Document:

Employment Agreement, dated 9 September 2002,...Mark Read

 Exhibit 4.39 
  
 DATED 9 September 2002 
  

			
	 WPP GROUP PLC
	  	(1)
		
	 and
	  	 
		
	 MARK READ
	  	(2)

  

  
 SERVICE AGREEMENT 
  

  

			
	Hammond Suddards Edge	  	 
	7 Devonshire Square Cutlers Gardens London EC2M 4YH DX 136546 Bishopsgate 2	  	 
	Telephone +44 (0)20 7555 1000 Fax +44 (0)20 7655 1001	  	www.hamondsuddardsedge.com
		
	Reference CEN	  	 

					
	 1
	    	DEFINITIONS	  	1
			
	 2
	    	APPOINTMENT	  	2
			
	 3
	    	DURATION OF EMPLOYMENT	  	2
			
	 4
	    	DUTIES	  	2
			
	 5
	    	HOURS OF WORK	  	3
			
	 6
	    	PLACE OF WORK	  	3
			
	 7
	    	REMUNERATION	  	3
			
	 8
	    	PENSION	  	4
			
	 9
	    	DEDUCTIONS	  	4
			
	 10
	    	EXPENSES	  	4
			
	 11
	    	HOLIDAYS	  	5
			
	 12
	    	OTHER ACTIVITIES DURING EMPLOYMENT	  	5
			
	 13
	    	INCAPACITY	  	6
			
	 14
	    	CONFIDENTIALITY	  	6
			
	 15
	    	INTELLECTUAL PROPERTY RIGHTS	  	7
			
	 16
	    	RETURN OF PROPERTY	  	7
			
	 17
	    	GARDEN LEAVE	  	8
			
	 18
	    	SUMMARY TERMINATION OF EMPLOYMENT	  	8
			
	 19
	    	RECONSTRUCTION OR AMALGAMATION	  	9
			
	 20
	    	RESTRICTIONS AFTER END OF EMPLOYMENT	  	10
			
	 21
	    	NON-REPRESENTATION	  	10
			
	 22
	    	APPOINTEE’S WARRANTY	  	10
			
	 23
	    	SEVERABILITY	  	10

  

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	 24
	    	NOTICES	  	10
			
	 25
	    	DISCIPLINE AND GRIEVANCE PROCEDURE	  	11
			
	 26
	    	COMPANY POLICIES	  	11
			
	 27
	    	DATA PROTECTION	  	11
			
	 28
	    	EMPLOYMENT RIGHTS ACT 1996	  	11
			
	 29
	    	GENERAL	  	12
			
	 30
	    	ENTIRE AGREEMENT	  	12
		
	 SCHEDULE 1 CONFIDENTIALITY AND POST TERMINATION RESTRICTIONS
	  	13
		
	 SCHEDULE 2 INCENTIVISATION PLANS
	  	17
			
	 1
	    	THE SHORT TERM INCENTIVE PLAN (“STIP”)	  	17
			
	 2
	    	THE PERFORMANCE SHARE PLAN (“PSP”)	  	17
			
	 3
	    	SHARE OPTIONS	  	18

  

 ii 

					
	DATE OF AGREEMENT	 	ninth September	 	2002

  
 PARTIES 
  

	(1)	WPP GROUP PLC (company number 1003653) whose registered office is at industrial Estate, Hythe, Kent CT21 6PE 

  

	(2)	MARK READ of 43 Redcliffe Road, London SW10 9NY 

  
 IT IS AGREED THAT: 
  

	1	DEFINITIONS 

  

	1.1	In this Agreement, the following definitions apply: 

  
 “Appointee” means Mark Read. 
  
 “Board” means the Board of Directors for the time being of the Company. 
  
 “Commencement Date” means 2 September 2002. 
  
 “Company” means WPP Group plc. 
  
 “Confidential Information” means any confidential information relating to the Company or any Group Company
and/or Joint Venture Business including (without limitation) its/their customers, supplies or business partners or potential customers, suppliers or business partners, pricing, marketing information, intellectual properly, business plans or designs,
technical data, employees, officers or shareholders, financial information and plans, designs, formulae, product lines, research activities, target businesses, any document marked “Confidential” or “Secret”, or any information
which the Appointee has been told is confidential or which he might reasonably expect the Company or any Group Company and/or Joint Venture Business to regard as confidential, or any information which has been given to the Company or any other Group
Company in confidence by customers, suppliers or other persons. 
  
 “Group Company” means and includes the Company and any of its subsidiaries from time to time. The terms “subsidiary” and “subsidiaries” shall have the respective meanings assigned thereto by Section 736
of the Companies Act 1985 as amended by Section 144 of the Companies Act 1989. 
  
 “Immediate Relatives” means wife, common law spouse, children, brothers, sisters, cousins, aunts, uncles, parents, grandparents and the aforesaid relatives by marriage. 
  
 “Joint Venture Business” means any person, firm or company
with whom the Company or any Group Company has entered into a joint venture whether under the terms of a joint venture agreement or otherwise. 
  

 1 

	2	APPOINTMENT 

  

	2.1	The Company will employ the Appointee and the Appointee will serve the Company as Director of Strategy reporting to the Chief Executive Officer. 

  

	3	DURATION OF EMPLOYMENT 

  

	3.1	The employment of the Appointee will commence on the terms of this Agreement on the Commencement Date and shall continue (subject to earlier termination hereunder) until terminated
by either party giving six (6) months’ written notice to the other. 

  

	3.2	The Company’s retirement age is 60 years. The Appointee’s employment will automatically terminate without further notice on the last day of the month in which the
Appointee’s 60th birthday falls. If by agreement this employment continues beyond the age of 60 this shall not affect the Appointee’s normal retiring age. 

  

	4	DUTIES 

  

	4.1	The Appointee will devote all his working time and skill to the business of the Company and any other Group Company. He will carry out his duties diligently and properly exercise
the powers assigned to him by the Board. He will do his best to promote the interests of the Company and any other Group Company and not knowingly do or willingly permit to be done anything that causes prejudice, loss or injury to the Company or any
Group Company. 

  

	4.2	The Company may: 

  

	 	(a)	require the Appointee to carry out different or additional duties as long as they are consistent with his status and position in the Company; 

  

	 	(b)	require the Appointee to perform duties for, or hold office in, any other Group Company, without additional remuneration. 

  

	4.3	The Appointee will carry out the lawful orders of the Chief Executive Officer and will comply with the Company’s or any other Group Company’s rules, policies and
procedures, as applicable to him and as amended from time to time. None of these rules, policies or procedures will give him any contractual rights, unless they expressly provide otherwise. 

  

	4.4	The Appointee will promptly give to the Chief Executive Officer (in writing if required) all information, explanation and assistance that the Chief Executive Officer may require in
connection with the business or affairs of the Company or any other Group Company and his employment. 

  

	4.5	The Appointee will promptly disclose to the Chief Executive Officer in writing any breach of duly or lawful obligation owed by any employee to the Company or any Group Company which
comes to the Appointee’s attention or into his possession, 

  

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	4.6	Without prejudice to the other obligations, the Appointee will comply with the following: 

  

	 	(a)	the provisions of the Criminal Justice Act 1993 relating to insider trading; and 

  

	 	(b)	all rules issued by the Company or any Group Company in relation to owning or trading securities. 

  

	5	HOURS OF WORK 

  

	5.1	The Appointee shall work such hours as may from time to time reasonably be expected of him and as are consistent with his appointment. The Appointee acknowledges and affirms that he
has control over the hours he works and that his working time is not measured or predetermined and, as such, the limit on average working time of 48 hours per week as provided for by the Working Time Regulations 1998 does not apply to his
employment. 

  

	6	PLACE OF WORK 

  

	6.1	The Appointee will be based at the Company’s offices in London. 

  

	6.2	The Appointee may be required to travel both throughout and outside the United Kingdom on the business of the Company or any Group Company. 

  

	7	REMUNERATION 

  

	7.1	The Company will pay the Appointee’s gross basic salary of one hundred and thirty thousand pounds (£130,000) per annum payable by equal monthly installments in arrears.
Payment will be by direct bank transfer into the Appointee’s bank account. The Appointee’s salary will be reviewed in accordance with the Company’s policies in place from time to time. The Appointee’s first salary review will be
on or around 1 April 2004. 

  

	7.2	The Appointee will also be eligible to participate in the Incentivisation Plans referred to in Schedule 2 subject always to the provisions of the clauses in this Schedule and to the
rules governing each of those plans from tune to time. 

  

	7.3	During his employment the Appointee will be eligible to participate at the Company’s expense in the Company’s: 

  

	 	(a)	private medical expenses insurance scheme for the benefit of the Appointee; 

  

	 	(b)	permanent health insurance scheme; 

  

	 	(c)	life assurance scheme, 

  
 subject to the rules of the said schemes from time to time (and any replacement schemes provided by the company) and subject to the Appointee being
eligible to participate in or benefit from such schemes pursuant to their rules. If any scheme provider (including but 
  

 3 

 not limited to any insurance company) refuses for any reason (whether based on its own interpretation of
the terms of the insurance policy or otherwise) to provide any benefit to the Appointee, the Company shall not be liable to provide any such benefits itself or any compensation in lieu thereof. 
  

	7.4	Nothing in clause 7.3 shall confer any enforceable rights against the Company on any of the Appointee’s dependents or any other third party. 

  

	7.5	Where the Company makes any credit card available to the Appointee, he will: 

  

	 	(a)	take good care of such card and immediately report any loss of such card to the Board; and 

  

	 	(b)	use the card only far the purposes of the Company’s business and in accordance with any applicable Company policy. 

  

	8	PENSION 

  

	8.1	The Appointee shall be entitled to join the Company’s Group Personal Pension Plan subject to the rules governing the Plan from time to time. The Company shall contribute an
annual sum equal to 10% of his gross annual basic salary in twelve equal monthly installments either to the Plan or to such other pension scheme as the Appointee shall nominate subject always to Inland Revenue limits. 

  

	8.2	A contracting-out certificate pursuant to the Pension Schemes Act 1993 is not in force in relation to the Appointees’ employment. 

  

	8.3	For the avoidance of doubt, the Appointee’s pensionable salary shall be equal to the Appointee’s gross annual basic salary only and shall not at any time include any bonus
entitlement (whether actual or prospective) or any other payment or benefit due to the Appointee whether under the terms of this Agreement or otherwise. 

  

	9	DEDUCTIONS 

  

	9.1	The Appointee hereby authorises the Company to deduct from his remuneration (which for this purpose includes all and any salary, commission, bonus, holiday pay, sick pay and pay in
lieu of notice) all debts or suns owed by the Appointee to the Company or any Group including but without limitation the balance outstanding of any loans (and interest where appropriate) by the Company to the Appointee. 

  

	10	EXPENSES 

  

	10.1	The Company shall, subject to the provision of proper receipts, reimburse to the Appointee all reasonable traveling, accommodation and other expenses, which the Appointee incurs in
or about the performance of his duties under this Agreement. 

  

 4 

	11	HOLIDAYS 

  

	11.1	In addition to the usual public and bank holidays the Appointee is entitled to 25 working days’ paid holiday in each calendar year to be taken at times approved by the Board.
Holiday accrues pro rata throughout each year of employment. The Appointee may not without the consent of the Board carry forward any unused part of his holiday entitlement to a subsequent year and must in any event ensure that he has taken at least
the minimum annual holiday entitlement provided for by the Working Time Regulations 1998. 

  

	11.2	The Company reserves the right to require the Appointee to take any accrued but untaken holiday during any notice period. If the Company exercises its right under clause 17.1 to
place the Appointee on Garden Leave, the Appointee shall be deemed to take any outstanding holiday during that period. 

  

	11.3	Where the Appointee has at termination taken more or less holiday than his then accrued entitlement, a proportionate adjustment will be made by way of an addition to or a deduction
from (as appropriate) his final gross pay calculated on a pro rata basis. One day’s pay for these purposes is 1/260th annual basic salary. 

  

	12	OTHER ACTIVITIES DURING EMPLOYMENT 

  

	12.1	In addition to the obligations of the Appointee at clause 4, during his employment the Appointee will not be involved, in any capacity, in providing services, directly or
indirectly, to any other person in respect of any business which is similar to or which does or might reasonably be expected to compete or conflict with any aspect of the business of the Company or any Group Company or materially to affect the
proper and efficient performance of his duties under this Agreement, unless he has first obtained the Board’s consent in writing. 

  

	12.2	The restriction in clause 12.1 will not prevent the Appointee from holding beneficially by way of bona fide personal investment up to 1% of any shares or securities in any company
whether or not the securities are quoted or any recognised Stock Exchange save that the Appointee may continue his 6% shareholding to IPoint Limited strictly on the basis that this shareholding is the extent of his interest in that company.

  

	12.3	Subject to any written regulations issued by the Company applicable to the Appointee, neither the Appointee nor the Appointee’s Immediate Relatives shall be entitled to receive
or obtain directly or indirectly any discount, rebate, commission or other benefit in respect of any business transacted (whether or not by the Appointee), by or on behalf of the Company or any Group Company, and if the Appointee, any of the
Appointee’s Immediate Relatives or any company or business entity in which the Appointee or they are interested shall directly or indirectly obtain any such discount, rebate, commission or other benefit the Appointee shall forthwith account to
the Company or any Group Company the amount received or the value of benefit obtained. 

  

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	13	INCAPACITY 

  

	13.1	If the Appointee is absent from work due to sickness or ill health, he must inform the Company as soon as possible and complete a Company self-certification form for all absences
from work up to seven calendar days. For absences over seven days one or more medical certificates must be obtained from the doctor to cover the duration of the absence and sent to the Company. 

  

	13.2	Subject to the Company’s right to terminate this Agreement, the Company shall pay the Appointee full salary for a maximum of 26 weeks (whether or not consecutive) of incapacity
in any period of 12 months subject to his complying with the sickness reporting and evidencing obligations detailed in this clause. The Company may deduct from the Appointee’s salary the amount of any state sickness benefit he is entitled to
claim. 

  

	13.3	Any remuneration paid to the Appointee under clause 13.2 will be deemed to include statutory sick pay under the Social Security Contributions Benefits Act 1992. For statutory sick
pay purposes, the Appointee’s qualifying days shall be Monday to Friday inclusive. 

  

	13.4	The Appointee agrees to have a medical examination and tests, at any time if requested to do so by the Board and by a doctor of the Board’s choice in which case the charges
will be met by the Company on the basis that it is for the purpose of his ongoing employment only. The Appointee will authorise the doctor(s) responsible for such medical examination to disclose and discuss with the Company and/or its medical
advisers the results subject to the provisions of the Access to Medical Reports Act 1988 (if applicable). He will also authorise his own doctor to disclose and discuss with the Company and/or its medical advisers any information about his health or
medical record having an actual or potential bearing upon his ability to perform his duties under this Agreement. 

  

	13.5	If any illness or incapacity resulting in absence of the Appointee shall be or appear to be caused by the act, omission or default of any third party in respect of which damages are
or may be recoverable then the Appointee shall notify the Company of any claim settlement or judgment made or awarded in connection with it and shall give full particulars of it to the Company and shall if the Company so requires refund to the
Company such sum as the Company may determine provided it shall not exceed the amount of such award and sums paid to him by the Company during the period of absence. 

  

	14	CONFIDENTIALITY 

  

	14.1	The Appointee agrees to comply with the provisions of Schedule 1 Part 1 in order inter alia to protect the legitimate interests of the Company and any Group Company in relation to
confidential information. 

  

 6 

	15	INTELLECTUAL PROPERTY RIGHTS 

  

	15.1	Any discovery, invention, improvement in procedure, trade mark, trade name, design, copyright and all similar rights or get-up made, discovered or created by the Appointee during
the continuance of his employment hereunder in connection with or relating to the business of the Company or any Group Company or capable of being used or adapted for use therein shall belong to and shall be the absolute property of the Company. If
required so to do by the Company (whether during or after the termination of his employment) the Appointee shall at the expense of the Company execute all instruments and do all things necessary to vest ownership of all other rights, title and
interests (including any registered rights therein) in such discovery, invention, improvement in procedure, trade mark, trade name, design, copyright or get-up in the Company (or its nominee) absolutely and as sole beneficial owner. The Appointee
hereby irrevocably waives all his rights pursuant to sections 77 to 83 inclusive of the Copyright Designs and Patents Act 1988 and any statutory amendment thereto. 

  

	16	RETURN OF PROPERTY 

  

	16.1	All plans, designs, specifications, price lists of clients, correspondence, papers, memoranda, notes, records, videos, tapes and all copies of the foregoing (including such as may
be contained in electronic or magnetic media or other forms of computer storage), charge and credit cards which come into the possession of the Appointee and which relate to the performance of his services hereunder or to the business of the Company
or any Group Company or any Joint Venture Business (including business methods/know-how or marketing strategy or the identity or requirements or terms of dealing of its suppliers or clients) shall at all times be and remain the property of the
Company or the relevant Group Company or the relevant Joint Venture Business and the Appointee shall not use the same or cause or permit any party whatsoever to use the same except for the benefit of the Company or the relevant Group Company or the
relevant Joint Venture Business and in the proper performance of duties. 

  

	16.2	If asked to do so by the Company at any time during his employment or automatically when the Appointee’s employment ends or if the Appointee is required to take Garden Leave in
accordance with clause 17, the Appointee will return to the Company all property referred to in clause 16.1 which is in his possession or under his control and shall not retain any copies, notes or extracts. If requited, the Appointee shall sign an
undertaking confirming that he has compiled with this clause and the Company may withhold any sums then owing to him until he has provided the same. 

  

	16.3	The Appointee will co-operate with any request made by the Company either during or after the termination of his employment to provide access (including passwords and any code) to
any computer or other equipment (electronic or otherwise) in his possession or under his control which contains information relating to the Company or any Group Company or any Joint Venture Business or its or their business. The Appointee agrees to
permit the Company to inspect, copy or remove any such information. 

  

 7 

	17	GARDEN LEAVE 

  

	17.1	During any period of notice, and provided that the Company continues to pay the Appointee’s salary and to provide all benefits to which he is contractually entitled (or to pay
a sum in lieu of such benefits) until the termination of his employment (“Garden Leave”), then the Company shall be entitled at its absolute discretion: 

  

	 	(a)	to require the Appointee not to carry out his duties or to exercise his powers or responsibilities under this Agreement during his notice period (or any part of such period);

  

	 	(b)	to require the Appointee not to attend his place of work or any other premises of the Company or any Group Company or any Joint Venture Business during this notice period (or any
part of such period); 

  

	 	(c)	to require the Appointee not to make contact with any employees (other than social contact only), agents or customers or clients of the Company or any Group Company or any Joint
Venture Business except as directed by the Company during his notice period for any part of such period); 

  

	 	(d)	to require the Appointee to work from his home and/or to carry out exceptional duties or special projects outside the normal scope of his duties and responsibilities conditional on
such projects being commensurate with his status and position in the Company; 

  

	 	(e)	to announce to employees, clients, suppliers and customers of the Company or any Group Company or any Joint Venture Business that the Appointee has been given notice of termination
or resigned (as the case may be). 

  

	17.2	Unless the Company agrees otherwise, the Appointee will not, during Garden Leave: 

  

	 	(a)	do any work, whether paid or unpaid, for any third party, 

  

	 	(b)	hold himself out as a director or other officer of the Company or any Group Company or any Joint Venture Business; 

  

	 	(c)	make any comment to any person about the change to his duties, except to confirm that he is on Garden Leave, 

  

	17.3	The Appointee acknowledges that he remains employed by the Company and the terms of this Agreement apply during any Garden Leave. 

  

	18	SUMMARY TERMINATION OF EMPLOYMENT 

  

	18.1	The employment of the Appointee may be terminated by the Company by summary notice in writing at any time if the Appointee shall have: 

  

	 	(a)	committed any serious, breach or repeated or continued (after warning) any material breach of his obligations hereunder or any of the Company’s policies; or

  

 8 

	 	(b)	been guilty of conduct tending to bring himself or the Company or any Group Company into disrepute or done or omitted to do anything which was or might reasonably be expected to
become materially prejudicial to the interests of the Company or any Group Company; or 

  

	 	(c)	become bankrupt or makes any arrangement or composition with or for the benefit of his creditors generally; or 

  

	 	(d)	been or become prohibited by law from being a director or (otherwise then at the request of the Company) resigned as a director of the Company or any Group Company; or

  

	 	(e)	been convicted of any offence involving dishonesty or violence or any other criminal offence other than an offence which does not in the reasonable opinion of the Board affect his
position under this Agreement; or 

  

	 	(f)	been guilty of any deliberate act of harassment, discrimination or victimisation on race, sex or disability grounds; or 

  

	 	(g)	been prevented by illness or accident from performing his duties under this Agreement for an aggregate period exceeding 26 weeks in any consecutive 52 week period.

  

	18.2	The Company shall be entitled at any time to suspend the Appointee on full pay for so long as it may think fit to investigate any of the matters detailed in clauses 18.1(a) to
18.1(f) (inclusive) above if the Company considers it is necessary to do so. During any such period of suspension the Appointee shall not attend at his place of work or carry out any of his duties unless specifically required by the Company in
writing. 

  

	18.3	The termination by the Company of this Agreement shall be without prejudice to any claim which the Company may have for damages or other remedies arising from any breach thereof by
the Appointee giving rise to such termination. 

  

	19	RECONSTRUCTION OR AMALGAMATION 

  

	19.1	If before the expiration or determination of this Agreement the employment of the Appointee hereunder is terminated for the purpose of reconstruction or amalgamation and he is
offered employment with any concern or undertaking resulting from such reconstruction or amalgamation on terms and conditions not less favourable than the terms of this Agreement (including terms so as to preserve any statutory rights) then he shall
have no claim against the Company in respect of the termination of his employment under this Agreement. 

  

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	20	RESTRICTIONS AFTER END OF EMPLOYMENT 

  

	20.1	In consideration for the payments and other benefits due to him under this Agreement, the Appointee agrees to enter into the restrictions in Schedule 1 to protect the legitimate
interests of the Company and any other Group Company. 

  

	20.2	The Appointee agrees that if he receives any offer of employment or any other work during his employment or during the twelve months after the termination of his employment, he will
give to the person offering him the employment or engagement a copy of this Agreement and draw their attention to this clause 20 and Schedule 1 in particular. 

  

	21	NON-REPRESENTATION 

  

	21.1	The Appointee covenants with the Company that he will not knowingly at any time make any untrue statement in relation to the Company or any Group Company or any Joint Venture
Business and shall not after the termination of his employment represent himself as still being employed by or connected with the Company or any Group Company or any Joint Venture Company. 

  

	21.2	The Appointee further covenants with the Company that he will not except with the prior written consent of the Board, use the name “WPP” or any other name identical to or
likely to be confused with any name which has been used by the Company or any Group Company or any Joint Venture Business at any time during the period of twelve months prior to the termination of this Agreement. For the avoidance of doubt, this
will not prevent the Appointee from advising prospective employers that he had been employed by the Company for the purposes of his-resume following the termination of his employment. 

  

	22	APPOINTEE’S WARRANTY 

  

	22.1	The Appointee hereby represents and warrants to the Company that in entering into this Agreement he is not in breach of any express or implied terms of any contract or of any
obligations to any third party. 

  

	23	SEVERABILITY 

  

	23.1	The provisions of this Agreement and the attached Schedules are severable. If any provision (or any identifiable part of any provision) is held to be invalid or unenforceable by any
Court of competent jurisdiction, then such invalidity or unenforceability will not affect the validity or enforceability of the remaining provisions. 

  

	24	NOTICES 

  

	24.1	Notices must be given by either party by letter or fax addressed to the other party at (in the case of the Company) its registered office for the time being and (in the case of the
Appointee) its at known address and any such notice given by letter shall be deemed to have been given at the expiration of 48 hours after the letter containing the same is posted at the time of delivery in person by either party.

  

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	25	DISCIPLINE AND GRIEVANCE PROCEDURE 

  

	25.1	The disciplinary rules of the Company comprise directives which may be issued from time to time by the Board. The Appointee is expected to conduct himself in a suitable manner and
to exhibit a standard of behaviour commensurate with his position. Any disciplinary procedure as may be in force from time to time does not form part of the Appointee’s contract of employment. 

  

	25.2	If the Appointee is dissatisfied with any disciplinary decision or if he has any grievance relating to his employment he should refer such disciplinary decision or grievance to the
Board in writing and the Board shall allow the Appointee the opportunity of a full and fair hearing in respect thereof at the next Board meeting and its decision on such grievance shall be final and binding. 

  

	26	COMPANY POLICIES 

  

	26.1	The Company’s policies relating to equal opportunities, maternity and paternity leave, as well as policies dealing with the general relationship between the Appointee and the
Company comprise directives issued from time to time by the Board. None of these policies (save for those referred to at clause 26.2 below) form part of his contract of employment nor do they confer any contractual rights upon him. Copies of these
policies may be obtained from the Company Secretary. 

  

	26.2	The Company’s policies relating to the use of electronic mail (“email”) and the internet as are applicable to the Appointee from time to time form part of his
contract of employment. Copies of these policies may also be obtained from the Company Secretary. Failure to comply with the terms of these policies will render the Appointee liable to disciplinary action (which may include summary dismissal) in
accordance with the Company’s disciplinary procedure from time to time. 

  

	27	DATA PROTECTION 

  

	27.1	By signing this Agreement the Appointee consents to the holding and processing of any data relating to him, in particular to the processing of any “sensitive personal
data” (as defined in the Data Protection Act 1998) relating to him (including, for example, information relating to his health or racial or ethnic origin) and to the transfer of all or any part of the information that the Company holds relating
to him outside the European Economic Area. 

  

	28	EMPLOYMENT RIGHTS ACT 1996 

  

	28.1	The Appointee’s continuous employment with the Company for the purposes of the Employment Rights Act 1996 will commence on 1 September 2002. 

  

 11 

	28.2	There are no collective agreements in force with trade unions which affect the Appointee’s employment. 

  

	29	GENERAL 

  

	29.1	The terms of this Agreement shall for the purposes of the Contracts (Rights of Third Parties) Act 1999 be enforceable by any Group Company irrespective of whether they have been
specifically named in this Agreement. 

  

	29.2	The expiration or determination of this Agreement howsoever arising shall not operate to affect such of the provisions hereof as in accordance with their terms are expressed to
operate or have effect thereafter. 

  

	29.3	The headings to the clauses of this Agreement are for convenience only and shall have no legal effect. 

  

	29.4	This Agreement is governed by and interpreted in accordance with the laws of England and the parties submit to the exclusive jurisdiction of the English Courts.

  

	29.5	Unless the context otherwise requires, words imparting one gender include all other genders and words imparting the singular including the plural and vice versa.

  

	29.6	Any reference to a statutory provision shall be deemed to include a reference to any statutory modification or re-enactment of it. 

  

	29.7	This Agreement cancels and is in substitution for all previous letters of engagement, agreements, arrangements and contracts of service (whether oral or in writing) relating to the
subject matter hereof between the Company and any Group Company and the Appointee all of which shall be deemed to have been terminated by mutual consent as from the date on which this Agreement takes effect. 

  

	30	ENTIRE AGREEMENT 

  

	30.1	This Agreement together with the Schedules constitute the entire terms and conditions of employment of the Appointee. The Appointee confirms he has not been persuaded to enter into
this Agreement by any representation that is not set out in this Agreement. The Appointee waives all his rights arising from any representation given in connection with this Agreement, other than his rights to claim a breach of the terms of this
Agreement. The waiver does not apply to any fraudulent representations. 

  
 IN WITNESS of which this document has been executed and on the date set out above, delivered as a deed. 
  

 12 

 SCHEDULE 1 
  

CONFIDENTIALITY AND POST TERMINATION RESTRICTIONS 
  
 Part 1 Protection of confidential information 
  

	1	The Appointee shall not (except in the proper performance of his duties hereunder) either during his employment or at any time after his employment has ended divulge to any Person
or otherwise make use of and shall use his best endeavours to prevent the publication or disclosure of any trade secrets or Confidential Information. 

  

	2	During the Appointee’s employment hereunder the Appointee will not make any notes or memoranda relating to Confidential Information and/or any aspect of the business or any
Group Company or any Joint Venture Business or any Target Business other than those which are for the sole benefit of any Group Company. All such notes and memoranda made by the Appointee will belong to the Company. 

  

	3	The Company and any other Group Company may, from time to time, be entrusted with confidential or proprietary information, trade secrets or intellectual property belonging to third
parties (“Third Party Confidential Information”). The Appointee agrees to be bound by any contractual undertakings or obligations which the Company or any other Group Company imposes on its or their employees in respect of the Third Party
Confidential Information. The Appointee will enter into any confidentiality undertaking that the Company or any other Group Company may require him to enter into with any such third party or Group Company. 

  

	4	The Appointee will only access and use any Group Company’s computer and electronic equipment for the purposes of his employment under this Agreement. Any personal or laptop
computer or similar equipment provided or made available or accessible to the Appointee by the Company will be solely for the use of the Appointee in the proper performance of his duties and shall not be used or misused for any other purpose.

  

	5	The Appointee shall not at any time (whether during or after the termination of his employment) erase, corrupt or otherwise interfere with any data, records or Confidential
Information held in whatever form, including electronic equipment, provided, available or accessible to the Appointee by the Company. 

  

	6	Upon request at any time during his employment under this Agreement or after it ends the Appointee will immediate disclose to the Company the relevant passwords to all current
password protected documents created or used by him during the continuance of the employment in relation to the business and/or affairs of any Group Companies. 

  

	7	The restrictions in this Part 1 of Schedule 1 shall: 

  

	7.1	not apply to information which is in the public domain other than as a consequence of any breach of duty by the Appointee whether directly or indirectly or on his behalf; and

  

 13 

	7.2	not restrict the Appointee from making disclosures of Confidential Information when required by law under the Public Interest Disclosure Act 1998; and 

  

	7.3	be in addition to and without prejudice to the duties and obligations of the Appointee implied into this Agreement by law. 

  
 Part 2 Restrictions after the end of employment 
  

	8	The Appointee hereby agrees and undertakes with the Company on behalf of itself and as agent for any Group Company that he will not in any Relevant Capacity at any time during the
twelve (12) month period commencing on the Effective Date: 

  

	8.1	without obtaining the prior written approval of the Company take any steps preparatory to or be engaged or concerned in: 

  

	 	(a)	any Restricted Business in competition with the Company or any Group Company; and/or 

  

	 	(b)	any Target Business; and/or 

  

	 	(c)	any Person directly or indirectly owning or controlling any such Restricted Business or Target Business; or 

  

	8.2	without obtaining the prior written approval of the Company acquire a substantial or controlling interest directly or by or through any nominee or nominees in any Restricted
Business, Target Business or in any Person owning or controlling a Restricted Business or Target Business. Nothing in this sub-clause shall prohibit the Appointee from acquiring by way of bona fide investment only up to one per cent (1%) of the
issued share capital of any publicly quoted company; or 

  

	8.3	approach or solicit or endeavour to entice for the purposes of any Restricted Business any Restricted Person to leave the employment of the Company or any Group Company (whether or
not such person would commit any breach of his contract of employment by so leaving); or 

  

	8.4	employ or offer to employ or engage the services of any Restricted Person in any Restricted Business or other entity directly or indirectly owned by or controlling any Restricted
Business; or 

  

	8.5	solicit, interfere with or entice away from the Company or any Group Company the custom of any Restricted Client or any Prospective Client in relation to the conduct of Restricted
Business; or 

  

	8.6	deal with any Restricted Client or any Prospective Client in relation to the conduct of Restricted Business; or 

  

	8.7	encourage, assist or procure any Person to do anything which if done by the Appointee would be a breach of paragraphs 8.1 to 8.6 above. 

  

 14 

	9	The parties hereto and. each of them acknowledge that the restrictions and each ref them contained in paragraph 8 above are reasonable having regard to the legitimate protectable
interests of the Company and that each such restriction is intended to be separate and severable. In the event that any of the restrictions shall be held void but would be valid if part of the wording thereof were deleted such restriction shall
apply with such deletion as may be necessary to make it valid and effective. 

  

	10	For the purposes of this Schedule (Parts 1 and 2) the following expressions shall have the following meanings: 

  

	10.1	“Effective Date” means the Termination Date or (if earlier) the date on which the Company first exercises all or part of all its rights under clause 18 (Garden
Leave). 

  

	10.2	“Person” means any individual, firm, company or other entity. 

  

	10.3	“Prospective Client” means any person, firm, company or other entity who was at any time during the Relevant Period negotiating or discussing (which shall include
for the purpose a pitch or presentation) with the Company or any other Group Company with a view to the provision to it by the Company or any other Group Company of any Restrictive Services and the Appointee or (to the knowledge of the Appointee)
any employee of the Company or any other Group Company under the Appointee’s control shall have been involved with such negotiations or discussions during the Relevant Period or in respect of which the Appointee acquired Confidential
Information as at the Effective Date. 

  

	10.4	“Relevant Capacity” means either alone or jointly with another or others, whether as principal, agent, consultant, director, partner, shareholder, independent
contractor, employee or in any other capacity, whether directly or indirectly, through any Person and whether for the Appointees own benefit or that of others. 

  

	10.5	“Relevant Period” means the twelve (12) month period immediately prior to the Effective Date. 

  

	10.6	“Restricted Business” means any business or services of the same or similar kind to that conducted or supplied (as the case may be) by the Company or any Group
Company at any time during the Relevant Period in which the Appointee was engaged or concerned or had acquired Confidential Information at any time during the Relevant Period. 

  

	10.7	“Restricted Client” means any Person with whom or which the Company or any Group Company has arrangements in place for the provision by the Company or any Group
Company of Restricted Business and with whom or which the Appointee (or to the knowledge of the Appointee any person under the Appointee’s control) has had material dealings in the course of his and/or their duties to the Company or any Group
Company during the Relevant Period. 

  

	10.8	“Restricted Person” means any person who was employed or engaged by the Company or any Group Company to provide services personally at the Effective Date who during
the Relevant Period had material dealings with the Appointee and: 

  

	 	(a)	reported to the Appointee; or 

  

 15 

	 	(b)	had material contact with customers or suppliers of the Company or any other Group Company in the course of his/her employment; or 

  

	 	(c)	was a member of the Board or reported directly to a member of the Board or who was a member of the senior management team of the Company or any other Group Company.

  

	10.9	“Target Business” means any business howsoever constituted (whether or not conducting a Restricted Business) which was at the Effective Date or at any time during
the Relevant Period a business which the Company or any Group Company had entered into negotiations with had approached or had identified as 

  

	 	(a)	a potential target with a view to its acquisition by the Company or any Group Company; and/or 

  

	 	(b)	a potential party to any joint venture with the Company or any Group Company in either case where such approach or negotiations or identification were known to a material degree by
the Appointee on or before the Effective Date. 

  

	10.10	“Termination Date” means the date of termination of this Agreement. 

  

	11	It is hereby understood and agreed by the Company and the Appointee that damages shall be an inadequate remedy in the event of a breach by the Appointee of any of the restrictions
contained in paragraph 8 of this Schedule and that any such breach by the Appointee or on his behalf may cause damage to the Company in respect of which damages may not be an adequate remedy. Accordingly, the Appointee agrees that the Company shall
be entitled without waiving any additional rights or remedies otherwise available to it at law or in equity or by statute, to injunctive and other equitable relief in the event of a breach or intended or threatened breach by the Appointee of any of
the restrictions contained in paragraph 8 above. 

  

 16 

 SCHEDULE 2 
  

Incentivisation Plans 
  
 The Appointee shall be eligible to participate in each of the incentivisation plans that are referred to below in accordance with the rules of the plans from time to
time. The receipt of any bonus or payment under any or all of these plans in one year shall not create any right or expectation of the same in any subsequent year. 
  

	1	THE SHORT TERM INCENTIVE PLAN (“STIP”) 

  

	1.1	Any bonus under the STIP shall be determined on the basis of the Appointee’s performance and the performance of the Company evaluated against specific objectives which are
agreed at the beginning of each calendar year by the Appointee and the Chief Executive Officer. All payments under the STIP shall be discretionary and subject to the approval of the Compensation Committee for the time being of the Company (“the
Compensation Committee”). 

  

	1.2	if all such annual performance for the 2002 financial: year, i.e. 1 January – 31 December 2002, are met a “Target Bonus” equal to 40% of the base salary will be
payable and up to a maximum of 60% of base salary (the “Target Bonus” shall be pro rated in respect of the year ending 31 December 2002 by reference to the number of months the period between the Commencement Date and 31 December 2002
bears to twelve (12) months). 

  

	1.3	Any bonuses due under the STIP are payable by the end of 31 March in the following year by reference to which the bonus was payable. 

  

	1.4	In the event the Appointee has been given notice of termination by the Company pursuant to clause 3.1, such notice not having expired prior to the end of the performance period to
which any STIP relates, the Appointee shall be entitled to receive the same in full on the basis provided for in clauses 1.1 and 1.2. In the event that the Appointee gives notice of termination pursuant to clause 3.1 or otherwise or the
Appointee’s employment has been terminated. by the Company pursuant to clause 18 (for cause) prior to the payment date of the STIP, he will no longer have any right to an entitlement under the STIP and will not have any rights against the
Company in respect of such loss of entitlement. 

  

	2	THE PERFORMANCE SHARE PLAN (“PSP”) 

  

	2.1	The Appointee shall be eligible to participate at the discretion of the Company in the PSP commencing with the 2002-2004 performance period with an initial grant of 25% of base
salary. The performance shares to be made available to the Appointee in respect of the three year performance period shall be dependent upon the financial performance of the Company over the relevant performance period and subject to the approval of
the Compensation Committee. The Appointee will continue to be eligible to participate in the PSP in relation to future performance periods subject to the discretion of the Company and the Compensation Committee and in accordance with the rimes for
the time being of the PSP. 

  

 17 

	2.2	The entitlement of the Appointee under the PSP if this Agreement is terminated shall be governed by the rules of the PSP. In the event the Appointee’s employment is terminated
or he is under or has been given notice of termination before the vesting date, he will no longer have any right to an entitlement under the PSP and will not have any rights against the Company in respect of such loss of entitlement.

  

	3	SHARE OPTIONS 

  
 The Appointee shall be eligible to participate in the Company’s Share Option Scheme. The Appointee will be entitled to a grant of share options of
$100,000 (i.e. for the market value of the Company’s shares under the option at the date of the grant) in or around September/October 2002 subject always to the rules of the share option scheme under which the options have been granted by the
Company. All and any future grants are subject to the discretion of the Compensation Committee and the rules of the Share Option Scheme. The Company reserves the right to amend and/or withdraw the Share Option Scheme(s) at any time at its absolute
discretion and without any obligation to the Appointee. 
  

 18 

 SIGNED and delivered as a deed by the Company acting by two directors or by one director and the secretary: 

 

			
	Director	 	 
	Signature	 	 : /s/ Jeremy Bullmore

	Name	 	: Jeremy Bullmore
		
	Secretary	 	 
	Signature	 	 : /s/ Marie Capes

	Name	 	: Marie Capes

  
 SIGNED as a deed, and delivered when

 dated, by the Appointee in the presence of: /s/ Mark Read 
  

			
	Witness	 	 
	Signature	 	 : /s/ Harriet Miller

	Name	 	: Harriet Miller
	Occupation	 	: Administrative Assistant
	Address	 	 : c/o WPP, 27 Farm Street
 London
W1

  

 19EXHIBIT 10.45

                              MANAGEMENT AGREEMENT

     THIS  MANAGEMENT AGREEMENT ("Agreement") is effective as of January 1, 2005
(the  "Effective Date"), by and between AMERICAN LEISURE EQUITIES CORPORATION, a
Florida  corporation  (the  "Company"),  and  AROUND  THE  WORLD TRAVEL, INC., a
Florida  corporation  (the  "Manager").

                                    RECITALS

     A.     The  Manager  has previously been the owner and operator of a travel
services  business  (the  "Business").

     B.     The Company, the Manager and American Leisure Holdings Inc. ("AMLH")
have  entered  into  a certain Asset Purchase Agreement dated as of December 30,
2004 (the "Purchase Agreement"), pursuant to which the Company has acquired from
the  Manager  the  assets  necessary  to  operate  the  Business.

     C.      Pursuant  to  the  terms of the Purchase Agreement, the Company and
the  Manager  have  agreed  to  enter into this Agreement, pursuant to which the
Manager  will  manage  the  Business  on  behalf  of  the  Company.

     D.     All  capitalized terms used in this Agreement shall have the meaning
set  forth  in  Section  10.01  of  this  Agreement.

     NOW,  THEREFORE,  in consideration of the mutual promises contained in this
Agreement  and  the  Purchase  Agreement,  the  parties hereby agree as follows:

                                    ARTICLE I

                           MANAGEMENT OF THE BUSINESS
                           --------------------------

1.01     Management Responsibilities.
         ----------------------------

     (a)     Manager  shall,  and  Company hereby authorizes and engages Manager
to,  supervise,  direct and control the management and operation of the Business
on  behalf  of  the  Company in accordance with the terms and conditions of this
Agreement.

     (b)     Manager  shall  manage  the  Business in accordance with guidelines
adopted  by  the  Company  from  time  to  time  (the  "Guidelines").

     (c)     The  Manager  will, subject to the terms of this Agreement, perform
each  of  the  following  functions  with  respect  to  the  Business.

<PAGE>

          (i)  Recruit, employ, supervise, direct and discharge the employees at
     the Business.

          (ii)  Establish prices, rates and charges for services provided by the
     Business.

          (iii)  Establish and revise, as necessary, administrative policies and
     procedures,  including  policies  and procedures for the control of revenue
     and  expenditures,  for  the  purchasing  of supplies and services, for the
     control  of  credit, and verify that the foregoing procedures are operating
     in a sound manner.

          (iv)  Make  payments  on  accounts  payable  and handle collections of
     accounts receivable.

          (v) Arrange for and supervise public relations and advertising for the
     Business.

          (vi)  Prepare  and deliver interim accountings, annual accounting, and
     such other information as is required by this Agreement and be available at
     reasonable  times  to discuss generally with Company the above-listed items
     as well as the operation of the Business.

          (vii)  Obtain  and  keep in full force and effect, either in Manager's
     name or in Company's name; as may be required by applicable law any and all
     licenses  and  permits  to the extent same is within the control of Manager
     (or,  if  same  is not within the control of Manager, Manager shall use due
     diligence and reasonable efforts to obtain and keep same in frill force and
     effect).

     (d)     The  operation  of  the Business shall be under the supervision and
control  of  Manager  which,  except  as otherwise specifically provided in this
Agreement,  shall  be  responsible for the proper and efficient operation of the
Business.  In fulfilling its obligations under this Agreement, Manager shall act
as  a  reasonable  and  prudent  operator of the Business, having regard for the
status  of  the  Business  and  compliance  with  the  Guidelines.

     (e)     Manager will use its reasonable efforts to comply with and abide by
all  applicable  Legal Requirements pertaining to its operation of the Business.

1.02     Employees. During the Term, all personnel employed at the Business
         ----------
shall  be  the  employees  of Manager. Manager shall appropriately supervise all
personnel  employed  at  the  Business. Manager shall be responsible for hiring,
promoting,  transferring,  compensating, supervising, terminating, directing and
training  all  necessary  personnel  within the budgets approved by the Company.

<PAGE>

1.03     Companies Right to Inspect.
         ---------------------------

     Company and its agents shall have access to all of the books and records of
Manager  related  to  the  Business  at  any  and  all  reasonable  times.

                                   ARTICLE II

                                      TERM
                                      ----

2.01     Term.
         -----

     The  "Term"  of  this Agreement shall begin on the Effective Date and shall
continue  until  December  31,2005.

                                   ARTICLE III

                             COMPENSATION OF MANAGER
                             -----------------------

3.01     Management Fees.
         ----------------

     As compensation 1m its services under this Agreement, Manager shall be paid
a  monthly  management fee (the "Management Fee") equal to ten per cent (10%) of
the  EBITDA  revenues  realized by the Business. The Management Fee will be paid
monthly,  on  or before the twentieth (20th) day of each month for the preceding
month.  For  purposes  of this Agreement, the term "EBITDA" shall mean 'earnings
before  interest,  depreciation  and  amortization'.

                                   ARTICLE IV

                               ACCOUNTING MATTERS
                               ------------------

4.01     Accounting and Distributions.
         -----------------------------

     Within  twenty (20) days after the end of each month, Manager shall deliver
an  interim accounting (the "Monthly Statement") to Company showing all revenues
and  expenses of the Business, and all sources and uses of cash for the Business
for  the  preceding  month.

4.02    Books and Records.
        ------------------

     The Manager will maintain the books and records pertaining to operations at
the  Business  on  the  accrual basis and in all material respects in accordance
with  the  GAAP.  The  Company  may at any time during Manager's normal business
hours examine such records. The Company may, at its own expense, arrange for the
books and records of the Business to be audited at any time. If any audit by the
Company  discloses  an  understatement  of  any amounts due the Company, Manager
shall  promptly  pay  the  Company  such amounts found to t s due, plus interest
thereon  (at  the Prime Rate plus one percent (1%) per annum) from the date such
amounts  should  originally  have been paid. If any audit discloses that Manager
has  not received any amounts due it, the Company shall promptly pay the Manager
such  amounts.  If  the  Company conducts an audit pursuant to the provisions of
this  Section  4.02,  the  Manager shall pay for the reasonable costs associated
with conducting the audit if such audit discloses an underpayment to Company for
any  period  of  more  than two percent (2%) of the amount that should have been
paid  Company  for  such  period.

<PAGE>

4.03     Accounts, Expenditures
         ----------------------

     (a)  All funds derived from operation of the Business shall be deposited by
Manager  in bank accounts (the "Operating Accounts") established by the Company.
All  withdrawals  from  the  Operating  Accounts  shall  be made solely by James
Tolzien  and  persons  authorized  by  him.  Reasonable  petty cash funds may be
maintained  at  the  Manager's  premises.

     (b) All payments made by Manager hereunder shall be made from the Operating
Accounts.  Manager  shall  not  be  required to make any advance or payment with
respect to the Business except out of such funds.

4.04     Business Plan.
         --------------

     (a) Manager shall deliver to Company for its review and approval, within 35
days  of  the Effective Date, a preliminary draft of a business plan showing the
estimated  revenues  and  expenses for 2005. The preliminary business plan shall
also include a forecast of working capital needs for 2005. Manager shall prepare
the  business  plan  in  accordance  with the Guidelines. The Company shall have
thirty  (30)  days  after  receipt of the business plan to review and approve or
object  to  the  business  plan,  hi  the  event that the Company objects to the
business  plan,  Manager  will  change  the  plan  to  accommodate the Company's
objections.

     (b)  Manager  shall  diligently operate the Business in accordance with the
Business  Plan  and the Guidelines. It is understood, however, that the Business
Plan  is an estimate only and that unforeseen circumstances such as the costs of
labor,  material, services and supplies, casualty, operation of law, or economic
and  market  conditions,  may make adherence to the Business Plan impracticable,
and Manager shall be entitled to depart therefrom due to causes of the foregoing
nature.  In  the  event  that Manager determines that circumstances require that
there be material changes in the Business Plan, Manager shall so notify Company.

4.05     Working Capital.
         ----------------

     Manager  agrees that it will make reasonable efforts to minimize the amount
of additional funds requested for working capital to the extent it is able to do
so without detriment to the operation of the Business. All funds so advanced for
working capital shall be utilized by Manager for the purposes of this Agreement.
Upon Termination, Manager shall, except as otherwise provided in this Agreement,
return  the  outstanding  balance  of  the  working  capital  to  Company.

<PAGE>

     Expenses.    The Manager will not incur any expenses for the Business
     ---------
except as contemplated by the Business plan or otherwise approved in writing by
the Company.

                                    ARTICLE V

                         MAINTENANCE OF COMPANY PROPERTY
                         -------------------------------

5.01     Maintenance.
         ------------

     Manager shall maintain the Company's Property in good repair and condition.
The cost of such maintenance shall be paid from revenues and shall be treated as
an  expense  of  the  Business.

5.02     Ownership of Replacements.
         --------------------------

     All  repairs,  alterations,  improvements,  renewals or replacements to the
Company's  Property  made  pursuant  to  this Article V shall be the property of
Company.

                                   ARTICLE VI

                                    INSURANCE
                                    ---------

6.01     Property Insurance.
         -------------------

During the Term, Manager shall procure and maintain the following:

     (a)  Property insurance on the Company's Property against loss or damage by
all  risks  as  commonly  covered  by  an  "at-risk  of physical loss" policy of
insurance, in an amount not less than the full replacement cost of the Company's
Property;

     (b)  Such  other property insurance as is customarily maintained by similar
businesses.

6.02     Operational Insurance.
         ----------------------

During the Term, Manager shall procure and maintain the following:

     (a)  Commercial  general  liability  insurance  against  claims  for bodily
injury,  death  or  property  damage occurring on, in or in conjunction with the
operation  of  the  Business,  and  automobile  liability  insurance on vehicles
operated in conjunction with the Business, with a combined single limit for each
occurrence of not less than One Million Dollars ($1,000,000.00);

     (b) Workers' compensation coverage as may be required under applicable laws
covering  all  of  Manager's employees at the Business, and employer's liability
insurance  of  not  less  than  $1,000,000  Million  Dollars  ($1,000,000  per
accident/disease;

<PAGE>

     (c) Fidelity bond coverage in an amount not less than Five Hundred Thousand
Dollars ($500,000 covering Manager's employees at the Business; and

     (d)  Employment  practices  liability  insurance  covering all of Manager's
employees  at  the  Business, to the extent available at commercially reasonable
rates  and  terms,  in  an  amount  not  less than Five Hundred Thousand Dollars
($500,000);

     (e)  Such  other  insurance  in  amounts  as the Company, in its reasonable
judgment,  deems advisable for protection against claims, liabilities and losses
arising out of or connected with the operation of the Business.

6.03     General Insurance Provisions.
         -----------------------------

     (a)  All  insurance  described  in  Section  6.01  and  Section 6.02 may be
obtained through blanket insurance programs, provided that such blanket programs
substantially  fulfill  the requirements specified herein. The blanket insurance
programs  may  include  deductibles  or  risk  retention  levels;  however,  the
Business's responsibility for such deductibles or risk retention levels shall be
limited to the Insurance Retention as defined in Section 6.04(c).

     (b)  All  insurance  required  under Section 6.01 and Section 6.02 shall be
carried  in  the  name of Manager. The insurance required under Section 6.01 and
Section  6.02(a)  shall include Company, and any creditors specified by Company,
in  writing,  as  additional  insureds  or mortgagee as applicable. Any property
losses  covered  by insurance obtained pursuant to Section 6.01 shall be payable
to the respective patties as their interests may appear.

     (c)  Manager  shall deliver to Company certificates of insurance evidencing
the  insurance  coverages  required  under Section 6.01 and Section 6.02 and any
renewals  thereof.  All  such  certificates  of  insurance  shall, to the extent
obtainable, state that the insurance shall not be canceled or materially reduced
without  at  least  thirty  (30)  days'  prior written notice to the certificate
holder.

6.04     Costs and Expenses.
         -------------------

     (a)  With respect to Section 6.01 and Section 6.02, all insurance premiums,
costs and other expenses, including any Insurance Retention, shall be treated as
expenses of the Business. Any losses and associated costs and expenses, that are
uninsured  shall  be treated as a cost of insurance and shall also be treated as
expenses of the Business.

     (b)  "Insurance  Retention"  shall  mean  the  insurance policy deductible;
however  for  any  insurance  obtained  through  the blanket insurance programs,
"Insurance  Retention"  shall  mean  the Business's per occurrence limit for any
loss  or  reserve as established for the Business, which limit shall be the same
as  is  applied to other similar Business participating in the blanket insurance
programs, or such higher amount if mandated by the insurer for high hazard risks
such as earthquake, flood and wind.

<PAGE>

                                   ARTICLE VII

                                    DEFAULTS
                                    --------

7.01     Events of Default.
         ------------------

Each of the following shall constitute a "Default" under this Agreement.

     (a)  The  filing  of  a voluntary petition in bankruptcy or insolvency or a
petition  for  reorganization  under  any bankruptcy law by either party, or the
admission by either party that it is unable to pay its debts as they become due.
Upon  the  occurrence  of  any  Default  by  either  party  (referred  to as the
"defaulting  parry") as described under this Section 9.01(a), said Default shall
be deemed an "Event of Default" under this Agreement.

     (b)  The consent to an involuntary petition in bankruptcy or the failure to
vacate,  within  ninety  (90)  days  from  the  date of entry thereof, any order
approving  an  involuntary  petition by either party. Upon the occurrence of any
Default  by  either  party as described under this Section 9.01(b), said Default
shall be deemed an "Event of Default" under this Agreement.

     (c)  The entering of an order, judgment or decree by any court of competent
jurisdiction,  on  the  application  of a creditor, adjudicating either party as
bankrupt  or  insolvent  or  approving  a  petition  seeking  reorganization  or
appointing  a  receiver,  trustee, or liquidator of all or a substantial part of
such  party's  assets,  and such order, judgment or decree's continuing unstayed
and  in effect for an aggregate of sixty (60) days (whether or not consecutive).
Upon  the  occurrence  of  any  Default  by either party as described under this
Section  9.01(c),  said Default shall be deemed an "Event of Default" under this
Agreement.

     (d)  The failure of either party to make any payment required to be made in
accordance  with the terms of this Agreement, as of the due date as specified in
this  Agreement. Upon the occurrence of any Default by either party as described
under  this  Section 9.01(d), said Default shall be deemed an "Event of Default"
under  this  Agreement if the defaulting party fails to cure such Default within
ten  (10)  days  after  receipt  of written notice from the non-defaulting party
demanding such cure.

     (e)  The  failure  of  either  party to perform, keep or fulfill any of the
other  covenants,  undertakings,  obligations  or  conditions  set forth in this
Agreement,  and the continuance of such default for a period of thirty (30) days
after  the  defaulting party's receipt of written notice from the non-defaulting
party  of  said  failure.  Upon the occurrence of any Default by either party as
described under this Section 9.01(e)., said Default shall be deemed an "Event of
Default"  under this Agreement if the defaulting party fails to cure the Default
within  thirty (30) days after receipt of written notice from the non-defaulting
party  demanding such cure, or, if the Default is such that it cannot reasonably
be  cured  within  said  thirty (30) day period of tune, if the defaulting party
fails to commence the cure of such Default within said thirty (30) day period of
time or thereafter fails to diligently pursue such efforts to completion.

<PAGE>

7.02     Remedies.
         ---------

     Upon  the occurrence of an Event of Default, the non-defaulting party shall
have the right to pursue any one or more of the following courses of action: (1)
if  the  Event  of  Default  has a material adverse impact on the non-defaulting
party,  to  terminate  this Agreement by written notice to the defaulting party,
which termination shall be effective as of the effective date which is set forth
in  said notice, provided that said effective date shall be at least thirty (30)
days  after  the  date  of  said  notice; (2) to institute forthwith any and all
proceedings  permitted  by  law  or  equity  including,  without limitation (but
subject  to  the  provisions  of  Section  7.01  hereof),  actions  for specific
performance and/or damages; and/or (3) to avail itself of the remedies described
in  Section  7.03.

7.03     Additional Remedies.
         --------------------

     (a)  Upon  the occurrence of a Default by either party under the provisions
of  Section  9.01(d).,  the amount owed to the non-defaulting party shall accrue
interest,  at  an  annual rate equal to the Prime Rate plus three (3) percentage
points,  from  and  after  the  date  on  which  the  Default  occurred.

     (b)  The  remedies granted under Section 7.02 and Section 7.03 shall not be
in  substitution  for,  but  shall  be  in  addition, to, any and all rights and
remedies  available  to the non-defaulting party (including, without limitation,
injunctive  relief  and  damages)  bv  reason of applicable provisions of law or
equity  and  shall  survive  Termination.

                                  ARTICLE VIII

                                   ASSIGNMENT
                                   ----------

8.01  Assignment. Manager shall not assign or transfer its interest in this
      -----------
Agreement  without  the prior written consent of Company. The Company may assign
or  transfer  its  interest  in  this  Agreement  at  any  time.

                                   ARTICLE IX

                                  MISCELLANEOUS
                                  -------------

9.01     Relationship.
         -------------

     In  the  performance  of  this  Agreement,  Manager  shall act solely as an
independent  contractor. Neither this Agreement nor any agreements, instruments,
documents,  or  transactions  contemplated  hereby  shall  in  any  respect  be
interpreted,  deemed  or  construed  as making Manager a partner, joint venturer
with,  or  agent  of,  the  Company.

<PAGE>

9.02     Gender.
         -------

     Any  reference in this Agreement to any gender will include all genders and
words used herein importing the singular number only will include the plural and
vice  versa.

9.03     Headings.
         ---------

     The  division  of  this  Agreement into Articles, Sections, Subsections AND
other  subdivisions  and  the  insertion  of  headings  are  for  convenience of
reference  only  and  will  not  affect  or  are utilized in the construction or
interpretation  of  this  Agreement.

9.04     Severability.
         -------------

     If any provision or covenant, or any part thereof, of this Agreement should
be held by any governmental body to be invalid, illegal or unenforceable, either
in  whole  or in part, then such invalidity, illegality or unenforceability will
not  affect the validity, legality or enforceability of the remaining provisions
or  covenants,  or any part thereof, of this Agreement, all of which will remain
in  full  force  and  effect.

9.05     Entire Agreement.
         -----------------

     This  Agreement together with any documents to be delivered pursuant hereto
constitute  the  entire  agreement  by and between the parties pertaining to the
subject  matter  hereof  and  supersedes  all  prior agreements, understandings,
negotiations and discussions, whether oral or written, of the parties in respect
of  such  subject  matter.

9.06     Amendment.
         ----------

     No amendment of this Agreement will be binding unless expressly provided in
an  instrument  duly  executed  by  the  parties.

9.07    Waiver.
        -------

     No  waiver,  whether  by  conduct or otherwise, of any of the provisions of
this  Agreement  will  be  deemed to constitute a waiver of any other provisions
(whether  or  not  similar)  nor will such waiver constitute a continuing waiver
unless  otherwise  expressly  provided  in  an  instrument  duly executed by the
parties.

9.08     Governing Law.
         --------------

     This  Agreement  will  be  interpreted and construed in accordance with the
Laws  of  the  State  of  Florida  and  the laws of the United States of America
applicable  therein. Any action, suit or proceeding relating to, arising out of,
or  in  connection  with  this Agreement may be brought by any party against any
other  party  in  an  appropriate  Federal  or state court located in Miami-Bade
County, Florida. All parties hereby waive any objection to jurisdiction or venue
in  any  such  proceeding  before  said  court.

<PAGE>

9.09     Accounting  Principles.
         -----------------------

     Accounting  terms  not  otherwise defined herein have the meanings given to
them  under  Generally  Accepted  Accounting  Principles  ("GAAP").

9.10     Further Assurances.
         -------------------

     Each  of  the parties upon the request of any other party will do, execute,
acknowledge and deliver or cause lo be done, executed, acknowledged or delivered
all  such  further  acts,  deeds, documents, assignments, transfers conveyances,
powers of attorney and assurances as may be reasonably necessary or desirable to
effect complete consummation of the transactions contemplated by this Agreement.

9.11     Successors in Interest.
         -----------------------

     This  Agreement  and the provisions hereof will inure to the benefit of and
be  binding  upon  the  parties  and  their  respective successors and permitted
assigns.

9.12     No Third Party Beneficiaries.
         -----------------------------

     Except  as  provided herein, nothing in this Agreement is intended or shall
be construed to give any Person (including employees of the parties), other than
the  parties  hereto,  any legal or equitable right, remedy or claim under or in
respect  of  this  Agreement  or  any  provision  contained  herein.

9.13    Notices.
        --------

     Any  notice,  consent,  authorization,  direction  or  other communications
required  or  permitted  to  be  given  hereunder will be in writing and will be
delivered  either  by  (a)  personal  delivery,  (b)  telex, telecopy or similar
telecommunication  device,  or  (c)  sent  to  the  parties  at their respective
addresses  indicated  herein  by  registered  or  certified mail, return receipt
requested and postage prepaid, or by private overnight mail courier service, and
addressed  as  follows:

in the case of the Manager, to it at:     1701 Ponce De Leon Blvd.
                                          Coral Gables, FL 33134
                                          Attn: President

with a mandatory copy to:                 Neale Poller, Esq.
                                          Camner, Lipsitz & Poller
                                          550 Biltmore Way, Suite 700
                                          Coral Gables, FL 33134

<PAGE>

in the case of the Company, to it at:     2701 Spivey Lane
                                          Orlando, FL 32837

with a mandatory copy to:                 Alfred Smith, Esq.
                                          Shutts & Bowen
                                          1500 Miami Center,
                                          201 South Biscayne Blvd.
                                          Miami, TL 33131

     Any  notice,  consent,  authorization,  direction or other communication as
aforesaid  will  be  deemed  to have been effectively delivered and received, if
sent  by telecopy or similar telecommunications device, on the business day next
following  such  transmission;  if  personally  delivered,  on  the date of such
delivery;  if sent by overnight courier, on the date of delivery; and if sent by
U.S.  mail,  as  of  the  date  of delivery indicated on the receipt, or, if the
recipient  refuses  delivery, as of the date of such refusal; provided, however,
that  if delivered by means other than personal delivery and the date of receipt
is not a business day then it will be deemed to have been delivered and received
on  the  business  day  next  following  such delivery. Any party may change its
address  for  service  by  written  notice  given  as  aforesaid.

9.14    Counterparts.
        -------------

     This  Agreement  may be executed in one or more counterparts, each of which
when so executed will be deemed an original, and such counterparts together will
constitute  one  and  the  same  instrument.

9.15     Actions to be Taken Upon Termination.
         -------------------------------------

Upon a Termination, the following shall be applicable:

     (a) Manager shall, within 30 days after Termination, prepare and deliver to
Company  a  final  accounting  statement  with  respect to the Business, as more
particularly  described  in  Section  4.01  hereof,  dated  as  of  the  date of
Termination.  Within  30 days of the receipt by Company of such final accounting
statement the parties will make whatever cash adjustments are necessary pursuant
to  such  finai  statement.  Manager  and  Company acknowledge that there may be
certain  adjustments for which the information will not be available at the time
of  the final accounting and the parties agree to readjust such amounts and make
the  necessary  cash  adjustments  when  such  information  becomes  available;
provided, however, that all accounts shall be deemed final as of the first (1st)
anniversary of the effective date of Termination.

     (b)  Manager  shall  make  available  to  Company  such  books  and records
respecting  the  Business as will be needed by Company to prepare the accounting
statements,  in accordance with the GAAP, for the Business for the year in which
the Termination occurs and for any subsequent year.

<PAGE>

     (c)  Manager shall (to the extent permitted by law) assign to Company or to
the  new  manager all operating licenses and permits for the Business which have
been issued in Manager's name.

     (d)  Manager will permit the Company or its designee to offer employment to
any or all of the employees of the Manager.

     (e) Manager shall peacefully surrender the Business to Company.

     The provisions of this Section 9.15 shall survive Termination.

9.16     Indemnification by the Manager.
         -------------------------------

     The  Manager will indemnify and save harmless the Company and AMLH from and
against  any  claims,  demands,  actions,  causes of action, judgments, damages,
losses  (which  will  include  any  diminution  in value), liabilities, costs or
expenses  (including,  without  limitation,  interest,  penalties and reasonable
attorneys'  and  experts'  fees  and disbursements) (collectively, the "Losses")
which may be made against them or which they may suffer or incur as a result of,
arising  out  of  or  relating  to:

     (a)  any  material  breach,  non-performance  of or non-compliance with any
covenant, agreement or obligation of the Manager pursuant to this Agreement;

     (b)  any liabilities or obligations of the Business incurred by the Manager
which were not authorized by the terms of this Agreement; and

     (c)  any  claims  asserted by any third party arising from the operation of
the Business by the Manager based upon or arising from the negligence or willful
misconduct  of  the  Manager  or  any  of  its officers, directors, employees or
agents.

9.17    Indemnification by Company.
        ---------------------------

     The  Company  will indemnify and save harmless the Manager from and against
any Losses which may be made against the Manager or which the Manager may suffer
or  incur  as  a  result  of,  in  respect  of  or  arising  out  of:

     (a)  any  breach,  non-performance  of or non-compliance with any covenant,
agreement or obligation of the Company under or pursuant to this Agreement; and

     (b)  any  liabilities  of  the  Business incurred after the Effective Date,
other than ;liabilities covered by Sections 9.17 (b) or (c) above.

<PAGE>

                                    ARTICLE X

                               DEFINITION OF TERMS
                               -------------------

10.01     Definition of Terms
          -------------------

     The following terms when used in the Agreement and the Addendum attached
hereto shall have the meanings indicated:

"Monthly Statement" shall have the meaning ascribed to it in Section 4.01(a).
 -----------------

"Affiliate" shall mean, as to any Person, any other Person that, directly
 ---------
or indirectly, Controls, is controlled by or is under common Control with such
Person.

"Agreement" shall mean this Management Agreement between Company and Manager.
 ---------

"Business Plan" shall have the meaning ascribed to it in Section 4.04.
 -------------

"Control"  (and  any form thereof, such as "Controlling" or "Controlled by"
 -------
and "under common Control with") shall mean, with respect to any Person, (a) the
possession,  directly  or  indirectly,  of  the  power  to  direct  or cause the
direction  of  the  management  or  policies of such Person, or (b) the right to
exercise,  directly  or  indirectly, more than fifty percent (50%) of the voting
rights  attributable to the voting securities, partnership interests, or limited
liability  company  interests  of  a  Person  (whether through ownership of such
interests,  by  contract,  or  otherwise).

"Default" shall have the meaning ascribed to it in Section 7.01.
 -------

"Effective Date" shall have the meaning ascribed to it in the Preamble.
 --------------

"Event of Default" shall have the meaning ascribed to it in Section 7.01
 ----------------

"Insurance Retention" shall have the meaning ascribed 10 ii in Section 6.04(c).
 -------------------

"Legal  Requirements"  shall  mean  any  federal, state or local law, cede,
-------------------
rule,  ordinance,  regulation  or  order of any governmental authority or agency
having  jurisdiction  over  the  business  or  operation  of the Business or the
matters  which are the subject of this Agreement, including, without limitation,
the  following: (i) any building, zoning or use laws, ordinances, regulations or
orders;  and  (ii)  Environmental  Laws.

"Litigation"  shall  mean:  (i)  any  cause  of  action (including, without
----------
limitation,  bankruptcy  or  other  debtor/creditor  proceedings) commenced in a
federal,  state  or  local  court;  or  (ii)  any  claim  brought  before  an
administrative  agency  or  body  (for  example,  without limitation, employment
discrimination  claims).

<PAGE>

"Manager"  shall have the meaning ascribed to it in the Preamble hereto or shall
-------
mean  any  successor  or  permitted  assign,  as  applicable.

"Operating Accounts" shall have the meaning ascribed to it in Section 4.03(a).
------------------

"Person"  means an individual (and the heirs, executors, administrators, or
------
other  legal  representatives  of  an individual), a partnership, a corporation,
limited  liability  company, a government or any department or agency thereof, a
trustee,  a  trust  and  any  unincorporated  organization.

"Prime Rate" shall mean the "prime rate" of interest announced from time to
----------
time  in the "Money Rates" section of the WALL STREET JOURNAL (Eastern Edition).

"Term" shall have the meaning ascribed to it in Section 2.01.
 ----

"Termination" shall mean the expiration or sooner cessation of this Agreement.
 -----------

"Trade Name" shall mean any name, whether informal (such as a fictitious name or
 ----------
d/b/a)  or formal (such as the fill! legal name of a corporation or partnership)
which  is  used  to  identify  an  entity.

"Trademark"  shall  mean  (i) the name and mark "Traveleaders" and (ii) any
 ---------
word,  name,  device,  symbol,  logo, slogan, design, brand, service mark, Trade
Name,  other  distinctive  feature  or any combination of the foregoing, whether
registered  or  unregistered,  and  whether  or  not  such  term  contains  the
"Traveleaders"  mark,  that is used in connection with the Business or by reason
of  extent  of  usage  is  associated  with  Business.

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

                                              COMPANY:
                                              --------

                                              AMERICAN LEISURE EQUITIES
                                              CORPORATION
                                              By: /s/ Malcolm J. Wright
                                                  ---------------------
                                              Its: CEO
                                                  ---------------------
                                              Name: Malcolm J. Wright
                                                    -------------------

                                              MANAGER:
                                              --------

                                              AROUND THE WORLD TRAVEL, INC.
                                              By: /s/ James R. Tolzien
                                                  ---------------------
                                              Its: President
                                                  ---------------------
                                              Name: James R. Tolzien
                                                    -------------------

<PAGE>

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