Document:

<PAGE>

                                                                   EXHIBIT 10.35
ASSOCIATES FIRST CAPITAL CORPORATION
INCENTIVE COMPENSATION PLAN
STOCK OPTION AWARD AGREEMENT - 2000

You have been selected to become a Participant in the Associates First Capital
Corporation Incentive Compensation Plan (the "Plan") for 2000, through this
grant of a nonqualified stock option (the "Stock Option" or "Option") as
specified below:

PARTICIPANT:
            -------------------------------------------------------------------

ADDRESS:
        -----------------------------------------------------------------------

OPTION NO.:

DATE OF GRANT:

NUMBER OF SHARES COVERED BY THIS AGREEMENT:

OPTION PRICE:

DATE OF EXPIRATION:

Except as hereinafter provided, you may exercise this Option in accordance with
the following vesting schedule:

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
              Percentage      Number of Shares Available         Cumulative Number of Shares
 Date         Exercisable     for Purchase as of this Date*      Available for Purchase**
------------------------------------------------------------------------------------------------
<S>         <C>               <C>                               <C>
                33 1/3%               ________ SHARES                 ________ SHARES
------------------------------------------------------------------------------------------------
                66 2/3%               ________ SHARES                 ________ SHARES
------------------------------------------------------------------------------------------------
                 100%                 ________ SHARES                 ________ SHARES
------------------------------------------------------------------------------------------------
</TABLE>

THIS AGREEMENT, EFFECTIVE AS OF THE DATE OF GRANT SET FORTH ABOVE, REPRESENTS
THE GRANT OF AN OPTION TO PURCHASE SHARES OF THE CLASS A COMMON STOCK ("SHARES")
OF ASSOCIATES FIRST CAPITAL CORPORATION, A DELAWARE CORPORATION (THE "COMPANY"),
TO THE PARTICIPANT NAMED ABOVE, PURSUANT TO THE PROVISIONS OF THE PLAN.

--------
* Number of Shares may reflect rounding to extent necessary to avoid fractional
Shares.

**Numbers listed assume no exercise has yet occurred under this Option.

<PAGE>

THE PLAN PROVIDES A DESCRIPTION OF CERTAIN TERMS AND CONDITIONS GOVERNING THE
OPTION. IN THE EVENT OF ANY INCONSISTENCY BETWEEN THE TERMS OF THIS AGREEMENT
AND THE TERMS OF THE PLAN, THE PLAN'S TERMS SHALL COMPLETELY SUPERSEDE AND
REPLACE THE CONFLICTING TERMS OF THIS AGREEMENT. ALL CAPITALIZED TERMS SHALL
HAVE THE MEANINGS ASCRIBED TO THEM IN THE PLAN, UNLESS SPECIFICALLY SET FORTH
OTHERWISE HEREIN. THE PARTIES HERETO AGREE AS FOLLOWS:

1.    GRANT OF STOCK OPTION. The Participant is hereby granted an Option to
      purchase the number of Shares set forth above, at the stated Option Price
      (as set forth on page 1 of this Agreement), which is 100 percent of the
      Fair Market Value of a Share on the Date of Grant, in the manner and
      subject to the applicable terms and conditions of the Plan and this
      Agreement.

2.    EXERCISE OF STOCK OPTION. Except as otherwise provided in this Agreement,
      the Participant may exercise this Option as provided in Section 3 of this
      Agreement and according to the vesting schedule set forth on page 1 of
      this Agreement, provided that no exercise may occur prior to the end of
      one (1) year following the Date of Grant or subsequent to the close of
      business on the Date of Expiration (as set forth on page 1 of this
      Agreement).

      This Option may be exercised in whole or in part, but not for less than 25
      Shares at any one time, unless fewer than 25 Shares then remain subject to
      the Option, and the Option is then being exercised as to all such
      remaining Shares. The Option may be exercised only for full Shares; no
      Option is exercisable for fractional Shares.

3.    PROCEDURE FOR EXERCISE OF OPTION. Exercise of this Option may be
      initiated on any business day by delivery of a notice of exercise
      (on such form as may be specified and provided by the Company or its
      designee) (the "Notice of Exercise") to the Company or its designee,
      or by such other method as the Company specifies.  The Company may
      at any time change the time and/or manner in which the Option may be
      exercised.  Further, the Company reserves the right to limit the
      manner in which the Option may be exercised at any time, and from
      time to time, for Participants in a given country to facilitate or
      ensure compliance with local law or for reasons of administrative
      ease.

      (a)   PAYMENT OF OPTION PRICE:  The Option Price shall be payable
            (i) in cash in the form of currency or check or other cash
            equivalent acceptable to the Company; (ii) by tendering
            previously acquired, nonforfeitable, nonrestricted Shares
            (provided that any Shares so tendered must have been owned by
            the Participant for at least six months prior to their
            tender); or (iii) by a combination of the foregoing methods.
            The requirement of payment in cash may be satisfied through a
            "cashless exercise" as described in Section 3(b).

      (b)   CASHLESS EXERCISE:    A Participant may direct, through the
            Company's designee or in such other manner as the Company may
            specify from time to time, a broker that is a member of the
            National Association of Securities Dealers, Inc. to sell a
            sufficient number of the Shares being purchased pursuant to
            the exercise so that the net proceeds of the sale transaction
            will at least equal the aggregate Option Price, plus interest
            (if any) at the applicable federal rate (as "applicable
            federal

<PAGE>

            rate" is defined in Section 1274 of the Code) for the period from
            the date of exercise to the date of payment, and to deliver the
            aggregate Option Price, plus such interest (if any), to the Company
            not later than the date on which the sale transaction will settle in
            the ordinary course of business (such a broker-assisted transaction
            to be referred to herein as a "cashless exercise").

      (c)   SHARE PRICE: Any Share purchased (and sold, in the case of a
            cashless exercise) pursuant to exercise of the Option shall be
            valued on the basis of such Share's Fair Market Value as of
            the date on which exercise of the Option is completed (or, if
            exercise of the Option is completed over a period of more than
            one day, on the basis of the average Fair Market Value during
            such period). Any Share tendered by the Participant in payment
            of all or any part of the Option Price shall be valued on the
            basis of such Share's Fair Market Value as of the date on
            which such Share is exchanged in order to effectuate exercise
            of the Option.

      (d)   DELIVERY TO PARTICIPANT:  As soon as practicable following the
            date on which the purchase (and sale, in the case of a
            cashless exercise) of Shares pursuant to the Option will
            settle in the ordinary course of business, the Company shall
            cause, in accordance with the Participant's election and in
            any case net of transaction fees (if any) and tax withholding
            (if applicable pursuant to Section 3(e)), the following to
            occur:

            (i)   Certificates for the Shares purchased to be delivered to
                  the Participant;

            (ii)  The number of Shares purchased to be credited to a
                  brokerage account specified by the Participant on the
                  Notice of Exercise; or

            (iii) In the event of a cashless exercise, any proceeds of the sale
                  transaction remaining after delivery to the Company of the
                  aggregate Option Price (plus any interest, as described in
                  Section 3(b)) to be delivered to the Participant in the manner
                  specified by the Participant on the Notice of Exercise.

            If a Participant elects either (i) or (ii), to the extent such
            Participant has elected a cashless exercise of the Option, the
            number of Shares subject to this Section 3(d) shall be only the
            number of Shares remaining after the sale transaction described in
            Section 3(b).

                                       3

<PAGE>

      (e)   WITHHOLDING:  If the Company or a Company Subsidiary (as
            hereinafter defined) is required by law to withhold any
            federal, state, national, provincial or other tax, pension or
            insurance withholding obligations imposed by any governmental
            authority under applicable law in connection with exercise of
            an Option, the Participant shall either (i) pay such taxes, in
            addition to the Option Price, in conjunction with electing
            exercise of the Option or (ii) elect either (A) to have such
            taxes withheld from any cash payment of proceeds pursuant to a
            cashless exercise or (B) to satisfy all or any part of any
            such withholding obligation by surrendering to the Company or
            the Company Subsidiary (either directly or through their
            respective designees) a portion of the Shares issued or
            transferred to the Participant pursuant to exercise of the
            Option.  To the extent that a Participant elects to meet any
            withholding obligation by surrendering Shares, the Shares so
            surrendered shall be credited against any such withholding
            obligation at the Fair Market Value per Share on the date of
            such surrender; provided, however, if the Participant is
            subject to Section 16 of the Exchange Act, such election shall
            be subject to approval by the Committee if such approval is
            then required by Rule 16b-3 of the General Rules and
            Regulations promulgated under the Exchange Act.  All
            withholding elections shall be irrevocable.  The term "Company
            Subsidiary" when used herein shall mean any corporation a
            majority of the voting stock of which is owned directly or
            indirectly by the Company.

4.    TERMINATION OF EMPLOYMENT.

<PAGE>

(a)            BY RETIREMENT, DISABILITY OR DEATH:  In the event of a
            Participant's termination of employment due to Retirement,
            Disability or death ("Retirement" and "Disability" as
            hereinafter defined), the Option shall continue in effect and
            shall become fully vested and exercisable during the
            applicable periods in accordance with the provisions hereof.
            For purposes of this Agreement, termination of a Participant's
            employment due to "Retirement" shall mean a voluntary
            termination of a Participant's employment with the Company or
            a Company Subsidiary on or after such date as the Participant
            is eligible to commence pension payments under the Company's
            defined benefit pension plan (excluding any payment of
            benefits attributable to a prior employer's plan) or, if
            applicable, separate pension plan sponsored by the Company or
            a Company Subsidiary or other pension benefit plan as may be
            required under applicable law in effect in any jurisdiction
            outside the United States, in each case as such plan is then
            in effect.  The term "Disability" when used herein shall mean
            a Participant's complete and total disability as determined
            under the Company's long-term disability plan or, if
            applicable, separate similar plan in effect or as may be
            required under applicable law in any jurisdiction outside the
            United States, in each case as such plan is in effect at the
            time of such determination.  In the event of the Participant's
            death prior to exercise of this Option in whole, the
            beneficiary designated or deemed to be designated pursuant to
            Section 8 hereof or, if such beneficiary is an estate, the
            executor or administrator of the estate or the person or
            persons to whom the Option shall have been validly transferred
            by the executor or the administrator pursuant to will or the
            laws of descent and distribution, shall have the right to
            exercise the Option, when vested, in accordance with the
            provisions hereof.

      (b)   BY TERMINATION FOR CAUSE OR RESIGNATION:  In the event of the
            resignation of employment by the Participant or termination of
            the Participant's employment by the Company or a Company
            Subsidiary for Cause (as hereinafter defined), the Option
            shall be forfeited effective as of the date of such
            resignation or termination, and the Participant's right to
            exercise this Option shall cease.  For purposes of this
            Agreement, a termination by the Company or a Company
            Subsidiary for "Cause" shall mean a termination resulting from
            (a) action by the Participant involving willful malfeasance,
            (b) the Participant's unreasonable neglect or refusal to
            perform such Participant's duties for the Company, Company
            Subsidiary or any of their affiliates, (c) the Participant
            being convicted of a felony, (d) the Participant engaging in
            any activity that is directly or indirectly in competition
            with the Company, Company Subsidiary or any of their
            affiliates or in any activity that is inimical to the best
            interests of the Company, Company Subsidiary or any of their
            affiliates, or (e) the Participant's violation of Company
            policy covering standards of corporate conduct.  If the
            Company or a Company Subsidiary terminates the Participant's
            employment for Cause, all of the Company's obligations under
            this Agreement shall thereupon cease and terminate.

      (c)   BY TERMINATION OTHER THAN FOR CAUSE:  In the event of a
            termination of the Participant's employment for reasons other
            than Retirement, Disability, death,  termination by the
            Company or Company Subsidiary for Cause or resignation, the

<PAGE>

            portion of the Option that is vested as of the date of
            termination of employment may be exercised to the extent
            permitted under the provisions hereof until the earlier of (i)
            the Date of Expiration (as set forth on page 1 of this
            Agreement) or (ii) the close of business on the 90th day
            following the date of termination of employment.  No other
            rights under this Agreement shall continue in effect or
            continue to accrue from the date of termination forward.

      (d)   BY TERMINATION OTHER THAN FOR CAUSE AND UNDER EMPLOYMENT
            AGREEMENT:  In the event that the Participant's employment is
            terminated by the Company other than for Cause, including by
            Constructive Termination in connection with a Change in
            Control (if and to the extent applicable under the
            Participant's employment agreement with the Company, if any and
            as described below), the Option shall become vested if so, and
            to the extent, provided under the Participant's employment
            agreement with the Company, if any, as such agreement may be
            amended from time to time.  If the Option becomes vested
            pursuant to the foregoing, the Option shall be exercisable to
            the extent permitted under the provisions hereof until the
            Date of Expiration (as set forth on page 1 of this
            Agreement).  For purposes of this Section 4(d), "Change in
            Control" and "Constructive Termination" shall have the same
            meanings as provided under the Participant's employment
            agreement with the Company, if any, as such agreement may be
            amended from time to time.  Notwithstanding the foregoing, in
            the event that (i) the Participant's employment is terminated
            by the Company and (ii) no employment agreement between the
            Participant and the Company is in effect as of the date of
            such termination of employment, this Section 4(d) shall not
            apply, and the Participant's rights under this Agreement shall
            be governed by the provisions of this Agreement without regard
            to this Section 4(d).

      (e)      BY TERMINATION OTHER THAN FOR CAUSE AND NOT UNDER EMPLOYMENT
            AGREEMENT:  In the event of a termination of the Participant's
            employment for reasons other than Retirement, Disability,
            death, transfer to Ford or a Ford Subsidiary, termination by
            the Company for Cause or resignation, the portion of the
            Option that is vested as of the date of termination of active
            employment may be exercised to the extent permitted under the
            provisions hereof until the earlier of (i) the Date of
            Expiration (as set forth on page 1 of this Agreement) or (ii)
            the close of business on the 90th day following the date of
            termination of employment.  No other rights under this
            Agreement shall continue in effect or continue to accrue from
            the date of termination forward.  Notwithstanding the
            foregoing, in the event that (i) the Participant's employment
            is terminated by the Company under circumstances described in
            Section 4(d) and (ii) an employment agreement between the
            Participant and the Company is in effect as of the date of
            such termination of employment, this Section 4(e) shall not
            apply, and the Participant's right under this Agreement shall
            be governed by the provisions of Section 4(d) and not by this
            Section 4(e).

5.    EFFECT OF COMPETITIVE ACTIVITY OR INIMICAL CONDUCT.

                                       6

<PAGE>

      (a)   Anything contained herein to the contrary notwithstanding, the
            right of the Participant to exercise the Option shall remain
            effective only if, during the entire period from the Date of
            Grant (as set forth on page 1 of this Agreement) to the date
            of such exercise, the Participant shall have earned  the
            Option by refraining from engaging in any activity that is
            directly or indirectly in competition with any activity of the
            Company or any Company Subsidiary or any of their affiliates.

      (b)   In the event of the Participant's nonfulfillment of the
            condition set forth in Section 5(a), the Participant's right
            to exercise such Option shall cease; provided, however, that
            the nonfulfillment of such condition may at any time be waived
            by the Committee upon its determination, in its sole judgment,
            that there shall not have been and will not be any substantial
            adverse effect upon the Company or any Company Subsidiary or
            any of their affiliates by reason of the nonfulfillment of
            such condition.

      (c)   The right of the Participant to exercise the Option shall
            cease on and as of the date on which it has been determined by
            the Committee that the Participant at any time acted in a
            manner inimical to the best interests of the Company or any
            Company Subsidiary or any of their affiliates.  Conduct that
            constitutes engaging in an activity that is directly or
            indirectly in competition with any activity of the Company or
            any Company Subsidiary or any of their affiliates shall be
            governed by Sections 5(a) and 5(b) and shall not be subject to
            any determination under this Section 5(c).

                                       7

<PAGE>

6.    RESTRICTIONS ON EXERCISE AND TRANSFER.  This Option (a) shall be
      exercisable during the Participant's lifetime only by the
      Participant or, in the event of the Participant's legal incapacity,
      by the Participant's legal guardian or representative acting in a
      fiduciary capacity on behalf of the Participant under applicable law
      and court supervision, if legally required, and (b) may not be
      sold, transferred, pledged, assigned or otherwise alienated or
      hypothecated, other than by will or by the laws of descent and
      distribution.  Notwithstanding the foregoing, this Option may be
      transferred by gift to, and thereafter may be exercised by, any
      Family Member (as hereinafter defined) of the Participant.  For
      purposes of this Agreement, "Family Member" means any child,
      stepchild, grandchild, parent, stepparent, grandparent, spouse,
      former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
      son-in-law, daughter-in-law, brother-in-law or sister-in-law,
      including adoptive relationships, of the Participant and any person
      sharing a Participant's household (other than a tenant or employee)
      and any trust in which these persons have more than fifty percent
      (50%) of the beneficial interest.

7.    RECAPITALIZATION. In the event of any change in capitalization of
      the Company (such as a stock split, stock dividend or combination of
      shares), corporate transaction (such as any merger, consolidation,
      separation, including a spin-off, or other distribution of stock or
      property of the Company), reorganization (whether or not such
      reorganization comes within the definition of such term in Code
      Section 368) or partial or complete liquidation of the Company, an
      adjustment may be made in the number and class of Shares subject to
      this Option, as well as the Option Price, as may be determined to be
      appropriate and equitable by the Committee, in its sole discretion,
      to reflect such change in capitalization, corporate transaction,
      reorganization or partial or complete liquidation.

8.    BENEFICIARY DESIGNATION. The Participant may designate a beneficiary
      or beneficiaries (who may be named contingently or successively)
      who, in the event of the Participant's death prior to exercise of
      this Option in whole, shall be entitled to exercise any unexercised
      portion of the Option.  Any such beneficiary designation shall be
      made by the Participant in writing (on the appropriate form as
      provided by the Company or a Company Subsidiary) and shall
      automatically revoke all prior designations by the Participant.  The
      Participant may, at any time and from time to time, change or revoke
      such designation.  A beneficiary designation, or revocation of a
      prior beneficiary designation, shall be effective only if it is
      signed by the Participant and received by the Company or a Company
      Subsidiary prior to the Participant's death.  If the Participant
      does not designate a beneficiary or all beneficiaries die prior to
      exercise of any unexercised portion of the Option, the Participant's
      estate shall be deemed to be the beneficiary.  If a beneficiary dies
      after having exercised at least a portion of the Option, the
      beneficiary's estate shall be deemed to be the beneficiary of any
      remaining unexercised portion of the Option.

9.    RIGHTS AS A STOCKHOLDER. The Participant shall have no rights as a
      stockholder of the Company with respect to the Shares subject to this
      Agreement until such time as the Option Price has been paid and the Shares
      have been issued and delivered to him or her.

10.   NO RIGHT OF EMPLOYMENT. The grant of the Option to the Participant
      does not create a right to continued employment with the Company or
      any Company Subsidiary.  Nothing

<PAGE>

      in this Agreement shall interfere with or limit in any way the right of
      the Company or a Company Subsidiary to terminate the employment of the
      Participant at any time, with or without reason; nor shall anything in
      this Agreement be deemed to create or confer upon the Participant or any
      other individual any rights to employment of any kind or nature whatsoever
      for any period of time or at any particular rate of compensation,
      including, without limitation, any right to continue in the employ of the
      Company or any Company Subsidiary.

11.   COMPLIANCE WITH LAW.  The Company shall make reasonable efforts to
      comply with all applicable federal, state, national and provincial
      securities laws or other securities laws; provided, however,
      notwithstanding any other provision of this Agreement, the Option
      shall not be exercisable if the exercise thereof would result in a
      violation of any such law.  The Committee may impose such
      restrictions, including restrictions on transferability, on any
      Shares acquired pursuant to the exercise of this Option as the
      Committee may deem advisable under any of the aforementioned
      securities laws or other requirements, including, without
      limitation, restrictions of any securities exchange or market upon
      which such Shares are then listed and/or traded.

12.   DATA PROTECTION.  By executing this Agreement, the Participant
      consents to the Company or the Company Subsidiary that directly
      employs the Participant and any agent or independent contractor
      appointed by the Company to administer the Stock Option Awards under
      the Plan and this Agreement to obtain and maintain any personal
      information from the Participant's employer, and to disclose and
      transfer such information to each other and/or third parties as may
      be required, whether locally or abroad, for the effective
      administration of the Stock Option Awards.  Neither the Company, the
      Company Subsidiary nor any agent or independent contractor shall be
      liable for any loss or damage, whether direct or indirect or
      consequential, incurred by the Participant and arising from the use
      of such personal information as authorized herein.

13.   MISCELLANEOUS.

      (a)   This Agreement and the rights of the Participant hereunder are
            subject to all the terms and conditions of the Plan, as the
            same may be amended from time to time, as well as to such
            rules and regulations as the Committee may adopt for
            administration of the Plan. It is expressly understood that
            the Committee is authorized to administer, construe and make
            all determinations necessary or appropriate to the
            administration of the Plan and this Agreement, all of which
            shall be binding upon the Participant.

      (b)   Pursuant to the terms of the Plan, (i) the Board may at any
            time, and from time to time, in its sole discretion alter,
            amend, suspend or terminate the Plan in whole or in part for
            any reason or for no reason, and (ii) the Committee may make
            adjustments to this Option and Agreement in recognition of
            unusual or nonrecurring events affecting the Company or the
            financial statements of the Company and/or changes in
            applicable laws, regulations or accounting principles

                                       9

<PAGE>

            whenever the Committee determines that such adjustments are
            appropriate; provided, however, that no alteration, amendment,
            suspension or termination of the Plan shall adversely affect in
            any material way the Participant's vested rights under this
            Agreement without the written consent of the Participant.
            Notwithstanding the foregoing, the Committee may modify, without
            the Participant's consent, this Option and Agreement to recognize
            differences in local law, tax policy or custom if the Participant
            is a foreign national or employed outside the United States.

      (c)   The Participant agrees to take all steps necessary to comply with
            all applicable provisions of federal, state, national and provincial
            securities law and other securities laws in exercising his or her
            rights under this Agreement.

      (d)   This Agreement shall be subject to all applicable laws, rules, and
            regulations, and to such approvals by any governmental agencies or
            national securities exchanges as may be required.

      (e)   All obligations of the Company under the Plan and this Agreement,
            with respect to this Option, shall be binding on any successor to
            the Company, whether the existence of such successor is the result
            of a direct or indirect purchase, merger, consolidation, or
            otherwise, of all or substantially all of the business and/or assets
            of the Company.

      (f)   To the extent not preempted by United States federal law or other
            comparable law, this Agreement shall be construed in accordance with
            and governed by the laws of the State of Texas.

      (g)   The grant of the Option to the Participant is completely
            discretionary in nature and is not to be considered part of
            any Participant's salary or compensation for purposes of
            calculating any severance, resignation, redundancy, end of
            service payments, bonuses, long-term service awards, pension
            or retirement benefits, or similar payments except as
            otherwise required under local law.  Neither the Participant
            nor any other individual shall have any right to be selected
            to receive a grant under the Plan or, having been so selected,
            to be selected to receive a future grant; nor shall anything
            in this Agreement create or confer, or be deemed to create or
            confer, upon any Employee or other individual any such right.

IN WITNESS WHEREOF, this Agreement is executed effective as of the Date of
Grant.

                            ASSOCIATES FIRST CAPITAL CORPORATION

                            By:
                                -------------------------------------------
                                Michael E. McGill, Executive Vice President

                                       10

<PAGE>

The undersigned Participant hereby acknowledges receipt of this Agreement and
accepts the Option subject to the applicable terms and conditions set forth
herein and in the Plan.

Participant's Signature:                                Date:
                        -----------------------------

Note:  Please sign the Agreement, make a copy for your records, and return
the original to:

      Compensation Committee
      c/o John W. Lee
      Associates First Capital Corporation
      P.O. Box 660237
      Dallas, TX 75266-0237

                                       11<PAGE>

                                                               Exhibit 10.36

July 20, 2000

PERSONAL & CONFIDENTIAL

Mr. John Reed
Citigroup
153 East 53rd Street
New York, New York 10043

Dear John:

As we discussed, I recommended to the Compensation Committee that they approve
Items 1 through 7 contained in my draft letter to you of June 15th, and they
have done so. The items listed below are the same as listed in the draft.

     1.   There would be a cash payment of $5 million which
          largely represents an allocated incentive bonus
          for this year. It is my thought that this would be
          paid promptly after being voted on by the
          Compensation Committee.

     2.   Your new SERP calculation yields an annual benefit
          of approximately $2,865,000 (subject to final
          determination by the actuaries), this number
          having now been calculated on the same basis as
          that of other senior Citicorp participants. The
          SERP calculation is inclusive of the above $5
          million cash payment.

     3.   The company would continue to provide the normal
          lawsuit indemnifications arising from company
          employment, and D & O coverage in reasonable size
          relating to your activities as an officer and
          director of the company.

     4.   The company would furnish financial planning
          services for up to five years in a reasonable
          amount.

<PAGE>

     5.   An office at Citigroup, secretarial support, and
          access to a car and driver would be provided to
          you for as long as you deem useful. In the event
          that at any point you choose not to maintain an
          office in New York City, you would be provided an
          office and secretarial support in a location of
          your choice to age 75.

     6.   If requested by the company to perform certain
          business functions in locations removed from this
          area or for business functions for which you have
          previously committed, you will be provided
          corporate aircraft.

     7.   The computer that you use at home would stay, if
          useful, or we would provide a new one if
          desirable.

In lieu of asking for any specific form of agreement relating to
non-competition, etc., we will simply accept your statement of intent, as
expressed to Fred Cook, and we would ask you to provide us a letter setting
forth that statement of intent.

In addition, as is customary, we would propose that the Company and you agree to
mutual general releases.

Please sign and return one of the attached copies.

                                        Accepted and Agreed:
                                        /s/ John S. Reed
                                        John S. Reed
                                        Date: July 20, 2000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]