Document:

EXHIBIT
10.11

CERIDIAN
CORPORATION

EXECUTIVE
EMPLOYMENT AGREEMENT

PARTIES

Ceridian
Corporation

3311 East Old Shakopee Road

Minneapolis, Minnesota 55425-1640

and

Kairus K.
Tarapore

(“Executive”)

Date:             December 14, 2006

RECITALS

A.           Ceridian wishes to
obtain the services of Executive for the duration of this Agreement, and
Executive wishes to provide services for such period.

B.             Ceridian desires
reasonable protection of Ceridian’s Confidential Information (as defined
below).

C.             Ceridian desires
assurance that Executive will not compete with Ceridian, engage in recruitment
of Ceridian’s employees or make disparaging statements about Ceridian after
termination of employment, and Executive is willing to refrain from such
competition, recruitment and disparagement.

D.            Executive desires to
be assured of a minimum Base Salary (as defined below) from Ceridian for
Executive’s services for the term of this Agreement.

E.              It is expressly
recognized by the parties that Executive’s acceptance of, and continuance in,
Executive’s position with Ceridian and agreement to be bound by the terms of
this Agreement represents a substantial commitment to Ceridian in terms of
Executive’s personal and professional career and a foregoing of present and
future career options by Executive, for all of which Ceridian receives
substantial value.

F.              The parties
recognize that a Change of Control (as defined below) may result in material
alteration or diminishment of Executive’s position and responsibilities and
substantially frustrate the purpose of Executive’s commitment to Ceridian and
forbearance of career options.

G.             The parties recognize
that in light of the above-described commitment and forbearance of career
options, it is essential that, for the benefit of Ceridian and its
stockholders, provision be made for the possibility of a Change of Control
Termination (as defined below) in order to enable Executive to accept and
effectively continue in Executive’s position in the face of inherently
disruptive circumstances arising from the possibility of a Change of Control of
Ceridian Corporation (as defined below), although no such change is now
contemplated or foreseen.

 1
 

NOW, THEREFORE, in
consideration of Executive’s acceptance of and continuance in Executive’s
employment for the term of this Agreement and the parties’ agreement to be
bound by the terms contained herein, the parties agree as follows:

ARTICLE I

DEFINITIONS

1.01                        “Affiliate”
means any entity with whom Ceridian would be considered a single employer
under Section 414(b) or 414(c) of the Code.

1.02                        “Base
Salary” shall mean regular cash compensation paid on a periodic basis
exclusive of benefits, bonuses or incentive payments.

1.03                        “Board”
shall mean the Board of Directors of Parent Corporation.

1.04                        “Cause”
means cause as defined under Section 4.2 of Article IV.

1.05                        “Ceridian”
shall mean Ceridian Corporation, a Delaware corporation f/k/a New Ceridian
Corporation, and, except for purposes of Section 7.01(b) and (f), any
Subsidiary (as that term is defined in Section 1.11).

1.06                        “Code”
means the Internal Revenue Code of 1986, as amended.

1.07                        “Confidential
Information” shall mean information or material of Ceridian which is
not generally available to or used by others, or the utility or value of which
is not generally known or recognized as standard practice, whether or not the
underlying details are in the public domain, including:

(a)                                   information
or material relating to Ceridian and its business as conducted or anticipated
to be conducted; business plans; operations; past, current or anticipated
services, products or software; customers or prospective customers; relations
with business partners or prospective business partners; or research,
engineering, development, manufacturing, purchasing, accounting, or marketing
activities;

(b)                                  information
or material relating to Ceridian’s inventions, improvements, discoveries, “know-how,”
technological developments, or unpublished writings or other works of
authorship, or to the materials, apparatus, processes, formulae, plans or
methods used in the development, manufacture or marketing of Ceridian’s
services, products or software;

(c)                                   information
on or material relating to Ceridian which when received is marked as “proprietary,”
“private,” or “confidential;”

(d)                                  trade
secrets of Ceridian;

(e)                                   software
of Ceridian in various stages of development, software designs, web-based
solutions, specifications, programming aids, programming languages, interfaces,
visual displays, technical documentation, user manuals, data files and
databases of Ceridian; and

 2
 

(f)                                     any
similar information of the type described above which Ceridian obtained from
another party and which Ceridian treats as or designates as being proprietary,
private or confidential, whether or not owned or developed by Ceridian.

Notwithstanding the foregoing, “Confidential
Information” does not include any information which is properly published or in
the public domain; provided, however, that information which is published by or
with the aid of Executive outside the scope of employment or contrary to the
requirements of this Agreement will not be considered to have been properly
published, and therefore will not be in the public domain for purposes of this
Agreement.

1.08                        “Disability” means totally and
permanently disabled as defined in Ceridian’s group long-term disability plan
applicable to senior executives, as may be amended from time to time.

1.09                        “Good Reason” means any one
or more of the following events which shall occur without Executive’s express
written consent:

(a)                                  A change in Executive’s reporting
responsibilities, titles or office, or any removal of Executive from, or any
failure to re-elect Executive to, any of such positions, which has the effect
of materially diminishing Executive’s responsibility or authority, excluding
for this purpose an isolated, insubstantial or inadvertent action not taken in
bad faith and which is remedied by Ceridian promptly after receipt of written
notice thereof given by Executive and excluding any diminution attributable to
a sale, spin off, reverse spin off or similar disposition of any Subsidiary of
Ceridian.

(b)                                 A reduction by Ceridian in Executive’s Base
Salary or bonus opportunity or as the same may be increased from time to time
thereafter or any failure by Ceridian to pay any portion of Executive’s
compensation when due, other than an isolated, insubstantial and inadvertent
failure not occurring in bad faith and which is remedied by Ceridian promptly
after receipt of written notice thereof given by Executive;

(c)                                  Ceridian requiring Executive to be based
anywhere other than within 50 miles of Executive’s job location as of the
Commencement Date;

(d)                                 Without replacement by plans, programs, or
arrangements which, taken as a whole, provide benefits to Executive at least
reasonably comparable to those discontinued or adversely affected, (A) the
failure by Ceridian to continue in effect, any bonus, incentive, stock
ownership, purchase, option, life insurance, health, accident, disability, or
any other employee compensation or benefit plan, program or arrangement, in
which Executive is participating; or (B) the taking of any action by Ceridian
that would materially and adversely affect Executive’s participation or
materially reduce Executive’s benefits under any of such plans, programs or
arrangements;

(e)                                  The failure by Ceridian to provide office
space, furniture, and secretarial support at least comparable to that provided
Executive immediately prior to such failure or the taking of any similar action
by Ceridian that would materially adversely affect the working conditions in or
under which Executive performs her employment duties; or

(f)                                    Any material breach of this Agreement by
Ceridian, or the failure by a successor to Ceridian to assume the provisions of
this Agreement, including without limitation, Articles III, IV and VII.

 3
 

Executive’s right to terminate employment for Good
Reason shall not be affected by Executive’s incapacity due to physical or
mental illness.  Executive’s continued
employment shall not constitute consent to, or a waiver of rights with respect
to, any event constituting Good Reason hereunder.

1.10                        “Parent
Corporation” shall mean Ceridian Corporation and, except for purposes
of Section 8.02, any successor in interest by way of consolidation, operation
of law, merger or otherwise.  “Parent
Corporation” shall not include any Subsidiary.

1.11                        “Subsidiary”
shall mean:  (a) any corporation at least
a majority of whose securities having ordinary voting power for the election of
directors (other than securities having such power only by reason of the
occurrence of a contingency) is at the time owned by Parent Corporation and/or
one or more Subsidiaries; and (b) any division or business unit (or portion
thereof) of Parent Corporation or a corporation described in clause (a) of this
Section 1.11.

1.12                        “Termination
of Executive’s Employment” means (i) Executive has severed her
employment relationship with Ceridian and all Affiliates provided such
termination constitutes a “separation from service” under Section 409A of the
Code, or (ii) Executive experiences a change in employment status with Ceridian
and its Affiliates that constitutes a “separation from service” under Section
409A of the Code.

ARTICLE II

EMPLOYMENT, DUTIES AND TERM

2.01                  Employment.  Upon the terms and conditions set forth in this
Agreement, Ceridian hereby employs Executive, and Executive accepts such
employment.

2.02                   Duties.  Executive shall devote his full-time and best
efforts to Ceridian and to fulfilling the duties of his position which shall
include such duties as may from time to time be assigned him by Ceridian,
provided that such duties are reasonably consistent with Executive’s education,
experience and background.  Executive
shall comply with Ceridian’s policies and procedures to the extent they are not
inconsistent with this Agreement in which case the provisions of this Agreement
prevail.

2.03                   Term.  Subject to the provisions of Articles IV and
VIII, this Agreement and Executive’s employment shall continue until December
14, 2009 (the “Initial Term”).  On each
anniversary of the Agreement, and subject to the provisions of Articles IV and
VIII, this Agreement and Executive’s employment shall be automatically extended
for an additional one-year period.  For
purposes hereof, the Initial Term, together with any subsequent extensions
thereof, are hereinafter referred to as the “Term.”  Upon the occurrence of a Change of Control
during the Term, all applicable Change of Control protections set forth herein
(including, without limitation, those set forth in Article VII hereof) shall
continue to apply for the 24-month period commencing on the date of the Change
of Control.

ARTICLE
III

COMPENSATION
AND EXPENSES

3.01                        Base
Salary.  For all services
rendered under this Agreement during the Term, Ceridian shall pay Executive a
minimum Base Salary, at no less than the annual rate currently being paid or,
if Executive is not currently in Ceridian’s employ, at the annual rate
specified in the written offer of employment. 
If 

 4
 

Executive’s salary is increased from time to time
during the term of this Agreement, the increased amount shall be the Base
Salary for the remainder of the term.

3.02                        Bonus and Incentive.  Bonus or incentive compensation shall be at
the sole discretion of Ceridian.  Except
as otherwise provided in Article VII, Ceridian shall have the right, in
accordance with their terms, to alter, amend or eliminate any bonus or
incentive plans, or Executive’s participation therein, without compensation to
Executive.

3.03                        Benefit
Plans.  Executive shall be
entitled to participate in the employee health and welfare, retirement and
other employee benefits programs offered generally from time to time by
Ceridian to its executive employees, to the extent that Executive’s position,
tenure, salary, and other qualifications make Executive eligible to
participate.

3.04                        Business
Expenses.  Ceridian shall,
consistent with its policies in effect from time to time, bear all ordinary and
necessary business expenses incurred by Executive in performing his or her
duties as an employee of Ceridian, provided that Executive accounts promptly
for such expenses to Ceridian in the manner prescribed from time to time by
Ceridian.

ARTICLE
IV

EARLY
TERMINATION

4.01                        Early
Termination.  This Article shall
not apply to a Change of Control Termination which is governed solely by the
provisions of Article VII, and does not alter the respective continuing
obligations of the parties pursuant to Articles V and VI.

4.02                        Termination
for Cause.  Ceridian may
terminate this Agreement and Executive’s employment immediately for cause.  For the purpose hereof “cause” means:

(a)                                  fraud;

(b)                                 misrepresentation;

(c)                                  theft
or embezzlement of Ceridian assets;

(d)                                 intentional
violations of law involving moral turpitude;

(e)                                  failure
to follow Ceridian’s conduct and ethics policies; and/or

(f)                                    the
continued failure by Executive to attempt in good faith to perform his or her
duties as reasonably assigned to Executive pursuant to Section 2.02 of Article
II of this Agreement for a period of 60 days after a written demand for such
performance which specifically identifies the manner in which it is alleged
Executive has not attempted in good faith to perform such duties.

A Termination of Executive’s Employment by Ceridian
shall not constitute a termination for Cause unless (i) there has been
delivered to Executive by the Board, at least 10 days prior to such
termination, a written notice which specifically identifies conduct described
in clauses (a) through (f) in which the Board believes Executive has engaged
and (ii) the Board has duly adopted a resolution, by the affirmative vote of
not less than two-thirds (2/3) of the entire membership of the Board at a
meeting of the Board which was called and held for the purpose of considering
such termination (after reasonable notice to Executive and an opportunity for
the Executive, together with the Executive’s counsel, to be heard before the
Board) finding 

 5
 

that, in the good faith opinion of the Board, the
Executive was guilty of conduct described in clauses (a), (b), (c), (d), (e) or
(f), and specifying the particulars thereof in detail.  In the event of termination for Cause
pursuant to this Section 4.02, Executive shall be paid at the usual rate of
Executive’s annual Base Salary through the date of termination specified in any
written notice of termination.

4.03                        Termination
Without Cause; Termination for Good Reason.  Ceridian may terminate this Agreement and
Executive’s employment without Cause on at least 30 days’ written notice.  Executive may terminate this Agreement and
Executive’s employment with or without Good Reason on at least 30 days’ written
notice.  In the event of Termination of
Executive’s Employment pursuant to this Section 4.03, compensation shall
be paid as follows:

(a)                                  If
the notice of termination is given by Ceridian without Cause or by Executive
for Good Reason, Executive shall be paid at the usual rate of her annual Base
Salary through the 30 day notice period (provided, however, that Ceridian shall
have the option of making termination of the Agreement and Termination of Executive’s
Employment effective immediately upon notice in which case Executive shall be
paid a lump sum representing the value of 30 days worth of salary), and
Executive shall become entitled to the following severance benefits:

(1)                                  a
lump sum cash payment equal to two times the Executive’s then-current annual
Base Salary.

(2)                                  a
prorated portion of Executive’s bonus compensation, if any, to which Executive
would have otherwise become entitled for the fiscal year in which the
Termination of Employment occurs had Executive remained continuously employed
for the full fiscal year, calculated by multiplying such bonus compensation by
a fraction, the numerator of which is the number of days in the applicable
fiscal year through the date of termination and the denominator of which is 365
(without giving effect to any reduction in bonus opportunity constituting Good
Reason);

(3)                                  reasonable
executive-level outplacement services, not to exceed $20,000, for a period of
up to 24 months (or if earlier, until the first acceptance by Executive of an
offer of employment), to be provided through Executive’s preferred provider of
such services; and

(4)                                  if
following termination, Executive elects COBRA continuation coverage for
Executive and his/her eligible dependents under Ceridian’s group health plan,
Ceridian shall reimburse Executive for the applicable COBRA premiums paid for
the first six months of the COBRA continuation period.

(b)                                 If Executive is a “specified employee” for the
purposes of complying with the requirements of Section 409A(a)(2)(B)(i) of the
Code, then any payments of severance, other than reasonable outplacement
services, or other amounts of deferred compensation due under this Section
4.03, will be suspended and not made until the first day immediately following
the date that his six (6) months after the date of the Executive’s termination
of employment (or, if earlier, upon the Executive’s death).

(c)                                  If
the notice of termination is given by Executive without Good Reason, Executive
shall be paid at the usual rate of her annual Base Salary through the 30 day
notice period.

 6
 

4.04                        Termination
In The Event of Death or Disability. 
This Agreement shall terminate in the event of death or Disability of
Executive.

(a)                                  In
the event of Executive’s death, Ceridian shall pay a lump sum cash payment
equal to one year of Executive’s then-current Base Salary as soon as
practicable following Ceridian’s receipt of notice of Executive’s death.  Such amount shall be paid (i) to the
beneficiary or beneficiaries designated in writing to Ceridian by Executive,
(ii) in the absence of such designation to the surviving spouse, or
(iii) if there is no surviving spouse, or such surviving spouse disclaims
all or any part, then the full amount, or such disclaimed portion, shall be
paid to the executor, administrator or other personal representative of
Executive’s estate.

(b)                                 In
the event of Executive’s Disability, Base Salary shall be terminated as of the
end of the month in which the last day of the six-month period of Executive’s
inability to perform his duties, despite Ceridian’s efforts to reasonably
accommodate, occurs.

(c)                                  In
the event of termination by reason of Executive’s death or Disability, in
addition to the death or Disability benefits provided in Section 4.04(a) and
Section 4.04(b), Ceridian shall pay to Executive a prorated bonus equal to (i)
the amount Executive would have received in annual incentive plan bonus for the
year in which termination occurs had “target” goals been achieved, multiplied
by (ii) a fraction, the numerator of which is the number of days in the
applicable fiscal year through the date of termination and the denominator or
which is 365.  The amount payable
pursuant to this Section 4.04(c) shall be paid within 15 days after the date
such bonus would have been paid had Executive remained employed for the full
fiscal year.

4.05                        Retirement.  Executive may terminate this Agreement
and Executive’s employment as a result of Executive decision to retire from
Ceridian.  Executive shall provide
Ceridian with at least 30 days’ written notice of the date upon which Executive
intends to retire.  Executive shall be
paid at the usual rate of his annual Base Salary and annual perquisite cash
adder through the date of retirement stipulated in the written notice.

4.06                        Entire Termination
Payment.  The compensation
provided for in this Article IV for early termination of this Agreement
and termination pursuant to this Article IV shall constitute Executive’s
sole remedy for such termination. 
Executive shall not be entitled to any other termination or severance
payment which may be payable to Executive under any other agreement between
Executive and Ceridian.

4.07                        Termination On Account of Change
in Status of Affiliate.  In the event that, prior to a Change of Control or a termination for
Cause under Section 4.02, Executive incurs a termination of employment as
defined under Section 4.01 solely on account of being primarily employed by an
entity that ceases to be an Affiliate, then:

(a)                                  if at the time of such termination of employment,
Executive has entered into or has been offered an agreement with the Affiliate
or an entity that has or will have an interest in such Affiliate and such
agreement provides or would provide rights that are identical to the Executive’s
rights under Article IV of this Agreement, then such termination will be
treated as a termination for Cause pursuant to Section 4.02; and

(b)                                 in all other cases, such termination of
employment will be treated as a termination without Cause under Section 4.03.

 7
 

ARTICLE V

CONFIDENTIALITY,
DISCLOSURE AND ASSIGNMENT

5.01                        Confidentiality.  Executive acknowledges that Ceridian has
taken reasonable measures to preserve the secrecy of its Confidential
Information.  Executive will not, during
the term or after the termination or expiration of this Agreement or his/her
employment, publish, disclose, or utilize in any manner any Confidential
Information obtained while employed by Ceridian.  If Executive leaves the employ of Ceridian,
Executive will not, without Ceridian’s prior written consent, retain or take
away any drawing, writing or other record in any form containing any
Confidential Information.

5.02                       Business Conduct and Ethics. During
the term of employment with Ceridian, Executive will engage in no activity or
employment which may conflict with the interest of Ceridian, and will comply
with Ceridian’s policies and guidelines pertaining to business conduct and
ethics.

5.03                       Disclosure.  Executive will disclose promptly in writing
to Ceridian all inventions, discoveries, software, writings and other works of
authorship which are conceived, made, discovered, or written jointly or singly
on Ceridian time or on Executive’s own time, providing the invention,
improvement, discovery, software, writing or other work of authorship is capable
of being used by Ceridian in the normal course of business, and all such
inventions, improvements, discoveries, software, writings and other works of
authorship shall belong solely to Ceridian.

5.04                       Instruments of Assignment.  Executive will sign and execute all
instruments of assignment and other papers to evidence transfer of Executive’s
entire right, title and interest in such inventions, improvements, discoveries,
software, writings or other works of authorship in Ceridian, at the request and
the expense of Ceridian, and Executive will do all acts and sign all
instruments of assignment and other papers Ceridian may reasonably request
relating to applications for patents, patents, copyrights, and the enforcement
and protection thereof.  If Executive is
needed, at any time, to give testimony, evidence, or opinions in any litigation
or proceeding involving any patents or copyrights or applications for patents
or copyrights, both domestic and foreign, relating to inventions, improvements,
discoveries, software, writings or other works of authorship conceived,
developed or reduced to practice by Executive, Executive agrees to do so, and
if Executive leaves the employ of Ceridian, Ceridian shall pay Executive at a
rate mutually agreeable to Executive and Ceridian, plus reasonable traveling or
other expenses.

5.05                       Inventions Developed on Executive’s Own Time.  The two immediately preceding sections
entitled “Disclosure” and “Instruments of Assignment” do not apply to
inventions in which a Ceridian claim of any rights will create a violation of
Chapter 181 Minnesota Statutes, Section 181.78, reproduced below and
constituting the written notification of its Subdivision 3.

181.78 Agreements; terms relating to inventions

Subdivision 1.

Any provision in an employment agreement which
provides that an employee shall assign or offer to assign any of the employee’s
rights in an invention to the employer shall not apply to an invention for
which no equipment, supplies, facility or trade secret information of the
employer was used and which was developed entirely on the employee’s own time,
and (1) which does not relate (a) directly to the business of the
employer or (b) to the employer’s actual or demonstrably anticipated
research or development, or (2) which does not result from any work
performed by the employee for the employer. 
Any provision 

 8
 

which purports to apply to such an invention is to
that extent against the public policy of this state and is to that extent void
and unenforceable.

Subdivision 2.

No employer shall require a provision made void and
unenforceable by subdivision 1 as a condition of employment or continuing
employment.

Subdivision 3.

IF AN EMPLOYMENT AGREEMENT ENTERED INTO AFTER
AUGUST 1, 1977, CONTAINS A PROVISION REQUIRING THE EMPLOYEE TO ASSIGN OR
OFFER TO ASSIGN ANY OF THE EMPLOYEE’S RIGHTS IN ANY INVENTION TO AN EMPLOYER,
THE EMPLOYER MUST ALSO, AT THE TIME THE AGREEMENT IS MADE, PROVIDE A WRITTEN
NOTIFICATION TO THE EMPLOYEE THAT THE AGREEMENT DOES NOT APPLY TO AN INVENTION
FOR WHICH NO EQUIPMENT, SUPPLIES, FACILITY OR TRADE SECRET INFORMATION OF THE
EMPLOYER WAS USED AND WHICH WAS DEVELOPED ENTIRELY ON THE EMPLOYEE’S OWN TIME,
AND (1) WHICH DOES NOT RELATE (a) DIRECTLY TO THE BUSINESS OF THE EMPLOYER OR
(b) TO THE EMPLOYER’S ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH OR
DEVELOPMENT, OR (2) WHICH DOES NOT RESULT FROM ANY WORK PERFORMED BY THE
EMPLOYEE FOR THE EMPLOYER.

5.06                       Executive’s Declaration. Executive
has no inventions, data bases, improvements, discoveries, software, writings or
other works of authorship useful to Ceridian in the normal course of business,
which were conceived, made or written prior to the date of this Agreement and
which are excluded from this Agreement.

5.07                       Survival.  The obligations of this Article V shall
survive the expiration or termination of this Agreement and Executive’s
employment.

ARTICLE
VI

NON-COMPETITION,
NON-RECRUITMENT, AND NON-DISPARAGEMENT

6.01                        General.  The parties hereto recognize and agree that
(a) Executive is a senior executive of Ceridian and is a key executive of
Ceridian, (b) Executive has received, and will in the future receive,
substantial amounts of Confidential Information, (c) Ceridian’s business is
conducted on a worldwide basis, and (d) provision for non-competition,
non-recruitment and non-disparagement obligations by Executive is critical to
Ceridian’s continued economic well-being and protection of Ceridian’s
Confidential Information.  In light of
these considerations, this Article VI sets forth the terms and conditions of
Executive’s obligations of non-competition, non-recruitment and
non-disparagement subsequent to the termination of this Agreement and/or
Executive’s employment for any reason other than a Change of Control
Termination.  Section 6.02 and 6.03 of
this Agreement shall be of no further force or effect upon a Change of Control
Termination.

6.02                        Non-Competition.

(a)                                  During
the term of this Agreement, Executive will devote full time and energy to
furthering Ceridian’s business and will not pursue any other business activity
without Ceridian’s written consent. 
Unless the obligation is waived or limited by Ceridian in accordance
with subsection (b) of this Section 6.02, Executive agrees that during his or
her employment with Ceridian and for a 

 9
 

period of two years  following termination of employment for any reason other
than a Change of Control Termination (“Non-Compete Period”), Executive will not
directly or indirectly, alone or as a partner, officer, director, shareholder
or employee of any other firm or entity, engage in any commercial activity in
competition with any part of Ceridian’s business as conducted as of the date of
such termination of employment or with any part of Ceridian’s contemplated
business with respect to which Executive has Confidential Information.  For purposes of this subsection (a), “shareholder”
shall not include beneficial ownership of less than five percent (5%) of the
combined voting power of all issued and outstanding voting securities of a
publicly held corporation whose stock is traded on a major stock exchange.  Also for purposes of this subsection (a), “Ceridian’s
business” shall include business conducted by Ceridian or its affiliates and
any partnership or joint venture in which Ceridian or its affiliates is a
partner or joint venturer; provided that, “affiliate” as used in this sentence
shall not include any corporation in which Ceridian has ownership of less than
fifteen percent (15%) of the voting stock.

(b)                                 At
its sole option Ceridian may, by written notice to Executive at any time within
the Non-Compete Period, waive or limit the time and/or geographic area in which
Executive cannot engage in competitive activity.

(c)                                  During
the Non-Compete Period, prior to accepting employment with or agreeing to
provide consulting services to, any firm or entity which offers competitive
products or services, Executive shall give 30 days prior written notice to
Ceridian.  Such written notice shall
describe the firm and the employment or consulting services to be rendered to
the firm or entity, and shall include a copy of the written offer of employment
or engagement of consulting services. 
Ceridian’s failure to respond or object to such notice shall not in any
way constitute acquiescence or waiver of Ceridian’s rights under this Article
VI.

6.03                        Non-Recruitment.  During the term of employment and for a
period of two years  following
termination of employment for any reason other than a Change of Control
Termination, Executive will not directly or indirectly hire any of Ceridian’s
employees, or solicit any of Ceridian’s employees for the purpose of hiring
them or inducing them to leave their employment with Ceridian, nor will
Executive own, manage, operate, join, control, consult with, participate in the
ownership, management, operation or control of, be employed by, or be connected
in any manner with any person or entity which engages in the conduct proscribed
in this Section 6.03.  This provision
shall not preclude Executive from responding to a request (other than by
Executive’s employer) for a reference with respect to an individual’s
employment qualifications.

6.04                        Non-Disparagement.  Executive will not, during the term or
after the termination or expiration of this Agreement or Executive’s
employment, make disparaging statements, in any form, about Ceridian, its
officers, directors, agents, employees, products or services which Executive
knows, or has reason to believe, are false or misleading.

6.05                        Survival
and Enforceability.  The
obligations of this Article VI shall survive the expiration or termination of
this Agreement and Executive’s employment. 
Should any provision of this Article VI be held invalid or illegal, such
illegality shall not invalidate the whole of this Article VI or the Agreement,
but, rather, Article VI shall be construed as if it did not contain the illegal
part or narrowed to permit its enforcement, and the rights and obligations of
the parties shall be construed and enforced accordingly. In furtherance of and not in limitation of the
foregoing, Executive expressly agrees that should the duration of or
geographical extent of, or business activities covered by, any provision of
this Article VI be in excess of that which is valid or enforceable under
applicable law, then such provision shall be construed to cover only that
duration, extent or activities that may validly be covered.  Executive acknowledges the uncertainty of the
law in this respect and expressly stipulates that this Article VI shall be
construed in a manner that renders its provisions valid and enforceable to the
maximum extent (not exceeding its express terms) possible under applicable
law.  This 

 10
 

Article VI does not replace and is in addition to any
other agreements Executive may have with Ceridian on the matters addressed
herein.

ARTICLE
VII

CHANGE OF
CONTROL

7.01                        Definitions.  For purposes of this Article VII, the
following definitions shall be applied:

(a)                                  “Benefit Plan” means any formal or
informal plan, program or other arrangement heretofore or hereafter adopted by
Ceridian for the direct or indirect provision of compensation to Executive
(including groups or classes of participants or beneficiaries of which
Executive is a member), whether or not such compensation is deferred, is in the
form of cash or other property or rights, or is in the form of a benefit to or
for Executive.

(b)           “Change of Control”
shall mean the first of the following events to occur:

(1)                                  there is consummated a merger or consolidation to
which Ceridian or any direct or indirect subsidiary of Ceridian is a party if
the merger or consolidation would result in the voting securities of Ceridian
outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or any parent thereof) less than 60% of the
combined voting power of the securities of Ceridian or such surviving entity or
any parent thereof outstanding immediately after such merger or consolidation;
or

(2)                                  the direct or indirect beneficial ownership (as
defined in Rule 13d-3 under the Securities Exchange Act of  1934, as amended (the “Exchange Act”) in the
aggregate of securities of Ceridian representing twenty percent (20%) or more
of the total combined voting power of Ceridian’s then issued and outstanding
securities is acquired by any person or entity or group of associated persons
or entities acting in concert; provided, however, that for purposes hereof, the
following acquisitions shall not constitute a Change of Control: (A) any
acquisition by Ceridian or any of its subsidiaries, (B) any acquisition
directly from Ceridian or any of its subsidiaries, (C) any acquisition by any
employee benefit plan (or related trust or fiduciary) sponsored or maintained
by Ceridian or any corporation controlled by Ceridian, (D) any acquisition by
an underwriter temporarily holding securities pursuant to an offering of such
securities, (E) any acquisition by a corporation owned, directly or indirectly,
by the stockholders of Ceridian in substantially the same proportions as their
ownership of stock of Ceridian, (F) any acquisition in connection with which,
pursuant to Rule 13d-1 promulgated pursuant to the Exchange Act, the
individual, entity or group is permitted to, and actually does, report its
beneficial ownership on Schedule 13G (or any successor Schedule); provided
that, if any such individual, entity or group subsequently becomes required to
or does report its beneficial ownership on Schedule 13D (or any successor
Schedule), then, for purposes of this paragraph, such individual, entity or
group shall be deemed to have first acquired, on the first date on which such
individual, entity or group becomes required to or does so report on Schedule
13D, beneficial ownership of all of the voting securities of Ceridian
beneficially owned by it on such date, and (G) any acquisition in connection
with a merger or consolidation which, pursuant to paragraph (1) above, does not
constitute a Change of Control; or

 11
 

(3)                                  there is consummated a transaction contemplated by an
agreement for the sale or disposition by Ceridian of all or substantially all
of Ceridian’s assets, other than a sale or disposition by Ceridian of all or
substantially all of Ceridian’s assets to an entity, at least 60% of the
combined voting power of the voting securities of which are owned by
stockholders of Ceridian in substantially the same proportions as their
ownership of Ceridian immediately prior to such sale; or

(4)                                  the stockholders of Ceridian approve any plan or
proposal for the liquidation of Ceridian; or

(5)                                  a change in the composition of the Board such that
the “Continuity Directors” cease for any reason to constitute at least a
majority of the Board.  For purposes of this clause, “Continuity
Directors” means (A) those members of the Board who were directors on the date
hereof and (B) those members of the Board (other than a director whose initial
assumption of office was in connection with an actual or threatened election
contest, including but not limited to a consent solicitation, relating to the
election of directors of Ceridian) who were elected or appointed by, or on the
nomination or recommendation of, at least a two-thirds (2/3) majority of the
then-existing directors who either were directors on the date hereof or were
previously so elected or appointed; or

(6)                                  such
other event or transaction as the Board shall determine constitutes a Change of
Control.

Notwithstanding any
provision in this Section 7.01(b) to the contrary, a Change of Control shall
not include a sale, spin off, reverse spin off or similar disposition of any
Subsidiary of Ceridian, unless or until the Board shall determine that such
disposition constitutes a Change of Control.

(c)                                  “Change of Control Compensation”
means any payment or benefit (including any transfer of property) in the nature
of compensation, to or for the benefit of Executive under this Agreement or any
Other Agreement or Benefit Plan, which is considered to be contingent on a
change in the ownership or effective control of Ceridian for purposes of
Section 280G of the Code.

(d)                                 “Change of Control Termination” means,
with respect to Executive, any of the following events:

(1)                                  On
or within two years after a Change of Control, Termination of Executive’s
Employment by Ceridian for any reason other than (A) fraud, (B) theft or
embezzlement of Ceridian assets, (C) conviction of a crime involving moral
turpitude, or (D) failure to follow Ceridian’s conduct and ethics policies;

(2)                                  On
or within two years after a Change of Control, Termination of Executive’s
Employment by Executive for Good Reason; or

(3)                                  A Termination of Executive’s Employment by Ceridian
other than for the reasons described in clauses (A) through (D) of Section
7.01(d)(1) during the pendency of a Potential Change of Control and Executive
reasonably demonstrates that such termination was at the request or direction
of a person or entity who has entered into an agreement, the consummation of
which would result in a Change of Control, or is otherwise in connection with
or in anticipation of a Change of Control (whether or not a Change of Control
ever occurs).  For purposes of this
Agreement, in the event of a termination described in the preceding sentence, a
Change of Control will be deemed to have 

 12
 

occurred
immediately prior to the Termination of Executive’s Employment for purposes of
this Agreement.

A Change of Control Termination by Executive shall not, however,
include termination by reason of death or Disability.  A Termination
of Executive’s Employment by Ceridian shall not constitute a termination
described in clauses (A) through (D) of Section 7.01(d)(1) unless (i) there has
been delivered to Executive by the Board, at least 10 days prior to such
termination, a written notice which specifically identifies conduct described
in clauses (A), (B), (C) or (D) of Section 7.01(d)(1) in which the Board
believes Executive has engaged and (ii) the Board has duly adopted a
resolution, by the affirmative vote of not less than two-thirds (2/3) of the
entire membership of the Board at a meeting of the Board which was called and
held for the purpose of considering such termination (after reasonable notice
to the Executive and an opportunity for the Executive, together with the
Executive’s counsel, to be heard before the Board) finding that, in the good
faith opinion of the Board, the Executive was guilty of conduct described in
clauses (A), (B), (C) or (D) of Section 7.01(d)(1), and specifying the
particulars thereof in detail.

(e)                                  “Other Agreements” means any
agreement, contract or understanding heretofore or hereafter entered into
between Executive and Ceridian for the direct or indirect provision of
compensation to Executive.

(f)                                    “Potential Change of Control” shall be deemed to have occurred if the event set
forth in any one of the following subsections shall have occurred: (A) Ceridian
enters into an agreement, the consummation of which would result in the
occurrence of a Change of Control; (B) Ceridian or any person or entity
publicly announces an intention to take or to consider taking actions which, if
consummated, would constitute a Change of Control; (C) any person becomes the
beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of Ceridian representing 15% or more of either the
then outstanding shares of common stock of Ceridian or the combined voting
power of Ceridian’s then outstanding securities; or (D) the Board adopts a
resolution to the effect that, for purposes of this Agreement, a Potential
Change of Control has occurred.

7.02                        Termination
by Executive.  The termination of
Executive’s employment as described in Section 7.01(d)(2) shall be accomplished
by, and effective upon, Executive giving written notice to Ceridian of
Executive’s decision to terminate. 
Except as otherwise expressly provided in this Agreement, upon the
exercise of said right, all obligations and duties of Executive under this
Agreement shall be of no further force and effect.

7.03                        Change
of Control Termination Payment.

(a)                                  In
the event of a Change of Control Termination, Ceridian shall, within five days
of such termination, make a lump sum payment to Executive in an amount equal to
three times the sum of (1), (2) and (3) below:

(1)                                  one
year of Base Salary at the rate in effect at the time of Executive’s
termination (without giving effect to any reduction in Base Salary constituting
Good Reason);

(2)                                  the
bonus, if any, that Executive would have earned under all applicable Ceridian
bonus plans for the year in which the termination occurs had “superior” goals
been achieved (without giving effect to any reduction in bonus opportunity
constituting Good Reason);

(3)                                  the
highest annual aggregate amount of 401(k) Restoration Match (as defined in the
Ceridian Corporation Deferred Compensation Plan (“DCP”)) and Supplemental
Matching Credit (as defined in the DCP) made by Ceridian on behalf of Executive
into the DCP over the last three fiscal years prior to termination of
Executive.

 13
 

(b)                                 In
the event of a Change of Control Termination, Ceridian shall also pay to
Executive, along with the lump sum severance payment described in Section
7.03(a), a prorated portion of Executive’s bonus compensation for the fiscal
year in which the Change of Control Termination occurs (assuming that any
applicable performance objectives were achieved at the “target” level of
performance and without giving effect to any reduction in bonus opportunity
constituting Good Reason) calculated by multiplying (A) the maximum achievable
amount of such bonus compensation by (B) a fraction, the numerator of which is
the number of days in the applicable fiscal year through the date of
termination and the denominator of which is 365.

(c)                                  In the event of a Change of Control Termination, Executive
shall be entitled to continued medical and dental coverage in accordance with
Section 7.06.

(d)                                 Following a Change of Control Termination,
Ceridian shall provide Executive with reasonable executive-level outplacement
services, not to exceed $20,000, for a period of up to 24 months (or if
earlier, until the first acceptance by Executive of an offer of employment), to
be provided through Executive’s preferred provider of such services.  Following a Change of Control Termination,
Ceridian shall reimburse Executive for all customary relocation expenses
actually incurred by Executive in one move out of the Executive’s state of residence
within the one-year period following such Change of Control Termination,
provided such move is necessitated by Executive’s acceptance of an offer of
employment.

(e)                                  In the event of a Change of Control Termination, all
outstanding Ceridian options and other equity awards held by Executive shall
become fully vested and exercisable and, if applicable, free from all
restrictions.

(f)                                    The payments and benefits described in this Article VII
shall be conditioned upon Executive executing (and not effectively rescinding)
a release of claims against Ceridian substantially identical to that attached
as Exhibit A hereto.

7.04                        Interest.  In the event Ceridian does not make timely
payment in full of the Change of Control Termination Payment described in
Section 7.03, Executive shall be entitled to receive interest on any unpaid
amount at the lower of:  (a) the prime
rate of interest (or such comparable index as may be adopted) established from
time to time by the Bank of America National Trust and Savings Association, New
York, New York or its successor in interest; or (b) the maximum rate permitted
under Section 280G(d)(4) of the Internal Revenue Code.

7.05                        Attorneys’
Fees.  In the event Executive
incurs any legal expense to enforce or defend his or her rights under this
Article VII of this Agreement, or to recover damages for breach thereof,
Executive shall be entitled to recover from Ceridian any expenses for attorneys’
fees and disbursements incurred. Such payments
shall be made within five (5) business days after delivery of Executive’s
written requests for payment accompanied with such evidence of fees and
expenses incurred as Ceridian reasonably may require.

7.06                        Benefits
Continuation.  In the event of a
Change of Control Termination, Executive shall, until age 65, be entitled to
receive from Ceridian medical and dental insurance coverage substantially
equivalent to the coverage Executive had on the day immediately prior to the
Change of Control, including coverage then in effect for Executive’s spouse and
dependents.  During any continuation
period required under the Consolidated Omnibus Budget Reconciliation Act of
1986 (“COBRA”), Ceridian shall continue to provide medical and dental coverage
under one or more of Ceridian’s group medical and dental plans as if Executive
were still employed, and Executive shall be required to pay no more for such
insurance coverage 

 14
 

than Executive would be required to pay had Executive
continued in active employment with Ceridian. 
From the expiration of the COBRA period until Executive’s attainment of
age 65, Ceridian shall use its reasonable best efforts to continue group
coverage on the same terms; provided, however, that if Ceridian determines that
such continued coverage under its group medical and dental plans after the COBRA
period would jeopardize the tax-qualified status of such plans or cause
Executive to incur penalty tax under Section 409A of the Code, Ceridian shall
have the right to: (i) require Executive to reimburse Ceridian for such amounts
as may be necessary to preserve group coverage without jeopardizing
tax-qualified status or triggering penalty taxes, or (ii) discontinue such
coverage and use its best reasonable efforts to obtain for Executive, his
spouse and his dependants comparable individual coverage at comparable
rates.  Ceridian shall reimburse
Executive for the cost of such individual insurance coverage up to the amount
Ceridian would be required to pay under Ceridian’s group plans had Executive
continued in active employment with Ceridian, and Executive shall be
responsible for all additional costs, if any.

7.07                        Mitigation; Offset.  Following a Change of Control Termination,
Executive is not required to seek other employment or to attempt in any way to
reduce any amounts payable to the Executive by pursuant to this Article
VII.  The amount of any payment or
benefit provided for in this Agreement shall not be reduced by any compensation
earned by Executive as the result of employment by another employer, by retirement
benefits, by offset against any amount claimed to be owed by Executive to
Parent Corporation, any Subsidiary or otherwise.

7.08                        Six-Month Suspension For Specified Key
Employee.  If, upon a Change of
Control Termination, Executive is a “specified employee” for purposes of
complying with the requirements of Section 409A(a)(2)(B)(i) of the Code, any
payments due under Sections 7.03 and 7.04 and the provision of benefits under
Section 7.07 (including any tax gross-up payment), will not be paid, provided
without charge or reimbursed to Executive until the first day immediately
following the date that is six (6) months after the date of the Executive’s
termination of employment (or, if earlier, upon the Executive’s death).

ARTICLE
VIII

GENERAL
PROVISIONS

8.01                        No
Adequate Remedy.  The parties declare
that it is impossible to measure in money the damages which will accrue to
either party by reason of a failure to perform any of the obligations under
this Agreement and therefore injunctive relief is appropriate.  Therefore, if either party shall institute
any action or proceeding to enforce the provisions hereof, such party against
whom such action or proceeding is brought hereby waives the claim or defense
that such party has an adequate remedy at law, and such party shall not urge in
any such action or proceeding the claim or defense that such party has an
adequate remedy at law.

8.02                        Successors
and Assigns.  This Agreement
shall be binding upon and inure to the benefit of the successors and assigns of
Parent Corporation and each Subsidiary, whether by way of merger,
consolidation, operation of law, assignment, purchase or other acquisition of
substantially all of the assets or business of Ceridian, and any such successor
or assign shall absolutely and unconditionally assume all of Ceridian’s obligations
hereunder.

8.03                        Notices.  All notices, requests and demands given to or
made pursuant hereto shall, except as otherwise specified herein, be in writing
and be delivered or mailed to any such party at its address:

 15
 

(a)                                  Ceridian
Corporation

3311 East Old Shakopee Road

Minneapolis, Minnesota 55425-1640

Attention:  Office of General Counsel

(b)                                 In
the case of Executive shall be:

At the address
listed on the last page of this Agreement.

Either party may,
by notice hereunder, designate a changed address.  Any notice, if mailed properly addressed,
postage prepaid, registered or certified mail, shall be deemed dispatched on
the registered date or that stamped on the certified mail receipt, and shall be
deemed received within the second business day thereafter or when it is
actually received, whichever is sooner.

8.04                        Captions.  The various headings or captions in this
Agreement are for convenience only and shall not affect the meaning or
interpretation of this Agreement.

8.05                        Governing
Law.  The validity, construction
and performance of this Agreement shall be governed by the laws of the State of
Minnesota and any and every legal proceeding arising out of or in connection
with this Agreement shall be brought in the appropriate courts of the State of
Minnesota, each of the parties hereby consenting to the exclusive jurisdiction
of said courts for this purpose.  The
parties hereto expressly recognize and agree that the implementation of this
Governing Law provision is essential in light of the fact that Parent Corporation’s
corporate headquarters and its principal executive offices are located within
the State of Minnesota, and there is a critical need for uniformity in the
interpretation and enforcement of the employment agreements between Ceridian
and its senior executives.

8.06                        Construction.  Wherever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity without
invalidating the remainder of such provision or the remaining provisions of
this Agreement.

8.07                        Waivers.  No failure on the part of either party to exercise,
and no delay in exercising, any right or remedy hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right or remedy
hereunder preclude any other or further exercise thereof or the exercise of any
other right or remedy granted hereby or by any related document or by law.

8.08                        Modification.  Any changes or amendments to this Agreement
must be in writing and signed by both parties.

8.09                        Entire
Agreement.  This Agreement
constitutes the entire agreement and understanding between the parties hereto
in reference to all the matters herein agreed upon.  This Agreement replaces in full all prior
employment or Change of Control agreements or understandings of the parties
hereto with respect to such subject matter, and any and all such prior
agreements or understandings are hereby rescinded by mutual agreement.

 

[Remainder of Page Left
Intentionally Blank]

 16
 

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

	
  EXECUTIVE

  	
   

  	
  CERIDIAN CORPORATION

  	
   

  
	
  /s/ Kairus K.
  Tarapore

  	
   

  	
  By:

  	
  /s/ Gary M. Nelson

  	
   

  
	
  Kairus
  K. Tarapore

  	
   

  	
   

  	
  Gary M. Nelson

  	
   

  
	
  Title:

  	
  Executive Vice President,

  	
   

  	
   

  	
  Executive Vice President, Chief

  	
   

  
	
   

  	
  Human Resources

  	
   

  	
   

  	
  Administrative Officer, General

  	
   

  
	
   

  	
   

  	
   

  	
  Counsel and Corporate Secretary

  	
   

  

 

	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 17

Exhibit A

RELEASE

I, Kairus K.
Tarapore, in consideration of the payments of $            
subject to appropriate withholding, which includes compensation to which I
would not be otherwise entitled, do, except as specifically provided below,
hereby fully and completely release and waive any and all claims, complaints,
causes of action or demands of whatever kind which I have or may have against
Ceridian Corporation, its predecessors, successors, subsidiaries and affiliates
and all past and present members of the Board of Directors, officers, employees
and agents of those persons and companies (“Ceridian”) arising out of any
actions, conduct, decisions, behavior or events occurring up to the date of my
execution of this Release.

I understand and
accept that this Release specifically covers but is not limited to any and all
claims, complaints, causes of action or demands which I have or may have
against the above-referenced released parties relating in any way to the terms,
conditions and circumstances of my employment up to the date of my signature
below, any form of employment discrimination prohibited under any state’s human
rights act, Title VII of the Federal Civil Rights Act of 1964 and the Federal
Age Discrimination in Employment Act.  I
further understand that this Release extends to but is not limited to all
claims which I may have based on statutory or common law claims for negligence
or other breach of duty, wrongful discharge, breach of contract, breach of any
express or implied promise, misrepresentation, fraud, retaliation, breach of
public policy, infliction of emotional distress, defamation, promissory
estoppel, failure to pay wages or any other theory, whether legal or equitable.
Notwithstanding the foregoing, I do not waive
my rights to (i) enforce the performance by Ceridian of its obligations under
the Executive Employment Agreement between myself and Ceridian (including,
without limitation, the obligation to make the payments and provide the
benefits described in Article VII thereof if applicable), (ii) any pension or
other employee benefits payable pursuant to the terms of the applicable plans
of Ceridian or any affiliate, which benefits shall be paid or provided in
accordance with the terms of such plans or (iii) indemnification from Ceridian with
respect to my service with Ceridian, whether provided pursuant to Ceridian’s
bylaws or otherwise.

Nothing contained
herein, however, shall be construed to prohibit me from filing a charge with
the Equal Employment Opportunity Commission, but my release includes a release
of my right to file a court action or to seek individual remedies or damages in
any Equal Employment Opportunity Commission-filed court action, and my release
of these rights shall apply with full force and effect to any proceedings arising
from or relating to such a charge.

I agree that my
only remedy for any dispute I have about the enforceability of this Release
shall be to submit that dispute to final and binding arbitration in accordance
with the rules of the American Arbitration Association.  Ceridian and I agree that I must send written
notice of any claim to Ceridian by certified mail, return receipt
requested.  Written notice to Ceridian
shall be sent to its Secretary at 3311 East Old Shakopee Road, Minneapolis, MN
55425-1640.

I understand that
I may rescind this Release if I do so in writing, delivered by certified mail,
return receipt requested, to Office of the General Counsel, Ceridian
Corporation, 3311 East Old Shakopee Road, Minneapolis, MN 55425-1640, within
fifteen (15) calendar days of the date of my signature below.  Upon the expiration of fifteen (15) calendar
days from the date indicated below, if I have not rescinded this Release, then
Ceridian Corporation shall promptly deliver to me the above-referenced payment,
subject to appropriate withholding, this Release being contingent upon payment
of that sum.

If sent by mail, the
rescission must be:

·              Postmarked within the 15
calendar-day period;

·              Properly addressed to Ceridian;
and

·              Sent
by certified mail, return receipt requested.

By my signature
below, I acknowledge that I fully understand and accept the terms of this
Release, and I represent and agree that my signature is freely, voluntarily and
knowingly given.  I have had 21 days in
which to consider this agreement.  By my
signature below, I further acknowledge that I have been provided a full
opportunity to review and reflect on the terms of this Release and to seek the
advice of legal counsel of my choice, which advice I have been encouraged to
obtain.

If I do not execute
this Release within 30 days after I receive it, the offer Ceridian has made for
a payment herein is null and void.

	
   Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Kairus K. TaraporeExhibit
10.44

SL
GREEN REALTY CORP.

420
Lexington Avenue

New York, NY 10170

October 13, 2000

Andrew
S. Levine, Esq.

1
Marbourne Drive

Mamaroneck, New York 10543

Dear Andy:

This letter sets forth the term and conditions of
your employment with SL Green Realty Corp. (together with its successors and
assigns permitted hereunder, the “Company”):

Duties and Responsibilities.   You will have the title of Executive
Vice President and General Counsel.  You
will have such duties and responsibilities as may be assigned to you by the
Company commensurate with your title and position; provided, however that
nothing herein shall be interpreted to preclude you from (1) participating as
an officer or director of, or advisor to, any charitable or other tax exempt
organization or otherwise engaging in charitable, fraternal or trade group
activities, (ii) acting as an officer of any subsidiary of the Company, or
(iii) investing your assets as a passive investor in other entities or business
ventures, provided that you perform no management or similar role with respect
to such entities or ventures and such investment does not violate the restrictions
of the paragraph  entitled “Prohibited
Activities.” During your employment in this position, you will devote all of
your business time and efforts to the performance of such duties and will
perform such duties in accordance with the material rules and procedures of the
Company.  In addition, upon your receipt
of a copy of the Company’s employment manual, you will, upon the Company’s
written request, promptly acknowledge such receipt in writing.

Start Date; Term; Location.   You will commence employment on
November 13, 2000 (the “Commencement Date”). 
Your employment hereunder will have a three-year term beginning on the
Commencement Date and, unless earlier terminated as provided herein, will
terminate on the third anniversary of such date; provided, however, that the
Provisions of the paragraphs entitled “Confidentiality” and “ Prohibited
Activities” will survive the termination of this letter agreement. The term of
this letter agreement will automatically be extended for successive one-year
renewal terms, unless either party notifies the other in writing at least six
months prior to the expiration of the then current term of its intention not to
renew such term.  During the term of this
letter agreement, you will be based in the Metropolitan New York area.

Base Salary.   Your annualized base salary during the
term will be $250,000.  This salary will
be payable bi-weekly beginning on the date that you commence employment, in
accordance with the Company’s regular payroll practices.  Your base salary may not be reduced during
the term.

Discretionary Annual Bonus.   You will be eligible for an annual
bonus of the $100,000 payable in the sole discretion of the Company at the
completion of each calendar year that you are employed by the Company in
accordance with Company’s regular bonus practices for senior executive
officers.  Notwithstanding the foregoing,
the amount of such bonus payable upon your completion of calendar year 2000
with the Company will be pro rated based upon the length of your service in
2000 and then increased by $25,000.

Stock Option Awards.   Subject to the terms and conditions of
the Company’s stock plan and standard form of stock  option agreement (copies of which will be
provided to you), you will be granted options to purchase 65,000 shares of the
Company’s common stock effective as of the Commencement Date.  The exercise price per share of the options
will be the lowest closing market price during the calendar quarter ending on
December 31, 2000.  Subject to the terms
and conditions of the Company’s stock plan and standard form of stock option
agreement, you also will be granted options to purchase 25,000 shares of the
common stock of eEmerge, Inc. effective as of the Commencement Date.  The exercise price per share of the options
will be $1.02.  One-fifth of each such
grant of options will become exercisable on each of the first five
anniversaries of the date on which you commence employment with the Company,
provided that you are still employed by the Company on such anniversary.

Restricted Stock Award.   Subject to the terms and conditions of
the Company’s stock plan and standard form of restricted stock option
certificate, you also will be granted 15,000 restricted shares of the Company’s
common stock effective as of the Commencement Date.  The restricted shares will become vested  on the following vesting dates in the
following percentages, provided that you are still employed by the Company on
the relevant vesting dates and subject to the terms and conditions of the
Company’s stock plan and standard form of restricted stock certificate (copies
of which will be provided to you): 
01/01/2002 — 15%; 01/01/2003 — 15%; 
01/01/2004 — 20%; 01/01/2005 — 25%; and 01/01/2006 — 25%.  You will receive all dividends paid with
respect to your shares of restricted stock, at the same time that dividends are
paid to the Company’s other shareholders. 
On each vesting date, you also will receive an income tax gross-up
payment equal to 40% of the value of the shares that become vested on such
date, less applicable withholding.

Contingent Loan.   You will receive a $100,000 personal
loan from the Company effective as of the Commencement Date.  One-half of the loan will be funded as of the
Commencement Date, and the balance of the loan will be funded as of the first
anniversary of such date, provided that you are still employed by the Company
on such anniversary. Interest will accrue on the unpaid  principal balance of such loan at the
applicable federal rate, and principal and accrued but unpaid interest will be
due and payable on the second anniversary of the date that you commence
employment with the Company, provided, however, that payment of all such
principal and interest will be forgiven by the Company if you are still
employed by the Company on such second anniversary, if the Company terminates
your employment without Cause on or before such second anniversary or if you
terminate your employment for Good Reason on or before such second anniversary.

Change in Control.   If at any time while you are still
employed the Company incurs a Change in Control (as defined for purposes of the
Company’s stock plan) and either you are not offered a position in the
Metropolitan New York area by the surviving entity with

 2
 

substantially the same or greater responsibility and financial terms
or, as part of a Change in Control or within 12 months after the Change in
Control, the Company terminates your employment without Cause or you terminate
your employment for Good Reason, then the stock options described above will
become fully exercisable and the restricted stock described above will become
fully vested.

Benefits.   During the term, you will be eligible
to participate in the standard employee benefit plans and programs offered by
the Company to senior executive officers, subject to and in accordance with the
terms and conditions of such plans and programs.

Vacations.   During the term, you will be entitled
to reasonable paid vacations in accordance with the then regular procedures of
the Company governing senior executive officers.

Expenses.   During the term, you will be
reimbursed for all reasonable business related expenses incurred by you at the
request of or on behalf of the Company, provided that such expenses are
incurred and accounted for in accordance with the policies and procedures
established by the Company.

Confidentiality.   During your employment with the
Company, and at all times thereafter, you will maintain the
confidentiality  of all confidential or
proprietary information of the Company (“Confidential Information”), and,
except in furtherance of the business of the Company or as required by law or
order of a court of competent jurisdiction, you will not directly or indirectly
disclose any such information to any person or entity; nor will you use
Confidential Information for any purpose except for the benefit of the Company.  For purposes of this letter, “Confidential
Information” includes, without limitation: client or customer lists,
identities, contracts business and financial information; investment
strategies; pricing information or policies, fees or commission arrangements of
the Company; marketing plans, projections, presentations or strategies of the
Company; financial and budget information of the Company; new personnel
acquisition plans; and all other business related information which has not
been publicly disclosed by the Company. 
This restriction will apply regardless of whether such Confidential
Information is in written, graphic, recorded, photographic, data or any machine
readable form or is orally conveyed to, or memorized by, you.  You further agree that, during your
employment with the Company and at all times thereafter, you will keep
confidential and will not release, use or disclose without the prior written
permission of the Company, all Confidential Information developed by you on
behalf of the Company provided to you by the Company, excepting only such
information as was already known to you prior to the commencement of your
employment with the Company or such information as is already known to the
public.

Prohibited Activities.   Because your services to the Company
are essential and because you have access to the Company’s Confidential
Information, you covenant and agree that (i) during your employment by the
Company, (ii) in  the event  that your employment is terminated by the Company
for Cause or by you without Good Reason, during the one-year period following
the date of such termination, and (iii) 
solely for purposes of subparagraph (iii) below, during the three-year
period following the date on which your employment terminates for any reason,
you will not, without the prior written consent of the Board of Directors of
the

 3
 

Company, which shall
include the unanimous consent of the Directors who are not officers of the
Company, directly or indirectly (individually, or through or on behalf of
another entity as owner, partner, agent, employee, consultant, or in any other
capacity):

(i)                                     engage,
participate or assist, as an owner, partner, employee, consultant, director,
officer, trustee or agent, in any business that engages or attempts to engage,
directly or indirectly, in any material acquisition, development, construction,
operation, management or leasing of any commercial real estate property (A)
anywhere in the five boroughs of New York City, regardless of whether such
business is publicly or privately held, (B) anywhere in the New York City
metropolitan area,  if such business or
any of its affiliates (within the meaning of the Securities Act of 1933) has
issued any class of publicly-traded securities, and (C) anywhere in the New
York City metropolitan area, regardless of whether such business is publicly or
privately held, if such business engages in the commercial real estate business
in any county in which the Company also engages in the commercial real estate
business (for this purpose, New York City metropolitan area includes each
borough of New York City; Nassau, Orange, Putnam, Rockland, Suffolk and
Westchester Counties in the State of New York; Bergen, Essex, Hudson,
Hunterdon, Mercer, Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex,
Union and Warren Counties in the State of New Jersey; and Fairfield County in
the State of Connecticut);

(ii)                                  engage
in any activity to interfere with, disrupt or damage the business of the
Company, or its relationships with any Company Client, employee, supplier or
other business relationship; or

(iii)                               solicit,
encourage, or engage in any activity to induce any Employee to terminate
employment with the Company, or to become employed by, or to enter into a
business relationship with, any other person or entity (for this purpose, the
term Employee means any individual who is an employee of or consultant to the
Company (or any affiliate) during the six-month period prior to your last day
of employment).

Notwithstanding any of
the foregoing, you will not be prohibited from engaging in the practice of law
with, for or on behalf of any person or entity as a partner, agent, employee,
consultant, or in any other capacity. In addition, the restrictions imposed by
subparagraph (i) will not apply after your voluntary termination of employment
if such termination occurs at east one year after your commencement of
employment and you give at least 90 days’ advance written notice of
termination.

Indemnification.   The Company will indemnify you
to the fullest extent permitted by applicable law with respect to any actions
commenced against you in your capacity as an officer or director, or former
office or director, of the Company or any affiliate thereof for which you may
serve in such capacity.  The Company also
will use its best efforts to secure and maintain officers and directors
liability insurance providing coverage for you.

Termination
and Severance.   You
will be an employee at will, and you or the Company may terminate your
employment at any time with or without Cause. Notwithstanding

 4
 

the foregoing, if the
Company terminates your employment during the term for any reason other than
Disability or Cause, or you terminate your employment during the term with Good
Reason, your base salary, annual bonus (in an amount equal to the greater of
$100,000 or the average of the bonuses paid to you by the Company for the two
years preceding termination) and all benefits (other than awards of stock
options, restricted stock and other equity-based benefits) will be continued by
the Company for 24 months following your termination, provided that you
continue to pay any employee premiums applicable to such benefits. In addition,
the amount of base salary and bonus payable to you during such 24-month
severance period will be reduced (but not below one year’s base salary and
bonus) by the amount of any salary and bonuses and the value of any other forms
of compensation earned or received by you from other entities for service rendered
during the 24-month period (including any deferred compensation earned or
accrued during such 24-period); provided, however, that there shall be no
reduction if your termination of employment occurs as part of a Change in
Control or within 12 months after a Change in Control. Upon the expiration of
such 24-month period, you will be eligible for COBRA continuation coverage in
accordance with the terms of the Company’s group medical plan.

If your employment
terminates during the term as a result of your death, the Company will pay your
base salary for a period of six months fro the date of your death (or such
longer period as the Company’s Board of Directors may determine) and an amount
equal to one-half of the annual bonus payable under the preceding paragraph to
your estate or to a beneficiary designated by you in writing prior to your
death.

If your employment
terminates during the term as a result of your Disability, the Company will pay
you your base salary for a period of six months from the date of your
termination and an amount equal to one-half of the annual bonus payable under
the second preceding paragraph.

Cause
Procedures.   In
the event that your employment is terminated by the Company for Cause and you
contend that Cause did not exist, the Company and you hereby agree to submit
such claim to arbitration before the American Arbitration Association (“AAA”).
In such a proceeding, the only issue before the arbitrator will be whether your
employment was in fact terminated for Cause. If you dispute a termination of
our employment pursuant to clause (iv) of the definition of Cause and such
dispute is submitted to arbitration, the Company will continue to pay you your
base salary until the date on which the arbitrator reaches a decision regarding
the dispute.

If the arbitrator
determines that your employment was terminated by the Company without Cause, the
arbitrator shall award to you only an amount equal to the severance benefits
described above, the costs of arbitration, and your attorneys’ fees. If the
Company continued to pay you your base salary during the arbitration, such
arbitration award will be reduced by the amount of the base salary already paid
to your for periods after your termination date.

If the arbitrator
determines that your employment was terminated by the Company for Cause, the
arbitrator will be without authority to award you anything, the parties will
each be responsible for their own attorneys’ fees, and the costs of arbitration
will be paid 50% by you and 50% by the Company. In addition, if the Company
continued to pay you your

 5
 

base salary during the
arbitration, you must promptly reimburse the Company for the full amount of any
base salary paid to you for periods after your termination date.

Additional
Amounts.   If
in the opinion of tax counsel selected by you and reasonably acceptable tot the
Company, you have or will receive any compensation or benefits (including
without limitation as a result of the accelerated vesting of equity awards) or
recognize any income (whether or not pursuant to this letter agreement or any
plan or other arrangement of the Company and whether or not the term or your
employment with the Company has terminated) which will constitute an “excess
parachute payment” within the meaning of Section 280G(b)(1) of the Internal
Revenue Code (the “Code”) (or for which a tax is otherwise payable under
Section 4999 of the Code or any successor provision thereto), then the Company
will pay you an additional amount (the “Additional Amount”) equal to the sum of
(i) all taxes payable by you under Section 4999 of the Code with respect to all
such excess parachute payments and any such Additional Amount, plus (ii) all
federal, state and local taxes payable by you with respect to any such
Additional Amount.  Any amounts payable
pursuant to this paragraph will be paid by the Company to you within 30 days of
each written request therefor made by you.

Notices.   All notices or other
communications required or permitted to be given hereunder shall be in writing
and shall be delivered by hand and or sent by prepaid telex, cable or other
electronic devices or sent, postage prepaid, by registered or certified mail or
telecopy or overnight courier service and shall be deemed given when so
delivered by hand, telexed, cabled or telecopied, or if mailed, three days
after mailing (one business day in the case of express mail or overnight
courier service), as follows:

	
   

  	
  if to you:

  
	
   

  	
   

  
	
   

  	
  Andrew S.
  Levine, Esq.

  
	
   

  	
  1 Marbourne
  Drive

  
	
   

  	
  Mamaroneck, New
  York 10543

  
	
   

  	
   

  
	
   

  	
  if to the
  Company:

  
	
   

  	
   

  
	
   

  	
  SL Green Realty
  Corp.

  
	
   

  	
  420 Lexington
  Avenue

  
	
   

  	
  New York, New
  York 10170

  
	
   

  	
  Attention: Chief
  Executive Officer

  

 

or such other address as
either party may from time to time specify by written notice to the other party
hereto.

Amendments.   No amendment, modification or
waiver in respect of this letter agreement will be effective unless it is in
writing and signed by the party against whom such amendment, modification or
waiver is sought.

Severability.   If any provision of this
Agreement (or any portion thereof) or the application of any such provision (or
any portion thereof) to any person or circumstance shall be held invalid,
illegal or unenforceable in any respect by a court of competent jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other
provision hereof (or the

 6
 

remaining portion
thereof) or the application of such provision to any other persons or
circumstances.

Successors.   Neither this letter agreement
nor any rights hereunder may be assigned or hypothecated by you.  This letter agreement may not be assigned by
the Company except to any successor to the Company’s business or to all or
substantially all of its assets.

Governing
Law.   This
letter agreement shall be governed by and construed in accordance with the laws
of the State of New York applicable to the agreements made and to be performed
entirely within such State, without regard to the conflicts of law principles
of such State.

Entire
Agreement.   This
letter agreement contains the entire agreement and understanding between the
parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings relating to such subject matter.  The parties hereto shall not be liable or
bound to any other party in any manner by any representations, warranties or
covenants relating to such subject matter except as specifically set forth
herein.

Expenses.   The Company will reimburse you
for legal fees and expenses actually incurred in connection with this letter
agreement up to $2,500.

Definitions.   For purposes hereof:

“Cause” means that
a majority (or, with respect to clause (iv), two-thirds) of the Board of
Directors of the Company concludes, in good faith and after reasonable
investigation, that (i) you engaged in conduct which is a felony under the laws
of the United States or any state or political subdivision thereof (other than
relating to the operation of a motor vehicle), (ii) you engaged in conduct
constituting material breach of fiduciary duty, gross negligence or willful
misconduct relating to the Company, fraud or dishonesty or willful or material
misrepresentation relating to the business of the Company, (iii) you breached
any of your obligations or covenants under the paragraphs entitled
Confidentiality and Prohibited Activities in any material respect, or (iv) you
have demonstrably failed to perform your duties at a reasonably satisfactory
level, as measured by the level or performance customarily and reasonably
expected of persons acting in a capacity similar to general counsels of real
estate operating companies substantially similar to the Company, for 15 days
after receiving notice from the Company, which notice specifically identifies
the manner in which you have failed so to perform of the Board. For this
purpose, no conduct will be considered willful unless you acted in bad faith
and with no reasonable bass for believing that you were acting in the best
interest of the Company.  Notwithstanding
any provision of this letter agreement to the contrary, clause (iv) above will
cease to apply upon the occurrence of a Change in Control.

“Disability” means
a reasonable good faith determination of the Board of Directors of the Company
that, as a result of your incapacity due to physical or mental illness or
injury, you have been incapable of performing your duties hereunder even with a
reasonable accommodation on a full-time basis for the entire period of three
consecutive months or any 90 days in a 180-day period.

 7
 

A “Force Out” will
be deemed to have occurred in the event of a Change in Control followed by:

(i)            a change in duties,
responsibilities, status or position with the Company, which, in your
reasonable judgment, does not represent a promotion from or maintaining of your
duties, responsibilities, status or positions as in effect immediately prior to
the Change in Control, or any removal of you from or any failure to reappoint
or reelect you to such positions, except in connection with the termination of
your employment for Cause, disability, retirement or death.  It will not, by itself, constitute a change
in your duties, responsibilities, status or position for purposes of this
paragraph if you are not the general counsel of the surviving or parent entity
following a Change in Control, provided that you remain the general counsel of
the business conducted by the Company immediately prior to such Change in
Control;

(ii)           a reduction by the Company in your
base salary as in effect immediately prior to the Change in Control or the
failure of the Company to pay you a discretionary annual bonus for any year
ending after the Change in Control in an amount equal to or greater than the
amount of the discretionary annual bonus paid to you for the last year ending
before the Change in Control;

(iii)          the failure by the Company to continue
in effect any of the benefit plans in which you are participating at the time
of the Change in Control of the Company (unless you are permitted to
participate in any substitute benefit plan with substantially the same terms
and to the same extent and with the same rights as you had with respect to the
benefit plan that is discontinued) other than as a result of the normal
expiration of any such benefit plan in accordance with this terms as in effect
at the time of the Change in Control, or the taking of any action, or the
failure to act, by the Company which would adversely affect your continued
participation in any of such benefit plans on at least as favorable a basis to
you as was the case on the date of the Change in Control or which would
materially reduce your benefits in the future under any of such benefit plans
of deprive you of any material benefits enjoyed by you at the time of the
Change in Control; provided, however, that any such action or
inaction on the part of the Company, including any modification, cancellation
or termination of any benefits plan, undertaken in order to maintain such plan
in compliance with any federal, state or local law or regulation governing
benefits plans, including, but not limited to, the Employment Retirement Income
Security Act of 1974, shall not constitute a Force Out for the purposes of this
Agreement;

(iv)          the Company’s requiring you to be
based in an office located beyond a reasonable commuting distance from your
residence immediately prior to the Change in Control, except for the required
travel relating to the Company’s business to an extent substantially consistent
with the business travel obligations which you undertook on behalf of the
Company prior to the Change in Control; or

(v)           the failure by the Company to obtain
from any successor to the Company an agreement to be bound by this letter
agreement.

 8
 

“Good Reason”
means (i) a failure of the Board of Directors of the Company to elect you to
offices with the same or substantially the same duties and responsibilities as
described in this letter agreement; (ii) a material failure by the Company to
comply with the provisions of this letter agreement which has not been cured within
thirty days after notice of noncompliance (specifying the nature of the
noncompliance) has been given by you to the Company; or (iii) a Force Out (as
defined above) has occurred. 
Notwithstanding any provision of this letter agreement to the contrary,
with “Good Reason” will not include any assignment of you to a position or
office that has new or different duties, provided that such position or office
is principally related to the provision of legal services, has a substantially
similar level or responsibility to your immediately preceding position or
office and is commensurate with your education, skills and experience.

We look forward to
working with you in your new position. 
Please acknowledge your agreement with and intent to be bound by the
terms of this letter by signing a copy of the letter and returning it to the
undersigned as soon as possible.

	
  

  	
  SL GREEN REALTY CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MARC
  HOLLIDAY

  
	
   

  	
  Name:

  	
  Marc Holliday

  
	
   

  	
  Title: Chief Investment Officer

  
	
  ACKNOWLEDGED AND
  AGREED

  	
   

  
	
  this 13th day of
  October, 2000.

  	
   

  
	
   

  	
   

  
	
  /s/ ANDREW S. LEVINE

  	
   

  	
   

  
	
  Andrew S. Levine

  	
   

  
					

 

 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00118-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00118-of-00352.parquet"}]]