interest or earnings thereon) and any accrued
vacation pay, in each case to the extent not theretofore paid (the sum of the
amounts described in clauses [i], [ii] and [iii] shall be hereinafter referred
to as the "Accrued Obligations"); and

                                    [b] either of the following amounts,
whichever is applicable: [i] if the Executive's employment terminates for any
reason within 180 days following the Effective Date, an amount equal to 24 times
the sum of [A] the Executive's Monthly Base Salary and [B] the Monthly Bonus; or
[ii] if Executive's employment terminates after the 180-day period immediately
following the Effective Date, an amount equal to 18 times the Executive's
Monthly Base Salary.

                           (ii) For a period of 24 months following the
Effective Date, or for such longer period as may be provided by the terms of the
appropriate plan, program, practice or policy, the Company shall continue
benefits to the Executive and/or the Executive's family at least equal to those
which would have been provided to them in accordance with the plans, programs,
practices and policies described in sections 3(b)(iii) and (iv) of this
Agreement had the Executive's employment not been terminated, in accordance with
the most favorable plans, practices, programs or policies of the Company and its
affiliated companies applicable generally to other peer executives and their
families during the 120-day period immediately preceding the Effective Date or,
if more favorable to the Executive, as in effect generally at any time
thereafter with respect to other peer executives of the Company and its
affiliated companies and their families; provided, however, that if the
Executive becomes re-employed with another employer and is eligible to receive
medical or other welfare benefits under another employer provided plan, the
medical and other welfare benefits described herein shall be secondary to those
provided under such other plan during such

                                       11
<PAGE>   12
applicable period of eligibility. For purposes of determining eligibility (but
not the time of commencement of benefits) of the Executive for retiree benefits
pursuant to such plans, practices, programs and policies, the Executive shall be
considered to have remained employed until eighteen months after the Date of
Termination and to have retired on the last day of such period.

                           (iii) To the extent not theretofore paid or provided,
the Company shall timely pay or provide to the Executive any other amounts or
benefits required to be paid or provided or which the Executive is eligible to
receive under any plan, program, policy or practice or contract or agreement of
the Company and its affiliated companies (such other amounts and benefits shall
be hereinafter referred to as the "Other Benefits").

                  (b) Death. If the Executive's employment is terminated by
reason of the Executive's death during the Employment Period, this Agreement
shall terminate without further obligations to the Executive's legal
representatives under this Agreement, other than for payment of Accrued
Obligations and the timely payment or provision of Other Benefits. Accrued
Obligations shall be paid to the Executive's estate or beneficiary, as
applicable, in a lump sum in cash within 30 days after the Date of Termination.
With respect to the provision of Other Benefits, the term Other Benefits as
utilized in this section 5(b) shall include, without limitation, and the
Executive's estate and/or beneficiaries shall be entitled to receive, benefits
at least equal to the most favorable benefits provided by the Company and
affiliated companies to the estates and beneficiaries of peer executives of the
Company and such affiliated companies under such plans, programs, practices and
policies relating to death benefits, if any, as in effect with respect to other
peer executives and their beneficiaries at any time during the 120-day period
immediately preceding the Effective Date or, if more favorable to the
Executive's estate and/or the Executive's beneficiaries, as in effect on the
date of the Executive's death with respect to other peer executives of the
Company and its affiliated companies and their beneficiaries.

                  (c) Disability. If the Executive's employment is terminated by
reason of the Executive's Disability during the Employment Period, this
Agreement shall terminate without further obligations to the Executive
hereunder, other than for payment of Accrued Obligations and the timely payment
or

                                       12
<PAGE>   13
provision of Other Benefits. Accrued Obligations shall be paid to the Executive
in a lump sum in cash within 30 days after the Date of Termination. With respect
to the provision of Other Benefits, the term Other Benefits as utilized in this
section 5(c) shall include, and the Executive shall be entitled after the
Disability Effective Date to receive, disability and other benefits at least
equal to the most favorable of those generally provided by the Company and its
affiliated companies to disabled executives and/or their families in accordance
with such plans, programs, practices and policies relating to disability, if
any, as in effect generally with respect to other peer executives and their
families at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive and/or the Executive's
family, as in effect at any time thereafter generally with respect to other peer
executives of the Company and its affiliated companies and their families.

                  (d) Cause; Other than for Good Reason. If the Executive's
employment shall be terminated for Cause during the Employment Period, this
Agreement shall terminate without further obligations to the Executive other
than the obligation to pay to the Executive (i) his Annual Base Salary through
the Date of Termination, (ii) the amount of any compensation previously deferred
by the Executive, and (iii) Other Benefits, in each case to the extent
theretofore unpaid. If the Executive voluntarily terminates employment during
the Employment Period, excluding a termination for Good Reason, this Agreement
shall terminate without further obligations to the Executive, other than for
Accrued Obligations and the timely payment or provision of Other Benefits. In
such case, all Accrued Obligations shall be paid to the Executive in a lump sum
in cash within 30 days after the Date of Termination.

         6. Nonexclusivity of Rights. Nothing in this Agreement shall prevent or
limit the Executive's continuing or future participation in any plan, program,
policy or practice provided by the Company or any of its affiliated companies
and for which the Executive may qualify, nor shall anything herein limit or
otherwise affect such rights as the Executive may have under any contract or
agreement with the Company or any of its affiliated companies. Amounts which are
vested benefits or which the Executive is otherwise entitled to receive under
any plan, policy, practice or program of or any contract or agreement with the
Company or any of its affiliated companies at or subsequent to the Date of
Termination shall be payable in accordance with such plan, policy, practice or
program or contract or agreement except as explicitly modified by this
Agreement.

         7. Full Settlement. The Company's obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense or other

                                       13
<PAGE>   14
claim, right or action which the Company may have against the Executive or
others. In no event shall the Executive be obligated to seek other employment or
take any other action by way of mitigation of the amounts payable to the
Executive under any of the provisions of this Agreement and such amounts shall
not be reduced whether or not the Executive obtains other employment. The
Company agrees to pay as incurred, to the full extent permitted by law, all
legal fees and expenses which the Executive reasonably incurs as a result of any
contest (regardless of the outcome thereof) by the Company, the Executive or
others of the validity or enforceability of, or liability under, any provision
of this Agreement or any guarantee of performance thereof (including as a result
of any contest by the Executive about the amount of any payment pursuant to this
Agreement), plus in each case interest on any delayed payment at the applicable
Federal rate (the "Applicable Federal Rate") provided for in section
7872(f)(2)(A) of the Internal Revenue Code of 1986, as amended (the "Code").

         8. Reduction of Payments in Certain Events.

                  (a) Anything in this Agreement to the contrary
notwithstanding, if it is determined that any payment or distribution by the
Company to or for the benefit of the Executive (whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or
otherwise) (a "Payment") would be subject to the excise tax imposed by section
4999 of the Code, the Payment shall be reduced so that it equals the greatest
amount which the Company reasonably determines can be paid to the Executive
without resulting in any excise tax under section 4999 of the Code. If a Payment
is inadvertently made to the Executive which results in an excise tax under
section 4999 of the Code and such excise tax can be avoided by the Executive's
return to the Company of the amount of the Payment which causes the Payment to
result in such excise tax (the "Excess Amount"), the Executive shall return to
the Company the Excess Amount, together with interest from the date the amount
was received by the Executive to the date of the repayment, at an interest rate
equal to the Applicable Federal Rate. It being the parties' intention that the
Executive receive no more than the maximum amount which can be paid without
resulting in an excise tax under section 4999 of the Code.

                  (b) Subject to the provisions of section 8(c), all
determinations required to be made under this section 8, and the assumptions to
be utilized in arriving at such determinations, shall be made by the certified
public accounting firm designated by the Company (the "Accounting Firm") which
shall provide detailed supporting calculations both to the Company and the
Executive. All fees and expenses of the Accounting Firm shall be borne solely by
the Company. If the Accounting Firm determines that no excise tax is payable by
the Executive, it shall

                                       14
<PAGE>   15
furnish the Executive with a written opinion that failure to report the excise
tax on the Executive's applicable federal income tax return would not result in
the imposition of a negligence or similar penalty. Any determination by the
Accounting Firm shall be binding upon the Company and the Executive.

                  (c) The Executive shall notify the Company in writing of any
claim by the Internal Revenue Service that, if successful, would result in an
excise tax under section 4999 of the Code. Such notification shall be given as
soon as practicable but no later than ten business days after the Executive is
informed in writing of such claim and shall apprise the Company of the nature of
such claim and the date on which such claim is requested to be paid. The Company
will use its reasonable efforts, at the Company's sole cost and expense, to
contest the imposition of such excise tax unless the Company in good faith,
after receiving advice from its independent public accountants, determines that
the Internal Revenue Service's claim is accurate and contesting the claim would
not likely be successful. The Executive shall:

                           (i) give the Company any information reasonably
requested by the Company relating to such claim,

                           (ii) take such action in connection with contesting
such claim as the Company shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to
such claim by an attorney reasonably selected by the Company,

                           (iii) cooperate with the Company in good faith in
order effectively to contest such claim, and

                           (iv) permit the Company to participate in any
proceedings relating to such claim; provided, however, that the Company shall
bear and pay directly all costs and expenses (including additional interest and
penalties) incurred in connection with such contest and shall indemnify and hold
the Executive harmless, on an after-tax basis, for any excise tax or income tax
(including interest and penalties with respect thereto) imposed as a result of
such representation and payment of costs and expenses.

         9. Confidential Information. The Executive shall hold in a fiduciary
capacity for the benefit of the Company all secret or confidential information,
knowledge or data relating to the Company or any of its affiliated companies,
and their respective businesses, which shall have been obtained by the Executive
during the Executive's employment by the Company or any of its affiliated
companies and which shall not be or become public knowledge (other than by acts

                                       15
<PAGE>   16
by the Executive or representatives of the Executive in violation of this
Agreement). After termination of the Executive's employment with the Company,
the Executive shall not, without the prior written consent of the Company or as
may otherwise be required by law or legal process, communicate or divulge any
such information, knowledge or data to anyone other than the Company and those
designated by it. In no event shall an asserted violation of the provisions of
this section 9 constitute a basis for deferring or withholding any amounts
otherwise payable to the Executive under this Agreement.

         10. Successors.

                  (a) This Agreement is personal to the Executive and without
the prior written consent of the Company shall not be assignable by the
Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive's
legal representatives.

                  (b) This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns.

                  (c) 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 to assume
expressly 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. As used in this Agreement, "Company" shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

         11. Miscellaneous.

                  (a) This Agreement shall be governed by and construed in
accordance with the laws of the State of Wisconsin, without reference to
principles of conflict of laws. The captions of this Agreement are not part of
the provisions hereof and shall have no force or effect. This Agreement may not
be amended or modified otherwise than by a written agreement executed by the
parties hereto or their respective successors and legal representatives.

                  (b) All notices and other communications hereunder shall be in
writing and shall be given by hand delivery to the other party or by registered
or certified mail, return receipt requested, postage prepaid, addressed as
follows:

                                       16
<PAGE>   17
If to the Executive, to his address appearing on the records of the Company.

If to the Company:

                           Edac Technologies Corporation
                           1806 New Britain Avenue
                           Farmington, CT 06032
                           Attn:  Chief Executive Officer

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

                  (c) The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

                  (d) The Company may withhold from any amounts payable under
this Agreement such federal, state, local or foreign taxes as shall be required
to be withheld pursuant to any applicable law or regulation.

                  (e) The Executive's or the Company's failure to insist upon
strict compliance with any provision hereof or any other provision of this
Agreement or the failure to assert any right the Executive or the Company may
have hereunder, including, without limitation, the right of the Executive to
terminate employment for Good Reason pursuant to section 4(c)(i)-(v) of this
Agreement, shall not be deemed to be a waiver of such provision or right or any
other provision or right of this Agreement.

                  (f) The Executive and the Company acknowledge that, except as
may otherwise be provided under any other written agreement between the
Executive and the Company, the employment of the Executive by the Company is "at
will" and, prior to the Effective Date, the Executive's employment and this
Agreement may be terminated by either the Executive or the Company at any time
prior to the Effective Date, in which case the Executive shall have no further
rights under this Agreement. From and after the Effective Date, except as
otherwise explicitly set forth herein, this Agreement shall supersede any other
agreement, including any employment agreement, between the parties with respect
to the subject matter hereof.

                                       17
<PAGE>   18
                  Dated as of the date first above written.

                                       EXECUTIVE:

                                       /s/ Richard A. Dandurand
                                       --------------------------------
                                       Richard A. Dandurand

                                       EDAC TECHNOLOGIES CORPORATION

                                       BY /s/ John J. DiFrancesco
                                          -----------------------------
                                           Its Chairman
                                           ----------------------------

                                       18

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