Document:

InfoTech USA, Inc. Exhibit 10.1 to Form 8K

EXHIBIT 10.1

[IBM CREDIT LLC
LETTERHEAD] 

April 27, 2004 

     Mr. J. Robert Patterson

 CFO and Treasurer

 Info Tech USA, Inc.

 7 Kingsbridge Road

Fairfield, NJ 07004 

Dear Mr. Patterson: 

Reference is hereby made to the
following: (i) Agreement for Wholesale Financing executed on April 20, 1994, by Info Tech
USA, Inc. (“Info Tech”) (as amended, supplemented or otherwise modified from
time to time, the “Agreement”), (ii) e-mail addressed to you from Mr. Bruce
Gordon dated August 28, 2003 whereby Mr. Bruce Gordon informed you that IBM Credit would
no longer finance Info Tech’s product effective approximately 180 days from the date
of a formal notice sent by IBM Credit to Info Tech, (iii) IBM Credit’s letter to
Info Tech dated September 5, 2003 whereby IBM Credit formally notified Info Tech of the
Termination Date (the “September 5th Letter”) and (iv) IBM Credit’s
letter to Info Tech dated March 3, 2004 whereby IBM Credit extended the Termination Date
to April 9, 2004, subject to certain conditions (the “March 3, 2004 Letter ”). All capitalized terms not
otherwise defined in this letter, the September 5th Letter or the March 3, 2004 Letter
shall have the respective meanings set forth in the Agreement. 

Info Tech has requested that IBM
Credit extend the Termination Date from April 9, 2004 to June 18, 2004. As an
accommodation and to continue to assist Info Tech in making replacement financing arrangements, IBM
Credit agrees to this request provided Info Tech agrees to the terms of this letter.

By executing this letter, Info Tech
reaffirms that (x) it will not be relieved of any obligations to IBM Credit arising out of
IBM Credit’s advances or commitments made before the Termination Date, (y) all of IBM
Credit’s rights and remedies under the Agreement shall be unaffected until all of
Info Tech’s obligations to IBM Credit are paid in full. IBM Credit reserves any and
all rights and remedies that IBM Credit now has or may have in the future with respect to
Info Tech, including any and all rights or remedies which it may have in the future as a
result of Customer’s failure to comply with any of the terms of the Agreement, and
(z) that no new default has occurred under the Agreement. 

Notwithstanding any other terms in
the Agreement and provided no default occurs under the Agreement, Info Tech may repay,
prior to and after the Termination Date, all such obligations according to the terms of
each billing statement provided by IBM Credit to Info Tech. 

Please acknowledge your agreement to
the terms set forth herein by signing a copy of this letter where indicated and returning
it to the attention of Mr. Bruce Gordon at the above address. 

	Sincerely, 	Acknowledged and Agreed: 

	IBM CREDIT LLC

/s/ Steven A. Flanagan 	INFO TECH USA, INC.

/s/ J. Robert Patterson

	Steven A. Flanagan

 Manager, Global Special Handling	J. Robert Patterson

 Chief Financial Officer and Treasurer<PAGE>
                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

                  AGREEMENT by and between CSX CORPORATION, a Virginia
corporation (the "Company"), and Tony L. Ingram (the "Executive"), dated as of
the 15th day of March, 2004.

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

                  NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

                  1. CERTAIN DEFINITIONS.

                  a. The "EFFECTIVE DATE" shall mean the first date during the
         Term (as defined in Section l(b)) on which a Change of Control (as
         defined in Section 2) occurs. Anything in this Agreement to the
         contrary notwithstanding, if a Change of Control occurs, and the
         Executive's employment with the Company is terminated by the Company
         without Cause prior to the date on which the Change of Control occurs
         or the Executive ceases to be an officer of the Company, and if it is
         reasonably demonstrated by the Executive that such termination of
         employment or cessation of status as an officer (i) was at the request
         of a third party who has taken steps reasonably calculated to effect
         such Change of Control or (ii) otherwise arose in connection with or
         anticipation of such Change of Control, then, in each such case, for
         all purposes of this Agreement the "Effective Date" shall mean the date
         immediately prior to the date of such termination of employment or
         cessation of status as an officer.

                  b. The "TERM" shall mean the period commencing on the date
         hereof and ending on the earlier to occur of (i) the third anniversary
         of such date or (ii) the first day of the month next following the
         Employee's normal retirement date ("Normal Retirement Date") under the
         principal pension plan in which the Executive participates (the
         "Retirement Plan"); PROVIDED, HOWEVER, that commencing on the date one
         year after the date hereof, and on each annual anniversary of such date
         (such date and each annual anniversary thereof shall be hereinafter
         referred to as the "Renewal Date"), unless previously terminated, the
         Term shall be automatically extended so as to terminate three

<PAGE>

         years from such Renewal Date, unless at least 60 days prior to the
         Renewal Date the Company shall give notice to the Executive that the
         Term shall not be so extended; and PROVIDED, FURTHER, that the Term
         shall end on an earlier date if the Company gives the Executive at
         least one year's advance written notice thereof.

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

                  a. STOCK ACQUISITION. The acquisition by any individual,
         entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
         the Securities Exchange Act of 1934, as amended (the "Exchange Act"))
         (a "Person") of beneficial ownership (within the meaning of Rule 13d-3
         promulgated under the Exchange Act) of 20% or more of either (i) the
         then outstanding shares of common stock of the Company (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 (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 or (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

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

                  c. BUSINESS COMBINATION. Approval by the shareholders of the
         Company of a reorganization, merger or consolidation or sale or other
         disposition of all or substantially all of the assets of the Company or
         its principal subsidiary (a "Business Combination") that is not
         subject, as a matter of law or contract, to approval by the Surface
         Transportation Board or any successor agency or regulatory body having
         jurisdiction over such transactions (the "Agency"), in each case,
         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,

                                      -2-
<PAGE>

                  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 its principal subsidiary or all or substantially
                  all of the assets of the Company or its principal subsidiary
                  either directly or through one or more subsidiaries) in
                  substantially the same proportions as their ownership,
                  immediately prior to such Business Combination of the
                  Outstanding Company Common Stock and 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. REGULATED BUSINESS COMBINATION. Consummation of a Business
         Combination that is subject, as a matter of law or contract, to
         approval by the Agency (a "Regulated Business Combination") UNLESS such
         Business Combination complies with clauses (i), (ii) and (iii) of
         subsection (c) of this Section 2; or

                  e. LIQUIDATION OR DISSOLUTION. Approval by the shareholders of
         the Company of a complete liquidation or dissolution of the Company or
         its principal subsidiary.

If any Change of Control is a Regulated Business Combination, but its
implementation involves another "Change of Control" that is not a Regulated
Business Combination within the meaning of this Section 2, then for all purposes
of this Agreement, such Change of Control shall not be deemed to be a Regulated
Business Combination, the provisions governing a Regulated Business Combination
shall not apply, and the provisions governing such other Change in Control shall
apply.

                  3. EMPLOYMENT PERIOD.

                  a. GENERALLY. Subject to Section 3(b), the Company hereby
         agrees to continue the Executive in its employ, and the Executive
         hereby agrees to remain in the employ of the Company subject to the
         terms and conditions of this Agreement, for the

                                      -3-
<PAGE>

         period commencing on the Effective Date and ending on the third
         anniversary of such date (the "Employment Period").

                  b. REGULATED BUSINESS COMBINATION. Notwithstanding the
         foregoing, in the case of a Change of Control that is a Regulated
         Business Combination, then for all purposes of this Agreement, the
         "Employment Period" shall mean the longer of (i) the period commencing
         on the Effective Date and ending on the third anniversary of such date
         or (ii) the period commencing on the Effective Date and ending thirteen
         months from the effective date of a final decision by the Agency on the
         proposed Regulated Business Combination ("Final Regulatory Action"),
         PROVIDED, HOWEVER, that (x) if the Final Regulatory Action is a denial
         of the Regulated Business Combination then for all purposes of this
         Agreement the "Employment Period" shall end upon the sixtieth (60th)
         day following such Final Regulatory Action and (y) if the Final
         Regulatory Action is an approval of the Regulated Business Combination,
         but the Regulated Business Combination is not consummated by the first
         anniversary of the Final Regulatory Action, then for all purposes of
         this Agreement the "Employment Period" shall end upon such first
         anniversary, of the Final Regulatory Action.

                  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 35 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 not thereafter
                  be

                                      -4-
<PAGE>

                  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 ("Annual Base
         Salary"), which shall be paid at a monthly rate, at least equal to
         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 utilized 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 Annual Base Salary,
                  the Executive shall be eligible to earn, for each fiscal year
                  ending during the Employment Period, an annual bonus (the
                  "Annual Bonus") in cash, at a minimum, target and maximum
                  level not less favorable (in terms both of dollar amounts and
                  difficulty of achievement) to the Executive than the
                  Executive's opportunity to earn such annual cash bonuses under
                  the Company's annual incentive plans, or any comparable bonus
                  under any predecessor or successor plan, for each of 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). (The
                  highest of the actual amounts of such bonuses, as so
                  annualized, for each of such three full fiscal years is
                  hereafter 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

                                      -5-
<PAGE>

                  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
                  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 its 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

                                      -6-
<PAGE>

                  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, it 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.

                  5. TERMINATION OF EMPLOYMENT.

                  a. DEATH OR DISABILITY. The Executive's employment shall
         terminate automatically upon the Executive's death during the
         Employment Period. 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
         to the Executive written notice in accordance with Section 13(b) of
         this Agreement of its intention to terminate the Executive's
         employment. In such event, the Executive's employment with the Company
         shall terminate effective on the 30th day after receipt of such notice
         by the Executive (the "Disability Effective Date"), provided that,
         within the 30 days after such receipt, the Executive shall not have
         returned to full-time performance of the Executive's duties. 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
         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 or one of its affiliates (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 or the Chief
                  Executive Officer of the Company which specifically identifies
                  the manner in which the Board or Chief Executive officer
                  believes that the Executive has not substantially performed
                  the Executive's duties, or

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

                                      -7-
<PAGE>

         For purposes of this provision, no act or failure to act, on the part
         of the Executive, shall be considered "willful" unless it is done, or
         omitted to be done, by the Executive in bad faith or without reasonable
         belief that the Executive's action or omission was in the best
         interests of the Company. Any act, or failure to act, based upon
         authority given pursuant to a resolution duly adopted by the Board or
         upon the instructions of the Chief Executive Officer or a senior
         officer of the Company or based upon the advice of counsel for the
         Company shall he 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 during the Employment Period for Good Reason. For
         purposes of this Section 5(c), any good faith determination of "Good
         Reason" made by the Executive shall be conclusive. For purposes of this
         Agreement, "Good Reason" shall mean:

                           (i) the assignment to the Executive of any duties
                  inconsistent in any respect with the Executive's position
                  (including status, offices, titles and reporting
                  requirements), authority, duties or responsibilities as
                  contemplated by Section 4(a) of this Agreement, or any other
                  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;

                           (ii) any failure by the Company to comply with any of
                  the provisions of Section 4(b) 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;

                           (iii) the Company's requiring the Executive to be
                  based at any office or location other than as provided in
                  Section 4(a)(i)(B) hereof or the Company's requiring the
                  Executive to travel on Company business to a substantially
                  greater extent than required immediately prior to the
                  Effective Date;

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

                           (v) any failure by the Company to comply with and
                  satisfy Section 12(c) of this Agreement.

                                      -8-
<PAGE>

         Anything in this Agreement to the contrary notwithstanding, a
         termination by the Executive for any reason shall be deemed to be a
         termination for Good Reason for all purposes of this Agreement if such
         termination occurs (i) in the case of a Change of Control that is a
         Business Combination but not a Regulated Business Combination, during
         the 30-day period beginning on the 180th day following the day on which
         the Business Combination is consummated, (ii) in the case of any other
         Change of Control that is not a Regulated Business Combination, during
         the 30-day period beginning on the 180th day following the Effective
         Date, and (iii) in the case of a Change of Control that is a Regulated
         Business Combination consummated pursuant to Final Regulatory Action,
         during the 30-day period immediately following the first anniversary of
         the Final Regulatory Action (it being understood that the Executive
         will have no rights under this paragraph in the case of a Change of
         Control that is a Regulated Business Combination denied by the Agency).

                  d. REGULATED BUSINESS COMBINATION. Notwithstanding the
         foregoing, in the case of a Change of Control that is a Regulated
         Business Combination, then for all purposes of this Agreement, during
         that portion of the Employment Period prior to Final Regulatory Action,
         the Executive may not exercise his rights to terminate his employment
         under this Agreement for "Good Reason." The Executive may only
         terminate his employment under this Agreement if he is "Constructively
         Terminated" by the Company. Moreover, except to the extent expressly
         set forth in the definition of "Constructive Termination," the
         Executive shall have no remedy for any breach by the Company of the
         provisions of Section 4; PROVIDED, HOWEVER, that any failure of the
         Company to comply in any material respect with the provisions of
         Section 4 shall create a rebuttable presumption that a Constructive
         Termination has occurred.

         For purposes of this Agreement, a "Constructive Termination" shall
mean:

                           (i) substantial diminution of the Executive's duties
                  or responsibilities as contemplated by Section 4(a) of this
                  Agreement, 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;

                           (ii) a reduction in the Executive's Annual Base
                  Salary;

                           (iii) a failure by the Company to comply with Section
                  4(b)(ii) regarding the Annual Bonus;

                           (iv) a reduction in the Executive's other incentive
                  opportunities, benefits or perquisites described in Section
                  4(b) unless the Executive's peer executives suffer a
                  comparable reduction;

                           (v) the Company's requiring the Executive to be based
                  at any office or location other than as provided in Section
                  4(a)(i)(B) hereof; or

                                      -9-
<PAGE>

                           (vi) any purported termination by the Company of the
                  Executive's employment otherwise than for Cause.

     During that portion of the Employment Period after Final Regulatory Action,
     the Executive may terminate his Employment under this Agreement for "Good
     Reason."

                  e. NOTICE OF TERMINATION. Any termination by the Company for
         Cause, or by the Executive for Good Reason or Constructive Termination,
         shall be communicated by Notice of Termination to the other party
         hereto given in accordance with Section 13(b) of this Agreement. 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 receipt of such notice, specifies the
         termination date (which date shall be not more than thirty days after
         the giving of such notice). The failure by the Executive or the Company
         to set forth in the Notice of Termination any fact or circumstance
         which contributes to a showing of Good Reason, Cause or Constructive
         Termination 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.

                  f. 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 or Constructive Termination, the date of
         receipt 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 and (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.

                  6. OBLIGATIONS OF THE COMPANY UPON TERMINATION.

                  a. GOOD REASON OR CONSTRUCTIVE TERMINATION: 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 employment for Good
         Reason or Constructive Termination, then the Company shall provide the
         following payments and benefits:

                           (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, (2)

                                      -10-
<PAGE>

                           the product of (x) the higher of (I) the Recent
                           Annual Bonus and (II) the Executive's most recently
                           established target Annual Bonus (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) (such higher amount
                           being referred to as the "Highest Annual Bonus") and
                           (y) a fraction, the numerator of which is the number
                           of days in the current fiscal year through the Date
                           of Termination, and the denominator of which is 365
                           and (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)
                           shall be hereinafter referred to as the "Accrued
                           Obligations"); and

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

                                      C. an amount equal to the excess of (a)
                           the actuarial equivalent of the benefit under the
                           Company's qualified defined benefit retirement plan
                           (the "Retirement Plan") (utilizing actuarial
                           assumptions no less favorable to the Executive than
                           those in effect under the Company's Retirement Plan
                           immediately prior to the Effective Date), and any
                           excess or supplemental retirement plan in which the
                           Executive participates (together, the "SERP") which
                           the Executive would receive if the Executive's
                           employment continued for three years after the Date
                           of Termination assuming for this purpose that all
                           accrued benefits are fully vested, and, assuming that
                           the Executive's compensation in each of the three
                           years is that required by Section 4(b)(i) and Section
                           4(b)(ii), over (b) the actuarial equivalent of the
                           Executive's actual benefit (paid or payable), if any,
                           under the Retirement Plan and the SERP as of the Date
                           of Termination;

                  PROVIDED, that if the Executive shall have previously so
                  elected in accordance with any nonqualified deferred
                  compensation plan of the Company in which the Executive is
                  eligible to participate, some or all of such cash payments may
                  be deferred under such plan.

                           (ii) for three years after the Executive's Date of
                  Termination, or such longer period as may be provided by the
                  terms of the appropriate plan, program, practice or policy,
                  the Company shall continue 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 plans,
                  programs, practices and policies described in Section 4(b)(iv)
                  of this Agreement if the Executive's employment had not been
                  terminated or, if more favorable to the Executive, as in
                  effect generally at any time thereafter with respect to other
                  peer executives of the Company and its affiliated companies
                  and their families; PROVIDED, HOWEVER, that if the Executive

                                      -11-
<PAGE>

                  becomes reemployed with another employer and is eligible to
                  receive medical or other welfare benefits under another
                  employer provided plan, the medical and other welfare benefits
                  described herein shall be secondary to those provided under
                  such other plan during such applicable period of eligibility;
                  and PROVIDED, FURTHER, that the period during which the
                  Executive and his family are eligible for health continuation
                  coverage under Section 4980B of the Code by reason of the
                  Executive's termination of employment shall be determined in
                  accordance with the same principles as are applicable under
                  the Company's general severance plan or policy. For purposes
                  of determining eligibility (but not the time of commencement
                  of benefits) of the Executive for retiree benefits pursuant to
                  such plans, practices, programs and policies, the Executive
                  shall be considered to have remained employed until three
                  years after the Date of Termination and to have retired on the
                  last day of such period.

                           (iii) The Company shall, at its sole expense as
                  incurred, provide the Executive with outplacement services the
                  scope and provider of which shall be selected by the Executive
                  in his sole discretion, but at a cost not in excess of
                  $20,000.
                           (iv) The provisions of this Section 6.a.(iv) shall
                  apply with respect to each option to acquire stock of the
                  Company and/or its affiliated companies, whether vested or
                  unvested, that has been granted to the Executive before the
                  Effective Date, remains outstanding immediately before the
                  Date of Termination, and terminates, expires, or is forfeited
                  without having been exercised (an "Unexercised Option");
                  PROVIDED, that this Section 6.a.(iv) shall not be applicable
                  if the Change of Control transaction referred to in Section
                  1.a. hereof is intended to be eligible for
                  pooling-of-interests accounting under APB No. 16, and would,
                  but for this Section 6.a.(iv), be eligible for such accounting
                  treatment. The Company shall pay to the Executive, upon the
                  termination, expiration or forfeiture of an Unexercised
                  Option, a cash lump sum equal to the value of such Unexercised
                  Option, determined as of the day before the Date of
                  Termination, using the Black-Scholes method of valuation,
                  determined based upon the terms and conditions that would have
                  governed such Unexercised Option if the Executive's employment
                  had not terminated.

                           (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, including earned but
                  unpaid stock and similar compensation (such other amounts and
                  benefits shall be hereinafter referred to as the "Other
                  Benefits").

                  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 to the
         Executive's legal representatives under this

                                      -12-
<PAGE>

         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 or, if more favorable to the Executive's
         estate and/or the Executive's beneficiaries, as in effect on the date
         of the Executive's death with respect to other peer executives of the
         Company and its affiliated companies and their beneficiaries.

                  c. DISABILITY. If the Executive's employment is terminated by
         reason of the Executive's Disability during the Employment Period, this
         Agreement shall terminate without further obligations to the Executive,
         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 executives and/or their families in accordance
         with such plans, programs, practices and policies relating to
         disability, if any, as in effect generally with respect to other peer
         executives and their families at any time during the 120-day period
         immediately preceding the Effective Date or, if more favorable to the
         Executive and/or the Executive's family, as in effect at any time
         thereafter generally with respect to other peer executives of the
         Company and its affiliated companies and their families.

                  d. CAUSE; OTHER THAN FOR GOOD REASON OR CONSTRUCTIVE
         TERMINATION. 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 employment
         during the Employment Period, excluding a termination for Good Reason
         or Constructive Termination, this Agreement shall terminate without
         further obligations to the Executive, other than for 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.

                   7. NON-EXCLUSIVITY OF RIGHTS. Nothing in this Agreement shall
prevent or limit the Executive's continuing or future participation in any plan,
program, policy or practice

                                      -13-
<PAGE>

provided by the Company or any of its affiliated companies for which the
Executive may qualify, nor, subject to Section 13(f), 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;
PROVIDED, that any amounts payable to the Executive pursuant to Section 6(a)
hereof shall not be eligible for deferral by the Executive. 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.

                   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 full extent permitted by law, all
legal fees and expenses which the Executive may reasonably incur as a result of
any contest regardless of the outcome thereof by the Company, the Executive or
others of the validity or enforceability of, or liability under, any provision
of this Agreement or any guarantee of performance thereof (including as a result
of any contest by the Executive about the amount of any payment pursuant to this
Agreement), plus in each case interest on any delayed payment, at the applicable
Federal rate provided for in Section 7872(f)(2)(A) of the Internal Revenue Code
of 1986, as amended (the "Code"); provided, that the Executive shall repay to
the Company all such amounts paid by the Company, and shall not be entitled to
any further payments hereunder, in connection with a contest originated by the
Executive if the trier of fact in such contest determines that the Executive's
claim was not brought in good faith or was frivolous.

                  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) (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

                                      -14-
<PAGE>

         Tax imposed upon the Payments. Notwithstanding the foregoing provisions
         of this Section 9(a), if it shall be determined that the Executive is
         entitled to a Gross-Up Payment, but that the Executive, after taking
         into account the Payments and the Gross-Up Payment, would not receive a
         net after-tax benefit of at least $50,000 (taking into account both
         income taxes and any Excise Tax) as compared to the net after-tax
         proceeds to the Executive resulting from an elimination of the Gross-Up
         Payment and a reduction of the Payments, in the aggregate, to an amount
         (the "Reduced Amount") such that the receipt of Payments would not give
         rise to any Excise Tax, then no Gross-Up Payment shall be made to the
         Executive and the Payments, in the aggregate, shall be reduced to the
         Reduced Amount.

                  b. Subject to the provisions of Section 9(c), 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 or such other certified
         public accounting firm as may be designated by the Executive (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 ("Underpayment"), consistent with the
         calculations required to be made hereunder. In the event that the
         Company exhausts its remedies pursuant to Section 9(c) and the
         Executive thereafter is required to make a payment of any Excise Tax,
         the Accounting Firm shall determine the amount of the Underpayment that
         has occurred and any such Underpayment shall be promptly paid by the
         Company to or for the benefit of the Executive.

                  c. The Executive shall notify the Company in writing of any
         claim by the Internal Revenue Service that, if successful, would
         require the payment by the Company of the Gross-Up Payment. Such
         notification shall be given as soon as practicable but no later than
         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 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

                                      -15-
<PAGE>

         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 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; and further
         provided that any extension of the statute of limitations relating to
         payment of taxes for the taxable year of the Executive with respect to
         which such contested amount is claimed to be due is limited solely to
         such contested amount. Furthermore, the Company's control of the
         contest shall be limited to issues with respect to which 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), the Executive becomes
         entitled to receive any refund with respect to such claim, the
         Executive shall (subject to the Company's complying

                                      -16-
<PAGE>

         with the requirements of Section 9(c)) promptly pay to the Company the
         amount of such refund (together with any interest paid or credited
         thereon after taxes applicable thereto). If, after the receipt by the
         Executive of an amount advanced by the Company pursuant to Section
         9(c), a determination is made that the Executive shall not be entitled
         to any refund with respect to such claim and the Company does not
         notify the Executive in writing of its intent to contest such denial of
         refund prior to the expiration of 30 days after such determination,
         then such advance shall be forgiven and shall not be required to be
         repaid and the amount of such advance shall offset, to the extent
         thereof, the amount of Gross-Up Payment required to be paid.

                   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.

                   11. ARBITRATION. The Company and the Executive agree that all
disputes, controversies and claims arising between them concerning the subject
matter of this Agreement, other than Sections 9 and 10 hereof, shall be settled
by arbitration in accordance with the rules and procedures of the American
Arbitration Association of Virginia in Richmond, Virginia in accordance with the
laws of the Commonwealth of Virginia. If the parties to any such dispute,
controversy or claim are unable to agree upon an arbitrator or arbitrators, then
three arbitrators or two arbitrators and one umpire shall be appointed by the
American Arbitration Association of Virginia, as it may determine, in accordance
with the rules and practices, then obtaining, of such association. If the
parties to any such dispute, controversy or claim shall agree upon two
arbitrators, but such parties or such arbitrators shall be unable to agree upon
a third arbitrator or upon an umpire, then such third arbitrator or umpire shall
be appointed as aforesaid by the said American Arbitration Association. Any
arbitration pursuant to this Section shall be final and binding on the parties,
and judgment upon the award rendered in any such arbitration may be entered in
any court, state or federal, having jurisdiction. The parties expressly
acknowledge that they are waiving their rights to seek remedies in court,
including without limitation the right (if any) to a jury trial.

                  12. 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.

                                      -17-
<PAGE>

                  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,
         "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.

                  13. MISCELLANEOUS.

                  a. This Agreement shall be governed by and construed in
         accordance with the laws of the Commonwealth of Virginia, without
         reference to principles of conflict of laws. The captions of this
         Agreement are not part of the provisions hereof and shall have no force
         or effect. This Agreement may not be amended or modified otherwise than
         by a written agreement executed by the parties hereto or their
         respective successors and legal representatives; PROVIDED, that the
         Company may unilaterally amend Exhibit A hereto from time to time, but
         only to the extent it determines, upon the advice of counsel, to be
         necessary to comply with the legal requirements to obtain a valid
         release.

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

                  IF TO THE EXECUTIVE:

                  Tony L. Ingram
                  [ADDRESS]

                  IF TO THE COMPANY:

                  CSX Corporation
                  500 Water Street
                  Jacksonville, FL 32202
                  Attention: Senior Vice President -
                             Human Resources and Labor Relations

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

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

                                      -18-
<PAGE>

                  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 assert any right the Executive or the Company may have hereunder,
         including, without limitation, the right of the Executive to terminate
         employment for Good Reason or Constructive Termination pursuant to
         Section 5 of this Agreement, 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, prior to the
         Effective Date, the Executive's employment may be terminated by either
         the Executive or the Company at any time prior to the Effective Date,
         in which case the Executive shall have no further rights under this
         Agreement. From and after the Effective Date this Agreement shall
         supersede any other agreement between the parties with respect to the
         subject matter hereof.

                   14. WAIVER AND RELEASE WITH RESPECT TO PRIOR AGREEMENTS. In
exchange for the compensation and benefits promised herein, the Executive hereby
waives and releases the Company and its affiliates from any and all claims he
ever had or may have arising from or in connection with the letter agreement
dated March 15, 2004, as the same may be amended to the date hereof ("Prior
Agreement"), between the Company and the Executive and the Executive
acknowledges that this Agreement supersedes and renders null and void in all
respects any such Prior Agreement.

                   15. OTHER AGREEMENTS UNAFFECTED. Except for the Prior
Agreement, or as otherwise expressly provided herein, this Agreement shall have
no effect on any other agreement between the Executive and the Company or any of
its affiliates, and any such agreement is ratified and confirmed in all respects
and shall remain in full force and effect in accordance with its terms.

                                      -19-
<PAGE>

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

                                       /s/ Tony L. Ingram
                                       -----------------------------------------
                                       Tony L. Ingram

                                       CSX CORPORATION

                                        By /s/
                                           -------------------------------------

                                      -20-

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