Document:

<PAGE>

                     SECOND AMENDMENT TO CREDIT AGREEMENT
                     ------------------------------------

     THIS SECOND AMENDMENT TO CREDIT AGREEMENT, dated as of March 30, 2000 (this
"Amendment"), is among APCOA/STANDARD PARKING, INC., a Delaware corporation (the
"Company"), the Lenders set forth on the signature pages hereof (collectively,
the "Lenders") and BANK ONE, NA, as agent for the Lenders (in such capacity, the
"Agent").

                                   RECITALS
                                   --------

          A. The Company, the Guarantors, the Agent and the Lenders are parties
to a Credit Agreement dated as of March 30, 1998 (as clarified by letter
agreement dated March 30, 1999, and amended by a First Amendment to Credit
Agreement dated as of November 12, 1999, the "Credit Agreement").

          B. The Company desires to amend the Credit Agreement, and the Agent
and the Lenders are willing to do so in accordance with the terms hereof.

                                     TERMS
                                     -----

          In consideration of the premises and of the mutual agreements herein
contained, the parties agree as follows:

          ARTICLE I. AMENDMENTS. Upon fulfillment of the conditions set forth in
Article III hereof, the Credit Agreement shall be amended as follows:

          1.1  The definition of "Applicable Margin" in Section 1.1 shall be
amended by deleting the table set forth therein and the paragraph following such
table and inserting the table and paragraph set forth below in place thereof:
<TABLE>
<CAPTION>

                                                                 Applicable Margin for all Advances and fees
                                                                 -------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------

Adjusted Total Debt to                                           Adjusted Corporate  LIBOR Loan and Letter  Commitment Fees
Adjusted EBITDA                                                  Base Rate Loan      of Credit Fees
Ratio
------------------------------------------------------------------------------------------------------------------------------------
<S>                          <C>                 <C>                    <C>

(greater than or equal to) 6.5:1.0                               225 bps             350 bps                75 bps
------------------------------------------------------------------------------------------------------------------------------------
(greater than or equal to) 6.0:1.0 but (less than) 6.50:1.0      175 bps             300 bps                62.5 bps
------------------------------------------------------------------------------------------------------------------------------------
(greater than or equal to) 5.5:1.0 but (less than) 6.0:1.0       150 bps             275 bps                62.5 bps
------------------------------------------------------------------------------------------------------------------------------------
(greater than or equal to) 5.0:1.0 but (less than) 5.5:1.0       125 bps             250 bps                62.5 bps
------------------------------------------------------------------------------------------------------------------------------------
(greater than or equal to) 4.5:1.0 but (less than) 5.0:1.0       100 bps             225 bps                50 bps
------------------------------------------------------------------------------------------------------------------------------------
(greater than or equal to) 4.5:1.0                                75 bps              200 bps                50 bps
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Notwithstanding anything in this Agreement to the contrary, as of the Second
Amendment Effective Date the Applicable Margin shall be based on an Adjusted
Total Debt to Adjusted EBITDA Ratio of greater than or equal to 6.5:1.0
pursuant to the above table until adjusted for the first time after the Second
Amendment Effective Date.

          1.2  The following definitions are hereby added to Section 1.1 in
appropriate
<PAGE>

alphabetical order:

               "Second Amendment" shall mean the Second Amendment to this
Agreement dated as of March 30, 2000.

               "Second Amendment Effective Date" shall mean the date of the
Second Amendment.

          1.3  Section 2.1(c) is amended by adding the following to the end
thereof: "and (iii) the aggregate principal amount of Revolving Credit Loans
shall not exceed $35,000,000 at any time."

          1.4  Section 5.1(g) is amended by adding the following to the end
thereof: "At all times on and after the date requested by the Agent in its
discretion and to the extent practical as determined by the Agent, the Company
and the Guarantors shall direct all clients and other account debtors to make
all payments in connection with any obligations of the Company or any Guarantor
directly to a lock-box account, which account shall be a non-interest bearing
account over which the Agent shall have the power of application and withdrawal,
and all amounts received in such lock-box account shall be applied to the Lender
Indebtedness on such terms required by the Agent, and the Company and the
Guarantors shall promptly execute such lock-box agreements, dominion of funds
agreements and related agreements in connection therewith, each in form and
substance satisfactory to the Agent.

          1.5  Sections 5.2(a), (b) and (c) shall be amended and restated as
follows:

               (a) Adjusted Total Debt to Adjusted EBITDA Ratio. Permit or
     suffer the Adjusted Total Debt to Adjusted EBITDA Ratio to be greater than
     (i) 6.95 to 1.0 at any time from and including the Effective Date to and
     including September 29, 1999, (ii) 6.75 to 1.0 at any time from and
     including September 30, 1999 to and including December 31, 1999, (iii) 8.0
     to 1.0 at any time from and including January 1, 2000 to and including
     September 30, 2000, (iv) 6.50 to 1.0 at any time from and including October
     1, 2000 to and including March 30, 2001, (v) 6.35 to 1.00 at any time from
     and including March 31, 2001 to and including June 29, 2001, (vi) 6.20 to
     1.00 at any time from and including June 30, 2001 to and including
     September 29, 2001, (vii) 6.00 to 1.00 at any time from and including
     September 30, 2001 to and including December 30, 2001, (viii) 5.80 to 1.00
     at any time from and including December 31, 2001 to and including March 30,
     2002 or (ix) 5.50 to 1.0 at any time thereafter.

               (b) Interest Coverage Ratio. Permit or suffer the Interest
     Coverage Ratio to be less than (i) 1.5 to 1.0 as of the end of any fiscal
     quarter of the Company ending on or before December 31, 1999, (ii) 1.30 to
     1.0 as of the end of the fiscal quarter of the Company ending March 31,
     2000, (iii) 1.27 to 1.0 as of the end of each of the fiscal quarters of the
     Company ending June 30, 2000 and September 30, 2000, (iv) 1.45 to 1.0 as of
     the end of the fiscal quarter of the Company ending December 31, 2000, (v)
     1.6 to 1.0 as of the end of each of the fiscal quarters of the Company
     ending March 31, 2001 and June 30, 2001, (vi) 1.65 to 1.0 as of the end of
     any fiscal quarter of the Company ending on or after September 30, 2001 but
     on or before March 31, 2002, or (vii) 1.75 to 1.0 as of the end of any
     fiscal quarter of the Company ending thereafter.

               (c) Fixed Charge Coverage Ratio. Permit or suffer the Fixed
     Charge Coverage Ratio to be less than (i) 0.9 to 1.0 as of the end of any
     fiscal quarter of the Company ending on or before March 31, 1999, (ii) 1.0
     to 1.0 as of the end of any fiscal

                                      -2-
<PAGE>

     quarter ending on or after June 30, 1999 but on or before December 31,
     1999, (iii) 0.92 to 1.0 as of the end of the fiscal quarter of the Company
     ending March 31, 2000, (iv) 0.91 to 1.0 as of the end of each of the fiscal
     quarters of the Company ending June 30, 2000 and September 30, 2000, (v)
     1.05 to 1.0 as of the end of any fiscal quarter of the Company ending on or
     after December 31, 2000 but on or before March 31, 2002 or (vi) 1.10 to 1.0
     as of the end of any fiscal quarter of the Company ending thereafter.

          1.6  Section 5.2(d)(x) is amended by deleting reference therein to
"14%" and substituting "5%" in place thereof.

          1.7  Section 5.2(f) shall be amended and restated as follows:

               (f) Merger; Acquisitions; Etc. Make any Acquisition; nor merger
     or consolidate or amalgamate with any other Person or take any other action
     having a similar effect; provided, however, that this Section 5.2(f) shall
     not prohibit (i) any merger of any Subsidiary with or into another
     Subsidiary or any merger of any Subsidiary into the Company, provided that
     (A) there is no Unmatured Event or Event of Default either before or after
     such merger, (B) if any such merger involves the Company or a Guarantor,
     the Company shall be the surviving corporation and (C) any such merger
     involves the Company or any Guarantor, the net worth of the Company or such
     Guarantor involved in such merger immediately after the merger would be
     equal to or greater than its net worth immediately preceding such merger,
     or (ii) any Acquisition completed prior to the Second Amendment Effective
     Date and identified on Schedule 5.2(f) hereto.

          1.8  Section 5.2(g)(i) is amended by deleting reference therein to
"10%" and substituting "1%" in place thereof.

          1.9  Section 5.2(i) is amended by adding the following after the
phrase "covenants and conditions in this Agreement" in each place such phrase
appears: "without giving effect to any amendment or modification of Sections
5.2(a), (b) or (c) made at any time after the Effective Date which would make
the covenants contained therein less restrictive on the Company and its
Subsidiaries".

          1.10 Section 5.2(j) is amended and restated as follows:

               (j) Investments, Loans and Advances. Purchase or otherwise
     acquire any Capital Stock of or other ownership interest in, or debt
     securities of or other evidence of Indebtedness of, any other Person; nor
     make any loan or advance of any of its funds or property or make any other
     extension of credit to, or make any other investment or contribution or
     acquire any interest whatsoever in, any other Person; nor incur any
     Contingent Liability except to the extent permitted under Section 5.2(d);
     nor permit any Subsidiary to do any of the foregoing; other than:

          (i) extensions of trade credit made in the ordinary course of business
     on customary credit terms and commission, relocation, travel and similar
     advances made to officers and employees in the ordinary course of business,
     provided that advances to officers and employees for purposes other than
     commission, relocation and travel shall not exceed $250,000 in aggregate
     amount outstanding at any time,

          (ii) investments in Cash Equivalents,

                                      -3-
<PAGE>

          (iii) investments, loans and advances in and to any existing
     Guarantor,

          (iv) those investments, loans, advances and other transactions
     described in Schedule 5.2(j) hereto, having the same terms as existing on
     the date of this Agreement, but no extension or renewal thereof shall be
     permitted,

          (v) investments, loans and advances in an aggregate amount outstanding
     not to exceed $1,000,000 to Affiliates of the Company (excluding, among
     others, Holberg and its Affiliates other than the Company or a Guarantor,
     and such investments, loans and advances may not be sent directly or
     indirectly to or for the benefit of Holberg or its Affiliates other than
     the Company or a Guarantor) described on Schedule 5.2(j)-2 or otherwise
     approved by the Agent, provided that both before and after giving effect to
     any such investment, loan and advance (w) no Unmatured Event or Event of
     Default shall exist or shall have occurred and be continuing, (x) the
     representations and warranties contained in the Loan Documents shall be
     true and correct in all material respects as if made on the date such
     investment, loan or advance is made, and (y) the aggregate amount of cash
     and Cash Equivalents on hand of the Company plus the amount that the
     Company is able to borrow in Revolving Credit Loans after giving effect to
     such investment, loan or advance is and will be at least $5,000,000 above
     the amount of working capital required for the Company over such twelve
     month period of time, as demonstrated to the Agent's reasonable
     satisfaction by such pro forma financial statements and projections as
     required by the Agent, and

          (vi) acquiring and owning stock, obligations or securities received in
     settlement of debts owing to the Company or its Subsidiaries or as
     consideration for Asset Sales otherwise permitted under Section 5.2(g).

          1.11 Section 5.2(p) is amended (a) by adding the following: "without
giving effect to any amendment or modification of Sections 5.2(a), (b) or (c)
made at any time after the Effective Date which would make the covenants
contained therein less restrictive on the Company and its Subsidiaries" after
the phrase "Sections 5.2(a), (b) and (c)" appearing in Section 5.2(p) and (b) by
adding the following to the end thereof:

     In addition to the foregoing, the Company also will not pay, or permit any
     Subsidiary or, to the extent the Company is able to do so, any other
     Affiliate, to pay, directly or indirectly, any management, consulting,
     investment banking, advisory or other fees or payments under any leases,
     any expense reimbursement or similar payments or any other payments of any
     kind (including, without limitation, any amounts paid or payable by the
     Company or any of its Subsidiaries to Holberg in respect of overhead
     expense allocations among members of the affiliate corporate group) to
     Holberg or any Affiliates thereof other than the Company or any Guarantor;
     provided, however, that the Company and its Subsidiaries may reimburse
     Holberg for any payments made by Holberg for out of pocket expenses
     actually incurred by the Company and which reimbursements are in the
     ordinary course of business and consistent with past practices.

          1.12 Section 5.2(q) shall be amended by adding the following to the
end thereof: "Notwithstanding anything in this Section 5.2(q) to the contrary,
the Net Capital Expenditures (i) for the four consecutive fiscal quarters of the
Company ending March 31, 2000 shall be allowed up to, but not in excess of,
$5,638,000, (ii) for the four consecutive fiscal quarters of the Company ending
June 30, 2000 shall be allowed up to, but not in excess of, $5,010,000, and
(iii) for the four consecutive fiscal quarters of

                                      -4-
<PAGE>

the Company ending September 30, 2000 shall be allowed up to, but not in excess
of, $5,333,000.

          1.13 Schedule 5.2(j) attached hereto is substituted for Schedule
5.2(j) to the Credit Agreement and Schedule 5.2(j)-2 attached hereto is added as
Schedule 5.2(j)-2 to the Credit Agreement.

          1.14 The restructuring charges taken in connection with the Standard
Acquisition to the extent such charges do not exceed $18,500,000 for the
Calculation Period ending December 31, 1998, do not exceed $5,577,000 for the
Calculation Period ending December 31, 1999, and do not exceed $700,000 for the
Calculation Period ending December 31, 2000 shall be deemed "consistent with
the restructuring charges identified in the Pro Forma Financial Statements" for
purposes of clause I(xii)(A) of the definition of Adjusted EBITDA contained in
Section 1.1 of the Credit Agreement, provided that no other restructuring
charges shall be deemed "consistent with the restructuring charges identified in
the Pro Forma Financial Statements" for purposes of clause I(xii)(A) of such
definition of Adjusted EBITDA or for any other purpose without the prior written
approval of the Required Lenders.

          ARTICLE II. REPRESENTATIONS AND AGREEMENTS. The Company represents and
warrants to, and agrees with, the Agent and the Lenders that:

          2.1 The execution, delivery and performance of this Amendment are
within its powers, have been duly authorized and are not in contravention of any
statute, law or regulation known to it or of any terms of its Articles of
Incorporation or By-laws, or of any material agreement or undertaking to which
it is a party or by which it is bound.

          2.2 This Amendment is the legal, valid and binding obligations of the
Company and each Guarantor enforceable against each in accordance with the
respective terms thereof.

          2.3 After giving effect to the amendments contained herein, the
representations and warranties contained in Article IV of the Credit Agreement
are true in all material respects on and as of the date hereof with the same
force and effect as if made on and as of the date hereof.

          2.4 After giving effect to the amendments contained herein, no Event
of Default or Unmatured Default exists or has occurred and is continuing on the
date hereof.

          2.5 The Company and Parent have not, and will not without the prior
written consent of the Lenders, consummate the Company Acquisition.

          2.6 The aggregate amount of any payment, transfer or other
consideration paid or otherwise transferred in any way to Holberg or any of
Holberg's Affiliates (other than the Company or Guarantor), whether directly or
indirectly, and whether constituting any management, consulting, investment
banking, advisory or other fees or payments under any leases or any expense
reimbursement or similar payments or any other payments of any kind (including,
without limitation, any amounts paid or payable by the Company or any of its
Subsidiaries in respect of overhead expense allocations among the members of the
affiliate corporate group) or constituting any loans, advances, dividends,
distributions, forgiveness of debt or other transfer of any kind to Holberg or
any of Holberg's Affiliates (other than the Company or Guarantor) since
September 30, 1999 is equal to $570,000.

          ARTICLE III. CONDITIONS OF EFFECTIVENESS. This Amendment shall become
 effective as of the date hereof when each of the following conditions is
 satisfied or waived by the Lenders:

                                      -5-
<PAGE>

          3.1 The Company, the Guarantors and the Required Lenders shall have
signed this Amendment.

          3.2 The Company and the Guarantors shall have delivered such
resolutions, officer's certificates and legal opinions as the Agent may request.

          3.3 The Company shall have paid to the Agent, for the benefit of the
Lenders, an amendment fee equal to 15 basis points on the amount of the
Commitment of each Lender.

          3.4 The Company and the Guarantors and Firstar Bank shall have
executed such agreements satisfactory to the Agent pursuant to which the Agent
is granted a first priority security interest in all bank accounts of the
Company and the Guarantors and such other rights with respect thereto as
required by the Agent.

          3.5 The Company shall have delivered to the Agent such other documents
and satisfied such other conditions, if any, as requested by the Agent.

          ARTICLE IV. MISCELLANEOUS.

          4.1 References in the Credit Agreement or in any other Loan Document
to the Credit Agreement shall be deemed to be references to the Credit Agreement
as amended hereby and as further amended from time to time.

          4.2 The Company agrees to pay and to save the Agent harmless for the
payment of all reasonable documented costs and expenses arising in connection
with this Amendment, including the reasonable documented fees of counsel to the
Agent in connection with preparing this Amendment and the related documents.

          4.3 The Company and each Guarantor acknowledge and agree that, to the
best of their knowledge, the Agent and the Lenders have fully performed all of
their obligations under all documents executed in connection with the Credit
Agreement. The Company and each Guarantor represent and warrant that they are
not aware of any claims or causes of action against the Agent or any Lender.

          4.4 The Lenders and the Agent waive the Event of Default (the
"Existing Default") caused by the breach of Section 5.2(a), (b) and (j) which
occurred prior to the date hereof to the extent described by the Company to the
Lenders prior to the date hereof, provided that it is acknowledged and agreed
that this is a one time waiver only for the Existing Default, and shall not
waive any other breach at any other time of Section 5.2(a), (b) or (j) or any
other term or covenant of the Credit Agreement.

          4.5 Except as expressly amended hereby, the Company and each Guarantor
agree that the Credit Agreement, the Notes, the Security Documents and all other
documents and agreements executed by the Company in connection with the Credit
Agreement in favor of the Agent or any Lender are ratified and confirmed, as
amended hereby, and shall remain in full force and effect in accordance with
their terms and that they are not aware of any set off, counterclaim, defense or
other claim or dispute with respect to any of the foregoing. Terms used but not
defined herein shall have the respective meanings ascribed thereto in the Credit
Agreement. This Amendment may be signed upon any number of counterparts with the
same effect as if the signatures thereto and hereto were upon the same
instrument, and telecopied signatures shall be effective as originals.

                                      -6-
<PAGE>

          IN WITNESS WHEREOF, the parties signing this Amendment have caused
this Amendment to be executed and delivered as of the day and year first above
written.

                               APCOA/STANDARD PARKING, INC.

                               By: /s/ XXXXXXXX XXXXXXXXXX
                                  -----------------------------------------
                               Its: EVP, CEO
                                   ----------------------------------------

                               BANK ONE, NA, as a Lender and as Agent, formerly
                               known as The First National Bank of Chicago

                               By: /s/ William J. McCaffrey
                                  -----------------------------------------
                               Its: William J. McCaffrey, First Vice President

                               LASALLE BANK NATIONAL ASSOCIATION

                               By: /s/ Mary Lou Bartlett
                                  -----------------------------------------
                               Its: Mary Lou Bartlett, First Vice President
                                   ----------------------------------------

                                      -7-
<PAGE>

                             CONSENT AND AGREEMENT
                             ---------------------

          As of the date and year first above written, each of the undersigned
     hereby:

     (a) fully consents to the terms and provisions of the above Amendment and
the consummation of the transactions contemplated hereby and agrees to all terms
and provisions of the above Amendment applicable to it;

     (b) agrees that each Guaranty and all other agreements executed by any of
the undersigned in connection with the Credit Agreement or otherwise in favor of
the Agent or the Lenders (collectively, the "Security Documents") are hereby
ratified and confirmed and shall remain in full force and effect, and each of
the undersigned acknowledges that it has no setoff, counterclaim or defense with
respect to any Security Document;

     (c) acknowledges that its consent and agreement hereto is a condition to
the Banks' obligation under this Amendment and it is in its interest and to its
financial benefit to execute this consent and agreement;

     (d) agrees that it will not make any payment, transfer or give or transfer
any other consideration in any way to Holberg or any of Holberg's Affiliates
(other than the Company or a Guarantor), whether directly or indirectly, and
whether constituting any management, consulting, investment banking, advisory or
other fees or payments under any leases or any expense reimbursement or similar
payments or any other payments of any kind (including, without limitation, any
amounts paid or payable by the Company or any of its Subsidiaries in respect of
overhead expense allocations among the members of the affiliate corporate group)
or constituting any loans, advances, dividends, distributions, forgiveness of
debt or other transfer of any kind to Holberg or any of Holberg's Affiliates
(other than the Company or a Guarantor); provided, however, that the Parent may
make payments or transfers to Holberg if such payments or transfers are solely
from new common equity proceeds or new Indebtedness (which new Indebtedness
incurred by the Parent after the Second Amendment Effective Date shall not
exceed $3,000,000 in aggregate amount until the Company is in compliance with
all covenants contained in the Credit Agreement without giving effect to the
above Amendment or any amendment or modification thereafter and no Event of
Default or Unmatured Event has occurred and is continuing) received by the
Parent after the Second Amendment Effective Date from the owners of the Parent
or other Persons (but not from the Company or any Guarantor, directly or
indirectly) and that any such transaction could not result in the Company or any
Guarantor making any additional payments or transfers of any kind to the Parent
or incurring any additional obligations of any kind; and

     (e) the Parent agrees that it will not incur any Indebtedness in excess of
$3,000,000 until after the Company is in compliance with all covenants contained
in the Credit Agreement without giving effect to the above Amendment or any
amendment or modification thereafter and no Event of Default or Unmatured Event
has occurred and is continuing or grant any Liens on any of its assets other
than in favor of the Company.

                               A-1 AUTO PARK, INC.

                               By:/s/ Michael J. Celebrezze
                                  -------------------------
                                  Name: Michael J. Celebrezze
                                  Title: Vice President

                                      -8-
<PAGE>

                                              AP HOLDINGS, INC.

                                              By:/s/ Michael J. Celebrezze
                                                 -------------------------
                                                 Name: Michael J. Celebrezze
                                                 Title: Treasurer

                                      -9-
<PAGE>

                                           APCOA CAPITAL CORPORATION

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Vice President

                                           APCOA-HAWAII, INC.

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Vice President

                                           EVENTS PARKING CO., INC.

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Treasurer

                                           HAWAII PARKING MAINTENANCE, INC.

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Vice President

                                           METROPOLITAN PARKING SYSTEM, INC.

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Treasurer

                                           SENTINEL PARKING CO. OF OHIO, INC.

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Vice President

                                           TOWER PARKING, INC.

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Vice President

                                     -10-
<PAGE>

                                           STANDARD AUTO PARK, INC.

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Vice President

                                           STANDARD PARKING CORPORATION

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Vice President

                                           APCOA LASALLE PARKING, LLC

                                           By: APCOA/Standard Parking Inc.
                                               as Manager

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Senior Vice President

                                           S & S PARKING, INC.

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Vice President

                                           STANDARD PARKING CORPORATION, IL

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Vice President

                                           CENTURY PARKING, INC.

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Vice President

                                           SENTRY PARKING CORPORATION

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Vice President

                                           VIRGINIA PARKING SERVICES, INC.

                                           By:/s/ Michael J. Celebrezze
                                              ------------------------------
                                              Name: Michael J. Celebrezze
                                              Title: Vice President

                                     -11-

<PAGE>

Schedule 5.2(j)

Investments, Loans, and Advances

Investments existing as of the Second Amendment Effective Date in Joint Ventures
in an aggregate amount of $273,200

                                     -12-
<PAGE>

Schedule 5.2(j)-2

Permitted Affiliates

Joint Ventures of the Company, provided that such Joint Ventures shall exclude
Holberg, the Parent or any Person in which Holberg or the Parent has any direct
or indirect interest other than solely due to any ownership interest in the
Company

                                     -13-<PAGE>

                                                                Exhibit 10(b)(i)

                             EMPLOYMENT AGREEMENT

          AGREEMENT, dated as of the 24th day of April, 2000 (this "Agreement"),
by and between Becton, Dickinson and Company, a New Jersey corporation (the
"Company"), and (name) (the "Executive").

          WHEREAS, the Board of Directors of the Company (the "Board"), has
determined that it is in the best interests of the Company and its shareholders
to assure that the Company will have the continued dedication of the Executive,
notwithstanding the possibility, threat or occurrence of a Change of Control (as
defined herein).  The Board believes it is imperative to diminish the inevitable
distraction of the Executive by virtue of the personal uncertainties and risks
created by a pending or threatened Change of Control and to encourage the
Executive's full attention and dedication to the current Company and in the
event of any threatened or pending Change of Control, and to provide the
Executive with compensation and benefits arrangements upon a Change of Control
that ensure that the compensation and benefits expectations of the Executive
will be satisfied and that are competitive with those of other corporations.
Therefore, in order to accomplish these objectives, the Board has caused the
Company to enter into this Agreement.

          NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

          Section 1. Certain Definitions. (a) "Effective Date" means the first
                     -------------------
date during the Change of Control Period (as defined herein) on which a Change
of Control occurs. Notwithstanding anything in this Agreement to the contrary,
if a Change of Control occurs and if the Executive's employment with the Company
is terminated prior to the date on which the Change of Control occurs, and if it
is reasonably demonstrated by the Executive that such termination of employment
(1) was at the request of a third party that has taken steps reasonably
calculated to effect a Change of Control or (2) otherwise arose in connection
with or anticipation of a Change of Control, then "Effective Date" means the
date immediately prior to the date of such termination of employment.

          (b) "Change of Control Period" means the period commencing on the date
hereof and ending on the third anniversary of the date hereof; provided,
however, that, commencing on the date one year after the date hereof, and on
each annual anniversary of such date (such date and each annual anniversary
thereof, the "Renewal Date"), unless previously terminated, the Change of
Control Period shall be automatically extended so as to terminate three years
from such Renewal Date, unless, at least 60 days prior to the Renewal Date, the
Company shall give notice to the Executive that the Change of Control Period
shall not be so extended.

          (c) "Affiliated Company" means any company controlled by, controlling
or under common control with the Company.

          (d) "Change of Control" means:

          (1) The acquisition by any individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act")) (a "Person") of beneficial ownership (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of
either (A) the then-outstanding shares of common
<PAGE>

stock of the Company (the "Outstanding Company Common Stock") or (B) the
combined voting power of the then-outstanding voting securities of the Company
entitled to vote generally in the election of directors (the "Outstanding
Company Voting Securities"); provided, however, that, for purposes of this
Section 1(d), the following acquisitions shall not constitute a Change of
Control: (i) any acquisition directly from the Company, (ii) any acquisition by
the Company, (iii) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any affiliated company, (iv)
any acquisition by any corporation pursuant to a transaction that complies with
Sections 1(d)(3)(A), 1(d)(3)(B) and 1(d)(3)(C), or (v) any acquisition that the
Board determines, in good faith, was inadvertent, if the acquiring Person
divests as promptly as practicable a sufficient amount of the Outstanding
Company Common Stock and/or the Outstanding Company Voting Securities, as
applicable, to reverse such acquisition of 25% or more thereof.

          (2) Individuals who, as of the date hereof, constitute the Board (the
"Incumbent Board") cease for any reason to constitute at least a majority of the
Board; provided, however, that any individual becoming a director subsequent to
the date hereof whose election, or nomination for election by the Company's
shareholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board.

          (3) Consummation of a reorganization, merger, consolidation or sale or
other disposition of all or substantially all of the assets of the Company (a
"Business Combination"), in each case, unless, following such Business
Combination, (A) all or substantially all of the individuals and entities that
were the beneficial owners of the Outstanding Company Common Stock and the
Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 60% of the
then-outstanding shares of common stock and the combined voting power of the
then-outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the corporation resulting from such Business
Combination (including, without limitation, a corporation that, as a result of
such transaction, owns the Company or all or substantially all of the Company's
assets either directly or through one or more subsidiaries) in substantially the
same proportions as their ownership immediately prior to such Business
Combination of the Outstanding Company Common Stock and the Outstanding Company
Voting Securities, as the case may be, (B) no Person (excluding any corporation
resulting from such Business Combination or any employee benefit plan (or
related trust) of the Company or such corporation resulting from such Business
Combination) beneficially owns, directly or indirectly, 25% or more of,
respectively, the then-outstanding shares of common stock of the corporation
resulting from such Business Combination or the combined voting power of the
then- outstanding voting securities of such corporation, except to the extent
that such ownership existed prior to the Business Combination, and (C) at least
a majority of the members of the board of directors of the corporation resulting
from such Business Combination were members of the Incumbent Board at the time
of the execution of the initial agreement or of the action of the Board
providing for such Business Combination; or

                                       2
<PAGE>

          (4) Approval by the shareholders of the Company of a complete
liquidation or dissolution of the Company.

          Section 2. Employment Period. The Company hereby agrees to continue
                     -----------------
the Executive in its employ, subject to the terms and conditions of this
Agreement, for the period commencing on the Effective Date and ending on the
third anniversary of the Effective Date (the "Employment Period"). The
Employment Period shall terminate upon the Executive's termination of employment
for any reason.

          Section 3. Terms of Employment. (a) Position and Duties. (1) During
                     -------------------      -------------------
the Employment Period, (A) the Executive's position (including status, offices,
titles and reporting requirements), authority, duties and responsibilities shall
be at least commensurate in all material respects with the most significant of
those held, exercised and assigned at any time during the 120-day period
immediately preceding the Effective Date and (B) the Executive's services shall
be performed at the office where the Executive was employed immediately
preceding the Effective Date or at any other location less than 35 miles from
such office.

          (2) During the Employment Period, and excluding any periods of
vacation and sick leave to which the Executive is entitled, the Executive agrees
to devote reasonable attention and time during normal business hours to the
business and affairs of the Company and, to the extent necessary to discharge
the responsibilities assigned to the Executive hereunder, to use the Executive's
reasonable best efforts to perform faithfully and efficiently such
responsibilities. During the Employment Period, it shall not be a violation of
this Agreement for the Executive to (A) serve on corporate, civic or charitable
boards or committees, (B) deliver lectures, fulfill speaking engagements or
teach at educational institutions and (C) manage personal investments, so long
as such activities do not significantly interfere with the performance of the
Executive's responsibilities as an employee of the Company in accordance with
this Agreement. It is expressly understood and agreed that, to the extent that
any such activities have been conducted by the Executive prior to the Effective
Date, the continued conduct of such activities (or the conduct of activities
similar in nature and scope thereto) subsequent to the Effective Date shall not
thereafter be deemed to interfere with the performance of the Executive's
responsibilities to the Company.

          (b) Compensation. (1) Base Salary. During the Employment Period, the
              ------------      -----------
Executive shall receive an annual base salary (the "Annual Base Salary") at an
annual rate at least equal to 12 times the highest monthly base salary paid or
payable, including any base salary that has been earned but deferred, to the
Executive by the Company and the Affiliated Companies in respect of the 12-month
period immediately preceding the month in which the Effective Date occurs. The
Annual Base Salary shall be paid at such intervals as the Company pays executive
salaries generally. During the Employment Period, the Annual Base Salary shall
be reviewed at least annually, beginning no more than 12 months after the last
salary increase awarded to the Executive prior to the Effective Date. Any
increase in the Annual Base Salary shall not serve to limit or reduce any other
obligation to the Executive under this Agreement. The Annual Base Salary shall
not be reduced after any such increase and the term "Annual Base Salary" shall
refer to the Annual Base Salary as so increased.

                                       3
<PAGE>

          (2) Annual Bonus. In addition to the Annual Base Salary, the Executive
shall be awarded, for each fiscal year ending during the Employment Period, an
annual bonus (the "Annual Bonus") in cash at least equal to the Recent Annual
Bonus. "Recent Annual Bonus" shall mean the Executive's highest bonus earned
under the Company's 1997 Management Incentive Plan, or any comparable bonus
under any predecessor or successor plan, for the last three full fiscal years
prior to the Effective Date (or for such lesser number of full fiscal years
prior to the Effective Date for which the Executive was eligible to earn such a
bonus, and annualized in the case of any bonus earned for a partial fiscal
year). Notwithstanding the foregoing, the "Recent Annual Bonus" shall mean the
amount determined by multiplying (i) the Executive's target annual bonus
percentage in effect for the fiscal year in which the Effective Date occurs
times (ii) the Annual Base Salary, if that amount is higher than the amount
determined pursuant to the preceding sentence, or if the Executive has not been
eligible to earn such a bonus for any period prior to the Effective Date. Each
such Annual Bonus shall be paid no later than the end of the third month of the
fiscal year next following the fiscal year for which the Annual Bonus is
awarded, unless the Executive shall elect to defer the receipt of such Annual
Bonus.

          (3) Incentive, Savings and Retirement Plans. During the Employment
              ---------------------------------------
Period, the Executive shall be entitled to participate in all cash incentive,
equity incentive, savings and retirement plans, practices, policies, and
programs applicable generally to other peer executives of the Company and the
Affiliated Companies, but in no event shall such plans, practices, policies and
programs provide the Executive with incentive opportunities (measured with
respect to both regular and special incentive opportunities, to the extent, if
any, that such distinction is applicable), savings opportunities and retirement
benefit opportunities, in each case, less favorable, in the aggregate, than the
most favorable of those provided by the Company and the Affiliated Companies for
the Executive under such plans, practices, policies and programs as in effect at
any time during the 120-day period immediately preceding the Effective Date or,
if more favorable to the Executive, those provided generally at any time after
the Effective Date to other peer executives of the Company and the Affiliated
Companies.

          (4) Welfare Benefit Plans. During the Employment Period, the Executive
              ---------------------
and/or the Executive's family, as the case may be, shall be eligible for
participation in and shall receive all benefits under welfare benefit plans,
practices, policies and programs provided by the Company and the Affiliated
Companies (including, without limitation, medical, prescription, dental,
disability, employee life, group life, accidental death and travel accident
insurance plans and programs) to the extent applicable generally to other peer
executives of the Company and the Affiliated Companies, but in no event shall
such plans, practices, policies and programs provide the Executive with benefits
that are less favorable, in the aggregate, than the most favorable of such
plans, practices, policies and programs in effect for the Executive at any time
during the 120-day period immediately preceding the Effective Date or, if more
favorable to the Executive, those provided generally at any time after the
Effective Date to other peer executives of the Company and the Affiliated
Companies.

          (5) Expenses. During the Employment Period, the Executive shall be
              --------
entitled to receive prompt reimbursement for all reasonable expenses incurred by
the Executive in accordance with the most favorable policies, practices and
procedures of the Company and the Affiliated Companies in effect for the
Executive at any time during the 120-day period

                                       4
<PAGE>

immediately preceding the Effective Date or, if more favorable to the Executive,
as in effect generally at any time thereafter with respect to other peer
executives of the Company and the Affiliated Companies.

          (6) Fringe Benefits. During the Employment Period, the Executive shall
              ---------------
be entitled to fringe benefits, including, without limitation, tax and financial
planning services and, if applicable, payment of club dues and use of an
automobile and payment of related expenses, in accordance with the most
favorable plans, practices, programs and policies of the Company and the
Affiliated Companies in effect for the Executive at any time during the 120-day
period immediately preceding the Effective Date or, if more favorable to the
Executive, as in effect generally at any time thereafter with respect to other
peer executives of the Company and the Affiliated Companies.

          (7) Office and Support Staff. During the Employment Period, the
              ------------------------
Executive shall be entitled to an office or offices of a size and with
furnishings and other appointments, and to secretarial and other assistance, at
least equal to the most favorable of the foregoing provided to the Executive by
the Company and the Affiliated Companies at any time during the 120-day period
immediately preceding the Effective Date or, if more favorable to the Executive,
as provided generally at any time thereafter with respect to other peer
executives of the Company and the Affiliated Companies.

          (8) Vacation. During the Employment Period, the Executive shall be
              --------
entitled to paid vacation in accordance with the most favorable plans, policies,
programs and practices of the Company and the Affiliated Companies as in effect
for the Executive at any time during the 120-day period immediately preceding
the Effective Date or, if more favorable to the Executive, as in effect
generally at any time thereafter with respect to other peer executives of the
Company and the Affiliated Companies.

          Section 4. Termination of Employment. (a) Death or Disability. The
                     -------------------------      -------------------
Executive's employment shall terminate automatically if the Executive dies
during the Employment Period. If the Company determines in good faith that the
Disability (as defined herein) of the Executive has occurred during the
Employment Period (pursuant to the definition of "Disability"), it may give to
the Executive written notice in accordance with Section 11(b) of its intention
to terminate the Executive's employment. In such event, the Executive's
employment with the Company shall terminate effective on the 30th day after
receipt of such notice by the Executive (the "Disability Effective Date"),
provided that, within the 30 days after such receipt, the Executive shall not
have returned to full-time performance of the Executive's duties. "Disability"
means the absence of the Executive from the Executive's duties with the Company
on a full-time basis for 180 consecutive business days as a result of incapacity
due to mental or physical illness that is determined to be total and permanent
by a physician selected by the Company or its insurers and acceptable to the
Executive or the Executive's legal representative.

          (b) Cause. The Company may terminate the Executive's employment during
              -----
the Employment Period for Cause. "Cause" means:

                                       5
<PAGE>

                    (1) the willful and continued failure of the Executive to
          perform substantially the Executive's duties (as contemplated by
          Section 3(a)(1)(A)) with the Company or any Affiliated Company (other
          than any such failure resulting from incapacity due to physical or
          mental illness or following the Executive's delivery of a Notice of
          Termination for Good Reason), after a written demand for substantial
          performance is delivered to the Executive by the Board or the Chief
          Executive Officer of the Company that specifically identifies the
          manner in which the Board or the Chief Executive Officer of the
          Company believes that the Executive has not substantially performed
          the Executive's duties, or

                    (2) the willful engaging by the Executive in illegal conduct
          or gross misconduct that is materially and demonstrably injurious to
          the Company.

For purposes of this Section 4(b), no act, or failure to act, on the part of the
Executive shall be considered "willful" unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the
Executive's action or omission was in the best interests of the Company.  Any
act, or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board or upon the instructions of the Chief Executive Officer of
the Company or a senior officer of the Company or based upon the advice of
counsel for the Company shall be conclusively presumed to be done, or omitted to
be done, by the Executive in good faith and in the best interests of the
Company.  The cessation of employment of the Executive shall not be deemed to be
for Cause unless and until there shall have been delivered to the Executive a
copy of a resolution duly adopted by the affirmative vote of not less than
three-quarters of the entire membership of the Board (excluding the Executive,
if the Executive is a member of the Board) at a meeting of the Board called and
held for such purpose (after reasonable notice is provided to the Executive and
the Executive is given an opportunity, together with counsel for the Executive,
to be heard before the Board), finding that, in the good faith opinion of the
Board, the Executive is guilty of the conduct described in Section 4(b)(1) or
4(b)(2), and specifying the particulars thereof in detail.

                    (c) Good Reason. The Executive's employment may be
                        -----------
terminated by the Executive for Good Reason or by the Executive voluntarily
without Good Reason. "Good Reason" means:

                    (1) the assignment to the Executive of any duties
          inconsistent in any respect with the Executive's position (including
          status, offices, titles and reporting requirements), authority, duties
          or responsibilities as contemplated by Section 3(a), or any other
          diminution in such position, authority, duties or responsibilities
          (whether or not occurring solely as a result of the Company's ceasing
          to be a publicly traded entity), excluding for this purpose an
          isolated, insubstantial and inadvertent action not taken in bad faith
          and that is remedied by the Company promptly after receipt of notice
          thereof given by the Executive;

                    (2) any failure by the Company to comply with any of the
          provisions of Section 3(b), other than an isolated, insubstantial and
          inadvertent failure not occurring in bad faith and that is remedied by
          the Company promptly after receipt of notice thereof given by the
          Executive;

                                       6
<PAGE>

                    (3) the Company's requiring the Executive (i) to be based at
          any office or location other than as provided in Section 3(a)(1)(B),
          (ii) to be based at a location other than the principal executive
          offices of the Company if the Executive was employed at such location
          immediately preceding the Effective Date, or (iii) to travel on
          Company business to a substantially greater extent than required
          immediately prior to the Effective Date;

                    (4) any purported termination by the Company of the
          Executive's employment otherwise than as expressly permitted by this
          Agreement; or

                    (5) any failure by the Company to comply with and satisfy
          Section 10(c).

                    For purposes of this Section 4(c), any good faith
determination of Good Reason made by the Executive shall be conclusive.

                    (d) Notice of Termination. Any termination by the Company
                        ---------------------
for Cause, or by the Executive for Good Reason, shall be communicated by Notice
of Termination to the other party hereto given in accordance with Section 11(b).
"Notice of Termination" means a written notice that (1) indicates the specific
termination provision in this Agreement relied upon, (2) to the extent
applicable, sets forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of the Executive's employment under the
provision so indicated, and (3) if the Date of Termination (as defined herein)
is other than the date of receipt of such notice, specifies the Date of
Termination (which Date of Termination shall be not more than 30 days after the
giving of such notice). The failure by the Executive or the Company to set forth
in the Notice of Termination any fact or circumstance that contributes to a
showing of Good Reason or Cause shall not waive any right of the Executive or
the Company, respectively, hereunder or preclude the Executive or the Company,
respectively, from asserting such fact or circumstance in enforcing the
Executive's or the Company's respective rights hereunder.

                    (e) Date of Termination. "Date of Termination" means (1) if
                        -------------------
the Executive's employment is terminated by the Company for Cause, or by the
Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified in the Notice of Termination, (which date shall not be
more than 30 days after the giving of such notice), as the case may be, (2) if
the Executive's employment is terminated by the Company other than for Cause or
Disability, the Date of Termination shall be the date on which the Company
notifies the Executive of such termination, and (3) if the Executive's
employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be.

                    Section 5. Obligations of the Company upon Termination. (a)
                               -------------------------------------------
Good Reason; Other Than for Cause, Death or Disability. If, during the
------------------------------------------------------
Employment Period, the Company terminates the Executive's employment other than
for Cause or Disability or the Executive terminates employment for Good Reason:

                    (1) the Company shall pay to the Executive, in a lump sum in
          cash within 30 days after the Date of Termination, the aggregate of
          the following amounts:

                                       7
<PAGE>

                    (A) the sum of (i) the Executive's Annual Base Salary
          through the Date of Termination to the extent not theretofore paid,
          (ii) the product of (x) the higher of (I) the Recent Annual Bonus and
          (II) the Annual Bonus paid or payable, including any bonus or portion
          thereof that has been earned but deferred (and annualized for any
          fiscal year consisting of less than 12 full months or during which the
          Executive was employed for less than 12 full months), for the most
          recently completed fiscal year during the Employment Period, if any
          (such higher amount, the "Highest Annual Bonus") and (y) a fraction,
          the numerator of which is the number of days in the current fiscal
          year through the Date of Termination and the denominator of which is
          365, and (iii) any accrued vacation pay, in each case, to the extent
          not theretofore paid (the sum of the amounts described in subclauses
          (i), (ii) and (iii), the "Accrued Obligations");

                    (B) the amount equal to the product of (i) three and (ii)
          the sum of (x) the Executive's Annual Base Salary and (y) the Highest
          Annual Bonus; and

                    (C) an amount equal to the excess of (i) the actuarial
          equivalent of the benefit under the Company's qualified defined
          benefit retirement plan (the "Retirement Plan") (utilizing actuarial
          assumptions no less favorable to the Executive than those in effect
          under the Retirement Plan immediately prior to the Effective Date) and
          any excess or supplemental retirement plan in which the Executive
          participates (collectively, the "SERP") that the Executive would
          receive if the Executive's employment continued for three years after
          the Date of Termination, assuming for this purpose that all accrued
          benefits are fully vested and assuming that the Executive's
          compensation in each of the three years is that required by Sections
          3(b)(1) and 3(b)(2), over (ii) the actuarial equivalent of the
          Executive's actual benefit (paid or payable), if any, under the
          Retirement Plan and the SERP as of the Date of Termination;

          (2) for three years after the Executive's Date of Termination, or such
longer period as may be provided by the terms of the appropriate plan, program,
practice or policy, the Company shall continue welfare benefits to the Executive
and/or the Executive's family at least equal to those that would have been
provided to them in accordance with the plans, programs, practices and policies
described in Section 3(b)(4) if the Executive's employment had not been
terminated or, if more favorable to the Executive, as in effect generally at any
time thereafter with respect to other peer executives of the Company and the
Affiliated Companies and their families, provided, however, that, if the
Executive becomes reemployed with another employer and is eligible to receive
medical or other welfare benefits under another employer provided plan, the
medical and other welfare benefits described herein shall be secondary to those
provided under such other plan during such applicable period of eligibility. For
purposes of determining eligibility (but not the time of commencement of
benefits) of the Executive for retiree benefits pursuant to such plans,
practices, programs and policies, the Executive shall be considered to have
remained employed until three years after the Date of Termination and to have
retired on the last day of such period;

                                       8
<PAGE>

                    (3) the Company shall, at its sole expense as incurred,
          provide the Executive with outplacement services the scope and
          provider of which shall be selected by the Executive in the
          Executive's sole discretion provided, that the cost of such
          outplacement shall not exceed 30% of the sum of the Executive's Annual
          Base Salary and Highest Annual Bonus; and

                    (4) to the extent not theretofore paid or provided, the
          Company shall timely pay or provide to the Executive any other amounts
          or benefits required to be paid or provided or that the Executive is
          eligible to receive under any plan, program, policy or practice or
          contract or agreement of the Company and the Affiliated Companies
          (such other amounts and benefits, the "Other Benefits").

          (b) Death. If the Executive's employment is terminated by reason of
              -----
the Executive's death during the Employment Period, the Company shall provide
the Executive's estate or beneficiaries with the Accrued Obligations and the
timely payment or delivery of the Other Benefits, and shall have no other
severance obligations under this Agreement. The Accrued Obligations shall be
paid to the Executive's estate or beneficiary, as applicable, in a lump sum in
cash within 30 days of the Date of Termination. With respect to the provision of
the Other Benefits, the term "Other Benefits" as utilized in this Section 5(b)
shall include, without limitation, and the Executive's estate and/or
beneficiaries shall be entitled to receive, benefits at least equal to the most
favorable benefits provided by the Company and the Affiliated Companies to the
estates and beneficiaries of peer executives of the Company and the Affiliated
Companies under such plans, programs, practices and policies relating to death
benefits, if any, as in effect with respect to other peer executives and their
beneficiaries at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive's estate and/or the
Executive's beneficiaries, as in effect on the date of the Executive's death
with respect to other peer executives of the Company and the Affiliated
Companies and their beneficiaries.

          (c) Disability. If the Executive's employment is terminated by reason
              ----------
of the Executive's Disability during the Employment Period, the Company shall
provide the Executive with the Accrued Obligations and the timely payment or
delivery of the Other Benefits, and shall have no other severance obligations
under this Agreement. The Accrued Obligations shall be paid to the Executive in
a lump sum in cash within 30 days of the Date of Termination. With respect to
the provision of the Other Benefits, the term "Other Benefits" as utilized in
this Section 6(c) shall include, and the Executive shall be entitled after the
Disability Effective Date to receive, disability and other benefits at least
equal to the most favorable of those generally provided by the Company and the
Affiliated Companies to disabled executives and/or their families in accordance
with such plans, programs, practices and policies relating to disability, if
any, as in effect generally with respect to other peer executives and their
families at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive and/or the Executive's
family, as in effect at any time thereafter generally with respect to other peer
executives of the Company and the Affiliated Companies and their families.

          (d) Cause; Other Than for Good Reason. If the Executive's employment
              ---------------------------------
is terminated for Cause during the Employment Period, the Company shall provide
to the Executive (1) the Executive's Annual Base Salary through the Date of
Termination, (2) the

                                       9
<PAGE>

amount of any compensation previously deferred by the Executive, and (3) the
Other Benefits, in each case, to the extent theretofore unpaid, and shall have
no other severance obligations under this Agreement. If the Executive
voluntarily terminates employment during the Employment Period, excluding a
termination for Good Reason, the Company shall provide to the Executive the
Accrued Obligations and the timely payment or delivery of the Other Benefits,
and shall have no other severance obligations under this Agreement. In such
case, all the Accrued Obligations shall be paid to the Executive in a lump sum
in cash within 30 days of the Date of Termination.

          Section 6. Non-exclusivity of Rights. Nothing in this Agreement shall
                     -------------------------
prevent or limit the Executive's continuing or future participation in any plan,
program, policy or practice provided by the Company or the Affiliated Companies
and for which the Executive may qualify, nor, subject to Section 11(f), shall
anything herein limit or otherwise affect such rights as the Executive may have
under any other contract or agreement with the Company or the Affiliated
Companies. Amounts that are vested benefits or that the Executive is otherwise
entitled to receive under any plan, policy, practice or program of or any
contract or agreement with the Company or the Affiliated Companies at or
subsequent to the Date of Termination shall be payable in accordance with such
plan, policy, practice or program or contract or agreement, except as explicitly
modified by this Agreement. Notwithstanding the foregoing, if the Executive
receives payments and benefits pursuant to Section 5(a) of this Agreement, the
Executive shall not be entitled to any severance pay or benefits under any
severance plan, program or policy of the Company and the Affiliated Companies,
unless otherwise specifically provided therein in a specific reference to this
Agreement.

          Section 7. Full Settlement. The Company's obligation to make the
                     ---------------
payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense, or other claim, right or action that the Company may have against the
Executive or others. In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement, and such amounts
shall not be reduced whether or not the Executive obtains other employment. The
Company agrees to pay as incurred (within 10 days following the Company's
receipt of an invoice from the Executive), to the full extent permitted by law,
all legal fees and expenses that the Executive may reasonably incur as a result
of any contest (regardless of the outcome thereof) by the Company, the Executive
or others of the validity or enforceability of, or liability under, any
provision of this Agreement or any guarantee of performance thereof (including
as a result of any contest by the Executive about the amount of any payment
pursuant to this Agreement), plus, in each case, interest on any delayed payment
at the applicable federal rate provided for in Section 7872(f)(2)(A) of the
Internal Revenue Code of 1986, as amended (the "Code").

          Section 8. Certain Additional Payments by the Company.
                     ------------------------------------------
          (a) Anything in this Agreement to the contrary notwithstanding and
except as set forth below, in the event it shall be determined that any Payment
would be subject to the Excise Tax, then the Executive shall be entitled to
receive an additional payment (the "Gross-Up Payment") in an amount such that,
after payment by the Executive of all taxes (and any interest or penalties
imposed with respect to such taxes), including, without limitation, any income
taxes

                                       10
<PAGE>

(and any interest and penalties imposed with respect thereto) and Excise Tax
imposed upon the Gross-Up Payment, the Executive retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Payments.
Notwithstanding the foregoing provisions of this Section 8(a), if it shall be
determined that the Executive is entitled to the Gross-Up Payment, but that the
Parachute Value of all Payments do not exceed 110% of the Safe Harbor Amount,
then no Gross-Up Payment shall be made to the Executive and the amounts payable
under this Agreement shall be reduced so that the Parachute Value of all
Payments, in the aggregate, equals the Safe Harbor Amount. The reduction of the
amounts payable hereunder, if applicable, shall be made by first reducing the
payments under Section 5(a)(i)(B), unless an alternative method of reduction is
elected by the Executive, and in any event shall be made in such a manner as to
maximize the Value of all Payments actually made to the Executive. For purposes
of reducing the Payments to the Safe Harbor Amount, only amounts payable under
this Agreement (and no other Payments) shall be reduced. If the reduction of the
amount payable under this Agreement would not result in a reduction of the
Parachute Value of all Payments to the Safe Harbor Amount, no amounts payable
under the Agreement shall be reduced pursuant to this Section 8(a). The
Company's obligation to make Gross-Up Payments under this Section 8 shall not be
conditioned upon the Executive's termination of employment.

          (b) Subject to the provisions of Section 8(c), all determinations
required to be made under this Section 8, including whether and when a Gross-Up
Payment is required, the amount of such Gross-Up Payment and the assumptions to
be utilized in arriving at such determination, shall be made by Ernst & Young,
LLP, or such other nationally recognized certified public accounting firm as may
be designated by the Executive (the "Accounting Firm"). The Accounting Firm
shall provide detailed supporting calculations both to the Company and the
Executive within 15 business days of the receipt of notice from the Executive
that there has been a Payment or such earlier time as is requested by the
Company. In the event that the Accounting Firm is serving as accountant or
auditor for the individual, entity or group effecting the Change of Control, the
Executive may appoint another nationally recognized accounting firm to make the
determinations required hereunder (which accounting firm shall then be referred
to as the Accounting Firm hereunder). All fees and expenses of the Accounting
Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined
pursuant to this Section 8, shall be paid by the Company to the Executive within
5 days of the receipt of the Accounting Firm's determination. Any determination
by the Accounting Firm shall be binding upon the Company and the Executive. As a
result of the uncertainty in the application of Section 4999 of the Code at the
time of the initial determination by the Accounting Firm hereunder, it is
possible that Gross-Up Payments that will not have been made by the Company
should have been made (the "Underpayment"), consistent with the calculations
required to be made hereunder. In the event the Company exhausts its remedies
pursuant to Section 8(c) and the Executive thereafter is required to make a
payment of any Excise Tax, the Accounting Firm shall determine the amount of the
Underpayment that has occurred and any such Underpayment shall be promptly paid
by the Company to or for the benefit of the Executive.

          (c) The Executive shall notify the Company in writing of any claim by
the Internal Revenue Service that, if successful, would require the payment by
the Company of the Gross-Up Payment. Such notification shall be given as soon as
practicable, but no later than 10 business days after the Executive is informed
in writing of such claim. The Executive shall apprise the Company of the nature
of such claim and the date on which such claim is requested

                                       11
<PAGE>

to be paid. The Executive shall not pay such claim prior to the expiration of
the 30-day period following the date on which the Executive gives such notice to
the Company (or such shorter period ending on the date that any payment of taxes
with respect to such claim is due). If the Company notifies the Executive in
writing prior to the expiration of such period that the Company desires to
contest such claim, the Executive shall:

                    (1) give the Company any information reasonably requested by
          the Company relating to such claim,

                    (2) take such action in connection with contesting such
          claim as the Company shall reasonably request in writing from time to
          time, including, without limitation, accepting legal representation
          with respect to such claim by an attorney reasonably selected by the
          Company,

                    (3) cooperate with the Company in good faith in order
          effectively to contest such claim, and

                    (4) permit the Company to participate in any proceedings
          relating to such claim;

provided, however, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest, and shall indemnify and hold the Executive harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties) imposed as a result of such representation and payment of costs and
expenses.  Without limitation on the foregoing provisions of this Section 8(c),
the Company shall control all proceedings taken in connection with such contest,
and, at its sole discretion, may pursue or forgo any and all administrative
appeals, proceedings, hearings and conferences with the applicable taxing
authority in respect of such claim and may, at its sole discretion, either
direct the Executive to pay the tax claimed and sue for a refund or contest the
claim in any permissible manner, and the Executive agrees to prosecute such
contest to a determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts, as the Company shall
determine; provided, however, that, if the Company directs the Executive to pay
such claim and sue for a refund, the Company shall advance the amount of such
payment to the Executive, on an interest-free basis, and shall indemnify and
hold the Executive harmless, on an after-tax basis, from any Excise Tax or
income tax (including interest or penalties) imposed with respect to such
advance or with respect to any imputed income in connection with such advance;
and provided, further, that any extension of the statute of limitations relating
to payment of taxes for the taxable year of the Executive with respect to which
such contested amount is claimed to be due is limited solely to such contested
amount.  Furthermore, the Company's control of the contest shall be limited to
issues with respect to which the Gross-Up Payment would be payable hereunder,
and the Executive shall be entitled to settle or contest, as the case may be,
any other issue raised by the Internal Revenue Service or any other taxing
authority.

          (d) If, after the receipt by the Executive of an amount advanced by
the Company pursuant to Section 8(c), the Executive becomes entitled to receive
any refund with respect to such claim, the Executive shall (subject to the
Company's complying with the

                                       12
<PAGE>

requirements of Section 8(c)) promptly pay to the Company the amount of such
refund (together with any interest paid or credited thereon after taxes
applicable thereto). If, after the receipt by the Executive of an amount
advanced by the Company pursuant to Section 8(c), a determination is made that
the Executive shall not be entitled to any refund with respect to such claim and
the Company does not notify the Executive in writing of its intent to contest
such denial of refund prior to the expiration of 30 days after such
determination, then such advance shall be forgiven and shall not be required to
be repaid and the amount of such advance shall offset, to the extent thereof,
the amount of Gross-Up Payment required to be paid.

          (e) Notwithstanding any other provision of this Section 8, the Company
may, in its sole discretion, withhold and pay over to the Internal Revenue
Service or any other applicable taxing authority, for the benefit of the
Executive, all or any portion of the Gross-Up Payment, and the Executive hereby
consents to such withholding.

          (f) Definitions. The following terms shall have the following meanings
for purposes of this Section 8.

          (i) "Excise Tax" shall mean the excise tax imposed by Section 4999 of
the Code, together with any interest or penalties imposed with respect to such
excise tax.

          (ii) The "Net After-Tax Amount" of a Payment shall mean the Value of a
Payment net of all taxes imposed on the Executive with respect thereto under
Sections 1 and 4999 of the Code and applicable state and local law, determined
by applying the highest marginal rates that are expected to apply to the
Executive's taxable income for the taxable year in which the Payment is made.

          (iii) "Parachute Value" of a Payment shall mean the present value as
of the date of the change of control for purposes of Section 280G of the Code of
the portion of such Payment that constitutes a "parachute payment" under Section
280G(b)(2), as determined by the Accounting Firm for purposes of determining
whether and to what extent the Excise Tax will apply to such Payment.

          (iv) A "Payment" shall mean any payment or distribution in the nature
of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for
the benefit of the Executive, whether paid or payable pursuant to this Agreement
or otherwise.

          (v) The "Safe Harbor Amount" means the maximum Parachute Value of all
Payments that the Executive can receive without any Payments being subject to
the Excise Tax.

          (vi) "Value" of a Payment shall mean the economic present value of a
Payment as of the date of the change of control for purposes of Section 280G of
the Code, as determined by the Accounting Firm using the discount rate required
by Section 280G(d)(4) of the Code.

          Section 9. Confidential Information. The Executive shall hold in a
                     ------------------------
fiduciary capacity for the benefit of the Company all secret or confidential
information, knowledge or data relating to the Company or the Affiliated
Companies, and their respective businesses, which information, knowledge or data
shall have been obtained by the Executive during the Executive's employment by
the Company or the Affiliated Companies and which

                                       13
<PAGE>

information, knowledge or data shall not be or become public knowledge (other
than by acts by the Executive or representatives of the Executive in violation
of this Agreement). After termination of the Executive's employment with the
Company, the Executive shall not, without the prior written consent of the
Company or as may otherwise be required by law or legal process, communicate or
divulge any such information, knowledge or data to anyone other than the Company
and those persons designated by the Company. In no event shall an asserted
violation of the provisions of this Section 9 constitute a basis for deferring
or withholding any amounts otherwise payable to the Executive under this
Agreement.

          Section 10. Successors. (a) This Agreement is personal to the
                      ----------
Executive, and, without the prior written consent of the Company, shall not be
assignable by the Executive other than by will or the laws of descent and
distribution. This Agreement shall inure to the benefit of and be enforceable by
the Executive's legal representatives.

          (b) This Agreement shall inure to the benefit of and be binding upon
the Company and its successors and assigns. Except as provided in Section 10(c),
without the prior written consent of the Executive this Agreement shall not be
assignable by the Company.

          (c) The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. "Company" means the Company as hereinbefore defined and any
successor to its business and/or assets as aforesaid that assumes and agrees to
perform this Agreement by operation of law or otherwise.

          Section 11. Miscellaneous. (a) This Agreement shall be governed by and
                      -------------
construed in accordance with the laws of the State of New Jersey, without
reference to principles of conflict of laws. The captions of this Agreement are
not part of the provisions hereof and shall have no force or effect. This
Agreement may not be amended or modified other than by a written agreement
executed by the parties hereto or their respective successors and legal
representatives.

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

                                       14
<PAGE>

          if to the Executive:
          --------------------

               (name)

               (address)

          if to the Company:

               Becton, Dickinson and Company
               1 Becton Drive
               Franklin Lakes, NJ 07417-1880

               Attention:  General Counsel

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

          (c) The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement.

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

          (e) The Executive's or the Company's failure to insist upon strict
compliance with any provision of this Agreement or the failure to assert any
right the Executive or the Company may have hereunder, including, without
limitation, the right of the Executive to terminate employment for Good Reason
pursuant to Sections 4(c)(1) through 4(c)(5), shall not be deemed to be a waiver
of such provision or right or any other provision or right of this Agreement.

          (f) The Executive and the Company acknowledge that, except as may
otherwise be provided under any other written agreement between the Executive
and the Company, the employment of the Executive by the Company is "at will"
and, subject to Section 1(a), prior to the Effective Date, the Executive's
employment may be terminated by either the Executive or the Company at any time
prior to the Effective Date, in which case the Executive shall have no further
rights under this Agreement. From and after the Effective Date, except as
specifically provided herein, this Agreement shall supersede any other agreement
between the parties with respect to the subject matter hereof.

                                       15
<PAGE>

          IN WITNESS WHEREOF, the Executive has hereunto set the Executive's
hand and, pursuant to the authorization from the Board, the Company has caused
these presents to be executed in its name on its behalf, all as of the day and
year first above written.

                             --------------------------------
                                      (name)

                              BECTON, DICKINSON AND COMPANY

                              By
                                ---------------------------------
                                Bridget M. Healy
                                Vice President and Secretary

                                       16

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