Document:

EXHIBIT 10.5

                              IRT PROPERTY COMPANY

                        RESTRICTED STOCK AWARD AGREEMENT

     IRT Property Company (the "Company") hereby grants to Daniel F. Lovett (the
"Executive")  30,000  shares  of  the Company's  $1.00  par  value common stock.
("Common  Stock")  set  forth  herein  ("Restricted  Stock") pursuant to the IRT
Property Company 1998 Long-Term Incentive Plan, and the Executive hereby accepts
such  grant  upon  such  terms  and  conditions.  Capitalized terms used but not
defined  herein  shall  have  the  meanings  specified  in  the  Plan.

     RESTRICTED  STOCK  GRANT

Number  of  shares  of  Restricted  Stock  granted:     30,000
Date  of  Grant:                                        May  30,  2002
Vesting  Date(s)  of  Restricted  Stock:                10%  on  June  1,  2002
                                                        20%  on  June  1,  2003
                                                        30%  on  June  1,  2004
                                                        40%  on  June  1,  2005

Restrictions  applicable  to  Restricted  Stock:

     (a)     The  Restricted  Stock  is  subject  to  each  of  the  following
restrictions.  The  term  "Restricted Shares" means those shares of Common Stock
which  are subject to the restrictions imposed hereunder which restrictions have
not  then  expired  or  terminated.  The  Restricted  Shares  may  not  be sold,
transferred,  exchanged,  pledged, encumbered, or hypothecated to or in favor of
any  party,  other  than the Company or a Subsidiary, or be subject to any lien,
pledge,  hypothecation,  security  interest,  obligation,  or  liability  of the
Executive  to  any  other party, other than the Company or a Subsidiary.  If the
Executive's  employment with the Company or any Subsidiary is terminated for any
reason other than death, Disability, or as provided in paragraph (b) below, then
the Executive shall forfeit all of the Executive's right, title, and interest in
and  to  the Restricted Shares as of the date Executive's employment terminates,
and  such  Restricted  Shares  shall  automatically be reconveyed to the Company
without  further  consideration  or  any  act  or  action by the Executive.  The
restrictions  imposed  under  this  paragraph  (a)  shall apply to all shares of
Common  Stock  or  other  securities issued with respect to the Restricted Stock
hereunder  in  accordance  with  Article  14  of  the  Plan.

     (b)     The  restrictions  imposed under paragraph (a) above will expire on
respective  vesting dates shown above, and the period between the grant date and
the  date  that  the respective restrictions expire is referred to herein as the
"Restricted  Period".  For  example,  if on May 31, 2002 the Executive has since
the  grant  date  been  in the continuous employ of the Company or a Subsidiary,
3,000  shares  will  vest and no longer be Restricted Shares that are subject to
forfeiture.  The  foregoing  and  paragraph  (a) notwithstanding, all Restricted
Shares  held  by  the  Executive  shall  immediately  vest (i) upon the death or
Disability of the Executive, (ii) upon the Executive's termination of employment
without  cause  or  for  "good  reason" pursuant to Section 5(a) or 5(c) of that
certain  Change  in  Control Employment Agreement by and between the Company and
the Executive, dated as of August 1, 1999, or (iii) upon any action of the Board
of  Directors or the Compensation Committee to vest such shares earlier than the
scheduled  vesting  date.  For  purposes  hereof,  "Disability"  shall  mean the
absence  of  the  Executive  from  the  Executive's duties with the Company on a
full-time basis for 180 consecutive days as a result of incapacity due to mental
or physical illness which is determined to be total and permanent by a physician
selected  by  the Company or its insurers and acceptable to the Executive or the
Executive's  legal  representative.

     (c)     The  shares  of  Common  Stock  will  be  issued in the name of the
Executive  as  Restricted  Stock,  and the certificates representing such shares
will  be held by the Company during the Restricted Period until vested and until
released  from  any  pledge  of  such  shares  of  Common  Stock of the Company.

     (d)     The  Executive,  as  the beneficial owner of the Restricted Shares,
shall have full voting and dividend rights with respect to the Restricted Shares
during  the  Restricted  Period.

     (e)     Certificates representing shares of Restricted Stock shall bear the
following  legend:

THE SHARES ARE SUBJECT TO A RESTRICTED STOCK AWARD AGREEMENT DATED AS OF May 30,
2002  (THE "AWARD AGREEMENT"), AND NO SHARES NOR ANY RIGHTS OR INTERESTS THEREIN
MAY  BE  SOLD,  EXCHANGED,  PLEDGED,  HYPOTHECATED,  OR OTHERWISE TRANSFERRED OR
DISPOSED  OF  EXCEPT  IN  ACCORDANCE  WITH  THE  AWARD  AGREEMENT.

       ******************************************************************

     The  following  additional  terms  shall  apply  to  this  Restricted Stock
Agreement:

     1.     TAX  WITHHOLDING.  Prior  to  the  delivery  of  any  certificate or
certificates for shares acquired upon the vesting of Restricted Stock hereunder,
the  Executive must satisfy federal, state and local withholding tax obligations
by  either  (a)  delivering  to the Company whole shares of Common Stock, or (b)
directing  the  Company  to withhold certain of such shares, or (c) remitting to
the Company a sufficient amount of cash to satisfy the withholding requirements.
No  election  to  satisfy withholding under (a) or (b) shall be effective unless
approved  by  the Board of Directors of the Company, in its sole discretion.  If
withholding  is  to  be satisfied under either (a) or (b), the Common Stock used
for  payment  shall have a Fair Market Value (as determined by the Board) on the
date  of delivery or withholding, which shall be the date the withholding tax is
determined,  equal  to  the  minimum  amount  of  the taxes to be withheld.  Any
election  by  the Executive to satisfy withholding under (a) or (b) must be made
in  writing, signed by the Executive and delivered by the Executive prior to the
date  the amount of the withholding tax is determined, and shall be irrevocable.
The  portion  of  any  withholding tax represented by a fractional share must be
paid  in  cash.  The  obligations  of  the  Company under this Agreement will be
conditional  on  such  payment  or  arrangements,  and  the  Company, and, where
applicable,  its  Subsidiaries  will,  to  the extent permitted by law, have the
right  to  deduct  any  such  withholding  amounts  from any payment of any kind
otherwise  due  to  the  Executive.

     2.     PAYMENT  OF WITHHOLDING OBLIGATIONS.  Prior to the delivery of stock
certificates to the Executive pursuant to vesting of shares of Restricted Stock,
the  Executive shall deliver to the Company his check and/or a stock certificate
registered  in  the name of the Executive duly assigned to the Company (with the
assignment  guaranteed  by  a  bank,  trust company, member firm of the New York
Stock  Exchange ("NYSE") or other participant in a Signature Guarantee Medallion
Program),  or  directions  for  withholding  of shares (as applicable) which the
Board  of  Directors  has  permitted  the  Executive  to transfer for satisfying
federal  and  state  withholding  tax  obligations.

     3.     NO  RIGHT  OF CONTINUED EMPLOYMENT.  Nothing in this Agreement shall
interfere  with  or  limit  in any way the right of the Company or Subsidiary to
terminate  the Executive's employment at any time, nor confer upon the Executive
any  right to continue in the employ of the Company or any Parent or Subsidiary.
This  Agreement  is not intended to, nor shall it effect any change in the terms
or  interpretation  of any employment or change in control agreement between the
Company  or  any  Subsidiary  and  the  Executive.

     4.     DELIVERY  OF SHARES.  Certificates representing the shares of Common
Stock  will  be delivered by the Company to the Executive as soon as practicable
after  vesting  of  the  Restricted  Stock and any release from pledge, but such
delivery  may  be  postponed  for such period as may be required for the Company
with  reasonable  diligence  to  comply if deemed advisable by the Company, with
registration  requirements  under  the  1933 Act, listing requirements under the
rules  of  the  NYSE, applicable withholding requirements and requirements under
any  other  law  or  regulation  applicable  to the issuance or transfer of such
shares.

     5.     SUCCESSORS.  This  Agreement  shall be binding upon and inure to the
benefit  of  the  Parties'  respective  permitted  successors  and  assigns,  in
accordance  with  the  terms  of  this  Restricted  Stock  Award  Agreement.

     6.     PLAN  CONTROLS.  The  terms  contained  in the Plan are incorporated
into  and made a part of this Agreement, and this Agreement shall be governed by
and  construed  in  accordance  with  the  Plan.  In  the event of any actual or
alleged  conflict  between the provisions of the Plan and the provisions of this
Agreement,  the  provisions  of the Plan shall be controlling and determinative.

     7.     MISCELLANEOUS.  This Agreement shall be governed by and construed in
accordance  with  the  laws  of  the State of Georgia.  All shares of Restricted
Stock,  and  shares  of  Common Stock resulting after the Restricted Period from
such  shares  of  Restricted  Stock are hereby pledged to secure the Executive's
obligations  under a Secured Promissory Note and a Pledge Agreement of even date
herewith  and all certificates representing all such shares shall be held by the
Company  until  all  of the Executive's obligations under the Secured Promissory
Note  and  Pledge  Agreement have been irrevocably paid in full, or otherwise in
the  Company's  sole  discretion, as and to the extent such shares are released.

                      [signatures appear on following page]

<PAGE>

     IN  WITNESS  WHEREOF,  IRT Property Company, acting by and through its duly
authorized officers, has caused this Agreement to be executed, and the Executive
has  executed  this  Agreement,  all  as  of  May  30,  2002.

                           IRT  PROPERTY  COMPANY

                           By: /s/  Thomas H. McAuley
                              -----------------------
                           Name:  Thomas  H.  McAuley
                           Date:    May  30,  2002

     As  of  May  30,  2002, I hereby accept the above Restricted Stock grant in
accordance  with  and  subject  to the terms and conditions set forth above, and
pledge  all such Restricted Stock to the Company, and I agree that any shares of
Common  Stock,  together  with  all  substitutions  and  replacements  therefore
received  by me hereunder will not be sold or otherwise disposed of by me except
in  a  manner  in compliance with applicable securities laws.  I agree to notify
the Company at least five business days in advance of any proposed sale or other
disposition of any such shares following the vesting thereof and as permitted by
the  Pledge  Agreement.

                           /s/  Daniel F. Lovett
                           ---------------------
                           ExecutiveEXHIBIT 10.6

                              EMPLOYMENT AGREEMENT

     THIS  EMPLOYMENT AGREEMENT (this "Agreement") is made and entered as of May
30,  2002 by and among IRT Property Company, a Georgia corporation (hereinafter,
the  "Company"),  and  Thomas  H.  McAuley  (hereinafter,  "Executive"),  to  be
effective  as  of  the  Effective  Date,  as  defined  in  Section  1.

                                   BACKGROUND

     Executive  currently serves as the President and Chief Executive Officer of
the  Company,  pursuant  to  the  terms  of  that  certain  Amended and Restated
Employment  Agreement,  dated as of November 11, 1997, between Executive and the
Company  (the  "Prior Agreement").  From and after the Effective Date, the Prior
Agreement  will  be  superseded in its entirety by this Agreement, and the Prior
Agreement  shall  have  no  further  force  and  effect.

     The  Company  desires  to  retain  Executive  as  the  President  and Chief
Executive  Officer  of  the  Company,  in  accordance  with  the  terms  of this
Agreement.  Executive  is  willing to serve as such in accordance with the terms
and  conditions  of  this  Agreement.

     NOW  THEREFORE,  in  consideration  of  the  foregoing  and  of  the mutual
covenants  and  agreements  set  forth  herein,  and  other  good  and  valuable
consideration,  the  receipt  and  sufficiency of which are hereby acknowledged,
intending  to  be  legally  bound,  the  parties  hereto  agree  as  follows:

     1.     Effective  Date.  The  effective  date  of  this  Agreement  (the
"Effective  Date")  will  be  May  30,  2002.

     2.     Employment.  Executive  is  hereby employed on the Effective Date as
the  President  and  Chief  Executive  Officer of the Company.  Executive hereby
accepts such employment on the terms and conditions set forth in this Agreement.
In  his  capacity  as  President  and  Chief  Executive  Officer of the Company,
Executive  shall  exercise  such  authority, have such responsibilities, status,
offices,  titles  and  reporting  relationships  and  perform such duties as are
commensurate  with  the  office  of  president  and chief executive officer of a
public  real  estate  investment  trust  and  also  at least commensurate in all
material  respects  with the most significant of those responsibilities, status,
offices, titles, reporting relationships and duties held, exercised and assigned
at  any time during the 120-day period immediately preceding the Effective Date,
and Executive will report directly to the Board of Directors of the Company (the
"Board").  Executive's  services  shall  be performed at the Company's executive
offices  in  Atlanta,  Georgia.

     3.     Employment  Period.  Unless  earlier terminated herein in accordance
with  Section  6  hereof,  Executive's employment shall be for a three year term
(the  "Employment  Period"),  beginning on the Effective Date.  Beginning on the
first  anniversary  of  the Effective Date and on each subsequent anniversary of
the  Effective  Date,  the  Employment  Period  shall, without further action by
Executive  or  the  Company, be extended automatically by an additional one-year
period; provided, however, that either party may, by written notice to the other
given  not  less  than  30 days prior to the anniversary renewal date, cause the
Employment  Period  to  cease  to  extend  automatically.  Upon such notice, the
Employment  Period shall terminate upon the expiration of the then-current term,
including  any  prior  extensions.

     4.     Extent  of Service.  During the Employment Period, and excluding any
periods  of  vacation  and  sick leave to which Executive is entitled, 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  Executive  hereunder,  to  use
Executive's  reasonable  best efforts to perform faithfully and efficiently such
responsibilities.  During  the  Employment Period it shall not be a violation of
this  Agreement  for  Executive  to  (x) serve on corporate, civic or charitable
boards  or  committees,  (y)  engage  in  other  business activities that do not
represent  a  conflict of interest with his duties to the Company, or (z) manage
personal  investments, so long as such activities do not significantly interfere
with  the  performance  of  Executive's  responsibilities  as an employee of the
Company  in  accordance  with  this  Agreement.  It  is expressly understood and
agreed  that  to  the  extent  that  any  such activities have been conducted by
Executive  prior to the Effective Date, the continued conduct of such activities
(or the conduct of activities similar in nature and scope thereto) subsequent to
the  Effective  Date  shall  not  thereafter  be  deemed  to  interfere with the
performance  of  Executive's  responsibilities  to  the  Company.

     5.     Compensation  and  Benefits.

           (a)     Base Salary. The Company shall pay Executive an annual salary
(the "Annual Base Salary") in periodic equal installments in accordance with the
normal  payroll  practices of the Company.  The initial Annual Base Salary as of
the  Effective Date shall be $356,000.  During the Employment Period, the Annual
Base  Salary  shall  be  reviewed not later than 12 months after the last salary
increase  awarded  to Executive prior to the Effective Date and thereafter shall
be  reviewed  at  least  annually.  Any increase in Annual Base Salary shall not
serve  to limit or reduce any other obligation of the Company to Executive under
this Agreement.  The Annual Base Salary shall not be reduced and the term Annual
Base  Salary  as  used  in  this Agreement shall refer to the latest Annual Base
Salary  as  so  increased.

           (b)     Incentive,  Savings  and  Retirement  Plans.  During  the
Employment  Period, Executive shall be entitled to participate in all incentive,
savings  and  retirement  plans,  practices,  policies  and  programs applicable
generally  to  senior executive officers of the Company ("Peer Executives"), and
on no less favorable bases than such Peer Executives.  Nothing in this Agreement
shall  or  shall  be deemed to in any way affect Executive's rights and benefits
thereunder,  except  as  expressly  provided  herein.  Without  limiting  the
foregoing,  the  following  shall  apply:

                   (i)  During  the  Employment  Period, Executive shall be paid
such  annual and/or other incentive bonuses as may be determined by the Board in
its  discretion,  which  may  be in addition to any bonuses generally granted to
Peer  Executives.

                   (ii)  During  the  Employment  Period, Executive will be
granted, under the Company's stock option plan, stock options to acquire Company
$1.00  par  value common stock ("Common Stock") in amounts and having terms that
are  no less favorable in amount or terms than those granted to Peer Executives.

                   (iii)  On  the  Effective Date, Executive shall be granted
60,000  restricted  shares  (the  "Restricted  Shares")  of  Common  Stock  (the
"Restricted  Stock  Award"). Such Restricted Shares will vest in installments of
10%  (6,000  shares),  20% (12,000 shares), 30% (18,000 shares), and 40% (24,000
shares),  respectively,  on  the  Effective  Date  and  on  the  first  three
anniversaries  of  the  Effective  Date,  provided  as  to each installment that
Executive  continues  to  be  employed  by the Company on such anniversary date.
Notwithstanding  the foregoing, all unvested Restricted Shares of the Restricted
Stock  Award  will immediately vest upon (x) Executive's death or Disability (as
defined  in Section 6(a)), (y) Executive's termination by the Company other than
for  Cause (as defined in Section 6(b)), or (z) Executive's resignation for Good
Reason  (as defined in Section 6(c)). Executive and the Company shall enter into
a mutually acceptable Restricted Stock Agreement evidencing the Restricted Stock
Award.

          (c)     Welfare  Benefit  Plans.  During  the  Employment  Period,
Executive  and  Executive's  eligible  dependents  shall  be  eligible  for
participation  in,  and  shall  receive  all benefits under, the welfare benefit
plans,  practices,  policies  and  programs  (including,  medical, prescription,
dental,  disability,  employee  life,  group  life,  accidental death and travel
accident insurance plans and programs) provided by the Company ("Welfare Plans")
to  the  extent  applicable  generally  to  Peer  Executives.  Nothing  in  this
Agreement  shall  or shall be deemed in any way to affect Executive's rights and
benefits  thereunder  except as expressly provided herein.  Without limiting the
foregoing,  during  the  Employment  Period, the Company shall provide term life
insurance  in an amount of not less than $1,000,000 on Executive for the benefit
of  his  designated  beneficiary  or  estate.

          (d)     Expenses.  During  the  Employment  Period,  and in accordance
with  the  policies,  practices  and  procedures  of  the  Company to the extent
applicable  generally  to  Peer  Executives,  Executive  shall be entitled to an
expense  allowance  for  or  to  receive prompt reimbursement for all reasonable
travel,  entertainment and other expenses reasonably and necessarily incurred by
Executive  in  connection  with the Company's business.  Executive shall furnish
such  documentation  with  respect  to reimbursement to be paid hereunder as the
Company  shall  reasonably  request.

          (e)     Fringe  Benefits.  During  the  Employment  Period,  Executive
shall  be  entitled  to fringe benefits in accordance with the plans, practices,
programs  and  policies  of  the  Company in effect for Peer Executives.  In all
events,  Executive shall be entitled to fringe benefits at least as favorable as
those  he  was  receiving  immediately  prior  to  the  Effective Date.  Without
limiting  the  foregoing:

                  (i)  During the  Employment Period, the  Company shall provide
Executive  with  a  Company  automobile equivalent to a Mercedes E320 or similar
vehicle.  The  Company  shall  pay  for  the  insurance,  maintenance,  repairs,
replacement  of  parts,  servicing, gasoline and oil necessary for the upkeep of
the  automobile  and  any  other  reasonably  necessary  and  proper expenses in
connection  with the operation by Executive of the automobile.  In the event the
Company  discontinues  providing automobiles to Peer Executives, Executive shall
be  entitled  to receive an automobile allowance and shall have the right and an
option  to purchase the automobile at its then book value on the Company's books
and  records  (if the automobile is owned by the Company) or to assume the lease
for  said  automobile  (if  the  automobile  is  leased  by  the  Company)

                  (ii)  Executive will be entitled to a vacation in accordance
with the Company's vacation schedule in effect at the time the vacation is to be
taken,  which schedule will not be less favorable to Executive than the vacation
schedule  for Peer Executives and shall in no event be less four weeks per year.
During  such  vacation,  Executive  shall  be  entitled  to  receive his regular
compensation  pursuant  to  and  in  accordance  with  this  Agreement.

     6.     Termination  of  Employment.
           (a)     Death, Retirement or Disability. Executive's employment shall
terminate  automatically  upon  Executive's  death  or  Retirement  during  the
Employment  Period.  For  purposes  of  this  Agreement, "Retirement" shall mean
normal  retirement  as defined in the Company's then-current retirement plan, or
if  there  is  no  such  retirement  plan,  "Retirement"  shall  mean  voluntary
termination  after  age  65  with  10  or more years of service.  If the Company
determines  in  good  faith that the Disability of Executive has occurred during
the  Employment  Period  (pursuant  to  the  definition  of Disability set forth
below),  it  may  give to Executive written notice of its intention to terminate
Executive's  employment.  In such event, Executive's employment with the Company
shall  terminate  effective on the 30th day after receipt of such written notice
by  Executive  (the  "Disability  Effective Date"), provided that, within the 30
days  after  such  receipt,  Executive  shall  not  have  returned  to full-time
performance of Executive's duties.  For purposes of this Agreement, "Disability"
shall  mean the absence of Executive from Executive's duties with the Company on
a  full-time  basis  for  180  consecutive days as a result of incapacity due to
mental  or  physical  illness which is determined to be total and permanent by a
physician selected by the Company or its insurers and acceptable to Executive or
Executive's  legal  representative.

          (b)     Termination  by  the  Company.  The  Company  may  terminate
Executive's  employment during the Employment Period with or without Cause.  For
purposes  of  this  Agreement,  "Cause"  means:

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

                  (ii)  the willful engaging by  Executive in illegal conduct or
gross  misconduct which is materially and demonstrably injurious to the Company.

     For purposes of this Section 6(b), no act or failure to act, on the part of
Executive,  shall  be  considered  "willful" unless it is done, or omitted to be
done,  by Executive in bad faith or without a reasonable belief that Executive's
action  or  omission  was  in  the  best  interests of the Company.  Any act, or
failure to act, based upon authority given pursuant to a resolution duly adopted
by  the  Board  or based upon the advice of Company counsel or other advisors to
the Company shall be conclusively presumed to be done, or omitted to be done, by
Executive in good faith and in the best interests of the Company.  The cessation
of  employment of Executive shall not be deemed to be for Cause unless and until
there shall have been delivered to Executive a copy of a resolution duly adopted
by the affirmative vote of not less than three-quarters of the entire membership
of  the  Board at a meeting of the Board called and held for such purpose (after
reasonable  notice  is  provided  to  Executive  and  Executive  is  given  an
opportunity,  together  with  counsel  for the Executive, to be heard before the
Board),  finding  that,  in  the  good  faith opinion of the Board, Executive is
guilty  of  the  conduct  described  in  subparagraph  (i)  or  (ii)  above, and
specifying  the  particulars  thereof  in  detail.

          (c)     Termination  by  Executive.  Executive's  employment  may  be
terminated  by  Executive  for  Good  Reason or no reason.  For purposes of this
Agreement,  "Good  Reason"  shall  mean:

                  (i)  the assignment or proposed assignment to Executive of any
duties  inconsistent in any respect with Executive's position (including status,
offices,  titles  and  reporting  relationships),  authority,  duties  or
responsibilities  as  contemplated  by Section 2 of this Agreement, or any other
action by the Company which results in a diminution in such position, authority,
duties  or  responsibilities,  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
Executive;

                  (ii)  any failure by the  Company  to  comply  with any of the
provisions of Section 5 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  Executive;

                  (iii)  the  Company  equiring  Executive to  be  based at  any
office  or  location  other  than as provided in Section 2 hereof or the Company
requiring  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 Executive's
employment  otherwise  than  as  expressly  permitted  by  this  Agreement;

                  (v)  any failure  by  the Company to  comply  with and satisfy
Section  13(c)  of  this  Agreement;  or

                  (vi)  any termination by Executive for any reason or no reason
during the period beginning on the 90th day following a Change in Control of the
Company  and  ending  on  the  last  day of the 13th month following a Change in
Control  of  the  Company.

For  purposes  of  this Agreement, the term "Change in Control" means any of the
following  that  occurs  after  the  Effective  Date:

               (i)     The  acquisition by any "Person" (as such term is defined
in  Section  3(a)(9)  of  the  Securities  Exchange Act of 1934, as amended (the
"Exchange  Act")  and  as  used in Section 13(d)(3) and 14(d)(2) of the Exchange
Act)  of  beneficial  ownership  (within the meaning of SEC Rule 13d-3 under the
Exchange  Act)  of  25%  or  more  of  the combined voting power of (x) all then
outstanding  shares of Company Common Stock ("Outstanding Company Common Stock")
and  (y)  all  then  outstanding  securities  of  the  Company  entitled to vote
generally  in  the  election  of directors and all outstanding securities and/or
rights  to  acquire  (whether  by  conversion,  exchange  or  otherwise)  voting
securities  of  the  Company  entitled  to  vote  generally  in  the election of
directors  (collectively  with  the  Outstanding  Company  Common  Stock,  the
"Outstanding  Company  Voting Securities"); provided, however, that for purposes
of this subsection (i), the following acquisitions shall not constitute a Change
in  Control:  (1)  any acquisition by a Person who was on the Effective Date the
beneficial  owner  of  25% or more of the Outstanding Company Voting Securities,
(2)  any  acquisition  directly  by  or  from the Company (except as provided in
subsection  (iii)  below),  (3) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any affiliated company,
or  (4)  any  acquisition  by any Person pursuant to a transaction that complies
with  clauses  (1),  (2)  and  (3)  of  subsection  (iii)  below;  or

               (ii)     Individuals  who,  as  of the Effective Date, 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  Effective  Date whose election, or nomination for
election  by  the  Company's  stockholders, 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;  or

               (iii)     Consummation  of  a  reorganization,  merger  or
consolidation,  a sale, liquidation or partial liquidation, or other disposition
of  all or substantially all (e.g., 50% or more) of the assets of the Company in
one  or  a  series  of  transactions, and/or any combination of the foregoing (a
"Transaction"),  in  each  case,  unless, following such Transaction, (1) all or
substantially  all  of the persons who were the beneficial owners, respectively,
of  the  Outstanding  Company  Common  Stock  and  Outstanding  Company  Voting
Securities  immediately  prior  to such Transaction beneficially own (within the
meaning  of SEC Rule 13d-3 under the Exchange Act), directly or indirectly, more
than  60%  of,  respectively,  the then Outstanding Company Common Stock and the
Outstanding  Company  Voting  Securities,  as  the  case  may  be, of the entity
resulting  from  such Transaction (including an entity which as a result of such
transaction  beneficially  owns  (within the meaning of SEC Rule 13d-3 under the
Exchange  Act) 50% or more of the then Outstanding Company Common Stock  and the
Outstanding  Company Voting Securities or all or substantially all (e.g., 50% or
more)  of  the  Company's  assets,  either  directly  or  through  one  or  more
subsidiaries,  partnerships,  limited  liability  companies, trusts and/or other
entities  or  persons) in substantially the same proportions as their beneficial
ownership,  immediately  prior  to  such  Transaction of the Outstanding Company
Common  Stock and Outstanding Company Voting Securities, as the case may be, (2)
no  Person  (excluding  any  corporation  or  other  entity  resulting from such
Transaction  or  any  employee benefit plan (or related trust) of the Company or
such  corporation  or  entity resulting from such Transaction) beneficially owns
(within  the  meaning  of  SEC  Rule  13d-3 under the Exchange Act), directly or
indirectly,  25%  or  more  of the combined voting power of the then outstanding
voting  securities  of such corporation or entity except to the extent that such
ownership  existed  prior to the Transaction, and (3) at least a majority of the
members  of  the  board of directors or other governing body (including trustees
and/or  general  partners)  of  the  corporation  or  entity resulting from such
Transaction  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
Transaction.

          Executive's continued employment shall not constitute consent to, or a
waiver  of  rights  with  respect  to, any circumstance constituting Good Reason
hereunder.  Any  good faith determination of Good Reason made by Executive shall
be  conclusive.

          (d)     Notice  of  Termination.  Any  termination  by the Company for
Cause,  or  by  Executive  for  Good  Reason, shall be communicated by Notice of
Termination  to the other party hereto given in accordance with Section 14(f) of
this  Agreement.  A  "Notice  of  Termination"  means a written notice which (i)
indicates the specific termination provision in this Agreement relied upon, (ii)
to  the  extent  applicable,  sets  forth  in  reasonable  detail  the facts and
circumstances  claimed  to  provide  a  basis  for  termination  of  Executive's
employment  under the provision so indicated and (iii) specifies the termination
date.  If  a  dispute  exists  concerning  the provisions of this Agreement that
apply  to  Executive's  termination  of employment, the parties shall pursue the
resolution  of such dispute with reasonable diligence.  The failure by 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 Executive or the Company, respectively, hereunder or preclude
Executive or the Company, respectively, from asserting such fact or circumstance
in  enforcing  Executive's  or  the  Company's  rights  hereunder.

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

     7.     Obligations  of  the  Company  upon  Termination.

            (a)     Termination by Executive for Good Reason; Termination by the
Company  Other  Than for Cause or Disability.  If, during the Employment Period,
the  Company  shall  terminate  Executive's  employment  other than for Cause or
Disability,  or  Executive  shall  terminate  employment  for Good Reason, then:

                    (i)     the  Company shall pay to Executive in a lump sum in
cash within 30 days after the Date of Termination the aggregate of the following
amounts,  or  if  elected by Executive, the following aggregate amounts shall be
paid  in  cash  to  Executive  in  equal monthly installments over the two years
following  the  Date  of  Termination:

                            A.     the sum of (1) Executive's Annual Base Salary
through  the  Date  of  Termination  to the extent not theretofore paid, (2) the
product  of  (x) the average of the annual bonuses paid or payable, to Executive
by the Company, including any bonus or portion thereof which has been earned but
deferred,  for  the  three  most  recently  completed fiscal years, if any (such
amount  being referred to as the "Most Recent Annual Bonus") and (y) a fraction,
the  numerator of which is the number of days elapsed in the current fiscal year
through  the  Date  of Termination, and the denominator of which is 365, and (3)
any  compensation  previously  deferred  by 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 (1),
(2), and (3) shall be hereinafter referred to as the "Accrued Obligations"); and

                          B.     the  amount equal to the product of three times
The  sum  of(1)  Executive's  Annual  Base  Salary  in  effect as of the Date of
Termination, and (2) the Most Recent Annual Bonus (the "Severance Payment"); and

                    (ii)     for  three  years after Executive's Date of
Termination,  or  such  longer  period  as  may  be provided by the terms of the
appropriate  plan,  program,  practice  or  policy,  the  Company shall continue
benefits  to  Executive  and/or Executive's family at least equal to those which
would  have been provided to them in accordance with the Welfare Plans described
in  Section  5(c)  of  this  Agreement  if  Executive's  employment had not been
terminated  or,  if  more  favorable to Executive, as in effect generally at any
time  thereafter  with  respect  to  other  Peer  Executives and their families,
provided,  however,  that  in  the  event  that  Executive's  and  his  family's
participation  in  any  Welfare  Plans  is  prohibited  by law or the applicable
Welfare  Plan,  the  Company  shall  provide  Executive  and his family, without
further  cost or expense to Executive or his family members, benefits similar to
those  which  they  would  otherwise  have  been  entitled to receive under such
Welfare Plans if Executive's employment had not terminated. If 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 applicable period of eligibility. For purposes of
determining  eligibility  (but  not  the  time  of  commencement of benefits) of
Executive  for  retiree benefits pursuant to such Welfare Plans, Executive shall
be  considered  to  have  remained  employed  for  three years after the Date of
Termination  and  to  have  retired  on  the  last  day  of  such  period;  and

                    (iii)     All  restricted  stock awards, including the
Restricted  Shares,  granted  by  the  Company  to  Executive shall become fully
vested;  and

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

            (b)     Death.  If Executive's employment is terminated by reason of
Executive's  death  during the Employment Period, this Agreement shall terminate
without  further  obligations  to  Executive's  legal representatives under this
Agreement,  other  than  for  payment of Accrued Obligations, the vesting of all
restricted stock awards, including the Restricted Shares, granted by the Company
to  executive,  and  the timely payment or provision of Other Benefits.  Accrued
Obligations  shall  be paid to Executive's estate or beneficiary, as applicable,
in  a  lump sum in cash within 30 days of the Date of Termination.  With respect
to  the  provision  of  Other  Benefits, the term Other Benefits as used in this
Section 7(b) shall include, and Executive's estate and/or beneficiaries shall be
entitled to receive, benefits under such plans, programs, practices and policies
relating  to  death benefits, if any, as are applicable to Executive on the date
of  his  death.

            (c)     Disability.  If Executive's employment is terminated by
reason  of  Executive's  Disability during the Employment Period, this Agreement
shall terminate without further obligations to Executive, other than for payment
of  Accrued  Obligations,  the vesting of all restricted stock awards, including
the  Restricted  Shares,  granted  by  the  Company to executive, and the timely
payment  or  provision  of  Other Benefits. Accrued Obligations shall be paid to
Executive  in a lump sum in cash within 30 days of the Date of Termination. With
respect  to  the provision of Other Benefits, the term Other Benefits as used in
this  Section  7(c)  shall  include,  and  Executive shall be entitled after the
Disability  Effective  Date to receive, disability and other benefits under such
plans,  programs,  practices and policies relating to disability, if any, as are
applicable  to  Executive  and  his  family  on  the  Date  of  Termination.

            (d)     Retirement.  If  Executive's  employment is  terminated by
reason  of  Executive's  Retirement during the Employment Period, this Agreement
shall terminate without further obligations to Executive, other than for payment
of  Accrued  Obligations  and the timely payment or provision of Other Benefits.
Accrued  Obligations  shall be paid to Executive in a lump sum in cash within 30
days  of  the  Date  of  Termination.  With  respect  to  the provision of Other
Benefits,  the  term  Other Benefits as used in this Section 7(d) shall include,
and  Executive  shall  be  entitled  after  the  Date of Termination to receive,
retirement and other benefits under such plans, programs, practices and policies
relating  to  retirement,  if any, as are applicable to Executive on the Date of
Termination.

            (e)     Termination for Cause or Voluntary Termination without Good
Reason.  If Executive's employment is terminated for Cause during the Employment
Period,  this Agreement shall terminate without further obligations to Executive
other than the obligation to pay to Executive (x) his Annual Base Salary through
the  Date of Termination, (y) the amount of any compensation previously deferred
by  Executive,  and  (z)  Other Benefits, in each case to the extent theretofore
unpaid.  If  Executive  voluntarily  terminates employment during the Employment
Period,  excluding a termination for Good Reason, this Agreement shall terminate
without further obligations to 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 Executive in a lump sum in cash within 30 days of
the  Date  of  Termination.

            (f)     Expiration of  Employment Period. If Executive's employment
shall  be terminated due to the normal expiration of the Employment Period, this
Agreement  shall  terminate without further obligations to Executive, other than
for  payment of Accrued Obligations and the timely payment or provision of Other
Benefits.

     8.     Non-exclusivity  of Rights.  Nothing in this Agreement shall prevent
or  limit  Executive's  continuing or future participation in any plan, program,
policy  or practice provided by the Company and for which Executive may qualify,
nor,  subject  to Section 14(d), shall anything herein limit or otherwise affect
such  rights  as  Executive  may  have  under any contract or agreement with the
Company.  Amounts  which  are  vested  benefits  or which Executive is otherwise
entitled  to  receive  under  any  plan,  policy,  practice or program of or any
contract  or  agreement  with  the  Company  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.

     9.     Full  Settlement;  Cost of Enforcement.  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 claim, right or action which the Company may have
against  Executive  or others.  In no event shall Executive be obligated to seek
other  employment  or  take any other action by way of mitigation of the amounts
payable  to  Executive under any of the provisions of this Agreement and, except
as  explicitly provided herein, such amounts shall not be reduced whether or not
Executive  obtains  other employment.  The Company agrees to pay as incurred, to
the  full  extent  permitted by law, all legal fees and expenses which Executive
may  reasonably  incur  as  a  result  of any contest (regardless of the outcome
thereof)  by  the Company, 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 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 provided for in Section
7872(f)(2)(A)  of  the  Internal  Revenue Code of 1986, as amended (the "Code").
                                                                         ----

     10.     Certain  Additional  Payments  by  the  Company.

             (a)     Anything in this Agreement to the contrary notwithstanding
and  except  as  set  forth  below, in the event it shall be determined that any
payment  or  distribution  by  the  Company  to  or for the benefit of Executive
(whether  paid  or payable or distributed or distributable pursuant to the terms
of  this Agreement or otherwise, but determined without regard to any additional
payments  required  under this Section 10) (a "Payment") would be subject to the
excise  tax imposed by Section 4999 of the Code or any interest or penalties are
incurred by Executive with respect to such excise tax (such excise tax, together
with  any  such interest and penalties, are hereinafter collectively referred to
as  the "Excise Tax"), then Executive shall be entitled to receive an additional
payment (a "Gross-Up Payment") in an amount such that after payment by Executive
of  all  taxes (including any interest or penalties imposed with respect to such
taxes),  including any income taxes (and any interest and penalties imposed with
respect  thereto)  and  Excise  Tax imposed upon the Gross-Up Payment, Executive
retains  an  amount of the Gross-Up Payment equal to the Excise Tax imposed upon
the  Payments.

             (b)     Subject to the provisions of Section 10(c), all
determinations  required to be made under this Section 10, including whether and
when  a Gross-Up Payment is required and the amount of such Gross-Up Payment and
the  assumptions to be utilized in arriving at such determination, shall be made
by  Deloitte  &  Touche  LLP  or  such  other  certified  public accounting firm
reasonably  acceptable  to  the  Company  as may be designated by Executive (the
"Accounting  Firm") which shall provide detailed supporting calculations both to
the  Company and Executive within 15 business days of the receipt of notice from
Executive that there has been a Payment, or such earlier time as is requested by
the  Company.  All fees and expenses of the Accounting Firm shall be paid solely
by the Company. Any Gross-Up Payment, as determined pursuant to this Section 10,
shall be paid by the Company to Executive within five days of the receipt of the
Accounting  Firm's determination. Any determination by the Accounting Firm shall
be binding upon the Company and Executive. As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the initial determination
by  the  Accounting  Firm hereunder, it is possible that Gross-Up Payments which
will  not  have been made by the Company should have been made ("Underpayment"),
consistent  with  the  calculations  required to be made hereunder. In the event
that  the  Company exhausts its remedies pursuant to Section 10(c) and Executive
thereafter  is required to make a payment of any Excise Tax, the Accounting Firm
shall  determine  the  amount of the Underpayment that has occurred and any such
Underpayment  shall  be  promptly  paid  by the Company to or for the benefit of
Executive.

             (c)     Executive  shall notify the Company in writing of any claim
by  the  Internal Revenue Service that, if successful, would require the payment
by  the  Company of a Gross-Up Payment (or an additional Gross-Up Payment). Such
notification  shall  be  given  as  soon  as  practicable  but no later than ten
business  days  after  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.  Executive  shall  not  pay such claim prior to the
expiration of the 30-day period following the date on which it gives such notice
to  the  Company  (or such shorter period ending on the date that any payment of
taxes  with  respect to such claim is due). If the Company notifies Executive in
writing  prior  to the expiration of such period that it desires to contest such
claim,  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  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.  Without limitation of the foregoing provisions
of  this  Section  10(c),  the  Company  shall  control all proceedings taken in
connection with such contest (to the extent applicable to the Excise Tax and the
Gross-Up  Payment)  and,  at  its  sole  option, may pursue or forgo any and all
administrative  appeals,  proceedings,  hearings and conferences with the taxing
authority  in  respect  of such claim and may, at its sole option, either direct
Executive  to  pay  the tax claimed and sue for a refund or contest the claim in
any  permissible  manner,  and  Executive  agrees to prosecute such contest to a
determination  before  any  administrative  tribunal,  in  a  court  of  initial
jurisdiction  and  in  one  or  more  appellate  courts,  as  the  Company shall
determine;  provided, however, that if the Company directs Executive to pay such
claim and sue for a refund, the Company shall advance the amount of such payment
to  Executive,  on an interest-free basis and shall indemnify and hold Executive
harmless,  on  an  after-tax basis, from any Excise Tax or income tax (including
interest or penalties with respect thereto) imposed with respect to such advance
or  with respect to any imputed income with respect to such advance; and further
provided that any extension of the statute of limitations relating to payment of
taxes  for  the  taxable  year of Executive with respect to which such contested
amount  is  claimed  to  be  due  is  limited  solely  to such contested amount.
Furthermore,  the  Company's  control  of the contest shall be limited to issues
with  respect  to  which  a  Gross-Up  Payment  would  be  payable hereunder and
Executive  shall be entitled to settle or contest, as the case may be, any other
issue  raised  by  the  Internal  Revenue Service or any other taxing authority.

             (d)     If,  after  the  receipt by Executive of an amount advanced
by  the Company pursuant to Section 10(c), Executive becomes entitled to receive
any refund with respect to such claim, Executive shall (subject to the Company's
complying  with  the  requirements of Section 10(c)) promptly pay to the Company
the  amount  of such refund (together with any interest paid or credited thereon
after taxes applicable thereto). If, after the receipt by Executive of an amount
advanced  by the Company pursuant to Section 10(c), a determination is made that
Executive shall not be entitled to any refund with respect to such claim and the
Company  does  not  notify  Executive  in  writing of its intent to contest such
denial  of  refund  prior to the expiration of 30 days after such determination,
then  such  advance shall be forgiven and shall not be required to be repaid and
the  amount  of  such advance shall offset, to the extent thereof, the amount of
Gross-Up  Payment  required  to  be  paid.

     11.     Representations  and  Warranties.  Executive  hereby represents and
warrants  to  the Company that Executive is not a party to, or otherwise subject
to,  any  covenant  not  to  compete  with any person or entity, and Executive's
execution  of  this  Agreement and performance of his obligations hereunder will
not  violate  the  terms or conditions of any contract or obligation, written or
oral,  between  Executive  and  any  other  person  or  entity.

     12.     Confidential Information; Nonsolicitation.  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
Executive  during 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
by  Executive  or  representatives of Executive in violation of this Agreement).
After  termination  of  Executive's employment with the Company, 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 13
constitute a basis for deferring or withholding any amounts otherwise payable to
Executive  under this Agreement.  Executive agrees that, for a period of one (1)
year  after  termination,  he will not solicit or hire any Company employees for
any  business  that  is  in  direct  competition  with  any  Company  property.

     13.     Assignment  and  Successors.

             (a)     This  Agreement is  personal to Executive and without the
prior  written  consent  of  the  Company  shall  not be assignable by Executive
otherwise  than  by will or the laws of descent and distribution with respect to
payments,  property,  or benefits payable to Executive hereunder. This Agreement
shall inure to the benefit of and be enforceable by Executive's heirs, legatees,
and  personal  and  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,  as  a  result  of  a  business combination, assignment, assumption or
otherwise)  to  all  or  substantially  all  (e.g., 50% or more) of the business
and/or  assets  of  the  Company  to  expressly assume and agree to perform this
Agreement  in  the  same manner and to the same extent that the Company would be
required  to  perform it if no such succession had taken place.  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.

     14.     Miscellaneous.

             (a)     Waiver.  Failure of either party  to insist, in one or more
instances,  on  performance by the other in strict accordance with the terms and
conditions  of  this Agreement shall not be deemed a waiver or relinquishment of
any  right  granted  in  this Agreement or of the future performance of any such
term  or  condition  or of any other term or condition of this Agreement, unless
such  waiver  is  contained  in a writing signed by the party making the waiver.

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

             (c)     Other  Agents.  Nothing  in  this  Agreement  is  to  be
interpreted as limiting the Company from employing other personnel on such terms
and  conditions  as  may  be  satisfactory  to  it.

             (d)     Entire  Agreement.  Except  as  provided  herein,  this
Agreement  contains  the entire agreement between the Company and Executive with
respect  to  the  subject  matter hereof and, from and after the Effective Date,
this  Agreement  shall  supersede  any  other agreement between the parties with
respect  to  the  subject matter hereof, including without limitation, the Prior
Agreement.

             (e)     Governing Law.  Except to the extent preempted by federal
law, and without regard to conflict of laws principles, the laws of the State of
Georgia shall govern this Agreement in all respects, whether as to its validity,
construction,  capacity,  performance  or  otherwise.

             (f)     Notices.  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, or by
reliable  overnight  courier  service  addressed  as  follows:

             If  to  Executive:

             Thomas  H.  McAuley
             3095  Brandy  Station
             Atlanta,  Georgia  30339

             If  to  the  Company:

             IRT  Property  Company
             200  Galleria  Parkway
             Suite  1400
             Atlanta,  Georgia  30339
             Attention:  Chairman  of  the  Compensation  Committee

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.

             (g)     Amendments  and  Modifications.  This  Agreement may not be
amended  or  modified  other than by a written agreement executed by the parties
hereto  or their respective successors and/or personal or legal representatives,
which  writing  makes  specific  reference  to  this  Agreement.

             (h)     Withholding.  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.

             (i)     Construction.  The captions and headings of this Agreement
are  for  convenience  of  reference  only and are not intended to and shall not
effect  the  interpretation  of this Agreement. As used herein, the plural shall
include  the  singular and vice versa, any reference to gender shall include the
other  genders, and the terms "include," "including," and any derivation thereof
shall  be without limitation by virtue of enumeration thereof or otherwise. Each
party and his or its counsel have reviewed this Agreement and have been provided
the  opportunity  to  revise  this Agreement and accordingly, the normal rule of
construction  to  the effect that any ambiguities are to be resolved against the
drafting  party  shall  not be employed in the interpretation of this Agreement.
Instead,  the  language  of  all parts of this Agreement shall be construed as a
whole, and according to its fair meaning, and not strictly for or against either
party.

     IN  WITNESS  WHEREOF,  the  parties hereto have duly executed and delivered
this  Employment  Agreement  as  of  the  date  first  above  written.

                                      IRT  PROPERTY  COMPANY

                                      By: /s/  Bruce A. Morrice
                                        -----------------------
                                      Name:  Bruce  A.  Morrice
                                      Title:  Chairman,  Compensation  Committee

                                      EXECUTIVE:
                                      /s/  Thomas H. McAuley
                                      ----------------------
                                      Thomas  H.  McAuley

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