Document:

<PAGE>8                                                              EXHIBIT 4.3

                      THE BUREAU OF NATIONAL AFFAIRS, INC.
                                 STOCK OWNERSHIP
             AS ADOPTED BY THE BOARD OF DIRECTORS SEPTEMBER 6, 2001

                              I. GENERAL PROVISIONS

     The Board of Directors of The Bureau of National Affairs, Inc., pursuant to
Article IV of the  Corporation's  Articles  of  Incorporation,  which sets forth
general  provisions  governing  the  sale,  ownership,  and  redemption  of  the
Corporation's stock, hereby establishes the following additional  procedures and
provisions  governing  the  Corporation's  stock,  including  operation  of  the
Corporation's Stock Purchase and Transfer Plan. Provisions specifically relating
to the sale and issuance of the  Corporation's  stock pursuant to The BNA 401(k)
Plan are included in that Plan document.

     1. ELIGIBLE STOCKHOLDERS

      CLASS A STOCK. The shares of Class A stock shall be issued only to persons
(1) who are officers or employees of the  Corporation or of a subsidiary  eighty
(80) percent or more of whose stock is owned by the Corporation and (2) who have
been  employed  by  the  Corporation,  or  by a  qualifying  subsidiary  of  the
Corporation,  as a full-time  employee for one year, or as a part-time  employee
(20 hours per week or more) for two years (all such officers and employees being
hereinafter referred to as "officers and employees of the Corporation").
      CLASS B STOCK.  The Class B stock  shall be issued  only in  exchange  for
Class A stock (1) to officers or employees of the  Corporation  upon  retirement
(as  defined  below)  because  of age or  disability,  or (2) upon the  death of
officers or employees  of the  Corporation,  to the estates of such  officers or
employees,  to the  dependents of such officers or employees,  or to persons who
are the natural  objects of the bounty of such officers or  employees,  PROVIDED
that death occurs (1) while the officers or employees  are in the service of the
Corporation  or on military  or  disability  leave,  or (2) within 90 days after
retirement because of age or disability.
      No  person  shall be obligated  or  required  to  accept  Class B stock in
exchange for Class A stock.  Any person qualified above to receive Class B stock
in  exchange  for Class A stock who elects to  exercise  such right of  exchange
shall so notify the  Secretary of the  Corporation  in writing at the  following
times:  in the case of an officer or  employee  of the  Corporation  entitled to
exchange  Class A stock for Class B stock upon  retirement,  within  ninety (90)
days after  retirement,  and in the case of anyone  entitled to exchange Class A
stock for Class B stock upon the death of a retired officer or employee,  within
one hundred eighty (180) days after the death of such officer or employee;
      For  purposes  of  determining  a  Class A  stockholder's  eligibility  to
exchange  Class  A  stock  for  Class  B  stock  upon  retirement,  the  Class A
stockholder  must satisfy the rules of eligibility  for retirement that apply to
employees of the Corporation.  For purposes of determining  years of service for
those stockholders employed by the Corporation's  qualifying  subsidiaries,  the
starting date is the date the subsidiary was acquired by the Corporation, or the
date of employment with the subsidiary corporation, whichever is later.

      In the event that a holder of Class A stock  elects to exercise a right to
exchange  such stock for Class B stock at a time at which the  Corporation  does
not have  available  authorized  Class B stock  with  which to  effectuate  such
exchange,  said holder of Class A stock shall be so informed by the  Corporation
and such Class A stock may be retained by the holder  thereof  until  receipt of
notification  from the  Corporation  that  Class B stock is so  available.  Upon
receipt of such notification  from the Corporation,  the exchange shall promptly
be effected,  PROVIDED that nothing  contained herein shall preclude such holder
of Class A stock prior to receipt of such notification from the Corporation from
tendering any or all of such shares of Class A stock (a) to the  Corporation for
purchase  by it in  accordance  with  Paragraph  7 of this  document  or (b) for
purchase in accordance  with the  provisions of the Stock  Purchase and Transfer
Plan of the Corporation.

      CLASS C STOCK.  The Class C common  stock of the  Corporation is issued in
exchange  for  Class  A  stock to  officers  and  employees  of  any  subsidiary
corporation,  eighty  (80)  percent  or more of  whose  stock  was  owned by the
Corporation or to the officers and employees of the Corporation assigned to such
a  subsidiary  corporation,  upon the  disposition  of that  subsidiary  or upon
reduction of the Corporation's stock ownership to less than eighty (80) percent.
Any exchange of Class A stock for Class C stock is at the option of such officer
and  employee  and is made on a share for share  basis.  An election to exercise
such right of exchange is made by so notifying the Secretary of the  Corporation
in writing within ninety (90) days after the disposition or reduction.
<PAGE>9
     Any  holder  of Class C stock  may at any time,  by  written  notice to the
Secretary  of the  Corporation,  tender  any or all  shares of such stock to the
Corporation for purchase by it. The Board of Directors may accept or reject such
tender,  in whole or in part;  and if it accepts the tender or any part thereof,
the  Corporation  shall purchase the shares of stock so accepted at the price in
effect for purchase and sale of shares of Class A stock of the Corporation under
the  Stock  Purchase  and  Transfer  Plan of the  Corporation.  If the  Board of
Directors rejects such tender in whole or in part, the shares may be transferred
to any  person  whomsoever,  subject,  however,  to a  continuing  right  of the
Corporation  to purchase  any and all of said  shares in the event that,  and at
such times as, any or all of such shares are  presented  for  transfer,  and the
price payable by the  Corporation  shall be the price in effect for the purchase
and  sale of Class A stock of the  Corporation  under  the  Stock  Purchase  and
Transfer Plan of the Corporation. Except as provided above, no shares of Class C
stock may be transferred or pledged  without the written consent of the Board of
Directors.

     The Corporation shall have the right to redeem from the stockholder thereof
all or any part of the  outstanding  shares  of  Class C stock  (a) one (1) year
after the death of the  stockholder,  (b) ninety (90) days after the stockholder
has held the Class C stock for the number of years  equal to his or her years of
service as an officer or employee of the  Corporation or the subsidiary  company
while the subsidiary was owned at least eighty (80) percent by the  Corporation,
or (c) on December 31, 2015,  whichever  shall first occur.  Prior to exercising
such right of redemption, the Corporation shall notify the holder of the Class C
stock by written notice to the address of such holder as it appears on the stock
books of the Corporation and shall give the holder the opportunity to tender the
shares to the  Corporation  in accordance  with the previous  paragraph.  If the
holder  fails to tender the shares,  the  Corporation  may exercise the right to
redeem the outstanding shares of Class C stock at a price per share equal to the
book value per  outstanding  share at the close of the next  preceding  calendar
year, as determined by independent  auditors,  and the said holder shall have no
further rights, privileges, or powers in respect of such stock.

      2. TRANSFER ON DEATH.  Any  holder of shares of Class A (other than shares
held in the stockholder's  account in The BNA 401(k) Plan),  Class B, or Class C
stock shall be entitled to hold such shares in  transfer-on-death  ("TOD")  form
pursuant to the  provisions  of Chapter 8 of Part III,  Title 12 of the Delaware
Code ("Uniform TOD Security Registration Act") subject to such conditions as the
Board  of  Directors  may  establish  by  resolution  from  time to time  and in
accordance  with  registration  procedures  adopted  by  the  Secretary  of  the
Corporation.  Upon receipt of (i) an affidavit of the personal representative of
the deceased  owner's  estate or such other proof of death of the deceased owner
as  may  be  satisfactory  to  the  Secretary  of  the  Corporation,   and  (ii)
satisfaction of such other  requirements as the Secretary of the Corporation may
establish,  shares of Class A stock, Class B stock, or Class C stock transferred
upon the death of the owner pursuant to TOD registration  shall be registered in
the  name  of  the  surviving  beneficiary(ies).  Shares  of  any  class  of the
Corporation's  stock received by any person as a surviving  beneficiary  (or the
surviving beneficiary's representatives, if applicable) under a TOD registration
of  such  shares  shall  be  subject  to the  provisions  of  the  Corporation's
Certificate  of  Incorporation  and  resolutions  governing the operation of the
Corporation's stock plans in the same manner as if such shares had been received
by such  holder  under a will or under  the laws of  descent  and  distribution.
Without limiting the generality of the foregoing sentence, any such shares shall
be subject to the  Corporation's  redemption or repurchase  rights applicable to
the personal representative of any deceased holder of the Corporation's stock or
to any  recipient of the  Corporation's  stock under a will or under the laws of
descent and distribution.

      3. CONSIDERATION  FOR CLASS A STOCK The Class A stock  shall be issued for
money  only,  at such  price as the  Board of  Directors  may from  time to time
prescribe by resolution.

      4. RATE OF  EXCHANGE  OF CLASS B STOCK The  exchange  of Class A stock for
Class B stock shall be on a share for share basis.

      5. FORM OF CERTIFICATES; UNCERTIFICATED  SHARES. The certificates of stock
of the Corporation  shall, as to each class of stock, be numbered  consecutively
and shall be entered in the books of the  Corporation  as they are issued.  Each
certificate  shall  exhibit the holder's  name and the number of shares of stock
represented  thereby,  and shall be signed by the President or a Vice-President,
and by either the  Secretary,  the  Treasurer,  the  Assistant  Secretary or the
Assistant Treasurer.
      All  shares  of the  Corporation's  Class A,  Class B,  and  Class C stock
issued on and after March 25, 2000, shall be uncertificated  shares;  any shares
of the  Corporation's  Class A, Class B, and Class C stock  issued prior to that
date  shall  become  uncertificated  upon  the  stockholder's  surrender  to the
Corporation  of  the  certificate   representing  such  shares.  Any  holder  of
uncertificated  shares  shall  be  entitled,  upon  request,  to  a  certificate
representing those shares.
<PAGE>10
      6. TRANSFER OF STOCK  Except as  otherwise  provided  below,  no shares of
Class A and Class B stock may be  transferred  or pledged  without  the  written
consent or  authorization of the Board of Directors or of such officer as may be
designated by it to grant such consent or authorization.  All transfers of stock
of the Corporation  represented by certificates  shall be made upon its books by
the  person  named  in  the  certificate  or  by  his/her  lawfully  constituted
representative,   and  upon  surrender  of  the  certificate  for  cancellation;
transfers of stock  represented  by  uncertificated  shares shall be made by the
person named in the  Corporation's  records or by his/her  lawfully  constituted
representative,  without the need for the surrender of a certificate. A transfer
of stock  registered in Transfer on Death form that occurs upon the death of the
holder  thereof  shall  be  deemed  to be  made  by  the  person  named  in  the
certificate,  or by the person named in the Corporation's records, provided that
the Corporation has received an affidavit of the personal  representative of the
deceased  owner's  estate or such other proof of death of the deceased  owner as
may be satisfactory to the Secretary of the Corporation.  The Corporation  shall
be entitled to treat the holder of record of any share or shares of stock as the
holder in fact  thereof,  and  accordingly  shall not be bound to recognize  any
equitable  or other  claims  to or  interest  in such  shares on the part of any
person,  whether or not it shall have express or other notice  thereof,  save as
expressly provided by the laws of Delaware.

      7.  REDEMPTION  AND  PURCHASE OF STOCK BY THE  CORPORATION.  Any holder of
Class A stock may  offer any or all  shares of Class A stock not held in the BNA
401(k) Plan for sale to the Trustee of the Stock  Purchase  and  Transfer  Plan;
such sales are governed by the  provisions of Section II of this  document.  Any
holder of Class A stock may also  tender  any and all shares of his or her stock
to the  Corporation  for purchase by it, subject to the provisions of Article IV
of the  Corporation's  Articles  of  Incorporation,  which  also  specifies  the
procedures governing the tender and redemption of Class B and Class C stock.
      As  specified  by  Article  IV, the  Corporation  shall  have the right to
redeem Class A, Class B, and Class C stock from stockholders who have held their
stock for the following periods:
   o For  holders  of Class A stock  who  resign  or  leave  the  employ  of the
   Corporation  or a  qualifying  subsidiary:  90 days from the date of leaving,
   unless the holder has signed an optional  agreement,  in which case the stock
   may be held for either one year or three years, depending upon the agreement;
   o For  holders of Class A stock who die while  employed  or within 90 days of
   retirement:  eight  years  from the date of death.
   o For holders of Class B stock:  one year  from the date of  death,  or eight
   years  from the  date of  retirement,  whichever is longer,  or as  otherwise
   provided  by the  Board of Directors.  By  resolution  of  May 6,  1999,  the
   Board of Directors has established that, where Class B stock  passes by will,
   transfer on death designation, or by the laws of  descent  and  distribution,
   from a retired officer or employee of the Corporation to his or her surviving
   spouse, it shall be the  policy of the Corporation, with regard only to stock
   holdings  as of  September 25, 1999 or with regard to any stock  obtained  by
   means of the split of stock held as of September  25,  1999,  not to exercise
   its right of redemption  until one year after the death of such  spouse.
   o For holders  of Class C stock:  one year from the date of death, or 90 days
   after the  employee has held the Class C stock for the number of years  equal
   to his or her  years of service as an  employee  of the  subsidiary while the
   subsidiary was owned at least 80 percent by the Corporation,  or December 31,
   2015, whichever shall first occur.

      It is the intent of the Board of Directors that stock timely redeemed upon
expiration of said holding periods will be redeemed at the price then  currently
in effect under the Stock Purchase and Transfer Plan.
      However,  as  regards any stock that is not  timely  redeemed  and is held
beyond the specified  holding  period,  the  Corporation  reserves the exclusive
right to redeem such stock in the following  manner:  Prior to  exercising  such
right of redemption,  the Corporation  will provide written notice to the holder
and shall  give the  holder the  opportunity  to sell his or her  stock,  either
through the Stock  Purchase and Transfer  Plan,  or to the  Corporation,  at the
price  currently in effect under the Stock  Purchase and Transfer  Plan.  If the
holder fails to do so, the Corporation may exercise the right to redeem from the
holder all  outstanding  shares of stock at a price per share  equal to the book
value per outstanding share at the close of the immediately  preceding  calendar
year, as determined by independent  auditors,  PROVIDED,  that if the book value
per outstanding  share,  as so determined,  exceeds ten times the average annual
net earnings per outstanding  share,  if any, of the  Corporation  (after taxes,
including income taxes) for the preceding three calendar years, as determined by
independent  auditors,  then the price  shall be the average of such two figures
(book value and ten times average net earnings) per outstanding share.

      The Corporation shall have the right to purchase Class A stock through the
Stock Purchase and Transfer Plan.
<PAGE>11
      8.  FRACTIONAL SHARES No fractional shares of stock may be subscribed for,
issued or exchanged. The Board of Directors may, in its discretion,  provide for
the  payment of a sum of money to cover  fractional  interests  arising  from an
exchange, redemption or acquisition of stock by the Corporation.

      9.  DISSOLUTION OR DISTRIBUTION OF ASSETS  In the event of the dissolution
of, or any distribution of the assets of, the Corporation,  the holders of Class
A stock,  Class B stock,  and Class C stock  shall be  entitled  to  participate
ratably, share for share, and without preference of any class over the others.

      10.  LOST  CERTIFICATE.  If a certificate  of stock of the  Corporation is
lost or destroyed, another certificate of the same tenor and for the same number
of shares may be issued in its stead,  upon  request and upon proof of such loss
or destruction.

            II. SALE AND PURCHASE OF THE CORPORATION'S CLASS A STOCK:
                        STOCK PURCHASE AND TRANSFER PLAN

      1.  STOCK  TRANSFER IN  CONFORMITY  WITH  SECTION.  For all  transfers  of
Corporation  stock made in  conformity  with the  requirements  of this Section,
approval by the Board of Directors shall not be required.

      2.  PLAN  FEATURES.  The Stock  Purchase  and  Transfer  Plan  (Plan) will
include the following features:

           (a)  OPERATION BY TRUSTEE.   The Plan shall be operated in accordance
with the provisions of this Section by a Trustee, who shall be designated by the
Board and shall serve at the pleasure of the Board.  The Board may designate one
or more  Assistant  Trustees with powers to perform any of the Trustee's  duties
herein prescribed in the absence of the Trustee.

           (b)  ELIGIBILITY FOR  PARTICIPATION.  Except as otherwise provided in
this Section,  officers and employees  eligible to participate  shall be persons
(1)  who  are  officers  or  employees  of the  Corporation  or of a  subsidiary
corporation  eighty  (80)  percent  or more  of  whose  stock  is  owned  by the
Corporation  and (2) who, at the end of the pending  stock plan,  will have been
employed by the Corporation or by a qualifying  subsidiary of the Corporation as
a full-time  employee  for one year,  or as a part-time  employee  (20 hours per
week) for two years (all such officers and employees being hereinafter  referred
to  as  "officers  and  employees").   The  term   "stockholder,"  used  without
qualification,  means any holder of Class A stock whether an officer or employee
or not.

           (c)  STOCK PURCHASE FUND.  The Board of Directors  shall  establish a
Stock Purchase Fund under the direction and control of the Trustee.  The Trustee
is  empowered to select a  depository  with which this fund is to be  deposited.
Withdrawal of amounts from the account with the  depository may be made upon the
signature of the Trustee or a duly designated agent.

           (d)  FUNCTIONS  OF STOCK  PURCHASE  FUND.  The functions of the Stock
Purchase Fund shall be:

               (i)   To accept  deductions from the weekly or biweekly salary of
                     eligible officers and employees authorizing deductions  for
                     the purchase of Class A stock of  the  Corporation  through
                     the Plan.  The deducted amounts shall remain in the Fund to
                     the credit of the respective officers and  employees  until
                     they are applied to the purchase of stock.  In the event of
                     termination of employment, any amount in the Stock Purchase
                     Fund  to  the  credit  of the  officer or employee shall be
                     refunded. No interest will be paid on monies in the Fund.
               (ii)  To   purchase   from  stockholders  Class A  stock  of  the
                     Corporation,  so  far  as   available,  up  to  the  amount
                     sufficient  to  satisfy  the  claims  of those who (1) have
                     deposited funds  with  the  Fund through payroll deductions
                     and (2) have listed with the Trustee offers to buy.
               (iii) To purchase  from the  Corporation  such  treasury  Class A
                     stock or  unissued  Class A stock as the Board of Directors
                     may authorize to be purchased,for the purpose of satisfying
                     the demands of those who (1)  have deposited funds with the
                     Fund through payroll deductions and/or (2) have listed with
                     the Trustee offers to buy.
               (iv)  To sell stock to the Corporation for the purposes set forth
                     in Paragraph 4 of this section.
<PAGE>12
           (e)  PRIORITIES  IN  PURCHASE  AND SALE OF STOCK.  The Trustee  shall
observe the following rules as to priorities in purchase of Class A stock:

               (i)   When the  number of shares  which  can be  purchased  by
                     officers  and  employees  with  accumulated  funds  from
                     payroll  deductions  and by calling  upon  officers  and
                     employees who have  submitted  offers to buy exceeds the
                     total of  shares  which  are  available  to the Fund for
                     sale,  the  claims of those who have  contributed  funds
                     through  payroll  deductions  shall be satisfied  before
                     satisfaction  of any of the  claims  of  those  who have
                     submitted offers to buy.
               (ii)  When  the  number  of  shares  offered  to the  Fund  by
                     stockholders  plus the shares subject to purchase by the
                     Fund under  optional  agreements  exceeds  the number of
                     shares  for  which  there  is a demand  through  payroll
                     deductions  and offers to buy,  the Trustee  shall apply
                     such funds as are  available  to  purchase  stock in the
                     following  order of priority:

                  (aa) Such shares  of  stock  held  by a  former officer  or
                       employee, or the heirs or legatees of a former officer
                       or employee, whose employment  has been terminated for
                       one  year  or  more  and  whose  stock  is  subject to
                       purchase by the Fund pursuant to an optional agreement.
                  (bb) All  other  stock  offered to the Fund for purchase in
                       the chronological order in which such offers have been
                       received in writing by the Trustee: PROVIDED, however,
                       that, whenever the Trustee has  unsatisfied  offers of
                       stock  from  two or more  stockholders,  not more than
                       sixteen thousand (16,000) shares may be purchased from
                       a stockholder having a  higher  priority until sixteen
                       thousand(16,000)shares (or all shares offered, if less
                       than sixteen  thousand (16,000)) have  been  purchased
                       from each such  stockholder having a  lower  priority.
                       Where  two  or  more  offers of  stock  are   received
                       simultaneously  by  the Trustee,  the  order  shall be
                       determined by lot.

           (f)  PRICE OF CLASS A STOCK.  Not more than 70 days and not less than
15 days prior to (1) the date of record for voting at the regular annual meeting
of  stockholders  and (2) the date which follows such record date by six months,
the  Board of  Directors  shall  determine  the  price of the  Class A stock for
purchase and sale by the Fund during the six-month  periods  beginning  with the
two dates specified  above.  The price set shall not be below the book value per
share for the immediately  preceding  calendar year as determined by independent
auditors.  The price shall be the same for stock purchased by the Stock Purchase
Fund and for stock sold by the Fund.  Announcement of the price shall be made to
all  stockholders  and  eligible  officers  and  employees  at least one week in
advance of the effective date.

           (g)  ISSUANCE OF CLASS A STOCK TO FUND. The Board of Directors  shall
determine twice each year whether to make available treasury or unissued Class A
stock for  purchase by the Stock  Purchase  Fund and, if it decides to make such
stock  available,  it shall determine the maximum number of shares to be sold to
the Fund.  The price at which such stock  shall be sold shall be the same as the
price fixed for purchase and sale of stock by the Stock Purchase Fund.

           (h)  SETTLEMENT  DATES.   On  the  dates  designated   below,   money
accumulated in the Stock Purchase Fund shall be applied to the purchase of Class
A stock in the name of the officers and employees authorizing payroll deductions
for the  purpose.  As of these  dates the  Trustee  of the Fund  shall also make
available,  to those who have submitted  "offers to buy," stock to satisfy these
offers  to  the  extent  that  such  stock  is  available  to  the  Fund.  Stock
certificates  or  statements  shall be issued to each  officer or  employee  for
shares then fully paid through  payroll  deductions or by satisfaction of offers
to buy as soon as possible after each settlement  date. The settlement dates are
the days next preceding each of the following dates:

               (i)   Record  date fixed  prior to (a)  regular  stockholders'
                     meetings;  (b) special  stockholders'  meeting;  and (c)
                     payment of dividends.
               (ii)  Date  six   months   after   record   date  of   regular
                     stockholders' meetings.

           (i)  PAYROLL DEDUCTIONS FOR PURCHASE OF STOCK.  Eligible officers and
employees may, upon written authorization, have deducted from their salaries and
paid into the Stock  Purchase  Fund  designated  amounts  each pay  period to be
applied  on  purchase  of  Class  A stock  of the  Corporation,  subject  to the
following rules:
<PAGE>13
               (i)   LIMITATIONS  ON AMOUNT:  Deductions  from salary for such
                     purchase  shall not be in excess of 400 times the current
                     price per share and not less than  five  dollars  ($5.00)
                     per week.
               (ii)  WHEN  DEDUCTIONS  BEGIN:  Deductions from payroll for the
                     purpose of this subparagraph  shall begin with salary for
                     the   first   full   pay  period  after  receipt  of  the
                     authorization,  except  that  deductions   from   payroll
                     authorized within the forty-two days preceding  the close
                     of the then current Plan shall begin with salary for  the
                     first full week of the succeeding  Plan period.
               (iii) CHANGE IN  AMOUNT  OF  AUTHORIZED DEDUCTION: Any eligible
                     officer  or   employee   who  has  authorized  a  payroll
                     deduction  for  the  purposes  of  this  subparagraph may
                     increase  or   decrease  the  amount of   the   deduction
                     authorized, subject to the   limitations  of  subdivision
                     (i) of this subparagraph, by giving written notice to the
                     Trustee of the Stock Purchase Fund.Such notice shall take
                     effect with salary for the first  full pay  period  after
                     submission  of  notice,  except  that  if  such notice is
                     received within the forty-two days preceding the close of
                     the then current Plan it shall take effect with salary for
                     the first full week of the succeeding Plan period.
               (iv)  WITHDRAWAL OF  AUTHORIZATION:  Any  eligible  officer  or
                     employee  who has  authorized  a payrolldeduction for the
                     purposes  of   this   subparagraph   may   withdraw   his
                     authorization at any time by giving written notice to the
                     Trustee of the Stock  Purchase  Fund.  Such notice  shall
                     take effect with salary for the  first  full  pay  period
                     after submission of notice.  Upon request,  and with  two
                     weeks' notice, a person withdrawing from the Plan may have
                     refunded any amount deducted from salary which has not at
                     that time been applied to the purchase of stock.
               (v)   NO  FRACTIONAL  SHARES:  No fractional  shares  shall  be
                     purchased.  On any settlement  date,  the  Stock Purchase
                     Fund shall refund to any officer or employee upon request
                     any amount remaining after application of the  deductions
                     to the purchase of full shares of stock.

           (j)  OFFERS TO BUY.  Eligible  officers and employees may at any time
before the  forty-second day preceding the close of the Plan currently in effect
submit  to the  Trustee  offers  to buy  shares  of the  Class  A  stock  of the
Corporation.  Such  offers  to buy  shall  be  satisfied  at the  price of stock
currently established, and shall become void at the end of each Plan.
                Stock  may  be sold by the Trustee in  satisfaction of offers to
buy whenever he or she has stock  available for sale after the  satisfaction  of
all  claims  arising  from  those who have  authorized  payroll  deductions  for
purchase of stock:  PROVIDED,  however, that no treasury or unissued stock shall
be issued to  satisfy  such  offers to buy  except at the  following  settlement
dates:  (1) the day  next  preceding  the  record  date for the  regular  annual
stockholders'  meeting and (2) the day next  preceding the date six months after
such record date.
                FILING.  Offers to buy must be  submitted  in  writing in a form
prescribed and filed with the Trustee.
                RECORDS.  The Trustee shall keep a record of  offers as filed by
each  officer  or employee.  The  trustee  shall  assign  to each offer to buy a
listing number,  which shall  show the time  sequence in which each offer to buy
was filed. When two or more offers are received at the same time, priority among
them shall be determined by lot.
                OBLIGATIONS   ENTAILED.   Offers  to  buy,  when  filed,   shall
constitute a binding obligation upon the person filing the same to  execute  the
purchase at  any time when called upon by the  Trustee to do so. If the  offeror
does not then execute the purchase, any pending  offer to buy  submitted by that
offeror shall be canceled.
                LIMITATIONS ON AMOUNT.   No offer will be  accepted that is  for
more than 16,000 shares.
                CHANGE.  Each officer or employee is permitted to file one offer
to buy during each Plan.  Any  person who has filed an offer to buy may increase
or  decrease  such offer, or  withdraw it entirely.  No offer can be  filed,  or
changed, after the forty-second day before the end of the Plan.
                FULFILLMENT.  Offers  to  buy  shall  be  satisfied  in order of
priority  based on the date  when the offer to buy is  listed  according  to the
following  system:  when the Trustee has available  shares for sale to makers of
offers  to buy,  he or she  shall  allot to each  listing  number  in  numerical
sequence  eight hundred (800) shares,  or the full amount of the offer to buy if
the offer is for fewer  than  eight  hundred  (800)  shares,  until all  listing
numbers have received  their  allotments or until all the available  shares have
been  allotted.  If  additional  shares  for  allotment  remain,  they  shall be
allocated in the same manner,  eight hundred (800) or fewer (if the  unfulfilled
offer to buy is less than eight  hundred  (800))  shares being  allotted to each
number in  rotation  until  all  available  shares  are  sold.  After  each such
allotment the "live"  listing shall be  reconstituted,  beginning with the first
offer to buy that was not  satisfied  in the  previous  allotment,  and the same
procedure followed on subsequent allotments.
<PAGE>14
           (k)  PLACE AND SALE OF STOCK  All  stock  under  this  Plan  is to be
issued, sold, and paid for in Washington, D.C. No notice of participation in the
Plan is effective  until  received and accepted at the  principal  office of the
Corporation.

      3.  REGISTER OF SUPPLEMENTAL BIDS. Whenever the Trustee shall certify that
the Stock  Purchase  Fund is unable to absorb  stock  subject to purchase by the
Fund pursuant to optional agreements or offered for sale by stockholders,  he or
she shall establish a Register of  Supplemental  Bids. In this Register shall be
entered bids for Class A stock of the Corporation  which have been  communicated
in writing to the Trustee by eligible officers and employees. The Register shall
show in the order of receipt the name of the  bidder,  the  bidding  price,  the
number of shares bid for,  and the date as of which the bid expires  (unless the
bid is open).  Any bid may be withdrawn  upon one week's  written  notice to the
Trustee.  The Register shall be open for  inspection at the principal  office of
the Corporation at all reasonable  hours to stockholders  and eligible  officers
and   employees.   The  Trustee  shall  reply  promptly  to  mail  inquiries  of
stockholders and eligible officers and employees respecting the Register.

           (a)  STOCK  TRANSFER  PURSUANT TO  SUPPLEMENTAL  BIDS.  Whenever  the
Trustee  shall  certify that the Stock  Purchase  Fund is unable to absorb stock
subject to purchase by the Fund  pursuant to optional  agreements or offered for
sale by stockholders, any stockholder may offer his or her stock in satisfaction
of the  registered  bids,  and  transfer  shall be made  upon  the  books of the
Corporation  from the offerer to the  bidder.  When two or more bids at the same
price have been  registered,  bids at that price will be satisfied in time order
of their registration.

           (b)  ANNUAL STATEMENT OF TRUSTEE.  In any year in which a Register of
Supplemental Bids is maintained, the Trustee shall send all Class A stockholders
and eligible  officers and employees an annual  statement of the manner in which
the system of Supplemental Bids is operated and the conditions which must be met
by those who wish to avail themselves of its use.

      4.  SALE OF STOCK TO THE CORPORATION. In the event the Board of Directors,
during any Plan period,  determines that the orderly and successful operation of
the  Plan  requires,  and that the best  interests  of the  Corporation  and its
stockholders  and employees  will be served by, the purchase by the  Corporation
through the Stock Purchase Fund of the whole,  or any part, of the Class A stock
of the  Corporation,  which,  during  such six  months'  period,  is  subject to
purchase by the Fund  pursuant to optional  agreements or is offered for sale by
stockholders,  but which the Fund is unable to absorb  unless  purchased  by the
Corporation, the Trustee shall sell to the Corporation all, or such part of, the
said unabsorbed stock as the Board, through its designated officer, shall notify
the Trustee the Corporation will purchase, at the price set for the purchase and
sale of stock by the Fund during the said six months' period.

                      III. OPTIONAL AGREEMENT FOR TRANSFER
                  OF CLASS A STOCK ON TERMINATION OF EMPLOYMENT

      1.  FORM  OF  AGREEMENT.  The  Corporation  shall, on and after January 1,
1998,  offer to all officer and employee  holders of Class A stock the option to
execute the following agreement:

                  Agreement between The Bureau of National Affairs,  Inc., party
      of the first part, and _____________,  holder of one or more shares of the
      Class A stock of The Bureau of National Affairs, Inc., in his/her name, or
      for his/her account in The BNA 401(k) Plan, party of the second part:

                  In consideration of mutual advantages accruing therefrom,  the
      parties hereby covenant and agree as follows:

           1.   The party of the second part will,  within not more than one (1)
                year of his or her separation  from  employment by The Bureau of
                National Affairs,  Inc. (herein called the  Corporation) or by a
                subsidiary eighty (80) percent or more of  whose  stock is owned
                by the  Corporation, offer  all Class A stock of the Corporation
                held by him or her to be purchased under the Stock Purchase  and
                Transfer Plan set up by  the  Corporation.  Such offer or offers
                may be made at any time within the said one(1) year for any part
                or all of the Class A stock so held.

           2.    In the event that the Stock Purchase Fund, provided for in the
                 said  Plan,  is unable to  purchase  any or all of the  shares
                 offered,  the party of the second part may,  at that time,  at
                 his  or  her  option,   accept   Supplemental  Bids,  if  any,
                 registered with the Trustee of the Plan. If such  Supplemental
                 Bids are not accepted, the party of the second part may retain
                 his or her shares for later offers  through the Stock Purchase
                 and Transfer Plan, including acceptance of Supplemental Bids.
<PAGE>15
           3.    If at the end of one (1) year  after  termination of his or her
                 employment, the party of the  second  part  still  retains  any
                 Class  A  stock  of the  Corporation,  she or he shall offer it
                 forthwith for purchase through the Stock Purchase Fund.  If the
                 Stock  Purchase  Fund is  unable to  purchase any or all of the
                 shares so offered, the Trustee of  the Plan shall so notify her
                 or him and she or he may thereafter  retain such shares as have
                 not  been  purchased  or may   dispose  of  them  by  accepting
                 Supplemental  Bids.   Upon  receipt of  notification  from  the
                 Trustee that the Fund is able  to  purchase  any part or all of
                 the shares then  held, the  party  of  the second  part  shall,
                 within  sixty (60) days from the mailing of  such notification,
                 which  shall  state the number of shares the Fund can  purchase
                 from the stockholder,  present  such  shares to the Trustee for
                 purchase by the Fund.  A like procedure shall be followed until
                 all  shares  held  by  the  party of the second  part have been
                 purchased by the Fund.

           4.    If the party of the second part, or his/her heirs or legatees,
                 offers  any or all of  his/her  shares  for sale other than as
                 herein specified, this agreement shall become null and void.

           5.    This agreement shall be binding upon the heirs and legatees of
                 the party of the second part.

           6.    Nothing herein contained shall diminish any right of the party
                 of the second part to exchange Class A stock for Class B stock
                 of the Corporation.

           7.    The  provisions  of Section I,  Paragraph  8 of this  document
                 shall not apply to the party of the  second  part,  or his/her
                 heirs or legatees,  so long as this  agreement is in force and
                 effect.

      2.  PREVIOUS AGREEMENTS HONORED.  The Corporation shall honor all Optional
Agreements previously and properly executed.(PAGE NUMBERS REFER TO PAPER DOCUMENT ONLY)

EXHIBIT 10.50

                       EMPLOYMENT AGREEMENT

     AGREEMENT, dated April 8, 2002, between CONSUMER PROGRAMS
INCORPORATED, a Missouri corporation (the "Corporation"), and
GARY W. DOUGLASS (the "Executive").

     WHEREAS, the Corporation desires to employ the Executive
in the capacity of  Executive Vice President, Finance/Chief
Financial Officer and the Executive will be one of the key
executives of the Corporation;

     WHEREAS, there is much competition for the type of business
performed by the Corporation in the locales in which the
Corporation operates, and the Corporation and Executive
acknowledge that the Corporation is active in the product
markets in which it competes;
14:

     WHEREAS, Executive, during his employment, will be entrusted
with confidential information; and

     WHEREAS, Executive and the Corporation recognize and
acknowledge that, to ensure the continued growth and stability
of the Corporation, it is necessary to obtain an agreement from
Executive not to compete with the Corporation and not to
      disclose confidential information of the Corporation.

     NOW, THEREFORE, in consideration of the mutual promises
contained herein and other good and valuable consideration, the
parties hereto hereby agree as follows:

     1.   DEFINITIONS.  For purposes of this Agreement:

          (a)  "Affiliated Companies" shall mean any corporation
(or other business

                              1

entity) controlling, controlled by or under common control with
the Corporation.

          (b)  "Beneficiary" shall mean the person designated in
writing by the Executive as his beneficiary under this Agreement,
or in the absence of such designation, his estate.

          (c)  "Cause" shall mean:

               (1)  prior to a Change of Control, (i) conduct or
activity of the Executive materially detrimental to the
Corporation's reputation or business (including financial)
operations; (ii) gross or habitual neglect or breach of duty or
misconduct of the Executive in discharging the duties of his
position; or (iii) prolonged absence by the Executive from his
duties (other than on account of illness or disability) without
the consent of the Corporation.

               (2)  after a Change of Control, (i) an act or acts
of dishonesty on the Executive's part which are intended to
result in his substantial personal enrichment at the expense of
the Corporation; (ii) any material violation by the Executive of
his obligations and covenants pursuant to this Agreement which
is demonstrably willful and deliberate on the Executive's
part and which results in material injury to the Corporation;
or (iii) the conviction of Executive of a felony or of a crime
involving moral turpitude.

          (d)  A "Change of Control" shall mean a change in
control of a nature that would be required to be reported in
response to Item 1(a) of the Current Report on Form 8-K, as in
effect on the date hereof, pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934, as amended ("Exchange
Act") or would have been required to be so reported but for the
fact that such event had been "previously reported" as that term
is defined in Rule 12b-2 of Regulation 12B of the Exchange Act
unless the transactions that give rise to the change in control
are approved or ratified by a majority of the members of the
Incumbent Board of CPI

                              2

Corp. who are not employees of the Corporation; provided that,
without limitation, notwithstanding anything herein to the
contrary, such a change in control shall be deemed to have
occurred if (a) any Person is or becomes the beneficial owner
(as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of CPI Corp. representing 40% or
more of the combined voting power of CPI Corp.'s then
outstanding securities ordinarily (apart from rights accruing
under special circumstances) having the right to vote at
elections of directors ("Voting Securities"), (b) individuals
who constitute the Board of CPI Corp. on the date hereof (the
"Incumbent Board") cease for any reason to constitute at least
a majority thereof, provided that any person becoming a
director subsequent to the date hereof whose election, or
nomination for election by CPI Corp.'s shareholders, was
approved by a vote of at least three-quarters of the directors
comprising the Incumbent Board (either by a specific vote or by
approval of the proxy statement of CPI Corp. in which such
person is named as a nominee for director, without objection
to such nomination) shall be, for purposes of this clause (b),
considered as though such person were a member of the Incumbent
Board, or (c) approval by the stockholders of CPI Corp. of a
reorganization, merger or consolidation, in each case, with
respect to which persons who were the stockholders of
CPI Corp. immediately prior to such reorganization, merger or
consolidation do not, immediately thereafter, own, directly or
indirectly, more than 50% of the combined voting power entitled
to vote generally in the election of directors of the
reorganized, merged or consolidated company's then outstanding
voting securities, or a liquidation or dissolution of CPI Corp.
or of the sale of all or substantially all of the assets of CPI
Corp.  For purposes of this Agreement, the term "Person" shall
mean and include any individual, corporation, partnership,
group, association or other "person," as such term is used in
Section

                              3

14(d) of the Exchange Act, other than CPI Corp., the Corporation
or an Affiliated Company or any employee benefit plan(s)
sponsored or maintained by the Corporation or any Affiliated
Company.

          (e)  "Code" shall mean the Internal Revenue Code of
1986, as may be amended from time to time.

          (f)  "Continuing Directors" shall have the meaning set
forth in Paragraph 3(G) of Article Ten of CPI Corp.'s
Certificate of Incorporation.

          (g)  "Fiscal Year" shall mean the Fiscal Year of the
Corporation.

          (h)  "Permanent Disability" shall mean the inability of
Executive to perform the services contemplated by Section 4
hereof for a period of at least one hundred eighty (180)
consecutive calendar days or for thirty-five (35) weeks (whether
or not consecutive) in any twelve (12) month period on account
of any sickness, injury or other infirmity or disability.

          (i)  "Retirement" shall mean the Executive's voluntary
or involuntary termination of employment with the Corporation
except for termination on account of (A) Cause as defined in
Subsection 6(b) hereof, (B) death or (C) Permanent Disability
before attaining age sixty-five (65).

          (j)  "Term of Employment" shall have the meaning set
forth in Section 3 hereof.

     2.   EMPLOYMENT.  The Corporation hereby employs and engages
the services of the Executive as one of its key executives
initially in the position of Executive Vice President,
Finance/Chief Financial Officer, for the Term of Employment set
forth in Section 3.  The Executive agrees to serve the
Corporation for the Term of Employment as provided herein.

                              4

     3.   TERM OF EMPLOYMENT.  The Executive's Term of Employment
shall be a period commencing on the date hereof and ending one
(1) year thereafter; provided, however, that upon the expiration
of the aforesaid period (the "Expiration Date") and upon each
anniversary of the Expiration Date, the Term of Employment shall
automatically be extended for an additional one (1) year period
unless Executive or the Corporation notifies the other in
writing at least sixty (60) days prior to the commencement of
such one (1) year period of an intention to terminate this
Agreement.  Notwithstanding anything herein to the contrary, the
Term of Employment shall terminate upon Executive's death or
Permanent Disability as set forth in subsection 6(a) hereof or
upon the Corporation's termination of Executive's employment for
Cause pursuant to subsection 6(b) hereof.  The Term of
Employment shall also terminate upon the Executive's attainment
of age 65, unless the Board of Directors requests that the
Executive extend his service to the Corporation after age 65.
No such extension shall exceed one year, provided that the
Term may thereafter be renewed from year to year by request of
the Board of Directors.

     4.   POSITION AND DUTIES.

          (a)  Prior to a Change of Control, during the Term of
Employment, the Executive shall serve the Corporation in such
capacity as the Corporation may determine.  After a Change of
Control, during the Term of Employment, the Executive's
position, authority and responsibilities, the type of work he
is asked to perform, and the status and stature of the people
with whom he is asked to work, shall be comparable to that
existing with respect to the Executive as of the date
immediately prior to the Change of Control, and after a Change
of Control the Executive's services shall be performed at
the location where the Executive was employed as of the date
immediately prior to the Change of Control, or at such other
location as

                              5

may be mutually agreed between the Corporation and the Executive.

          (b)  The Executive agrees to devote his full business
time during normal business hours to the business and affairs of
the Corporation (except as otherwise provided herein), to use
his best efforts to promote the interests of the Corporation and
its Affiliated Companies and to perform faithfully and
efficiently the responsibilities assigned to him in accordance
with the terms of this Agreement to the extent necessary to
discharge such responsibilities, except for (i) service on
corporate, civic or charitable boards or committees not
significantly interfering with the performance of such
responsibilities and (ii) periods  of vacation and sick leave
to which he is entitled.  It is expressly understood and agreed
that the Executive's continuing service on any boards and
committees with which he shall be connected, as a member or
otherwise, as of the date hereof, or any such service
approved by the Corporation during the Term of Employment,
shall not be deemed to interfere with the performance of the
Executive's services to the Corporation pursuant to this
subparagraph 4(b).

     5.   COMPENSATION AND OTHER CONDITIONS OF EMPLOYMENT.

          (a)  Base Salary.  During the Term of Employment, the
Executive shall receive an annual base salary (the "Base
Salary"), in equal installments payable bi-weekly or at such
other intervals as salary is normally paid by the Corporation
to its employees, at an annual rate established by the
Corporation and any Affiliated Companies as of the date
hereof.  Executive's Base Salary for Fiscal Year 2002 is set
forth on Exhibit A, attached hereto and incorporated herein.
The Base Salary shall be reviewed at least once each year and
may be increased adjusted at any time and from time to time by
action of the Board of Directors of CPI Corp., any committee
thereof or any individual having authority to take such action,
in accordance with the

                              6

Corporation's regular practices.  Any increase in the Base
Salary shall not serve to limit or reduce any other obligation
of the Corporation hereunder, and after such increase the Base
Salary shall not be reduced from such increased level.

          (b)  Bonus.  After a Change of Control, in addition
to the Base Salary, the  Executive shall be awarded for each
Fiscal Year during the Term of Employment an annual bonus (the
"Annual Bonus") (pursuant to any bonus plan or program of the
Corporation, any incentive plan or program of the Corporation,
or otherwise) in cash at least equal to the highest bonus paid
or payable to the Executive in respect of any of the Fiscal
Years during the three Fiscal Years immediately prior to the
date of the Change of Control.  Prior to a Change of Control,
the amount of the Executive's Annual Bonus shall be determined
in accordance with the Corporation's regular practice.
Executive's Annual Bonus Plan for the Corporation's Fiscal Year
2002 is set forth on Exhibit B, attached hereto and incorporated
herein.

          (c)  Other Compensation Plans.  After a Change of
Control, in addition to the Base Salary and Annual Bonus payable
as hereinabove provided, during the Term of Employment, the
Executive shall be entitled to participate in all other
compensation plans and programs, including, without limitation,
savings plans, stock option plans, and retirement plans of the
Corporation and its Affiliated Companies (collectively, the
"Savings Plans"), on a basis at least equivalent to that
provided by the Corporation and its Affiliated Companies to the
Executive under such programs immediately prior to the date of
the Change of Control.   Prior to a Change of Control, the
Executive's entitlement to participate in the Savings Plans
shall be determined in accordance with the Corporation's
regular practice.  Prior to a Change of Control, nothing herein
shall be construed to prevent the Corporation from amending or
altering any such

                              7

plans in accordance with the terms thereof.

          (d)  Benefit Plans.  After a Change of Control, during
the Term of Employment, the Executive, his spouse, or his
dependents, as the case may be, shall be entitled to receive
all amounts which he, his spouse or his dependents are or would
have been entitled to receive as benefits under all other benefit
plans of the Corporation and its Affiliated Companies, including,
without limitation, medical, dental, disability, group life,
accidental death and travel accident insurance plans and
programs (collectively, the "Benefit Plans") on a basis at
least as favorable to the Executive as on the date immediately
prior to the date of the Change of Control.  Prior to a Change
of Control, the Executive's and such other persons' entitlement
to participate in the Benefit Plans shall be determined in
accordance with the Corporation's regular practice.

          (e)  Expenses.  During the Term of Employment, the
Executive shall be entitled to receive prompt reimbursement for
all reasonable expenses incurred by the Executive in accordance
with the regular policies and procedures of the Corporation.

          (f)  Office and Support Staff.  After a Change of
Control the Executive shall be entitled to an office or offices
of a size and with furnishings and other appointments, and to
secretarial and other assistance, at least equal to those
provided to the Executive as of the date immediately prior to
the date of the Change of Control.

          (g)  Other Benefits.  Executive shall also be entitled
to the benefits described  in Exhibit C, attached hereto and
incorporated herein.

     6.   TERMINATION OF EMPLOYMENT.

          (a)  Death or Permanent Disability; Age 65.  Except for
the
obligations of the Corporation
        set forth in this Subsection 6(a), this Agreement shall
terminate automatically upon

                              8

the Executive's death, Permanent Disability or attainment of age
65 (unless the Board of Directors has requested that the
Executive continue his service thereafter).  In the event of
such termination, the Corporation shall pay to the Executive's
Beneficiary or, in the event of Permanent Disability or
attainment of age 65, the Executive or his legal representative,
all benefits and Base Salary accrued through the date of
termination, including, without limitation, amounts payable
under Subsections 5(c), and (d) and (g).

          (b)  Cause.  The Corporation may terminate the
Executive's employment for Cause.  If the Executive's employment
is terminated for Cause, the Corporation shall pay the Executive
his full accrued Base Salary through the effective date of the
termination of his employment (which shall
be no earlier than the date of receipt of notice thereof)
at the rate in effect at the time of such termination, and the
Corporation shall have no further obligations to the Executive
under this Agreement.

          (c)  Notification Prior to One Year Extension.  Either
Executive or the Corporation may terminate this Agreement by
notifying the other party in writing of an intention to do so at
least sixty (60) days prior to the commencement of the one-year
extension period described in Section 3 hereof.

          (d)  Payments for Involuntary Termination Without
Cause.

               (1)  If prior to a Change of Control, (i) the
Corporation terminates Executive's employment (other than for
Cause pursuant to subsection 6(b) hereof) or (ii) the Executive's
employment terminates by reason of the Corporation's termination
of this Agreement pursuant to subsection 6(c) hereof, the
Corporation shall pay Executive following such involuntary
termination his full accrued Base Salary through the date of
termination of

                              9

employment plus an amount equal to (i) one hundred percent
(100%) of Executive's Base Salary, payable in twenty-six (26)
equal bi-weekly installments or at such other intervals as
salary is normally paid by the Corporation to its employees.
The payment pursuant to this Subsection 6(c)(1) shall be in full
discharge of any claims, actions, demands or damages of every
nature and description which Executive might have or might
assert against the Corporation or any Affiliated Company in
connection with or arising from the termination of Executive's
employment or the termination of this Agreement.

               (2)  If following a Change of Control, the
Corporation terminates Executive's employment (other than for
Cause pursuant to Subsection 6(b) hereof), the Corporation
shall, at the time of such involuntary termination, make a lump
sum cash payment to Executive equal to 200% of his Base
Salary for the Fiscal Year of termination.  In addition to
the payment pursuant to this Subsection 6(d)(2) and any payments
to which Executive may be entitled pursuant to Subsection 5(g),
Executive shall be entitled to all remedies available under this
Agreement or at law in respect of any damages suffered
by Executive as a result of an involuntary termination of
employment without Cause.

     7.   GROSS-UP FOR PARACHUTE TAX.

          (a)  General.  In the event that following a Change of
Control Executive becomes entitled to any payments (whether
pursuant to this Employment Agreement or any other plan,
arrangement or agreement) from the Corporation in the nature of
compensation ("Parachute Payments") that in the opinion of a
certified public accounting firm (selected in the manner set
forth in Subsection 7(b)) or that under the provisions of a
notice of assessment from the Internal Revenue Service causes
imposition of the tax under Section 4999 of the Code or any
similar tax
                              10

that may hereafter be imposed (the "Excise Tax"), the Corporation
shall pay Executive, at the time specified in Subsection 7(d), the
Gross-Up Payment (as determined in accordance with Subsection
7(c)).

          (b)  Selection of C.P.A.  Within fifteen (15) days
after any termination of  Executive's employment following a
Change of Control, the majority of the Continuing Directors
as of the date immediately prior to the Change of Control shall
select a certified public accounting firm (the "C.P.A.") to
determine the amount, if any, of the Excise Tax and the amount,
if any, of the Gross-Up Payments.

          (c)  Amount of Gross-Up Payments.

               (1)  The Gross-Up Payments shall be in an amount
such that the net amount retained by Executive with respect to
the Parachute Payments and Gross-Up Payments, after deduction
of any Excise Tax to which the Parachute Payments may be subject
and any federal, state, and local income taxes and Excise Tax
upon the Gross-Up Payments, shall be equal to the gross amount
of the Parachute Payments.

               (2)  For purposes of determining the amount of
the Gross-Up Payments, Executive shall be deemed to pay federal
income taxes at the applicable rate of federal income taxation
for the calendar year in which the Gross-Up Payment is to be
made and state and local income taxes at the applicable rate
of taxation for the calendar year in which the Gross-Up
Payment is to be made.

               (3)  In the event that the Excise Tax is
subsequently determined to exceed the amount taken into account
at the time the Gross-Up Payment is made pursuant to Subsection
7(d)(1) hereof (including any excess attributable to any
Parachute Payments the

                              11

existence or amount of which could not be accurately determined
at the time of the Gross-Up Payment), the Corporation shall make
an additional Gross-Up Payment in respect of such excess (plus
any interest and addition to tax payable with respect to such
excess) within fifteen (15) days after the amount of such excess
is determined by the C.P.A. or by the Internal Revenue Service
(the "IRS") in a notice of assessment.

          (d)  Timing of Gross-Up Payments.  Gross-Up Payments
other than Gross-Up Payments pursuant to Subsection 7(c)(3)
shall be paid not  later than forty-five (45)days following
payment of any Parachute Payments to which the Gross-Up Payments
are attributable; provided, however, that if the amount of such
Gross-Up Payment or portion thereof cannot be finally determined
on or before such day, the Corporation shall pay to Executive on
such day an estimate, as determined in good faith by the
Corporation, of the minimum amount of such payments and shall
pay the remainder of such payments (together with interest at
the applicable federal rate provided in Section l274(d) of the
Code) as soon as the amount thereof can be determined by the
C.P.A., but in no event later than forty-five (45) days after
payment of such Parachute Payments.

          (e)  Corporation's Right to Designate Tax
Representative; Assignment of Refund Proceeds.  If the
IRS proposes an assessment of the Excise Tax against
Executive or proposes an additional assessment of Excise Tax in
excess of the amount previously reported by Executive:

               (1)  Executive shall within five (5) days after
receipt from the IRS of notice of the proposed Excise Tax
assessment notify the Corporation in writing and furnish the
Corporation with copies of all correspondence from the IRS
relating to the proposed Excise Tax

                              12

assessment.

               (2)  The Corporation shall be authorized to
designate an attorney and/or accountant (the "Tax
Representative") to serve as Executive's exclusive
representative with respect to all proceedings with the IRS
relating to the proposed Excise Tax assessment, including but
not limited to negotiating a settlement or compromise of the
proposed Excise Tax assessment, filing a claim for refund with
respect thereto, and seeking judicial review of any
disallowance of a claim for refund.  Executive hereby agrees
to execute an appropriate power of attorney authorizing the
Tax Representative to represent Executive with respect to the
Excise Taxes.  Executive further agrees to take any other
appropriate actions reasonably requested by the Tax
Representative in connection therewith; provided, however, that
the Corporation shall reimburse Executive for any expenses
incurred by Executive as a result of compliance with such
requests.

               (3)  If the Tax Representative files a claim for
refund of Excise Taxes with respect to which the Corporation
has made a Gross-Up Payment and such refund claim is allowed
by the IRS or by the final judgment of a court of competent
jurisdiction, Executive shall endorse the refund check payable
to the Corporation and shall send the refund check to the
Corporation not later than five (5) days after receipt from the
IRS.

               (4)  If the Corporation designates a Tax
Representative, the Corporation shall pay all of his
professional fees and expenses and hold Executive harmless
from any claims in connection therewith.  The Tax Representative
shall keep Executive timely informed of all significant
developments in the Excise Tax matter and shall send to Executive
copies of all correspondence relating thereto.

                              13

               (5)  Notwithstanding anything herein to the
contrary, if the Corporation is in material breach of any of its
obligations pursuant to this Agreement, the Corporation's rights
pursuant to this Subsection 7(e) shall be extinguished and
Executive shall have the right to revoke any power of attorney
executed pursuant to this Subsection 7(e).

     8.   NO OBLIGATION TO MITIGATE DAMAGES.  The Executive
shall not be obligated to mitigate any damages by seeking other
employment or otherwise, and no amount payable hereunder and no
benefit or service credit for benefits shall be reduced in
the event that the Executive shall accept alternative employment.

     9.   BENEFITS PAYABLE ONLY FROM CORPORATE ASSETS.

          (a)  No Trust.  Nothing contained in this Agreement,
and no action taken pursuant to its provisions by either party
hereto shall create, or be construed to create, a trust of any
kind, or a fiduciary relationship between the Corporation and
the Executive or his Beneficiary.

          (b)  Executive's Status as Unsecured General Creditor.
The payment of any benefits hereunder to the Executive or his
Beneficiary shall be made from assets which shall continue, for
all purposes, to be a part of the general assets of the
Corporation; no person shall have or acquire any interest in
such assets by virtue of the provisions of this Agreement.
To the extent that the Executive or his Beneficiary acquires a
right to receive payments from the Corporation under the
provisions hereof, such right shall be no greater than the right
of any unsecured general creditor of the Corporation.

          (c)  Recovery of Cost of Providing Benefits.  In the
event that, in its discretion, the Corporation purchases an
insurance policy insuring the life of the Executive to enable
the

                              14

Corporation to recover, in whole or in part, the cost of
providing any benefits hereunder, neither the Executive nor his
Beneficiary under this Agreement shall have or acquire any
rights whatsoever therein.  The Corporation shall be the sole
owner and beneficiary of any such policy and, as such, shall
possess and may exercise all incidents of ownership therein.

     10.  Determination of Benefits and Claims Procedure.  The
Corporation shall make all determinations as to rights to
benefits under this Agreement.  Subject to and in compliance
with the specific procedures contained in the applicable
regulations promulgated under the Employee Retirement Income
Security Act of 1974, as amended: (i) any decision by the
Corporation denying a claim for benefits under this Agreement
by the Executive or his Beneficiary shall be stated in writing
by the Corporation and delivered or mailed to the claimant;
(ii) each such notice shall set forth the specific reasons for
the denial, written to the best of the Corporation's ability
in a manner that may be understood without legal or actuarial
counsel; and (iii) the Corporation shall afford a reasonable
opportunity to the claimant whose claim
for benefits has been denied for a review of the decision
denying such claim.

     11.  NON-EXCLUSIVITY OF RIGHTS.  Nothing in this Agreement
shall prevent or limit the Executive's continuing or future
participation in any benefit, bonus, incentive or other plan
or program provided by the Corporation or any Affiliated
Companies and for which the Executive may qualify, nor shall
anything herein limit or otherwise affect such rights as the
Executive may have under any other agreements with the
Corporation or any Affiliated Companies.  Amounts which
are vested benefits or which the Executive is otherwise entitled
to receive under any plan or program of the Corporation or any
Affiliated Companies shall be payable in accordance with the
terms of such plan or program.

                              15

     12.  FULL SETTLEMENT.  After a Change of Control, the
Corporation's obligation to make the payments provided for
herein and otherwise to perform its obligations hereunder shall
not be affected by any circumstances, including, without
limitation, any set-off, counterclaim, recoupment, defense or
other right which the Corporation may have against the Executive
or others. Unless it is finally determined by a court of
competent jurisdiction after all available appeals that the
Corporation has validly terminated the Executive's employment
for Cause, the Corporation agrees to pay, to the full extent
permitted by law, all legal fees and expenses which the
Executive may reasonably incur as a result of any contest
(regardless of the outcome thereof) by the Corporation or others
of the validity or enforceability of, or liability under, any
provision of this Agreement or any guarantee of performance
thereof, plus, in each case, interest compounded quarterly, on
the total unpaid amount determined to be payable hereunder,
such interest to be calculated on the basis of the prime
commercial lending rate announced by US  Bank, N.A. in
effect from time to time, for the period commencing on the date
of such contest and ending on the date on which the Corporation
shall pay such amount.

     13.  COVENANTS.

          (a)  Non-Competition.

               (1)  Executive recognizes that during the course
of Executive's employment with the Corporation, Executive will
be instructed about and become acquainted with confidential
information of the Corporation, including, without limitation,
customer lists, methods of sales, the existence and contents
and terms of this Agreement, methods of sales procurement, sales
procurement techniques, sales procedures and equipment/supply
information, equipment and supply acquisition procedures and
processes and sources, customer evaluation

                              16

procedures, customer maintenance and supply maintenance
procedures and corresponding information relating to persons,
firms and corporations which are or may become customers of
the Corporation and, further, companies from which the
Corporation obtains various products and supplies for sale,
resale and distribution to customers of the Corporation.  T
his confidential information further includes, but is
not limited to, customer identity, supplier identity and
terms, purchase terms, sales techniques, purchase
conditions and rates, customer needs, billing procedures
and processes, contacts and customer information.  Further,
Executive agrees and acknowledges that the development and
assemblage and maintenance of the customer base of the
Corporation has taken extraordinary time, money, resources,
training, and effort by the Corporation and its employees.

               (2)  Executive agrees that he will not during
the Term of Employment and for a period of two (2) years
following cessation of his employment by the Corporation
("Restricted Period"), for any cause or reason, directly or
indirectly:

                    (A)  engage in any business in competition
with the Corporation and its Affiliates or supply and sell to
present customers, former customers and prospects of the
Corporation and its Affiliates; or

                    (B)  own, manage, operate, control, advise,
be employed by, consult, or materially participate in, or be
materially involved in any manner with the ownership,
management, operation or control of, individually or through any
other entity or device, any business that competes with the
business then conducted by the Corporation or any Affiliate;
provided, however, that mere ownership as an investor
of not more than five percent (5%) of the securities of a
corporation or other business enterprise shall
not in and of itself be deemed to

                              17

violate this Section 13(a)(2)(B).

          (b)  Nondisclosure of Confidential Information.

               (1)  Executive will not, except as authorized by
the Corporation in writing, during or at any time after the
termination of Executive's employment with the Corporation,
directly or indirectly, use for himself or others, or disclose,
communicate, divulge, furnish to, or convey to any other person,
firm, or corporation, any secret or confidential information,
knowledge or data of the Corporation or that of third
parties obtained by Executive during the period of his
employment with the Corporation.  Such information, knowledge
or data includes, without limitation, the following:

                    (A)  Secret or confidential matters of a
technical nature such as, but not limited to, methods,
know-how, formulations, compositions, processes, discoveries,
machines, inventions, computer programs, and similar items or
research projects involving such items,

                    (B)  Secret or confidential matters of a
business nature such as, but not limited to, marketing policies
or strategies, information about costs, price lists, purchasing
and purchasing policies, profits, market, sales or lists of
customers, customer history information, and

                    (C)  Secret or confidential matters
pertaining to future developments such as, but not limited to,
research and development or future marketing or merchandising.

               (2)  Executive, upon termination of his employment
with the Corporation, or at any other time upon the Corporation's
request, shall deliver promptly to the

                              18

Corporation all manuals, letters, notes, notebooks, reports,
formulations, computer programs and similar items, memoranda,
lists of customers, customer history information and all other
materials and copies thereof relating in any way to the
Corporation's business and in any way obtained by Executive
during the term of employment with the Corporation which are
in his  possession or under his  control; and Executive will not
make or retain any copies of any of the foregoing and will so
represent to the Corporation upon termination of his
employment.

          (c)  Inducement.

               (1)  Executive agrees that during the Term of
Employment and during the Restricted Period, Executive shall
not use any confidential information for the purposes of
inducing or attempting to induce any present, former, or
prospective customer of the Corporation or its Affiliates to
become a customer of Executive or any person, firm, or
corporation, or business association with which Executive is
affiliated in any capacity with respect to the markets supplied
by the Corporation or its Affiliates.

               (2)  Executive agrees that during the Term of
Employment and during the Restricted Period, Executive shall
not directly or indirectly solicit for employment or employ
any of the Corporation's employees to work for Executive or any
business association with which/whom Executive is affiliated,
or to work for any other company in the markets supplied by
the Corporation or its Affiliates.

          (d)  Interest of Parties.  Executive agrees that the
duration of the limitations set forth in this Section 13 are
reasonable under the circumstances, considering Executive's
position with the Corporation and other relevant factors, and
that this will not constitute a serious handicap to Executive
in securing future employment.

                              19

          (e)  Disclosure to Corporation.  Executive shall
promptly communicate and disclose to the Corporation all
information, observations and data obtained by Executive in
the course of Executive's employment.  All written materials,
records and documents made by Executive or coming into
Executive's possession during the Term of Employment concerning
any inventions, products, processes or equipment, manufactured,
used, developed, investigated or considered by the Corporation
or any Affiliated Companies shall be the property of the
Corporation, and upon termination of the Term of Employment,
or upon request of the Corporation during the Term of
Employment, Executive shall promptly deliver the same to the
Corporation.  Executive agrees to render to the Corporation
such reports
       of the activities of the business undertaken by Executive or
conducted under Executive's direction during
       the Term of Employment as the Corporation may reasonably
request.

          (f)  Inventions.

               (1)  Executive shall promptly communicate and
disclose in writing to the Corporation all those inventions
and developments whether patentable or not, as well as patents
and patent applications (hereinafter collectively called
"Inventions"), made, conceived, developed or purchased
by Executive, or under which Executive acquires the right
to grant licenses or to become licensed, alone or jointly with
others, during the Term of Employment, which have arisen or may
arise out of Executive's employment, or relate to any matters
pertaining to, applicable to, or useful in connection
with, the business or affairs of the Corporation or any
Affiliated Companies.  All of Executive's right, title and
interest in, to and under all such inventions, licenses and
rights to grant licenses shall be the sole property of the
Corporation.  Any such inventions disclosed to anyone by
Executive within one (1) year after the termination

                              20

of the Term of Employment for any cause whatsoever shall be
deemed to have been made or conceived by Executive during the
Term of Employment.

               (2)  As to all such inventions, Executive shall,
upon request of the Corporation, during the Term of Employment
or thereafter:

                    (A)  Execute all documents which the
Corporation shall deem necessary or proper to enable it to
establish title to such inventions, or other rights, and to
enable it to file and prosecute applications for letters patent
of the United States and any foreign country; and

                    (B)  Do all things (including the giving of
evidence in suits and other proceedings) which the Corporation
shall deem necessary or proper to obtain, maintain or to assert
patents for any and all such inventions or to assert its rights
in any inventions not patented.

     All expenses incident to any action required by the
Corporation or taken on its behalf pursuant to the provisions of
this paragraph shall be borne by the Corporation including
without limitation a reasonable payment for Executive's time and
expenses involved in case he or she is not then in its employ.

          (g)  Litigation.  Executive agrees that during the
Term of Employment or thereafter, Executive shall do all things,
including the giving of evidence in suits and other proceedings,
which the Corporation shall deem necessary or proper to obtain,
maintain or assert rights accruing to the Corporation during the
Term of Employment and in connection with which Executive has
knowledge, information or expertise.  All reasonable expenses
incurred by Executive during the Term of Employment or thereafter
in fulfilling the duties set forth in this

                              21

Section, shall be reimbursed by the Corporation to the full
extent legally appropriate including, without limitation, a
reasonable payment for Executive's time in the event this
Agreement has terminated prior to the time Executive renders
such assistance, advice and counsel.

     14.  EQUITY.  The parties hereto agree that the services to
be rendered by Executive are special, unique and of an
extraordinary character.  In the event of the breach by Executive
of any of the provisions of this Agreement, the Corporation, in
addition and as a supplement to such other rights and remedies
as may exist in its favor, may apply to any court of law or
equity having jurisdiction to enforce the specific performance
of this Agreement, and/or may apply for injunctive relief
against any act which would violate any of the provisions of
this Agreement.

     15.  NO ASSIGNMENT.

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

          (b)  This Agreement shall inure to the benefit of and
be binding upon the Corporation and its successors.  The
Corporation shall require any successor to all or substantially
all of the business and/or assets of the Corporation, whether
direct or indirect, by purchase, merger, consolidation,
acquisition of stock, or otherwise, by an agreement in form
and substance satisfactory to the Executive, expressly to
assume and agree to perform this Agreement in the same manner
and to the same extent as the Corporation would be required
to perform if no such succession had taken place.

     16.  SEVERABILITY.  The invalidity or unenforceability of
any provision of this

                              22

Agreement shall not affect the validity or enforceability of any
other provision of this Agreement, and this Agreement shall be
construed in all respects as if such invalid or unenforceable
provision or clause were omitted.

     17.  MISCELLANEOUS.

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

          (b)  In the event that litigation is required to
enforce any provision of this Agreement, subject to the
provisions of Section 12 hereof, the prevailing party shall
be entitled to reasonable attorneys fees.

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

          If to the Executive:

               Gary W. Douglass
               16653 Chesterfield Manor Drive
               Chesterfield, Missouri 63005

          If to the Corporation:

               Consumer Programs Incorporated
               1706 Washington Avenue
               St. Louis, Missouri  63103

               Attention:  Dave Pierson, Chief Executive Officer

                              23

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

          (d)  This Agreement contains the entire understanding
of the parties hereto with respect to the subject matter hereof.

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

     IN WITNESS WHEREOF, the parties hereto have executed this
Agreement in duplicate, all as of the day and year first above
written.

                         CONSUMER PROGRAMS INCORPORATED

                         By: /s/ J. David Pierson
                            -------------------------------
                                 J. David Pierson,
                                  Chairman of the Board/
                                  Chief Executive Officer

                         By: /s/ Gary W. Douglass
                            -------------------------------
                                 Gary W. Douglass

                              24
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