Document:

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                                                                   EXHIBIT 10.10

                             EMPLOYMENT AGREEMENT
                             --------------------

     THIS EMPLOYMENT AGREEMENT ("Agreement") is dated as of February 7, 2000,
between and among JOSEPH BUCK, a resident of the State of Tennessee
("Executive"), and GRACE DEVELOPMENT, INC., a Colorado corporation (the
"Company").

                             W I T N E S S E T H:
                             -------------------

     WHEREAS, the Company is engaged in the business of providing internet
access, internet provider services, e-commerce application and hosting services,
telecommunications and wireless telecommunications services, and integrated
voice, video and data communications products and services (collectively, the
"Scope of Business"); and

     WHEREAS, the Company and Executive each desire to enter into this
Agreement, pursuant to which Executive will be employed by the Company on the
terms and conditions hereinafter set forth, and to make certain other
agreements;

     NOW, THEREFORE, in consideration of the premises and of the promises and
agreements hereinafter set forth, the parties hereto, intending to be legally
bound, do hereby agree as follows:

     SECTION 1.  Employment.  Subject to the terms hereof, the Company hereby
                 ----------
employs Executive, and Executive hereby accepts such employment.  Executive
shall devote his Full Time and best efforts to rendering services on behalf of
the Company.  As used herein, "Full Time" shall mean working during normal
business hours to accomplish his duties and responsibilities with appropriate
timeliness, and such term shall not preclude Executive's devoting incidental
time to the management of his non-Company related business and personal affairs,
during normal business hours nor shall it preclude his participating in other
affairs during non-business hours.

     SECTION 2.  Position, Authority and Duties.
                 ------------------------------

          (a)  Position.  Executive shall serve as Vice President of Engineering
               --------
and Infrastructure of the Company and, as such, Executive shall report directly
to the Company's Chief Technology Officer. Executive shall be responsible for
the development and implementation of operational and strategic initiatives
relating to the deployment of the companies published business plan and such
additional duties and responsibilities as the company may determine and direct.

          (b)  Location.  Executive's office shall be located in the Kingsport,
               --------
Tennessee area and may be required to relocate to Atlanta.  Extensive travel
will be required for this position.
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     SECTION 3.  Term.  The term of this Agreement shall begin on the date
                 ----
hereof (the "Effective Date") and shall continue until the earlier of (a) the
date that is one (1) year following the Effective Date (the "Term"), or (b) the
occurrence of a Terminating Event.

     As used herein, "Terminating Event" shall mean:

          (i)   the death or Total Disability of Executive ("Total Disability"
     meaning the failure of Executive to perform his normal required services
     hereunder at his office for a period of three (3) consecutive months, by
     reason of Executive's mental or physical disability as so determined by a
     licensed physician selected by the Company reasonably satisfactory to
     Executive);

          (ii)  the mutual written agreement of the parties hereto to terminate
     Executive's employment hereunder;

          (iii) the Company's termination of Executive's employment hereunder,
     upon thirty (30) days' prior written notice to Executive, for "Cause." For
     the purposes of this Agreement, "Cause" for termination of Executive's
     employment shall exist (a) if Executive is convicted of (from which no
     appeal may be taken), or pleads guilty to, any act of fraud,
     misappropriation or embezzlement, or any felony, (b) if, in the sole
     determination of the Board of Directors of the Company, Executive has
     engaged in conduct or activities materially damaging to the business of the
     Company (it being understood, however, that neither conduct nor activities
     pursuant to Executive's exercise of his good faith business judgment nor
     unintentional physical damage to any property of the Company by Executive
     shall be a ground for such a determination by the Board of Directors of the
     Company) after written notice with specificity as to the conduct or
     activities complained of and a reasonable opportunity is given to Executive
     to cure the same, or (c) if Executive has failed without reasonable cause
     to devote his Full Time and best efforts to the business of the Company
     and, after notice from the Company of such failure, Executive at any time
     thereafter again so fails; or

          (iv)  the Executive terminates this Agreement for "Good Reason." For
     the purposes of this agreement "Good Reason" for the Executive's
     termination of this Agreement shall exist if (a) the Company breaches a
     material provision of this agreement and such breach is not remedied within
     thirty (30) days following receipt by the Company of notice given by the
     Executive of such breach, or (b) the Company materially alters the title,
     duties or responsibilities of Executive without obtaining prior written
     consent to such change.

                                       2
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     SECTION 4.  Compensation and Benefits.
                 -------------------------

          4.1  Salary and Other Compensation.
               -----------------------------

               (a)  Salary.  Executive shall be paid a salary by the Company at
                    ------
the annual rate of Ninety Two Thousand Dollars ($92,000), which salary shall be
payable bi-weekly in accordance with the payroll payment practices from time to
time adopted by the Company ("Base Salary"). Thereafter, Executive's salary
shall be as determined by the Company.

               (b)  Bonuses.  Executive shall be eligible to participate in the
                    -------
Company's incentive and bonus programs, including, without limitation, any stock
option programs, to the same extent as other senior executive officers of the
Company. The bonus program will provide a scaled structure to the executive,
ranging from 43% to 75% of annual salary based on the obtainment of company
objectives achieved ranging from 80% to 150% of planned annual objectives.
During the next planning quarter, objectives will be further outlined and agreed
upon and used for determination of bonus eligibility.

               (c)  Stock Options.  In addition, as an inducement to Executive
                    -------------
to enter into and remain in the employ of the Company during the Term, the
Company shall issue to Executive options to purchase Three Hundred Fifty
Thousand (350,000) shares of Common Stock at an exercise price of One Dollar
($1.00) per share. The options to be issued pursuant to this Section 4.1(c)
shall be issued pursuant to stock option plan to be approved by the Board of
Directors and are restricted in accordance with rule 144F, and shall vest at the
rate of 175,000 shares on March 1, 2001 and 175,000 shares shall vest on March
1, 2002. If no other stock option plan exists at the time any of the optioned
shares have vested, Executive shall be able to exercise such options at his
discretion with no restrictions or limitations.

          4.2  Insurance.
               ---------

               (a)  Life and Other Insurance.  The Company shall, at its
                    ------------------------
expense, provide or arrange for and keep in effect, during the term of
Executive's employment hereunder, so long as he is insurable, such group term
life insurance, travel accident, accidental death and dismemberment insurance
and long-and short-term disability insurance, or their equivalents, as is
provided from time to time for other senior executive officers of the Company.

               (b)  Medical Insurance.  During the term of Executive's
                    -----------------
employment hereunder, the Company shall, at its expense, provide or arrange for
and keep in effect, hospitalization, major medical and similar medical and
health insurance for Executive and his family, to the same extent as is provided
from time to time for other senior executive officers of the Company.

                                       3
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          4.3  Vacation.  Executive shall be entitled to the same number of days
               --------
of paid vacation during each year of his employment hereunder as is allowed to
other senior executive officers of the Company, but in no event less than two
(2) weeks of paid vacation per year.

          4.4  Retirement Benefits.  During the term of his employment
               -------------------
hereunder, Executive shall have the same right as other senior executive
officers of the Company to participate in all profit sharing, pension and other
retirement plans as are now, or as may hereafter be, established by the Company.

          4.5  Out-of-Pocket Expenses.  The Company shall reimburse Executive
               ----------------------
for all reasonable out-of-pocket expenses incurred by Executive in connection
with the performance of his duties hereunder upon presentation of appropriate
vouchers therefor.

     SECTION 5.  Termination.
                 -----------

          (a)  Notice of Termination.  Any termination of Executive's employment
               ---------------------
by the Company or by Executive (other than termination for death pursuant to
subparagraph (i) of Section 3) shall be communicated by written Notice of
Termination to the other party hereto. For purposes of this Agreement, a "Notice
of Termination" shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of Executive's employment under the provision so indicated.

          (c)  Date of Termination.  "Date of Termination" shall mean (i) if
               -------------------
Executive's employment is terminated by his death, the date of his death, (ii)
if Executive's employment is terminated for Total Disability pursuant to
subparagraph (i) of Section 3 hereof, thirty (30) days after Notice of
Termination is given (provided that Executive shall not have returned to the
performance of his duties on a full-time basis during such thirty (30) day
period), (iii) if Executive's employment is terminated for Cause pursuant to
subparagraph (iii) of Section 3 hereof, the date specified in the Notice of
Termination, and (iv) if Executive's employment is terminated for any other
reason, the date on which a Notice of Termination is given; provided, however,
                                                            --------  -------
that, in all instances, if within thirty (30) days after any Notice of
Termination is given, the party receiving such Notice of Termination notifies
the other party that a dispute exists concerning the termination, the Date of
Termination shall be the date on which the dispute is finally determined, either
by mutual written agreement of the parties, by a final judgment order or decree
of a court of competent jurisdiction (the time for appeal therefrom having
expired and no appeal having been perfected).

          (d)  Exclusive Provisions.  Executive may not be terminated by the
               --------------------
Company and Executive may not terminate his employment hereunder except as
provided in this Section 5.

                                       4
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     SECTION 6.  Compensation Upon Termination or During Disability.
                 --------------------------------------------------

          (a)  In the Event of Death.  If Executive's employment shall be
               ---------------------
terminated by reason of his death, the Company shall pay to such person as his
shall designate in a notice filed with the Company, or, if no such person shall
be designated, to his estate as a lump sum death benefit, the amount of his
accrued but unpaid full Base Salary to the date of his death and any other
benefits payable hereunder, such as un-reimbursed relocation and out-of-pocket
expenses, such payments to be in addition to any payments Executive's spouse,
beneficiaries or estate may be entitled to receive pursuant to any pension or
executive benefit plan or life insurance policy presently maintained by the
Company, and such payments shall fully discharge the Company's obligations
hereunder. All stock options granted to the executive from and after the date
hereof shall become vested and immediately exercisable as of the date of
Executive's death in accordance with the plan or plans pursuant to which such
options are to be issued. If no stock option plan exists at the time of
Executive's death, Executive's beneficiaries or the estate shall be able to
exercise any such options within eighteen (18) months of the date of Executive's
death.

          (b)  In the Event of Physical or Mental Illness.  During any period
               ------------------------------------------
that Executive fails to perform his duties hereunder as a result of incapacity
due to physical or mental illness, Executive shall continue to receive his full
Base Salary and bonus payments until Executive's employment is terminated for
Total Disability pursuant to subparagraph (i) of Section 3 hereof. After
termination, Executive shall be paid his Base Salary at the rate in effect at
the time Notice of Termination is given less, in each case, any disability
payments otherwise payable by or pursuant to plans provided by the Company and
actually paid to Executive in substantially equal monthly installments over the
remaining term hereof, and other benefits payable hereunder, such as un-
reimbursed relocation and out-of-pocket expenses, and the Company shall have no
further obligations to Executive under this Agreement. All stock options granted
to the executive from and after the date hereof shall become vested and
immediately exercisable as of the date of the Notice of Termination given in
respect of Total Disability in accordance with the plan or plans pursuant to
which such options are to be issued. If no stock option plan exists at the time
of termination, executive shall be able to exercise such options within six (6)
months of the date of the Notice of Termination.

          (c)  Cause.  If Executive's employment shall be terminated for Cause,
               -----
the Company shall pay Executive the amount of his accrued but unpaid Base Salary
through the Date of Termination at the rate in effect at the time Notice of
Termination is given and the Company shall have no further obligations to
Executive under this Agreement. If Executive's employment shall be terminated
for Cause within the first twelve (12) months of employment, the Executive shall
reimburse the Company in full for all relocation expenses paid or reimbursed by
the Company pursuant to Section 2(b) of this Agreement and the Swing Loan, if
then outstanding

                                       5
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          (d)  Wrongful Termination.  If in breach of this Agreement, the
               --------------------
Company shall terminate Executive's employment other than in the manner allowed
pursuant to Section 3 hereof (a purported termination pursuant to Section 3
hereof which is disputed and finally determined not to have been proper shall be
a termination by the Company in breach of this Agreement), or if Executive
terminates this Agreement for Good Reason, then:

          (i)    the Company shall pay Executive his full Base Salary and any
other benefits payable hereunder, such as un-reimbursed relocation or out-of-
pocket expenses, through the Date of Termination at the rate in effect at the
time Notice of Termination is given;

          (ii)   the company shall continue to reimburse Executive for
relocation expenses in accordance with Section 2(b) hereof;

          (iii)  in lieu of any further salary payments to Executive for periods
subsequent to the Date of Termination, the Company shall pay as severance pay to
Executive an amount equal to twenty-five percent (25%) of the sum of (i) the
annual Base Salary at the highest rate in effect during the twelve (12) months
immediately preceding the Date of Termination and (ii) the highest annual bonus
payments paid or accrued pursuant to this Agreement, with such amount being paid
to Executive in substantially equal monthly installments for a three (3) month
period following the Date of Termination; and

          (iv)   all stock options granted to the Executive hereunder and from
and after the date hereof shall become vested and immediately exercisable in
accordance with the plans or plans pursuant to which such options are to be
issued. If no stock option plan exists at the time of such termination,
Executive shall be able to exercise such options at his discretion within six
(6) months of the date of termination of his employment.

          (e)    Voluntary Termination by Executive.  If Executive terminates
                 ----------------------------------
his employment with the Company voluntarily, then:

          (i)   the Company shall pay Executive his full Base Salary through the
Date of Termination at the rate in effect at the time Notice of Termination is
given;

          (ii)  all unvested options granted shall terminate and vested options
may be exercised in accordance with the terms of the plan or plans pursuant to
which such options are to be issued; and

          (iii) if Executive voluntarily terminates his employment with the
Company prior to the first anniversary of the date hereof, the Executive shall
reimburse the Company in full for all relocation expenses paid or reimbursed by
the Company pursuant to Section 2(b) of this Agreement and the Swing Loan, if
then outstanding.

                                       6
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          (f)  Mitigation.  Executive shall not be required to mitigate the
               ----------
amount of any payment provided for in this Section 6 by seeking other employment
or otherwise, nor shall the amount of any payment provided for in this Section 6
be reduced by any compensation earned by Executive as the result of employment
by another employer after the Date of Termination.

     SECTION 7.  Successors; Binding Agreement.
                 -----------------------------

          (a)  Successor Companies.  The Company shall require any successor
               -------------------
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business and/or assets of the Company, by
agreement in form and substance reasonably satisfactory to Executive, to
expressly assume and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform it if no such
succession had taken place. Failure of the Company to obtain such agreement
prior to the effectiveness of any such succession shall be a breach of this
Agreement and shall entitle Executive to compensation from the Company in the
same amount and on the same terms as he would be entitled to hereunder if he
terminated his employment for Good Reason as set forth in Section 3(iv), except
that for purposes of implementing the foregoing, the date on which any such
succession becomes effective shall be deemed the Date of Termination. 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 executes and
delivers the Agreement provided for in this Section 7(a) or which otherwise
becomes bound by all the terms and provisions of this Agreement by operation of
law.

          (b)  Executive's Estate and Heirs.  This Agreement and all rights of
               ----------------------------
Executive hereunder shall inure to the benefit of and be enforceable by
Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If Executive should die
while any amounts would still be payable to his hereunder if he had continued to
live, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to Executive's devisee, legatee, or
other designee or, if there be no such designee, to Executive's estate.

     SECTION 8.  Restrictive Covenants.
                 ---------------------

          (a)  The Executive acknowledges that (i) the covenants herein are
necessary to protect the goodwill and other value of the Company; (ii) at the
Effective Date the Company will have bargained and paid adequate and sufficient
consideration for the restrictive covenants herein; and (iii) the Company is
employing the Executive in reliance on the covenants of this Section 8 in view
of the unique and essential nature of the services the Executive is to perform
hereunder and the irreparable injury that would befall the Company should the
Executive breach such covenants.

                                       7
<PAGE>

          (b)  The Executive further acknowledges that his services hereunder
are of a special, unique and extraordinary character and that his position with
the Company will place his in a position of confidence and trust with the
customers and executives of the Company and allow his access to Confidential
Information (as hereinafter defined).

          (c)  The Executive further acknowledges that the type and periods of
restrictions imposed by the covenants in this Section 8 are fair and reasonable
and that such restrictions will not prevent the Executive from earning a
livelihood.

          (d)  The Executive further acknowledges that, as of the Effective Date
(i) the Company is engaged in the Scope of Business; (ii) the Company conducts
its business activity in and throughout the Area (as hereinafter defined); and
(iii) Competing Businesses (as hereinafter defined) are engaged in businesses
like and similar to the business of the Company.

          (e)  Having acknowledged the foregoing, the Executive covenants and
agrees with the Company that he will not, directly or indirectly:

          (i)   while he is in the Company's employ and after the termination of
          his employment for any reason whatsoever (whether voluntarily or
          involuntarily), disclose, use or otherwise exploit, except as may be
          necessary in the performance of his duties hereunder, any Confidential
          Information disclosed to the Executive or of which the Executive
          became aware by reason of his employment with the Company;

          (ii)  while he is in the Company's employ and through the period
          ending one (1) year after the termination of his employment for any
          reason whatsoever (whether voluntarily or involuntarily), employ or
          attempt to employ or assist anyone else in employing in any Competing
          Business in the Area any managerial or executive of the Company
          (whether or not such employment is full time or is pursuant to a
          written contract with the Company); and

          (iii) while he is in the Company's employ and through the period
          ending one (1) year after the termination of his employment (whether
          voluntarily or involuntarily) for any reason whatsoever, except for
          (a) termination by the Company without cause or (b) termination by the
          Executive for "good reason" or (c) expiration of the Term, engage in
          or render any services to or be employed by any Competing Business in
          the Area in a capacity substantially similar to the capacity in which
          Executive is employed by the Company hereunder, whether as a director,
          officer, shareholder, owner, executive or as a consultant (other than
          as the owner of less than five (5%) percent of the shares of a
          publicly-owned corporation whose shares are

                                       8
<PAGE>

          traded on a national securities exchange or on the NASDAQ National
          Market System).

          (f)  The Executive agrees that upon the termination of his employment
for any reason whatsoever (whether voluntarily or involuntarily), he will not
take with him or retain without written authorization, and he will promptly
deliver to the Company, originals and all copies of all papers, files or other
documents containing any Confidential Information and all other property
belonging to the Company and in his possession or under his control.

          (g)  For purposes of this Section 8, the term (a) "Area" means any
state within the United States of America within which the Company is operating;
(b) "Competing Business" means the Scope of Business or such other line of
business in which the Company is actively engaged at the Date of Termination;
and (c) "Confidential Information" means any and all data, knowledge and
information relating to the business of the Company (whether or not constituting
a trade secret) that is, has been or will be obtained by or disclosed to the
Executive or of which the Executive became or becomes aware as a consequence of
or through his relationship with the Company and that has value to the Company
and is not generally known by its competitors, provided, however, that no
                                               --------  -------
information will be deemed confidential unless it is known to the Executive to
be confidential information or has been reduced to writing and marked clearly
and conspicuously as confidential information. Confidential Information shall
not include any data or information that has been voluntarily disclosed to the
public by the Company (except where such public disclosure has been made without
authorization by the Company), or that has been independently developed and
disclosed by others, or that otherwise enters the public domain through lawful
means. Confidential Information includes, but is not limited to, information
relating to the Company's financial affairs, processes, services, customers,
Executive or executives, compensation, research, development, purchasing,
accounting or marketing.

          (h)  The Executive acknowledges that irreparable loss and injury would
result to the Company upon the breach of any of the covenants contained in this
Section 8 and that damages arising out of such breach would be difficult to
ascertain. The Executive hereby agrees that, in addition to all other remedies
provided at law or in equity, the Company may petition and obtain from a court
of law or equity both temporary and permanent injunctive relief to prevent a
breach by the Executive of any covenant contained in this Section 8. The parties
hereto agree that all references to the Company in this Section 8 shall include,
unless the context otherwise requires, all subsidiaries (if any) of the Company.

     SECTION 9.  Miscellaneous.
                 -------------

     9.1  Confidentiality.
          ---------------

                                       9
<PAGE>

          (a)  Executive recognizes and acknowledges that in the course of his
employment with the Company, as contemplated by this Agreement, and as a result
of the position of trust that he will hold under this Agreement, he will obtain
private and confidential information and proprietary data relating to the
Company, including, without limitation, financial information, product and
design information, marketing information, customer lists and other data that
are valuable assets and property rights of the Company (collectively referred to
as "Confidential Information").  Executive agrees that he will not, during the
term of this Agreement or any time after the termination of this Agreement,
either directly or indirectly, disclose or use any Confidential Information
acquired during his employment with the Company, unless (i) the Confidential
Information has been made public through no action or fault of the Executive, or
(ii) its disclosure is requested or compelled by applicable law or regulatory
agency.  Executive further agrees that after the termination of this Agreement,
or at such other time as the Company requests, Executive will return to the
Company all documents, papers and records constituting Confidential Information,
and all copies of same in Executive's possession and control.

          (b)  Executive acknowledges that irreparable loss and injury would
result to the Company upon the breach of any of the covenants contained in this
Section 9.1 and that damages arising out of such breach would be difficult to
ascertain. Executive agrees that, in addition to all other remedies provided at
law or at equity, the Company may petition and obtain from a court of law or
equity both temporary and permanent injunctive relief to prevent a breach by
Executive of any covenant contained in this Section 9.1.

          9.2  Binding Effect.  This Agreement shall inure to the benefit of and
               --------------
shall be binding upon Executive, his executor, administrator, heirs, personal
representatives and assigns, and upon the Company and its successors and
assigns; provided, however, that the obligations and duties of Executive may not
         --------  -------
be assigned or delegated.

          9.3  Governing Law.  This Agreement shall be deemed to be made in, and
               -------------
in all respects shall be interpreted, construed and governed by and in
accordance with, the laws of the State of Georgia, without giving effect to
principles of conflicts of laws.

          9.4  Invalid Provisions.  The parties herein hereby agree that the
               ------------------
agreements, provisions and covenants contained in this Agreement are severable
and divisible, that none of such agreements, provisions or covenants depends
upon any other provision, agreement or covenant for its enforceability, and that
each such agreement, provision and covenants constitutes an enforceable
obligation between the Company and Executive. Consequently, the parties hereto
agree that neither the invalidity nor the unenforceability of any agreement,
provision or covenant of this Agreement shall affect the other agreements,
provisions or covenants hereof, and this Agreement shall remain in full force
and effect and be construed in all respects as if such invalid or unenforceable
agreement, provision or covenant were omitted.

                                       10
<PAGE>

          9.5  Headings.  The section and paragraph headings contained in this
               --------
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

          9.6  Notices.  All communications provided for hereunder shall be in
               -------
writing and shall be deemed to be given when delivered in person or deposited in
the United States mail, first class, registered mail, return receipt requested,
with proper postage prepaid, and

               (a)  If to Executive, addressed to:

                    Joseph Buck
                    1009 Radcliff Avenue
                    Kingsport, Tennessee 37664

               (b)  If to the Company, addressed to:

                    Grace Development, Inc.
                    1690 Chantilly Drive
                    Atlanta, Georgia 30324
                    Attention:  Chief Executive Officer

or at such other place or places or to such other person or persons as shall be
designated in writing by the parties hereto in the manner provided above for
notices.

          9.7  Counterparts.  This Agreement may be executed in one or more
               ------------
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

          9.8  Waiver of Breach.  The waiver by the Company of a breach of any
               ----------------
provision, agreement or covenant of this Agreement by Executive shall not
operate or be construed as a waiver of any prior or subsequent breach of the
same or any other provision, agreement or covenant by Executive.

          9.9  Entire Agreement.  This Agreement is intended by the parties
               ----------------
hereto to be the final expression of their agreement with respect to the subject
matter hereof and is the complete and exclusive statement thereof
notwithstanding any representation or statements to the contrary heretofore
made. This Agreement may be modified only by a written instrument signed by each
of the parties hereto.

                                       11
<PAGE>

     IN WITNESS WHEREOF, Executive has executed this Agreement, and the Company
has caused this Agreement to be duly executed by its duly authorized officers
and has caused its proper corporate seal to be affixed hereto, and the parties
have caused this Agreement to be delivered, all on the day and year first
written above.

                                        /s/ Joseph Buck
                                        ---------------------------------------
                                        JOSEPH BUCK

                                        GRACE DEVELOPMENT, INC.

                                        By:  /s/ James Blanchard
                                             ----------------------------------
                                              Its: President
                                                 ------------------------------

                                       12<PAGE>

                                                                   EXHIBIT 10.11

                        EXECUTIVE EMPLOYMENT AGREEMENT
                        ------------------------------

     THIS EXECUTIVE EMPLOYMENT AGREEMENT (the "Agreement") is made and entered
into as of February 1, 2000 between GRACE DEVELOPMENT, INC., a Colorado
corporation (the "Company"), and BENJAMIN FRANKLIN HOLCOMB (the "Executive"), an
individual resident of the State of Georgia.

                             W I T N E S S E T H:
                             - - - - - - - - - -

     WHEREAS, Company wishes to employ Executive as its Chairman of the Board
and Chief Executive Officer, and Executive wishes to serve in such position, on
the terms and conditions set forth herein;

     WHEREAS, Executive desires to be assured of a secure minimum compensation
from Company for his services over a defined term;

     WHEREAS, Company desires to assure the continued services of Executive on
behalf of Company on an objective and impartial basis and without distraction or
conflict of interest in the event of an attempt by any person to obtain control
of Company;

     WHEREAS, the Company recognizes that when faced with a proposal for a
change of control of the Company, Executive will have a significant role in
helping the Company's Board of Directors (the "Board") assess the options and
advising the Board on what is in the best interests of the Company and its
stockholders, and it is necessary for Executive to be able to provide this
advice and counsel without being influenced by the uncertainties of his own
situation;

     WHEREAS, Company desires to provide fair and reasonable benefits to
Executive on the terms and subject to the conditions set forth in this
Agreement; and

     WHEREAS, Company desires reasonable protection of its confidential business
and customer information which it has developed at substantial expense and
assurance that Executive will not compete with Company for a reasonable period
of time after termination of his employment with Company, except as otherwise
provided herein.

     NOW, THEREFORE, in consideration of the premises and of the promises and
agreements hereinafter set forth, the parties hereto, intending to be legally
bound, do hereby agree as follows:

     1.   Term.  The term (the "Term") of this Agreement shall begin on the date
          ----
that the Company's board of directors shall have approved and ratified this
Agreement and shall have elected Executive a member and Chairman of the
Company's board of directors and as Chief Executive Officer of the Company (the
"Effective Date") and shall continue in effect for a period of two (2) years
from the Effective Date (the "Initial Term"); provided, however, the Term shall
                                              --------  -------
be reset automatically for two-year period (each an "Additional Term") on each
anniversary of
<PAGE>

the Effective Date unless either party hereto gives written notice to the other
party not to so extend at least ninety (90) days prior thereto, in which case no
further extension shall occur; provided further, however, that notwithstanding
                               ----------------  -------
any such notice by the Company not to extend, the Term shall not expire prior to
the expiration of twenty-four (24) months after the occurrence of a Change in
Control (as hereinafter defined).

     2.   Employment and Duties.  The Executive shall serve as the Chairman of
          ---------------------
the Company's board of directors, and Chief Executive Officer (CEO) of the
Company, reporting only to the board, and shall have such powers and duties as
may from time to time be prescribed by the board, provided that such duties are
                                                  --------
consistent with the Executive's position as a senior executive of the Company.
The Company shall provide the Executive with a private office, secretarial and
administrative assistance, office equipment, supplies and other facilities and
services suitable to the Executive's position.

     3.   Salary.  For all services to be rendered by the Executive pursuant to
          ------
this Agreement, the Company hereby agrees to pay the Executive a base salary
(the "Base Salary") at an annual rate of $240,000.00 per year during the first
year of the Initial Term and $295,000 during the second year of the Initial
Term, payable in accordance with the Company's payroll practices in effect from
time to time, and at a rate set by the compensation committee of the Company's
board of directors for any Additional Term. Any increase in Base Salary or other
compensation granted by the compensation committee of the Company's board of
directors shall in no way limit or reduce any other obligation of the Company
hereunder. Once established at an increased specified rate, the Base Salary
hereunder shall not thereafter be reduced, and the term Base Salary used in this
Agreement shall refer to the Base Salary as so increased.

     4.   Bonus and Special Option Award.
          ------------------------------

     (a)  In addition to his Base Salary, upon completion of the first year of
the Initial Term, Executive shall receive (i) a special bonus equal to
$240,000.00, payable on the first anniversary of Executive's employment with the
Company; and (ii) if Executive achieves each of the performance objectives set
by the board of directors within the first year of the Initial Term, the Company
will pay to Executive an incentive bonus as determined by the Board of Directors
that such performance objectives have been met. During the first year of the
Initial Term, the bonus payments to Executive as set forth in Section 4(a)(i)
and (ii) hereof shall be in lieu of his participation in any other incentive
bonus programs, for performance year 2000, that have been or may be established
for other senior executive officers of the Company. Thereafter, in the
discretion of the Company's board of directors, the Executive may be awarded for
each calendar year during the remainder of the Initial Term and any subsequent
Additional Term, an annual bonus (an "Annual Bonus") either pursuant to a bonus
or incentive plan of the Company or otherwise on terms no less favorable than
those awarded to other senior executive officers of the Company.

     (b)  The Company agrees to grant to Executive options to purchase 4,500,000
shares of the common stock, no par value, of the Company at an option exercise
price equal to $.35 per

                                       2
<PAGE>

share (the "Discounted Stock Options"). Such options shall be issued to
Executive pursuant to a plan to be adopted by the Company's board of directors,
and the terms of the grant shall provide, among other things, (i) that 33 1/3%
of the Discounted Stock Options so granted shall vest and become immediately
exercisable on the date of grant and thereafter, 33 1/3% shall vest as of the
last day of each succeeding calendar year following the date of grant until all
such options shall be fully vested; (ii) the Discounted Stock Options may be
exercised, once vested, up to ten years following the date of grant and (iii)
will be adjusted for splits and stock dividends as appropriate. Executive
acknowledges and agrees that the Discounted Stock Options to be granted pursuant
hereto are in lieu of any other stock option or stock incentive plans or
programs that may be granted or extended to other executive officers of the
Company during the Initial Term. In the event the executive is required, by the
IRS, to pay taxes prior to the executive exercising the options, the Company
will loan the executive an amount equal to assessed tax, at favorable rates,
until such time as the executive exercises these options. This loan will be
repaid pro rata as options are exercised. It also agreed that the stock related
to these options shall be registered for general trading at the first available
opportunity but in any case not later than other existing shareholders with
similarly restricted stock.

  5.  Benefits.  The Executive shall be entitled to all benefits and conditions
      --------
of employment provided by the Company to its executive officers, including,
without limitation, insurance, participation in the Company's vacation policy,
and participation in (except during the Initial terms as described in Section 4
hereof) any stock option or incentive compensation plans, pension, profit
sharing or other retirement plans, subject (in each case) to the terms of such
plans and any provisions, rules, regulations and laws applicable to such plans.

  6.  Reimbursement for Business Expenses.  The Executive shall be reimbursed
      -----------------------------------
for all reasonable out-of-pocket business expenses incurred by him in the direct
performance of his duties during his employment with the Company pursuant to the
terms of this Agreement and in accordance with the Company's policies in effect
from time to time.

  7.  Performance.  The Executive shall devote all of his working time and
      -----------
efforts to the business and affairs of the Company and to the diligent, faithful
and competent performance of the duties and responsibilities assigned to him
pursuant to this Agreement, except for vacations, weekends and holidays.
Notwithstanding the foregoing, the Executive may render charitable, civic and
outside board services so long as such services do not materially interfere with
the Executive's ability to discharge his duties, including, without limitation,
such outside services as the Executive is currently performing.

  8.  Non-Disclosure of Proprietary Information; Non-Competition; Non-
      ---------------------------------------------------------------
Solicitation.
------------

          8.1.  Confidential Information; Trade Secrets.  As used in this
                ---------------------------------------
      Agreement, the term "Confidential Information" shall mean valuable, non-
      public, competitively sensitive data and information relating to the
      Company's business or the business of any entity affiliated with the
      Company, other than Trade Secrets

                                       3
<PAGE>

      (as defined below). "Confidential Information" shall include, among other
      things, information specifically designated as a Trade Secret that is,
      notwithstanding the designation, determined by a court of competent
      jurisdiction not to be a "trade secret" under applicable law. As used in
      this Agreement, the term "Trade Secrets" shall mean information or data of
      or about the Company or any entity affiliated with the Company, including,
      without limitation, technical or non-technical data, formulas, patterns,
      compilations, programs, devices, methods, techniques, drawings, processes,
      financial data, financial plans, product plans, or lists of actual or
      potential customers or suppliers, that (i) derive economic value, actual
      or potential, from not being generally known to, and not being readily
      ascertainable by proper means by, other persons who can obtain economic
      value from their disclosure or use; and (ii) are subject of efforts that
      are reasonable under the circumstances to maintain their secrecy. To the
      extent that the foregoing definition is inconsistent with a definition of
      "trade secret" under applicable law, the foregoing definition shall be
      deemed amended to the extent necessary to render it consistent with
      applicable law.

          8.2.  Non-Disclosure.  The Executive will be exposed to Trade Secrets
                --------------
      and Confidential Information as a result of his employment by the Company
      as provided in this Agreement. The Executive acknowledges and agrees that
      any unauthorized disclosure or use of any of the Trade Secrets or
      Confidential Information of the Company would be wrongful and would likely
      result in immediate and irreparable injury to the Company. In
      consideration of the Executive's right to employment (or continued
      employment) under the terms of this Agreement, except as appropriate in
      connection with the performance of his obligations under this Agreement,
      the Executive shall not, without the express prior written consent of an
      officer of the Company other than the Executive, redistribute, market,
      publish, disclose or divulge to any other person or entity, or use or
      modify for use, directly or indirectly, in any way for any person or
      entity (i) any Confidential Information during the Term of this Agreement
      and for a period of two (2) years after the final date of the Term of this
      Agreement; and (ii) any Trade Secrets at any time (during or after the
      Term of this Agreement) during which such information or data shall
      continue to constitute a "trade secret" under applicable law. The
      Executive agrees to cooperate with any reasonable confidentiality
      requirements of the Company. The Executive shall immediately notify the
      Company of any unauthorized disclosure or use of any Trade Secrets or
      Confidential Information of which the Executive becomes aware. Such
      confidential information may be disclosed as required by a court of law
      without written authorization as noted above. In addition, information
      which at one time might have been considered confidential but becomes
      known in the public domain will no longer be considered confidential or a
      trade secret.

          8.3.  Non-Competition.  The Executive shall not, either directly or
                ---------------
      indirectly, alone or in partnership, be connected or concerned with or
      participate

                                       4
<PAGE>

          in any other competing business or pursuit during any employment by
          the Company, except that the Executive may own up to three percent of
          the outstanding securities of a competing business the securities of
          which are registered with the Securities and Exchange Commission if
          such company is subject to the periodic reporting requirements of the
          Securities Exchange Act of 1934, as amended (the "1934 Act").

               8.4.  Non-Solicitation.  For a period of one (1) year immediately
                     ----------------
          following any termination of the Executive's employment, the Executive
          will not solicit, or participate in any solicitation of, the
          customers, suppliers, Executives or representatives of the Company (or
          any of its subsidiaries or affiliated companies) to breach any
          contract with the Company, terminate any relationship with the Company
          or leave the Company. For purposes of this Agreement, customers shall
          be limited to actual customers or actively-sought prospective
          customers of the Company or any subsidiary or affiliate of the Company
          with whom the Executive has had substantial contact during the Term of
          this Agreement.

     9.   Certain Definitions.
          -------------------

               9.1.  Accrued Compensation.  For purposes of this Agreement,
                     --------------------
          "Accrued Compensation" shall mean an amount which shall include all
          amounts earned or accrued through the "Termination Date" (as
          hereinafter defined) but not paid as of the Termination Date,
          including, without limitation, (i) Base Salary, (ii) reimbursement for
          reasonable and necessary expenses incurred by the Executive on behalf
          of the Company during the period ending on the Termination Date, (iii)
          vacation pay, (iv) bonuses, including, without limitation, any Annual
          Bonus, and incentive compensation, and (v) all other amounts to which
          the Executive is entitled under any compensation plan of the Company
          at the times such payments are due.

               9.2.  Base Amount.  For purposes of this Agreement, "Base Amount"
                     -----------
          shall mean the Executive's annual Base Salary at the highest rate in
          effect on, or at any time during the ninety (90) day period prior to,
          the Termination Date and shall include all amounts of the Executive's
          Base Salary that are deferred under any qualified and non-qualified
          Executive benefit plans of the Company or any other agreement or
          arrangement.

               9.3.  Cause.  For purposes of this Agreement, a termination of
                     -----
          employment is for "Cause" if the Executive has been convicted of a
          felony or a felony prosecution has been brought against the Executive
          or if the termination is evidenced by a resolution adopted in good
          faith by two-thirds (2/3) of the Company's board of directors that the
          Executive (i) intentionally and continually failed substantially to
          perform his reasonably assigned duties with the Company (other than a
          failure resulting from the Executive's incapacity due to physical or

                                       5
<PAGE>

          mental illness or from the Executive's assignment of duties that would
          constitute "Good Reason" (as hereinafter defined)) which failure
          continued for a period of at least thirty (30) days after a written
          notice of demand for substantial performance has been delivered to the
          Executive specifying the manner in which the Executive has failed
          substantially to perform, or (ii) intentionally engaged in illegal
          conduct or gross misconduct which results in material economic harm to
          the Company; provided, however, that no termination of the Executive's
                       --------  -------
          employment shall be for Cause as set forth in clause (ii) above until
          (x) there shall have been delivered to the Executive a copy of a
          written notice setting forth that the Executive was guilty of the
          conduct set forth in clause (ii) and specifying the particulars
          thereof in detail, and (y) the Executive shall have been provided an
          opportunity to be heard in person by the Company's board of directors
          (with the assistance of the Executive's counsel if the Executive so
          desires).  Any termination of the Executive's employment by the
          Company hereunder shall be deemed to be a termination other than for
          Cause unless it meets all requirements of this Section 9.3.

               9.4.  Change in Control.  For purposes of this Agreement, a
                     -----------------
          "Change in Control" shall have occurred if:

               (i)   a majority of the directors of the Company shall be persons
          other than persons: (A) for whose election proxies shall have been
          solicited by the Company's board of directors, or (B) who are then
          serving as directors appointed by the Company's board of directors to
          fill vacancies on the board of directors caused by death or
          resignation (but not by removal) or to fill newly-created
          directorships;

               (ii)  a majority of the outstanding voting power of the Company
          shall have been acquired or beneficially owned (as defined in Rule
          13d-3 under the 1934 Act or any successor rule thereto) by any person
          (other than the Company, a subsidiary of the Company, an affiliate of
          the Company or the Executive) or Group (as defined below), which Group
          does not include the Executive; or

                                       6
<PAGE>

               (iii) there shall have occurred:

                    (A)  a merger or consolidation of the Company with or into
               another corporation (other than (1) a merger or consolidation
               with a subsidiary of the Company or (2) a merger or consolidation
               in which (a) the holders of voting stock of the Company
               immediately prior to the merger as a class continue to hold
               immediately after the merger at least a majority of all
               outstanding voting power of the surviving or resulting
               corporation or its parent and (b) all holders of each outstanding
               class or series of voting stock of the Company immediately prior
               to the merger or consolidation have the right to receive
               substantially the same cash, securities or other property in
               exchange for their voting stock of the Company as all other
               holders of such class or series);

                    (B)  a statutory exchange of shares of one or more classes
               or series of outstanding voting stock of the Company for cash,
               securities or other property;

                    (C)  the sale or other disposition of all or substantially
               all of the assets of the Company (in one transaction or a series
               of transactions); or

                    (D)  the liquidation or dissolution of the Company;

          unless more than twenty-five percent (25%) of the voting stock (or the
          voting equity interest) of the surviving corporation or the
          corporation or other entity acquiring all or substantially all of the
          assets of the Company (in the case of a merger, consolidation or
          disposition of assets) or of the Company or its resulting parent
          corporation (in the case of a statutory share exchange) is
          beneficially owned by the Executive or a Group that includes the
          Executive.

          9.5.  Group.  For purposes of this Agreement, "Group" shall mean any
                -----
two or more persons acting as a partnership, limited partnership, syndicate, or
other group acting in concert for the purpose of acquiring, holding or disposing
of voting stock of the Company.

          9.6.  Disability.  For purposes of this Agreement, "Disability" shall
                ----------
mean a physical or mental infirmity which impairs or is likely to impair the
Executive's ability to substantially perform his duties with the Company for a
period of one hundred eighty (180) consecutive days and the Executive has not
returned to his full time employment prior to the Termination Date as stated in
the "Notice of Termination" (as hereinafter defined).

          9.7.  Good Reason.
                -----------

                  9.7.1.  For purposes of this Agreement, "Good Reason" shall
          mean a good faith determination by the Executive, in the Executive's
          sole and absolute

                                       7
<PAGE>

          judgment, that any one or more of the following events has occurred,
          without the Executive's express written consent:

                    (i)    the assignment to the Executive of any duties
               inconsistent with the Executive's position (including, without
               limitation, status, titles and reporting requirements),
               authority, duties or responsibilities as in effect immediately
               prior to the date hereof, or any other action by the Company that
               results in a material diminution in such position, authority,
               duties or responsibilities, excluding for this purpose isolated
               and inadvertent action not taken in bad faith and remedied by the
               Company promptly after receipt of notice thereof given by the
               Executive;

                    (ii)   a reduction by the Company in the Executive's Base
               Salary, as the same may be increased from time to time;

                    (iii)  any failure to pay the Executive any compensation or
               benefits to which he is entitled within five (5) days of the date
               due;

                    (iv)   the Company's requiring the Executive to be based
               anywhere other than within fifty (50) miles of the Executive's
               job location as of the date hereof, except for reasonably
               required travel on the Company's business which is not greater
               than such travel requirements prior to the date hereof;

                    (v)    the taking of any action by the Company that would
               materially adversely affect the physical conditions existing in
               or under which the Executive performs his employment duties;

                    (vi)   the insolvency or the filing (by any party, including
               the Company) of a petition for bankruptcy by the Company;

                    (vii)  any purported termination of the Executive's
               employment for Cause by the Company which does not comply with
               the terms of Section 9.3 hereof; or

                    (viii) any breach by the Company of any provision of this
               Agreement.

                    9.7.2.  The Executive's right to terminate his employment
          pursuant to this Section 9 shall not be affected by his incapacity due
          to physical or mental illness.

                                       8
<PAGE>

          9.8.  Notice of Termination.  For purposes of this Agreement, "Notice
                ---------------------
of Termination" shall mean a written notice of termination from the Company of
the Executive's employment which indicates the specific termination provision in
this Agreement relied upon and which sets forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination of the Executive's
employment under the provision so indicated.

          9.9.  Termination Date.  For purposes of this Agreement, "Termination
                ----------------
Date" shall mean, in the case of the Executive's death, his date of death, in
the case of the Executive's voluntary termination, the last day of employment,
and in all other cases (other than in the case of a successor or an assignee,
which is provided for in Section 12.1 hereof), the date specified in the Notice
of Termination; provided, however, that if the Executive's employment is
                --------  -------
terminated by the Company for Cause or due to Disability, the date specified in
the Notice of Termination shall be at least thirty (30) days from the date the
Notice of Termination is given to the Executive; and provided further that in
                                                     -------- -------
the case of Disability the Executive shall not have returned to the full-time
performance of his duties during such period of at least thirty (30) days.

10.  Benefits and Payments Upon Termination of Employment.
     ----------------------------------------------------

               10.1.  Compensation and Benefits.  If, during the term of this
                      -------------------------
          Agreement, the Executive's employment with the Company shall be
          terminated, the Executive shall be entitled to the following
          compensation and benefits in the following circumstances:

               (i)  If the Executive's employment with the Company shall be
          terminated by the Company for Cause or pursuant to Section 11.3
          hereof, then the Company shall pay to the Executive all Accrued
          Compensation.

               (ii) If the Executive's employment with the Company shall be
          terminated by the Company due to Disability or by reason of the
          Executive's death, then the Company shall pay to the Executive all
          Accrued Compensation and the restrictions on any outstanding incentive
          awards (including, without limitation, restricted stock and granted
          performance shares or units) under any incentive plan or arrangement
          shall lapse and such incentive award shall become 100% vested, all
          stock options, warrants and stock appreciation rights granted to the
          Executive on or prior to the date of this Agreement shall become
          immediately exercisable and 100% vested and, notwithstanding anything
          to the contrary contained in the plan, agreement or other instrument
          relating to such stock option, warrant or stock appreciation rights
          with regard to the period of time within which such stock option,
          warrant or stock appreciation rights must be exercised following the
          Executive's termination of employment or provision of services to the
          Company, all such stock options, warrants and stock appreciation
          rights may be exercised at any time and from time to time until the
          one (1) year anniversary of the Termination Date, and all performance
          units granted to the Executive shall become 100% vested.

                                       9
<PAGE>

               (iii) If the Executive's employment with the Company shall be
          terminated (A) by the Company pursuant to Section 11.2 hereof or (B)
          by the Executive pursuant to Section 11.4 hereof, then the Executive
          shall be entitled to the following:

                     (1)  the Company shall pay the Executive all Accrued
               Compensation;

                     (2)  the Company shall pay the Executive as severance pay
               and in lieu of any further compensation for periods subsequent to
               the Termination Date an amount in cash equal to two (2) times the
               Base Amount;

                     (3)  for twenty-four (24) months or such longer period as
               may be provided by the terms of the appropriate program, practice
               or policy, the Company shall, at its expense, continue on behalf
               of the Executive and his dependents and beneficiaries the life
               insurance, disability, medical, dental and hospitalization
               benefits generally made available to the Company's executive
               officers at any time during the 90-day period prior to the
               Termination Date or at any time thereafter, provided that the
                                                           --------
               Company's obligation hereunder with respect to the foregoing
               benefits shall be limited to the extent that the Executive
               obtains any such benefits pursuant to a subsequent employer's
               benefit plans, in which case the Company may reduce the coverage
               of any benefits it is required to provide the Executive hereunder
               as long as the aggregate coverage's and benefits of the combined
               benefit plans are no less favorable to the Executive than the
               coverage's and benefits required to be provided hereunder;

                     (4)  the restrictions on any outstanding incentive awards
                          (including, without limitation, restricted stock and
                          granted performance shares or units) under any
                          incentive plan or arrangement shall lapse and such
                          incentive award shall become 100% vested, all stock
                          options, warrants and stock appreciation rights
                          granted to the Executive on or prior to the date of
                          this Agreement shall become immediately exercisable
                          and 100% vested and, notwithstanding anything to the
                          contrary contained in the plan, agreement or other
                          instrument relating to such stock option, warrant or
                          stock appreciation rights with regard to the period of
                          time within which such stock option, warrant or stock
                          appreciation rights must be exercised following the
                          Executive's termination of employment or provision of
                          services to the Company, all such stock options,
                          warrants and stock appreciation rights may be
                          exercised at any time and from time

                                       10
<PAGE>

                          to time until the one (1) year anniversary of the
                          Termination Date, and all performance units granted to
                          the Executive shall become 100% vested; and

                     (5)      Any excise tax incurred by executive by reason of
                          "parachute tax", because of a change in control will
                          be paid by the company as well as any other
                          extraordinary tax isssues occurring because of the
                          similar event:

                     (6)  the Company shall, at its sole expense as
               incurred, provide for a twenty-four (24) month period following
               the Termination Date the Executive with office space and
               secretarial assistance the same as or comparable to that provided
               to the Executive immediately prior to the Termination Date.

               (iv) The amounts provided for in subsection 10.1(i) shall be
          payable to Executive in a lump-sum on the Termination Date. The
          amounts provided for in subsection 10.1(iii) shall be payable to the
          Executive in substantially equal bi-weekly installments for a twenty-
          four (24) month period commending on the Termination Date and
          otherwise in accordance with the Company's payroll practices in effect
          from time to time.

               (v)  The Executive shall not be required to mitigate the amount
          of any payment provided for in this Agreement by seeking other
          employment or otherwise, and no such payment shall be offset or
          reduced by the amount of any compensation or benefits provided to the
          Executive in any subsequent employment, except as provided in
          subsection 10.1(iii)(3).

               10.2.  No Severance.  The severance pay and benefits provided
                      ------------
          for in this Section 10 shall be in lieu of any other severance or
          termination pay to which the Executive may be entitled under any
          Company severance or termination plan, program, practice or
          arrangement.

               10.3.  Other Compensation and Benefits.  The Executive's
                      -------------------------------
          entitlement to any other compensation or benefits shall be determined
          in accordance with the Company's Executive benefit plans and other
          applicable programs, policies and practices then in effect.

     11.  Termination.  The Executive's employment hereunder may be terminated
          -----------
without any breach of this Agreement only in accordance with this Section 11.

                                       11
<PAGE>

                    11.1.  Termination by the Company for Cause.  The Company
                           ------------------------------------
          may terminate the Executive's employment at any time for Cause by
          providing to the Executive a Notice of Termination, whereupon the
          Executive shall be entitled to all of the benefits and payments
          provided for under Section 10 hereof.

                    11.2.  Termination by the Company without Cause.  The
                           ----------------------------------------
          Company may terminate the Executive's employment at any time without
          Cause by providing to the Executive a Notice of Termination, whereupon
          the Executive shall be entitled to all of the benefits and payments
          provided for under Section 10 hereof.

                    11.3.  Termination by the Executive.  The Executive's
                           ----------------------------
          employment may be terminated by the Executive at any time by providing
          the Company with notice of such termination and specifying in the
          notice the effective date of such termination, which shall not be less
          than one hundred twenty (120) days after giving such notice, whereupon
          the Executive's employment shall terminate on the date specified in
          such notice and the Executive shall be entitled to all of the benefits
          and payments provided for under Section 10 hereof; provided, however,
                                                             --------  -------
          that following receipt of such notice, the Company may specify, in its
          discretion, the date on which the Executive's employment shall
          terminate so long as the date so specified is not more than one
          hundred twenty (120) days after the date on which the Executive shall
          have given notice, in which case the Executive's employment shall
          terminate on the date so specified by the Company.

                    11.4.  Termination by the Executive for Good Reason.  For a
                           --------------------------------------------
          one (1) year period following a Change of Control, the Executive's
          employment may be terminated by Executive for Good Reason at any time
          during such one (1) year period by providing the Company with a notice
          of such termination and specifying in the notice the effective date of
          such termination, whereupon the Executive's employment shall terminate
          on the date specified in such notice and the Executive shall be
          entitled to all of the benefits and payments provided for under
          Section 10 hereof. In addition, during the term of this agreement,
          without a change of control, the executive may terminate his
          employment for Good Reason based on the criteria described in section
          9.7.1.

                    11.5.  Termination Upon Disability.  The Company may
                           ---------------------------
          terminate the Executive's employment upon the Disability of the
          Executive by providing to the Executive a Notice of Termination,
          whereupon the Executive shall be entitled to all of the benefits and
          payments provided for under Section 10 hereof.

                    11.6.  Death.  In the event of the Executive's death during
                           -----
          his employment hereunder, the Executive's employment shall be
          automatically terminated, whereupon the Executive shall be entitled to
          all of the benefits and payments provided under Section 10 hereof.

                                       12
<PAGE>

     12.  Successors and Assigns.
          ----------------------

               12.1.  Assumption and Agreement. This Agreement shall be binding
                      ------------------------
          upon and shall inure to the benefit of the Company, its successors and
          assigns, and the Company will require any successor (whether direct or
          indirect, by purchase, merger, consolidation or otherwise) or assign,
          by agreement in form and substance satisfactory to the Executive, to
          expressly assume and agree to perform this Agreement in the same
          manner and to the same extent that the Company would be required to
          perform it if no such succession or assignment had taken place.
          Failure of the Company to obtain such assumption and agreement prior
          to the effectiveness of any such succession or assignment shall be a
          breach of this Agreement and shall entitle the Executive to
          compensation from the Company in the same amount and on the same terms
          as he would be entitled to hereunder if his employment had been
          terminated pursuant to Section 11.2 hereof, except that for purposes
          of implementing the foregoing, the date on which any such succession
          or assignment becomes effective shall be deemed the Termination Date
          hereunder. As used in the Agreement, Company shall mean the Company as
          hereinbefore defined and any successor or assign that executes and
          delivers the agreement provided for in this Section 12.1 or which
          otherwise becomes bound by all the terms and provisions of this
          Agreement by operation of law.

               12.2.  Rights of Executive. This Agreement and all rights of the
                      -------------------
          Executive hereunder shall inure to the benefit of and be enforceable
          by the Executive's personal or legal representatives, executors,
          administrators, successors, heirs, distributees, devises and legatees.
          If the Executive should die while any amounts would still be payable
          to him hereunder if he had continued to live, all such amounts, unless
          otherwise provided herein, shall be paid in accordance with the terms
          of this Agreement to the Executive's devise, legatee or other designee
          or, if there be no such designee, to the Executive's estate.

     13.  Injunctive Relief.  The Company and the Executive agree that damages
          -----------------
are an inadequate remedy for, and that the Company or any successor to the
business of the Company would be irreparably harmed by, any breach of Section 8
of this Agreement, and that the Company, any successor to the business of the
Company or any permitted assignee of the Company shall be entitled to equitable
relief in the form of a preliminary or permanent injunction upon any breach of
Section 8 hereof.

     14.  Fees and Expenses.  The Company shall pay all legal fees and related
          -----------------
expenses incurred by the Executive as they become due as a result of or in
connection with the defense  of any action brought against Executive by
BellSouth Company or its affiliated companies arising out of that certain
BellSouth Employee Agreement Regarding Intellectual Property and Nonsolicitation
of Employees dated February 20, 1978 (the "BellSouth Agreement"); provided,
however, that the Company shall have no such obligation, and Executive agrees to
reimburse the Company for any such fees and expenses so advanced to Executive,
if a final determination is

                                       13
<PAGE>

made by a court, arbitration panel or other judicial or administrative body that
Executive knowingly and willfully breached the terms of the BellSouth Agreement.

     15.  Notices.  For the purpose of this Agreement, notices and all other
          -------
communications to either party hereunder provided for in the Agreement shall be
in writing and shall be deemed to have been duly given when delivered in person
or mailed by first-class mail or airmail, postage prepaid, addressed:

          If to the Executive:

          Mr. Benjamin Franklin Holcomb
          12005 Fox Road
          Alpharetta, GA 30055

          If to the Company:

          Grace Development, Inc.
          1690 Chantilly Drive
          Atlanta, Georgia 30324

with a copy to:

          Rogers & Hardin, LLP
          2700 International Tower
          229 Peachtree Street NE
          Atlanta, Georgia 30303
          Attention:  Michael Rosenzweig

or to such other address(es) as either party may have furnished to the other
party in writing in accordance with this Section.

     16.  Miscellaneous.  No provision of this Agreement may be amended,
          -------------
modified or waived unless such amendment, modification or waiver (i) is agreed
to in writing and is signed by the Executive and a representative of the
Company, its successor or permitted assignee and (ii) has been approved by the
board of directors of the Company, its successor or any permitted assignee of
the Company.  No waiver by either party to this Agreement at any time of breach
by the other party of, or compliance by the other party with, any condition or
provision of this Agreement to be performed by the other party shall be deemed
to be a waiver of similar or dissimilar provisions or conditions at the same or
any prior or subsequent time.  No agreements or representations, oral or
otherwise, expressed or implied, with respect to the subject matter of this
Agreement have been made by either party that are not expressly set forth in
this Agreement.

                                       14
<PAGE>

          17.  Validity.  The invalidity or unenforceability of any provision or
               --------
provisions of this Agreement shall not affect the validity or enforceability of
the other provisions of this Agreement, which other provisions shall remain in
full force and effect, nor shall the invalidity or unenforceability of a portion
of any provision of this Agreement affect the validity or enforceability of the
balance of such provision.

          18.  Counterparts.  This document may be executed in two or more
               ------------
counterparts, each of which shall be deemed to be an original and all of which
together shall constitute a single agreement.

          19.  Headings.  The headings of the paragraphs contained in this
               --------
document are for reference purposes only and shall not, in any way, affect the
meaning or interpretation of any provision of this Agreement.

          20.  Applicable Law.  This Agreement shall be governed by and
               --------------
construed in accordance with the internal substantive laws, and not the choice
of law rules, of the State of Georgia.

          21.  Arbitration.  Any controversy or claim arising out of or relating
               -----------
to this Agreement or the breach thereof, other than the provisions of Section 9
hereof, shall, on the written request of one party served upon the other, be
settled by binding arbitration in Fulton County, Georgia in accordance with the
commercial arbitration rules then recognized by the American Arbitration
Association, and judgment upon the award rendered may be entered and enforced in
any court having jurisdiction thereof.

          23.  Entire Agreement. This Agreement constitutes the entire agreement
               ----------------
between the parties hereto and supersedes all prior agreements (if any),
understandings and arrangements (oral or written) between the parties hereto.

                                       15
<PAGE>

          IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed and delivered by its duly authorized officer, and the Executive has
executed and delivered this Agreement, all as of the date first written above.

                                               GRACE DEVELOPMENT, INC.

                                               By: /s/ James Blanchard
                                                  --------------------------
                                                       James Blanchard
                                                       President

                                               /s/ Benjamin Franklin Holcomb
                                               -----------------------------
                                               BENJAMIN FRANKLIN HOLCOMB

                                               /s/ Dr. Lee H. Silverstein
                                               -----------------------------
                                               Compensation Committee Chair
                                               Dr. Lee H. Silverstein, Director

                                       16

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