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                                                                    EXHIBIT 10-P

                    SEPARATION AGREEMENT AND GENERAL RELEASE

         THIS SEPARATION AGREEMENT AND GENERAL RELEASE (the "AGREEMENT") is made
and entered into as of this 11th day of March, 2004 (the "EFFECTIVE DATE"), by
and between TruServ Corporation, a Delaware corporation (the "COMPANY"), and
William F. Godwin ("GODWIN").

                                    RECITALS

         A. Godwin has been employed by the Company as its Senior Vice
President, Merchandise Supply Chain.

         B. Godwin's employment with the Company will terminate effective
February 27, 2004.

         NOW, THEREFORE, in consideration of the above premises and the
following mutual covenants and conditions, the parties agree as follows:

         1. Termination of Employment. Effective the close of business on
February 27, 2004, Godwin's employment with the Company is terminated along with
any other positions he may hold with the Company. Godwin agrees that he will not
hereafter seek reinstatement, recall or re-employment with the Company.

         2. Payments. Godwin shall receive the following amounts and
entitlements in connection with his separation from the Company:

         (a) Salary Continuation. The Company shall pay Godwin one hundred and
four (104) weeks (the "Severance Period") of separation pay at Godwin's base
salary [$307,000 per annum ] as of February 27, 2004, payable in semi-monthly
installments on the normal payroll dates, for a total of $614,000.00 less all
applicable witholdings. These payments will commence, as soon as
administratively possible, after receipt of this signed release agreement.

         (b) Bonus. Godwin shall receive incentive pay of $108,324.00 under the
Key Associates Incentive Plan For 2003 (the "2003 PLAN"); The incentive pay
shall be payable in a single lump sum, less all applicable withholdings, at the
same time such incentives are paid by the Company to all other employees of the
Company receiving incentives under such program. In addition, Godwin will
receive $117,806,00 less applicable withholdings, under the Long Term Incentive
Plan for 2002-2003 plan cycle. The foregoing notwithstanding, Godwin agrees that
he is not eligible for any other special performance bonuses nor future payments
under any of the above or other existing plans.

         (c) Vacation/Expenses. Godwin agrees that as of the date of his
termination, he was entitled to twenty four (24 ) days of accrued but unused
vacation. Such payment , less applicable withholdings, shall be made to Godwin
no later than the first payroll date after February 27, 2004. Godwin agrees to
submit whatever business expenses he has incurred but not yet submitted for
reimbursement to the Company within seven (7) days. The Company will reimburse
the reasonable expenses in accord with its usual policies.

         (d) Medical and Dental Benefits. Godwin may elect to continue his
medical and dental insurance coverage, as mandated by COBRA for up to 18 months.
Godwin shall be solely responsible for paying the COBRA premiums.

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         (e) Withholding. The Company and Godwin acknowledge and agree that all
payments made pursuant to this Paragraph 2 are "wages" for purposes of FICA,
FUTA and income tax withholding and the Company shall therefore withhold from
any payments hereunder the amounts it determines to be necessary to satisfy all
tax withholding obligations.

         (f) Outplacement. The Company shall pay for up to 6 months of
outplacement services for Godwin, to be provided by an outplacement service
provider selected by the Company. It is agreed that the Company's sole
obligation in this respect is to pay, directly to the outplacement firm, for
such outplacement services, as contracted with the provider. Any dispute between
Godwin and the outplacement agency shall be deemed a dispute solely between
Godwin and the outplacement agency and shall not in any way be construed as a
breach of this Release.

         (g) Pension and SERP. TruServ, through its outside providers, will pay
any and all sums due to Godwin under the TruServ Corporation Defined Lump Sum
Plan and the TruServ Corporation Supplemental Retirement Plan, in effect as of
the Godwin's last day of service with the Company. Such payments will be made to
Godwin, or his qualified designee, within ninety (90) days of receipt of this
executed agreement. The ninety (90) day commitment is based upon the assumption
that Godwin complies with all the administrative provisions of the Plan for
payment.

         (h) Other. Except as otherwise set forth in this Paragraph 2, no other
sums of any kind (contingent or otherwise) shall be paid to Godwin in respect of
his employment by the Company, or as additional separation amounts, and any
further such sums or amounts (whether or not owed) are hereby expressly waived
by Godwin. Godwin acknowledges that all other employee benefits cease as of
February 27, 2004.

         3. General Release. As a material inducement to the Company to enter
into this Separation Agreement and General Release and in consideration of the
payments to be made by the Company to Godwin in Paragraph 2 above, Godwin, with
full understanding of the contents and legal effect of this General Release and
having the right and opportunity to consult with his counsel, waives, releases
and discharges the Company, its shareholders, officers, directors, supervisors,
members, managers, employees, agents, representatives, attorneys, parent
companies, divisions, subsidiaries and affiliates, and all related entities of
any kind or nature, and its and their predecessors, successors, heirs,
executors, administrators, and assigns (collectively, the "RELEASED PARTIES")
from any and all claims, actions, causes of action, grievances, suits, charges,
or complaints of any kind or nature whatsoever, that he ever had or now has,
whether fixed or contingent, liquidated or unliquidated, known or unknown,
suspected or unsuspected, and whether arising in tort, contract, statute, or
equity, before any federal, state, local, or private court, agency, arbitrator,
mediator, or other entity, regardless of the relief or remedy. Without limiting
the generality of the foregoing, it being the intention of the parties to make
this General Release as broad and as general as the law permits, this Release
specifically includes any and all subject matter and claims arising from any
alleged violation by the Released Parties under the Age Discrimination in
Employment Act of 1967, as amended; Title VII of the Civil Rights Act of 1964,
as amended; the Civil Rights Act of 1866, as amended by the Civil Rights Act of
1991 (42 U.S.C. Section 1981); the Rehabilitation Act of 1973, as amended; the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"); the
Illinois Wage Payment and Collection Act; the Illinois Human Rights Act, the
Cook County Human Rights Ordinance, the Chicago Human Rights Ordinance, and
other similar state or local laws; the Americans with Disabilities Act; the
Family and Medical Leave Act; the Worker Adjustment and Retraining Notification
Act; the Older Worker Benefits Protection Act, the Equal Pay Act; Executive
Order 11246; Executive Order 11141; and any other statutory claim, employment or
other contract or implied contract claim under any company severance policy or
plan, and under any incentive compensation program, claim for equity or phantom
equity, or common law claim for wrongful

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discharge, breach of an implied covenant of good faith and fair dealing,
defamation, intentional infliction of emotional distress, negligence or invasion
of privacy arising out of or involving his employment with the Company, the
termination of his employment with the Company, or involving any continuing
effects of his employment with the Company or termination of employment with the
Company. Godwin further acknowledges that he is aware that statutes exist that
render null and void releases and discharges of any claims, rights, demands,
liabilities, action and causes of action which are unknown to the releasing or
discharging party at the time of execution of the release and discharge. Godwin
hereby expressly waives, surrenders and agrees to forego any protection to which
he would otherwise be entitled by virtue of the existence of any such statute in
any jurisdiction including, but not limited to, the State of Illinois.

         Excluded from this release are any claims which cannot be waived or
released by law, including but not limited to the right to file a charge with or
participate in an investigation conducted by certain government agencies. Godwin
does, however, waive Godwin's right to any monetary recovery should any agency
(such as the Equal Employment Opportunity Commission) pursue any claims on
Godwin's behalf. Godwin represents and warrants that Godwin has not filed any
complaint, charge, or lawsuit against the Company with any government agency or
any court.

         4. Covenant Not to Sue. Godwin, for himself, his heirs, executors,
administrators, successors and assigns agrees not to bring, file, charge, claim,
sue or cause, assist, or permit to be brought, filed, charged or claimed any
action, cause of action, or proceeding regarding or in any way related to any of
the claims described in Paragraph 3 hereof, and further agrees that this
Agreement is, will constitute and may be pleaded as, a bar to any such claim,
action, cause of action or proceeding. The foregoing notwithstanding, this
Paragraph 4 shall not preclude Godwin from (i) filing a claim with respect to
the enforcement of the terms of this Agreement, (ii) receiving vested benefits
under any employee pension plan, as defined in Section 3(2) of ERISA; (iii)
enforcing rights, if any, to indemnification as may be provided for under the
Company's by-laws or under any directors' and officers' liability insurance; and
(iv) challenging the release of his age discrimination claims under the ADEA. If
Godwin violates this Agreement by suing the Company, other than under the ADEA,
Godwin shall be liable to the Company for its reasonable attorneys' fees and
other litigation costs incurred in defending against such a suit. Alternatively,
in the event Godwin sues the Company (other than under the ADEA), Godwin may, at
the Company's option, be required to return all monies and other benefits paid
to Godwin pursuant to this Agreement.

         5. Breach/Indemnification. Godwin will fully indemnify the Company and
its shareholders, members, managers, officers, directors, employees and
independent contractors against and will hold its shareholders, members,
managers, officers, directors, employees and independent contractors harmless
from any and all claims, costs, damages, demands, expenses (including without
limitation attorneys' fees), judgments, losses or other liabilities of any kind
or nature whatsoever arising from or directly or indirectly related to any
material breach or failure by Godwin to comply with any or all of the provisions
of this Agreement. Godwin further agrees that his continuing entitlement to the
payments described in Paragraph 2(a) is contingent on his compliance with the
provisions of this Agreement. Further, he acknowledges that a breach of any
provision of this Agreement by him shall entitle the Company, at its sole
discretion, to cease making payments under this Agreement and to recover amounts
already paid hereunder.

         6. Nondisparagement. From and after February 27, 2004, Godwin
represents that he has not made, and agrees that he will not make, release or
cause to be made or released any disparaging, untrue, or misleading written or
oral statements about or relating to the Company or its products or services (or
about or relating to any officer, director, member, agent, employee, or other
person acting on the Company's behalf).

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         7. Protective Agreement.

            (a) Confidentiality. Godwin agrees that he will not, for any reason
whatsoever, whether voluntarily or involuntarily, use for himself or disclose to
any person any "CONFIDENTIAL INFORMATION" of the Company acquired by Godwin
during his relationship with the Company and its predecessors. Confidential
Information includes but is not limited to information entrusted or made
available to Godwin, whether in writing, in computer form or conveyed orally,
that is not generally known by others in the form in which such information is
used by the Company and that gives the Company a competitive advantage over
other companies which do not have access to this information. Examples of such
information include: (i) lists of actual or prospective members of the Company,
vendor lists, vendor and supplier prices lists, vendor and supplier contracts,
vendor and supplier cost lists; (ii) Marketing, strategic and budget plans;
(iii) Program, product and service development plans, schedules and budgets;
(iv) Existing or new programs, products and services and product, service or
marketing concepts under development at or for the Company, and the status of
such development; (v) Information about plans to improve, upgrade or change the
Company's programs, products and services; (vi) any matters relating to the
legal affairs of the Company or matters relating to the activities of the
Company's Board of Directors; (vii) any confidential information or trade
secrets of any third party provided to the Company in confidence or subject to
other use or disclosure restrictions or limitations; and (viii) any other
information, written, oral or electronic, which pertains to the Company's
affairs or interests or with whom or how the Company does business. The Company
acknowledges and agrees that Confidential Information does not include (i)
information properly in the public domain, or (ii) information in Godwin's
possession prior to the date of his original employment with the Company or its
predecessors, except to the extent that such information is or has become a
trade secret of the Company or is or otherwise has become the property of the
Company. Godwin further acknowledges and agrees that he is estopped from and
will not dispute in any proceeding the enforceability of this Paragraph 7(a).

            (b) Restrictions. Except on behalf of the Company, Godwin agrees
that he will not, at any time prior to February 27, 2005, directly or
indirectly:

                  (1) solicit or accept if offered to him, with or without
         solicitation, on his own behalf or on behalf of any other person or
         entity, the services of any person who is a current employee of the
         Company (or was an employee of the Company during the year preceding
         such solicitation), nor solicit any of the Company's current employees
         (or any individual who was an employee of the Company during the year
         preceding such solicitation) to terminate employment or an engagement
         with the Company, nor agree to hire any current employee (or any
         individual who was an employee of the Company during the year preceding
         such hire) of the Company into employment with him or any other person
         or entity; or

                  (2) become associated, whether as an investor (excluding
         investments representing less than one percent (1%) of the common stock
         of a public company), lender, owner, stockholder, officer, director,
         employee, agent, consultant or in any other capacity, with the
         following businesses or related entities: Ace Hardware Corporation,
         Do-It-Best Corporation, Sears, Distribution America, Handy, Five Star
         or Orgill, Inc., their affiliates or subsidiaries.

            (c) Enforcement. It is agreed that breach of this Paragraph 7 will
result in irreparable harm and continuing damages to the Company and its
business and that the Company's remedy at law for any such breach or threatened
breach, will be inadequate and, accordingly, in addition to such other remedies
as may be available to the Company at law or in equity in such event, any court
of competent

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jurisdiction may issue a temporary and permanent injunction, without the
necessity of the Company posting bond and without proving special damages or
irreparable injury, enjoining and restricting the breach, or threatened breach,
of this Paragraph 7, including, but not limited to, any injunction restraining
the breaching party from disclosing, in whole or part, any Confidential
Information. Godwin will pay all of the Company's costs and expenses, including
reasonable attorneys' and accountants' fees, incurred in enforcing this
Paragraph 7.

         8. Company Property. Godwin agrees to return to the Company by February
27, 2004 all Company property in his possession or control, including but not
limited to all Company credit cards, documents, memoranda, information (either
in electronic or paper form), computers or related equipment, telephones, PDAs,
keys, identification cards and anything else belonging to the Company.
Additionally, Godwin agrees not to enter, damage, interfere with, log on to, or
otherwise use in any way any Company information system at any time. Godwin
further represents that he has not destroyed, deleted or otherwise removed from
the Company any property belonging to the Company and agrees that he will not
destroy, delete or otherwise remove from the Company any property belonging to
the Company.

         9. Severability. If any provision of this Separation Agreement and
General Release shall be found by a court to be invalid or unenforceable, in
whole or in part, then such provision shall be construed and/or modified or
restricted to the extent and in the manner necessary to render the same valid
and enforceable, or shall be deemed excised from this Agreement, as the case may
require, and this Agreement shall be construed and enforced to the maximum
extent permitted by law, as if such provision had been originally incorporated
herein as so modified or restricted, or as if such provision had not been
originally incorporated herein, as the case may be. The parties further agree to
seek a lawful substitute for any provision found to be unlawful; provided, that,
if the parties are unable to agree upon a lawful substitute, the parties desire
and request that a court or other authority called upon to decide the
enforceability of this Agreement modify the Agreement so that, once modified,
the Agreement will be enforceable to the maximum extent permitted by the law in
existence at the time of the requested enforcement.

         10. Waiver. A waiver by the Company of a breach of any provision of
this Separation Agreement and General Release by Godwin shall not operate or be
construed as a waiver or estoppel of any subsequent breach by Godwin. No waiver
by the Company shall be valid unless in writing and signed by an authorized
officer of the Company.

         11. Miscellaneous Provisions.

             (a) Announcements. Godwin agrees that he will keep the terms and
amounts set forth in this Separation Agreement and General Release completely
confidential and, except as may be required by law, will not disclose any
information concerning this Agreement's terms and amounts to any person other
than his or its attorney, accountant tax advisor or spouse. Godwin agrees and
acknowledges that he will make no announcement about his termination or about
the affairs of the Company, which is in any manner inconsistent with the terms
of this Agreement, and further agrees and acknowledges that any press or other
written, oral or electronic public releases, or statements concerning his
termination, the terms of this Agreement or about the affairs of the Company
shall be issued by the Company only.

             (b) Knowing and Voluntarily. Godwin represents and certifies that
he has carefully read and fully understands all of the provisions and effects of
this Agreement, has knowingly and voluntarily entered into this Agreement freely
and without coercion, and acknowledges that on February 27, 2004, by this
Agreement, the Company advised him to consult with an attorney prior to
executing this

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Agreement and further advised him that he has until March 18, 2004, within which
to consider this Agreement and Godwin has been advised that if he signs this
agreement, he has seven days following the date on which he signs this agreement
to revoke it, and this agreement will not be effective until after this seven
day period had lapsed. If Godwin does not accept this Agreement within such
twenty-one (21) day period, or if Godwin accepts and then revokes within the
seven (7) day period, the offer contained in this Agreement shall expire and be
of no further force or effect. Godwin is voluntarily entering into this
Agreement and neither the Company nor its agents, representatives, or attorneys
made any representations concerning the terms or effects of this Agreement other
than those contained in the Agreement itself. Further, Godwin acknowledges that
the consideration provided him in exchange for his execution of this Separation
Agreement and General Release includes consideration in addition to what he
would otherwise be entitled to as a matter of law or policy of the Company.

         12. Complete Agreement. This Agreement sets forth the entire agreement
between the parties, and fully supersedes any and all prior agreements or
understandings between the parties pertaining to actual or potential claims
arising from Godwin's employment with the Company or the termination of Godwin's
employment with the Company.

         13. Future Cooperation. In connection with any and all claims,
disputes, negotiations, governmental or internal investigations, lawsuits or
administrative proceedings (the "LEGAL MATTERS") involving the Company, or any
of its current or former officers, employees or Board members (collectively, the
"DISPUTING PARTIES" or, individually, a "DISPUTING PARTY"), Godwin agrees to
make himself available, upon reasonable notice from the Company and without the
necessity of subpoena, to provide information or documents, provide declarations
or statements regarding a Disputing Party, meet with attorneys or other
representatives of a Disputing Party, prepare for and give depositions or
testimony, and/or otherwise cooperate in the investigation, defense or
prosecution of any or all such Legal Matters, as may, in the sole judgment of
the Company, be reasonably requested. In addition, Godwin agrees that, through
May 27, 2004, he shall be available from time to time and at places mutually
agreed upon so as not to interfere with Godwin's employment, to provide
information to the Company regarding the transition of his duties and
responsibilities. The company agrees to reimburse Godwin for reasonable out of
pocket expenses incurred by him in connection with these services.

         14. Amendment. This Agreement may not be altered, amended, or modified
except in writing signed by both Godwin and the Company.

         15. Joint Participation. The parties hereto participated jointly in the
negotiation and preparation of this Agreement, and each party has had the
opportunity to obtain the advice of legal counsel and to review and comment upon
the Agreement. Accordingly, it is agreed that no rule of construction shall
apply against any party or in favor of any party. This Agreement shall be
construed as if the parties jointly prepared this Agreement, and any uncertainty
or ambiguity shall not be interpreted against one party and in favor of the
other.

         16. Notice. All notices, requests, demands, claims and other
communications hereunder shall be in writing. Any notice, request, demand,
claim, or other communication hereunder shall be deemed duly given (i) three (3)
business days after it is sent by registered or certified mail, return receipt
requested, postage prepaid, (ii) when receipt is electronically confirmed, if
sent by fax (provided that a hard copy shall be promptly sent by first class
mail), or (iii) one (1) business day following deposit with a recognized
national overnight courier service for next day delivery, charges prepaid, and,
in each case, addressed to the intended recipient, as set forth below:

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         To the Company:       TruServ Corporation
                               8600 West Bryn Mawr Avenue
                               Chicago, Illinois 60631-3505
                               Attn: Senior Vice President, Human Resources

         To the Employee:      William F. Godwin
                               1493 Edgewood Lane
                               Winnetka, Il  60060

         17. Applicable Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of Illinois, without reference to its
conflict of law provisions. Furthermore, Godwin agrees and consents to submit to
personal jurisdiction in the state of Illinois in any state or federal court of
competent subject matter jurisdiction situated in Cook County, Illinois. Godwin
further agrees that the sole and exclusive venue for any suit arising out of, or
seeking to enforce this Agreement shall be in a state or federal court of
competent subject matter jurisdiction situated in Cook County, Illinois. In
addition, Godwin waives any right to challenge in another court any judgment
entered by such Cook County court or to assert that any action instituted by the
Company in any such court is in the improper venue or should be transferred to a
more convenient forum.

         18. Headings. The headings in this Agreement are inserted for
convenience only and are not to be considered a constriction of the provisions
hereof.

         19. Execution of Agreement. This Agreement may be executed in several
counterparts, each of which shall be considered an original, but which when
taken together, shall constitute one Agreement.

         PLEASE READ THIS AGREEMENT AND CAREFULLY CONSIDER ALL OF ITS PROVISIONS
BEFORE SIGNING IT. THIS AGREEMENT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN
CLAIMS AND FEDERAL, STATE AND LOCAL LAWS PROHIBITING DISCRIMINATION IN
EMPLOYMENT.

         IN WITNESS WHEREOF, Godwin and the Company have voluntarily signed this
Separation Agreement and General Release consisting of seven (7) pages on the
date set forth above.

TRUSERV CORPORATION

By: /s/ Amy W. Mysel                               /s/ William F. Godwin
    ----------------                               -----------------------------

Its: SVP, Human Resources & Communications                William F. Godwin

                                       7<PAGE>

                                                                   EXHIBIT 10.10

                                CHANGE OF CONTROL
                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT is made and entered into as of the 3rd day of November,
2003, by and between LITTELFUSE, INC., a Delaware corporation (hereinafter
referred to as the "Company"), and GORDON HUNTER (hereinafter referred to as the
"Executive");

                              W I T N E S S E T H:

         WHEREAS, the Board of Directors of the Company (hereinafter referred to
as the "Board") has determined that it is in the best interests of the Company
and its stockholders to provide the Executive with certain protections against
the uncertainties usually created by a Change of Control (as such term is
hereinafter defined); and

         WHEREAS, the Board believes that the protections provided to the
Executive in connection with a Change of Control will better enable the
Executive to devote his full time, attention and energy to the business of the
Company prior to and after a Change of Control, thereby benefitting the Company
and its stockholders;

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged and confessed, the Company and the Executive hereby agree as
follows:

         Section 1. Certain Definitions. (a) The "Effective Date" shall mean the
first date during the Change of Control Period (as defined in Section 1(b)
hereof) on which a Change of Control (as defined in Section 2 hereof) occurs.
Notwithstanding anything to the contrary contained in this Agreement, 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 (i)
was at the direct or indirect request of a third party who theretofore had taken
any steps intended to effect a Change of Control or (ii) otherwise arose in
connection with or in anticipation of a Change of Control, then for all purposes
of this Agreement the "Effective Date" shall mean the date immediately prior to
the date of such termination of employment.

         (b) The "Change of Control Period" shall mean the period commencing on
the date hereof and ending on September 1, 2006.

<PAGE>

         Section 2. Change of Control. For the purpose of this Agreement, a
"Change of Control" shall mean:

                  (a) The acquisition in one or more transactions by any
         individual, entity or group (hereinafter referred to collectively as a
         "Person") within the meaning of Section 13(d)(3) of the Securities
         Exchange Act of 1934, as amended (hereinafter referred to as the
         "Exchange Act"), of beneficial ownership (within the meaning of, and
         calculated in accordance with, Rule 13d-3 promulgated under the
         Exchange Act) of 20% or more of either (i) the then outstanding shares
         of common stock of the Company (hereinafter referred to as the
         "Outstanding Company Common Stock") or (ii) the combined voting power
         of the then outstanding voting securities of the Company entitled to
         vote generally in the election of directors (hereinafter referred to as
         the "Outstanding Company Voting Securities"); provided, however, that
         for purposes of this subsection (a), 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 corporation controlled by the Company, (iv) any
         acquisition by any corporation pursuant to a transaction which complies
         with clauses (i), (ii) and (iii) of subsection (c) of this Section 2 or
         (v) any acquisition by Oaktree Capital Management, LLC, a California
         limited liability company, or any of its Affiliates or Associates (as
         used herein, the terms "Affiliate" and "Associate" shall have the
         respective meanings ascribed to such terms in Rule 12b-2 of the General
         Rules and Regulations under the Exchange Act); or

                  (b) Individuals who, as of the date hereof, constitute the
         Board (hereinafter referred to as 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
         stockholders, 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; or

                  (c) Consummation of a reorganization, merger or consolidation
         or sale or other disposition of all or substantially all of the assets
         of the Company (hereinafter referred to as a "Business Combination")
         unless, following such Business Combination, (i) all or substantially
         all of the individuals and entities who were the beneficial owners,
         respectively, of the Outstanding Company Common Stock and Outstanding
         Company Voting Securities immediately prior to such Business
         Combination beneficially own, directly or indirectly, more than 50% of,
         respectively, 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 which 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

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<PAGE>

         substantially the same proportions as their ownership, immediately
         prior to such Business Combination of the Outstanding Company Common
         Stock and Outstanding Company Voting Securities, as the case may be,
         (ii) 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, 20% 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 (iii) 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

                  (d) Approval by the stockholders of the Company of a complete
         liquidation or dissolution of the Company within one year after a
         Business Combination.

         Section 3. Employment Period. The Company hereby agrees to continue to
employ the Executive, and the Executive hereby agrees to remain as an employee
of the Company, subject to the terms and conditions of this Agreement, for the
period commencing on the Effective Date and ending on the second anniversary of
such date (the "Employment Period").

         Section 4. Terms of Employment.

         (a) Position and Duties. (i) 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 location where the Executive was employed immediately preceding the
Effective Date or any office or location less than 20 miles from such location.

         (ii) 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

                                     - 3 -
<PAGE>

not thereafter be deemed to interfere with the performance of the Executive's
responsibilities to the Company.

         (b) Compensation. (i) Base Salary. During the Employment Period, the
Executive shall receive an annual base salary (hereinafter referred to as the
"Annual Base Salary"), which shall be paid at a monthly rate, equal to at least
twelve times the highest monthly base salary paid or payable, including any base
salary which has been earned but deferred, to the Executive by the Company and
its affiliated companies in respect of the twelve-month period immediately
preceding the month in which the Effective Date occurs. During the Employment
Period, the Annual Base Salary shall be reviewed no more than 12 months after
the last salary increase awarded to the Executive prior to the Effective Date
and thereafter at least annually. Any increase in Annual Base Salary shall not
serve to limit or reduce any other obligation to the Executive under this
Agreement. Annual Base Salary shall not be reduced after any such increase and
the term Annual Base Salary as used in this Agreement shall refer to Annual Base
Salary as so increased. As used in this Agreement, the term "affiliated
companies" shall include any company controlled by, controlling or under common
control with the Company.

         (ii) 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 (hereinafter referred to as the "Annual Bonus") in cash at least
equal to the Executive's highest bonus under the Company's incentive bonus
program or any comparable bonus under any predecessor or successor plan, for the
last three full fiscal years prior to the Effective Date (annualized in the
event that the Executive was not employed by the Company for the whole of such
fiscal year) (hereinafter referred to as the "Recent Annual Bonus"). 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.

         (iii) Incentive, Savings and Retirement Plans. During the Employment
Period, the Executive shall be entitled to participate in all incentive, savings
and retirement plans, practices, policies and programs applicable generally to
other peer executives of the Company and its 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 its 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 its affiliated companies.

         (iv) 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 its affiliated
companies (including, without limitation, medical, prescription, dental,
disability, employee life, group life, accidental death and travel accident
insurance plans and

                                     - 4 -
<PAGE>

programs) to the extent applicable generally to other peer executives of the
Company and its affiliated companies, but in no event shall such plans,
practices, policies and programs provide the Executive with benefits which 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 its affiliated
companies.

         (v) 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 its 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 its
affiliated companies.

         (vi) Fringe Benefits. During the Employment Period, the Executive shall
be entitled to fringe benefits, including, without limitation, tax and financial
planning services, payment of club dues, and, if applicable, use of an
automobile and payment of related expenses, in accordance with the most
favorable plans, practices, programs and policies of the Company and its
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 its affiliated companies.

         (vii) 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 exclusive personal secretarial and
other assistance, at least equal to the most favorable of the foregoing provided
to the Executive by the Company and its 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 its affiliated companies.

         (viii) 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 its 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 its affiliated companies.

         Section 5. Termination of Employment.

         (a) Disability. If the Company determines in good faith that the
Disability of the Executive has occurred during the Employment Period (pursuant
to the definition of Disability set forth below), it may give written notice to
the Executive 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 delivery of such notice to the Executive (the "Disability

                                     - 5 -
<PAGE>

Effective Date"), provided that, within the 30 days after such delivery, the
Executive shall not have returned to full-time performance of the Executive's
duties. For purposes of this Agreement, "Disability" shall mean 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 which is determined to be total and permanent by a physician
selected by the Company or its insurers and reasonably 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. For purposes of this Agreement, "Cause" shall
mean:

                  (i) the willful and continued failure of the Executive to
         perform substantially the Executive's duties with the Company (other
         than any such failure resulting from incapacity due to physical or
         mental illness), after a written demand for substantial performance is
         delivered to the Executive by the Board which specifically identifies
         the manner in which the Board believes that the Executive has not
         substantially performed the Executive's duties and such failure is not
         cured within sixty (60) calendar days after receipt of such written
         demand; or

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

For purposes of this provision, any act or failure to act on the part of the
Executive in violation or contravention of any order, resolution or directive of
the Board of Directors of the Company shall be considered "willful" unless such
order, resolution or directive is illegal or in violation of the certificate of
incorporation or by-laws of the Company; provided, however, that no other 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 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 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, 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 subparagraph (i) or (ii) above, and specifying the particulars
thereof in detail.

         (c) Good Reason. The Executive's employment may be terminated by the
Executive for Good Reason. For purposes of this Agreement, "Good Reason" shall
mean:

                  (i) the Executive is not elected to, or is removed from, any
         elected office of the Company which the Executive held immediately
         prior to the Effective Date;

                                     - 6 -
<PAGE>

                  (ii) the assignment to the Executive of any duties
         inconsistent in any respect with the Executive's position, authority,
         duties or responsibilities as contemplated by Section 4(a) hereof, or
         any other action by the Company which results in a diminution in such
         position, authority, duties or responsibilities, excluding for this
         purpose an isolated, insubstantial and inadvertent action not taken in
         bad faith and which is remedied by the Company promptly after receipt
         of notice thereof given by the Executive;

                  (iii) any failure by the Company to comply with any of the
         provisions of this Agreement, other than an isolated, insubstantial and
         inadvertent failure not occurring in bad faith and which is remedied by
         the Company promptly after receipt of notice thereof given by the
         Executive;

                  (iv) the Company's requiring the Executive to travel on
         Company business to a substantially greater extent than required
         immediately prior to the Effective Date; or

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

         For purposes of this Section 5(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 12(b) hereof. For
purposes of this Agreement, a "Notice of Termination" means a written notice
which (i) indicates the specific termination provision in this Agreement relied
upon, (ii) 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 (iii) if the Date of Termination
(as defined below) is other than the date of delivery of such notice, specifies
the termination date (which date shall be not more than 30 days after the
delivery of such notice). The failure by the Executive or the Company to set
forth in the Notice of Termination any fact or circumstance which 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 rights hereunder.

         (e) Date of Termination. "Date of Termination" means (i) if the
Executive's employment is terminated by the Company for Cause, or by the
Executive for Good Reason, the date of delivery of the Notice of Termination or
any later date specified therein, as the case may be, (ii) 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, (iii) 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, and
(iv) if the Executive's employment is terminated by the Executive without Good
Reason, the last day of employment of the Executive with the Company.

                                     - 7 -
<PAGE>

         Section 6. Obligations of the Company upon Termination.

         (a) Good Reason; Other Than for Cause, Death or Disability. If, during
the Employment Period, the Company shall terminate the Executive's employment
other than for Cause or Disability or the Executive shall terminate his
employment for Good Reason:

                  (i) 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:

                           A. the sum of (1) the Executive's Annual Base
                  Salary through the Date of Termination to the extent not
                  theretofore paid, plus (2) 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 which has been
                  earned but deferred (and annualized for any fiscal year
                  consisting of less than twelve full months or during which the
                  Executive was employed for less than twelve full months), for
                  the most recently completed fiscal year during the Employment
                  Period, if any (such higher amount being hereinafter referred
                  to as the "Highest Annual Bonus") multiplied by (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 plus (3) any compensation
                  previously deferred by the Executive (together with any
                  accrued interest or earnings thereon) and any accrued vacation
                  pay, in each case to the extent not theretofore paid (the sum
                  of the amounts described in clauses (1), (2) and (3) are
                  hereinafter referred to as the "Accrued Obligations"); and

                           B. the amount equal to the product of (1) two
                  multiplied by (2) the sum of (x) the Executive's Annual Base
                  Salary plus (y) the Highest Annual Bonus;

                  (ii) during the two years following the Date of Termination,
         the Company shall continue to provide medical insurance benefits to the
         Executive and/or the Executive's family at least equal to those which
         would have been provided to them in accordance with the medical
         insurance benefits described in Section 4(b)(iv) hereof if the
         Executive's employment had not been terminated; provided, however, that
         if the Executive becomes reemployed with another employer and is
         eligible to receive medical insurance benefits under another
         employer-provided plan, the medical insurance benefits described herein
         shall be secondary to those provided under such other plan during such
         applicable period of eligibility;

                  (iii) for a period of up to two (2) years after the Date of
         Termination, the Company shall provide outplacement services to the
         Executive for the purpose of assisting the Executive seek new
         employment at a cost to the Company not to exceed fifteen percent (15%)
         of the Executive's Annual Base Salary, payable directly to an
         outplacement service provider; provided, however, that the Company
         shall have no further obligations to pay for any such outplacement
         services once the Executive has accepted employment with any third
         party;

                                     - 8 -
<PAGE>

                  (iv) notwithstanding anything to the contrary set forth in any
         stock option plans pursuant to which the Executive has been granted any
         stock options or other rights to acquire securities of the Company or
         its Affiliates (the "Plans"), any option or right granted to the
         Executive under any of the Plans shall be exercisable by the Executive
         until the earlier of (x) the date on which the option or right
         terminates in accordance with the terms of its grant, or (y) the
         expiration of twelve (12) months after the Date of Termination;

                  (v) 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 which the Executive is
         eligible to receive under any plan, program, policy or practice or
         contract or agreement of the Company and its affiliated companies (such
         other amounts and benefits shall hereinafter be referred to
         collectively as the "Other Benefits"); and

                  (vi) notwithstanding anything to the contrary contained in any
         employment agreement, benefit plan or other document, in the event the
         Executive's employment shall be terminated during the Employment Period
         by the Executive for Good Reason or by the Company other than for Cause
         or Disability, on and after the Date of Termination the Executive shall
         not be bound or prejudiced by any non-competition agreement benefitting
         the Company or its subsidiaries.

         (b) Death. If the Executive's employment is terminated by reason of the
Executive's death during the Employment Period, this Agreement shall terminate
without further obligations by the Company to the Executive's legal
representatives under this Agreement, other than for payment of Accrued
Obligations and the timely payment or provision of Other Benefits. 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 Other Benefits, the term "Other Benefits" as
utilized in this Section 6(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
affiliated companies to the estates and beneficiaries of peer executives of the
Company and such 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.

         (c) Disability. If the Executive's employment is terminated by reason
of the Executive's Disability during the Employment Period, this Agreement shall
terminate without further obligations by the Company to the Executive under this
Agreement, other than for payment of Accrued Obligations and the timely payment
or provision of Other Benefits. 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 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
its affiliated companies to disabled

                                     - 9 -
<PAGE>

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.

         (d) Cause; Other than for Good Reason. If the Executive's employment
shall be terminated for Cause during the Employment Period, this Agreement shall
terminate without further obligations to the Executive other than the obligation
to pay to the Executive (x) his Annual Base Salary through the Date of
Termination, (y) the amount of any compensation previously deferred by the
Executive, and (z) Other Benefits, in each case to the extent theretofore
unpaid. If the Executive voluntarily terminates his employment during the
Employment Period, excluding a termination for Good Reason, this Agreement shall
terminate without further obligations of the Company to the Executive under this
Agreement, other than for payment of Accrued Obligations and the timely payment
or provision of Other Benefits. In such case, all Accrued Obligations shall be
paid to the Executive in a lump sum in cash within 30 days of the Date of
Termination and the Company shall timely pay or provide the Other Benefits to
the Executive. In no event shall the Executive be liable to the Company for any
damages caused by such voluntary termination by the Executive nor shall the
Executive be in any way restricted from being employed by any other party after
such voluntary termination.

         Section 7. Nonexclusivity 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 any of its affiliated
companies and for which the Executive may qualify, nor, subject to Section 12(f)
hereof, shall anything herein limit or otherwise affect such rights as the
Executive may have under any contract or agreement with the Company or any of
its affiliated companies. Amounts which are vested benefits or which the
Executive is otherwise entitled to receive under any plan, policy, practice or
program of or any contract or agreement with the Company or any of its
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.

         Section 8. 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 which 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, to the fullest extent permitted by law, all
legal fees and expenses which the Executive may reasonably incur as a result of
any contest by the Company, the Executive or others in which the Executive is
the prevailing party and which involves or relates to 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 from the due date thereof until paid
at the prime rate from time to time reported in The Wall Street Journal during
said period.

                                     - 10 -
<PAGE>

         Section 9. 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 or distribution by the Company
to or for the benefit of the Executive (whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise, but
determined without regard to any additional payments required under this Section
9) (hereinafter referred to collectively as a "Payment") would be subject to the
excise tax imposed by Section 4999 of the Code or any interest or penalties are
incurred by the Executive with respect to such excise tax (such excise tax,
together with any such interest and penalties, are hereinafter collectively
referred to as the "Excise Tax"), then the Executive shall be entitled to
receive an additional payment (a "Gross-Up Payment") in an amount such that,
after payment by the Executive of all taxes (including any interest or penalties
imposed with respect to such taxes), including, without limitation, any income
taxes (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.

         (b) Subject to the provisions of Section 9(c) hereof, all
determinations required to be made under this Section 9, including whether and
when a Gross-Up Payment is required and 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 independent certified public accounting firm
as may be designated by the Executive (hereinafter referred to as the
"Accounting Firm") which 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 shall 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 9, shall be paid by the Company to the
Executive within five 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 which will not
have been made by the Company should have been made (hereinafter referred to as
the "Underpayment") consistent with the calculations required to be made
hereunder. In the event that the Company exhausts its remedies pursuant to
Section 9(c) hereof 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 ten business days after the Executive is informed
in writing of such claim and shall apprise the Company of the nature of such
claim and the date on which such claim is requested to be paid. The Executive

                                     - 11 -
<PAGE>

shall not pay such claim prior to the expiration of the 30-day period following
the date on which it 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 it desires to contest such claim, the Executive shall:

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

                  (ii) 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,

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

                  (iv) 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 with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of
this Section 9(c), the Company shall control all proceedings taken in connection
with such contest and, at its sole option, may pursue or forgo any and all
administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim and may, at its sole option, either direct
the Executive to pay the tax claimed and sue for a refund or to 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 with respect thereto) imposed with respect to
such advance or with respect to any imputed income with respect to such advance.
The Company's control of any such contest shall be limited to issues with
respect to which a 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 9(c) hereof, the Executive becomes entitled to
receive any refund with respect to such claim, the Executive shall (subject to
the Company's complying with the requirements of Section 9(c) hereof) 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 9(c) hereof,

                                     - 12 -
<PAGE>

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.

         Section 10. 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 any of its affiliated
companies, and their respective businesses, which shall have been obtained by
the Executive during the Executive's employment by the Company or any of its
affiliated companies and which 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 designated by it. In no event shall an asserted violation of the
provisions of this Section 10 constitute a basis for deferring or withholding
any amounts otherwise payable to the Executive under this Agreement. The
provisions of this Section 10 shall survive any termination of this Agreement or
any termination of the employment of the Executive with the Company.

         Section 11. 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 otherwise 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.

         (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.
As used in this Agreement, the term "Company" shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of law
or otherwise.

         Section 12. Miscellaneous. (a) This Agreement shall be governed by and
construed in accordance with the laws of the State of Illinois, without
reference to principles of conflict of laws. This Agreement may not be amended
or modified otherwise than by a written agreement executed by the parties hereto
or their respective successors and legal representatives.

         (b) Each notice, request, demand, approval or other communication which
may be or is required to be given under this Agreement shall be in writing and
shall be deemed to have been properly given when delivered personally at the
address set forth below for the intended party during normal business hours at
such address, when sent by facsimile or other electronic

                                     - 13 -
<PAGE>

transmission to the respective facsimile transmission numbers of the parties set
forth below with telephone confirmation of receipt, or when sent by recognized
overnight courier or by the United States registered or certified mail, return
receipt requested, postage prepaid, addressed as follows:

                  If to the Company:

                  Littelfuse, Inc.
                  800 E. Northwest Highway
                  Des Plaines, Illinois 60016
                  Attention: President (unless the Executive is
                                 the President, in which case the
                                 communication should be to the
                                 attention of all of the Directors
                                 of the Company other than the
                                 Executive)
                  Facsimile: (847) 824-3864
                  Confirm: (847) 391-0304

                  If to the Executive:

                  Gordon Hunter

                  ________________________

                  ________________________
                  Facsimile: _____________
                  Confirm:   _____________

Notices shall be given to such other addressee or address, or both, or by way of
such other facsimile transmission number, as a particular party may from time to
time designate by written notice to the other party hereto. Each notice,
request, demand, approval or other communication which is sent in accordance
with this Section shall be deemed given and received for all purposes of this
Agreement as of two business days after the date of deposit thereof for mailing
in a duly constituted United States post office or branch thereof, one business
day after deposit with a recognized overnight courier service or upon
confirmation of receipt of any facsimile transmission. Notice given to a party
hereto by any other method shall only be deemed to be given and received when
actually received in writing by such party.

         (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 Federal, state, 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 promptly
assert any right the Executive or the Company may have hereunder, including,
without limitation, the right of the Executive to

                                     - 14 -
<PAGE>

terminate employment for Good Reason pursuant to Section 5(c)(i)-(v) hereof,
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) hereof and/or any other written agreement between
the Executive and the Company, prior to the Effective Date the Executive's
employment and/or this Agreement may be terminated by either the Executive or
the Company at any time prior to the Effective Date upon written notice to the
other party, in which case the Executive shall have no further rights under this
Agreement. From and after the Effective Date, this Agreement shall supersede any
other agreement between the parties with respect to the subject matter hereof.

         (g) This Agreement may be executed in two or more counterparts, all of
which taken together shall constitute one and the same agreement.

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

                                          ______________________________________
                                          Gordon Hunter

                                          LITTELFUSE, INC.

                                          By
                                          Its __________________________________

                                     - 15 -

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