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                                                                   Exhibit 10.11

                    EMPLOYMENT AND NON-INTERFERENCE AGREEMENT

      This Agreement, dated as of November 30, 2003, by and between Jennifer
Haslip (the "Executive") and Universal Technical Institute of Arizona, Inc., a
Delaware corporation (the "Company").

                              W I T N E S S E T H:

      WHEREAS, the Company wishes to obtain the future services of the Executive
for the Company;

      WHEREAS, the Executive is willing, upon the terms and conditions herein
set forth, to provide services hereunder;

      WHEREAS, the Company wishes to preserve its confidential information and
secure the Executive's non-interference, upon the terms and conditions herein
set forth; and

      WHEREAS, in order to accomplish its objectives, the Company believes it is
essential that certain of its executives, such as the Executive, be encouraged
to remain with the Company during management transition and thereafter and in
the event there is any change in corporate structure which results in a Change
in Control.

      NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, and intending to be legally bound hereby, the parties hereto
agree as follows:

      1. Nature of Employment

      Subject to Section 3, the Company hereby employs Executive, and Executive
agrees to accept such employment, during the Term of Employment (as defined in
Section 3(a)) as Chief Financial Officer of the Company. The Company shall also
cause the Executive to be employed, and Executive hereby agrees to be employed,
during the Term of Employment by each of the companies listed in Schedule 1
(which companies, together with the Company, shall be referred to collectively
as the "Company Group"), in each case as Chief Financial Officer of such
company.

      2. Extent of Employment

      (a) During the Term of Employment, the Executive shall perform her
obligations hereunder faithfully and to the best of her ability at the principal
executive offices of the Company, under the direction of the Company's Chief
Executive Officer to which the Executive shall directly report or as the
Company's Board of Directors deems appropriate, and shall abide by the policies,
rules, customs and usages from time to time established by the Company.

      (b) During the Term of Employment, the Executive shall devote all of her
business time, energy and skill as may be reasonably necessary for the
performance of her duties, responsibilities and obligations hereunder (except
for vacation periods and reasonable periods of illness or other incapacity),
consistent with past practices and norms in similar positions.
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      (c) Nothing contained herein shall require Executive to follow any
directive or to perform any act which would violate any laws, ordinances,
regulations or rules of any governmental, regulatory or administrative body,
agent or authority, any court or judicial authority, or any public, private or
industry regulatory authority (collectively "Regulations"). Executive will not
knowingly (i) breach or violate any provision of any Regulations in any material
respect or (ii) otherwise act in any manner which might reasonably be expected
to have a material adverse effect on the ongoing business, operations,
conditions, prospects or other business relationships or properties of any
company in the Company Group.

      (d) During the term of her employment, the Executive shall live in the
Phoenix, Arizona, area and generally perform her duties under this Agreement
from the Company's offices in the Phoenix area.

      3. Term of Employment; Termination

      (a) The "Term of Employment" shall commence on the date hereof and shall
continue through April 1, 2005, and any renewals pursuant to Section 3(g).
Should the Executive's employment be earlier terminated by the Company pursuant
to Section 3(b) or by the Executive pursuant to Section 3(c), the Term of
Employment shall end on the date of such earlier termination.

      (b) Subject to the payments contemplated by Section 3(e), the Term of
Employment may be terminated at any time by the Company:

            (i) upon the death of Executive;

            (ii) in the event that because of physical or mental disability the
      Executive is unable to perform, and does not perform, as certified by a
      mutually agreeable competent medical physician, her material duties
      hereunder for 180 days in any continuous 210 day period;

            (iii) for Cause (as defined in Section 3(d));

            (iv) for any other reason not referred to in clauses (i) through
      (iii) or no reason, such that this Agreement, subject to the provisions of
      Section 3(e), shall be construed as terminable at will by the Company.

      Executive acknowledges that no representations or promises have been made
concerning the grounds for termination or the future operation of the Company's
business, and that, except as set forth in the following sentence, nothing
contained herein or otherwise stated by or on behalf of the Company modifies or
amends the right of the Company to terminate Executive at any time, with or
without Cause. Termination shall become effective 30 days after, or, if for
Cause, upon the delivery by the Company to the Executive of notice specifying
such termination and, if for Cause, the reasons therefor.

      (c) Subject to the Company's obligations to make the payments contemplated
by Section 3(e), the Term of Employment may be terminated at any time by the
Executive:

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            (i) upon the death of Executive;

            (ii) in the event that because of physical or mental disability the
      Executive is unable to perform, and does not perform, as certified by a
      mutually agreeable competent medical physician, her duties hereunder for
      180 days in any continuous 210 day period;

            (iii) for Good Reason, as defined in Section 9; or

            (iv) voluntarily or for any reason or no reason not referred to in
      clauses (i) through (iii) in each case, after 120 days' prior written
      notice to the Company and its Board of Directors.

      (d) For the purposes of this Section 3, "Cause" shall mean any of the
following:

            (i) Executive's conviction of, or plea of guilty or nolo contendere
      to, a felony or a crime involving embezzlement, conversion of property or
      moral turpitude;

            (ii) a finding by a majority of the Board of Directors of
      Executive's fraud, embezzlement or conversion of the Company's property;

            (iii) Executive's conviction of, or plea of guilty or nolo
      contendere to, a crime involving the acquisition, use or expenditure of
      federal, state or local government funds or the unlawful use, possession
      or sale of illegal substances;

            (iv) an administrative or judicial determination that Executive
      committed fraud or any other violation of law involving federal, state or
      local government funds;

            (v) a finding by a majority of the Board of Directors of Executive's
      knowing breach of any of her fiduciary duties to any company in the
      Company Group or the Company's stockholders or making of a
      misrepresentation or omission which breach, misrepresentation or omission
      would reasonably be expected to materially adversely affect the business,
      properties, assets, condition (financial or other) or prospects of any
      company in the Company Group; provided, that the Executive has been given
      notice and 30 days from such notice fails to cure the breach,
      misrepresentation or omission;

            (vi) Executive's neglect or failure to discharge her material
      duties, responsibilities or obligations prescribed by this Agreement or
      any other agreement between the Executive and any company in the Company
      Group;

            (vii) Executive's alcohol or substance abuse, which materially
      interferes with Executive's ability to discharge her duties,
      responsibilities and obligations prescribed by this Agreement; provided,
      that Executive has been given notice and 30 days from such notice fails to
      cure such abuse;

            (viii) Any material violation, with the actual knowledge of
      Executive, of any obligations imposed upon Executive, personally, as
      opposed to upon the Company, whether as a stockholder or otherwise, under
      this Agreement, the Securities Purchase Agreement, the Asset Purchase
      Agreement, the Stockholders Agreement, the Exchange

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      Agreement, the Penske/Charlesbank Stock Purchase Agreement, the Credit
      Agreement, the Certificate of Incorporation or By-Laws of the Company; or

            (ix) Executive's personal (as opposed to the Company's) material and
      knowing failure, to observe or comply with Regulations whether as an
      officer, stockholder or otherwise, in any material respect or in any
      manner which would reasonably be expected to have a material adverse
      effect in respect of the Company Group's ongoing business, operations,
      conditions, other business relationships or properties.

      (e) If Executive's employment is terminated for any reason whatsoever,
then Executive shall be entitled to (i) accrued and unpaid base salary and
benefits (including sick pay, vacation pay and benefits under Section 6) with
respect to the period prior to termination, (ii) reimbursement for expenses
under Section 5 with respect to such period, and (iii) any other benefits
(including COBRA) required by law to be provided after termination of employment
under the circumstances. In the event Executive's employment is terminated
pursuant to:

            (i) Section 3(b)(i) or (ii) or 3(c)(i) or (ii), the Company will
      also pay to Executive (or her estate or representative) the full amounts
      to which she would be entitled under Section 4(a) for the period from
      effectiveness of termination through the first anniversary of such
      termination;

            (ii) (Section 3(b)(iii) or 3(c)(iv) there will be no additional
      amounts owing by the Company to Executive under this Agreement from and
      after such termination; and

            (iii) Section 3(b)(iv) or 3(c)(iii), and provided that the
      Restricted Period defined in Section 8(a)(i) is upheld by a court to be at
      least twelve (12) months, then the Company will also pay to Executive the
      full amounts to which she would be entitled under Section 4(a) for the
      period from effectiveness of termination to the later to occur of (y) the
      date 18 months following such effectiveness of termination and (z) April
      1, 2005, on the regular payment dates established pursuant to Section 4(a)
      in accordance with Company practices; provided, however, that any such
      amounts paid to Executive for the first 12 months following the
      effectiveness of termination pursuant to Section 3(b)(iv) or 3(c)(iii)
      shall not be subject to reduction under Section 3(f)(ii) below.

            (iv) Upon a termination by the Company of the Executive's employment
      without Cause within 12 months after a Change in Control which occurs
      during the Term of Employment, the Company also will pay the Executive the
      following benefits:

                  (A) For a period of twelve months after her date of
            termination, medical and/or dental coverage under the medical and
            dental plans maintained by the Company. The Executive does not have
            to pay any premiums for this coverage. This extended coverage shall
            run concurrently with any period of continuation coverage to which
            the Executive is entitled under Section 601 of ERISA. Upon
            Executive's re-employment during such period, to the extent covered
            by the new employer's plan, coverage under the Company's plan shall
            lapse, subject to any continuation of coverage rights under Section
            601 of ERISA.

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            The Executive's participation in and/or coverage under all other
            employee benefit plans, programs or arrangements sponsored or
            maintained by the Company shall cease to be effective as of her date
            of termination, unless the terms of an insured employee benefit
            plan, program or arrangement provide for an earlier date of
            termination due to an actively at work requirement that ceases to be
            satisfied prior to her date of termination.

                  (B) A cash lump sum payment in an amount equal to, with
            respect to each non-vested option to purchase Company stock held by
            the Executive which would have vested within the twelve (12) month
            period following her date of termination, the excess, if any, of the
            fair market value (determined as of her date of termination) of the
            Company stock subject to such option over the exercise price of such
            option.

                  (C) The reasonable costs of outplacement services selected by
            the Company.

            In addition, if the Executive voluntarily terminates her employment
      within 12 months after a Change in Control which occurs during the Term,
      she shall notify the Company in writing if she believes the termination is
      for Good Reason. The Executive shall set forth in reasonable detail why
      she believes there is Good Reason. If such termination is for Good Reason,
      the Executive shall be entitled to all of the payments and benefits
      specified in this Section 3(e)(iv). If such voluntary termination is for
      other than Good Reason, then the Executive shall be entitled only to the
      payments specified in Section 3(e)(ii) above.

            Notwithstanding the above, the amounts payable under Section
      3(e)(iv) above shall be reduced to the extent necessary so that the total
      of all payments to the Executive under this Section 3(e)(iv) and otherwise
      due to the Change in Control does not exceed (1) 2.99, multiplied by (2)
      the Executive's "base amount," as such term is defined in Section 280G of
      the Internal Revenue Code of 1986, as amended, and the regulations
      promulgated thereunder.

            If the Executive's employment is terminated by the Company within 12
      months after a Change in Control which occurs during the Term of
      Employment and there is a dispute with respect to this Agreement, then all
      the Executive's costs and expenses (including reasonable legal and
      accounting fees) incurred by her (1) to defend the validity of this
      Agreement, (2) if the Executive's employment has been terminated for
      Cause, to contest such termination, (3) to contest any determinations by
      the Company concerning the amounts payable by the Company under this
      Agreement, or (4) to otherwise obtain or enforce any right or benefit
      provided to the Executive by this Agreement, shall be paid by the Company
      if the Executive is the prevailing party.

      (f)   (i)   Termination of the Term of Employment will not terminate
Sections 7, 8, 10 through 21, or any other provisions not associated
specifically with the Term of Employment.

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            (ii)  In the event of termination, the Executive shall not have a
                  duty to mitigate the Company's payment obligations under
                  Section 3(e) by seeking alternative employment; provided,
                  however, that if the Executive does accept alternative
                  employment, payment obligations under Section 3(e) shall be
                  reduced to the extent of Executive's compensation under such
                  alternative employment.

      (g) Upon the conclusion of the original sixteen (16) month term of this
Agreement ("Original Term") and upon each succeeding anniversary, the
Executive's Term of Employment will be automatically renewed for an additional
one (1) year term; provided, that neither the Company nor the Executive
terminates this Agreement pursuant to Section 3 during the Original Term or any
subsequent renewal term; and provided further, that during such Original Term,
or any renewal term, if either the Company or the Executive provides notice to
the other party of its intent not to renew the Term of Employment at least 90
days before the end of such term, this Agreement will expire upon the succeeding
anniversary of this Agreement unless earlier terminated pursuant to Section 3.
If this Agreement is terminated pursuant to Section 3 during any renewal term,
the Company shall pay to the Executive the amount (if any) to which such
Executive is entitled pursuant to and in accordance with Section 3(e) hereunder.

      4. Compensation. During the Term of Employment, the Company shall pay
compensation to Executive as follows:

      (a) As base compensation for her services hereunder, in twenty-six (26)
equal installments, a base salary at a rate of $195,000 per annum. The Board of
Directors shall annually, and in its sole discretion, determine whether the base
salary should be increased and, if so, the amount of such increase.

      (b) An annual bonus compensation based on Executive's performance as
determined and approved by the Board of Directors, in its sole discretion, based
on performance parameters set by the Board. Such bonus will be at the full
discretion of the Board of Directors, and may not be paid at all. Executive
acknowledges that no such bonuses will be paid if the established performance
parameters are not met.

      5. Reimbursement of Expenses

      During the Term of Employment, the Company shall reimburse Executive for
reasonably documented travel, entertainment and other expenses reasonably
incurred by Executive in connection with the performance of her duties hereunder
and, in each case, in accordance with the reasonable rules, customs and usages
promulgated by the Company from time to time in effect.

      6. Benefits

      During the Term of Employment the Executive shall be entitled to the
following benefits from the Company:

      (a) a car allowance of $1,000 per month, which shall include reimbursement
for cellular car phone fees and gasoline;

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      (b) automobile insurance coverage paid by the Company consistent with the
Company's past practice; and

      (c) other perquisites and benefits (including, without limitation, health,
short and long term disability, pension and life insurance benefits consistent
with past practice, or as increased from time to time) established from time to
time, at the sole discretion of the Board of Directors for executives of the
Company and their families.

      7. Confidential Information

      (a) During and after the Term of Employment, Executive will not, directly
or indirectly in one or a series of transactions, disclose to any person, or use
or otherwise exploit for the Executive's own benefit or for the benefit of
anyone other than the Company, any Confidential Information (as defined in
Section 9), whether prepared by Executive or not; provided, however, that any
Confidential Information may be disclosed (i) to officers, representatives,
employees and agents of the Company who need to know such Confidential
Information in order to perform the services or conduct the operations required
or expected of them in the Business (as defined in Section 9) and (ii) in good
faith by the Executive in connection with the performance of her duties
hereunder. Executive shall use her best efforts to prevent the removal of any
Confidential Information from the premises of the Company, except as required in
her normal course of employment by the Company. Executive shall use her best
efforts to cause all persons or entities to whom any Confidential Information
shall be disclosed by her hereunder to observe the terms and conditions set
forth herein as though each such person or entity was bound hereby. Executive
shall have no obligation hereunder to keep confidential any Confidential
Information if and to the extent disclosure of any thereof is specifically
required by law; provided, however, that in the event disclosure is required by
applicable law, the Executive shall provide the Company with prompt notice of
such requirement, prior to making any disclosure, so that the Company may seek
an appropriate protective order. At the request of the Company, Executive agrees
to deliver to the Company, at any time during the Term of Employment, or
thereafter, all Confidential Information which she may possess or control.
Executive agrees that all Confidential Information of the Company (whether now
or hereafter existing) conceived, discovered or made by her during the Term of
Employment exclusively belongs to the Company (and not to Executive). Executive
will promptly disclose such Confidential Information to the Company and perform
all actions reasonably requested by the Company to establish and confirm such
exclusive ownership.

      (b) The terms of this Section 7 shall survive the termination of this
Agreement regardless of who terminates this Agreement, or the reasons therefor.

      8. Non-Interference

      (a) Executive acknowledges that the services to be provided give her the
opportunity to have special knowledge of the Company and its Confidential
Information and the capabilities of individuals employed by or affiliated with
the Company and that interference in these relationships would cause irreparable
injury to the Company. In consideration of this Agreement, Executive covenants
and agrees that:

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            (i) Unless Executive is terminated pursuant to Sections 3(b)(iv) or
      3(c)(iii), from the date hereof until the later to occur of April 1, 2005,
      or for twelve (12) months after the expiration or termination of the Term
      of Employment (or for a six (6) month period if a court finds that the
      twelve (12) month period is unreasonable) (the "Restricted Period"),
      Executive will not, without the express written approval of the Board of
      Directors of the Company, anywhere in the Market, directly or indirectly,
      in one or a series of transactions, own, manage, operate, control, invest
      or acquire an interest in, or otherwise engage or participate in, whether
      as a proprietor, partner, stockholder, lender, director, officer,
      employee, joint venturer, investor, lessor, agent, representative or other
      participant, in any business which competes, directly or indirectly, with
      the Business in the Market ("Competitive Business") without regard to (A)
      whether the Competitive Business has its office or other business
      facilities within or without the Market, (B) whether any of the activities
      of the Executive referred to above occur or are performed within or
      without the Market or (C) whether the Executive resides, or reports to an
      office, within or without the Market; provided, however, that (x) the
      Executive may, anywhere in the Market, directly or indirectly, in one or a
      series of transactions, own, invest or acquire an interest in up to five
      percent (5%) of the capital stock of a corporation whose capital stock is
      traded publicly, or that (y) Executive may accept employment with a
      successor company to the Company.

            (ii) Without regard to the reason for Executive's termination,
      during the Restricted Period (which shall not be reduced by (x) any period
      of violation of this Agreement by Executive or (y) if the Company is the
      prevailing party in any litigation to enforce its rights under this
      Section 8, the period which is required for such litigation), Executive
      will not without the express prior written approval of the Board of
      Directors of the Company (A) in one or a series of transactions, recruit,
      solicit or otherwise induce or influence any proprietor, partner,
      stockholder, lender, director, officer, employee, sales agent, joint
      venturer, investor, lessor, customer, agent, representative or any other
      person which has a business relationship with the Company Group or had a
      business relationship with the Company Group within the twenty-four (24)
      month period preceding the date of the incident in question, to
      discontinue, reduce or modify such employment, agency or business
      relationship with the Company Group, or (B) employ or seek to employ or
      cause any Competitive Business or any other private post-secondary
      educational institution to employ or seek to employ any person or agent
      who is then (or was at any time within twenty-four (24) months prior to
      the date the Executive or the Competitive Business employs or seeks to
      employ such person) employed or retained by the Company Group.
      Notwithstanding the foregoing, nothing herein shall prevent the Executive
      from providing a letter of recommendation to an employee with respect to a
      future or any other employment opportunity.

            (iii) The scope and term of this Section 8 is not intended to nor
      will it preclude Executive from earning a living with an entity that is
      not a Competitive Business.

      (b) Upon the determination of a majority of the Board of Directors that
the Executive has breached her obligations in any material respect under this
Section 8, the Company, in addition to pursuing all available remedies under
this Agreement, at law or otherwise, and

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without limiting its right to pursue the same, shall cease all payments to the
Executive under this Agreement.

      9. Definitions

      "Asset Purchase Agreement" means the Asset Purchase Agreement, dated as of
September 30, 1997, for the purchase of all of the assets of the Clinton Harley
Corporation and Clinton Education Group, Inc., each an Arizona corporation, as
the same may be amended, extended, restated, supplemented or modified from time
to time.

      "Authority" means any governmental, regulatory or administrative body,
agency or authority, any court or judicial authority, any public, private or
industry regulatory authority, whether national, Federal, state or local or
otherwise, or any Person lawfully empowered by any of the foregoing to enforce
or seek compliance with any applicable law, statute, regulation, order or
decree.

      "Business" means (a) the ownership and operation of private post-secondary
educational institutions, the primary educational program of which teaches
motorcycle mechanics, automotive mechanics or computed-aided design, or (b) any
similar or incidental business conducted, or engaged in, by the Company Group
prior to the date hereof or at any time during the Term of Employment.

      "Cause" has the meaning set forth in Section 3(d).

      "Change in Control" means: (i) any sale, lease, exchange, or other
transfer (in one transaction or series of related transactions) of all or
substantially all the Company's assets to any person or group of related persons
under Section 13(d) of the Exchange Act ("Group"); (ii) the Company's
shareholders approve and complete any plan or proposal for the liquidation or
dissolution of the Company; (iii) any person or Group becomes the beneficial
owner, directly or indirectly, of shares representing more than 50% of the
aggregate voting power of the issued and outstanding stock entitled to vote in
the election of directors of the Company ("Voting Stock") and such person or
Group has the power and authority to vote such shares; (iv) any person or Group
acquires sufficient shares of Voting Stock to elect a majority of the members of
the Board; or (v) the completion of a merger or consolidation of the Company
with another entity in which holders of the Stock immediately before the
completion of the transaction hold, directly or indirectly, immediately after
the transaction, 50% or less of the common equity interest in the surviving
corporation in the transaction. Notwithstanding the foregoing, in no event will
a Change in Control be deemed to have occurred as a result of an initial public
offering of the Stock.

      "Company" has the meaning set forth in the preamble.

      "Company Group" has the meaning set forth in Section 1.

      "Competitive Business" has the meaning set forth in Section 8(a)(i).

      "Confidential Information" means any confidential information including,
without limitation, any study, data, calculations, software storage media or
other compilation of

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information, patent, patent application, copyright, "know-how", trade secrets,
customer lists, details of client or consultant contracts, pricing policies,
operational methods, marketing plans or strategies, product development
techniques or plans, business acquisition plans or any portion or phase of any
scientific or technical information, ideas, discoveries, designs, computer
programs (including source of object codes), processes, procedures, formulae,
improvements or other proprietary or intellectual property of the Company Group,
whether or not in written or tangible form, and whether or not registered, and
including all files, records, manuals, books, catalogues, memoranda, notes,
summaries, plans, reports, records, documents and other evidence thereof.
Notwithstanding the foregoing, the term "Confidential Information" does not
include, and there shall be no obligation hereunder with respect to, information
that is or becomes generally available to the public other than as a result of a
disclosure by the Executive not permissible hereunder.

      "Credit Agreement" means the Second Amendment and Restatement of Credit
Agreement dated as of March 29, 2002 among UTI Holdings, Inc., Universal
Technical Institute, Inc. and the various lenders party thereto, as the same may
be amended, extended, restated, supplemented or modified from time to time.

      "Exchange Agreement" means the Exchange Agreement, dated as of September
30, 1997, among Universal Technical Institute, Inc., Mayer, Brown & Platt, and
certain other parties, as the same may be amended, extended, restated,
supplemented or modified from time to time.

      "Executive" means Jennifer Haslip or her estate, if deceased.

      "Good Reason" means (1) a material reduction in the Executive's authority,
perquisites, position or responsibilities (other than such a reduction which
affects all of the Company's senior executives on a substantially equal or
proportionate basis), or (2) a requirement that the Executive relocate outside
the Phoenix, Arizona metropolitan area, in each case, after 30 days' prior
written notice to the Company and its Board of Directors and the Company's
failure thereafter to cure such reduction or violation.

      "Knowing" and "knowledge" shall each refer to actual knowledge without any
duty of investigation.

      "Market" means any county in the United States of America and each similar
jurisdiction in any other country in which the Business was conducted by or
engaged in by the Company Group prior to the date hereof or is conducted or
engaged in by the Company Group at any time during the Term of Employment.

      "Penske/Charlesbank Stock Purchase Agreement" means the Preferred Stock
Purchase Agreement dated as of January 8, 2002 among Universal Technical
Institute, Inc., Worldwide Training Group, LLC and Charlesbank Equity Fund V,
Limited Partnership, as the same may be amended, extended, restated,
supplemented or modified from time to time.

      "Regulations" means any laws, statutes, regulations, rulings, rules,
orders or permits of, administered or enforced by or on behalf of any Authority,
and the Certificate of Incorporation and By-laws of the Company, as applicable.

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      "Restricted Period" has the meaning set forth in Section 8(a)(i).

      "Securities Purchase Agreement" means the Agreement for the Purchase of
Securities of Lincoln Technical Institute of Arizona, Inc., d/b/a Universal
Technical Institute ("Old UTI"), dated as of September 30, 1997, among the
current stockholders of Universal Technical Institute, Inc., the successor
corporation to Old UTI, as the same may be amended, extended, restated,
supplemented or modified from time to time.

      "Stockholders Agreement" means the Stockholders Agreement dated as of
September 30, 1997 among the stockholders of Universal Technical Institute,
Inc., as the same may be amended, extended, restated, supplemented or modified
from time to time.

      "Term of Employment" has the meaning set forth in Section 3(a).

      10. Notice

      Any notice, request, demand or other communication required or permitted
to be given under this Agreement shall be given in writing and if delivered
personally, sent by certified or registered mail, return receipt requested, sent
by overnight courier or sent by facsimile transmission (with confirmation and a
copy sent by mail within one day) as follows (or to such other addressee or
address as shall be set forth in a notice given in the same manner):

      If to Executive:      Jennifer Haslip
                            Universal Technical Institute
                            20410 North 19th Avenue, Suite 200
                            Phoenix, Arizona 85027
                            Facsimile No.: (623) 445-9500

      with a copy to:       ____________________________
                            ____________________________
                            ____________________________
                            Attention: _________________
                            Facsimile No.: _____________

      If to the Company:    Chairman of the Compensation Committee
                              of the Board of Directors
                            c/o Universal Technical Institute
                            20410 North 19th Avenue, 200
                            Phoenix, Arizona 85027
                            Facsimile No.: (623) 445-9500

      with a copy to:       Bryan Cave LLP
                            Two North Central Avenue
                            Suite 2200
                            Phoenix, Arizona  85004
                            Attention: Frank M. Placenti
                            Facsimile No.: (602) 364-7070

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Any such notices shall be deemed to be given on the date personally delivered or
sent by facsimile transmission or such return receipt is issued or the day after
if sent by overnight courier.

      11. Executive's Representation

      Executive hereby warrants and represents to the Company that: (i)
Executive has carefully reviewed this Agreement and has consulted with such
advisors as Executive considers appropriate in connection with this Agreement,
(ii) Executive is not subject to any covenants, agreements or restrictions which
would be breached or violated by Executive's execution of this Agreement or by
Executive's performance of her duties hereunder and (iii) Executive will not
knowingly breach or violate any provision of any Regulations in any material
respect or in any manner which might reasonably have a material adverse effect
in respect of the ongoing business, operations, conditions, or other business
relationships or properties of any of the companies in the Company Group.

      12. Company's Obligation

      Executive agrees and acknowledges that the obligations owed to Executive
under this Agreement are solely the obligations of the Company, and that none of
the Company's stockholders, directors, officers or lenders will have any
obligations or liabilities in respect of this Agreement and the subject matter
hereof.

      13. Validity

      If, for any reason, any provision hereof shall be determined to be invalid
or unenforceable, the validity and effect of the other provisions hereof shall
not be affected thereby.

      14. Severability

      Whenever possible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be invalid, illegal or unenforceable in
any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision
or any other jurisdiction, but this Agreement will be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been contained herein. If any court determines that any
provision of Section 8 or any other provision hereof is unenforceable and
therefore acts to reduce the scope or duration of such provision, the provision
in its reduced form, shall then be enforceable.

      15. Waiver of Breach; Specific Performance

      The waiver by the Company or Executive of a breach of any provision of
this Agreement by the other party shall not operate or be construed as a waiver
of any other breach of such other party. Each of the parties (and third party
beneficiaries) to this Agreement will be entitled to enforce its rights under
any provision of this Agreement and to exercise all other rights existing in its
favor. The parties hereto agree and acknowledge that money damages may not be an

                                       12
<PAGE>
adequate remedy for any breach of the provisions of Sections 7 and 8 of this
Agreement and that any party (and third party beneficiaries) may in its sole
discretion apply to any court of law or equity of competent jurisdiction for
specific performance and/or injunctive relief, including temporary restraining
orders, preliminary injunctions and permanent injunctions in order to enforce or
prevent any violations of the provisions of this Agreement. In the event either
party takes legal action to enforce any of the terms or provisions of this
Agreement, the nonprevailing party shall pay the successful party's costs and
expenses, including but not limited to, reasonable attorneys' fees, incurred in
such action.

      16. Assignment; Third Parties

      Neither the Executive nor the Company may assign, transfer, pledge,
hypothecate, encumber or otherwise dispose of this Agreement or any of her or
its respective rights or obligations hereunder, without the prior written
consent of the other. The parties agree and acknowledge that each of the
Companies and the stockholders of, lenders to and investors therein are intended
to be third party beneficiaries of, and have rights and interests in respect of,
Executive's agreements set forth in Sections 7 and 8. Any successor in interest
to the Company (whether indirect or direct and whether by purchase, merger, or
consolidation) shall assume the obligations under this agreement in the same
manner and to the same extent as the Company would be required to perform such
obligations in the absence of a succession.

      17. Amendment; Entire Agreement

      This Agreement may not be changed orally but only by an agreement in
writing agreed to by the party against whom enforcement of any waiver, change,
modification, extension or discharge is sought. This Agreement embodies the
entire agreement and understanding of the parties hereto in respect of the
subject matter of this Agreement, and supersedes and replaces all prior
Agreements, understandings and commitments with respect to such subject matter.

      18. Litigation

      (a) THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, APPLIED AND ENFORCED
IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ARIZONA, WITHOUT REGARD TO
ANY CONFLICT/CHOICE OF LAW PRINCIPLES. EACH OF THE PARTIES HERETO ACKNOWLEDGES
AND AGREES THAT IN THE EVENT OF ANY BREACH OF THIS AGREEMENT, THE NON-BREACHING
PARTY WOULD BE IRREPARABLY HARMED AND COULD NOT BE MADE WHOLE BY MONETARY
DAMAGES, AND THAT, IN ADDITION TO ANY OTHER REMEDY TO WHICH THEY MAY BE ENTITLED
AT LAW OR IN EQUITY, THE PARTIES SHALL BE ENTITLED TO SUCH EQUITABLE OR
INJUNCTIVE RELIEF AS MAY BE APPROPRIATE. THE CHOICE OF FORUM SET FORTH IN THIS
SECTION 18 SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT OF ANY JUDGMENT OF AN
ARIZONA FEDERAL OR STATE COURT, OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT
TO ENFORCE SUCH A JUDGMENT, IN ANY OTHER APPROPRIATE JURISDICTION.

                                       13
<PAGE>
      (b) IN THE EVENT ANY PARTY TO THIS AGREEMENT COMMENCES ANY LITIGATION,
PROCEEDING OR OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO THIS
AGREEMENT, ANY RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN
OR THEREIN, THE PARTIES TO THIS AGREEMENT HEREBY (1) AGREE UNDER ALL
CIRCUMSTANCES ABSOLUTELY AND IRREVOCABLY TO INSTITUTE ANY LITIGATION, PROCEEDING
OR OTHER LEGAL ACTION IN A COURT OF COMPETENT JURISDICTION LOCATED WITHIN THE
DISTRICT OF ARIZONA, WHETHER A STATE OR FEDERAL COURT; (2) AGREE THAT IN THE
EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, SUCH PARTIES WILL CONSENT
AND SUBMIT TO THE PERSONAL JURISDICTION OF ANY SUCH COURT DESCRIBED IN CLAUSE
(1) OF THIS SECTION AND TO SERVICE OF PROCESS UPON THEM IN ACCORDANCE WITH THE
RULES AND STATUTES GOVERNING SERVICE OF PROCESS (IT BEING UNDERSTOOD THAT
NOTHING IN THIS SECTION SHALL BE DEEMED TO PREVENT ANY PARTY FROM SEEKING TO
REMOVE ANY ACTION TO A FEDERAL COURT IN THE DISTRICT OF ARIZONA; (3) AGREE TO
WAIVE TO THE FULL EXTENT PERMITTED BY LAW ANY OBJECTION THAT THEY MAY NOW OR
HEREAFTER HAVE TO THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR ACTION IN ANY
SUCH COURT OR THAT ANY SUCH LITIGATION, PROCEEDING OR ACTION WAS BROUGHT IN ANY
INCONVENIENT FORUM; (4) AGREE TO DESIGNATE, APPOINT AND DIRECT AN AUTHORIZED
AGENT TO RECEIVE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS AND DOCUMENTS IN
ANY LEGAL PROCEEDING IN THE DISTRICT OF ARIZONA; (5) AGREE TO PROVIDE THE OTHER
PARTIES TO THIS AGREEMENT WITH THE NAME, ADDRESS AND FACSIMILE NUMBER OF SUCH
AGENT; (6) AGREE AS AN ALTERNATIVE METHOD OF SERVICE TO SERVICE OF PROCESS IN
ANY LEGAL PROCEEDING BY MAILING OF COPIES THEREOF TO SUCH PARTY AT ITS ADDRESS
SET FORTH HEREIN FOR COMMUNICATIONS TO SUCH PARTY; (7) AGREE THAT ANY SERVICE
MADE AS PROVIDED HEREIN SHALL BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT;
AND (8) AGREE THAT NOTHING HEREIN SHALL AFFECT THE RIGHTS OF ANY PARTY TO EFFECT
SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. TO THE EXTENT PERMITTED
BY LAW IN CONNECTION WITH OR RELATING TO THIS AGREEMENT, ANY RELATED AGREEMENT
OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN OR THEREIN, AND AGREE TO TAKE
ANY AND ALL ACTION NECESSARY OR APPROPRIATE TO EFFECT SUCH WAIVER.

      19. Further Action

      Executive and the Company agree to perform any further acts and to execute
and deliver any documents which may be reasonable to carry out the provisions
hereof.

      20. Headings

      The headings contained in this Agreement are for convenience only and
shall not affect in any way the meaning or interpretation of this Agreement.

                                       14
<PAGE>
      21. Counterparts

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

                                  [End of page]

                                       15
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have set their hands as of the day
and year first written above.

                                            EXECUTIVE:

                                               /s/ Jennifer Haslip
                                            ____________________________________
                                            Name:  Jennifer Haslip

                                            UNIVERSAL TECHNICAL INSTITUTE
                                            OF ARIZONA, INC.

                                            By: /s/ Kimberly McWaters
                                               ________________________________
                                            Name:   Kimberly McWaters
                                            Title:  Chief Executive Officer
                                                    and President

                                       16
<PAGE>
                                   SCHEDULE 1

                    Additional Companies in the Company Group

1.    Universal Technical Institute, Inc.

2.    UTI Holdings, Inc.

3.    U.T.I. of Illinois, Inc.

4.    Universal Technical Institute of Texas, Inc.

5.    Universal Technical Institute of California, Inc.

6.    Custom Training Group, Inc.

7.    The Clinton Harley Corporation

8.    Clinton Education Group, Inc.

9.    Universal Technical Institute of North Carolina, Inc.

                                       17<Page>

                                                                   EXHIBIT 10.2

                       S&P MANAGED FUTURES INDEX FUND, LP

                                ESCROW AGREEMENT

This Agreement entered into as of this _____ day of __________, 2003, by and
between S&P Managed Futures Index Fund, LP (the "Fund"), a Delaware limited
partnership, and Fifth Third Bank, Cincinnati, (the "Escrow Agent") and
RefcoFund Holdings, LLC, a Delaware limited liability company and provides as
follows:

                                  WITNESSETH
                                  ----------

WHEREAS, the Fund proposes to offer $100,000,000 of Class A units of limited
partnership interests and $100,000,000 of Class B units of limited partnership
interests (referred to herein collectively as the "Units") for subscription in
the S&P Managed Futures Index Fund, LP, at a price of $1,000 per Unit during
the initial offering period and at net asset value thereafter, in a public
offering of the Units;

WHEREAS, the initial offering of the Units shall terminate 60 calendar days
after the date of the  prospectus (subject to earlier termination or an
extension for an additional 60 calendar days at the option of RefcoFund
Holdings, LLC, the general partner (the "General Partner") of the Fund, upon
verbal notice promptly confirmed in writing to the Escrow Agent, and to prior
sale of all available Units) (the "Initial Offering Period"), and the Units
shall be sold to the public as soon as practicable thereafter, provided that
the minimum number of Units required for the Partnership to commence operations
is sold during the Initial Offering Period.

WHEREAS, the minimum number of Units (the "Minimum Units") which may be sold
during the Initial Offering Period is 5,000.

WHEREAS, in connection with the proposed offering of Units, the Fund  has
entered into an agreement with Refco Securities, LLC and certain additional
selling agents, as selling agents (the "Selling Agent") for the Fund;

WHEREAS, the Selling Agent will retain all Subscription Agreement and Power of
Attorney signature pages submitted by persons subscribing to purchase Units
(the "Subscribers");

WHEREAS, the Fund proposes to establish an escrow account with the Escrow
Agent; and

WHEREAS, the Escrow Agent is willing to act as escrow agent for proceeds
received on subscription for the Units for the benefit of the Subscribers and
the Fund on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements and covenants
contained herein, and other good and valuable consideration the adequacy and
receipt of which is hereby acknowledged, agree as follows:

                                       1
<Page>

1.  ESCROW DEPOSITS.

    a.  Until the termination of the escrow account (the "Escrow Account"), the
        Selling Agent will deposit with the Escrow Agent, and the Escrow Agent
        will receive and hold in escrow, on the terms and conditions set forth
        herein, all payments received on behalf of the Fund from the
        subscription of Units as confirmed to the Escrow Agent by the Fund.

    b.  Such subscriptions may be deposited in the Escrow Account established
        under this Escrow Agreement either by check payable to "S&P Managed
        Futures Index Fund, L.P.", or Federal Funds wire transfer to the
        following account:  FIFTH THIRD BANK, ABA NO. _________; ACCOUNT
        NO. ___________.

2.  INVESTMENT OF PROCEEDS.

    a.  If the deposit into the Escrow Account is made by check (other than
        clearinghouse check) or Federal Funds wire transfer, the Escrow Agent
        shall invest the funds deposited on the same day as deposited, provided
        such deposit is received by the Escrow Agent by 10:00 a.m. E.D.T.  If
        certified check or Federal Funds wire the deposit into the Escrow
        Escrow Agent after 10:00 a.m. E.D.T., the Account is made by transfer
        and received by the Escrow Agent shall invest the funds deposited on the
        clearinghouse check, the next business day.  If the deposit into the
        on the next business day Escrow Account is made by Escrow Agent shall
        invest the funds deposited following the receipt of the clearinghouse
        check.

    b.  The Escrow Agent shall invest all funds deposited in the Escrow Account
        Fifth Third US Treasury Fund Money Market Fund or such other obligations
        as are considered prudent to safeguard principal, earn reasonable
        interest and have funds available within a reasonable time for
        distribution when required.

3.  INITIAL CLOSING DATE.

    a.  After the Initial Offering Period, Units may be sold as of each
        month-end. The General Partner may limit, suspend or terminate the
        offering at any time upon verbal notice promptly confirmed in writing to
        the Escrow Agent.  The date of the sale of the Units is hereinafter
        referred to as the "Initial Closing Date" and each month-end thereafter
        during which Units are sold is hereinafter referred to as the
        "Subsequent Closing Date."

    b.  On the Initial Closing Date, the Escrow Agent shall, upon (i) written
        instructions from the Selling Agent, the General Partner and the Fund,
        (ii) receipt of an affidavit signed by the General Partner to the effect
        received that acceptable subscriptions for at least the Minimum Units
        have been (other than from the General Partner or any of its principals
        or affiliates), and (iii) possession in the Escrow Account of at least
        the subscription price for the Minimum Units in cleared funds in payment
        of such subscriptions, release all funds then held in such Escrow
        Account, except as otherwise provided herein, to the Fund's bank account

                                       2
<Page>

        (pursuant to instructions from the General Partner).  No selling
        commissions or organizational or offering charges are payable from any
        amounts held in escrow.  The General Partner shall give the Escrow Agent
        verbal notice (promptly confirmed in writing ) of the Initial Closing
        Date at least three (3) business days prior thereto.

    c.  In the event that the Initial Offering Period of the Units terminatees
        terminates (which it shall do either upon termination by the General
        Partner or upon the close of business 60 calendar days after the date
        of the prospectus subject to earlier termination or an extension for an
        additional 60 calendar days) without the General Partner having
        submitted to the Escrow Agent an affidavit certifying that acceptable
        subscriptions for at least the Minimum Units have been received (other
        than from the General Partner or any of its principals or affiliates),
        and receipt of cleared funds in payment of such subscriptions as
        aforesaid, the Escrow Agent shall, as promptly as practicable, and in
        no event later than five (5) business days thereafter, transmit to the
        relevant subscribers a check or checks in the amount of the
        subscriptions received plus the interest actually earned thereon while
        held in escrow.  The General Partner shall immediately notify the
        Escrow Agent of either (i) termination of the Initial Offering Period
        prior to 60 calendar days after the date of the prospectus or (ii)
        extension of the Initial Offering Period.

4.  DISPOSITION OF PROCEEDS.  The Escrow Agent shall pay the principal amount
    of and any interest earned on the funds held in escrow (a) to written
    instructions from the Fund upon receipt by the Escrow Agent of (i) Selling
    Agent, the General Partner and the Fund, (ii) receipt of an affidavit signed
    by the General Partner to the effect that acceptable subscriptions for at
    least the Minimum Units have been received (other than from the General
    Partner or any of its principals or affiliates), and (iii) possession in the
    Escrow Account of at least the subscription price for the Minimum Units in
    cleared funds in payment of such subscriptions; or (b) if earlier, to the
    subscribers in the manner set forth in SECTION 5 below, upon receipt of
    written instructions from the General Partner due to the termination of the
    Offering of Units.

5.  RETURN OF FUNDS TO SUBSCRIBERS.

    a.  At any time prior to the release of a Subscriber's funds from the
        Escrow Account, the General Partner is authorized to notify the Escrow
        Agent that such subscription has not been accepted (irrespective of how
        long such subscription has been held in the Escrow Account and of
        whether the General Partner had previously indicated its willingness to
        accept such subscription), and the General Partner is further authorized
        to direct the Escrow Agent to return any funds held in the Escrow
        Account during the Initial Offering Period to the subscriber (including
        any interest attributable to such funds while held in the Escrow
        Account).  In the event a subscription has not been accepted, the
        General Partner shall provide the Escrow Agent with the name of the
        subscriber, the number of Units subscribed for each such subscriber, the
        amount of principal initially deposited.  Such refund of subscriptions,
        plus interest, shall be made in the case of

                                       3
<Page>

        each rejected subscription in the same manner described above in the
        event that the offering is terminated without Units being sold.

    b.  Interest earned on funds while held in the Escrow Account shall be
        allocated among Subscribers in proportion to the amounts of their
        respective subscriptions and the lengths of time their subscriptions
        were held in escrow.

    c.  Prior to delivery as described above, the Fund shall have neither title
        to nor interest in the funds on deposit in the Escrow Account, and such
        funds shall under no circumstances be subject to the liabilities or
        indebtedness of the Fund.

6.  ESCROW AGENT'S FEE.  As compensation for its services hereunder, the Escrow
    Agent shall be entitled to receive its normal Escrow Fee in accordance with
    the attached Schedule 1.  The escrow fees shall be paid by the Fund in the
    event the Fund breaks escrow, otherwise, fees will be paid directly by the
    General Partner.  The Escrow Agent shall be reimbursed by the Fund for any
    costs, expenses, or services hereunder arising from any dispute, controversy
    or litigation in connection herewith.  Payment shall be due within ten (10)
    days of receipt by the Fund of an invoice from the Escrow Agent.

7.  INDEMNIFICATION.  The General Partner shall indemnify and hold the Escrow
    Agent harmless from losses, costs, and expenses (including reasonable
    attorneys' fees) incurred by the Escrow Agent in any suit or claim arising
    out of or in connection with this Escrow Agreement except claims which are
    occasioned by the Escrow Agent's negligence, bad faith, or willful
    misconduct.  This indemnity shall survive the termination of this Escrow
    Agreement.

8.  LIMITATIONS AND LIABILITY OF THE ESCROW AGENT.

    a.  The duties and responsibilities of the Escrow Agent will be limited
        to those expressly set forth herein, to hold such escrowed items and to
        deliver them to such recipient and under such conditions as herein set
        forth.  The Escrow Agent shall not be liable for any act taken or
        omitted in good faith and shall be fully protected when relying on any
        written notice, demand, certificate or document which it believes to be
        genuine.  The Escrow Agent may execute any of the duties or
        responsibilities hereunder either directly or through agents or
        attorneys.

    b.  If any property in the Escrow Account is at any time attached,
        garnished or levied upon, under any court order, or in case the
        payment, assignment, transfer, conveyance or delivery of any such
        property shall be stayed or enjoined by any court order, or in case any
        order, judgment or decree shall be made or entered by any court
        affecting such property, or any part thereof, then in any of such
        events, the Escrow Agent is authorized, in its sole discretion, to rely
        upon and comply with any such order, writ, judgment or decree, which
        the Escrow Agent is advised by legal counsel of its own choosing is
        binding upon the Escrow Agent, and if the Escrow Agent complies with
        any such order, writ, judgment or decree, the Escrow Agent shall not be
        liable to any of the parties hereto or to any other person, firm or
        corporation by reason of such compliance, even though such

                                       4
<Page>

        order, writ, judgment or decree may be subsequently reversed, modified,
        annulled, set aside or vacated.

9.  CONFLICTING INSTRUCTIONS.  In case of conflicting demands upon the Escrow
    Agent, the Escrow Agent may withhold performance of this Escrow Agreement
    until such time as said conflicting demands shall have been withdrawn or the
    rights of the respective parties shall have been settled by court
    adjudication, arbitration, joint order or otherwise.

10. BOOKS AND RECORDS.  The Fund and the Escrow Agent shall keep accurate books
    and records of all transactions hereunder, and each shall have access to
    such books and records of the other at all reasonable times.  The Escrow
    Agent shall promptly provide the Fund with written confirmation of all
    amounts received from Subscribers.

11. NOTICE.  Any notice which the Escrow Agent is required or desires to give
    hereunder to any of the undersigned shall be in writing and may be given by
    mailing the same to the address of the undersigned indicated under their
    respective signatures hereon (or to such other address as said undersigned
    may substitute therefore by written notification to the Escrow Agent).  For
    all purposes hereof, any notice shall be effective only when actually
    received.  Notices to the Escrow Agent shall be in writing and shall not be
    deemed effective until actually received by the Escrow Agent.  Whenever
    under the terms hereof the time for giving notice or performing an act falls
    upon a Saturday, Sunday or bank holiday, such time shall be extended to the
    Escrow Agent's next business day.

12. TERMINATION.

    a.  The Escrow Agent may resign by giving twenty (20) business days' written
        notice to the General Partner.  Upon resignation, the Escrow Agent is
        unconditionally and irrevocably authorized and empowered to send any and
        all property in the Escrow Account by registered mail to the respective
        depositors thereof.

    b.  The General Partner may remove the Escrow Agent at any time (with or
        without cause) by giving at least twenty (20) days written
        notice thereof.  Within ten (10) days after receiving such notice, the
        General Partner and the Selling Agent shall jointly agree on and
        appoint a successor escrow agent at which time the Escrow Agent shall
        either redistribute the funds held in the Escrow Account, less its
        fees, costs and expenses or other obligations owed to it as directed by
        the joint instructions of the General Partner and the Selling Agent or
        hold such funds, pending distribution, until all such fees, costs and
        expenses or other obligations are paid.  If a successor escrow agent
        has not been appointed or has not accepted such appointment by the end
        of the ten (10) day period, the Escrow Agent may appeal to a court of
        competent jurisdiction for the appointment of a successor escrow agent,
        or for other appropriate relief and the costs, expenses and reasonable
        attorneys fees which the Escrow Agent incurs in connection with such a
        proceeding shall be paid by the General Partner.

13. AMENDMENTS.  The Agreement may be amended at any time or times by an
    instrument in writing signed by all of the parties.

                                       5
<Page>

14. GOVERNING LAW.  This Agreement shall be construed, enforced, and
    administered in accordance with the laws of the State of New York.  The
    parties hereto agree that any action or proceeding arising directly,
    indirectly, or otherwise in connection with, out of, related to, or from
    this Agreement, any breach hereof, or any transaction covered hereby,
    shall be resolved, whether by arbitration or otherwise, within the City
    of New York, and State of New York.  Accordingly, the parties hereto
    consent and submit to the jurisdiction of the federal and state courts and
    applicable arbitral body located within the City of New York, and State of
    New York. The parties further agree that any such action or proceeding
    brought by any party to enforce any right, assert any claim, or obtain any
    relief whatsoever in connection with this Agreement shall be brought by
    such party exclusively in the federal or state courts, or if appropriate,
    before any applicable arbitral body, located within the City of New York,
    and State of New York.

15. DISPUTES.  In the event of any dispute between or conflicting claims by or
    among the General Partner or the Selling Agent and/or any other person or
    entity with respect to any funds held in the Escrow Account, the Escrow
    Agent shall be entitled, at its sole discretion, to refuse to comply with
    any and all claims, demands or instructions with respect to such funds so
    long as such dispute or conflict shall continue, and the Escrow Agent shall
    not be or become liable in any way to the General Partner or the Selling
    Agent for its failure or refusal to comply with such conflicting claims,
    demands or instructions, except to the extent under the circumstances such
    failure would constitute negligence, bad faith or willful misconduct on the
    Escrow Agent's part.  The Escrow Agent shall be entitled to refuse to act
    until, at is sole discretion, either such conflicting or adverse claims or
    demands shall have been finally determined in a court of competent
    jurisdiction or settled by agreement between the conflicting parties as
    evidenced in a writing, satisfactory to the Escrow Agent or the Escrow Agent
    shall have received security or an indemnity satisfactory to the Escrow
    Agent sufficient to save it harmless from and against any and all loss,
    liability or expense which it may incur by reason of its acting.  The Escrow
    Agent may in addition elect at its sole discretion to commence an
    interpleader action or seek other judicial relief or orders as the Escrow
    Agent may deem necessary.

    IN WITNESS WEREOF, the parties have executed this Escrow Agreement as of the
date first set forth above.

FIFTH THIRD BANK

     Escrow Agent
     Fifth Third Bank
     251 North Illinois Street, Suite 310
     Indianapolis, IN 46204
     Attn: George Bawcum

By:  __________________________________
     [Name]
     [Title]

                                       6
<Page>

S&P MANAGED FUTURES INDEX FUND, LP

By:  RefcoFund Holdings, LLC
     550 W. Jackson
     Suite 1300
     Chicago  Illinois 60661

By:  __________________________________
     [Name]
     [Title]

REFCOFUND HOLDINGS, LLC
550 W. Jackson
Suite 1300
Chicago  Illinois 60661

By:  __________________________________
     [Name]
     [Title]

                                       7
<Page>

                                   SCHEDULE 1

                       SCHEDULE OF FEES FOR ESCROW AGENT

ACCEPTANCE FEE:                                                          $500.00

The Acceptance Fee includes our review and comments relating to the governing
documents, initial investment of escrow proceeds, and the set up of escrow
accounts.

ANNUAL ADMINISTRATIVE FEE:                                             $1,000.00

The Annual Administrative Fee includes the routine administration of the escrow
document and the processing of payments coming in from Subscribers.

Additional Services include:

        -  Monthly Statements
        -  Investment in the Fifth Third US Treasury Money Market Fund

OTHER CHARGES

In the event that Escrow is not broke:

        -  Disbursements
        -  $10.00 per Subscriber

Additional fees may be charged for any unusual, special or extraordinary
services required.  The charges will be based upon the extent of the services
performed and the responsibilities assumed by the Escrow Agent.

                                       8

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