Document:

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                                                                   EXHIBIT 10.13

                              WASTE SERVICES, INC.

                         EXECUTIVE EMPLOYMENT AGREEMENT

This Employment Agreement (the "Agreement") is dated as of July 1, 2004 by and
between WASTE SERVICES, INC., a Delaware corporation (the "Company") and CHARLES
A. WILCOX (the "Executive"):

WHEREAS, the Company desires to employ Executive in an executive capacity and
Executive desires to enter into the Company's employ upon the terms and subject
to the conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual promises and agreements set forth
herein, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

1.       EMPLOYMENT.

The Company shall employ Executive, and Executive shall be employed by the
Company, upon the terms and subject to the conditions set forth in this
Agreement, effective as of July 1, 2004 (the "Effective Date"); provided,
however that as a condition to effectiveness of this Agreement, the Company and
Executive shall have entered into an Indemnification Agreement substantially in
the form of Exhibit A attached hereto.

2.       TERM OF EMPLOYMENT.

The period of Executive's employment under this Agreement (the "Employment
Term") shall begin on the Effective Date and shall continue until Executive's
employment is terminated in accordance with Section 5 below.

3.       DUTIES AND RESPONSIBILITIES.

(a)      Executive shall serve as President and Chief Operating Officer of the
         Company and shall report to the Chief Executive Officer of the Company.
         In such capacity, Executive shall have responsibility and authority for
         corporate development, and shall perform the duties necessary to carry
         out those responsibilities and exercise that authority, as may be
         assigned to Executive from time to time by the Chief Executive Officer
         and/or by the Board of Directors of the Company (the "Board of
         Directors") or a duly authorized committee thereof.

(b)      During the Employment Term, Executive shall devote his full time and
         attention during normal business hours to the affairs of the Company
         and use his best efforts to perform faithfully and efficiently his
         duties and responsibilities; provided, however, that subject to the
         limitations of Section 8 hereof and to the prior approval of the Chief
         Executive Officer of the Company, Executive may serve on corporate,
         industry, civic or charitable Boards or committees as long as such
         activities do not interfere with the performance of Executive's
         responsibilities to the Company. Executive agrees to act at all times
         in the best interests of the Company and to take no action or make any
         statement, oral or written, which could reasonably be expected by
         Executive to injure the Company's business, financial condition,
         results of operations, prospects, interests or reputation.

(c)      Executive agrees to comply at all times during the Employment Term with
         all applicable policies, rules, codes and regulations of the Company in
         effect from time to time, including, without limitation, all applicable
         codes of ethics or conduct and all policies regarding trading in the
         Company's common stock.

4.       COMPENSATION AND BENEFITS.

(a)      BASE SALARY. During the Employment Term, the Company shall pay
         Executive a base salary at the annual rate of $450,000 USD, or such
         higher rate as may be determined from time to time by the Board of
         Directors or a duly authorized committee thereof (such amount, as
         increased from time to time, the "Base Salary"). Such Base Salary shall
         be paid on the Company's regular pay days in accordance with the
         Company's standard payroll practice for executive officers, subject
         only to such payroll and withholding deductions as may be required by
         law and other deductions applied generally to employees of the Company
         for insurance and other employee benefit plans. For all purposes under
         this Agreement, Executive's Base

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         Salary shall include any amount which is deferred under any
         nonqualified plan or arrangement of the Company.

(b)      INCENTIVE COMPENSATION.

         (i)    ANNUAL CASH BONUS. In addition to the Base Salary, Executive
                shall be eligible for an annual cash bonus (either pursuant to a
                bonus or incentive plan or program of the Company or otherwise)
                for each fiscal year during the Employment Term. Executive's
                target annual cash bonus will be equal to 100% (the "Target
                Bonus Rate") of his Base Salary in effect at the beginning of
                the relevant fiscal year, except that Executive's Target Bonus
                Rate shall be 75% of his annual rate of base salary for 2004.
                The amount of the annual cash bonus, which may be higher or
                lower than the Target Bonus Rate, shall be determined by the
                Board of Directors or a duly authorized committee thereof based
                upon applicable corporate and individual performance targets
                established by the Board of Directors or such committee in its
                sole discretion (the "Annual Bonus"). For all purposes under
                this Agreement, Executive's Annual Bonus shall include any
                amount which is deferred under any nonqualified plan or
                arrangement of the Company.

         (ii)   LONG-TERM OR SUPPLEMENTAL INCENTIVE COMPENSATION. Executive
                shall be eligible to participate in any supplemental and/or
                long-term incentive compensation plans or programs (which may
                consist of stock options, restricted stock, long-term cash
                awards or other forms of long-term or supplemental incentive
                compensation) generally made available to full-time senior
                executive officers of the Company.

(c)      BENEFIT PLANS. Executive shall be eligible to participate in and
         receive benefits under all retirement, health and welfare benefit
         plans, programs and arrangements which are from time to time available
         to full-time senior executive officers of the Company in accordance
         with the terms and conditions of such plans, programs and arrangements
         in effect from time to time. Such benefit plans, programs and
         arrangements will include family medical, family dental and family
         vision benefit plans and short-term and long-term disability plans, and
         may include, without limitation, life insurance plans, accidental death
         insurance plans, travel accident insurance plans, savings and
         retirement plans and pension plans (all such benefit plans, the
         "Benefit Plans"). At his option, Executive may pay directly the
         premiums for coverage under the above-mentioned disability plans and
         have the Company pay to him, as additional income, an amount equal to
         the amount of those premiums. Executive agrees to submit to a physical
         examination from time to time as requested by the Company to facilitate
         Executive's participation in one or more Benefit Plans. The Company may
         terminate or reduce benefits under any such plans, programs or
         arrangements to the extent such reductions apply uniformly to all
         full-time senior executive officers of the Company, and Executive's
         benefits shall be reduced or terminated accordingly. The Company's
         obligations under this Section 4(c) are expressly conditioned on
         Executive and his family dependents taking all reasonable actions
         (including but not limited to enrolling in all health and welfare
         benefit programs, plans and arrangements which are from time to time
         available to the Company's full-time senior executive officers as and
         when Executive and his family dependents become eligible to participate
         in such programs, plans and arrangements) and providing all information
         as the Company shall reasonably request and as is necessary for the
         Company to fulfill such obligations.

(d)      VACATION. In addition to normal statutory holidays recognized by the
         Company, Executive shall be entitled to the greater of (a) four weeks
         of paid vacation for each fiscal year during the Employment Term and
         (b) such other amount of paid vacation as may be afforded executive
         officers under the Company's policies in effect from time to time
         ("Vacation Time").

(e)      EXPENSE REIMBURSEMENT. The Company shall promptly reimburse Executive
         for travel and other out-of-pocket expenses incident to his position in
         accordance with the Company's customary practices applicable to
         full-time senior executive officers. To the extent that these expense
         reimbursements are reportable as taxable income, they will be grossed
         up to include the tax due on them.

(f)      REIMBURSEMENT OF CERTAIN TAX EXPENSES. The Company shall, upon written
         demand by Executive accompanied by supporting invoices, promptly
         reimburse Executive for all costs and expenses (including reasonable
         legal, accounting and other advisory fees) incurred by Executive to (i)
         determine, in any tax year of Executive, the tax consequences to
         Executive of any amount payable (or reimbursable) under Section 7
         hereof, or (ii) prepare responses to an Internal Revenue Service audit
         of, and to otherwise

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         defend, his personal income tax return for any year during the
         Employment Term or to defend himself in any administrative proceeding
         or civil litigation relating to any such tax return, in each case that
         is occasioned by or related to any audit by the Internal Revenue
         Service of the Company's income tax returns; provided, however, in no
         event shall the Company be required to reimburse Executive for costs
         and expenses in excess of seventy-five thousand United States dollars
         ($75,000 USD) in any given fiscal year pursuant to this Section 4(e).

(g)      FRINGE BENEFITS AND PERQUISITES. Executive shall be eligible to
         participate in and receive benefits under all fringe benefit plans,
         practices, policies and programs of the Company to the same extent, and
         subject to the same terms and conditions, as those arrangements are
         made available to full-time senior executive officers of the Company.

5.       TERMINATION OF EMPLOYMENT.

Executive's employment under this Agreement may be terminated under any of the
circumstances set forth in this Section 5. Upon termination, Executive (or his
beneficiaries or estate as the case may be) shall be entitled to receive the
compensation and benefits described in Section 6 and, if applicable, Section 7
below.

(a)      DEATH. Executive's employment hereunder shall terminate automatically
         upon Executive's death.

(b)      TOTAL DISABILITY. The Company may terminate Executive's employment
         hereunder, by written notice to Executive delivered in accordance with
         Sections 5(g) and 16 hereof, upon a determination pursuant to this
         Section 5(b) that Executive is "Totally Disabled." For purposes of this
         Agreement, For the purposes of this provision, "Totally Disabled" shall
         have the same meaning as it has under the long-term disability policy
         covering Executive pursuant to paragraph 4(c) herein. Executive's
         receipt of disability benefits under the Company's long-term disability
         plan shall be deemed conclusive evidence of Total Disability for
         purposes of this Agreement.

(c)      TERMINATION BY THE COMPANY FOR CAUSE. The Company may terminate
         Executive's employment hereunder for "Cause" at any time, by written
         notice to Executive delivered in accordance with Sections 5(g) and 15
         hereof.

         (i)    For purposes of this Agreement, the term "Cause" shall mean any
                of the following: (A) conviction of a crime (including
                conviction on a nolo contendre plea) involving the commission by
                Executive of a felony or of a misdemeanor involving, in the good
                faith judgment of the Board of Directors, fraud, dishonesty or
                moral turpitude; (B) Executive's deliberate and continual
                refusal to perform the duties and responsibilities assigned to
                Executive under this Agreement (other than as a result of
                vacation permitted under this Agreement, sickness, illness or
                injury); (C) fraud or embezzlement by Executive, determined in
                accordance with the Company's normal, internal investigative
                procedures consistently applied; (D) gross misconduct or gross
                negligence by Executive in connection with the business of the
                Company or an Affiliate (as defined herein) unless Executive
                reasonably believed, in good faith, that his acts or omissions
                were in or not opposed to the best interests of the Company
                (without intent of Executive to gain therefrom, directly or
                indirectly, a profit to which he was not legally entitled); or
                (E) any material breach by Executive of any of the provisions of
                Section 8 of this Agreement or of any provisions of the
                Confidentiality and Proprietary Information Agreement (as
                defined herein); provided, however, that the occurrence of an
                act or omission covered by clauses (B), (D) or (E) of this
                paragraph 5(c)(i) shall not constitute "Cause" if Executive
                remedies such act or omission within ten (10) business days
                after delivery by the Company of written notice to Executive in
                accordance with Section 15 hereof specifying in reasonable
                detail the facts and circumstances believed by the Company to
                constitute such "Cause."

         (ii)   Any determination of Cause under this Agreement shall be made by
                resolution duly adopted by the affirmative vote of at least
                two-thirds of the members of the Board of Directors (not
                including Executive if Executive is a member of the Board of
                Directors) at a meeting of the Board of Directors called and
                held for that purpose; provided that Executive shall have been
                given written notice of such meeting by certified mail at least
                ten (10) business days prior to the meeting and shall have been
                given the opportunity to be heard by the Board of Directors
                before such resolution is passed. The failure by the Company to
                follow the procedures set forth in this Section 5(c)(ii)

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                shall result in the termination of the Executive's employment
                being deemed to be a termination by the Company without Cause.

(d)      TERMINATION BY EXECUTIVE FOR GOOD REASON. Executive may terminate his
         employment hereunder for Good Reason after delivery by Executive of
         written notice to the Company in accordance with Sections 5(g) and 15
         hereof within sixty (60) days after the occurrence of a Good Reason
         Event (as hereinafter defined). For purposes of this Agreement, "Good
         Reason" means the occurrence of any of the following events (each a
         "Good Reason Event") without Executive's written consent during the
         Employment Term:

         (i)    A change in Executive's responsibilities or titles or any other
                action by the Company which represents a material diminution of
                Executive's position, status or authority, except in connection
                with or as a result of the termination of Executive's employment
                pursuant to any provision of this Section 5 (a "Dimunition");
                provided, however that such Dimunition shall not constitute
                "Good Reason" or a "Good Reason Event" if the Company remedies
                such Dimunition within ten (10) business days after delivery by
                Executive of written notice to the Company in accordance with
                Section 15 hereof specifying in reasonable detail the facts and
                circumstances believed by Executive to constitute such
                Dimunition.

         (ii)   A reduction by the Company in Executive's Base Salary.

         (iii)  A material breach by the Company of Section 4(c) hereof;
                provided, however that such a breach shall not constitute "Good
                Reason" or a "Good Reason Event" if the Company remedies such
                breach within ten (10) business days after delivery by Executive
                of written notice to the Company in accordance with Section 15
                hereof specifying in reasonable detail the facts and
                circumstances believed by Executive to constitute a material
                breach of Section 4(c).

         (iv)   The failure by the Company to pay Executive any material amount
                of his Base Salary, or any material amount of other
                compensation, that is due and payable under this Agreement
                within ten (10) business days after Executive makes written
                demand for such amount.

         (v)    The failure by the Company to enter into a written agreement
                with any entity that purchases all or substantially all of the
                assets of the Company or any entity into which the Company is
                merged (each a "Successor") pursuant to which such Successor
                agrees to assume all of the obligations of the Company under
                this Agreement at and effective as of the closing of such sale
                of assets or merger.

(e)      VOLUNTARY TERMINATION BY EXECUTIVE. Executive may terminate his
         employment hereunder without Good Reason at any time during the
         Employment Term after providing thirty (30) days' written notice to the
         Company delivered in accordance with Sections 5(g) and 15 hereof.

(f)      TERMINATION BY THE COMPANY WITHOUT CAUSE. At any time during the
         Employment Term, the Company may terminate Executive's employment
         hereunder without Cause by written notice to Executive delivered in
         accordance with Sections 5(g) and 15 hereof. For purposes of this
         Agreement, Executive's employment will be deemed to have been
         terminated "Without Cause" if Executive is terminated by the Company
         for any reason other than Death pursuant to Section 5(a), Total
         Disability pursuant to Section 5(b), or Cause pursuant to Section 5(c).

(g)      NOTICE OF TERMINATION. Any termination of Executive's employment by the
         Company for Cause pursuant to Section 5(c), without Cause pursuant to
         Section 5(f), or as a result of Executive's Total Disability pursuant
         to Section 5(b), or by Executive for Good Reason pursuant to Section
         5(d), shall be communicated by Notice of Termination to the other party
         hereto given in accordance with this Agreement. For purposes of this
         Agreement, a "Notice of Termination" means a written notice which (i)
         indicates the specific termination provision in this Agreement relied
         upon, (ii) sets forth in reasonable detail the facts and circumstances
         claimed to provide a basis for termination of Executive's employment
         under the provision so indicated, and (iii) specifies the effective
         date of termination, if such date is other than the date of receipt of
         such notice (which effective date shall not be (A) less than ten (10)
         business days after the giving of such notice in the case of
         termination by Executive for Good Reason or (B) more than 15 days after
         the giving of such notice in all other cases). Any voluntary
         termination of Executive's employment by Executive

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         pursuant to Section 5(e) shall be communicated by written notice to
         the Company specifying (i) that Executive wishes to terminate his
         employment with the Company pursuant to Section 5(e) hereof and (ii)
         indicating the effective date of termination (which effective date
         shall not be less than 30 days after the giving of such notice).

6.       COMPENSATION AND BENEFITS FOLLOWING TERMINATION OF EMPLOYMENT.

In the event that Executive's employment hereunder is terminated, Executive
shall be entitled to the following compensation and benefits upon such
termination:

(a)      COMPENSATION AND BENEFITS PAYABLE FOLLOWING TERMINATION FOR ANY REASON.
         The following compensation and benefits shall be payable upon
         termination of Executive's employment under this Agreement for any
         reason:

         (i)    Executive or his beneficiaries or estate shall be entitled to
                receive, within fourteen (14) days after the effective date of
                termination, any accrued but unpaid Base Salary for services
                rendered by Executive to the Company prior to the date of
                termination, any accrued but unpaid expenses required to be
                reimbursed under this Agreement, and cash compensation (at a
                rate per day equal to the Base Salary divided by the number of
                business days in the relevant year) for any accrued Vacation
                Time that remained unused by the Executive at the time of
                termination; and

         (ii)   Any earned benefits to which Executive (or his beneficiaries or
                estate) may be entitled pursuant to the plans, policies and
                arrangements referred to in Sections 4(b), 4(c) and 4(g) hereof
                shall be determined and paid in accordance with the terms of
                such plans, policies and arrangements. In the case of
                compensation previously deferred by Executive, all amounts
                previously deferred and not yet paid by the Company shall be
                paid to Executive (or his beneficiaries or estate) within
                fourteen (14) days after the effective date of termination
                unless such payment is inconsistent with the terms of any
                payment election made by Executive with respect to such deferred
                compensation.

(b)      TERMINATION BY REASON OF DEATH. In the event that Executive's
         employment is terminated by reason of Executive's death, the Company
         shall pay Executive's estate the following compensation and benefits in
         addition to the compensation and benefits provided for in Section 6(a)
         above:

         (i)    Executive's estate shall be entitled to be paid:

                (A)        Executive's Base Salary at the rate in effect
                           immediately prior to Executive's date of death on the
                           Company's regular pay days for a period of three (3)
                           years from the effective date of termination as if
                           his employment had continued until the end of such
                           three (3)-year period; and

                (B)        an aggregate amount equal to three (3) times the
                           average of the Annual Bonuses paid to Executive in
                           the three (3) most recently completed fiscal years
                           preceding the effective date of termination, without
                           regard to whether the payment of all or any portion
                           of such Annual Bonus has been deferred (such average
                           being hereinafter referred to as the "Bonus
                           Average"), which shall be paid in equal installments
                           on the Company's regular pay days over the course of
                           thirty-six (36) months from the effective date of
                           termination; provided, however, that if at the time
                           of termination Executive has not been employed by
                           the Company for three fiscal years, the Bonus
                           Average shall be deemed for all purposes of this
                           Agreement to equal Executive's Target Bonus Rate
                           multiplied by his Base Salary at the rate in effect
                           immediately prior to the effective date of
                           termination. The Company may purchase insurance to
                           cover all or any part of the obligations set forth in
                           this Section 6(b)(i) and Executive agrees to submit
                           to a physical examination from time to time to
                           facilitate the procurement or renewal of such
                           insurance. Any proceeds of such insurance paid to
                           Executive or his beneficiaries or estate shall be
                           considered a portion of the payments required to be
                           made to Executive pursuant to this Section 6(b)(i)
                           and shall not be in addition thereto.

         (ii)   Executive's dependents shall be entitled to continue to receive
                medical, dental and vision insurance coverage at least equal in
                type and amount to that made available to dependents of
                full-

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                time senior executives of the Company immediately prior to
                Executive's death for a period of three (3) years from the
                effective date of termination, or until Executive's dependents
                become eligible for substantially equivalent employer-provided
                health insurance benefits from any other person or business
                entity, whichever occurs first. In the event that participation
                in any such plan, program or arrangement of the Company is
                prohibited, the Company will arrange to provide benefits
                substantially similar to those benefits which Executive's
                dependents would have been entitled to receive under such plan,
                program or arrangement for such period.

         (iii)  All of Executive's then outstanding options to purchase shares
                of the Company's common stock shall be vested and exercisable in
                accordance with the terms of the stock option plan of the
                Company pursuant to which such options were granted (the
                "Governing Stock Option Plan") as then in effect.

(c)      TERMINATION BY REASON OF TOTAL DISABILITY. In the event that
         Executive's employment is terminated by reason of Executive's Total
         Disability pursuant to Section 5(b) hereof, the Company shall pay
         Executive the following compensation and benefits in addition to the
         compensation and benefits provided for in Section 6(a) above:

         (i)    Subject to Section 6(c)(ii) below, Executive shall be entitled
                to be paid:

                (A)        his Base Salary at the rate in effect immediately
                           prior to the effective date of termination on the
                           Company's regular pay days for a period of three (3)
                           years from the effective date of termination as if
                           his employment had continued until the end of such
                           three (3) year period; and

                (B)        an aggregate amount equal to three (3) times the
                           Bonus Average, which shall be paid in equal
                           installments on the Company's regular pay days over
                           the course of thirty-six (36) months from the
                           effective date of termination.

         (ii)   Whenever compensation is payable to Executive under Section
                6(c)(i) during a period in which he is partially or totally
                disabled, and such disability would (except for the provisions
                hereof) entitle Executive to disability income or salary
                continuation payments from the Company according to the terms of
                any plan or program presently maintained or hereafter
                established by the Company, the disability income or salary
                continuation paid to Executive pursuant to any such plan or
                program shall be considered a portion of the payments required
                to be made to Executive pursuant to this Section 6(c) and shall
                not be in addition thereto. If disability income is payable
                directly to Executive by an insurance company under the terms of
                an insurance policy paid for by the Company, the amounts paid to
                Executive by such insurance company shall be considered a
                portion of the payment to be made to Executive pursuant to this
                Section 6(c) and shall not be in addition thereto.

         (iii)  Executive and his dependents shall be entitled to continue to
                receive medical, dental and vision insurance coverage at least
                equal in type and amount to that made available to full-time
                senior executives of the Company immediately prior to the
                effective date of termination for a period of three (3) years
                from the effective date of termination, or until Executive
                becomes eligible for substantially equivalent employer-provided
                health insurance benefits from any other person or business
                entity, whichever occurs first. In the event that participation
                in any such plan, program, or arrangement of the Company is
                prohibited, the Company will arrange to provide benefits
                substantially similar to those benefits which Executive would
                have been entitled to receive under such plan, program, or
                arrangement, for such period.

         (iv)   All of Executive's then outstanding options to purchase shares
                of the Company's common stock shall be vested and exercisable in
                accordance with the terms of the Governing Stock Option Plan, as
                then in effect.

(d)      TERMINATION FOR CAUSE. In the event that Executive's employment is
         terminated by the Company for Cause pursuant to Section 5(c) hereof,
         the Company shall not be obligated to make any payments to Executive
         under this Agreement on or following the effective date of termination,
         other than the compensation and benefits provided for in Section 6(a)
         above.

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(e)      VOLUNTARY TERMINATION BY EXECUTIVE. In the event that Executive
         terminates his employment without Good Reason pursuant to Section 5(e)
         hereof, the Company shall not be obligated to make any payments to
         Executive under this Agreement on or following the date of termination,
         other than the compensation and benefits provided for in Section 6(a)
         above.

(f)      TERMINATION BY THE COMPANY WITHOUT CAUSE OR BY EXECUTIVE FOR GOOD
         REASON. In the event that Executive's employment is terminated by the
         Company without Cause pursuant to Section 5(f) hereof or by Executive
         for Good Reason pursuant to Section 5(d) hereof, the Company shall pay
         to Executive the following compensation and benefits in addition to the
         compensation and benefits provided for in Section 6(a) above:

         (i)      Executive  shall be entitled to be paid:

                  (A)      his Base Salary at the rate in effect immediately
                           prior to the effective date of termination on the
                           Company's regular pay days for a period of three (3)
                           years from the effective date of termination as if
                           his employment had continued until the end of such
                           three (3) year period; and

                  (B)      an aggregate amount equal to three (3) times the
                           Bonus Average, which shall be paid in equal
                           installments on the Company's regular pay days over
                           the course of thirty-six (36) months from the
                           effective date of termination.

         (ii)     Executive and his dependents shall be entitled to continue to
                  receive medical, dental and vision insurance coverage at least
                  equal in type and amount to that made available to full-time
                  senior executives of the Company immediately prior to the
                  effective date of termination for a period of three (3) years
                  from the effective date of termination, or until Executive
                  becomes eligible for substantially equivalent
                  employer-provided health insurance benefits from any other
                  person or business entity, whichever occurs first. In the
                  event that participation in any such plan, program or
                  arrangement of the Company is prohibited, the Company will
                  arrange to provide benefits substantially similar to those
                  benefits which Executive would have been entitled to receive
                  under such plan, program or arrangement for such period.

         (iii)    All of Executive's then outstanding options to purchase shares
                  of the Company's common stock shall be vested and exercisable
                  in accordance with the terms of the Governing Stock Option
                  Plan, as then in effect;

         provided, however, that if the Company terminates Executive's
         employment without Cause or Executive terminates his employment with
         the Company for Good Reason within the one-year period preceding, or
         within the two-year period following, a "Change of Control", Executive
         shall be paid the compensation and benefits provided for in Section 7
         hereof rather than the compensation and benefits provided for in this
         Section 6(f).

(g)      NO OTHER BENEFITS OR COMPENSATION. Except as may be provided under this
         Agreement or under the terms of any Compensation Plans or Benefit Plans
         in effect and applicable to Executive on the effective date of
         termination, Executive shall have no right to receive any other
         compensation, or to participate in any other plan, arrangement or
         benefit after such termination and all other obligations of the Company
         and rights of Executive under this Agreement shall terminate effective
         as of the effective date of termination.

7.       CHANGE OF CONTROL.

(a)      RESIGNATION FOLLOWING CHANGE OF CONTROL. If (i) the Company terminates
         Executive's employment without Cause or Executive terminates his
         employment with the Company for Good Reason and (ii) a "Change of
         Control" has occurred within the two-year period preceding, or within
         the one-year period following, the effective date of termination,
         Executive shall be entitled to the compensation described in this
         Section 7 in addition to the compensation and benefits provided for in
         Section 6(a) above and in lieu of the compensation and benefits
         provided for in Section 6(f) above:

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         (i)      a lump sum amount equal to three(3) times the sum of (A) and
                  (B) below:

                  (A)      his Base Salary at the rate in effect immediately
                           prior to the effective date of termination; and

                  (B)      the Bonus Average.

         (ii)     Executive and his dependents shall be entitled to continue to
                  receive medical, dental and vision insurance coverage at least
                  equal in type and amount to that made available to full-time
                  senior executives of the Company immediately prior to the
                  effective date of termination for a period of three (3) years
                  from the effective date of termination, or until Executive
                  becomes eligible for employer-provided health insurance
                  benefits from any other person or business entity (whether or
                  not those health insurance benefits are comparable to the
                  health insurance benefits provided by the Company), whichever
                  occurs first. In the event that participation in any such
                  plan, program, or arrangement of the Company is prohibited,
                  the Company will arrange to provide benefits substantially
                  similar to those benefits which Executive would have been
                  entitled to receive under such plan, program, or arrangement,
                  for such period.

         (iii)    All of Executive's then outstanding options to pursuant shares
                  of the Company's common stock shall be vested and exercisable
                  in accordance with the terms of the Governing Stock Option
                  Plan as then in effect.

(b)      DEFINITION OF CHANGE OF CONTROL. For purposes of this Agreement, a
         "Change of Control" shall be deemed to have occurred upon the happening
         of any of the following:

         (i)      the sale or lease of all or substantially all of the assets of
                  the Company to any other person or entity other than a direct
                  or indirect wholly-owned subsidiary or parent of the Company;

         (ii)     a merger, amalgamation, consolidation or other reorganization
                  of the Company with any other entity (other than a direct or
                  indirect wholly-owned subsidiary or parent of the Company) in
                  which the Company is not the surviving entity or becomes owned
                  entirely by another entity, unless at least 50% of the
                  outstanding voting securities of the surviving or parent
                  corporation, as the case may be, immediately following such
                  transaction are beneficially held by the same persons and/or
                  entities that beneficially held the outstanding voting
                  securities of the Company immediately prior to such
                  transaction, and such outstanding voting securities are
                  beneficially held by such persons and/or entities in the same
                  proportion as such persons and/or entities beneficially held
                  the outstanding voting securities of the Company immediately
                  prior to such transaction;

         (iii)    the acquisition of beneficial ownership, as such term is
                  defined in the Securities Exchange Act of 1934, as amended
                  (the "Exchange Act") in a single transaction or series of
                  related transactions (by tender offer or otherwise), of more
                  than 50% of the voting securities of the Company by a single
                  person or entity (other than the Company or any affiliate (as
                  such term is defined in Rule 12b-2 under the Exchange Act) of
                  the Company (each an "Affiliate"), a trustee or any other
                  fiduciary or committee of any employee benefit plan of the
                  Company, or any corporation owned, directly or indirectly, by
                  the stockholders of the Company in substantially the same
                  proportions as their ownership of the stock of the Company) or
                  "group" within the meaning of Section 13(d)(3) of the Exchange
                  Act, whether through the acquisition of previously issued and
                  outstanding voting securities or of voting securities that
                  have not been previously issued, or any combination thereof;

         (iv)     the voluntary or involuntary dissolution, liquidation or
                  winding up of the Company, or the adoption of any resolution
                  with respect thereto; or

         (v)      the individuals who constituted the Board of Directors as of
                  the Effective Date (the "Incumbent Board") ceasing for any
                  reason to constitute at least a majority of the Board of
                  Directors; provided, that any person becoming a director whose
                  election or nomination for election was approved by a majority
                  of the members of the Incumbent Board shall be considered, for
                  purposes of this Agreement, a member of the Incumbent Board;
                  and provided further that, notwithstanding anything herein to
                  the contrary, a Change of Control shall not be deemed to have
                  occurred in connection with (i) any public offering of the
                  common stock of the Company for cash; (ii) any

<PAGE>

                  transaction with an entity or group that includes, is
                  affiliated with or is wholly or partially controlled by, one
                  or more executive officers of the Company in office
                  immediately prior to the transaction that would otherwise
                  constitute a Change of Control; (iii) any capital raising
                  transaction (including any investment by one or more private
                  equity funds) for the purpose of financing acquisitions
                  specifically identified by the Board of Directors of the
                  Company; or (iv) the U.S. Reorganization Transaction.

(c)      CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY. In the event that any
         portion of the payments or benefits provided to Executive under this
         Agreement or pursuant to any other plan, arrangement or agreement
         between Executive and the Company or any Affiliate thereof
         (collectively, "Total Payments") would be subject to the tax (the
         "Excise Tax") imposed by Section 4999 of the Code or any similar tax
         that may hereafter be imposed, then Executive shall be entitled to
         receive an additional payment (the "Gross-up Payment") in an amount
         which, when combined with the net amount of the Total Payments retained
         by Executive after giving effect to the application of the Excise Tax
         and all other applicable taxes on the Total Payments (including any
         interest or penalties imposed with respect to such taxes), will result
         in receipt by Executive of a Gross-up Payment equal to the Excise Tax
         imposed upon the Total Payments.

         (i)      Determination by Accounting Firm. Subject to the provisions of
                  Section 7(c)(ii) below, all determinations required to be made
                  under this Section 7(c), including whether a Gross-up Payment
                  is required, the amount of the Gross-Up Payment and the
                  assumptions to be utilized in arriving at such determination,
                  shall be made by the Company's independent auditors or such
                  other certified public accounting firm reasonably acceptable
                  to Executive as may be designated by the Company (the
                  "Accounting Firm"). The Accounting Firm shall provide detailed
                  calculations supporting the Gross-up Payment to the Company
                  and Executive. All fees and expenses of the Accounting Firm
                  shall be paid solely by the Company. Any Gross-Up Payment, as
                  determined pursuant to this Section 7(c), shall be paid by the
                  Company to Executive not later than the due date for the
                  payment of any Excise Tax. Any determination by the Accounting
                  Firm shall be binding upon the Company and Executive. As a
                  result of the uncertainty in the application of Section 4999
                  of the Code at the time of the initial determination by the
                  Accounting Firm hereunder, it is possible that Gross-Up
                  Payments which will not have been made by the Company should
                  have been made ("Underpayment"), consistent with the
                  calculations required to be made hereunder. In the event that
                  the Company exhausts its remedies pursuant to Section 7(c)(ii)
                  and Executive thereafter is required to make a payment of any
                  Excise Tax, the Accounting Firm shall determine the amount of
                  the Underpayment that has occurred and any such Underpayment
                  shall be promptly paid by the Company to or for Executive's
                  benefit.

         (ii)     The Company's Right to Contest Excise Tax. Executive agrees to
                  notify the Company in writing of any claim by the Internal
                  Revenue Service that, if successful, would require the payment
                  by the Company of the Gross-Up Payment. Such notification
                  shall be given as soon as practicable but no later than ten
                  (10) business days after Executive is informed in writing of
                  such claim and shall apprise the Company of the nature of such
                  claim and the date on which such claim is requested to be
                  paid. Executive shall not pay such claim prior to the
                  expiration of the 30-day period following the date on which
                  Executive gives such notice to the Company (or such shorter
                  period ending on the date that any payment of taxes with
                  respect to such claim is due). If the Company notifies
                  Executive in writing prior to the expiration of such period
                  that it desires to contest such claim, Executive agrees to:

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

                  (B)      take such action in connection with contesting such
                           claim as the Company shall reasonably request in
                           writing from time to time, including, without
                           limitation, accepting legal representation with
                           respect to such claim by an attorney reasonably
                           selected by the Company;

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

                  (D)      permit the Company to participate in any proceedings
                           relating to such claim;

<PAGE>

                  provided, however, that the Company agrees to bear and pay
                  directly all costs and expenses (including additional interest
                  and penalties) incurred in connection with such contest and
                  shall indemnify and hold Executive harmless, on an after-tax
                  basis, for any Excise Tax or income tax (including interest
                  and penalties with respect thereto) imposed as a result of
                  such representation and payment of costs and expenses. Without
                  limitation on the foregoing provisions of this Section
                  7(c)(ii), the Company shall control all proceedings taken in
                  connection with such contest and, at its sole option, may
                  pursue or forego any and all administrative appeals,
                  proceedings, hearings and conferences with the taxing
                  authority in respect of such claim and may, at its sole
                  option, either direct Executive to pay the tax claimed and sue
                  for a refund or contest the claim in any permissible manner,
                  and Executive agrees to prosecute such contest to a
                  determination before any administrative tribunal, in a court
                  of initial jurisdiction and in one or more appellate courts,
                  as the Company shall determine; provided, however, that if the
                  Company directs Executive to pay such claim and sue for a
                  refund, the Company shall advance the amount of such payment
                  to Executive, on an interest-free basis, and shall indemnify
                  and hold Executive harmless, on an after-tax basis, from any
                  Excise Tax or income tax (including interest or penalties with
                  respect thereto) imposed with respect to such advance or with
                  respect to any imputed income with respect to such advance;
                  and further provided that any extension of the statute of
                  limitations relating to payment of taxes for Executive's
                  taxable year with respect to which such contested amount is
                  claimed to be due is limited solely to such contested amount.
                  Furthermore, the Company's control of the contest shall be
                  limited to issues with respect to which a Gross-Up Payment
                  would be payable hereunder and Executive shall be entitled to
                  settle or contest, as the case may be, any other issue raised
                  by the Internal Revenue Service or any other taxing authority.

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

(d)      Notwithstanding anything herein to the contrary, to the extent that
         Executive has received payments of Base Salary pursuant to Section
         6(f)(i) hereof at a time when a "Change of Control" occurs, such
         payments shall be deducted from the lump sum payment required to be
         made to Executive pursuant to Section 7(a)(i) hereof.

8.       RESTRICTIVE COVENANTS

(a)      COMPETITIVE ACTIVITY. Executive covenants and agrees that at all times
         during Executive's employment with the Company, and during the
         Non-Compete Period (as defined below), Executive will not, acting alone
         or in conjunction with others, without the prior written consent of the
         Company, directly or indirectly, engage or participate in, assist,
         render services to or for, or have any active interest or involvement
         in, whether as an employee, principal, agent, consultant, creditor,
         lender, advisor, employer, officer, director, stockholder (excluding
         holdings by Executive of up to 3% of the voting stock of any
         corporation subject to the periodic reporting requirements of the
         Exchange Act), partner, proprietor or in any other individual or
         representative capacity in or with, any person, entity or business
         which competes, directly or indirectly, with the Company or any
         Affiliate in any of the business areas or territories in which the
         Company or any Affiliate then conducts business or with any development
         opportunity being pursued by the Company during the Non-Compete Period.
         (b) NON-SOLICITATION. Executive covenants and agrees that at all times
         during Executive's employment with the Company, and during the
         Non-Compete Period, Executive will not, without the prior written
         consent of the Company, directly or indirectly (i) induce, solicit or
         entice any customer of the Company or any customer of any Affiliate to
         patronize any person, business or entity which competes, directly or
         indirectly, with the Company or such Affiliate in any

<PAGE>

         of the business areas or territories in which the Company or such
         Affiliate then conducts business; (ii) canvass, solicit or accept any
         business from any customer of the Company or any customer of any
         Affiliate (other than in connection with the performance by Executive
         of his duties and responsibilities for the Company in accordance with
         this Agreement) in any of the business areas or territories in which
         the Company or any Affiliate of the Company then conducts business;
         (iii) request or advise any customer of the Company or any customer of
         any Affiliate to withdraw, curtail or cancel such customer's business
         with the Company or such Affiliate in any of the business areas or
         territories in which the Company or any Affiliate of the Company then
         conducts business; (iv) contact, communicate with or solicit any
         prospect that the Company is actively pursuing or any prospect that any
         Affiliate is actively pursuing (other than in connection with the
         performance by Executive of his duties for the Company in accordance
         with this Agreement); (v) disclose to any other person, entity or
         business the names or addresses of any customer or acquisition prospect
         of the Company or any customer or acquisition prospect of any Affiliate
         (other than as required in connection with the performance by Executive
         of his duties for the Company in accordance with this Agreement); (vi)
         cause, solicit, entice or induce any employee of the Company or any
         employee of any Affiliate to leave the employ of the Company or such
         Affiliate, or to accept employment with, or compensation from,
         Executive or any person, entity or business (other than the Company or
         any Affiliate) with which Executive is affiliated or by whom Executive
         is employed; or (vii) use any customer lists or customer leads, mail,
         telephone numbers, printed material or other information obtained from
         the Company or any Affiliate or any employee of any of the foregoing
         (other than in connection with the performance by Executive of his
         duties for the Company in accordance with this Agreement).

(c)      NON-DISPARAGEMENT.

         (i)      Executive covenants and agrees that Executive shall not engage
                  in any pattern of conduct that involves the making or
                  publishing of written or oral statements or remarks
                  (including, without limitation, the repetition or distribution
                  of derogatory rumors, allegations, negative reports or
                  comments) which are disparaging, deleterious or damaging to
                  the integrity, reputation or good will of the Company or any
                  Affiliate or any member of management of the Company or any
                  Affiliate.

         (ii)     The Company covenants and agrees that it shall not engage in
                  any pattern of conduct that involves the making or publishing
                  of written or oral statements or remarks (including, without
                  limitation, the repetition or distribution of derogatory
                  rumors, allegations, negative reports or comments) which are
                  disparaging, deleterious or damaging to the integrity or
                  reputation of Executive.

(d)      PROTECTED INFORMATION. Executive recognizes and acknowledges that
         Executive has had and will continue to have access to various
         confidential and proprietary information concerning the Company and its
         Affiliates which is of a special and unique value. As a condition to
         commencement of Executive's employment hereunder, Executive shall
         execute a Confidentiality and Proprietary Rights Agreement in
         substantially the form of Exhibit C attached hereto (the
         "Confidentiality and Proprietary Rights Agreement"). Any breach by
         Executive of the Confidentiality and Proprietary Rights Agreement shall
         be considered a breach of this Agreement.

(e)      NON-COMPETE PERIOD. For purposes of this Agreement, the term
         "Non-Compete Period" shall have the following meanings:

         (i)      in the event (A) Executive's employment hereunder is
                  terminated by the Company without Cause pursuant to Section
                  5(f), or by Executive for Good Reason pursuant to Section
                  5(d), and (B) a Change of Control did not occur within the
                  two-year period preceding, and does not occur within the
                  one-year period following, the effective date of termination,
                  the Non-Compete Period shall mean the period beginning on the
                  effective date of termination and ending on the second
                  anniversary of the effective date of termination;

         (ii)     in the event that (A) Executive's employment hereunder is
                  terminated by the Company without Cause pursuant to Section
                  5(f), or by Executive for Good Reason pursuant to Section
                  5(d), and (B) a Change of Control occurred within the two-year
                  period preceding the effective date of termination, there
                  shall be no Non-Compete Period;

         (iii)    in the event (A) Executive's employment hereunder is
                  terminated by the Company without Cause pursuant to Section
                  5(f), or by Executive for Good Reason pursuant to Section
                  5(d), and (B) a

<PAGE>

                  "Change of Control" occurs within the one-year period
                  following the effective date of termination, the Non-Compete
                  Period shall mean the period beginning on the effective date
                  of termination and ending on the effective date of the "Change
                  of Control";

         (iv)     in the event Executive's employment hereunder is terminated by
                  Executive voluntarily pursuant to Section 5(e), or by the
                  Company with Cause pursuant to Section 5(c), the Non-Compete
                  Period shall mean the period beginning on the effective date
                  of termination and ending on the first anniversary of the
                  effective date of termination; and

         (v)      in the event Executive's employment hereunder is terminated by
                  the Company upon Death of Executive pursuant to Section 5(a),
                  or upon the Total Disability of Executive pursuant to Section
                  5(b), there shall be no Non-Compete Period.

9.       ENFORCEMENT OF COVENANTS.

(a)      TERMINATION OF EMPLOYMENT AND FORFEITURE OF COMPENSATION.
         Notwithstanding anything in this Agreement to the contrary, in the
         event that the Board of Directors or a duly authorized committee
         thereof determines in its good faith judgment that Executive has
         violated Sections 8(a) or 8(b) hereof, the Company shall have the right
         to suspend or terminate any or all remaining payments or benefits
         payable pursuant to Section 6 and/or 7 of this Agreement. Such
         suspension or termination of benefits shall be in addition to and shall
         not limit any and all other rights and remedies that the Company may
         have against Executive.

(b)      RIGHT TO INJUNCTION. Executive acknowledges that a breach of the
         covenants set forth in Section 8 hereof will cause irreparable damage
         to the Company with respect to which the Company's remedy at law for
         damages will be inadequate. Therefore, in the event of a breach of the
         covenants set forth in Section 8 by Executive or if the Company has
         reasonable grounds to believe that a breach by Executive of the
         covenants set forth in Section 8 is imminent, Executive and the Company
         agree that the Company shall be entitled to the following particular
         forms of relief, in addition to remedies otherwise available to it at
         law or in equity; (i) injunctions, both preliminary and permanent,
         enjoining or restraining such breach or anticipatory breach and
         Executive hereby consents to the issuance thereof forthwith and without
         bond by any court of competent jurisdiction; and, in the event the
         Company prevails on the merits after all available appeals have been
         exhausted (ii) recovery of all reasonable sums expended and costs,
         including reasonable attorney's fees, incurred by the Company to
         enforce the covenants set forth in Section 8.

(c)      SEPARABILITY OF COVENANTS. The covenants contained in Section 8 hereof
         constitute a series of separate covenants, one for each applicable
         State in the United States and the District of Columbia, and one for
         each province and Territory in Canada. If in any judicial proceeding, a
         court shall hold that any of the covenants set forth in Section 8
         exceed the time, geographic, or occupational limitations permitted by
         applicable laws, Executive and the Company agree that such provisions
         shall and are hereby reformed to the maximum time, geographic, or
         occupational limitations permitted by such laws. Further, in the event
         a court shall hold unenforceable any of the separate covenants deemed
         included herein, then such unenforceable covenant or covenants shall be
         deemed eliminated from the provisions of this Agreement for the purpose
         of such proceeding to the extent necessary to permit the remaining
         separate covenants to be enforced in such proceeding. Executive and the
         Company further agree that the covenants in Section 8 shall each be
         construed as a separate agreement independent of any other provisions
         of this Agreement, and the existence of any claim or cause of action by
         Executive against the Company, whether predicated on this Agreement or
         otherwise, shall not constitute a defense to the enforcement by the
         Company of any of the covenants of Section 8.

10.      MITIGATION OF DAMAGES; ATTORNEY'S FEES

                  (a)      Executive shall not be required to mitigate the
amount of any payment provided for in this Agreement by seeking other
employment.

                  (b)      If any legal action is filed by either party to
enforce or interpret any of the provisions of this Agreement, the non-prevailing
party shall pay to the prevailing party, in addition to any other amounts
awarded in the action, all reasonable attorney's fees and other fees and costs
incurred by the prevailing party in connection

<PAGE>

with such legal action, the amount of which shall be fixed by the court hearing
such action and made a part of any judgment rendered.

11.      WITHHOLDING OF TAXES.

The Company may withhold all legally required taxes from any compensation and
benefits payable under this Agreement.

12.      ASSIGNMENT.

Except as otherwise provided in this Agreement, this Agreement shall inure to
the benefit of, and be binding upon, the parties hereto and their respective
heirs, representatives, successors and permitted assigns. The rights, benefits
and obligations of Executive under this Agreement are personal to Executive and
no such right, benefit or obligation shall be subject to voluntary or
involuntary alienation, assignment or transfer; provided, however, that nothing
in this Section 12 shall preclude Executive from designating a beneficiary or
beneficiaries to receive any benefit payable on his death. The Company shall
require any Successor (whether by purchase of all or substantially all of the
assets of the Company, merger of the Company into another entity, or otherwise)
to assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would have been required to perform if no such
succession had taken place. Upon any such assignment, all references herein to
the Company shall be deemed to refer to such assignee.

13.      ENTIRE AGREEMENT; AMENDMENT.

This Agreement, together with all schedules, exhibits and other documents
referred to herein, shall supersede any and all existing oral or written
agreements, representations, or warranties between Executive and the Company
relating to the terms of Executive's employment by the Company. This Agreement
may not be amended, nor any provision waived, except by a written instrument
signed by the party against whom such amendment or waiver is sought to be
enforced.

14.      GOVERNING LAW; JURISDICTION.

This Agreement shall be governed by and construed in accordance with the
internal substantive laws of the State of Delaware, without giving effect to the
conflict of law principles thereof. The parties agree that all disputes, legal
actions, suits and proceedings arising out of or relating to this Agreement or
Executive's employment with the Company must be brought exclusively in a federal
district court or state court of competent jurisdiction located in the State of
Delaware. Each party hereby irrevocably consents and submits to the exclusive
jurisdiction of such courts. No legal action, suit or proceeding with respect to
this Agreement or Executive's employment with the Company may be brought in any
other forum. Each party hereby irrevocably waives all claims of immunity from
jurisdiction and any right to object on the basis that any dispute, action, suit
or proceeding brought in any such court has been brought in an improper or
inconvenient forum or venue.

15.      NOTICES.

Any notice, consent, request or other communication made or given in connection
with this Agreement shall be in writing and shall be deemed to have been duly
given if delivered personally, mailed by registered or certified mail (return
receipt requested), or by confirmed facsimile to those listed below at their
following respective addresses or at such other address as each may specify by
notice to the others:

         To the Company or Capital:

                  1122 International Blvd., Suite 601
                  Burlington, Ontario L7L 6Z8
                  Attention:  General Counsel

         To Executive:  At the address for Executive set forth on the signature
page below.

<PAGE>

16.      MISCELLANEOUS.

(a)      WAIVER. The failure of a party to insist upon strict adherence to any
         term of this Agreement on any occasion shall not be considered a waiver
         thereof or deprive that party of the right thereafter to insist upon
         strict adherence to that term or any other term of this Agreement. The
         waiver by any party hereto of a breach of any provision of this
         Agreement shall neither operate nor be construed as a general waiver or
         as a specific waiver of any subsequent breach by any party, unless
         otherwise expressly provided in such waiver.

(b)      SEPARABILITY. Subject to Section 9 hereof, if any term or provision of
         this Agreement or application thereof to anyone or under any
         circumstances shall be determined to be invalid, illegal or
         unenforceable by any court of competent jurisdiction and cannot be
         modified to be enforceable, such term or provision shall immediately
         become null and void, leaving the remainder of this Agreement in full
         force and effect.

(c)      HEADINGS. Section headings are used herein for convenience of reference
         only and shall not affect the meaning of any provision of this
         Agreement.

(d)      RULES OF CONSTRUCTION. Whenever the context so requires, the use of the
         singular shall be deemed to include the plural and vice versa.

(e)      COUNTERPARTS. This Agreement may be executed in any number of
         counterparts, each of which so executed shall be deemed to be an
         original, and such counterparts will together constitute but one
         Agreement.

(f)      Intentionally omitted.

(g)      RELEASE. Notwithstanding anything herein to the contrary, the Company
         shall not be required to make any of the payments, or provide any of
         the benefits, to the Executive pursuant to Sections 6 or 7 hereof
         unless and until Executive executes and delivers a release of all
         claims arising out of this Executive Employment Agreement through the
         date of the release, but excluding claims for indemnification from the
         Company under the Indemnification Agreement attached hereto as Exhibit
         A, local, state or federal statutory or constitutional claims, or other
         claims not arising under this Executive Employment Agreement.

(h)      SURVIVAL. Notwithstanding anything in this Agreement to the contrary,
         the provisions of Sections 8, 9, 10, 14, 15 and 16 shall survive any
         termination of Executive's employment in accordance with their
         respective terms.

                           [SIGNATURE PAGES TO FOLLOW]

<PAGE>

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

THE COMPANY:

WASTE SERVICES, INC.

By:
        -----------------------------------
Name:   David Sutherland-Yoest
Title:  Chairman and Chief Executive Officer

Date:   July 1, 2004

EXECUTIVE:

By:
        -----------------------------------
        Charles A. Wilcox
        11840 Stuckey Lane
        Houston, Texas  77024

Date:   July 1, 2004Warrant to Purchase Shares

 

EXHIBIT 10.14

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER THE SECURITIES NOR ANY INTEREST
THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION
UNDER SUCH ACT AND SUCH LAWS, WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL AND
OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY, IS AVAILABLE.

Warrant to Purchase Shares

Of Common Stock of IVAX Corporation

	 	 	 
	

	 	Replacement Issuance November 29, 2002
	

	 	Original Issuance November 18, 1999

This certifies that Frost Gamma Investments Trust (the “Holder”), for value received, is entitled,
subject to the adjustment and to the other terms set forth below, to purchase from IVAX
Corporation, a Florida corporation (the “Company”), an aggregate of 937,500 fully paid and
nonassessable shares of the Company’s Common Stock, par value $.10 (the “Warrant Shares”), at a
price per share of $9.60 (the “Purchase Price”) at any time or from time to time, but not earlier
(than the Commencement Date (as defined below) or later than 5:00 P.M. (Eastern Time) on the
Expiration Date (as defined below), upon surrender to the Company of this Warrant properly endorsed
with the form of Subscription Agreement attached hereto as Exhibit A, such Subscription Agreement
to be duly filled in and signed, and upon payment in cash by wire transfer or cashier’s check of
the aggregate Purchase Price for the number of shares for which this Warrant is being exercised.
The Purchase Price and, in some cases, the number of shares purchasable hereunder are subject to
adjustment as provided in Section 3 of this Warrant. This Warrant and all rights hereunder, to the
extent not exercised in the manner set forth herein, shall terminate and become null and void on
the Expiration Date. This Warrant replaces in its entirety that certain Warrant dated November 18,
1999 issued to Frost-Nevada Limited Partnership, and assigned to Frost Gamma Limited Partnership, a
Nevada limited partnership, providing for the right to purchase 500,000 shares of the Company’s
Common Stock at an original exercise price of $18.00 per share. “Commencement Date” shall mean
November 18, 1999. “Expiration Date” shall mean the date seven (7) years following the
Commencement Date.

     This Warrant Certificate is subject to the following terms and conditions:

     1. Exercise; Issuance of Certificates; Payment for Shares. This Warrant is exercisable, in
whole or in part, at the option of the Holder at any time or from time to time, but not later than
5:00 P.M. (Eastern Time) on the Expiration Date. The Company agrees that the Warrant Shares
purchased under this Warrant shall be and are deemed to be issued to Holder as the record owner of
such shares as of the close of business on the date on which this Warrant shall have been
surrendered and payment made for such shares. Subject to the provisions of Section 2, certificates
for the Warrant Shares so purchased, together with any other securities or property to which Holder
is entitled upon such exercise, shall be delivered to Holder by the Company or the Company’s
transfer agent at the Company’s expense within a reasonable time after the rights represented by
this Warrant have been exercised. Each stock certificate so delivered shall be in such
denominations of Common Stock as may be requested by Holder and shall be registered in the name of
Holder or such other name as shall be designated by Holder, subject to the limitations contained in
Section 2. Unless this Warrant shall have expired, a Warrant representing the

 

 

number of shares, if any, with respect to which this Warrant shall not have been exercised
shall be issued to the holder within the same period.

     2. Shares to Be Fully Paid; Reservation of Shares. The Company covenants and agrees that all
shares of Common Stock that may be issued upon the exercise of the rights represented by this
Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable. The
Company covenants that it will reserve and keep available a sufficient number of shares of its
authorized but unissued Common Stock for such exercise. The Company will take all such reasonable
action as may be necessary to assure that such shares of Common Stock may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of any
domestic securities exchange or automated quotation system upon which the Common Stock may be
listed.

     3. Adjustment of Purchase Price; Number of Shares. The Purchase Price and the number of
shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to
time upon the occurrence of certain events described below.

               3.1. Subdivision or Combination of Stock and Stock Dividend. In case the Company shall at
any time subdivide its outstanding shares of Common Stock into a greater number of shares or
declare a dividend upon its Common Stock payable solely in shares of Common Stock, the Purchase
Price in effect immediately prior to such subdivision or declaration shall be proportionately
reduced, and the number of shares issuable upon exercise of the Warrant shall be proportionately
increased. Conversely, in case the outstanding shares of Common Stock of the Company shall be
combined into a smaller number of shares, the Purchase Price in effect immediately prior to such
combination shall be proportionately increased, and the number of shares issuable upon exercise of
the Warrant shall be proportionately reduced.

               3.2. Notice of Adjustment. Promptly after any adjustment of the Purchase Price or any
increase or decrease in the number of shares of Common Stock purchasable upon the exercise of this
Warrant, the Company shall give written notice thereof, by first class mail, postage prepaid,
addressed to Holder at the address of Holder as shown on the books of the Company. The notice
shall be signed by the Company’s chief financial officer and shall state the effective date of the
adjustment and the Purchase Price resulting from such adjustment and the increase or decrease, if
any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting
forth in reasonable detail the method of calculation and the facts upon which such calculation is
based.

               3.3. Other Notices. If at any time:

        (a) the Company shall declare any cash dividend upon its Common Stock;

        (b) the Company shall declare any dividend upon its Common Stock payable in shares of
Common Stock or make any special dividend or other distribution to the holders of its Stock:

        (c) the Company shall offer for subscription pro rata to the holders of the Common
Stock any additional shares of stock of any class or series or other rights;

        (d) there shall be any reclassification or recapitalization of its Common Stock or any
consolidation or merger of the Company with another corporation, or a sale of all or
substantially all of the Company’s assets to another corporation; or

        (e) there shall be a voluntary or involuntary dissolution, liquidation or winding up
of the Company;

then, in any one or more of said cases, the Company shall give Holder (i) at least thirty (30) days
written notice of the date on which the books of the Company shall close or a record shall be taken
for such dividend, distribution or subscription rights or for determining rights to vote in respect
of any such dissolution, liquidation or winding up; (ii) at least ten (10) days prior written
notice of the date on which the books of the Company shall close or a record shall be taken for
determining rights to vote in respect of any such consolidation, merger or sale; and (iii) in the
case of any such consolidation, merger, sale, dissolution, liquidation or winding up, at least
thirty (30) days written notice of the date when the same shall take place. Any notice given in
accordance with clause (i) above shall also specify, in the case of any such dividend, distribution
or option rights, the date on which the holders of

 

 

Common Stock shall be entitled thereto. Any notice given in accordance with clause (iii) above
shall also specify the date on which the holders of Common Stock shall be entitled to exchange
their Common Stock for securities or other property deliverable upon such consolidation, merger,
sale, dissolution, liquidation or winding-up, as the case may be. If Holder does not exercise this
Warrant prior to the occurrence of an event described above, except as provided in Sections 3.1 and
3.4, Holder shall not be entitled to receive the benefits accruing to existing holders of the
Common Stock in such event. Notwithstanding anything herein to the contrary, if and to the extent
Holder chooses to exercise this Warrant within the 10-day period following receipt of the notice
specified in clause (ii) above, Holder may elect to pay the aggregate Purchase Price by delivering
to the Company cash by wire transfer or a cashier’s check in the amount as provided in the first
paragraph of this Warrant.

               3.4. Changes in Common Stock. In case at any time following the Commencement Date, the
Company shall be a party to any transaction (including, without limitation, a merger,
consolidation, sale of all or substantially all of the Company’s assets or recapitalization of the
Common Stock) in which the previously outstanding Common Stock shall be changed into or exchanged
for different securities of the Company or common stock or other securities of another corporation
or interests in a non-corporate entity or other property (including cash) or any combination of any
of the foregoing (each such transaction being herein called a “Transaction” and the date of
consummation of a Transaction being herein called a “Consummation Date”), then, as a condition of
the consummation of such Transaction, lawful and adequate provisions shall be made so that the
Holder, upon the exercise hereof at any time on or after the Consummation Date of such Transaction,
shall be entitled to receive, and this Warrant shall thereafter represent the right to receive, in
lieu of the Warrant Shares issuable upon such exercise prior to such Consummation Date, the highest
amount of securities or other property to which the Holder would actually have been entitled as a
stockholder upon the consummation of such Transaction if the Holder had exercised this Warrant
immediately prior thereto. The provisions of this Section 3.4 shall similarly apply to successive
Transactions.

     4. Issue Tax. The issuance of certificates for the Warrant Shares upon the exercise of the
Warrant shall be made without charge to the Holder for any issue tax in respect thereof; provided,
however, that the Company shall not be required to pay any tax that may be payable in respect of
any transfer involved in the issuance and delivery of any certificate in a name other than that of
the Holder.

     5. No Voting or Dividend Rights; Limitation of Liability. Nothing contained in this Warrant
shall be construed as conferring upon the Holder the right to vote or to consent or, except as set
forth in Section 3.3 hereof, to receive notice as a stockholder in respect of any election of
directors of the Company or any other matters or any rights whatsoever as a stockholder of the
Company, until, and only to the extent that, this Warrant shall have been exercised. Except for
the adjustment to the Purchase Price pursuant to Section 3.1 in the event of a dividend on the
Common Stock payable in shares of Common Stock, no dividends or interest shall be payable or
accrued in respect of this Warrant or the interest represented thereby or the shares of Common
Stock purchasable hereunder until, and only to the extent that, this Warrant shall have been
exercised. No provisions hereof, in the absence of affirmative action by the Holder to purchase
shares of Common Stock, and no mere enumeration herein of the rights or privileges of the Holder,
shall give rise to any liability of the Holder for the Purchase Price or as a stockholder of the
Company, whether such liability is asserted by the Company or by its creditors.

     6. Restrictions on Transferability of Securities; Compliance With Securities Act.

               6.1. Restrictions on Transferability. This Warrant and the Warrant Shares shall not be
transferable in the absence of registration under the Securities Act of 1933, as amended (the
“Securities Act”), or an exemption therefrom under the Securities Act.

               6.2. Restrictive Legend. Each certificate representing the Warrant Shares or any other
securities issued in respect of the Warrant Shares upon any stock split, stock dividend,
recapitalization, merger, consolidation or similar event, shall be stamped or otherwise imprinted
with a legend in substantially the following form (in addition to any legend required under
applicable state securities laws):

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS,
AND NEITHER THE SECURITIES NOR ANY

 

 

INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH
LAWS, WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL AND
OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THE COMPANY, IS AVAILABLE.

6.3. Registration Rights.

     (a) If (but without any obligation to do so) the Company proposes to register any shares of
Common Stock under the Securities Act in connection with an underwritten public offering of
such securities (other than a registration relating solely to the sale of securities to
participants in a stock plan of the Company, or a registration which does not relate to shares
of Common Stock, or a registration on any form which does not include substantially the same
information as would be required to be included in a registration statement covering the sale
of the Warrant Shares), the Company shall, at such time, promptly give the Holder written
notice of such registration. Upon the written request of the Holder given within ten (10)
days after receipt of such notice from the Company, the Company shall, subject to the
provisions of this subsection 6.3, use its best efforts to cause to be registered under the
Securities Act all of the Warrant Shares that the Holder has requested be registered.

     (b) In connection with any offering subject to subsection 6.3(a), the Company shall not
be required to include any of the Holder’s securities in such underwriting unless the Holder
accepts the terms of the underwriting agreement as agreed upon between the Company and the
underwriters selected by the Company. If the Holder holds Warrant Shares, and if the
Company’s offering is to be registered on a form that also permits registration of
securities offered by selling shareholders, the Holder shall be entitled to include in the
offering all or any portion of the Warrant Shares, subject to prior exercise of this
Warrant. Notwithstanding the foregoing, if the managing underwriter of any such offering,
which managing underwriter shall be selected by the Company, determines that the number of
shares proposed to be sold by the Company, by other shareholders having registration rights,
and/or by the Holder is greater than the number of shares that the managing underwriter
believes feasible to sell at the time, at the price and upon the terms approved by the
Company, then the number of shares that the managing underwriter believes may be sold shall
be allocated for inclusion in the registration statement in the following order of priority:
(i) shares being offered by the Company; and (ii) pro-rata among the other shareholders and
the Holder, based on the number of shares of Common Stock each shareholder requested to be
registered.

     (c) Whenever required under this section 6.3 to effect the registration of any Warrant
Shares, the Company shall, from and after the effective date of the applicable registration
statement:

               (i) Prepare and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection with such registration statement as may be
necessary to comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement;

               (ii) Furnish to the Holder such numbers of copies of a prospectus in conformity with
the requirements of the Securities Act, and such other documents as it may reasonably
request in order to facilitate the disposition of Warrant Shares owned by the Holder;

               (iii) Use its best efforts to register and qualify the securities covered by such
registration statement under the securities laws of such jurisdictions as shall be
reasonably requested by the Holder, provided that the Company shall not be required in
connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions;

               (iv) Notify the Holder at any time when the Holder informs the Company that it intends
to deliver a prospectus relating thereto for the purpose of offering or selling any Warrant
Shares covered by such registration statement, of the happening of any event as a result of
which the prospectus

 

 

included in such registration statement, as then in effect, includes an untrue statement of
a material fact or omits to state a material fact required to be stated therein or necessary
to make the statements therein not misleading in the light of the circumstances then
existing, after which the Company will promptly amend the prospectus, and the Holder agrees
not to deliver the prospectus until such amendment has been declared effective;

               (v) Furnish, at the request of the Holder, on the date that such Warrant Shares are
delivered to the underwriters, an opinion, dated such date, of the Company’s counsel for the
purposes of such registration, in form and substance as is customarily given to underwriters
in an underwritten public offering, addressed to the underwriters and to the Holder; and

               (vi) List the Warrant Shares being registered on the American Stock Exchange.

     (d) It shall be a condition precedent to the obligations of the Company to take any
action pursuant to this section 6.3 that the Holder shall furnish to the Company such
information regarding itself, the Warrant Shares held by it, any investment banker, broker
or other agent retained by the Holder to assist it in selling the Warrant Shares, and the
intended method of disposition of such securities as shall be reasonably required to effect
the registration of its Warrant Shares.

     (e) Except as otherwise provided herein, all expenses other than underwriting discounts
and commissions relating to Warrant Shares incurred in connection with the registration,
filings or qualifications pursuant to this section 6.3, including, without limitation, all
registration, filing and qualification fees, printing and accounting fees and fees and
disbursements of the Company’s counsel, shall be borne by the Company. Notwithstanding the
foregoing, all underwriting discounts and selling commissions applicable to the Warrant
Shares covered by any registration and all fees and disbursements of special counsel to the
Holder shall be borne by the Holder, in proportion to the number of Warrant Shares sold by
the Holder, and if any applicable state securities laws require the Holder to share the
expenses of the offering with the Company, then the Holder shall share such expenses in
accordance with the applicable law of such state.

     (f) So long as the Company has given every notice required by this section 6.3, the
Holder shall not have any right to take any action to restrain or otherwise delay any such
registration as the result of any controversy that might arise with respect to the
interpretation or implementation of this section 6.3.

     (g) In the event any Warrant Shares are included in a registration statement under this
section 6.3:

               (i) To the extent permitted by law, the Company will indemnify and hold harmless the
Holder, the officers and directors of the Holder, any underwriter (as defined in the
Securities Act) for the Holder and each person, if any, who controls the Holder or
underwriter within the meaning of the Securities Act or the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), against any losses, claims, damages or liabilities (joint
or several) to which they may become subject under the Securities Act, the Exchange Act or
other federal or state law, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any of the following statements,
omissions or violations (collectively, a “Violation”): (A) any untrue statement or alleged
untrue statement of a material fact contained in such registration statement, including any
preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto, (B) the omission or alleged omission to state therein a material fact
required to be stated therein, or necessary to make the statements therein not misleading,
or (C) any violation or alleged violation by the Company of the Securities Act, the Exchange
Act, any state securities law or any rule or regulation promulgated under the Securities
Act, the Exchange Act or any state securities law. The Company will reimburse the Holder,
officer or director, underwriter or controlling person for any legal or other expenses
reasonably incurred by it in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however, that the indemnity
agreement contained in this clause (i) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected without

 

 

the consent of the Company (which consent shall not be unreasonably withheld), nor shall the
Company be liable in any such case for any such loss, claim, damage, liability or action to
the extent that it arises out of or is based upon a Violation which occurs in reliance upon
and in conformity with written information furnished expressly for use in connection with
such registration by the Holder, or by any officer, director, underwriter or controlling
person of the Holder.

               (ii) To the extent permitted by law, the Holder will indemnify and hold harmless the
Company, each of its directors, each of its officers who has signed the registration
statement, each person, if any, who controls the Company within the meaning of the
Securities Act, each agent and any underwriter for the Company or any person who controls
such underwriter, against any losses, claims, damages or liabilities (joint or several) to
which the Company or any such director, officer, controlling person, agent or underwriter,
director or officer or controlling person thereof, may become subject, under the Securities
Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon any Violation,
in each case to the extent (and only to the extent) that such Violation occurs in reliance
upon and in conformity with written information furnished by the Holder or by any officer,
director, underwriter or controlling person of the Holder expressly for use in connection
with such registration; and the Holder will reimburse any legal or other expenses reasonably
incurred by the Company or any such director, officer, controlling person, agent or
underwriter, officer, director or controlling person thereof, in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the indemnity agreement contained in this clause
(ii) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the Holder, which
consent shall not be unreasonably withheld.

               (iii) Promptly after receipt by an indemnified party under this subsection 6.3(g) of
notice of the commencement of any action (including any governmental action), such
indemnified party will, if a claim in respect thereof is to be made against any indemnifying
party under this subsection 6.3(g), deliver to the indemnifying party a written notice of
the commencement thereof, and the indemnifying party shall have the right to participate in,
and, to the extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to
the parties; provided, however, that an indemnified party shall have the
right to retain its own counsel, reasonably satisfactory to the indemnifying party, with the
fees and expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be inappropriate
due to actual or potential differing interests between such indemnified party and any other
party represented by such counsel in such proceeding. The failure to deliver written notice
to the indemnifying party within a reasonable time of the commencement of any such action,
if prejudicial to its ability to defend such action, shall relieve such indemnifying party
of any liability to the indemnified party under this subsection 6.3(g), but the omission so
to deliver written notice to the indemnifying party shall not relieve it of any liability
that it may have to any indemnified party otherwise than under this subsection 6.3(g).

               (iv) The obligations of the indemnifying party under this subsection 6.3(g) shall
survive the completion of any offering of Warrant Shares in a registration statement under
this section 6.3 and otherwise.

         7. Modification and Waiver. This Warrant and any provision hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by the party against which
enforcement of the same is sought.

         8. Notices. Any notice, request or other document required or permitted to be given or
delivered to the Holder or the Company shall be delivered or shall be sent by certified or
registered mail, return receipt requested, postage prepaid, or by commercial overnight courier, to
the Holder at its address as shown on the books of the Company or, if to the Company, at the
address indicated therefor on the signature page of this Warrant.

 

 

     9. Descriptive Headings and Governing Law. The descriptive headings of the several sections
and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of
this Warrant. This Warrant shall be construed and enforced in accordance with, and the rights of
the parties shall be governed by, the laws of the State of Florida.

     10. Lost Warrants or Stock Certificates. The Company represents and warrants to the
Holder that upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant or any stock certificate deliverable upon the exercise
hereof and, in the case of any such loss, theft or destruction, upon receipt of an indemnity and,
if requested, bond reasonably satisfactory to the Company, or in the case of any such mutilation,
upon surrender and cancellation of this Warrant or such stock certificate, the Company at its
expense will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the
lost stolen, destroyed or mutilated Warrant or stock certificate.

     11. Fractional Shares. No fractional shares shall be issued upon exercise of this Warrant.
The Company shall, in lieu of issuing any fractional share, pay the holder entitled to such
fraction a sum in cash equal to the fair market value of any such fractional interest as it shall
appear on the public market, or if there is no public market for such shares, then as shall be
reasonably determined by the Company.

 

 

IN WITNESS WHEREOF, the Company and the Holder have caused this Warrant to be executed by
their officers, thereunto duly authorized, as of this 29th day of November, 2002.

	 	 	 	 	 	 	 
	 	 	IVAX CORPORATION
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	          Neil Flanzraich
	 	 	 	 	          Vice Chairman and President
	 
	 	 	 	 	 	 
	 	 	Address:  	 	4400 Biscayne Blvd.
	

	 	 	 	 	 	Miami, FL 33137
	 
	 	 	 	 	 	 
	 	 	FROST GAMMA INVESTMENTS TRUST
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	          Phillip Frost, M.D.

	 	 	 	 	          Trustee
	 
	 	 	 	 	 	 
	 	 	Address:  	 	4400 Biscayne Boulevard
	

	 	 	 	 	 	Miami, FL 33137

 

 

EXHIBIT A

FORM OF SUBSCRIPTION AGREEMENT

(To be signed and delivered

upon exercise of Warrant)

IVAX Corporation

4400 Biscayne Blvd.

Miami, Florida 33137

Attention: Secretary

     The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise the
purchase right represented by such Warrant for, and to purchase thereunder, ______shares of
Common Stock, par value $.10 per share (the “Stock”), of IVAX Corporation (the “Company”), and
subject to the following paragraph, herewith makes payment of                                         
Dollars ($                    ) therefor and requests that the certificates for such shares be
issued in the name of, and delivered to,                                                             , whose address is

     If the exercise of this Warrant is not covered by a registration statement effective under the
Securities Act of 1933, as amended (the “Securities Act”), the undersigned represents that

     (i) the undersigned is acquiring such Stock for investment for its own account, not as nominee
or agent, and not with a view to the distribution thereof, and the undersigned has not signed or
otherwise arranged for the selling, granting any participation in, or otherwise distributing the
same;

     (ii) the undersigned has such knowledge and experience in financial and business matters as to
be capable of evaluating the merits and risks of the undersigned’s investment in the Stock;

     (iii) the undersigned has received all of the information the undersigned has requested from
the Company and considers necessary or appropriate for deciding whether to purchase the shares of
Stock;

     (iv) the undersigned has the ability to bear the economic risks of its prospective investment;

     (v) the undersigned is able, without materially impairing its financial condition, to hold the
shares of Stock for an indefinite period of time and to suffer complete loss on its investment;

     (vi) the undersigned understands and agrees that (A) it may be unable to readily liquidate its
investment in the shares of Stock and that the Shares must be held indefinitely unless subsequent
disposition thereof is registered or qualified under the Securities Act and applicable state
securities or Blue Sky laws or is exempt from such registration or qualification, and that the
Company is not required to register the same or to take any action or make such an exemption
available except to the extent provided in the within Warrant and (B) the exemption from
registration under the Securities Act afforded by Rule 144 promulgated by the Securities and
Exchange Commission (“Rule 144”) depends upon the satisfaction of various conditions by the
undersigned and the Company and that, if applicable, Rule 144 affords the basis for sales under
certain circumstances in limited amounts, and that if such exemption is utilized by the
undersigned, such conditions must be fully complied with by the undersigned and the Company, as
required by Rule 144;

     (vii) the undersigned either (A) is familiar with the definition of and the undersigned is an
“Accredited Investor” within the meaning of such term under Rule 501 of Regulation D promulgated
under the Securities Act, or (B) is providing representations and warranties reasonably
satisfactory to the Company and its counsel, to the effect that the sale and issuance of Stock upon
the exercise of such Warrant may be made without registration under the Securities Act or any
applicable state securities and Blue Sky laws; and

 

 

     (viii) the address set forth below is the true and correct address of the undersigned.

	 	 	 	 	 
	DATED:
	 	 	 	 
	

	 	 	 
	 
	 	 	 	 
	

	 	 	 	 
	

	 	 	 	(Signature must conform in all respects to
name of Holder as specified on the face of the
Warrant or with the name of the assignee
appearing on the assignment form attached
hereto.)
	 
	 	 	 	 
	

	 	 	 	 
	

	 	 	 	(Name)
	 
	 	 	 	 
	

	 	 	 	 
	

	 	 	 	(Title, if applicable)
	 
	 	 	 	 
	

	 	 	 	 
	

	 	 	 	(Address)
	 
	 	 	 	 
	

	 	 	 	 

     If said number of shares shall not be all the shares exchangeable or purchasable under the
within Warrant, a new Warrant is to be issued in the name of the undersigned for the balance
remaining of the shares purchasable thereunder.

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