Document:

<PAGE>

                     EMPLOYMENT AND NONCOMPETITION AGREEMENT

         THIS EMPLOYMENT AND NONCOMPETITION AGREEMENT (the "Agreement") is dated
this 7th day of March, 2000, by and between Apex Inc., a Washington corporation
("Apex" or the "Employer"), and C. David Perry (the "Employee").

                                    RECITALS

         WHEREAS, Apex is engaged in the business of designing, manufacturing,
and selling stand-alone console/KVM switching systems, console/KVM remote access
products, and integrated server cabinet solutions for the client/server
computing market; and

         WHEREAS, Apex desires to employ the Employee and the Employee is
willing to accept such employment by Apex on the terms and subject to the
conditions set forth in this Agreement; and

         WHEREAS, on the date of this Agreement, Apex, Cybex Computer Products
Corporation, an Alabama corporation, and Aegean Sea Inc., a Delaware corporation
("Holdco"), are entering into an Agreement and Plan of Reorganization dated
March 7, 2000 (the "Reorganization Agreement"). Pursuant to the Reorganization
Agreement, (i) Apex Sub, Inc., a Washington corporation and a wholly-owned
subsidiary of Holdco, will merge with and into Apex (the "Apex Merger"), and
upon the Apex Merger, Apex will become a wholly-owned subsidiary of Holdco, and
(ii) Cybex Sub, Inc., an Alabama corporation and a wholly-owned subsidiary of
Holdco will merge with and into Cybex (the "Cybex Merger"), and upon the Cybex
Merger, Cybex will also become a wholly-owned subsidiary of Holdco.

                                    AGREEMENT

         THE PARTIES HERETO AGREE AS FOLLOWS:

         1.   DUTIES. During the term of this Agreement, the Employee agrees
to be employed by Apex and to serve Holdco and Apex as their Vice President -
OEM Sales. The Employee shall devote such of his business time, energy, and
skill to the affairs of Holdco and Apex as shall be necessary to perform the
duties of the Vice President - OEM Sales of Holdco and Apex. The Employee
shall report to the Senior Vice President - Sales and Marketing, and at all
times during the term of this Agreement, the Employee shall have powers and
duties at least commensurate with his position as Vice President - OEM Sales.
The Employee's principal place of business with respect to his services to
Holdco and Apex shall be within the vicinity of the city of Redmond,
Washington or within Texas as selected by Employee. The Employee shall
function as Holdco's principal sales representative managing and coordinating
OEM accounts, sales, and relationships. Employee will work with key managers
and individuals in Holdco's sales and marketing departments on sales and
marketing activities.

<PAGE>

         2.   TERM OF EMPLOYMENT.

              2.1  DEFINITIONS. For purposes of this Agreement the following
terms shall have the following meanings:

                   (a)  "TERMINATION FOR CAUSE" shall mean termination by the
Employer of the Employee's employment by the Employer by reason of the
Employee's willful dishonesty towards, fraud upon, or deliberate injury or
attempted injury to, the Employer or by reason of the Employee's willful
material breach of this Agreement which has resulted in material injury to
the Employer.

                   (b)  "TERMINATIONS OTHER THAN FOR CAUSE" shall mean
termination by the Employer of the Employee's employment by the Employer
(other than in a Termination for Cause) and shall include (i) constructive
termination of the Employee's employment by reason of material breach of this
Agreement by the Employer, such constructive termination to be effective upon
thirty (30) days written notice from the Employee to the Employer of such
constructive termination and (ii) any attempt to relocate outside of the
vicinity of Redmond, Washington or within Texas as selected by Employee: (x)
the Employee, (y) the Employee's duties and responsibilities, or (z) the
Employer's office at which Employee is employed. Notwithstanding the
foregoing, Employee agrees that a change in his duties and responsibilities
shall not result in a constructive termination under this Section 2.1(b)
unless such change results in a substantial diminution of Employee's duties
and responsibilities.

                   (c)  "VOLUNTARY TERMINATION" shall mean termination by the
Employee of the Employee's employment by the Employer other than (i)
constructive termination as described in subsection 2.1(b), (ii) "Termination
Upon a Change in Control" as described in Section 2.1(e), and (iii)
termination by reason of the Employee's disability or death as described in
Sections 2.5 and 2.6.

                   (d)  "TERMINATION UPON A CHANGE IN CONTROL" shall mean a
termination by the Employee of the Employee's employment with the Employer or
services to Apex or Holdco following a "Change in Control" other than any
"Change in Control" contemplated by or described in the Reorganization
Agreement and/or resulting from the closing of the transactions described in
the Reorganization Agreement including, without limitation, the Cybex Merger,
the Apex Merger, and the Merger (as such terms are defined in the
Reorganization Agreement).

                   (e)  "CHANGE IN CONTROL" shall mean any one of the
following events:

                        (i)   Any person (other than Holdco) acquires
beneficial ownership of Apex's or Holdco's securities and is or thereby
becomes a beneficial owner of securities entitling such person to exercise
twenty-five percent (25%) or more of the combined voting power of Apex's or
Holdco's then outstanding stock. For purposes of this Agreement, "beneficial
ownership" shall be determined in accordance with Regulation 13D under the
Securities Exchange Act of 1934, or any similar successor regulation or rule;
and the term "person" shall include any natural person, corporation,
partnership, trust or association, or any group or combination thereof, whose
ownership

                                 -2-
<PAGE>

of Apex's or Holdco's securities would be required to be reported under such
Regulation 13D, or any similar successor regulation or rule.

                        (ii)  Within any twenty-four (24) month period,
individuals who were Directors of Apex or Holdco at the beginning of such
period, together with any other Directors first elected as directors of Apex
or Holdco pursuant to nominations approved or ratified by at least two-thirds
(2/3) of the Directors in office immediately prior to such respective
elections, cease to constitute a majority of the Board of Directors of Holdco.

                        (iii) Holdco's stockholders approve:

                              (1)  any consolidation or merger of Holdco in
which Holdco is not the continuing or surviving corporation or pursuant to
which shares of Holdco common stock would be converted into cash, securities
or other property, other than a merger or consolidation of Holdco in which
the holders of Holdco's common stock immediately prior to the merger or
consolidation have substantially the same proportionate ownership and voting
control of the surviving corporation immediately after the merger or
consolidation; or

                              (2)  any sale, lease, exchange, liquidation or
other transfer (in one transaction or a series of transactions) of all or
substantially all of the assets of Holdco.

Notwithstanding subparagraphs (e)(iii)(1) and (e)(iii)(2) above, the term
"Change in Control" shall not include a consolidation, merger, or other
reorganization if upon consummation of such transaction all of the
outstanding voting stock of Holdco is owned, directly or indirectly, by a
holding company, and the holders of Holdco's common stock immediately prior
to the transaction have substantially the same proportionate ownership and
voting control of such holding company after such transaction.

                        (iv)  Apex's stockholders approve:

                              (1)  any consolidation or merger of Apex in
which Apex is not the continuing or surviving corporation or pursuant to
which shares of Apex common stock would be converted into cash, securities or
other property, other than a merger or consolidation of Apex in which the
holders of Apex's common stock immediately prior to the merger or
consolidation have substantially the same proportionate ownership and voting
control of the surviving corporation immediately after the merger or
consolidation; or

                              (2)  any sale, lease, exchange, liquidation or
other transfer (in one transaction or a series of transactions) of all or
substantially all of the assets of Apex or Holdco.

Notwithstanding subparagraphs (e)(iv)(1) and (e)(iv)(2) above, the term
"Change in Control" shall not include a consolidation, merger, or other
reorganization if upon consummation of such transaction all of the
outstanding voting stock of Apex is owned, directly or indirectly, by a
holding company, and the holders of Apex's common stock immediately prior to
the transaction have substantially the same proportionate ownership and
voting control of such holding company after such transaction.

                                       -3-
<PAGE>

                  2.2   BASIC TERM. The term of employment of the Employee by
the Employer shall be for the period beginning immediately prior to the
closing of the Apex Merger described in the Reorganization Agreement and
ending on March 31, 2004, unless terminated earlier pursuant to this Section
2. At any time before March 31, 2004, the Employer and the Employee may by
mutual written agreement extend the Employee's employment under the terms of
this Agreement for such additional periods as they may agree.

                  2.3   TERMINATION FOR CAUSE. Termination For Cause may be
effected by the Employer at any time during the term of this Agreement and
shall be effected by thirty (30) days written notification to the Employee
from the Board of Directors of Holdco stating the reason for termination.
Upon Termination For Cause, the Employee immediately shall be paid all
accrued salary, vested deferred compensation, if any (other than pension plan
or profit sharing plan benefits which will be paid in accordance with the
applicable plan), any benefits under any plans of Apex or Holdco in which the
Employee is a participant to the full extent of the Employee's rights under
such plans, accrued vacation pay and any appropriate business expenses
incurred by the Employee in connection with his duties hereunder, all to the
date of termination, but the Employee shall not be paid any other
compensation or reimbursement of any kind, including without limitation,
severance compensation.

                  2.4   TERMINATION OTHER THAN FOR CAUSE. Notwithstanding
anything else in this Agreement, the Employer may effect a Termination Other
Than For Cause at any time upon giving thirty (30) days written notice to the
Employee of such termination. Upon any Termination Other Than For Cause, the
Employee shall immediately be paid all accrued salary, bonus compensation to
the extent earned, vested deferred compensation, if any (other than pension
plan or profit sharing plan benefits which will be paid in accordance with
the applicable plan), any benefits under any plans of Apex or Holdco in which
the Employee is a participant to the full extent of the Employee's rights
under such plans, accrued vacation pay and any appropriate business expenses
incurred by the Employee in connection with his duties hereunder, all to the
date of termination, and all severance compensation provided in Section 4.2,
but no other compensation or reimbursement of any kind.

                  2.5   TERMINATION BY REASON OF DISABILITY. If, during the
term of this Agreement, the Employee, in the reasonable judgment of the Board
of Directors of Holdco, has failed to perform his duties under this Agreement
on account of illness or physical or mental incapacity, and such illness or
incapacity continues for a period of more than six (6) consecutive months,
the Employer shall have the right to terminate the Employee's employment
hereunder by delivery of written notice to the Employee at any time after
such six month period and payment to the Employee of all accrued salary,
bonus compensation in an amount equal to the average annual bonus earned by
the Employee in the two (2) years immediately preceding the date of
termination, vested deferred compensation, if any (other than pension plan or
profit sharing plan benefits which will be paid in accordance with the
applicable plan), any benefits under any plans of Apex or Holdco in which the
Employee is a participant to the full extent of the Employee's rights under
such plans (including having the vesting of any awards granted to the
Employee under any Apex or Holdco stock option plans fully accelerated),
accrued vacation pay and any appropriate business expenses incurred by the
Employee in connection with his duties hereunder, all to the date of
termination, with the exception of medical and dental benefits which shall
continue through the expiration of this

                                 -4-
<PAGE>

Agreement, but the Employee shall not be paid any other compensation or
reimbursement of any kind, including without limitation, severance
compensation.

                  2.6   TERMINATION BY REASON OF DEATH. In the event of the
Employee's death during the term of this Agreement, the Employee's employment
shall be deemed to have terminated as of the last day of the month during
which his death occurs and the Employer shall pay to his estate or such
beneficiaries as the Employee may from time to time designate all accrued
salary, bonus compensation to the extent earned, vested deferred
compensation, if any (other than pension plan or profit sharing plan benefits
which will be paid in accordance with the applicable plan), any benefits
under any plans of Apex or Holdco in which the Employee is a participant to
the full extent of the Employee's rights under such plans (including having
the vesting of any awards granted to the Employee under any Apex or Holdco
stock option plans fully accelerated), accrued vacation pay and any
appropriate business expenses incurred by the Employee in connection with his
duties hereunder, all to the date of termination, but the Employee's estate
shall not be paid any other compensation or reimbursement of any kind,
including without limitation, severance compensation.

                  2.7   VOLUNTARY TERMINATION. Notwithstanding anything else
in this Agreement, the Employee may effect a Voluntary Termination at any
time upon giving thirty (30) days written notice to the Employer of such
termination. In the event of a Voluntary Termination, the Employer shall
immediately pay all accrued salary, bonus compensation to the extent earned,
vested deferred compensation, if any (other than pension plan or profit
sharing plan benefits which will be paid in accordance with the applicable
plan), any benefits under any plans of Apex or Holdco in which the Employee
is a participant to the full extent of the Employee's rights under such
plans, accrued vacation pay and any appropriate business expenses incurred by
the Employee in connection with his duties hereunder, all to the date of
termination, but no other compensation or reimbursement of any kind,
including without limitation, severance compensation.

                  2.8   TERMINATION UPON A CHANGE IN CONTROL. In the event of
a Termination Upon a Change in Control, the Employee shall immediately be
paid all accrued salary, bonus compensation to the extent earned, vested
deferred compensation, if any (other than pension plan or profit sharing plan
benefits which will be paid in accordance with the applicable plan), any
benefits under any plans of Apex or Holdco in which the Employee is a
participant to the full extent of the Employee's rights under such plans
(including having the vesting of any awards granted to the Employee under any
Apex or Holdco stock option plans fully accelerated), accrued vacation pay
and any appropriate business expenses incurred by the Employee in connection
with his duties hereunder, all to the date of termination, and all severance
compensation provided in Section 4.1, but no other compensation or
reimbursement of any kind.

         3.   SALARY, BENEFITS AND BONUS COMPENSATION.

              3.1  BASE SALARY. As payment for the services to be rendered by
the Employee as provided in Section 1 and subject to the terms and conditions
of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at
the rate of $180,000 per annum, payable in equal bi-weekly installments. The
Base Salary for each calendar year (or proration thereof) beginning January
1, 2001 shall be determined by the Board of Directors of Holdco upon a
recommendation from the Compensation Committee of Holdco (the "Compensation
Committee"),

                                 -5-
<PAGE>

which shall authorize an increase in the Employee's Base Salary in an amount
which, at a minimum, shall be equal to the cumulative cost-of-living
increment on the Base Salary as reported in the "Consumer Price Index,
Seattle, Washington, All Items," published by the U.S. Department of Labor
(using January 1, 1999, as the base date for computation). The Employee's
Base Salary shall be reviewed annually by the Board of Directors and the
Compensation Committee of Holdco.

                   3.2  BONUSES. The Employee shall be eligible to receive a
bonus for each calendar year (or portion thereof) during the term of this
Agreement and any extensions thereof, with the actual amount of any such
bonus to be determined in the sole discretion of the Board of Directors of
Holdco based upon its evaluation of the Employee's performance during such
year. All such bonuses shall be payable during the last month of the fiscal
year or within forty-five (45) days after the end of the fiscal year to which
such bonus relates. All such bonuses shall be reviewed annually by the
Compensation Committee of Holdco.

                   3.3  ADDITIONAL BENEFITS. During the term of this
Agreement, the Employee shall be entitled to the following fringe benefits:

                        (a)   THE EMPLOYEE BENEFITS. The Employee shall be
eligible to participate in such of Apex's or Holdco's benefits and deferred
compensation plans as are now generally available or later made generally
available to executive officers of Apex, Cybex, or Holdco, including, without
limitation, stock option plans, Section 401(k) plan, profit sharing plans,
annual physical examinations, dental and medical plans, personal catastrophe
and disability insurance, retirement plans and supplementary executive
retirement plans, if any. For purposes of establishing the length of service
under any benefit plans or programs of Apex, Cybex, or Holdco, the Employee's
employment with the Employer (or any successor) will be deemed to have
commenced on the date that Employee first commenced employment with Apex,
which was November 16, 1998.

                        (b)   VACATION. The Employee shall be entitled to
vacation in accordance with the Employer's vacation policy but in no event
less than three weeks during each year of this Agreement.

                        (c)   LIFE INSURANCE. For the term of this Agreement
and any extensions thereof, the Employer shall at its expense procure and
keep in effect term life insurance on the life of the Employee, payable to
such beneficiaries as the Employee may from time to time designate, in an
aggregate amount equal to the lesser of (i) three times the Employee's Base
Salary or (ii) $500,000. Such policy shall be owned by the Employee or by any
person or entity with an insurable interest in the life of the Employee.

                        (d)   REIMBURSEMENT FOR EXPENSES. During the term of
this Agreement, the Employer shall reimburse the Employee for reasonable and
properly documented out-of-pocket business and/or entertainment expenses
incurred by the Employee in connection with his duties under this Agreement.
If Employee elects to relocate to the State of Texas, Employer will reimburse
Employee for all reasonable and ordinary moving expense, including closings
costs, household and automobile moving expenses, air transportation for
relocation and house hunting purposes, and miscellaneous out of pocket
relocation expenses.

                                    -6-
<PAGE>

         4.   SEVERANCE COMPENSATION.

              4.1  SEVERANCE COMPENSATION IN THE EVENT OF A TERMINATION UPON
A CHANGE IN CONTROL. In the event the Employee's employment is terminated in
a Termination Upon a Change in Control, the Employee shall be paid as
severance compensation his Base Salary (at the rate payable at the time of
such termination) for a period of 12 months from the date of termination of
this Agreement, on the dates specified in Section 3.1, and an amount equal to
the average annual bonus earned by the Employee in the two (2) years
immediately preceding the date of termination. Notwithstanding anything in
this Section 4.1 to the contrary, the Employee may in the Employee's sole
discretion, by delivery of a notice to the Employer within thirty (30) days
following a Termination Upon a Change in Control, elect to receive from the
Employer a lump sum severance payment by bank cashier's check equal to the
present value of the flow of cash payments that would otherwise be paid to
the Employee pursuant to this Section 4.1. Such present value shall be
determined as of the date of delivery of the notice of election by the
Employee and shall be based on a discount rate equal to the interest rate of
90-day U.S. Treasury bills, as reported in THE WALL STREET JOURNAL (or
similar publication), on the date of delivery of the election notice. If the
Employee elects to receive a lump sum severance payment, the Employer shall
make such payment to the Employee within ten (10) days following the date on
which the Employee notifies the Employer of the Employee's election. The
Employee shall also be entitled to have the vesting of any awards granted to
the Employee under any Apex or Holdco stock option plans fully accelerated.
The Employee shall be provided with medical plan benefits under any health
plans of Apex or the Employer in which the Employee is a participant to the
full extent of the Employee's rights under such plans for a period of 12
months from the date of termination of this Agreement; provided, however,
that the benefits under any such plans of Apex or Holdco in which the
Employee is a participant, including any such perquisites, shall cease upon
employment by a new employer.

              4.2  SEVERANCE COMPENSATION IN THE EVENT OF A TERMINATION OTHER
THAN FOR CAUSE. In the event the Employee's employment is terminated in a
Termination Other Than for Cause, the Employee shall be paid as severance
compensation his Base Salary (at the rate payable at the time of such
termination) for a period of 12 months from the date of such termination, on
the dates specified in Section 3.1, and an amount equal to the average annual
bonus earned by the Employee in the two (2) years immediately preceding the
date of termination. Notwithstanding anything in this Section 4.2 to the
contrary, the Employee may in the Employee's sole discretion, by delivery of
a notice to the Employer within thirty (30) days following a Termination
Other Than for Cause, elect to receive from the Employer a lump sum severance
payment by bank cashier's check equal to the present value of the flow of
cash payments that would otherwise be paid to the Employee pursuant to this
Section 4.2. Such present value shall be determined as of the date of
delivery of the notice of election by the Employee and shall be based on a
discount rate equal to the interest rate on 90-day U.S. Treasury bills, as
reported in THE WALL STREET JOURNAL (or similar publication), on the date of
delivery of the election notice. If the Employee elects to receive a lump sum
severance payment, the Employer shall make such payment to the Employee
within ten (10) days following the date on which the Employee notifies the
Employer of the Employee's election. The Employee shall also be entitled to
have the vesting of any awards granted to the Employee under any Apex or
Holdco stock option plans fully accelerated.

                                  -7-
<PAGE>

              4.3  NO SEVERANCE COMPENSATION UNDER OTHER TERMINATION. In the
event of a Voluntary Termination, Termination For Cause, termination by
reason of the Employee's disability pursuant to Section 2.5, or termination
by reason of the Employee's death pursuant to Section 2.6, the Employee or
his estate shall not be paid any severance compensation.

         5.   NON-COMPETITION OBLIGATIONS. Unless waived or reduced by the
Employer or Holdco, during the term of this Agreement and for a period of 12
months thereafter, the Employee will not, without the Employer's prior
written consent, directly or indirectly, alone or as a partner, joint
venturer, officer, director, employee, consultant, agent, independent
contractor or stockholder of any company or business, engage in any business
activity in the United States, Canada, or Europe which is substantially
similar to or in direct competition with any of the business activities of or
services provided by the Employer at such time (a "Competing Business").
Notwithstanding the foregoing, (i) the ownership by the Employee of not more
than five percent (5%) of the shares of stock of any corporation having a
class of equity securities actively traded on a national securities exchange
or on The Nasdaq Stock Market shall not be deemed, in and of itself, to
violate the prohibitions of this Section 5, and (ii) the Employee's
performance of services in any capacity for any consulting firm, public
accounting firm, or law firm that has as a client any company or business
that is a Competing Business shall not violate the prohibitions of this
Section 5 so long as the Employee does not perform any services directly for
such Competing Business.

         6.   MISCELLANEOUS.

              6.1  PAYMENT OBLIGATIONS. If litigation after a Change in
Control shall be brought to enforce or interpret any provision contained
herein, the Employer, to the extent permitted by applicable law and the
Employer's and Holdco's Articles of Incorporation and Bylaws, hereby
indemnifies the Employee for the Employee's reasonable attorneys' fees and
disbursements incurred in such litigation.

              6.2  GUARANTEE. Immediately following the closing of the Apex
Merger, Apex shall obtain from Holdco Holdco's unconditional and irrevocable
guarantee of the payment obligations of the Employer under this Agreement,
including, without limitation, the Employer's obligations under Section 6.1
hereof.

              6.3  WITHHOLDINGS. All compensation and benefits to the
Employee hereunder shall be reduced by all federal, state, local, and other
withholdings and similar taxes and payments required by applicable law.

              6.4  WAIVER. The waiver of the breach of any provision of this
Agreement shall not operate or be construed as a waiver of any subsequent
breach of the same or other provision hereof.

              6.5  ENTIRE AGREEMENT; MODIFICATIONS. Except as otherwise
provided herein, this Agreement represents the entire understanding among the
parties with respect to the subject matter hereof, and this Agreement
supersedes any and all prior understandings, agreements, plans and
negotiations, whether written or oral with respect to the subject matter
hereof including without limitation, Section 1 of that certain Proprietary
Information and Non-Competition

                                   -8-
<PAGE>

Agreement dated November 18, 1998, between the Employee and Apex, which such
section shall be of no further force or effect (although the other sections
of such Proprietary Information and Non-Competition Agreement shall remain in
full force and effect), and any understandings, agreements or obligations
respecting any past or future compensation, bonuses, reimbursements or other
payments to the Employee from the Employer. All modifications to the
Agreement must be in writing and signed by the party against whom enforcement
of such modification is sought.

              6.6  NOTICES. All notices and other communications under this
Agreement shall be in writing and shall be given by hand delivery or first
class mail, certified or registered with return receipt requested, and shall
be deemed to have been duly given upon hand delivery to an officer of the
Employer or the Employee, as the case may be, or upon three (3) days after
mailing to the respective persons named below:

             If to the Employer/Apex:      Apex Inc.
                                           9911 Willows Road NE
                                           Redmond, WA 98052-2531
                                           Attn:  Chief Operating Officer
                                           With copy to:  General Counsel
                                           Fax:   425-497-5597

             If to the Employee:           C. David Perry

                                           ---------------------------------
                                           ---------------------------------

Any party may change such party's address for notices by notice duly given
pursuant to this Section 6.6.

              6.7  HEADINGS. The Section headings herein are intended for
reference and shall not by themselves determine the construction or
interpretation of this Agreement.

              6.8  GOVERNING LAW; VENUE. This Agreement shall be governed by
and construed in accordance with the laws of the State of Washington (or , if
Employee selects Texas as his place of employment, the laws of the State of
Texas). The Employee and the Employer each hereby expressly consents to the
exclusive venue of the state and federal courts located in Seattle, King
County, Washington (or, if Employee selects Texas as his place of employment,
state and federal courts in Texas) for any lawsuit arising from or relating
to this Agreement.

              6.9  ARBITRATION. Any controversy or claim arising out of or
relating to this Agreement, or breach thereof, shall be settled by
arbitration in Seattle, Washington (or , if Employee selects Texas as his
place of employment, in Texas) , in accordance with the Rules of the American
Arbitration Association, and judgment upon any proper award rendered by the
arbitrators may be entered in any court having jurisdiction thereof. There
shall be three (3) arbitrators, one (1) to be chosen directly by each party
at will, and the third arbitrator to be selected by the two (2) arbitrators
so chosen. To the extent permitted by the Rules of the American Arbitration
Association, the selected arbitrators may grant equitable relief. Each party
shall pay the fees of the arbitrator selected by him and of his own
attorneys, and the expenses of his witnesses and all other expenses connected

                                   -9-
<PAGE>

with the presentation of his case. The cost of the arbitration including the
cost of the record or transcripts thereof, if any, administrative fees, and
all other fees and costs shall be borne equally by the parties.

              6.10 SEVERABILITY. If a court or other body of competent
jurisdiction determines that any provision of this Agreement is excessive in
scope or otherwise invalid or unenforceable, such provision shall be adjusted
rather than voided, if possible, and all other provisions of this Agreement
shall be deemed valid and enforceable to the extent possible.

              6.11 SURVIVAL OF EMPLOYER'S OBLIGATIONS. The Employer's
obligations hereunder shall not be terminated by reason of any liquidation,
dissolution, bankruptcy, cessation of business, or similar event relating to the
Employer or Holdco. This Agreement shall not be terminated by any merger or
consolidation or other reorganization of the Employer or Holdco. In the event
any such merger, consolidation or reorganization shall be accomplished by
transfer of stock or by transfer of assets or otherwise, the provisions of this
Agreement shall be binding upon and inure to the benefit of the surviving or
resulting corporation or person. This Agreement shall be binding upon and inure
to the benefit of the executors, administrators, heirs, successors and assigns
of the parties; provided, however, that except as herein expressly provided,
this Agreement shall not be assignable either by the Employer (except to an
affiliate of the Employer (including Holdco) in which event the Employer shall
remain liable if the affiliate fails to meet any obligations to make payments or
provide benefits or otherwise) or by the Employee.

              6.12 COUNTERPARTS. This Agreement may be executed in one or
more counterparts, all of which taken together shall constitute one and the
same Agreement.

              6.13 INDEMNIFICATION. In addition to any rights to
indemnification to which the Employee is entitled to under the Employer's
Articles of Incorporation and Bylaws, the Employer shall indemnify the
Employee at all times during and after the term of this Agreement to the
maximum extent permitted under the corporation laws of the State of
Washington and any other applicable state law, and shall pay the Employee's
expenses in defending any civil or criminal action, suit, or proceeding in
advance of the final disposition of such action, suit, or proceeding, to the
maximum extent permitted under such applicable state laws.

              6.14 AMENDMENT OF STOCK OPTION LETTER AGREEMENTS.

                   (a)  ACCELERATED VESTING. The parties agree that,
effective immediately prior to the closing of the Apex Merger described in
the Reorganization Agreement, Section 6 of that certain Nonstatutory Stock
Option Letter Agreement dated March 12, 1999, between the Employer and the
Employee is hereby amended by deleting the existing language and substituting
therefor the following new language:

                   6.   VESTING. Your option shall vest and become
              exercisable in full immediately prior to the closing of the
              Apex Merger described in that certain Agreement and Plan of
              Reorganization dated March 7, 2000, by and among the Company,
              Cybex, and Holdco. Specifically, immediately prior to the
              closing of the Apex Merger (as defined in such Agreement and
              Plan of Reorganization), your entire

                                   -10-
<PAGE>

              option grant (all 75,000 shares) will become fully vested and
              immediately available for exercise. You may exercise your
              option on vested option shares; however, you may only exercise
              your option for whole shares.

                        (b)   REMAINING TERMS UNCHANGED. Except as
specifically set forth in this Section 6.14, the remaining terms and
conditions of the Nonqualified Stock Option Letter Agreements dated March 12,
1999, shall remain unchanged and in full force and effect.

              6.15 INDEMNIFCATION FOR SECTION 4999 EXCISE TAXES. In the event
that it shall be determined that any payment or other benefit paid by the
Employer or Holdco to or for the benefit of the Employee under this
Employment Agreement or otherwise, but determined without regard to any
additional payments required under this Amendment (the "Payments") would be
subject to the excise tax imposed by Section 4999 of the Internal Revenue
Code (the "Excise Tax"), then the Employer shall indemnify the Employee for
such Excise Tax in accordance with the following:

                   (a)  The Employee shall be entitled to receive an
         additional payment from the Employer equal to (i) one hundred percent
         (100%) of any Excise Tax actually paid or finally or payable by the
         Employee in connection with the Payments, plus (ii) an additional
         payment in such amount that after all taxes, interest and penalties
         incurred in connection with all payments under this Section 2(a), the
         Employee retains an amount equal to one hundred percent (100%) of the
         Excise Tax.

                   (b)  All determinations required to be made under this
         Section shall be made by the Employer's primary independent public
         accounting firm, or any other nationally recognized accounting firm
         reasonably acceptable to the Employer and the Employee (the "Accounting
         Firm"). The Employer shall cause the Accounting Firm to provide
         detailed supporting calculations of its determinations to the Employer
         and the Employee. All fees and expenses of the Accounting Firm shall be
         borne solely by the Employer. For purposes of making the calculations
         required by this Section, the Accounting Firm may make reasonable
         assumptions and approximations concerning applicable taxes and may rely
         on reasonable, good faith interpretations concerning the application of
         Sections 280G and 4999 of the Internal Revenue Code, provided the
         Accounting Firm's determinations must be made with substantial
         authority (within the meaning of Section 6662 of the Internal Revenue
         Code). The payments to which the Employee is entitled pursuant to this
         Section shall be paid by the Employer to the Employee in cash and in
         full not later than thirty (30) calendar days following the date the
         Employee becomes subject to the Excise Tax.

The indemnification in this Section 6.15 shall apply to any Payment resulting
from the amendment of the Nonqualified Stock Option Letter Agreement and the
acceleration of Employee's options described in Section 6.14, but Employee shall
not be entitled to indemnification under this Section 6.15 for other Payments
that result solely from any other acceleration of Employee's options in the
event Employee's terminates his employment in a Termination Upon a Change in
Control.

                                     -11-
<PAGE>

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

                                   APEX INC.

                                   By:
                                      ---------------------------------------
                                   Its: President and Chief Executive Officer

                                   C. DAVID PERRY:

                                   ------------------------------------------<PAGE>

                     EMPLOYMENT AND NONCOMPETITION AGREEMENT

         THIS EMPLOYMENT AND NONCOMPETITION AGREEMENT (the "Agreement") is
dated this 7th day of March, 2000, by and between Apex Inc., a Washington
corporation ("Apex" or the "Employer"), and Samuel F. Saracino (the
"Employee").

                                    RECITALS

         WHEREAS, Apex is engaged in the business of designing,
manufacturing, and selling stand-alone console/KVM switching systems,
console/KVM remote access products, and integrated server cabinet solutions
for the client/server computing market; and

         WHEREAS, Apex desires to employ the Employee and the Employee is
willing to accept such employment by Apex on the terms and subject to the
conditions set forth in this Agreement; and

         WHEREAS, on the date of this Agreement, Apex, Cybex Computer
Products Corporation, an Alabama corporation, and Aegean Sea Inc., a Delaware
corporation ("Holdco"), are entering into an Agreement and Plan of
Reorganization dated March 7, 2000 (the "Reorganization Agreement"). Pursuant
to the Reorganization Agreement, (i) Apex Sub, Inc., a Washington corporation
and a wholly-owned subsidiary of Holdco, will merge with and into Apex (the
"Apex Merger"), and upon the Apex Merger, Apex will become a wholly-owned
subsidiary of Holdco, and (ii) Cybex Sub, Inc., an Alabama corporation and a
wholly-owned subsidiary of Holdco will merge with and into Cybex (the "Cybex
Merger"), and upon the Cybex Merger, Cybex will also become a wholly-owned
subsidiary of Holdco.

                                    AGREEMENT

         THE PARTIES HERETO AGREE AS FOLLOWS:

         1.   DUTIES. During the term of this Agreement, the Employee agrees
to be employed by Apex and to serve Holdco and Apex as their Senior Vice
President - Legal and Corporate Affairs, General Counsel, and Secretary. The
Employee shall devote such of his business time, energy, and skill to the
affairs of Holdco and Apex as shall be necessary to perform the duties of the
Senior Vice President - Legal and Corporate Affairs, General Counsel, and
Secretary of Holdco and Apex. The Employee shall report to the Executive Vice
President of Holdco, to the President of Holdco, and to the Board of
Directors of Holdco, and at all times during the term of this Agreement, the
Employee shall have powers and duties at least commensurate with his position
as Senior Vice President - Legal and Corporate Affairs, General Counsel, and
Secretary. The Employee's principal place of business with respect to his
services to Holdco and Apex shall be within the vicinity of the city of
Redmond, Washington. The Employee shall function as the principal legal
officer of Holdco and its affiliates with responsibility for legal and
corporate affairs (including the legal aspects of Holdco's mergers and
acquisitions, business development strategy, intellectual property affairs,
and other legal matters). Employee will work with key managers and
individuals located in Huntsville, Alabama,

<PAGE>

Shannon, Ireland, and Acton, Massachusetts, and work closely with the
Executive Vice President on business development activities.

         2.   TERM OF EMPLOYMENT.

              2.1  DEFINITIONS. For purposes of this Agreement the following
terms shall have the following meanings:

                   (a)  "TERMINATION FOR CAUSE" shall mean termination by the
Employer of the Employee's employment by the Employer by reason of the
Employee's willful dishonesty towards, fraud upon, or deliberate injury or
attempted injury to, the Employer or by reason of the Employee's willful
material breach of this Agreement which has resulted in material injury to
the Employer.

                   (b)  "TERMINATIONS OTHER THAN FOR CAUSE" shall mean
termination by the Employer of the Employee's employment by the Employer
(other than in a Termination for Cause) and shall include (i) constructive
termination of the Employee's employment by reason of material breach of this
Agreement by the Employer, such constructive termination to be effective upon
thirty (30) days written notice from the Employee to the Employer of such
constructive termination and (ii) any attempt to relocate outside of the
vicinity of Redmond, Washington: (x) the Employee, (y) the Employee's duties
and responsibilities, or (z) the Employer's office at which Employee is
employed. Notwithstanding the foregoing, Employee agrees that a change in his
duties and responsibilities shall not result in a constructive termination
under this Section 2.1(b) unless such change results in a substantial
diminution of Employee's duties and responsibilities.

                   (c)  "VOLUNTARY TERMINATION" shall mean termination by the
Employee of the Employee's employment by the Employer other than (i)
constructive termination as described in subsection 2.1(b), (ii) "Termination
Upon a Change in Control" as described in Section 2.1(e), and (iii)
termination by reason of the Employee's disability or death as described in
Sections 2.5 and 2.6.

                   (d)  "TERMINATION UPON A CHANGE IN CONTROL" shall mean a
termination by the Employee of the Employee's employment with the Employer or
services to Apex or Holdco following a "Change in Control" other than any
"Change in Control" contemplated by or described in the Reorganization
Agreement and/or resulting from the closing of the transactions described in
the Reorganization Agreement including, without limitation, the Cybex Merger,
the Apex Merger, and the Merger (as such terms are defined in the
Reorganization Agreement).

                   (e)  "CHANGE IN CONTROL" shall mean any one of the
following events:

                        (i)   Any person (other than Holdco) acquires
beneficial ownership of Apex's or Holdco's securities and is or thereby
becomes a beneficial owner of securities entitling such person to exercise
twenty-five percent (25%) or more of the combined voting power of Apex's or
Holdco's then outstanding stock. For purposes of this Agreement, "beneficial
ownership" shall be

                                      -2-
<PAGE>

determined in accordance with Regulation 13D under the Securities Exchange
Act of 1934, or any similar successor regulation or rule; and the term
"person" shall include any natural person, corporation, partnership, trust or
association, or any group or combination thereof, whose ownership of Apex's
or Holdco's securities would be required to be reported under such Regulation
13D, or any similar successor regulation or rule.

                        (ii)  Within any twenty-four (24) month period,
individuals who were Directors of Apex or Holdco at the beginning of such
period, together with any other Directors first elected as directors of Apex
or Holdco pursuant to nominations approved or ratified by at least two-thirds
(2/3) of the Directors in office immediately prior to such respective
elections, cease to constitute a majority of the Board of Directors of Holdco.

                        (iii) Holdco's stockholders approve:

                              (1)  any consolidation or merger of Holdco in
which Holdco is not the continuing or surviving corporation or pursuant to
which shares of Holdco common stock would be converted into cash, securities
or other property, other than a merger or consolidation of Holdco in which
the holders of Holdco's common stock immediately prior to the merger or
consolidation have substantially the same proportionate ownership and voting
control of the surviving corporation immediately after the merger or
consolidation; or

                              (2)  any sale, lease, exchange, liquidation or
other transfer (in one transaction or a series of transactions) of all or
substantially all of the assets of Holdco.

Notwithstanding subparagraphs (e)(iii)(1) and (e)(iii)(2) above, the term
"Change in Control" shall not include a consolidation, merger, or other
reorganization if upon consummation of such transaction all of the
outstanding voting stock of Holdco is owned, directly or indirectly, by a
holding company, and the holders of Holdco's common stock immediately prior
to the transaction have substantially the same proportionate ownership and
voting control of such holding company after such transaction.

                        (iv)  Apex's stockholders approve:

                              (1)  any consolidation or merger of Apex in
which Apex is not the continuing or surviving coporation or pursuant to which
shares of Apex common stock would be converted into cash, securities or other
property, other than a merger or consolidation of Apex in which the holders
of Apex's common stock immediately prior to the merger or consolidation have
substantially the same proportionate ownership and voting control of the
surving corporation immeadiately after the merger or consolidation; or

                              (2)  any sale, lease, exchange, liquidation or
other transfer (in one transaction or a series of transactions) of all or
substantially all of the assets of Apex or Holdco.

Notwithstanding subparagraphs (e)(iv)(1) and (e)(iv)(2) above, the term
"Change in Control" shall not include a consolidation, merger, or other
reorganization if upon consummation of such transaction all of the
outstanding voting stock of Apex is owned, directly or indirectly, by a
holding

                                      -3-
<PAGE>

company, and the holders of Apex's common stock immediately prior to the
transaction have substantially the same proportionate ownership and voting
control of such holding company after such transaction.

              2.2  BASIC TERM. The term of employment of the Employee by the
Employer shall be for the period beginning immediately prior to the closing
of the Apex Merger described in the Reorganization Agreement and ending on
March 31, 2004, unless terminated earlier pursuant to this Section 2. At any
time before March 31, 2004, the Employer and the Employee may by mutual
written agreement extend the Employee's employment under the terms of this
Agreement for such additional periods as they may agree.

              2.3  TERMINATION FOR CAUSE. Termination For Cause may be
effected by the Employer at any time during the term of this Agreement and
shall be effected by thirty (30) days written notification to the Employee
from the Board of Directors of Holdco stating the reason for termination.
Upon Termination For Cause, the Employee immediately shall be paid all
accrued salary, vested deferred compensation, if any (other than pension plan
or profit sharing plan benefits which will be paid in accordance with the
applicable plan), any benefits under any plans of Apex or Holdco in which the
Employee is a participant to the full extent of the Employee's rights under
such plans, accrued vacation pay and any appropriate business expenses
incurred by the Employee in connection with his duties hereunder, all to the
date of termination, but the Employee shall not be paid any other
compensation or reimbursement of any kind, including without limitation,
severance compensation.

              2.4  TERMINATION OTHER THAN FOR CAUSE. Notwithstanding anything
else in this Agreement, the Employer may effect a Termination Other Than For
Cause at any time upon giving thirty (30) days written notice to the Employee
of such termination. Upon any Termination Other Than For Cause, the Employee
shall immediately be paid all accrued salary, bonus compensation to the
extent earned, vested deferred compensation, if any (other than pension plan
or profit sharing plan benefits which will be paid in accordance with the
applicable plan), any benefits under any plans of Apex or Holdco in which the
Employee is a participant to the full extent of the Employee's rights under
such plans, accrued vacation pay and any appropriate business expenses
incurred by the Employee in connection with his duties hereunder, all to the
date of termination, and all severance compensation provided in Section 4.2,
but no other compensation or reimbursement of any kind.

              2.5  TERMINATION BY REASON OF DISABILITY. If, during the term
of this Agreement, the Employee, in the reasonable judgment of the Board of
Directors of Holdco, has failed to perform his duties under this Agreement on
account of illness or physical or mental incapacity, and such illness or
incapacity continues for a period of more than six (6) consecutive months,
the Employer shall have the right to terminate the Employee's employment
hereunder by delivery of written notice to the Employee at any time after
such six month period and payment to the Employee of all accrued salary,
bonus compensation in an amount equal to the average annual bonus earned by
the Employee in the two (2) years immediately preceding the date of
termination, vested deferred compensation, if any (other than pension plan or
profit sharing plan benefits which will be paid in accordance with the
applicable plan), any benefits under any plans of Apex or Holdco in which the
Employee is a participant to the full extent of the Employee's rights under
such plans

                                      -4-
<PAGE>

(including having the vesting of any awards granted to the Employee under any
Apex or Holdco stock option plans fully accelerated), accrued vacation pay
and any appropriate business expenses incurred by the Employee in connection
with his duties hereunder, all to the date of termination, with the exception
of medical and dental benefits which shall continue through the expiration of
this Agreement, but the Employee shall not be paid any other compensation or
reimbursement of any kind, including without limitation, severance
compensation.

              2.6  TERMINATION BY REASON OF DEATH. In the event of the
Employee's death during the term of this Agreement, the Employee's employment
shall be deemed to have terminated as of the last day of the month during
which his death occurs and the Employer shall pay to his estate or such
beneficiaries as the Employee may from time to time designate all accrued
salary, bonus compensation to the extent earned, vested deferred
compensation, if any (other than pension plan or profit sharing plan benefits
which will be paid in accordance with the applicable plan), any benefits
under any plans of Apex or Holdco in which the Employee is a participant to
the full extent of the Employee's rights under such plans (including having
the vesting of any awards granted to the Employee under any Apex or Holdco
stock option plans fully accelerated), accrued vacation pay and any
appropriate business expenses incurred by the Employee in connection with his
duties hereunder, all to the date of termination, but the Employee's estate
shall not be paid any other compensation or reimbursement of any kind,
including without limitation, severance compensation.

              2.7  VOLUNTARY TERMINATION. Notwithstanding anything else in
this Agreement, the Employee may effect a Voluntary Termination at any time
upon giving thirty (30) days written notice to the Employer of such
termination. In the event of a Voluntary Termination, the Employer shall
immediately pay all accrued salary, bonus compensation to the extent earned,
vested deferred compensation, if any (other than pension plan or profit
sharing plan benefits which will be paid in accordance with the applicable
plan), any benefits under any plans of Apex or Holdco in which the Employee
is a participant to the full extent of the Employee's rights under such
plans, accrued vacation pay and any appropriate business expenses incurred by
the Employee in connection with his duties hereunder, all to the date of
termination, but no other compensation or reimbursement of any kind,
including without limitation, severance compensation.

              2.8  TERMINATION UPON A CHANGE IN CONTROL. In the event of a
Termination Upon a Change in Control, the Employee shall immediately be paid
all accrued salary, bonus compensation to the extent earned, vested deferred
compensation, if any (other than pension plan or profit sharing plan benefits
which will be paid in accordance with the applicable plan), any benefits
under any plans of Apex or Holdco in which the Employee is a participant to
the full extent of the Employee's rights under such plans (including having
the vesting of any awards granted to the Employee under any Apex or Holdco
stock option plans fully accelerated), accrued vacation pay and any
appropriate business expenses incurred by the Employee in connection with his
duties hereunder, all to the date of termination, and all severance
compensation provided in Section 4.1, but no other compensation or
reimbursement of any kind.

         3.   SALARY, BENEFITS AND BONUS COMPENSATION.

              3.1  BASE SALARY. As payment for the services to be rendered by
the Employee as provided in Section 1 and subject to the terms and conditions
of Section 2, the

                                      -5-
<PAGE>

Employer agrees to pay to the Employee a "Base Salary" at the rate of
$214,000.00 per annum, payable in equal bi-weekly installments. The Base
Salary for each calendar year (or proration thereof) beginning January 1,
2001 shall be determined by the Board of Directors of Holdco upon a
recommendation from the Compensation Committee of Holdco (the "Compensation
Committee"), which shall authorize an increase in the Employee's Base Salary
in an amount which, at a minimum, shall be equal to the cumulative
cost-of-living increment on the Base Salary as reported in the "Consumer
Price Index, Seattle, Washington, All Items," published by the U.S.
Department of Labor (using January 1, 1999, as the base date for
computation). The Employee's Base Salary shall be reviewed annually by the
Board of Directors and the Compensation Committee of Holdco.

              3.2  BONUSES. The Employee shall be eligible to receive a bonus
for each calendar year (or portion thereof) during the term of this Agreement
and any extensions thereof, with the actual amount of any such bonus to be
determined in the sole discretion of the Board of Directors of Holdco based
upon its evaluation of the Employee's performance during such year. All such
bonuses shall be payable during the last month of the fiscal year or within
forty-five (45) days after the end of the fiscal year to which such bonus
relates. All such bonuses shall be reviewed annually by the Compensation
Committee of Holdco.

              3.3  ADDITIONAL BENEFITS. During the term of this Agreement,
the Employee shall be entitled to the following fringe benefits:

                   (a)  THE EMPLOYEE BENEFITS. The Employee shall be eligible
to participate in such of Apex's or Holdco's benefits and deferred
compensation plans as are now generally available or later made generally
available to executive officers of Apex, Cybex, or Holdco, including, without
limitation, stock option plans, Section 401(k) plan, profit sharing plans,
annual physical examinations, dental and medical plans, personal catastrophe
and disability insurance, retirement plans and supplementary executive
retirement plans, if any. For purposes of establishing the length of service
under any benefit plans or programs of Apex, Cybex, or Holdco, the Employee's
employment with the Employer (or any successor) will be deemed to have
commenced on the date that Employee first commenced employment with Apex,
which was February 23, 1998.

                   (b)  VACATION. The Employee shall be entitled to vacation
in accordance with the Employer's vacation policy but in no event less than
three weeks during each year of this Agreement.

                   (c)  LIFE INSURANCE. For the term of this Agreement and
any extensions thereof, the Employer shall at its expense procure and keep in
effect term life insurance on the life of the Employee, payable to such
beneficiaries as the Employee may from time to time designate, in an
aggregate amount equal to the lesser of (i) three times the Employee's Base
Salary or (ii) $500,000. Such policy shall be owned by the Employee or by any
person or entity with an insurable interest in the life of the Employee.

                   (d)  REIMBURSEMENT FOR EXPENSES. During the term of this
Agreement, the Employer shall reimburse the Employee for reasonable and
properly documented

                                      -6-
<PAGE>

out-of-pocket business and/or entertainment expenses incurred by the Employee
in connection with his duties under this Agreement.

         4.   SEVERANCE COMPENSATION.

              4.1  SEVERANCE COMPENSATION IN THE EVENT OF A TERMINATION UPON
A CHANGE IN CONTROL. In the event the Employee's employment is terminated in
a Termination Upon a Change in Control, the Employee shall be paid as
severance compensation his Base Salary (at the rate payable at the time of
such termination) for a period of 12 months from the date of termination of
this Agreement, on the dates specified in Section 3.1, and an amount equal to
the average annual bonus earned by the Employee in the two (2) years
immediately preceding the date of termination. Notwithstanding anything in
this Section 4.1 to the contrary, the Employee may in the Employee's sole
discretion, by delivery of a notice to the Employer within thirty (30) days
following a Termination Upon a Change in Control, elect to receive from the
Employer a lump sum severance payment by bank cashier's check equal to the
present value of the flow of cash payments that would otherwise be paid to
the Employee pursuant to this Section 4.1. Such present value shall be
determined as of the date of delivery of the notice of election by the
Employee and shall be based on a discount rate equal to the interest rate of
90-day U.S. Treasury bills, as reported in THE WALL STREET JOURNAL (or
similar publication), on the date of delivery of the election notice. If the
Employee elects to receive a lump sum severance payment, the Employer shall
make such payment to the Employee within ten (10) days following the date on
which the Employee notifies the Employer of the Employee's election. The
Employee shall also be entitled to have the vesting of any awards granted to
the Employee under any Apex or Holdco stock option plans fully accelerated.
The Employee shall be provided with medical plan benefits under any health
plans of Apex or the Employer in which the Employee is a participant to the
full extent of the Employee's rights under such plans for a period of 12
months from the date of termination of this Agreement; provided, however,
that the benefits under any such plans of Apex or Holdco in which the
Employee is a participant, including any such perquisites, shall cease upon
employment by a new employer.

              4.2  SEVERANCE COMPENSATION IN THE EVENT OF A TERMINATION OTHER
THAN FOR CAUSE. In the event the Employee's employment is terminated in a
Termination Other Than for Cause, the Employee shall be paid as severance
compensation his Base Salary (at the rate payable at the time of such
termination) for a period of 12 months from the date of such termination, on
the dates specified in Section 3.1, and an amount equal to the average annual
bonus earned by the Employee in the two (2) years immediately preceding the
date of termination. Notwithstanding anything in this Section 4.2 to the
contrary, the Employee may in the Employee's sole discretion, by delivery of
a notice to the Employer within thirty (30) days following a Termination
Other Than for Cause, elect to receive from the Employer a lump sum severance
payment by bank cashier's check equal to the present value of the flow of
cash payments that would otherwise be paid to the Employee pursuant to this
Section 4.2. Such present value shall be determined as of the date of
delivery of the notice of election by the Employee and shall be based on a
discount rate equal to the interest rate on 90-day U.S. Treasury bills, as
reported in THE WALL STREET JOURNAL (or similar publication), on the date of
delivery of the election notice. If the Employee elects to receive a lump sum
severance payment, the Employer shall make such payment to the Employee
within ten (10) days following the date on which the Employee notifies the
Employer of

                                      -7-
<PAGE>

the Employee's election. The Employee shall also be entitled to have the
vesting of any awards granted to the Employee under any Apex or Holdco stock
option plans fully accelerated.

              4.3  NO SEVERANCE COMPENSATION UNDER OTHER TERMINATION. In the
event of a Voluntary Termination, Termination For Cause, termination by
reason of the Employee's disability pursuant to Section 2.5, or termination
by reason of the Employee's death pursuant to Section 2.6, the Employee or
his estate shall not be paid any severance compensation.

         5.   NON-COMPETITION OBLIGATIONS. Unless waived or reduced by the
Employer or Holdco, during the term of this Agreement and for a period of 12
months thereafter, the Employee will not, without the Employer's prior
written consent, directly or indirectly, alone or as a partner, joint
venturer, officer, director, employee, consultant, agent, independent
contractor or stockholder of any company or business, engage in any business
activity in the United States, Canada, or Europe which is substantially
similar to or in direct competition with any of the business activities of or
services provided by the Employer at such time (a "Competing Business").
Notwithstanding the foregoing, (i) the ownership by the Employee of not more
than five percent (5%) of the shares of stock of any corporation having a
class of equity securities actively traded on a national securities exchange
or on The Nasdaq Stock Market shall not be deemed, in and of itself, to
violate the prohibitions of this Section 5, and (ii) the Employee's
performance of services in any capacity for any consulting firm, public
accounting firm, or law firm that has as a client any company or business
that is a Competing Business shall not violate the prohibitions of this
Section 5 so long as the Employee does not perform any services directly for
such Competing Business.

         6.   MISCELLANEOUS.

              6.1  PAYMENT OBLIGATIONS. If litigation after a Change in
Control shall be brought to enforce or interpret any provision contained
herein, the Employer, to the extent permitted by applicable law and the
Employer's and Holdco's Articles of Incorporation and Bylaws, hereby
indemnifies the Employee for the Employee's reasonable attorneys' fees and
disbursements incurred in such litigation.

              6.2  GUARANTEE. Immediately following the closing of the Apex
Merger, Apex shall obtain from Holdco Holdco's unconditional and irrevocable
guarantee of the payment obligations of the Employer under this Agreement,
including, without limitation, the Employer's obligations under Section 6.1
hereof.

              6.3  WITHHOLDINGS. All compensation and benefits to the
Employee hereunder shall be reduced by all federal, state, local, and other
withholdings and similar taxes and payments required by applicable law.

              6.4  WAIVER. The waiver of the breach of any provision of this
Agreement shall not operate or be construed as a waiver of any subsequent
breach of the same or other provision hereof.

              6.5  ENTIRE AGREEMENT; MODIFICATIONS. Except as otherwise
provided herein, this Agreement represents the entire understanding among the
parties with respect to the

                                      -8-
<PAGE>

subject matter hereof, and this Agreement supersedes any and all prior
understandings, agreements, plans and negotiations, whether written or oral
with respect to the subject matter hereof including without limitation,
Section 1 of that certain Proprietary Information and Non-Competition
Agreement dated February 16, 1998, between the Employee and Apex, which such
section shall be of no further force or effect (although the other sections
of such Proprietary Information and Non-Competition Agreement shall remain in
full force and effect), and any understandings, agreements or obligations
respecting any past or future compensation, bonuses, reimbursements or other
payments to the Employee from the Employer. All modifications to the
Agreement must be in writing and signed by the party against whom enforcement
of such modification is sought.

              6.6  NOTICES. All notices and other communications under this
Agreement shall be in writing and shall be given by hand delivery or first
class mail, certified or registered with return receipt requested, and shall
be deemed to have been duly given upon hand delivery to an officer of the
Employer or the Employee, as the case may be, or upon three (3) days after
mailing to the respective persons named below:

                   If to the Employer/Apex:      Apex Inc.
                                                 9911 Willows Road NE
                                                 Redmond, WA 98052-2531
                                                 Attn: Chief Operating Officer
                                                 With copy to:  General Counsel
                                                 Fax:  425-497-5597

                   If to the Employee:           Samuel F. Saracino

                                                 -----------------------------
                                                 -----------------------------

Any party may change such party's address for notices by notice duly given
pursuant to this Section 6.6.

              6.7  HEADINGS. The Section headings herein are intended for
reference and shall not by themselves determine the construction or
interpretation of this Agreement.

              6.8  GOVERNING LAW; VENUE. This Agreement shall be governed by
and construed in accordance with the laws of the State of Washington. The
Employee and the Employer each hereby expressly consents to the exclusive
venue of the state and federal courts located in Seattle, King County,
Washington, for any lawsuit arising from or relating to this Agreement.

              6.9  ARBITRATION. Any controversy or claim arising out of or
relating to this Agreement, or breach thereof, shall be settled by
arbitration in Seattle, Washington, in accordance with the Rules of the
American Arbitration Association, and judgment upon any proper award rendered
by the arbitrators may be entered in any court having jurisdiction thereof.
There shall be three (3) arbitrators, one (1) to be chosen directly by each
party at will, and the third arbitrator to be selected by the two (2)
arbitrators so chosen. To the extent permitted by the Rules of the American
Arbitration Association, the selected arbitrators may grant equitable relief.
Each party shall pay the fees of the arbitrator selected by him and of his
own attorneys, and the expenses of his witnesses and

                                      -9-
<PAGE>

all other expenses connected with the presentation of his case. The cost of
the arbitration including the cost of the record or transcripts thereof, if
any, administrative fees, and all other fees and costs shall be borne equally
by the parties.

              6.10  SEVERABILITY. If a court or other body of competent
jurisdiction determines that any provision of this Agreement is excessive in
scope or otherwise invalid or unenforceable, such provision shall be adjusted
rather than voided, if possible, and all other provisions of this Agreement
shall be deemed valid and enforceable to the extent possible.

              6.11  SURVIVAL OF EMPLOYER'S OBLIGATIONS. The Employer's
obligations hereunder shall not be terminated by reason of any liquidation,
dissolution, bankruptcy, cessation of business, or similar event relating to
the Employer or Holdco. This Agreement shall not be terminated by any merger
or consolidation or other reorganization of the Employer or Holdco. In the
event any such merger, consolidation or reorganization shall be accomplished
by transfer of stock or by transfer of assets or otherwise, the provisions of
this Agreement shall be binding upon and inure to the benefit of the
surviving or resulting corporation or person. This Agreement shall be binding
upon and inure to the benefit of the executors, administrators, heirs,
successors and assigns of the parties; provided, however, that except as
herein expressly provided, this Agreement shall not be assignable either by
the Employer (except to an affiliate of the Employer (including Holdco) in
which event the Employer shall remain liable if the affiliate fails to meet
any obligations to make payments or provide benefits or otherwise) or by the
Employee.

              6.12  COUNTERPARTS. This Agreement may be executed in one or
more counterparts, all of which taken together shall constitute one and the
same Agreement.

              6.13  INDEMNIFICATION. In addition to any rights to
indemnification to which the Employee is entitled to under the Employer's
Articles of Incorporation and Bylaws, the Employer shall indemnify the
Employee at all times during and after the term of this Agreement to the
maximum extent permitted under the corporation laws of the State of
Washington and any other applicable state law, and shall pay the Employee's
expenses in defending any civil or criminal action, suit, or proceeding in
advance of the final disposition of such action, suit, or proceeding, to the
maximum extent permitted under such applicable state laws.

              6.14  AMENDMENT OF STOCK OPTION LETTER AGREEMENTS.

                    (a) ACCELERATED VESTING. The parties agree that,
effective immediately prior to the closing of the Apex Merger described in
the Reorganization Agreement, Section 6 of that certain Nonstatutory Stock
Option Letter Agreement dated March 12, 1999, between the Employer and the
Employee is hereby amended by deleting the existing language and substituting
therefor the following new language:

                    6.  VESTING.   Your option shall vest and become
              exercisable in full immediately prior to the closing of the
              Apex Merger described in that certain Agreement and Plan of
              Reorganization dated March 7, 2000, by and among the Company,
              Cybex, and Holdco. Specifically, immediately prior to the
              closing of the Apex Merger (as defined in such Agreement and
              Plan of Reorganization), your entire

                                     -10-
<PAGE>

              option grant (all 75,000 shares) will become fully vested and
              immediately available for exercise. You may exercise your
              option on vested option shares; however, you may only exercise
              your option for whole shares.

                        (b)   REMAINING TERMS UNCHANGED. Except as
specifically set forth in this Section 6.14, the remaining terms and
conditions of the Nonqualified Stock Option Letter Agreements dated March 12,
1999, shall remain unchanged and in full force and effect.

              6.15  INDEMNIFCATION FOR SECTION 4999 EXCISE TAXES. In the
event that it shall be determined that any payment or other benefit paid by
the Employer or Holdco to or for the benefit of the Employee under this
Employment Agreement or otherwise, but determined without regard to any
additional payments required under this Amendment (the "Payments") would be
subject to the excise tax imposed by Section 4999 of the Internal Revenue
Code (the "Excise Tax"), then the Employer shall indemnify the Employee for
such Excise Tax in accordance with the following:

                        (a)   The Employee shall be entitled to receive an
         additional payment from the Employer equal to (i) one hundred percent
         (100%) of any Excise Tax actually paid or finally or payable by the
         Employee in connection with the Payments, plus (ii) an additional
         payment in such amount that after all taxes, interest and penalties
         incurred in connection with all payments under this Section 2(a), the
         Employee retains an amount equal to one hundred percent (100%) of the
         Excise Tax.

                        (b)   All determinations required to be made under
         this Section shall be made by the Employer's primary independent public
         accounting firm, or any other nationally recognized accounting firm
         reasonably acceptable to the Employer and the Employee (the "Accounting
         Firm"). The Employer shall cause the Accounting Firm to provide
         detailed supporting calculations of its determinations to the Employer
         and the Employee. All fees and expenses of the Accounting Firm shall be
         borne solely by the Employer. For purposes of making the calculations
         required by this Section, the Accounting Firm may make reasonable
         assumptions and approximations concerning applicable taxes and may rely
         on reasonable, good faith interpretations concerning the application of
         Sections 280G and 4999 of the Internal Revenue Code, provided the
         Accounting Firm's determinations must be made with substantial
         authority (within the meaning of Section 6662 of the Internal Revenue
         Code). The payments to which the Employee is entitled pursuant to this
         Section shall be paid by the Employer to the Employee in cash and in
         full not later than thirty (30) calendar days following the date the
         Employee becomes subject to the Excise Tax.

The indemnification in this Section 6.15 shall apply to any Payment resulting
from the amendment of the Nonqualified Stock Option Letter Agreement and the
acceleration of Employee's options described in Section 6.14, but Employee
shall not be entitled to indemnification under this Section 6.15 for other
Payments that result solely from any other acceleration of Employee's options
in the event Employee's terminates his employment in a Termination Upon a
Change in Control.

                                     -11-
<PAGE>

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

                                    APEX INC.

                                    By:
                                        --------------------------------------
                                    Its: President and Chief Executive Officer

                                    SAMUEL F. SARACINO:

                                    ------------------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]