Document:

[EXHIBIT 10.3]

                                                        EXECUTION COPY

                    EXECUTIVE EMPLOYMENT AGREEMENT
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       THIS EXECUTIVE EMPLOYMENT AGREEMENT (this "Agreement") made as of
the 1st day of July 2007 by and between SIX DIAMOND RESORTS
INTERNATIONAL, S.A., a Panamanian corporation (the "Company"), and
FRANK DELAPE (the "Executive").

W I T N E S S E T H :

	WHEREAS, the Company desires to employ Executive as the Chairman
of its Board of Directors (the "Board"); and
                                -----

       WHEREAS, Executive desires to accept such employment and serve
the Company as its Chairman of the Board, all on and subject to the
terms and conditions hereinafter set forth;

       NOW, THEREFORE, in consideration of the mutual covenants herein
and other good and valuable consideration, the receipt and sufficiency
of which are hereby unconditionally acknowledged, the parties hereto
do hereby agree as follows:

       1.    Term.  This Agreement shall commence as of July 1, 2007 and
             ----
continue in effect through and including December 31, 2010 (the
"Term"), subject to earlier termination as hereinafter provided in
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Section 6 hereof.  This Agreement may be renewed for an additional one
(1) year period, upon and subject to the mutual written agreement of
Executive and the Company entered into at least thirty (30) days prior
to December 31, 2010.  Any such renewal period shall also, for
purposes of this Agreement, be considered part of the "Term".
                                                       ----

        2.   Employment.
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             (a)   The Company hereby employs the Executive as its most
senior executive officer with the title of Chairman of the Board (the
"Chairman"), and Executive hereby accepts such employment, upon and
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subject to the terms and conditions set forth in this Agreement. The
Company will, at all times during the Term hereof, cause Executive to
be elected as a member of its Board.  Executive acknowledges that the
Company plans to hereafter merge with and into a publicly owned
company ("Pubco") and, subject to and after the effectiveness of any
          -----
such merger (the "Merger"), references herein to the Company in all
                  ------
instances and with respect to all of the provisions of this Agreement
shall be to Pubco, unless and to the extent expressly provided
otherwise.  Following any such Merger, Executive will also serve as
the Chairman of the Board of Directors of Six Diamond Resorts
International, S.A., a then wholly owned subsidiary of Pubco (and the
Company shall, at all times during the Term hereof, cause Pubco to
elect Executive as a member of such subsidiary's Board of Directors).

             (b)   Executive will, during the Term of this Agreement,
have all of the duties, powers and authority, and will perform all
services customarily associated with, the position of Chairman,
including those duties and responsibilities prescribed for such office
in the By-Laws of the Company and such additional duties and
responsibilities consistent with such position as may from time to
time be assigned to Executive by the Board and agreed to by Executive,
in writing.  Executive agrees to perform such services and discharge
such responsibilities during the Term hereof in accordance with the
terms of this Agreement.

             (c)   The Executive shall be required to devote such portion
of his working time to the business and affairs of the Company (other
than during vacations and periods of illness or incapacity), as he
shall determine is reasonably necessary to perform his services and
discharge his responsibilities under this Agreement. The Company
understands and acknowledges that the Executive has substantial other
business and personal investment interests and executive positions and
directorships, in addition to his position hereunder as Chairman.  In
order to fulfill his obligations under this Agreement, the Company
acknowledges and agrees that Executive is not expected to devote his
full or a material portion of his business time and attention to the
Company, nor is he required to provide such services from the
Company's principal executive offices.  The Company acknowledges that
Executive resides in Houston, Texas and may render his services
hereunder from Texas (or any other location selected by Executive) and
will not be required to relocate his residence in order to perform his
services hereunder.  The Executive anticipates that, given the
Company's development stage, it is expected that he will devote more
of his time to the performance of his services hereunder during the
first year of the Term hereof than he will in subsequent years.  For
the avoidance of doubt, nothing in this Agreement shall preclude the
Executive from devoting time required for, among other things:  (i)
his service as a director or officer of any other organization or
entity that does not result in a breach of Section 8 hereof; (ii)
delivering lectures or fulfilling speaking engagements; (iii) engaging
in charitable and community activities; or (iv) managing his personal
and business investments and pursuing his personal and other business
investment opportunities.

       3.    Compensation.  In consideration of the performance by
             ------------
Executive of his services as Chairman during the Term hereof, the
Company shall pay Executive the following compensation:

             (a)   Base Salary.  The Company shall pay Executive a fixed
                   -----------
salary (the "Base Salary") at a rate of no less than Three Hundred
Fifty Thousand Dollars ($350,000) during each year of the Term hereof.
Notwithstanding the foregoing, the Board may periodically review the
Executive's Base Salary and may determine to increase the Base Salary
on such terms as the Board may prescribe from time to time during the
Term hereof. The Base Salary will be payable in accordance with the
customary payroll practices of the Company.

             (b)   Bonus.  Executive will be entitled to receive an
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annual bonus (the "Annual Bonus") in each calendar year during the
                   ------------
Term hereof, if and to the extent determined by the Board or the
Compensation Committee of the Board.  The targeted amount of the
Annual Bonus shall be seventy-five percent (75%) of the Executive's
then-current Base Salary.

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             (c)   Withholding and Employment Taxes.  Payment of all
                   --------------------------------
compensation hereunder shall be subject to such withholding and other
employment taxes as may be required with respect to the compensation
paid to Executive.

       4.    Executive Benefits.
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             (a)   General.  The Executive shall be entitled to
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participate in all such benefit and other compensatory and non-
compensatory fringe benefit plans or programs that officers and
executives of the Company and its subsidiaries are permitted to
participate in, including disability, health and life insurance, stock
option, professional liability, pension, and Section 401(k) or other
retirement plans, whether now existing or subsequently established
from time to time by the Board, subject to the rules and regulations
applicable thereto.  If, for any reason as a result of the Executive's
non full-time status, he is not be permitted to participate in any
such plan or program pursuant to the eligibility requirements thereof,
the Company will promptly advise the Executive in writing of such fact
and the reasons therefor.  In such event, the Company will provide
(and/or cause its subsidiaries to provide) an alternate or standalone
plan or other arrangement with the same or substantially similar
benefits to Executive, at no cost to Executive.  The Company agrees
that nothing contained in this Agreement is intended to, or shall be
deemed to be granted to Executive in lieu of, or as a limitation upon,
any rights and privileges to which Executive may otherwise be entitled
as an executive employee of the Company under any employment benefit
plan or program of the Company or any subsidiary thereof, it being
understood that Executive shall have the same rights and privileges to
participate in such Company (and subsidiary) employee benefit plans
and programs as any officer or executive employee of the Company or
any subsidiary thereof.

             (b)   Stock Option.  As an inducement to the Executive
                   ------------
entering into this Agreement, the Company will, contemporaneously with
the execution of this Agreement, issue to Executive a qualified stock
option  (the "Option") to purchase up to 1,200,000 shares of the
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Company's common stock (the "Option Shares") at an exercise price of
                             -------------
$2.00 per share.  The Option Shares will vest as follows:

                   (i)     400,000 Option Shares on July 1, 2008;

                   (ii)    400,000 Option Shares on July 1, 2009; and

                   (iii)   400,000 Option Shares on July 1, 2010.
Notwithstanding the foregoing, or any other provision in this
Agreement to the contrary, upon a Change of Control (hereinafter
defined) or in the event that this Agreement is terminated pursuant to
Sections 6(a)(i), 6(a)(ii), 6(b)(i), 6(b)(ii) or 6(b)(iii) hereof, all
unvested Option Shares shall immediately vest and become exercisable
in full. The term of the Option will be ten (10) years from the date
hereof;

                   (iv)    For purposes of this Agreement, a "Change
                                                              ------
in Control" shall mean and be deemed to have taken place:
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                           (A) the acquisition by any Person (i.e., an
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")) of "beneficial ownership" (within the meaning of Rule
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13d-3 promulgated under the Exchange Act) of twenty-five percent (25%)
or more of (I) the then-outstanding shares of common stock of the
Company (the "Outstanding Company Common Stock"), or (II) the combined
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voting power of the then-outstanding voting securities of the Company
which are entitled to vote in the election of members of the Board
(the "Outstanding Company Voting Securities"), regardless of whether
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the acquisition of such shares is as a result of the issuance of
securities by the Company to such Person, or by such Person acquiring
such shares publicly or in private sales (or in any combination
thereof, or otherwise); provided, however, that the following shall
not constitute a Change in Control:  (a) any issuance or acquisition
of securities of the Company whereby Executive (including his
affiliates) by virtue of such issuance or acquisition reaches or
exceeds such twenty-five percent (25%) threshold, or (b) any
acquisition of such shares by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any entity controlled
by the Company, or (c) the issuance of such shares by virtue of the
Merger; or

                            (B)  if individuals who, as of the date of
the consummation of the Merger, constitute the Board (the "Incumbent
                                                           ---------
Board"), cease for any reason to constitute at least a majority of the
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Board, provided, however, that any individual becoming a member of the
Board subsequent to the date of the consummation of the Merger whose
election, or nomination, was approved by a vote of at least two-thirds
of the directors then constituting the Incumbent Board, shall be
considered as though such individual were a member of the Incumbent
Board; or

                            (C)  approval by the stockholders of the
Company of a cash tender offer, exchange offer, reorganization, merger
(other than the Merger), consolidation or other business combination
(collectively, a "Business Combination"), unless following such
                  --------------------
Business Combination the twenty-five percent (25%) threshold provided
for in Section 4(b)(iv)(A) has not been met or exceeded; or

                            (D)  (i) approval by the stockholders of the
Company of a liquidation or dissolution of the Company, or (ii) the
first to occur of (a) the sale or other disposition (in one
transaction or a series of related transactions) of all or
substantially all of the assets of the Company, or (b) the approval by
the stockholders of the Company of any such sale or disposition; or

                            (E)  any other event shall have occurred which
constitutes an effective change of control of the Company.

                (c)   Disability Insurance.  In the event of any Disability
                      --------------------
(hereinafter defined), the Company shall continue to pay Executive the
Base Salary, until such time, if any, that this Agreement is
terminated pursuant to the applicable provisions hereof.  The Company
shall provide the Executive with a disability insurance policy with
disability insurance benefits of at least eighty percent (80%) of
Executive's Base Salary.  In the event of the termination of this
Agreement as a result of a Disability, the Executive (and his family,
as applicable) shall continue to be covered by such insurance, at the

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Company's expense, for forty-eight (48) months after any such
termination.

                (d)   Life Insurance.  The Company shall, at its expense,
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provide the Executive with a life insurance policy upon the life of
Executive (the "Life Insurance Policy"), providing for death benefits
                ---------------------
in the amount of at least Ten Million Dollars ($10,000,000), the
proceeds of which will be payable to such beneficiary(ies) as shall be
designated by Executive from time to time during the Term hereof, or,
in the absence thereof, Executive's estate. In the event of the
termination of this Agreement pursuant to Sections 6(a)(ii), 6(b)(i),
6(b)(ii), 6(b)(iii), and/or 6(b)(iv) hereof, the Company will continue
to pay the premiums on such life insurance policy for forty-eight (48)
months following any such termination.  In addition, the Company may,
at its election at any time during the Term hereof, obtain and
maintain at its cost, a key man life insurance policy on Executive's
life, with the Company as the beneficiary thereof.  Executive will
cooperate with the Company and its insurer with respect to obtaining
and maintaining in force all such life insurance coverages.

                 (e)   Medical Insurance.  The Company shall, at its
                       -----------------
expense, provide the Executive with family plan medical insurance
coverage during the Term of this Agreement, and for a period of
twenty-four months thereafter (the "Termination Period"), such policy
to have customary co-payment and other provisions.

                 (f)   Vacation.  Executive shall be entitled
                       --------
to four (4) weeks of paid vacation and all holidays and sick days per
year as shall be determined from time to time by the Board.  Executive
may, to the extent that there are unused vacation days at the end of
any such year, transfer such unused vacation days to the following
year in the Term hereof.

                 (g)   Housing Allowance; Secretary.  The Company will
                       ----------------------------
provide the Executive with professional office space and a
secretary/administrative assistant designated by and acceptable to
Executive in Houston, Texas or, at the election of Executive,
reimburse him for the expenses incurred by Executive in obtaining and
maintaining such office space and engaging such
secretary/administrative assistant.  In addition, the Company will
provide Executive with housing or lodging while performing his
services in Panama on behalf of the Company (and/or any subsidiary
thereof) and with an office and a secretary/administrative assistant
designated by and acceptable to the Executive who shall perform his or
her services in the aforementioned office in Panama.  The Company
shall pay all costs relating to the employment of such
secretaries/administrative assistants, including salary, benefits,
bonus and office equipment and materials utilized by them and
Executive in connection therewith.

                 (h)   Equity Rights.  Executive will be entitled to
                       -------------
receive all of the same demand and piggy-back registration rights, anti-
dilution, tagalong, and other rights and privileges with respect to
the Option Shares and any other shares of the Company's (or any
subsidiary thereof) common stock now or hereafter owned by Executive,
that are granted by the Company or any subsidiary thereof to any other
officer, director or stockholder of the Company and/or any such
subsidiary, as applicable.

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                (i)   Automobile Allowance.  The Company shall also pay
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Executive on the first day of each month during the Term hereof, a car
allowance of $1,500 per month for Executive's automobile (as well as
payment of the costs of insurance, gas and oil, cleaning, tires and
the maintenance and repair thereof).

                (j)   Registration Rights.
                      -------------------

                      (aa)  Piggy-Back Registration.
                            -----------------------

                            (A)  If, at any time during the Term hereof,
the Company proposes to register any of its securities under the Act
(other than in connection with an initial public offering, or pursuant
to a registration statement on Form S-8 or any successor form), it
will give notice to Executive of its intention to do so, by registered
or certified mail, return receipt requested, at least thirty (30)
business days prior to the filing of each such registration statement.
If Executive notifies the Company within ten (10) business days after
receipt of any such notice of his desire to include any or all of the
Registrable Securities in such registration statement, the Company
shall afford Executive the opportunity to have any or all of the
Registrable Securities included in and registered under such
registration statement, all at the Company's sole cost and expense,
except for the fees of any counsel retained by Executive in connection
therewith and any transfer taxes or underwriting discounts or
commissions applicable to the Registrable Securities sold by Executive
pursuant thereto. Notwithstanding the foregoing, if in the written
opinion of the Company's underwriter in connection with an
underwritten public offering, the inclusion of all, or any portion of
the Registrable Securities requested to be so registered by Executive,
when added to the securities being registered by the Company (or any
selling shareholder), will exceed the maximum amount of the Company's
securities which the underwriter believes can be marketed (x) at a
price reasonably related to their then current market value, or (y)
without otherwise materially adversely affecting the offering, then
the Company may exclude from such offering all, or any portion of the
Registrable Securities requested by Executive to be registered.

                            (B)  If securities proposed to be offered for
sale pursuant to such registration statement are securities owned by
other security holders of the Company and the total number of
Registrable Securities to be offered by Executive and such other
selling security holders are required to be reduced pursuant to a
written request from the underwriter (which request shall be made only
for the reasons set forth in subsection (A) above) the aggregate
number of Registrable Securities to be included by the Company for
Executive in such registration statement shall equal the number of
shares which bears the same ratio to the maximum number of securities
that the underwriter believes may be included for all the selling
security holders (including Executive) as the original number of
Registrable Securities proposed to be included therein by Executive
bears to the total original number of securities proposed to be
included therein by Executive and the other selling security holders.

                            (C)  If any Registrable Securities requested
by Executive to be included in a registration statement under this
subsection are not so included because of the operation of the
provision of subsection (B) above, then Executive shall have the right

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to require the Company, at the Company's sole cost and expense, to
prepare and file one or more registration statements under the Act
covering such Registrable Securities, provided that if the underwriter
so requests, such Registrable Securities shall not be sold until the
expiration of one-hundred-twenty (120) days from the closing date of
the offering that gives rise to the "piggy-back" registration rights
that are the subject of this Section 4(j)(aa).

                            (D)  Notwithstanding the provisions of this
Section, the Company shall have the right at any time after it shall
have given written notice pursuant to this Section 4(j)(aa)
(irrespective of whether a written request for inclusion of any such
securities shall have been made by Executive) to elect not to file any
such proposed registration statement, or to withdraw the same after
the filing but prior to the effective date thereof.

                        (bb)  Effectiveness.  The Company will use its
                              -------------
best efforts to cause any such registration statement(s) covering all
or any portion of the Registrable Securities to become effective as
promptly as possible and, if any stop order shall be issued by the
Securities and Exchange Commission (the "Commission") in connection
therewith, the Company will use its best efforts to obtain the removal
of such order.  Executive agrees to cooperate in all respects with the
Company in effectuating the foregoing.

                        (cc)  Blue Sky.  While any registration
                              --------
statement covering all or any portion of the Registrable Securities is
effective, the Company will take all necessary action which may be
required in qualifying or registering the Registrable Securities for
offering and sale under the Blue Sky laws of such number of states as
are reasonably requested by Executive, provided that the Company shall
not be obligated to qualify to do business as a foreign corporation
under the laws of any such jurisdiction.

                        (dd)  Continuation. The Company shall be required
                              ------------
to maintain the effectiveness of any registration statement registering
Registrable Securities under this Section 4(j) until the earlier of
(i) the eligibility of the Registrable Securities for public sale
under Rule 144(k) under the Act, or (ii) the public sale of all of the
Registrable Securities.

                        (ee)  Resales. The giving of any notice by
                              -------
Executive under this Section 4(j) shall not impose upon Executive any
obligation to sell any Registrable Securities.

                        (ff)  Current Filings. The Company agrees that
                              ---------------
until all the Registrable Securities have been sold under a
registration statement pursuant to this Section 4(j) or pursuant to
Rule 144 under the Act, it will keep current in filing all materials
required to be filed with the Commission in order to permit Executive
to sell the same under Rule 144.

                        (gg)  Cooperation. Executive shall provide the
                              -----------
Company with all such information necessary for the compliance by the
Company with its obligations under this Section 4(j), as shall from
time to time be reasonably requested by the Company.

       5.    Business Expenses.  The Company shall pay or reimburse the
             -----------------
Executive for all travel, business, entertainment and other expenses
incurred by or necessary for the Executive to perform his services

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<PAGE>

under this Agreement, including reimbursement for attending out-of-
town meetings of the Board, in accordance with such policies and
procedures as the Company may from time to time establish for its
senior officers and executives and subject to the Company's normal
requirements with respect to the documentation of such expenses.
Further, the Company will reimburse Executive for all office expenses
incurred by Executive for maintaining his office and for otherwise
performing his services hereunder, including, without limitation,
reimbursement for all office supplies and equipment, telephone charges
(cellular or otherwise), equipment for text messaging, paging,
computing, Internet connectivity and use of wireless communications
devices (including monthly service charges, equipment purchases and
maintenance).  The Company will reimburse Executive for all costs
associated with his computer equipment and peripherals including both
laptop and desktop computers, including the repair and replacement of
such equipment and for all private club membership fees and costs.
Due to limited flight schedules and remote destinations in Panama or
other locations that Executive will be required to travel to on behalf
of the Company, the Company will provide Executive with an allowance
of $1,800 per flight hour (plus fuel and related expenses) to the
extent Executive is required to avail himself of private or other non-
commercial air travel service, and to the extent any such travel
expenses are related to the performance of Executive's services
hereunder.

       6.    Termination of Agreement.  Notwithstanding any other
             ------------------------
provision of this Agreement, this Agreement may be terminated as
follows and with such other requirements as are set forth below:

              (a)   By the Company.  Notwithstanding the provisions of
                    --------------
Section 1 hereof, the Company may terminate this Agreement upon the
occurrence of any of the following events:

                    (i)    The death of Executive; or

                    (ii)   the Disability of Executive.  For purposes of
this Agreement, "Disability" shall mean the inability of Executive, in
                 ----------
the reasonable judgment of a physician selected by the Company and
Executive, to perform a material portion of Executive's services
because of any physical or mental disability or incapacity, where such
disability shall exist for an aggregate period of more than one-
hundred-fifty (150) days in any year during the Term hereof or for any
period of one hundred twenty (120) consecutive days; or

                    (iii)  following the delivery of notice to Executive
by the Company of any material breach or default by Executive of any of
Executive's representations, warranties, obligations or covenants
under this Agreement, provided that, with respect to any such breach
or default, any such breach or default is not cured within thirty (30)
days after receipt of such notice from the Company (or any such
additional period of time that may be reasonably required to cure any
such breach or default, provided that, Executive diligently pursues
such cure).  Any such notice shall be shall be communicated by
delivery to Executive of a copy of a resolution duly adopted by the
affirmative vote of not less than a majority of the entire membership
of the Board at a meeting of the Board called and held for such
purpose (after reasonable advance written notice to Executive and a
reasonable opportunity for Executive, together with Executive's
counsel, to be heard before the Board prior to such vote), stating

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that in the good faith opinion of the Board, an event constituting a
basis for termination of this Agreement in accordance with this clause
(a)(iii) has occurred and specifying the particulars thereof.
Executive must be advised within thirty (30) days of the occurrence of
any event under this clause (a)(iii) in order for the Company to
terminate this Agreement hereunder; or

                     (iv)   a final conviction of Executive for a felony
involving embezzlement, fraud or misappropriation of funds, in all of
such instances to the extent such crimes involve the Company or its
parent or subsidiaries.

                (b)   By Executive.  Notwithstanding the provisions of
                      ------------
Section 1 hereof, Executive may terminate this Agreement upon the
occurrence of any of the following events:

                      (i)   upon five (5) days notice from Executive in
the event of an assignment for the benefit of the Company's creditors
or a final adjudication of bankruptcy, insolvency, receivership, or any
such similar action against the Company; or

                      (ii)  following the delivery of notice to the
Company by Executive of any material breach or default by the Company
of any of its representations, warranties, obligations or covenants
under this Agreement, provided that, with respect to any such breach
or default, any such breach or default is not cured within thirty (30)
days after such notice from Executive (or within ten (10) days with
respect to any payment obligations of the Company); or

                      (iii) upon a Change of Control; or

                      (iv)  upon notice from Executive, without cause.

On the date of termination, all unvested options or similar rights of
any kind (including restricted stock) granted to Executive, whether
under this Agreement or otherwise, shall accelerate and immediately
vest and become exercisable (or, with respect to restricted stock,
owned in full) during the then remaining term of each relevant option
or other such similar rights. Finally, during the Termination Period
(or such longer period as provided elsewhere in this Agreement), the
Company shall continue the benefits for the Executive and his family
provided for under Section 4 at no cost to the Executive, as well as
the secretarial services and offices provided for elsewhere herein, as
if the Executive remained employed by the Company through the end of
the Termination Period.

                (c)   During any period in which Executive is obligated
not to compete with the Company pursuant to Section 8 hereof, Executive
(and his family, as applicable), shall continue to be covered by all
of the benefits provided under Section 4 hereof. This subsection (c)
shall not limit any greater rights granted to Executive under Section
4 hereof or elsewhere in this Agreement.  Such benefits shall be
provided to Executive at the Company's expense to the same extent as
if Executive were still employed by the Company during such periods.

        7.   Severance Payments. In the event of the expiration,
             ------------------
termination or non-renewal of this Agreement under the circumstances
set forth below, Executive shall be entitled to receive from the

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Company, in addition to any amounts and other compensation provided
for  elsewhere in this Agreement, severance compensation in the
following amounts:

              (a)   Life Insurance Benefits. In the event of any
                    -----------------------
termination of this Agreement under Section 6(a)(i), Executive's
beneficiaries or estate, as applicable, shall be entitled to receive
an amount equal to the face value of the Life Insurance Policy to be
maintained by the Company pursuant to Section 4(d) hereof.  In the
event the Company fails to maintain such insurance, the Company shall
pay an amount equal to the face value of such policy to Executive's
beneficiaries or estate, as applicable, upon any such termination of
this Agreement.

              (b)   Breach by the Company or Change of Control. In the
                    ------------------------------------------
event of any termination of this Agreement under Sections 6(b)(i),
6(b)(ii) or 6(b)(iii) hereof, Executive shall receive an amount equal
to the product of (i) one-twelfth (1/12th) of the greater of the
aggregate amount of the Base Salary and Annual Bonus paid or payable
to Executive with respect to the year prior to any such termination,
or the aggregate amount of the Base Salary and Annual Bonus paid or
payable to Executive in the year of any such termination times (ii)
the number of months then remaining in the Term of this Agreement,
subject to a minimum payment in an amount equal to twenty-four (24)
months of the Base Salary and Annual Bonus calculated in accordance
with clause (i) herein, such amount to be paid to Executive in a lump
sum on the first day of the first month following any such
termination.

              (c)   Loans. In the event of the termination of this
                    -----
Agreement, for any reason, or upon the expiration of the Term hereof,
all loans, indebtedness and other amounts owed to Executive by the
Company shall, notwithstanding anything in this Agreement to the
contrary (or in any contrary provision of any promissory note or other
evidence of any such loan or indebtedness), become immediately due and
payable to Executive.

       8.   Non-Competition.  During the Term of this Agreement and for
            ---------------
a period of twelve (12) months thereafter (but only if during such
time, the Company has timely paid Executive, in full, all amounts due
to Executive under the applicable provisions of this Agreement and
continues to otherwise timely make all other payments and provide all
benefits payable or due to Executive under the applicable provisions
of this Agreement), Executive shall not, within a one hundred (100)
mile radius of any property owned and operated by the Company, own any
interest in, manage, control, participate in, consult with, render
services for a public company engaged in land acquisition and
development in Panama or own an interest in any land developed as a
five star or higher grade residential or hotel property (unless the
Board of Directors shall have authorized such activity and the Company
shall have consented thereto in writing).  Notwithstanding the
foregoing, (a) investments in less than ten percent (10%) of the
outstanding securities of any entity subject to the reporting
requirements of Section 13 or Section 15(d) of the Securities Exchange
Act of 1934, as amended, or (b) personal real estate investments in
any area where the Company conducts its business shall not be
prohibited by this Section 8, and, furthermore, (c) Executive shall
not have any obligations under this Section 8 if the Company fails to
timely pay to Executive any amounts required to be paid, or benefits
required to be provided, to Executive pursuant to this Agreement upon
the expiration or termination of this Agreement or during the period

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of this covenant or if this Agreement is terminated by Executive
(other than a termination pursuant to Section 6(b)(iv) hereof).

       9.   Confidential Information.  The parties hereto recognize
            ------------------------
that it is important for the Company to preserve its specialized
knowledge, trade secrets, and confidential information and that the
strength and goodwill of the Company is derived from such specialized
knowledge, trade secrets, and confidential information generated from
experience obtained from the activities undertaken by the Company.
The unauthorized disclosure of such information and knowledge to
competitors would be beneficial to them and detrimental to the
Company, as would the disclosure of information concerning the
marketing practices, pricing practices, costs, profit margins, design
specifications, analytical techniques, and similar items of the
Company.  Executive acknowledges that the specific proprietary
information and non-published data obtained by him while employed by
the Company concerning the business or affairs of the Company are the
property of the Company.  By reason of his being an officer of the
Company, the Executive has, or will have access to, and has obtained
or will obtain trade secrets and confidential information about the
Company's operations.   Therefore, Executive hereby agrees as follows:

            (a)   During the Term of this Agreement and for three (3)
years thereafter, the Executive will not use, disclose to others, or
publish or otherwise make available to any other party (other than in
connection with the performance of his services hereunder) any non-
publicly disclosed material confidential business information about
the affairs of the Company, including but not limited to, material
confidential information concerning the Company's properties,
construction costs, pricing and marketing strategies, property
acquisitions, plans and strategies, customer information, and other
material confidential information acquired by him in the course of
performing his services for the Company during the Term hereof.
Executive agrees, on demand of the Company at any time after the
termination or expiration of this Agreement,  to deliver to the
Company all books, records, papers, documents and reports then in
Executive's possession (containing any such confidential information;
provided, however, the Executive shall be permitted to retain one
archival copy for himself, including for use in any proceeding
involving his employment with the Company; and provided, further, that
no information shall be considered confidential information of the
Company or otherwise subject to this Section 9 if such information (i)
is known to the Executive prior to the time of disclosure to him by
the Company, (ii) has become publicly known and made generally
available, (iii) has been received by the Executive from a third party
not bound by any confidential agreement with the Company, (iv) is
independently developed by the Executive without use of such
confidential information, (v) is required to be disclosed by law or
court order or otherwise requires disclosure in a legal proceeding, or
(vi) is not likely to cause material damage to the Company.

            (b)   During the Term hereof and for eighteen (18) months
thereafter, (i) the Executive will not induce or subject any employee
of the Company to leave the Company's employ, (ii) the Executive will
not materially interfere to the detriment of the Company, with the
relationship between the Company and any employee thereof and (iii)
the Executive will not induce any customer, supplier, licensee,
licensor or other vendor of the Company to cease doing business with
the Company.  The foregoing covenant shall not extend to employees of

                                 -11-

<PAGE>

the Company who respond to general inquiries or advertisements (e.g.,
classified ads, internet job postings or the like) or other persons
who approach the Executive independently about a possible business
relationship with the Executive without him having caused such
approach.

       10.  Indemnification.
            ---------------

            (a)   General.  Executive will be entitled to all of the
                  -------
rights of indemnification granted by the Company to its officers and
directors during the Term hereof (including all indemnification rights
and privileges pursuant to the Company's Certificate of Incorporation,
By-Laws and any professional liability insurance policy obtained and
maintained by the Company during the Term hereof).

            (b)   Indemnification Rights.  It is the intent of this
                  ----------------------
Section 10 to secure for Executive indemnification rights that are as
favorable as may be permitted by applicable law and public policy.
Without limiting the provisions of subsection (a) hereof, the Company
shall indemnify and fully defend, save and hold Executive harmless
from any damage, liability, loss, cost or expense (including all
reasonable attorneys' fees and expenses of counsel) (collectively, the
"Losses") arising out of or resulting from:

                   (i)   any untruth or inaccuracy in any representation
or warranty of the Company, or the breach of any representation or
warranty of the Company, contained in this Agreement; or

                   (ii)  any failure of the Company to perform or
observe any term, provision, covenant or obligation contained in this
Agreement; or

                   (iii) any action or proceeding commenced against
Executive based upon or arising out of the performance of Executive's
services under this Agreement, or services otherwise provided to the
Company and/or its affiliates, including, without limitation, any
services heretofore or hereafter rendered by the Executive in seeking
to locate property acquisitions for the Company.

            (c)    Costs and Expenses.  All costs and expenses incurred
                   ------------------
by Executive in defense of any litigation, including attorneys' fees
and expenses, shall be paid from time to time by the Company in
advance of the final disposition of such litigation promptly upon
receipt by the Company of (i) a written request from Executive for
payment given from time to time, (ii) appropriate documentation
evidencing the incurrence, amount and nature of the costs and expenses
for which payment is being sought, and (iii) if required under
applicable law an undertaking made by or on behalf of Executive to
repay the amounts so paid if it shall ultimately be determined that
Executive is not entitled to be indemnified by the Company under this
Agreement.

            (d)    Procedures.  If, with respect to a third party, an
                   ----------
event occurs or is alleged to have occurred and Executive asserts that
the Company has become obligated to provide indemnification to him
under this Section 10 (an "Indemnity Claim"), Executive (the
                           ---------------

                                 -12-

<PAGE>

"Indemnitee") shall give written notice to the Company (the
 ----------
"Indemnitor").  The failure to so notify Indemnitor shall not,
 ----------
however, release Indemnitor from any obligation or liability it may
have to Indemnitee under this Section except to the extent such
failure materially prejudices Indemnitor.  Indemnitor agrees to
defend, contest or otherwise protect Indemnitee against any Indemnity
Claim at Indemnitor's sole cost and expense.  Indemnitee shall have
the right, but not the obligation, to participate at the Company's
expense in the defense thereof by counsel of  Indemnitee's choice and
shall in any event cooperate with and assist Indemnitor to the extent
reasonably possible.  If Indemnitor fails to timely defend, contest or
otherwise protect against such Indemnity Claim, Indemnitee shall have
the right to do so, with counsel of his choice, including, without
limitation, the right to make any compromise or settlement thereof,
and the Indemnitee shall be entitled to recover the entire cost
thereof from Indemnitor, including, without limitation, attorneys'
fees, disbursements and all amounts paid as the result of such
Indemnity Claim. Indemnitor shall be bound by any determination made
as to such Indemnity Claim or any compromise or settlement effected by
the Indemnitee.  If Indemnitor assumes the defense of any Indemnity
Claim, (a) such will conclusively establish, for purposes of this
Agreement, that the claims made in that Indemnity Claim  are within
the scope of and subject to indemnification hereunder, (b) no
compromise or settlement of such claims may be effected by Indemnitor
without Indemnitee's written consent unless (i) there is no finding or
admission of any violation of federal, state, local, municipal,
foreign, international, multinational or other administrative order,
law, ordinance, principal of common law, regulation, statute or treaty
or any violation of the rights of any person and no effect on any
other claims that may be made against Indemnitee and (ii) the sole
relief provided is monetary damages that are paid in full by
Indemnitor; and (c) Indemnitee will have no liability with respect to
any compromise or settlement of such claims effected without his
written consent.  Notwithstanding anything to the contrary contained
in this Section 10, if Indemnitee settles or compromises any Indemnity
Claim without Indemnitor=s prior written consent, Indemnitor shall have
no obligation for indemnification under this Section 10.

            (e)    Non-Exclusion Remedy.  The provisions of this Section
                   --------------------
10 shall not be an exclusive remedy for the Executive and shall
survive the expiration or termination of this Agreement until the
expiration of all applicable statutes of limitation.

            (f)    Insurance.  The Company shall procure and maintain a
                   ---------
directors and officers' liability insurance policy covering Executive
in amounts and on terms  approved by Executive. Such insurance
coverage shall continue as to Executive even if he has ceased to be a
director, officer, employee or agent of the Company with respect to
acts or omissions which occurred prior to his cessation of employment
with the Company, for a period not less than the expiration of all
applicable statutes of limitations.  Notwithstanding the foregoing,
however, if the Company ceases to maintain a directors' and officers'
liability insurance policy covering Executive by reason of a Change of
Control, then Executive shall be entitled to coverage under any run-
off policy that would extend the period during which the Company or
Executive may give the insurers notice of a claim under the
termination provisions of the prior directors' and officers' liability
insurance policy.  The Company shall use its best efforts to obtain
such run-off policy to include an extension of the claims reporting
period through any applicable statutes of limitations.  The insurance

                                 -13-

<PAGE>

contemplated under this Section 10.5 shall inure to the benefit of
Executive's heirs, executors, personal representatives and
administrators.

       11.  Survival of Obligations.  Sections 4(c), 4(d), 4(e), 8,
            -----------------------
9(a), 9(b), 10(e) and 14(f) shall survive the termination or
expiration of this Agreement.

       12.  Representations and Warranties.  The Company and Executive
            ------------------------------
hereby represent and warrant to each other as follows:

            (a)  Binding Agreement.  All action on the part of the
                 -----------------
Company and Executive necessary for the authorization, execution,
delivery and performance of this Agreement and the consummation of the
transactions contemplated hereby, has been taken and this Agreement
constitutes a valid and legally binding obligation of the Company and
Executive, as applicable, enforceable in accordance with its terms,
except as the same may be limited by bankruptcy, insolvency,
reorganization, moratorium, or other laws affecting generally the
enforcement of creditors' rights and by general principles of equity.

            (b)   No Conflict.  The authorization, execution, delivery
                  -----------
and performance of this Agreement, and the consummation of the
transactions contemplated hereby, will not result in any violation or
be in conflict with or constitute, with or without the passage of time
and giving of notice, a breach or default under any provision of any
instrument, judgment, order, writ, decree or agreement to which the
Company or Executive, as applicable, is a party or by which it or he
is bound.

            (c)   Absence of Litigation.  There is no action, suit,
                  ---------------------
proceeding, or investigation pending, or to the knowledge of the
Company or Executive, as applicable, currently threatened against the
Company or Executive, as applicable, in any way relating to the
validity of this Agreement or the right of the Company or Executive,
as applicable, to enter into or to perform under this Agreement or
consummate the transactions contemplated hereby.

       13.  No Mitigation; No Offset.  In the event of any termination
            ------------------------
of this Agreement, Executive shall be under no obligation to seek
other employment and the Company shall have no right to offset against
amounts due the Executive under this Agreement on account of any
remuneration attributable to any subsequent employment or self-
employment that he may obtain.

       14.  Miscellaneous.
            -------------

            (a)    Sole and Entire Agreement.  This Agreement constitutes
                   -------------------------
the sole and entire agreement between the parties hereto with respect
to the subject matter hereof and supersedes all prior agreements,
representations, warranties, statements, promises, information,
arrangements and understandings, whether oral or written, express or
implied, between the parties hereto with respect to the subject matter
hereof. This Agreement may not be changed or modified except by an
instrument in writing signed by the party to be bound thereby.

                                 -14-

<PAGE>

            (b)    Notices.  All notices, consents, requests, demands
                   -------
and other communications required or permitted to be given under this
Agreement shall be in writing and delivered personally, receipt
acknowledged, or mailed by registered or certified mail, postage
prepaid, return receipt requested, addressed to the parties hereto as
follows (or to such other address and/or to such other persons as
either of the parties hereto shall specify by notice given in
accordance with this provision):

                    (i)     If to the Company:

                            Six Diamond Resorts International, S.A.
                            c/o Benchmark Equity Group
                            700 Gemini, Suite 100
                            Houston, Texas 77058

                    (ii)    If to Executive:

                            Frank DeLape
                            c/o Benchmark Equity Group
                            700 Gemini, Suite 100
                            Houston, Texas 77058

                            with a copy to:

                            Robert L. Blessey, Esq.
                            51 Lyon Ridge Road
                            Katonah, New York 10536

Except as otherwise expressly provided elsewhere in this Agreement,
all such notices, consents, requests, demands and other communications
shall be deemed given when personally delivered as aforesaid, or, if
mailed as aforesaid, on the earlier of (i) the date of receipt or
rejection by the addressee, or (ii) the third business day after the
date of mailing thereof, except for a notice of a change of address
which shall be effective only upon receipt.

           (c)     Assignment.  Neither party hereto may assign this
                   ----------
Agreement or their respective rights, benefits or obligations
hereunder without the written consent of the other party hereto,
except that if the Company consummates the merger, this Agreement will
be assigned to and assumed by the Pubco, on and subject to all of the
terms and conditions contained in this Agreement.  The foregoing shall
not affect or limit Executive's Change of Control termination rights
under this Agreement.

           (d)     Binding Effect.  This Agreement shall be binding upon
                   --------------
and inure to the benefit of the parties hereto and their respective
successors, heirs, personal representatives, administrators, executors
and permitted assigns.  Nothing contained herein is intended to confer
upon any person or entity, other than the parties hereto (and Pubco),
and their respective successors, heirs, personal representatives,
administrators, executors or permitted assigns, any rights, benefits,
obligations, remedies or liabilities under or by reason of this
Agreement.

           (e)     Waiver.  No waiver of this Agreement shall be
                   ------
effective unless in writing and signed by the party to be bound
thereby.  The waiver by either party hereto of a breach of any
provision of this Agreement, or of any representation, warranty, or
covenant in this Agreement by the other party hereto shall not be
construed as a waiver of any subsequent breach or of any other

                                 -16-

<PAGE>

provision, representation, warranty, or covenant of such other party,
unless the instrument of waiver expressly so provides.

            (f)    Governing Law.  This Agreement shall be governed by
                   -------------
and construed in accordance with the laws of the State of Texas with
respect to contracts made and to be fully performed therein, without
regard to the conflicts of laws principles thereof.  The parties
hereto hereby agree that, in the event of any action or proceeding
brought by the Company against Executive to enforce the provisions of
this Agreement, such action or proceeding may be brought in a Federal
or state court located in Harris, Texas.  By their execution hereof,
each of the Company and Executive hereby consent and irrevocably
submit to the in personam jurisdiction of such Federal and state
courts and agree that any process in any such action or proceeding
commenced in any such court under this Agreement may be served upon
him, or it, as applicable, personally, by certified or registered
mail, return receipt requested, or by Federal Express or other courier
service, with the same full force and effect as if personally served
upon him or it in Harris, Texas, as applicable.  Each of the parties
hereto hereby waive any claim that the jurisdiction of any such court
is not a convenient forum for any such action or proceeding and any
defense of lack of in personam jurisdiction with respect thereto.  In
the event of any action or proceeding under this Agreement, the party
prevailing therein shall be entitled to payment from the other party
hereto of all of its costs in connection therewith, including its
counsel fees and disbursements.

            (g)    Further Assurances.  The parties hereto hereby agree
                   ------------------
that, at any time and from time to time during the Term hereof, upon
the reasonable request of the other party hereto, they shall do,
execute, acknowledge and deliver, or cause to be done, executed,
acknowledged and delivered, such further acts, deeds, assignments,
transfers, conveyances and assurances as may be reasonably required to
more effectively consummate this Agreement and the transactions
contemplated thereby or to confirm or otherwise effectuate the
provisions of this Agreement.

            (h)    Severability.  If any term or provision of this
                   ------------
Agreement, or the application thereof to any person or circumstance,
is finally determined by a court or to any extent to be illegal,
invalid or unenforceable, the remainder of this Agreement, or the
application of such term or provision to persons or circumstances
other than those as to which it is held illegal, invalid or
unenforceable, shall not be affected thereby and each term and
provision of this Agreement shall be valid and shall be enforced to
the fullest extent permitted hereunder and by law.

            (i)    Counsel.  The parties to this Agreement hereby
                   -------
acknowledge that they have been represented by separate counsel in
connection with the negotiations and execution of this Agreement.
Notwithstanding the foregoing, the Company hereby acknowledges that
Robert L. Blessey, Esq. is Of Counsel to Gusrae Kaplan Bruno &
Nusbaum, PLLC, counsel to the Company, and the Company has waived any
conflict of interest with respect to Mr. Blessey's representation of
Executive in connection with the negotiation and consummation of this
Agreement.  The Company will pay Executive's legal fees in connection
with the foregoing.

                                 -17-

<PAGE>

            (j)    Headings.  The Section headings contained in this
                   --------
Agreement are for the purpose of convenience only and are not intended
to define or limit the contents of said Sections.

            (k)    Counterparts.  This Agreement may be executed in
                   ------------
one or more counterparts, each of which, when executed and delivered,
shall be deemed an original, but all of which when taken together,
shall constitute one and the same instrument, and this Agreement may
be completed by facsimile transmission, which transmission will be
deemed to be an original and considered fully legal and binding on
each of the signatories hereto.

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

                              SIX DIAMOND RESORTS INTERNATIONAL, S.A.

                              By:
                                 ------------------------------------
                                 James Bell, Chief Operating Officer

                                 ------------------------------------
                                 Frank DeLape

                                 -18-

<PAGE>[EXHIBIT 10.4]

                                                         EXECUTION COPY

                      EXECUTIVE EMPLOYMENT AGREEMENT
                      ------------------------------

	EMPLOYMENT AGREEMENT made as of the 26th day of July, 2007, by
and between SIX DIAMOND RESORTS INTERNATIONAL, S.A., a corporation
formed under the laws of Panama with its principal offices at 700
Gemini, Suite 100 Houston, Texas 77058 (the "Company") and JAMES BELL,
an individual residing at 8203 Whirlaway Elm Drive, Humble, Texas
77346 (the "Executive").

                           W I T N E S S E T H :
                           ---------------------

	WHEREAS, the Company will engage in the development of world
class resort and retirement communities; and

	WHEREAS, the Company will engage the services of Executive as its
Chief Operating Officer and Chief Financial Officer, and Executive is
willing to accept such engagement, all on and subject to the terms and
conditions hereinafter set forth.

	NOW, THEREFORE, in consideration of the mutual covenants herein
and other good and valuable consideration, the receipt and sufficiency
of which are hereby unconditionally acknowledged, the parties hereto
do hereby agree as follows:

        1.   Employment.  During the Term (hereinafter defined) of this
             ----------
Agreement, the Company hereby employs Executive as its Chief Operating
Officer and Chief Financial Officer, and Executive hereby accepts such
employment, upon and subject to the terms and conditions set forth in
this Agreement.  Executive acknowledges that the Company plans to
hereafter merge into a publicly owned company (and from and after the
effectiveness of the merger, all references to the "Company" in this
Agreement shall mean the surviving entity in the merger) and, in
connection and simultaneously therewith, to consummate a private
placement of securities of the surviving company to investors (the
"PIPE Offering"). In such event, Executive during the Term of this
 -------------
Agreement shall remain as the Chief Operating Officer and Chief
Financial Officer of the Company.  If, at any time during the Term
hereof, the Company appoints another Chief Financial Officer,
Executive hereby agrees to resign as Chief Financial Officer promptly
after receipt of any request from the Company to do so (and Executive
shall remain as the Chief Operating Officer during the then remainder
of the Term hereof).

        2.   Executive's Duties and Responsibilities.
             ---------------------------------------

             2.1.    Executive will, during the Term of this Agreement,
have all of the duties, powers and authority, and will perform all
services, customarily associated with the position of Chief Operating
Officer and Chief Financial Officer, as well as such other duties and
services consistent with such positions as the Company's Board of
Directors may assign to him from time to time during the Term of this
Agreement.  In such capacity, Executive shall have the primary
responsibility for the day-to-day operating and financial activities
of the business of the Company and will report to the Chief Executive

<PAGE>

Officer and Board of Directors of the Company (the "Board").
                                                    -----
Executive shall perform such services diligently, in good faith and in
a manner he believes in good faith to be consistent with the best
interests of the Company.  Executive will devote substantially all of
his business time and efforts to the performance of his services under
this Agreement during the Term hereof.  Executive shall be permitted
to devote a portion of his time to charitable activities and other
not-for-profit activities and management of his personal investments,
provided that such activities do not interfere materially with the
performance of Executive's services under this Agreement.

             2.2.    The Company acknowledges that Executive resides in
Houston, Texas and will render his services from the Company's
offices.  It is acknowledged and agreed that Executive's duties will
require some travel (at the Company's expense) to such other locations
where the Company requires such services.   Executive will not be
required to relocate his current residence at any time during the Term
hereof.

             2.3.    In the event that, at any time during the Term
hereof, the Company decides to obtain key man life insurance on
Executive's life, with the Company as the beneficiary thereof,
Executive will cooperate with the Company and its insurer in its
effort to obtain such insurance.

             2.4.    During the Term of this Agreement, Executive
shall provide the Company with notice of all proposed transactions or
opportunities that may be brought to his attention or otherwise
introduced to him in the resort and retirement community development,
ownership and operation field promptly after Executive's knowledge or
receipt of notice thereof and the Company shall have the exclusive
right as between the Company and Executive, to take advantage of or
otherwise act upon any such proposed transactions or opportunities.

        3.   Term.
             ----

             3.1.    The term of this Agreement shall commence on the
date of the first closing of the PIPE Offering and, subject to Section
3.2 below, shall continue in effect until the earlier of (i) the third
anniversary of the date of such closing of the Company's PIPE
Offering, or (ii) December 31, 2010 (the "Initial Term"); provided,
however that this Agreement shall continue in effect for successive
one-year periods thereafter (each, a "Renewal Term"), unless either
party delivers to the other party written notice of its intent to not
renew this Agreement no less than ninety (90) days prior to the
expiration of the Initial Term or any Renewal Term, as the case may be
(the Initial Term and each Renewal Term, collectively referred to
herein as the "Term").

             3.2.    Notwithstanding the provisions of Section 3.1
above, the Company may terminate this Agreement upon the occurrence of
any of the following events:

                     (a)   The death of Executive; or

                                2

<PAGE>

                     (b)   the Permanent Disability (hereinafter
defined) of Executive; or

                     (c)   following the delivery of notice to Executive
by the Company of the termination of this Agreement for any breach or
default by Executive of any of Executive's representations,
warranties, obligations or covenants under this Agreement, provided
that, with respect to any such breach or default which is curable, any
such breach or default is not cured within thirty (30) days after such
notice from the Company; or

                     (d)   a final conviction of Executive for a felony
involving embezzlement, fraud or misappropriation of funds, in all of
such instances to the extent such crimes involve the Company or its
subsidiaries; or

                     (e)   at the election of the Company, upon written
notice to Executive, upon any Change of Control.  For purposes of this
Agreement, a "Change of Control"  shall mean and be deemed to have
              -----------------
occurred at such time as (A) any "person" (as such term is used in
Section 13(d) and Section 14(d)(2) of the Securities Exchange Act of
1934, as amended) is or becomes the beneficial owner, directly or
indirectly, of securities of the Company representing fifty (50%)
percent or more of the combined voting power of  the Company's
outstanding securities, (B) there is a direct or indirect sale,
transfer, conveyance or other disposition (other than by way of merger
or consolidation), in one or a series of related transactions, of all
or substantially all of the properties or assets of the Company or any
other sale or transfer of all or substantially all of the Company's
business, or (C) the individuals who are members of the Incumbent
Board cease for any reason to constitute at least fifty percent (50%)
of the Company's Board. "Incumbent Board" means the individuals who,
                         ---------------
as of the last closing date of the PIPE Offering, are members of the
Board and any new director approved by a vote of at least fifty
percent (50%) of the then Incumbent Board; or

                     (f)   upon delivery of a thirty (30) day notice
to Executive to terminate this Agreement, without cause, at any time
after December 31, 2007.

             3.3.    Notwithstanding the provisions of Section 3.1
above, Executive may terminate this Agreement upon the occurrence of
any of the following events:

                     (a)   upon five (5) days notice from Executive
in the event of an assignment for the benefit of the Company's
creditors or a final adjudication of bankruptcy, insolvency,
receivership, or any such similar action against the Company; or

                     (b)   following the delivery of notice to the
Company by Executive of the termination of this Agreement for any
breach or default by the Company of any of its representations,
warranties, obligations or covenants under this Agreement, provided
that, with respect to any such breach or default which is curable,
any such breach or default is not cured within thirty (30) days
after such notice from Executive.

                                3

<PAGE>

        4.   Compensation.  In consideration of the performance by
             ------------
Executive of his services under this Agreement during the Term hereof,
the Company shall pay Executive the following compensation:

             4.1.    A base salary equal on an annual basis to
Two Hundred Fifty Thousand Dollars ($250,000) per year, for each year
during the Term hereof (the "Base Salary"), such salary to be paid to
Executive (less all applicable withholding and other payroll tax
deductions), in accordance with the Company's normal payroll
practices.  The Base Salary for the first and last month of the Term
hereof shall be prorated based upon the number of days in each of such
months.

             4.2.    Executive will receive a guaranteed bonus of Sixty
Eight Thousand Dollars ($68,000) payable on December 31, 2007, and a
guaranteed bonus of Sixty Eight Thousand Dollars ($68,000) payable on
May 1, 2008.  Thereafter, the Executive will receive such bonus as
prescribed by the Board or the Compensation Committee of the Board.

             4.3.    The Company shall, in addition to the Base Salary,
and applicable bonuses, reimburse Executive for all ordinary and
necessary out-of-pocket expenses incurred by him in the performance of
his services under this Agreement, subject to and upon receipt by the
Company of invoices or other documentation in support thereof.  Such
expenses for which Executive shall be entitled to reimbursement shall
include, but not be limited to, travel, entertainment and lodging
expenses.

             4.4.    In addition to the Base Salary, and applicable
bonuses, Executive shall be entitled to participate in all benefit
programs of the Company which are in effect during the Term hereof for
its executive officers, including, without limitation, any retirement,
pension (including 401K plans), profit sharing or other employee
benefit plan of any type (including, without limitation, any
incentive, profit sharing, bonus or stock option plan), it being
understood that Executive shall have the same rights and privileges to
participate in all such Company benefit plans as any other officer or
executive employee of the Company (except for any of the same which
are provided for in any separate employment agreement between the
Company and any of its other officers or executives); provided,
however, that without limiting the foregoing the Company shall provide
Executive, in each year during the Term hereof, with (i) four (4)
weeks paid vacation (Executive will use his good faith efforts to
schedule such vacation so as not to interfere with any material
activities of the Company and, to the extent that there are any unused
vacation days at the end of each such year, the Company will pay
Executive an amount equal to his per diem Base Salary for up to two
weeks of such unused vacation days) and (ii) disability insurance for
Executive and health insurance for Executive and his dependent
children (the Company will reimburse Executive for such disability and
health insurance until such time as the Company establishes an
insurance plan for its officers and employees).

             4.5.    In the event that this Agreement is terminated
pursuant to Section 3.2(e), Section 3.2(f) or Section 3.3(b), the
Company will pay Executive severance compensation in a lump sum in an
amount equal to six (6) months of Executive's then Base Salary,
payable on the first business day following any such termination.  The

                                4

<PAGE>

Executive shall be under no obligation to seek other employment or
otherwise mitigate the obligations of the Company under this
Agreement, and there shall be no offset against amounts or benefits
due Executive under this Agreement or otherwise on account of any
remuneration or other benefit earned or received after such
termination.  Any amounts due to the Executive under this Section 4.5
are considered to be reasonable by the Company and are not in the
nature of a penalty.

        5.   Stock Options.
             -------------

             5.1.   As soon as practical after the last closing of the
PIPE Offering, the Company will adopt a stock option plan (the "Plan")
                                                                ----
pursuant to which shares of the Company's common stock will be
authorized for issuance to executives and employees of the Company. As
an additional inducement to Executive entering into this Agreement,
the Company will, upon the adoption of the Plan, issue to Executive
pursuant to the Plan, a stock option (the "Option"), which is intended
                                           ------
to qualify as an incentive stock option within the meaning of Section
422 of the Internal Revenue Code of 1986, as amended, and the
regulations promulgated thereunder (the "Code"), exercisable for a
                                         ----
period of ten years from the date of issuance, to purchase up to Three
Hundred Sixty Thousand (360,000) shares of the Company's Common Stock
(the "Option Shares") at an exercise price equal to the price of the
      -------------
securities sold by the Company in the PIPE Offering. The Option Shares
will vest over a three year period (or as otherwise determined by the
Board of Directors, excluding Executive's vote with respect thereto)
in equal installments of One Hundred Twenty Thousand (120,000) shares
on each of the first, second and third anniversaries of the date the
Option is issued, provided that Executive is still employed by the
Company on each such date.  Notwithstanding the foregoing, all of the
Option Shares which have not vested will immediately vest: (x) upon
any termination of this Agreement pursuant to Section 3.2(b), Section
3.2(e) or Section 3.3(b), and (y) upon the death of Executive.  If
required pursuant to the provisions of the Plan, any vested Option
Shares held by Executive following any termination or upon the
expiration of this Agreement shall be exercised within ninety (90)
days of the date Executive is no longer an employee of the Company, if
and to the extent required for such Option Shares to qualify for
incentive stock option treatment under the Code.

             5.2.    The Company hereby agrees that any registration
(including demand and piggyback), tagalong, or similar rights with
respect to the Company's equity securities that are granted to its
other officers, shareholders and directors will likewise be granted to
Executive with respect to the Option Shares and any other shares of
common stock of the Company (or any successor) owned by Executive.
Executive will execute any lock-up agreement with respect to his
shares and/or the Option Shares which is requested by any placement
agent or underwriter of the Company's securities, provided that such
lock-up agreement is on the same terms and conditions as the lock-up
agreement signed by the other officers, directors and principal
shareholders of the Company at the time and with respect to such
request.

        6.   Disability.  Notwithstanding anything to the contrary
             ----------
contained in this Agreement, if, during the Term hereof, Executive
suffers a Permanent Disability, the Company shall continue to pay
Executive the Base Salary (less any amounts received by him pursuant

                                5

<PAGE>

to Executive's disability insurance policy) during the period of such
disability, provided, however, that in the event Executive is so
disabled for a period of ninety (90) consecutive days or one hundred
twenty (120) days in any year during the Term hereof (the "Disability
                                                           ----------
Period"), the Company may terminate this Agreement at any time after
------
any such Disability Period.  The term "Permanent Disability" shall
                                       --------------------
mean the inability of Executive to perform a material portion of his
services under this Agreement as determined by an independent
physician selected by the Company.

        7.   Confidentiality and Non-Disclosure Covenant.  During the
             -------------------------------------------
Term of this Agreement, Executive hereby acknowledges that he will
obtain and be entrusted with nonpublic material confidential and
proprietary information relating to the Company (for purposes of this
Section 7, this shall include the Company and all subsidiaries
thereof), such information to include, without limitation, information
with respect to the Company's present and proposed business and
operations including, without limitation, financial information
relating to the Company's present and proposed business and
operations, the cost and pricing of the Company's services, proposed
acquisitions of the Company, marketing plans and strategies, the terms
of all material agreements to which the Company is a party and the
sources and terms of the Company's existing or proposed debt or equity
financings.  All of such information that may be obtained by Executive
shall, for purposes hereof, be referred to herein as "Confidential
                                                      ------------
Information".  Executive hereby agrees that, unless the Confidential
-----------
Information becomes publicly known without any improper act of
Executive, he shall not directly or indirectly during the Term of this
Agreement or thereafter, use for his own benefit or in any manner
whatsoever, divulge to any person, firm, corporation or other entity
or otherwise publish or disclose any Confidential Information (except
as necessary in connection with the performance of Executive's
services under this Agreement, to comply with applicable laws or
regulations and to Executive's accountant or tax professional in
connection with the preparation of Executive's tax returns).
Notwithstanding the foregoing, Executive shall not be in breach of
this covenant with respect to any use or disclosure of any
Confidential Information by him which is or becomes available in the
public domain or is required as a result of any legal process served
upon him in any judicial or administrative proceeding (provided that
Executive provides prompt notice of any such process served upon him
in order to enable the Company to timely contest the same, at its
expense), or was obtained by Executive from a third party without such
third party's breach of agreement or obligation of trust.

        8.   Non-Competition; Non-Solicitation.
             ---------------------------------

             8.1.    Executive acknowledges and recognizes the highly
competitive nature of the business and proposed business of the
Company and hereby agrees that, during the Term hereof and for a
period of twenty-four (24) months after the expiration or any earlier
termination of the Term of this Agreement (other than any such earlier
termination of this Agreement pursuant to the provisions of Sections
3.2(b), 3.2(f) (if any such termination without cause occurs after the
first year of the Term hereof), 3.3(a), or 3.3(b) hereof, in which
cases the provisions of this Section 8.1 shall not apply) (such period
to be referred to hereinafter as the "Applicable Period"), he will
                                      -----------------
not, directly or indirectly, on his own behalf or in the service of or

                                6

<PAGE>

on behalf of others, whether as an officer, director, partner,
trustee, principal, employee, consultant, agent, or owner of any
capital stock, partnership interest or other interest in any
corporation, partnership or other entity, or in any other capacity,
own an interest in, perform any services or conduct any activity for
or on behalf of any entity which is engaged in a business which is in
competition with the business in which the Company is engaged at the
time of termination (such prohibited activities being referred to
herein as a "Precluded Business Activity").  Executive acknowledges
             ---------------------------
that, due to the nature of the Company's business, it is essential to
provide for as broad a geographical limitation as possible with
respect to the aforementioned covenant. Without limiting the
generality of the foregoing, it is expressly understood and agreed
that although Executive and the Company consider the restrictions
contained in this Section 8.1 to be reasonable, Executive agrees that
in the event it is finally judicially determined by a court of
competent jurisdiction that the specified time period or geographical
area or scope of the foregoing restriction is unreasonable, arbitrary,
or against public policy, contrary to law, invalid and unenforceable,
the remaining provisions of this Agreement (including the remaining
provisions of this Section) shall not be rendered void, shall not be
affected thereby and shall remain in full force and effect and the
provisions hereof which are the subject of any such judicial
determination shall be deemed amended to apply to any such lesser time
period, geographical area, or scope which is judicially determined or
indicated to be reasonable, non-arbitrary and not violative of public
policy, not contrary to law, invalid and/or unenforceable and such
provisions, as modified, may be enforced by the Company against
Executive in accordance with the terms hereof.  Notwithstanding the
                                                -------------------
foregoing, nothing contained in this Section is intended to nor shall
---------
preclude the ownership by Executive of not more than five (5%) percent
of the outstanding securities of any publicly owned corporation or
other entity engaged in a Precluded Business Activity, provided that
such ownership is solely for investment purposes and is not coupled
with any working relationship between Executive and such corporation
or entity.

             8.2.    Executive will not, at any time during or for
thirty (30) months after the Term hereof, directly or indirectly, (i)
solicit the business of any client or customer of the Company for
purposes of engaging in activities which are the same as the
activities of the Company, or (ii) solicit, interfere with, or
endeavor either to cause any employee, agent, consultant, customer or
supplier of the Company to leave his or her employment with the
Company, or terminate its relationship with the Company, or (iii)
induce or attempt to induce any such employee, agent, consultant,
customer or supplier to breach any employment agreement or other
agreement or arrangement that such employee, agent, consultant,
customer, or supplier may have with the Company.

             8.3.    Executive hereby acknowledges that the provisions
of Section 7 and of this Section 8 are necessary for the protection
of the Company's business and goodwill and are considered by Executive
to be fair and reasonable.  Executive further acknowledges that he has
fully and carefully reviewed, considered and understands all of the
restrictions imposed upon him under Section 7 and this Section 8.
Accordingly, Executive hereby acknowledges and agrees that in the
event of any actual or threatened breach by him of the provisions of

                                7

<PAGE>

Section 7 and/or this Section 8, there will be no adequate remedy at
law for any such breach or threatened breach and that any such breach
or threatened breach may cause irreparable harm to the Company and,
therefore, Executive hereby consents in any such instance to the
granting of injunctive or other equitable relief to the Company, as a
non-exclusive remedy, in any court of competent jurisdiction, without
the necessity of showing any actual damage or that monetary damages
would not provide an adequate remedy at a law or posting a bond
therefor.

        9.   Representations and Warranties.  The Company and Executive
hereby represent and warrant to each other as follows:

             9.1.    All action on the part of the Company and Executive
necessary for the authorization, execution, delivery and performance
of this Agreement and the consummation of the transactions
contemplated hereby, has been taken and this Agreement constitutes a
valid and legally binding obligation of the Company and Executive, as
applicable, enforceable in accordance with its terms, except as the
same may be limited by bankruptcy, insolvency, reorganization,
moratorium, or other laws affecting generally the enforcement of
creditors' rights and by general principles of equity.

             9.2.    The authorization, execution, delivery and
performance of this Agreement, and the consummation of the transactions
contemplated hereby, will not result in any violation or be in
conflict with or constitute, with or without the passage of time and
giving of notice, a breach or default under any provision of any
instrument, judgment, order, writ, decree or agreement to which the
Company or Executive, as applicable, is a party or by which it or he
is bound.

             9.3.    There is no action, suit, proceeding, or
investigation pending, or to the knowledge of the Company or Executive,
as applicable, currently threatened against the Company or Executive,
as applicable, in any way relating to the validity of this Agreement or
the right of the Company or Executive, as applicable, to enter into or
to perform under this Agreement or consummate the transactions
contemplated hereby.

        10.  Indemnification.
             ---------------

             10.1.   Executive will be entitled to all of the rights
of indemnification granted by the Company to its officers and
directors during the Term hereof (including all indemnification rights
pursuant to the Company's Certificate of Incorporation, By-Laws and
any professional liability insurance policy obtained and maintained by
the Company during the Term hereof).

             10.2.   It is the intent of this Section 10 to secure for
Executive indemnification rights that are as favorable as may be
permitted by applicable law and public policy.  Without limiting the
provisions of Section 10.1 hereof, the Company shall indemnify and
fully defend, save and hold harmless Executive from any damage,
liability, loss, cost or expense (including all reasonable attorneys=
fees and expenses of counsel) (collectively, the "Losses") arising out
                                                  ------
of or resulting from:

                                8

<PAGE>

                    (a)	any untruth or inaccuracy in any representation
or warranty of the Company, or the breach of any representation or
warranty of the Company, contained in this Agreement; or

                    (b)	any failure of the Company to perform or observe
any term, provision, covenant or obligation contained in this
Agreement; or

                    (c) any action or proceeding commenced against
Executive based upon or arising out of the performance of Executive's
services under this Agreement, or services otherwise provided to the
Company and its affiliates, to the fullest extent permitted under
applicable law.

             10.3.   All costs and expenses reasonably incurred by
Executive in defense of any litigation, including reasonable attorneys=
fees and expenses of counsel, shall be paid from time to time by the
Company in advance of the final disposition of such litigation
promptly upon receipt by the Company of (i) a written request for
payment given from time to time, (ii) appropriate documentation
evidencing the incurrence, amount and nature of the costs and expenses
for which payment is being sought, and (iii) an undertaking adequate
under applicable law made by or on behalf of Executive to repay the
amounts so paid if it shall be determined that Executive is not
entitled to be indemnified by the Company under this Agreement.

             10.4    If, with respect to a third party, an event occurs
or is alleged to have occurred and Executive asserts that the Company
has become obligated to provide indemnification to him under this
Section 10 (an "Indemnity Claim"), Executive (the "Indemnitee") shall
                ---------------                    ----------
give written notice promptly to the Company (the "Indemnitor").  The
                                                  ----------
failure to so notify Indemnitor shall not, however, release Indemnitor
from any obligation or liability it may have to Indemnitee under this
Section except to the extent such failure materially prejudices
Indemnitor.  Indemnitor agrees to defend, contest or otherwise protect
Indemnitee against any Indemnity Claim at Indemnitor's sole cost and
expense.  Indemnitee shall have the right, but not the obligation, to
participate at Indemnitee's expense in the defense thereof by counsel
of Indemnitee's choice and shall in any event cooperate with and
assist Indemnitor to the extent reasonably possible.  If Indemnitor
fails to timely defend, contest or otherwise protect against such
Indemnity Claim, Indemnitee shall have the right to do so, and the
Indemnitee shall be entitled to recover the entire cost thereof from
Indemnitor, including, without limitation, reasonable attorneys' fees,
disbursements and amounts paid as the result of such Indemnity Claim,
and Indemnitor shall be bound by any determination made in such
Indemnity Claim.  If Indemnitor assumes the defense of any Indemnity
Claim, (a) it will be conclusively established for purposes of this
Agreement that the claims made in that Indemnity Claim are within the
scope of and subject to indemnification hereunder, (b) no compromise
or settlement of such claims may be effected by Indemnitor without
Indemnitee's written consent (which consent will not be  unreasonably
withheld) unless (i) there is no finding or admission of any violation
of federal, state, local, municipal, foreign, international,
multinational or other administrative order, law, ordinance, principal

                                9

<PAGE>

of common law, regulation, statute or treaty or any violation of the
rights of any person and no effect on any other claims that may be
made against Indemnitee and (ii) the sole relief provided is monetary
damages that are paid in full by Indemnitor; and (c) Indemnitee will
have no liability with respect to any compromise or settlement of such
claims effected without his written consent.  Notwithstanding anything
to the contrary contained in this Section 10, if Indemnitee settles or
compromises any Indemnity Claim without Indemnitor's prior written
consent, Indemnitor shall have no obligation for indemnification under
this Section 10.

             10.5   The Company shall procure and maintain a directors
and officers' liability insurance policy covering Executive in amounts
and on terms determined by the current Board.  Insurance contemplated
under this Section 10.5 shall (to the extent provided by the terms of
the insurance) inure to the benefit of Executive's heirs, executors
and administrators.

        11.  Miscellaneous.
             -------------

             11.1.   This Agreement constitutes the sole and entire
agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements, representations,
warranties, statements, promises, information, arrangements and
understandings, whether oral or written, express or implied, between
the parties hereto with respect to the subject matter hereof. This
Agreement may not be changed or modified except by an instrument in
writing signed by the party to be bound thereby.

             11.2.   All notices, consents, requests, demands and other
communications required or permitted to be given under this Agreement
shall be in writing and delivered personally, receipt acknowledged, or
mailed by registered or certified mail, postage prepaid, return
receipt requested, addressed to the parties hereto as follows (or to
such other address and/or to such other persons as either of the
parties hereto shall specify by notice given in accordance with this
provision):

                     (a)     If to the Company:

                             Six Diamond Resorts International, S.A.
                             700 Gemini, Suite 100
                             Houston, Texas 77058

                             with a copy to:

                             Gusrae Kaplan Bruno & Nusbaum, PLLC
                             120 Wall Street, 11th Floor
                             New York, New York 10005
                             Attn:  Robert L. Blessey, Esq.

                                10

<PAGE>

                             and

                             Frank DeLape
                             c/o Benchmark Equity Group
                             700 Gemini, Suite 100
                             Houston, Texas 77058

                        (b)  If to Executive:

                             James Bell
                             8203 Whirlaway Elm Drive
                             Humble, Texas  77346

Except as otherwise expressly provided elsewhere in this Agreement,
all such notices, consents, requests, demands and other communications
shall be deemed given when personally delivered as aforesaid, or, if
mailed as aforesaid, on the earlier of (i) the date of receipt or
rejection by the addressee, or (ii) the third business day after the
date of mailing thereof, except for a notice of a change of address
which shall be effective only upon receipt.

             11.3.   Neither party hereto may assign this Agreement or
their respective rights, benefits or obligations hereunder without the
written consent of the other party hereto, except that if the Company
merges into a public company in connection with the PIPE Offering,
this Agreement will be assigned to and assumed by the successor parent
publicly owned entity on and subject to all of the terms and
conditions contained in this Agreement.

             11.4.   This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors,
heirs, personal representatives, administrators, executors and
permitted assigns.  Nothing contained herein is intended to confer
upon any person or entity, other than the parties hereto (and any
successor to the Company pursuant to Section 11.3 hereof), and their
respective successors, heirs, personal representatives,
administrators, executors or permitted assigns, any rights, benefits,
obligations, remedies or liabilities under or by reason of this
Agreement.

             11.5.   No waiver of this Agreement shall be effective
unless in writing and signed by the party to be bound thereby.  The
waiver by either party hereto of a breach of any provision of this
Agreement, or of any representation, warranty, or covenant in this
Agreement by the other party hereto shall not be construed as a waiver
of any subsequent breach or of any other provision, representation,
warranty, or covenant of such other party, unless the instrument of
waiver expressly so provides.

             11.6.   This Agreement shall be governed by and construed
in accordance with the laws of the State of Texas with respect to
contracts made and to be fully performed therein, without regard to
the conflicts of laws principles thereof.  The parties hereto hereby
agree that, in the event of any action or proceeding brought by the

                                11

<PAGE>

Company against Executive to enforce the provisions of this Agreement,
such action or proceeding shall be brought in a Federal or state court
located in Harris County, Texas.  By their execution hereof, each of
the Company and Executive hereby consent and irrevocably submit to the
in personam jurisdiction of such Federal and state courts and agree
that any process in any such action or proceeding commenced in any
such court under this Agreement may be served upon him, or it, as
applicable, personally, by certified or registered mail, return
receipt requested, or by Federal Express or other courier service,
with the same full force and effect as if personally served upon him
or it in Harris County, Texas, as applicable.  Each of the parties
hereto hereby waive any claim that the jurisdiction of any such court
is not a convenient forum for any such action or proceeding and any
defense of lack of in personam jurisdiction with respect thereto.  In
the event of any action or proceeding under this Agreement, the party
prevailing therein shall be entitled to payment from the other party
hereto of all of its costs in connection therewith, including its
counsel fees and disbursements.

             11.7.   The parties hereto hereby agree that, at any time
and from time to time during the Term hereof, upon the reasonable
request of the other party hereto, they shall do, execute, acknowledge
and deliver, or cause to be done, executed, acknowledged and delivered,
such further acts, deeds, assignments, transfers, conveyances and
assurances as may be reasonably required to more effectively
consummate this Agreement and the transactions contemplated thereby or
to confirm or otherwise effectuate the provisions of this Agreement.

             11.8.   If any term or provision of this Agreement, or the
application thereof to any person or circumstance, is finally
determined by a court or to any extent to be illegal, invalid or
unenforceable, the remainder of this Agreement, or the application of
such term or provision to persons or circumstances other than those as
to which it is held illegal, invalid or unenforceable, shall not be
affected thereby and each term and provision of this Agreement shall
be valid and shall be enforced to the fullest extent permitted
hereunder and by law.

             11.9     The parties to this Agreement hereby acknowledge
that they have been represented by separate counsel in connection with
the negotiations and execution of this Agreement.

             11.10.       The Section headings contained in this
Agreement are for the purpose of convenience only and are not intended
to define or limit the contents of said Sections.

             11.11.   This Agreement may be executed in one or more
counterparts, each of which, when executed and delivered, shall be
deemed an original, but all of which when taken together, shall
constitute one and the same instrument, and this Agreement may be
completed by facsimile transmission, which transmission will be deemed
to be an original and considered fully legal and binding on all of the
signatories hereto.

                 [SIGNATURES FOLLOW ON NEXT PAGE]

                                12

<PAGE>

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

WITNESS:                         SIX DIAMOND RESORTS INTERNATIONAL, S.A.

---------------------------      By:
                                    ------------------------------------
---------------------------         Frank DeLape, Chairman
Print Name

WITNESS:

---------------------------      ---------------------------------------
                                 James Bell

---------------------------
Print Name

                                13

<PAGE>

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