Document:

<PAGE>

                                                                   Exhibit 10.3

                              EMPLOYMENT AGREEMENT

         EMPLOYMENT AGREEMENT ("Agreement") dated as of February 23, 2001
between ASI Solutions Incorporated, a Delaware corporation with offices located
at 780 Third Avenue, New York, New York 10017 (the "Company"), and Seymour Adler
residing at 1291 Wellington, Teaneck, New Jersey 07666 (the "Employee").

                                 R E C I T A L S

         WHEREAS, the Employee is currently employed as Executive Vice President
of the Company;

         WHEREAS, on the date even herewith, Aon Corporation, a Delaware
corporation ("Parent"), its wholly-owned merger subsidiary and the Company are
entering into an agreement (as such agreement may be amended from time to time,
the "Merger Agreement"), pursuant to which Parent will acquire all of the
outstanding capital stock of the Company;

         WHEREAS, in order to ensure the successful integration of the
operations of the Company into Parent, the Company desires to utilize the
experience, ability and services of the Employee and to prevent any other
competitive business from securing his services to utilize his experience,
background and know-how;

         WHEREAS, in furtherance of these goals, the Company wishes to employ
the Employee, and the Employee desires to be employed by the Company;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth below, the parties agree:

         Section 1.     EMPLOYMENT TITLE AND TERM.

         The Company agrees to employ the Employee as Senior Vice President and
the Employee agrees to serve in such executive capacity with the duties set
forth in Section 4 for a term (the "Term of Employment") beginning on the
Effective Date (as defined in the Merger Agreement), and ending on the fifth
anniversary of the Effective Date, unless terminated during the Term of
Employment as fully set forth in Section 3. Initially, Employee's title shall be
Senior Vice President but it shall not be a breach of this Agreement if said
title is changed by the Company. The effectiveness of this Agreement is
expressly conditioned upon the effectiveness of the Merger (as defined in the
Merger Agreement).

<PAGE>

         Section 2.     CONSIDERATION; COMPENSATION DURING TERM OF EMPLOYMENT.

         (a) CONSIDERATION. The consideration for entering into this Agreement
shall be the performance of services by the Employee pursuant to this Agreement
and the employment of the Employee by the Company as well as the other payments
and benefits provided under this Section 2.

         (b) BASE SALARY. Unless the Company fixes a higher rate for the
Employee during the Term of Employment, the Company shall pay compensation to
the Employee at the rate of a minimum of $375,000 per year (the "Base Salary")
payable in accordance with the usual payroll schedule of the Company. Management
of the Company shall review the Base Salary annually during the Term of
Employment, and at any time, based on the Employee's performance, management may
increase the Base Salary.

         (c) BONUS. During the Term of Employment, the Employee may receive an
annual bonus if management of the Company so determines. The amount of any such
bonus shall be determined by management of the Company.

         (d) FRINGE BENEFITS. During the course of employment, the Employee
shall enjoy the customary benefits which are generally afforded to employees of
the Company. The Employee also shall be entitled to participate (to the extent
that the Employee is eligible under the terms of such plans or programs) in
employee benefit plans now or hereafter provided or made available to the
Company's employees generally, such as group medical, life, disability
insurance, pension plan, flexible spending accounts for dependent care and
health care and long term care. Nothing in this Agreement shall require the
Company to establish, maintain or continue any of the benefits already in
existence or hereafter adopted for employees of the Company and nothing in this
Agreement shall restrict the right of the Company to amend, modify or terminate
such fringe benefit programs.

         (e) VACATION TIME. The Employee shall be entitled to receive five (5)
weeks of paid vacation time per year. The Company shall not pay the Employee any
additional compensation for any vacation time not used by the Employee except as
required by law.

         (f) BUSINESS TRAVEL, ENTERTAINMENT EXPENSES. In accordance with Company
policies and procedures and on prescribed Company forms, the Company will
reimburse the Employee for business expenses and entertainment expenses incurred
by the Employee.

         Section 3.     TERMINATION.

             (a)  TERMINATION.

                  (i) DEATH OR DISABILITY. This Agreement shall be terminated
         immediately upon the death, total disability (as defined under the Aon
         Long Term Disability Plan or its

                                       -2-

<PAGE>

         successor plan) or other event or condition rendering the Employee
         unable to perform substantially all of his duties and obligations under
         this Agreement; provided, however, that in the event of Employee's
         total disability an amount equal to the Base Salary shall be paid for
         the remainder of the Term of Employment in accordance with the
         Company's normal payroll schedule, which such amount shall be reduced
         by the amount of disability insurance benefits payable to Employee
         pursuant to Company-sponsored disability insurance coverages.

                  (ii) WITHOUT CAUSE. This Agreement may be terminated by the
         Company or the Employee without cause on no less than thirty (30) days
         advance notice (the "Notice Period"). If terminated without cause by
         the Company the Company shall (A) continue to pay Employee an amount
         equal to the Base Salary as and when it would be paid to its employees
         generally until the earlier of two (2) years from the date of
         termination or until the end of the Term of Employment and (B) pay
         Employee all accrued but unpaid benefits as of the date of such
         termination, so long as Employee continues to abide by the provisions
         of Sections 4(d) and 4(e) herein notwithstanding the expiration of the
         period specified therein.

                  Notwithstanding anything to the contrary in the foregoing
         paragraph, the Company may require Employee to leave Company premises
         immediately upon the giving of notice. Such a requirement shall not
         relieve the Company of its obligations to continue to pay Base Salary
         or benefits during the Notice Period.

                  In the event Employee terminates this Agreement without cause,
         the Company shall only be required to pay Employee all accrued but
         unpaid Base Salary and benefits as of the date of such termination.

                  (iii) FOR CAUSE. The Company may at any time during the
         initial Term of Employment and during any renewals thereof, terminate
         this Agreement for "cause", effective immediately by written notice of
         termination given to the Employee setting forth the basis for such
         termination. For the purposes of this Agreement, "cause" shall mean the
         Employee's (A) performing an act of dishonesty, fraud, theft,
         embezzlement, or misappropriation involving Employee's employment with
         the Company, (B) performing an act of race, sex, national origin,
         religion, disability, or age-based discrimination which an independent
         counsel, after investigating the matter, reasonably concludes will
         result in liability being imposed on the Company and/or Employee, (C)
         willful and material violation of Company written policies and
         procedures including, but not limited to, the Aon Business Conduct
         Guidelines and the Aon Code of Ethics, (D) material non-compliance with
         the terms of this Agreement, including but not limited to Sections 4
         and 6 hereunder, which noncompliance remains uncured for more than
         thirty (30) days after written notice of such

                                       -3-

<PAGE>

         non-compliance has been delivered to Employee, or (E) performing any
         act resulting in a criminal conviction of Employee (other than a
         conviction of a minor traffic violation).

                  In the event of a termination for "cause," the Company shall
         only be required to pay Employee all accrued but unpaid Base Salary and
         benefits as of the date of such termination.

                  (iv) TERMINATION BY EMPLOYEE FOR GOOD REASON. Employee shall
         have the right to terminate his employment under this Agreement for
         "Good Reason." For the purposes of this Agreement, the term "Good
         Reason" means any one or more of the following: (i) any significant
         material adverse change in Employee's duties or responsibilities under
         this Agreement or the assignment by the Company to Employee of duties
         or responsibilities which are materially inconsistent with his duties
         or responsibilities under this Agreement, or (ii) any material
         reduction of any employee benefit or perquisite enjoyed by Employee
         other than as a part of an across- the-board reduction applicable to
         all executive officers of the Company, except that such
         across-the-board reduction shall not include the Base Salary referred
         to herein, which the Employee is entitled to receive hereunder and
         thereunder during the Term of Employment, or (iii) the failure by the
         Company to pay Employee, on a timely basis, the amounts to which he is
         entitled to receive under this Agreement, which failure or breach is
         not cured by the Company within thirty (30) days following receipt of
         notice thereof from Employee to the Company, or (iv) the failure by the
         Company to perform, or any breach by the Company of, its material
         obligations under this Agreement, which failure or breach is not cured
         by the Company within sixty (60) days following receipt of notice
         thereof from Employee to the Company.

                  In the event the Employee terminates his employment for Good
         Reason, the Employee shall receive the Base Salary and benefits to
         which he would have been entitled had he been terminated by the Company
         without cause under Section 3(a)(ii) of the Agreement.

                  (v) As of the effective date of termination, Employee agrees
         that the Secretary of the Company may, as an irrevocable proxy and in
         Employee's name and stead, execute all documents and things which the
         Company deems necessary and desirable to effect Employee's resignation
         as an officer or director of the Company and its subsidiaries and
         affiliates. Upon the effective date of termination, the obligations of
         the parties under this Agreement, other than the Employee's obligations
         under Sections 3(b), 4, 5 and 6, and the Company's obligations under
         Sections 3(a)(i) through (iv), shall cease.

                  (vi) Any agreement herein by the Company to continue to pay
         Base Salary or any other benefits after the termination of employment
         shall be in lieu of, and not in addition to, any benefits provided by
         the Company or the Aon Severance Plan.

                                       -4-

<PAGE>

         (b) The Employee agrees that, prior to the commencement of any new
employment in involving human resources consulting and outsourcing services or
the insurance business the Employee will furnish the prospective new employer
with a copy of this Agreement. The Employee also agrees that the Company may
advise any prospective new employer of the Employee of the existence and terms
of this Agreement and furnish the prospective new employer with a copy of this
Agreement.

         Section 4.     RECITALS; DUTIES; COVENANT NOT TO COMPETE.

         (a) RECITALS. Parent, a Delaware corporation with its executive
headquarters in Chicago, Illinois, and its subsidiaries and affiliates (and
divisions thereof) including, following the consummation of the Merger, the
Company (collectively "Aon Group") are in the business of providing human
resources consulting and outsourcing services, as well as conventional and
alternative risk management products and services covering the businesses of
insurance brokerage, reinsurance brokerage, benefits consulting, compensation
consulting human resources consulting, managing underwriting and related
insurance services, including accounting, claims management and handling,
contract wording, information systems and actuarial (collectively, the
"Business"). Aon Group also solicits and services the human resources consulting
and outsourcing needs, as well as the insurance and reinsurance needs of
numerous commercial and individual clients which are national and international
and are not confined to any geographic area. An essential element of the
Business is the development and maintenance of personal contacts and
relationships with clients. Because of these contacts and relationships, it is
common for Aon Group's clients to develop an identification with the employee
who serves its human resources and insurance needs rather than with Aon Group
itself. Aon Group, however, invests considerable time and money necessary for a
relationship between its employee and a client to develop and be maintained, in
that Aon Group pays the employee's salary and reimburses the employee for
business expenses. Aon Group also assists its employees in servicing clients by
making available to these employees legal advice, accounting support,
advertising and other corporate services.

         The personal identification of clients of Aon Group with an Aon Group
employee creates the potential for the employee's appropriation of the benefits
of the relationships developed with clients on behalf of and at the expense of
Aon Group. Since Aon Group would suffer irreparable harm if an employee left the
Company's employ and solicited the human resources consulting and outsourcing,
insurance or other related business of clients of the Company and Aon Group, it
is reasonable to protect the Company and Aon Group against solicitation
activities by an employee for a limited period of time after an employee leaves
the Company so that Aon Group may renew or restore its business relationship
with its clients.

         The Company and the Employee acknowledge and agree that the covenant
contained in Sections 4(d), (e) and (f) below is reasonably necessary for the
protection of the Company and Aon Group and is reasonably limited with respect
to the activities it prohibits, its duration (particularly in the context of
annual and multi-year insurance renewal periods), its geographical scope and its
effect on the Employee

                                       -5-

<PAGE>

and the public. The parties acknowledge that the purpose and effect of the
covenant simply is to protect the Company and Aon Group for a limited period of
time from unfair competition by the Employee.

         (b) DUTIES. The Employee agrees during the course of employment to
serve as an executive in the assessment and selection area related to the
Business as agent of the Company and to well perform such other duties and
assignments relating to the business of the Company as the management of the
Company directs, except that the Employee shall not be required to perform any
duty or assignment inconsistent with the Employee's experience and
qualifications.

         (c) EXCLUSIVITY. During the course of employment the Employee shall,
except during customary vacation periods and periods of illness, devote his
entire business time and attention to the performance of the duties hereunder
and to promoting the best interests of the Company. The Employee shall not,
either during or outside of normal business hours, directly or indirectly,
engage in any aspect of the human resources consulting and outsourcing or the
insurance or risk management businesses for or on behalf of any entity other
than the Company, nor intentionally engage in any activity inimical to the best
interests of the Company.

         (d) COVENANT NOT TO COMPETE. Employee hereby covenants and agrees that,
except with the prior written consent of the Chairman of the Company, the
Executive will not, for five (5) years from the Effective Date, directly or
indirectly, engage or invest in, own, manage, operate, finance, control, or
participate in the ownership, management, operation, financing, or control of,
be employed by, associated with, or in any manner connected with, lend the
Employee's name or any similar name to, lend the Employee's credit to, or render
services or advice to, any portion of a business that offers or provides
products or activities that compete in whole or in part with the Business,
provided, however, that the Employee may purchase or otherwise acquire up to
(but not more than) one percent (1%) of any class of securities of any
enterprise (but without otherwise participating in the activities of such
enterprise except as provided in the next sentence) if such securities are
listed on any national or regional securities exchange or have been registered
under Section 12(g) of the Securities Exchange Act of 1934 and may own interests
in competing entities through mutual funds, private equity funds and similar
arrangements so long as he owns less than one percent (1%) of such pooled
entities.

         (e) COVENANT NOT TO SOLICIT. The Employee hereby covenants and agrees
that, except with the prior written consent of the Company, the Employee will
not, for the longer of (i) a period of two (2) years after the end of the Term
of Employment or (ii) a period of two (2) years after the end of his employment
with Parent, the Company or any of their respective subsidiaries for any reason,
enter into or attempt to enter into (on Employee's own behalf or on behalf of
any other person or entity) any business relationship of the same type or kind
as the business relationship which exists between Aon Group and its clients or
customers to provide services related to the Business for any individual,
partnership, corporation, association or other entity who or which was a client
or customer during the twenty-four (24) months prior to the end of employment.
"Client" or "customer" means any person or entity listed on the books of Aon

                                       -6-

<PAGE>

Group as such, including, but not limited to the former clients and customers of
ASI Solutions, Incorporated.

         The Employee acknowledges that there is no general geographical
restriction contained in the preceding paragraph because the restriction applies
only to the specified clients and customers of Aon Group.

         (f) COVENANT NOT TO HIRE. The Employee hereby also agrees not to induce
or attempt to induce, or to cause any person or other entity to induce or
attempt to induce, any person who is an employee of Aon Group to leave the
employ of Aon Group during the period of the covenant in Section 4(e) above.

         Section 5.     COMPANY'S RIGHT TO INJUNCTIVE RELIEF; ATTORNEYS' FEES.

         The Employee acknowledges that the Employee's services to the Company
are of a unique character which gives them a special value to the Company, the
loss of which cannot reasonably or adequately be compensated in damages in an
action at law, and that a breach of Section 4 and 6 of this Agreement will
result in irreparable and continuing harm to the Company or Aon Group, or both,
and that therefore, in addition to any other remedy which the Company or Aon
Group, or both, may have at law or in equity, the Company and Aon Group shall be
entitled to injunctive relief for a breach of this Agreement by the Employee. In
the event that any action is filed in relation to this Agreement, the prevailing
party in the action shall recover from the non-prevailing party, in addition to
any other sum that either party may be called upon to pay, a reasonable sum for
the prevailing party's attorney's fees.

         Section 6.     TRADE SECRETS AND CONFIDENTIAL INFORMATION.

         (a) The Employee acknowledges that the Company's and Aon Group's
business depend to a significant degree upon the possession of information which
is not generally known to others, and that the profitability of the business of
the Company and Aon Group requires that this information remain proprietary to
the Company and Aon Group.

         (b) The Employee shall not, except as required in the course of
employment by the Company, disclose or use during or subsequent to the course of
employment, any trade secrets or confidential or proprietary information
relating to the business of the Company or Aon Group of which the Employee
becomes aware by reason of being employed by the Company or to which Employee
gains access during his employment by the Company and which has not been
publicly disclosed (other than by Employee in breach of this provision). Such
information includes client and customer lists, data, records, computer
programs, manuals, processes, methods and intangible rights which are either
developed by the Employee during the course of employment or to which the
Employee has access. All records and equipment and other materials relating in
any way to any confidential information relating to clients or to the

                                       -7-

<PAGE>

business of the Company or Aon Group shall be and remain the sole property of
the Company and Aon Group during and after the end of employment.

         (c) Upon termination of employment, the Employee shall promptly return
to the Company all materials and all copies or tangible embodiments of materials
involving any confidential information in the Employee's possession or control.
The Employee agrees to represent in writing to the Company upon termination of
employment that he has complied with the provisions of this Section 6.

         Section 7.     MERGERS AND CONSOLIDATIONS; ASSIGNABILITY.

         The rights and obligations under this Agreement shall inure to the
benefit of and be binding upon the Company and its successors and assigns. By
way of explanation, and without limiting the generality of the foregoing
sentence, if the Company or any entity resulting from any merger or
consolidation referred to in this Section 7 is merged with or consolidated into
any other entity or entities, or if substantially all of the assets of the
Company or any such entity are sold or otherwise transferred to another entity,
the provisions of this Agreement shall be binding upon and shall inure to the
benefit of the continuing entity in or the entity resulting from such merger or
consolidation or the entity to which such assets are sold or transferred. This
Agreement shall not be assignable by the Employee, but in the event of his death
it shall be binding upon and inure to the benefit of the Employee's legal
representatives to the extent required to effectuate its terms.

         Section 8.     MISCELLANEOUS.

         (a) INTEGRATION. Except as is otherwise provided herein, this Agreement
contains all of the terms and conditions agreed upon by the parties relating to
the subject matter of this Agreement and supersedes all prior and
contemporaneous agreements, negotiations, correspondence, undertakings and
communications of the parties, whether oral or written, respecting the subject
matter of this Agreement, including but not limited to, that certain Employment
Agreement dated January 16, 1997 by and between Employee and ASI Solutions
Incorporated.

         This Agreement may not be amended, altered or modified without the
prior written consent of both parties and such instrument must acknowledge that
it is an amendment or modification of this Agreement.

         (b) WAIVER. Waiver of any term or condition of this Agreement by any
party shall not be construed as a waiver of a subsequent breach or failure of
the same term or condition, or a waiver of any other term or condition of this
Agreement. Any waiver must be in writing.

         (c) CAPTIONS. The captions in this Agreement are not part of its
provisions, are merely for reference and have no force or effect. If any caption
is inconsistent with any provision of this Agreement, such provision shall
govern.

                                       -8-

<PAGE>

         (d) GOVERNING LAW AND CHOICE OF FORUM. The validity, interpretation,
construction, performance, enforcement and remedies of or relating to this
Agreement, and the rights and obligations of the parties hereunder, shall be
governed by and construed in accordance with the substantive laws of the State
of New York, without regard to the conflict of law principles, rules or statutes
of any jurisdiction.

         (e) AGREEMENT TO BE AVAILABLE IN FUTURE PROCEEDINGS. During the period
of employment, and after employment termination, Employee agrees to voluntarily
make himself available to the Company and its legal counsel, at Company's
request, without the necessity of obtaining a subpoena or court order, in the
Company's investigation, preparation, prosecution and/or defense of any actual
or potential legal proceeding, regulatory action, or internal matter. Employee
agrees to provide any information reasonably within his recollection. The
Company will reimburse Employee for reasonable out-of-pocket expenses actually
incurred as a result of such requests, or, at Company's option, will arrange to
advance Employee's expenses or incur such expenses directly.

         (f) SEVERABILITY. To the extent that the terms set forth in this
Agreement or any word, phrase, clause or sentence is found to be illegal or
unenforceable for any reason, such word, phrase, clause or sentence shall be
modified or deleted in such manner so as to afford the Company and Aon Group the
fullest protection commensurate with making this Agreement, as modified, legal
and enforceable under applicable laws, and the balance of this Agreement shall
not be affected thereby, the balance being construed as severable and
independent.

         (g) NOTICE. All notices given hereunder shall be in writing and shall
be sent by registered or certified mail or delivered by hand and, if intended
for the Company, shall be addressed to it or delivered to it at its principal
office for the attention of the Secretary of the Company. If intended for the
Employee, notices shall be delivered personally or shall be addressed (if sent
by mail) to the Employee's then current residence address as shown on the
Company's records, or to such other address as the Employee directs in a notice
to the Company. All notices shall be deemed to be given on the date received at
the address of the addressee or, if delivered personally, on the date delivered.

         (h) GENDER. The use of the male gender in this Agreement includes the
female gender.

         (i) ARBITRATION. Except for a dispute arising in relation to the
provisions of Sections 4 and 6 herein, any dispute between Employee and the
Company concerning the employment of the Employee by the Company terms of this
Agreement, including whether a breach has occurred, will be settled by
arbitration and will be governed by the rules and procedures set forth below:

                  (i) GOVERNING LAW. Notwithstanding any other choice of law
         provisions in the Agreement, the interpretation and enforcement of the
         arbitration provisions of this Agreement shall be governed exclusively
         by the Federal Arbitration Act, ("FAA"), 9 U.S.C. 1 ET SEQ., provided
         that they are enforceable under the FAA, and shall otherwise

                                       -9-
<PAGE>

         be governed by the law of the State of New York (without regard to
         conflict of law principles).

                  (ii) SCOPE OF ARBITRATION. Except as provided below, the
         parties agree to submit to arbitration, in accordance with these
         provisions, any and all disputes arising from or related to the
         employment relationship created by this Agreement and any other
         disputes between the parties arising from or related to their
         employment relationship and alleging common law tort violations or
         violations of state or federal statutory rights. The parties further
         agree that the arbitration process agreed upon herein shall be the
         exclusive means for resolving all disputes made subject to arbitration
         herein and that the decision of the arbitrator shall be final and
         binding and may be entered in any court of competent jurisdiction.

                  (iii) TIME LIMITS ON SUBMITTING DISPUTES. The parties agree
         and understand that one of the objectives of this arbitration agreement
         is to resolve disputes expeditiously as well as fairly, and that it is
         the obligation of both parties, to those ends, to raise any disputes
         subject to arbitration hereunder in an expeditious manner. Accordingly,
         the parties agree to waive all statutes of limitations that might
         otherwise be applicable and agree further that, as to any dispute that
         can be brought hereunder, a demand for arbitration must be postmarked
         or delivered in person to the other party no later than one (1) year
         after the dispute arises. In the absence of a timely submitted written
         demand for arbitration, an arbitrator has no authority to resolve the
         disputes or render an award and no arbitrator has authority hereunder
         to determine the timeliness of an arbitration demand.

                  (iv) AVAILABILITY OF PROVISIONAL RELIEF. These arbitration
         provisions shall not prevent the Company or the Executive, as the case
         may be, from obtaining relief from a court of competent jurisdiction to
         enforce the obligations of Sections 4 or 6 of the Agreement.

                  (v) AMERICAN ARBITRATION ASSOCIATION RULES APPLY AS MODIFIED
         HEREIN. Any arbitration hereunder shall be conducted under the Model
         Employment Procedures of the American Arbitration Association ("AAA"),
         as modified herein.

                  (vi) INVOKING ARBITRATION. Either party may invoke the
         arbitration procedures described herein, by submitting to the other, in
         person or by mail, a written demand for arbitration, containing a
         statement of the matter to be arbitrated sufficient to establish the
         timeliness of the demand. The parties shall then have fourteen (14)
         days within which they may identify a mutually agreeable arbitrator.
         After the fourteen (14) day period has expired, the parties shall
         prepare and submit to the American Arbitration Association a joint
         submission, with the Company paying the appropriate administrative fee.
         In their submission to the AAA, the parties shall either designate a
         mutually acceptable arbitrator

                                      -10-

<PAGE>

         or request a panel of arbitrators from the AAA according to the
         procedure described in (g) below.

                  (vii) ARBITRATOR SELECTION. In the event the parties cannot
         agree upon an arbitrator within fourteen days after the demand for
         arbitration is received, their joint submission to the AAA shall
         request a panel of nine (9) arbitrators who are practicing attorneys
         with professional experience in the field of labor and/or employment
         law, and the parties shall attempt to select an arbitrator from the
         panel according to AAA procedures. In the event that the parties are
         unsuccessful, they shall request a second panel of nine comparably
         qualified arbitrators and repeat the selection process. If the parties
         remain unable to select an arbitrator, then they shall request from AAA
         a third panel of three comparably qualified arbitrators, from which the
         AAA shall reject the least preferred candidate of each party, and
         select the candidate with the highest joint ranking of the parties.

                  In the event of the death or disability of an arbitrator, the
         parties shall select a new arbitrator as provided above. The substitute
         arbitrator shall have the power to determine the extent to which he or
         she shall act on the record already made in arbitration.

                  (viii) PREHEARING PROCEDURES. In order to achieve the
         objectives of a just, fair, and expeditious resolution of the dispute,
         the arbitrator may either, upon accepting assignment as arbitrator, (i)
         promptly conduct a preliminary hearing or (ii) require the submission
         of written statements, or both, in which event, each party shall be
         entitled to make a brief statement of their respective positions, and
         at which time the arbitrator shall establish a timetable for prehearing
         activities and the conduct of the hearing, and may address initial
         requests from the parties for prehearing disclosure of information. At
         the preliminary hearing and/or thereafter, arbitrator shall have the
         discretion and authority to order, upon request or otherwise, the
         prehearing disclosure of information to the parties, including, without
         limitation, production of requested documents, exchange of witness
         lists and summaries of the testimony of proposed witnesses, and
         examination by deposition of potential witnesses. Pursuant to these
         same objectives, the arbitrator shall have the authority, upon request
         or otherwise, to conference with the parties of their designated
         representatives concerning any matter, and to set or modify timetables
         for all aspects of the arbitration proceeding.

                  (ix) STENOGRAPHIC RECORD. There shall be a stenographic record
         of the arbitration hearing, unless the parties agree to record the
         proceedings by other reliable means. The costs of recording the
         proceedings shall be borne by the Company.

                  (x) LOCATION. Unless otherwise agreed by the parties,
         arbitration hearings shall take place in the city and state where the
         office of the Company is located in which the

                                      -11-

<PAGE>

         Employee was primarily employed during the term of the Agreement, at a
         place designated by the AAA.

                  (xi) POSTHEARING BRIEFS. After the close of the arbitration
         hearing, and on any issue concerning prehearing procedures, the
         arbitrator may allow the parties to submit written briefs.

                  (xii) CONFIDENTIALITY. All arbitration proceedings hereunder
         shall be confidential. Neither party shall disclose any information
         about the evidence adduced by the other in the arbitration proceeding
         or about documents produced by the other in connection with the
         proceeding, except in the course of a judicial, regulatory, or
         arbitration proceeding, or as may be requested by governmental
         authority or legal process. Before making any disclosure permitted by
         the preceding sentence, the party shall give the other party reasonable
         (under the circumstances) written notice of the intended disclosure and
         an opportunity to protect its interests. Expert witnesses and
         stenographic reports shall be requested to sign appropriate
         nondisclosure agreements.

                  (xiii) COSTS. All expenses of such arbitration, including but
         not limited to the Employee's reasonable legal fees and disbursements,
         shall be borne by the Company unless the arbitrators determine that
         Employee's position was frivolous or taken in bad faith (in which case
         Employee shall bear his own legal fees and disbursements and the
         Parties shall equally divide the costs of the arbitration and the AAA).

                  (xiv) REMEDIES. The arbitrator shall have authority to award
         any remedy or relief that a court of the state of New York could grant
         in conformity to applicable law, except that the arbitrator shall have
         no authority to award attorneys' fees (except as provided in the
         Agreement) or punitive damages, can suggest but not order
         reinstatement, and shall offset from any award of compensation any and
         all amounts the prevailing party has received from collateral sources
         as compensation for the same injury, that are not themselves subject to
         reimbursement as a consequence of the award.

                  (xv) LAW GOVERNING THE ARBITRATOR'S AWARD. In rendering an
         award, the arbitrator shall determine the rights and obligations of the
         parties according to federal law and the substantive law of the State
         of New York (excluding conflicts of laws principles), and the
         arbitrator's decision shall be governed by state and federal
         substantive law, including state and federal discrimination laws, as
         though the matter were before a court of law.

                  (xvi) WRITTEN AWARDS AND ENFORCEMENT. Any arbitration award
         shall be accompanied by a written statement containing a summary of the
         issues in controversy, a description of the award, and an explanation
         of the reasons for the award. The parties

                                      -12-

<PAGE>

         agree that a competent court shall enter judgment upon the award of
         the arbitrator, provided it is in conformity with the terms of this
         Agreement.

                  (xvii) DISCLAIMER OF EMPLOYMENT RIGHTS. It is understood and
         agreed by the parties that the provisions in this Section concerning
         arbitration do not contain, and cannot be relied upon by the Executive
         to contain, any promises or representations concerning the duration of
         the employment relationship, or the circumstances under or procedures
         by which the employment relationship may be terminated.

                                      -13-

<PAGE>

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

                             ASI SOLUTIONS INCORPORATED

                             By:   /s/ BERNARD F. REYNOLDS
                                ----------------------------------
                                Name:  Bernard F. Reynolds
                                Title: Chairman and Chief Executive Officer

I have read the above Agreement and understand and agree to be bound by its
terms.

                                  /s/ SEYMOUR ADLER
                                  Seymour Adler

                                      -14-<PAGE>

                                                                     EXHIBIT 4.4

                          SECOND SUPPLEMENTAL INDENTURE

                  Second Supplemental Indenture (this "Supplemental Indenture"),
dated as of March 2, 2001, among Belle of Sioux City, L.P., an Iowa limited
partnership, Indiana Gaming II, L.P., an Indiana limited partnership and Indiana
Gaming Holding Company, an Indiana corporation (the "Guaranteeing
Subsidiaries"), Argosy Gaming Company, a Delaware corporation (the "Company"),
Argosy of Iowa, an Iowa corporation, Centroplex Centre Convention Hotel, L.L.C.,
a Louisiana limited liability company, Alton Gaming Company, an Illinois
corporation, Argosy of Louisiana, Inc., a Louisiana corporation, Catfish Queen
Partnership in Commendam, a Louisiana partnership, The Indiana Gaming Company,
an Indiana corporation, Iowa Gaming Company, an Iowa corporation, Jazz
Enterprises, Inc., a Louisiana corporation and The Missouri Gaming Company, a
Missouri corporation (collectively, the "Subsidiary Guarantors") and Bank One
Trust Company, NA, as trustee under the Indenture referred to below (the
"Trustee").

                               W I T N E S S E T H

                  WHEREAS, the Company and the Subsidiary Guarantors have
heretofore executed and delivered to the Trustee an Indenture dated as of
June 8, 1999 as supplemented by a First Supplemental Indenture, dated as of
February 8, 2001 (the "Indenture") providing for the issuance of an initial
principal amount of $350,000,000 of 10 3/4% Senior Subordinated Notes due 2009
(the "Notes");

                  WHEREAS, the Indenture provides that under certain
circumstances the Guaranteeing Subsidiaries shall execute and deliver to the
Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiaries
shall unconditionally guarantee all of the Company's Obligations under the Notes
and the Indenture on the terms and conditions set forth herein (the "Subsidiary
Guarantee"); and

                  WHEREAS, pursuant to Section 9.01 of the Indenture, the
Trustee is authorized to execute and deliver this Supplemental Indenture.

                  NOW THEREFORE, in consideration of the foregoing and for other
good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto do hereby mutually covenant and agree as follows:

                  1.   Capitalized Terms. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture.

                  2.   Agreement to Guarantee. Each of the Guaranteeing
Subsidiaries hereby agrees as follows:

                  (a)      Along with all Subsidiary Guarantors named in the
     Indenture, to jointly and severally Guarantee to each Holder of a Note
     authenticated and delivered by the Trustee and to the Trustee and its
     successors and assigns, the Notes or the obligations of the Company
     hereunder or thereunder, that:

<PAGE>

                           (i)   the principal of and interest on the Notes will
                  be promptly paid in full when due, whether at maturity, by
                  acceleration, redemption or otherwise, and interest on the
                  overdue principal of and interest on the Notes, if any, if
                  lawful, and all other obligations of the Company to the
                  Holders or the Trustee hereunder or thereunder will be
                  promptly paid in full or performed, all in accordance with the
                  terms hereof and thereof; and

                           (ii)  in case of any extension of time of payment or
                  renewal of any Notes or any of such other obligations, that
                  same will be promptly paid in full when due or performed in
                  accordance with the terms of the extension or renewal,
                  whether at stated maturity, by acceleration or otherwise.
                  Failing payment when due of any amount so guaranteed or any
                  performance so guaranteed for whatever reason, the
                  Subsidiary Guarantors shall be jointly and severally
                  obligated to pay the same immediately.

                  (b)      The obligations hereunder shall be unconditional,
     irrespective of the validity, regularity or enforceability of the Notes or
     the Indenture, the absence of any action to enforce the same, any waiver or
     consent by any Holder of the Notes with respect to any provisions hereof or
     thereof, the recovery of any judgment against the Company, any action to
     enforce the same or any other circumstance which might otherwise constitute
     a legal or equitable discharge or defense of a guarantor.

                  (c)      The following is hereby waived: diligence
     presentment, demand of payment, filing of claims with a court in the event
     of insolvency or bankruptcy of the Company, any right to require a
     proceeding first against the Company, protest, notice and all demands
     whatsoever.

                  (d)      This Subsidiary Guarantee shall not be discharged
     except by complete performance of the obligations contained in the Notes
     and the Indenture, and the Guaranteeing Subsidiary accepts all obligations
     of a Subsidiary Guarantor under the Indenture.

                  (e)      If any Holder or the Trustee is required by any court
     or otherwise to return to the Company, the Subsidiary Guarantors, or any
     Custodian, Trustee, liquidator or other similar official acting in relation
     to either the Company or the Subsidiary Guarantors, any amount paid by
     either to the Trustee or such Holder, this Subsidiary Guarantee, to the
     extent theretofore discharged, shall be reinstated in full force and
     effect.

                  (f)      The Guaranteeing Subsidiaries shall not be entitled
     to any right of subrogation in relation to the Holders in respect of any
     obligations guaranteed hereby until payment in full of all obligations
     guaranteed hereby.

                  (g)      As between the Subsidiary Guarantors, on the one
     hand, and the Holders and the Trustee, on the other hand, (x) the maturity
     of the obligations guaranteed hereby may be accelerated as provided in
     Article 6 of the Indenture for the purposes of this Subsidiary Guarantee,
     notwithstanding any stay, injunction or other prohibition preventing such
     acceleration in respect of the obligations guaranteed hereby, and (y) in

                                       2

<PAGE>

     the event of any declaration of acceleration of such obligations as
     provided in Article 6 of the Indenture, such obligations (whether or not
     due and payable) shall forthwith become due and payable by the Subsidiary
     Guarantors for the purpose of this Subsidiary Guarantee.

                  (h)      The Subsidiary Guarantors shall have the right to
     seek contribution from any non-paying Subsidiary Guarantor so long as the
     exercise of such right does not impair the rights of the Holders under the
     Guarantee.

                  (i)      Pursuant to Section 11.03 of the Indenture, after
     giving effect to any maximum amount and any other contingent and fixed
     liabilities that are relevant under any applicable Bankruptcy or fraudulent
     conveyance laws, and after giving effect to any collections from, rights to
     receive contribution from or payments made by or on behalf of any other
     Subsidiary Guarantor in respect of the obligations of such other Subsidiary
     Guarantor under Article 11 of the Indenture, this new Subsidiary Guarantee
     shall be limited to the maximum amount permissible such that the
     obligations of such Subsidiary Guarantor under this Subsidiary Guarantee
     will not constitute a fraudulent transfer or conveyance.

                  (j)      Pursuant to Section 11.02 of the Indenture, the
     obligations of each Subsidiary Guarantor under its Subsidiary Guarantee
     pursuant to Article II of the Indenture shall be junior and subordinated to
     the Senior Indebtedness of such Subsidiary Guarantor on the same basis as
     the Notes are junior and subordinated to the Senior Indebtedness of the
     Company.

                  3.       Execution and Delivery. Each Guaranteeing Subsidiary
     agrees that the Subsidiary Guarantees shall remain in full force and effect
     notwithstanding any failure to endorse on each Note a notation of such
     Subsidiary Guarantee.

                  4.       Guaranteeing Subsidiaries May Consolidate, Etc. on
     Certain Terms.

                  (a)      The Guaranteeing Subsidiaries may not consolidate
     with or merge with or into (whether or not such Subsidiary Guarantor is the
     surviving Person) another corporation, Person or entity whether or not
     affiliated with such Subsidiary Guarantor unless:

                  (i)      subject to Sections 11.05 and 11.06 of the Indenture,
          the Person formed by or surviving any such consolidation or merger (if
          other than a Subsidiary Guarantor or the Company) unconditionally
          assumes all the obligations of such Subsidiary Guarantor, pursuant to
          a supplemental indenture in form and substance reasonably satisfactory
          to the Trustee, under the Notes, the Indenture and the Subsidiary
          Guarantee on the terms set forth herein or therein; and

                  (ii)     immediately after giving effect to such transaction,
          no Default or Event of Default exists.

                  (b)      In case of any such consolidation, merger, sale or
          conveyance and upon the assumption by the successor corporation, by
          supplemental indenture, executed and delivered

                                       3
<PAGE>

          to the Trustee and satisfactory in form to the Trustee, of the
          Subsidiary Guarantee endorsed upon the Notes and the due and punctual
          performance of all of the covenants and conditions of the Indenture to
          be performed by the Subsidiary Guarantor, such successor corporation
          shall succeed to and be substituted for the Subsidiary Guarantor with
          the same effect as if it had been named herein as a Subsidiary
          Guarantor. Such successor corporation thereupon may cause to be signed
          any or all of the Subsidiary Guarantees to be endorsed upon all of the
          Notes issuable hereunder which theretofore shall not have been signed
          by the Company and delivered to the Trustee. All the Subsidiary
          Guarantees so issued shall in all respects have the same legal rank
          and benefit under the Indenture as the Subsidiary Guarantees
          theretofore and thereafter issued in accordance with the terms of the
          Indenture as though all of such Subsidiary Guarantees had been issued
          at the date of the execution hereof.

                  (c)      Except as set forth in Articles 4 and 5 and
     Section 11.05 of Article 11 of the Indenture, and notwithstanding clauses
     (a) and (b) above, nothing contained in the Indenture or in any of the
     Notes shall prevent any consolidation or merger of a Subsidiary Guarantor
     with or into the Company or another Subsidiary Guarantor, or shall prevent
     any sale or conveyance of the property of a Subsidiary Guarantor as an
     entirety or substantially as an entirety to the Company or another
     Subsidiary Guarantor.

                  5.       Releases.

                  (a)      In the event of a sale or other disposition of all of
     the assets of any Subsidiary Guarantor, by way of merger, consolidation or
     otherwise, or a sale or other disposition of all to the capital stock of
     any Subsidiary Guarantor, in each case to a Person that is not (either
     before or after giving effect to such transaction) a Restricted Subsidiary
     of the Company, then such Subsidiary Guarantor (in the event of a sale or
     other disposition, by way of merger, consolidation or otherwise, of all of
     the capital stock of such Subsidiary Guarantor) or the corporation
     acquiring the property (in the event of a sale or other disposition of all
     or substantially all of the assets of such Subsidiary Guarantor) will be
     released and relieved of any obligations under its Subsidiary Guarantee;
     provided that the Net Proceeds of such sale or other disposition are
     applied in accordance with the applicable provisions of the Indenture,
     including without limitation Section 4.15 of the Indenture. Upon delivery
     by the Company to the Trustee of an Officers' Certificate and an Opinion of
     Counsel to the effect that such sale or other disposition was made by the
     Company in accordance with the provisions of the Indenture, including
     without limitation Section 4.15 of the Indenture, the Trustee shall execute
     any documents reasonably required in order to evidence the release of any
     Subsidiary Guarantor from its obligations under its Subsidiary Guarantee.

                  (b)      Any Subsidiary Guarantor not released from its
     obligations under its Subsidiary Guarantee shall remain liable for the full
     amount of principal of and interest on the Notes and for the other
     obligations of any Subsidiary Guarantor under the Indenture as provided in
     Article 11 of the Indenture.

                  6.       No Recourse Against Others. No past, present or
     future director, officer, employee, incorporator, stockholder or agent of
     the Guaranteeing Subsidiary, as such, shall have any liability for any
     obligations of the Company or any Guaranteeing Subsidiary under the Notes,
     any Subsidiary Guarantees, the Indenture or this Supplemental Indenture or
     for

                                       4
<PAGE>

     any claim based on, in respect of, or by reason of, such obligations or
     their creation. Each Holder of the Notes by accepting a Note waives and
     releases all such liability. The waiver and release are part of the
     consideration for issuance of the Notes. Such waiver may not be effective
     to waive liabilities under the federal securities laws and it is the view
     of the SEC that such a waiver is against public policy.

                  7.       NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE
     OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL
     INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS
     OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
     JURISDICTION WOULD BE REQUIRED THEREBY.

                  8.       Counterparts.  The parties may sign any number of
     copies of this Supplemental Indenture. Each signed copy shall be an
     original, but all of them together represent the same agreement.

                  9.       Effect of Headings. The Section headings herein are
     for convenience only and shall not affect the construction hereof.

                  10.      The Trustee.  The Trustee shall not be responsible in
     any manner whatsoever for or in respect of the validity or sufficiency of
     this Supplemental Indenture or for or in respect of the recitals contained
     herein, all of which recitals are made solely by the Guaranteeing
     Subsidiaries and the Company.

                            (Signature Page Follows)

                                       5

<PAGE>

    IN WITNESS WHEREOF, the parties hereto have caused this Second
Supplemental Indenture to be duly executed and attested, all as of the date
first above written.

Dated:  March 2, 2001
                                       BELLE OF SIOUX CITY, L.P.

                                       By: IOWA GAMING COMPANY
                                           its General Partner

                                           By: /s/ Dale R. Black
                                               ---------------------------------
                                               Dale R. Black
                                               Treasurer

                                       INDIANA GAMING II, L.P.

                                       By: INDIANA GAMING HOLDING COMPANY
                                           its General Partner

                                           By: /s/ Dale R. Black
                                               ---------------------------------
                                               Dale R. Black
                                               Treasurer

                                       INDIANA GAMING HOLDING COMPANY

                                           By: /s/ Dale R. Black
                                               ---------------------------------
                                               Dale R. Black
                                               Treasurer

                                     S-1

<PAGE>

                                       ARGOSY GAMING COMPANY

                                       By: /s/ Dale R. Black
                                          --------------------------------------
                                          Dale R. Black
                                          Senior Vice President and
                                          Chief Financial Officer

                                       ARGOSY OF IOWA, INC.

                                       By: /s/ Dale R. Black
                                           -------------------------------------
                                           Dale R. Black
                                           Treasurer

                                       CENTROPLEX CENTRE CONVENTION HOTEL,
                                         L.L.C.

                                       By: Arogsy Gaming Company
                                           its Sole Member

                                       By: /s/ Dale R. Black
                                       ------------------------------
                                       Dale R. Black
                                       Senior Vice President and
                                       Chief Financial Officer

                                       ALTON GAMING COMPANY

                                       By: /s/ Dale R. Black
                                           -------------------------------------
                                           Dale R. Black
                                           Treasurer

                                       ARGOSY OF LOUISIANA, INC.

                                       By: /s/ Dale R. Black
                                           -------------------------------------
                                           Dale R. Black
                                           Treasurer

                                     S-2

<PAGE>

                                       CATFISH QUEEN PARTNERSHIP IN COMMENDAM

                                       By: ARGOSY OF LOUISIANA, INC.
                                           its General Partner

                                           By: /s/ Dale R. Black
                                              ----------------------------------
                                              Dale R. Black
                                              Treasurer

                                       THE INDIANA GAMING COMPANY

                                       By: /s/ Dale R. Black
                                           -------------------------------------
                                           Dale R. Black
                                           Treasurer

                                       IOWA GAMING COMPANY

                                       By: /s/ Dale R. Black
                                           -------------------------------------
                                           Dale R. Black
                                           Treasurer

                                       JAZZ ENTERPRISES, INC.

                                       By: /s/ Dale R. Black
                                           -------------------------------------
                                           Dale R. Black
                                           Treasurer

                                       THE MISSOURI GAMING COMPANY

                                       By: /s/ Dale R. Black
                                           -------------------------------------
                                           Dale R. Black
                                           Treasurer

                                       BANK ONE TRUST COMPANY, NA
                                        as Trustee

                                       By: /s/ David Knox
                                           -------------------------------------
                                           Authorized Signator

                                     S-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}]]