Document:

EXHIBIT 4(b)

                             SUB-ADVISORY AGREEMENT

      AGREEMENT made as of the day of , 2000 by and between FUND ASSET
MANAGEMENT, L.P., a Delaware limited partnership (hereinafter referred to as
"FAM"), and MERRILL LYNCH ASSET MANAGEMENT U.K. LIMITED, a corporation organized
under the laws of England and Wales (hereinafter referred to as "MLAM U.K.").

                              W I T N E S S E T H:

      WHEREAS, MERCURY GLOBAL HOLDINGS, INC. (the "Fund") is a Maryland
corporation engaged in business as a diversified, open-end investment company
registered under the Investment Company Act of 1940, as amended (hereinafter
referred to as the "Investment Company Act"); and

      WHEREAS, FAM and MLAM U.K. are engaged principally in rendering investment
advisory services and are registered as investment advisers under the Investment
Advisers Act of 1940, as amended; and

      WHEREAS, MLAM U.K. is regulated by the Investment Management Regulatory
Organization, a self-regulating organization recognized under the Financial
Services Act of 1986 of the United Kingdom (hereinafter referred to as "IMRO"),
and the conduct of its investment business is regulated by IMRO; and

      WHEREAS, FAM has entered into an investment advisory agreement (the
"Investment Advisory Agreement") dated , 2000, pursuant to which FAM provides
management and investment and advisory services to the Fund; and

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      WHEREAS, MLAM U.K. is willing to provide investment advisory services to
FAM in connection with the Fund's operations on the terms and conditions
hereinafter set forth;

      NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained, MLAM U.K. and FAM hereby agree as follows:

                                    ARTICLE I

                               Duties of MLAM U.K.

      FAM hereby employs MLAM U.K. to act as investment adviser to FAM and to
furnish, or arrange for affiliates to furnish, the investment advisory services
described below, subject to the broad supervision of FAM and the Fund, for the
period and on the terms and conditions set forth in this Agreement. MLAM U.K.
hereby accepts such employment and agrees during such period, at its own
expense, to render, or arrange for the rendering of, such services and to assume
the obligations herein set forth for the compensation provided for herein. FAM
and its affiliates shall for all purposes herein be deemed a Non Privated
Customer as defined under the rules promulgated by IMRO (hereinafter referred to
as the "IMRO Rules"). MLAM U.K. and its affiliates shall for all purposes herein
be deemed to be an independent contractor and shall, unless otherwise expressly
provided or authorized, have no authority to act for or represent the Fund in
any way or otherwise be deemed an agent of the Fund.

      MLAM U.K. shall have the right to make unsolicited calls on FAM and shall
provide FAM with such investment research, advice and supervision as the latter
may from time to time consider necessary for the proper supervision of the
assets of the Fund; shall furnish continuously an investment program for the
Fund and shall make recommendations from time to time as to which securities
shall be purchased, sold or exchanged and what portion of the assets

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of the Fund shall be held in the various securities in which the Fund invests,
options, futures, options on futures or cash; all of the foregoing subject
always to the restrictions of the Articles of Incorporation and By-Laws of the
Fund, as they may be amended and/or restated from time to time, the provisions
of the Investment Company Act and the statements relating to the Fund's
investment objective, investment policies and investment restrictions as the
same are set forth in the currently effective prospectus and statement of
additional information relating to the shares of the Fund under the Securities
Act of 1933, as amended (the "Prospectus" and "Statement of Additional
Information", respectively). MLAM U.K. shall make recommendations and effect
transactions with respect to foreign currency matters, including foreign
exchange contracts, foreign currency options, foreign currency futures and
related options on foreign currency futures and forward foreign currency
transactions. MLAM U.K. shall also make recommendations or take action as to the
manner in which voting rights, rights to consent to corporate action and any
other rights pertaining to the portfolio securities of the Fund shall be
exercised.

      MLAM U.K. will not hold money on behalf of FAM or the Fund, nor will MLAM
U.K. be the registered holder of the registered investments of FAM or the Fund
or be the custodian of documents or other evidence of title.

                                   ARTICLE II

                       Allocation of Charges and Expenses

      MLAM U.K. assumes and shall pay for maintaining the staff and personnel
necessary to perform its obligations under this Agreement and shall at its own
expense provide the office space, equipment and facilities which it is obligated
to provide under Article I hereof and shall

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pay all compensation of officers of the Fund and all Directors of the Fund who
are affiliated persons of MLAM U.K.

                                   ARTICLE III

                            Compensation of MLAM U.K.

      For the services rendered, the facilities furnished and expenses assumed
by MLAM U.K., FAM shall pay to MLAM U.K. a fee in an amount to be determined
from time to time by FAM and MLAM U.K. but in no event in excess of the amount
that FAM actually receives for providing services to the Fund pursuant to the
Investment Advisory Agreement.

                                   ARTICLE IV

                      Limitation of Liability of MLAM U.K.

      MLAM U.K. shall not be liable for any error of judgment or mistake of law
or for any loss arising out of any investment or for any act or omission in the
performance of sub-advisory services rendered with respect to the Fund, except
for willful misfeasance, bad faith or gross negligence in the performance of its
duties, or by reason of reckless disregard of its obligations and duties
hereunder. As used in this Article IV, MLAM U.K. shall include any affiliates of
MLAM U.K. performing services for FAM contemplated hereby and directors,
officers and employees of MLAM U.K. and such affiliates.

                                    ARTICLE V

                             Activities of MLAM U.K.

      The services of MLAM U.K. to the Fund are not to be deemed to be
exclusive, MLAM U.K. and any person controlled by or under common control with
MLAM U.K. (for purposes of this Article V referred to as "affiliates") being
free to render services to others. It is understood

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that directors, officers, employees and stockholders of the Fund are or may
become interested in MLAM U.K. and its affiliates, as directors, officers,
employees and shareholders or otherwise and that directors, officers, employees
and shareholders of MLAM U.K. and its affiliates are or may become similarly
interested in the Fund, and that MLAM U.K. and directors, officers, employees,
partners and shareholders of its affiliates may become interested in the Fund as
stockholders or otherwise.

                                   ARTICLE VI

                   MLAM U.K. Statements Pursuant to IMRO Rules

      Any complaints concerning MLAM U.K. should be in writing addressed to the
attention of the Managing Director of MLAM U.K. FAM has the right to obtain from
MLAM U.K. a copy of the IMRO complaints procedure and to approach IMRO and the
Investment Ombudsman directly.

      MLAM U.K. may make recommendations, subject to the investment restrictions
referred to in Article I herein, regarding Investments Not Readily Realisable
(as that term is used in the IMRO Rules) or investments denominated in a
currency other than British pound sterling. There can be no certainty that
market makers will be prepared to deal in unlisted or thinly traded securities
and an accurate valuation may be hard to obtain. The value of investments
recommended by MLAM U.K. may be subject to exchange rate fluctuations which may
have favorable or unfavorable effects on investments.

      MLAM U.K. may make recommendations, subject to the investment restrictions
referred to in Article I herein, regarding options, futures or contracts for
differences. Markets can be

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highly volatile and such investments carry a high degree of risk of loss
exceeding the original investment and any margin on deposit.

                                   ARTICLE VII

                   Duration and Termination of this Agreement

      This Agreement shall become effective as of the date first above written
and shall remain in force until the date of termination of the Investment
Advisory Agreement (but not later than two years after the date hereof) and
thereafter, but only so long as such continuance is specifically approved at
least annually by (i) the Directors of the Fund or by the vote of a majority of
the outstanding voting securities of the Fund and (ii) a majority of those
Directors who are not parties to this Agreement or interested persons of any
such party cast in person at a meeting called for the purpose of voting on such
approval.

      This Agreement may be terminated at any time, without the payment of any
penalty, by FAM or by vote of a majority of the outstanding voting securities of
the Fund, or by MLAM U.K., on sixty days' written notice to the other party.
This Agreement shall automatically terminate in the event of its assignment or
in the event of the termination of the Investment Advisory Agreement. Any
termination shall be without prejudice to the completion of transactions already
initiated.

                                  ARTICLE VIII

                          Amendments of this Agreement

      This Agreement may be amended by the parties only if such amendment is
specifically approved by (i) the Directors of the Fund or by the vote of a
majority of outstanding voting securities of the Fund and (ii) a majority of
those Directors who are not parties to this Agreement

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or interested persons of any such party cast in person at a meeting called for
the purpose of voting on such approval.

                                   ARTICLE IX

                          Definitions of Certain Terms

      The terms "vote of a majority of the outstanding voting securities",
"assignment", "affiliated person" and "interested person", when used in this
Agreement, shall have the respective meanings specified in the Investment
Company Act and the rules and regulations thereunder, subject, however, to such
exemptions as may be granted by the Securities and Exchange Commission under
said Act.

                                    ARTICLE X

                                  Governing Law

      This Agreement shall be construed in accordance with the laws of the State
of New York and the applicable provisions of the Investment Company Act. To the
extent that the applicable laws of the State of New York, or any of the
provisions herein, conflict with the applicable provisions of the Investment
Company Act, the latter shall control.

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

                                    FUND ASSET MANAGEMENT, L.P.

                                    By
                                      -----------------------------------------
                                            Title:

                                    MERRILL LYNCH ASSET MANAGEMENT U.K. LIMITED

                                    By
                                      -----------------------------------------
                                            Title:

                                       8EMPLOYMENT AGREEMENT

     EMPLOYMENT  AGREEMENT,  dated as of January 1, 2000, by and between LAIDLAW
GLOBAL CORORATION, a Delaware corporation,  with its offices at 100 Park Avenue,
New  York,  New  York  10017  (the  "Company"),  and  Anastasio  Carayannis,  an
individual residing at ______________________________________ (the "Executive").

                               W I T N E S S E T H

     WHEREAS,  the Company  desires to secure the services of the Executive upon
the terms and conditions hereinafter set forth; and

     WHEREAS,  the Executive  desires to render services to the Company upon the
terms and conditions hereinafter set forth.

     NOW, THEREFORE, the parties mutually agree as follows:

     Section  1.  Employment.  The  Company  hereby  employs  Executive  and the
Executive hereby accepts such employment,  as Chairman of the Board of Directors
and Chief Executive Officer of the Company,  subject to the terms and conditions
set forth in this Agreement.

     Section 2. Duties.  The  Executive  shall serve as Chairman of the Board of
Directors and Chief Executive  Officer and shall properly perform such duties as
may be  assigned  to him  from  time to time by the  Board of  Directors  of the
Company. If requested by the Company, the Executive shall serve on any committee
thereof without additional compensation.  During the term of this Agreement, the
Executive is not required to devote all of his business time to the  performance
of his duties and may pursue other  activities  which do not  conflict  with his
obligations to the Company under this Agreement.

     Section 3. Term of Employment. The term of the Executive's employment shall
be for a period of one (1) year  commencing  on the date  hereof  (the  "Term"),
subject to earlier termination by the parties pursuant to Section 6 hereof.

     Section 4. Compensation of Executive.

     4.1 Salary.  The Company  shall pay to the Executive an annual salary equal
     to one hundred  eighty five thousand  dollars  ($185,000) per annum for the
     period from January 1, 2000 through  December 31, 2000 (the "Base  Salary")
     less such  deductions as shall be required to be withheld by applicable law
     and  regulations.  All salaries  payable to the Executive  shall be paid at
     such regular weekly,  biweekly or semi-monthly time or times as the Company
     makes payment of its regular payroll in the regular course of business.

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     4.2 Bonus.  In addition  to Base  Salary,  the Company  shall pay an annual
     bonus  to the  executive  as the  compensation  committee  of the  Board of
     Directors may determine  based upon the  performance and achievement of the
     Company  (the  "Bonus").  If, by March  30,  2000,  no bonus  plan has been
     implemented,  and the Company's net income for the year ending December 31,
     2000 shall  equal or exceed  that  earned by the Company for the year ended
     December 31,  1999,  then the  Executive  will be entitled to a bonus of no
     less than 50% of the bonus he will receive for the prior year.

     4.3 Other  Compensation.  In  addition  to the Base  Salary and Bonus,  the
     Company  shall  pay to  the  Executive  a  commission  of 40% of all  gross
     commissions generated from his customer accounts with any subsidiary of the
     Company.

     4.4 Expenses. During the employment period, the Company shall reimburse the
     Executive  for all  reasonable  and  necessary  travel  expenses  and other
     disbursements  incurred  by the  Executive  on  behalf of the  Company,  in
     performance of the Executive's duties hereunder.

     Section 5. Disability of the Executive.  If the Executive is  incapacitated
or disabled by accident,  sickness or  otherwise  so as to render the  Executive
mentally or  physically  incapable of  performing  the  services  required to be
performed  under this Agreement for a period of sixty (60)  consecutive  days or
longer or for any ninety  (90) days in any period of one  hundred  eighty  (180)
consecutive  days (a  "Disability"),  the  Company  may, at the time or any time
thereafter,  at its option, terminate the employment of the Executive under this
Agreement immediately upon giving the Executive notice to that effect.

     Section 6.  Termination.  The Company may terminate  the  employment of the
Executive and all of the Company's  obligations under this Agreement at any time
for Cause  (as  hereinafter  defined)  by giving  the  Executive  notice of such
termination,  with reasonable specificity of the details thereof.  "Cause" shall
mean (i) the  Executive's  misconduct  could  reasonably  be  expected to have a
material  adverse  effect on the business  and affairs of the Company,  (ii) the
Executive's disregard of lawful instructions of the Company's Board of Directors
consistent with the Executive's position relating to the business of the Company
or neglect of duties or failure to act, which, in each case, could reasonably be
expected to have a material  adverse  effect on the  business and affairs of the
Company, (iii) the commission by the Executive of an act constituting common law
fraud, or a felony, or criminal act against the Company or any affiliate thereof
or any of the assets of any of them, (iv) the Executive's material breach of any
of the agreements contained herein or (v) the Executive's resignation hereunder.
A termination  pursuant to Section 6(i),  (ii) or (iv) shall take effect 30 days
after the giving of the notice  contemplated  hereby unless the Executive shall,
during such 30-day period,  remedy to the satisfaction of the Board of Directors
of the Company the  misconduct,  disregard,  abuse or breach  specified  in such
notice;  provided,  however, that such termination shall take effect immediately
upon the giving of such notice if the Board of  Directors  of the Company  shall
have  determined  that  such  misconduct,  disregard,  abuse  or  breach  is not
remediable (which  determination  shall be stated in such notice). A termination
pursuant to Section 6(iii) or (v) shall take effect  immediately upon the giving
of the notice contemplated hereby.

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     Section 7. Effect of Termination of Employment. Upon the termination of the
Executive's   employment  for  a  Disability   neither  the  Executive  nor  the
Executive's  beneficiaries  or estate  shall have any further  rights under this
Agreement or any claims against the Company arising out of this Agreement.

     Section 8. Disclosure of  Confidential  Information.  Executive  recognizes
that he has had and will  continue  to have  access to secret  and  confidential
information  regarding  the Company,  including  but not limited to its customer
list, products,  know-how,  and business plans. Executive acknowledges that such
information  is of great  value to the  Company,  is the  sole  property  of the
Company,  and  has  been  and  will  be  acquired  by  him  in  confidence.   In
consideration  of the obligations  undertaken by the Company  herein,  Executive
will not, at any time, during or after his employment hereunder, reveal, divulge
or make known to any person,  any information  acquired by Executive  during the
course of his  employment,  which is treated  as  confidential  by the  Company,
including but not limited to its customer  list, and not otherwise in the public
domain.  The provisions of this Section 8 shall survive  Executive's  employment
hereunder.

     Section 9. Covenant Not To Compete.

     (a) Executive recognizes that the services to be performed by him hereunder
are special, unique and extraordinary. The parties confirm that it is reasonably
necessary  for  the  protection  of  the  Company  that  Executive  agrees,  and
accordingly,  Executive  does  hereby  agree,  that he shall  not,  directly  or
indirectly, at any time during the term of the Agreement:

          (i) except as provided in  Subsection  (c) below,  engage in the sale,
     distribution   or  manufacture   of  any  products  or  provide   technical
     assistance, advice or counseling on any products or services competitive to
     the Company's  products or services in any state in the United States or in
     any  foreign  country  in which the  Company  or any  affiliate  thereof is
     engaged in business,  either on his own behalf or as an officer,  director,
     stockholder,  partner,  consultant,  associate,  executive,  owner,  agent,
     creditor, independent contractor, or coventurer of any third party; or

          (ii) employ or engage, or cause or authorize,  directly or indirectly,
     to be employed or engaged,  for or on behalf of himself or any third party,
     any executive or agent of the Company or any affiliate thereof.

     (b) Executive hereby agrees that he will not,  directly or indirectly,  for
or on behalf of himself or any third  party,  at any time during the term of the
Agreement solicit any customers of the Company or any affiliate thereof.

     (c) If any of the restrictions  contained in this Section 9 shall be deemed
to be  unenforceable  by reason of the extent,  duration or  geographical  scope
thereof,  or otherwise,  then the court making such determination shall have the
right to reduce such extent,  duration,  geographical scope, or other provisions
hereof,  and in its reduced form this Section shall then be  enforceable  in the
manner contemplated hereby.

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     Section 10. Miscellaneous.

     10.1 Injunctive  Relief  Executive  acknowledges  that the  services  to be
          rendered  under the  provisions  of this  Agreement  are of a special,
          unique and  extraordinary  character and that it would be difficult or
          impossible to replace such  services.  Accordingly,  Executive  agrees
          that any breach or threatened breach by him of Sections 8 or 9 of this
          Agreement  shall  entitle the Company,  in addition to all other legal
          remedies  available  to  it,  to  apply  to  any  court  of  competent
          jurisdiction to seek to enjoin such breach or threatened  breach.  The
          parties  understand and intend that each restriction  agreed to by the
          Executive  herein above shall be construed as separable  and divisible
          from  every  other  restriction,  that  the  unenforceability  of  any
          restriction shall not limit the  enforceability,  in whole or in part,
          of any  other  restriction,  and  that  one  or  more  or all of  such
          restrictions may be enforced in whole or in part as the  circumstances
          warrant.  In the event that any  restriction in this Agreement is more
          restrictive  than  permitted by law in the  jurisdiction  in which the
          Company seeks enforcement  thereof,  such restriction shall be limited
          to the extent permitted by law.

     10.2 Assignments.  Neither Executive nor the Company may assign or delegate
          any of their rights or duties under this Agreement without the express
          written consent of the other.

     10.3 Entire Agreement. This Agreement constitutes and embodies the full and
          complete  understanding  and  agreement of the parties with respect to
          the  Executive's  employment  by the  Company,  supersedes  all  prior
          understandings  and agreements,  whether oral or written,  between the
          Executive  and the  Company  and shall  not be  amended,  modified  or
          changed except by an instrument in writing executed by the party to be
          charged.   The  invalidity  or  partial  invalidity  of  one  or  more
          provisions of this Agreement  shall not invalidate any other provision
          of this  Agreement.  No  waiver by either  party of any  provision  or
          condition  to be  performed  shall be  deemed a waiver of  similar  or
          dissimilar  provisions  or conditions at the same time or any prior or
          subsequent time.

     10.4 Binding  Effect.  This  Agreement  shall  inure to the  benefit of, be
          binding upon and  enforceable  against,  the parties  hereto and their
          respective successors, heirs, beneficiaries and permitted assigns.

     10.5 Headings. The headings contained in this Agreement are for convenience
          of  reference  only and shall not  affect  in any way the  meaning  or
          interpretation of this Agreement.

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     10.6 Notices.  All  notices,  requests,  demands  and other  communications
          required or  permitted to be given  hereunder  shall be in writing and
          shall be deemed to have been duly  given  when  personally  delivered,
          sent by  registered  or  certified  mail,  return  receipt  requested,
          postage prepaid,  or by private  overnight mail service (e.g.  Federal
          Express)  to the party at the address set forth above or to such other
          address as either  party may  hereafter  give notice of in  accordance
          with the  provisions  hereof.  Notices  shall be  deemed  given on the
          sooner of the date actually  received or the third  business day after
          sending.

     10.7 Governing  Law. This  Agreement  shall be governed by and construed in
          accordance  with the laws of the  State  of New  York  without  giving
          effect to such State's  conflicts of laws  provisions  and each of the
          parties hereto  irrevocably  consents to the jurisdiction and venue of
          the federal and state courts located in the State of New York,  County
          of New York.

     10.8 Counterparts.  This Agreement may be executed simultaneously in two or
          more counterparts,  each of which shall be deemed an original, but all
          of which together shall constitute one of the same instrument.

     10.9 Arbitration.  Any dispute which the parties hereto are unable amicably
          to resolve  shall be submitted to binding  arbitration  in New York in
          accordance with the Rules and Constitution of the American Arbitration
          Association.  Either party hereto may request that any decision of the
          arbitrators set forth the findings of fact and conclusions of law upon
          which their award is based be entered as a  judgement.  Judgment  upon
          any such  arbitration  award may be entered in any court of  competent
          jurisdiction,  and Executive  submits to the  jurisdiction of any such
          court.

     In the event any suit or other  action is  commenced  with  respect  to the
interpretation or enforcement of any provision of this agreement, the prevailing
party shall be  entitled,  in addition to any other sums to which such party may
be  entitled,   to  recover  from  the  other  party  the  reasonable  fees  and
disbursements of counsel retained to investigate and pursue such matter.

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     IN WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of
the date set forth above.

Company:            LAIDLAW GLOBAL CORPORATION

                    By:_____________________________
                    Name:
                    Title:

Executive:          ________________________________
                    Anastasio Carayannis

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