Document:

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                                                                   Exhibit 10.33

                       Dated this 15th day of August 2000

                          Ability Developments Ltd (1)

                                       And

                            Avenue A (UK) Limited (2)

                                       And

                                Avenue A Inc (3)

                          ---------------------------

                                      LEASE

                                   Relating to

                           Lower Ground & Ground Floor
                                At 1 Bath Street
                                   London EC1

                          ---------------------------

                                   [LOGO OF
                                   GEORGIOU
                                   NICHOLAS
                                  SOLICITORS]

                                 22 JOHN STREET
                                     LONDON
                                    WC1N 2BL

                               TEL: 020 7681 8888
                               FAX: 020 7831 6345
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                                TABLE OF CONTENTS

                                                                Page
No:

1.    Interpretation

2.    Demise and Reservation of Rent

3.    Provisions as to rent firstly reserved

4.    Tenant's covenants

      4.1   To pay rent
      4.2   Not to prejudice insurance etc
      4.3   Taxes
      4.4   To keep in repair
      4.5   Decoration
      4.6   Expenses of this used in common
      4.7   Yield Up
      4.8   Statutory Obligations
      4.9   Defective Premises Act 1972
      4.10  Planning Acts
      4.11  Copies of Notice
      4.12  Join with landlord in Making Appeals etc
      4.13  No Application for Planning Permission
      4.14  Complete Developments within Term
      4.15  Purchase Notice
      4.16  Compensation
      4.17  Entry for Repairs
      4.18  Entry for Other purposes

            4.18.1 Works to Adjoining premises
            4.18.2 Rent Reviews and Renewal
            4.18.3 Taking Inventories
            4.18.4 Let or sale boards and viewing

      4.19  Alterations
      4.20  Advertisements
      4.21  Encroachments
      4.22  User
      4.23  Indemnity as to Rating Relief
      4.24  Nuisance
      4.25  Removal of Rubbish
      4.26  Alienation
      4.27  Notification of Occupiers etc
      4.28  Register Assignments etc
      4.29  Notice of Insolvency Matters
      4.30  Legal and other costs
      4.31  Floor Loading
      4.32  Fire Fighting Equipment
      4.33  To Pay Gas Charges etc
      4.34  Value Added Tax
      4.35  Indemnity for Landlord
      4.36  Glass Insurance

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      4.37  Regulations.

5.    Landlords Covenants

      5.1   Quiet Enjoyment
      5.2   Insurance

6.    Abatement of Rent

7.    Re Entry

8.    Notices

9.    Landlord's Development

10.   Party Walls

11.   Statutory Compensation

12.   Exclusion of warranty and implied covenants

13.   Breakdown of Service

14.   Agreement

15.   Certificate of Value

      THE FIRST SCHEDULE (Rights and Privileges)

      THE SECOND SCHEDULE (Exceptions and Reservations)

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THIS LEASE made the 15th day of August Two Thousand [SEAL]

BETWEEN:

(1)   ABILITY DEVELOPMENTS LIMITED of registered office Langley House, Park
      Road, London N2 8EX

      (hereinafter called "The Landlord")

(2)   AVENUE A (UK) LIMITED of registered office Carmelite 50 Victoria
      Embankment London EC4Y 0DX

      (hereinafter called "The Tenant")

(3)   AVENUE A INC incorporated in the State of Washington and whose principal
      office is at 506 2nd Avenue Seattle WA 98104 USA (hereinafter called "the
      Surety")

WITNESSES as follows:-

1. INTERPRETATION                                                  [ILLEGIBLE]

      1.1   In this Lease the following expressions shall unless the context
            otherwise requires have the following meanings respectively that is
            to say:

            1.1.1 "The Landlord" shall include the person or persons for the
                  time being entitled to the reversion immediately expectant
                  upon the determination of the Term

            1.1.2 "The Tenant" shall (but without prejudice to the Application
                  and operation of Section 79 of the Law of Property Act 1925)
                  include the person or persons in whom the Term is from time to
                  time vested whether by assignment devolution in law or
                  otherwise and whenever the expression "the Tenant" shall
                  include more than one person whether the original Tenant or
                  the Tenant by devolution of title then the covenants on the
                  part of the Tenant herein contained shall be deemed to be
                  joint and several

            1.1.3 "the Surety" shall in the case of personal sureties include
                  the

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                  executors and administrators of the Surety and where there be
                  more than one shall include all or any of them

            1.1.4 "the Demised Premises" shall mean all those premises known as
                  Lower Ground and Ground Floor, 1 Bath Street, London EC1as the
                  same is shown edged red on the plan attached hereto including
                  the windows, window frames, glass, sash chords, doors, pipes
                  and electrical heating installations in the said premises
                  together with all additional and improvements at any time and
                  from time to time made thereto and all fixtures of every kind
                  which shall from time to time be made in or upon the said
                  premises (whether originally affixed or fastened to or upon
                  the same to otherwise) except such tenants fixtures as can be
                  removed from the said premises without defacing the same and
                  excluding specifically load bearing walls and any other
                  structural parts of the building and the foundations beneath
                  the same

            1.1.5 "the Building" shall mean the main and ancillary buildings (if
                  any) of which the Demised Premises form part

            1.1.6 "the Term Commencement Date" shall mean the 15th day of August
                  Two Thousand

            1.1.7 "the Contractual Term" shall mean ten years (10) and 'the
                  Term" shall mean the Contractual Term and any statutory
                  continuation of the same

            1.1.8 "the Term Expiry Date" shall mean the 14th day of August Two
                  Thousand and Ten

            1.1.9 "the Rent" shall mean Forty Four Thousand One Hundred and
                  Eighty Seven Pounds per annum ((pounds)44,187.OOp.a.) During
                  the first five years of the Term and thereafter subject to
                  review as hereinafter mentioned save that the Rent for the
                  period 25th December 2000 to 24th April 2001 shall be a
                  peppercorn if demanded

           1.1.10 "the Rent Commencement Date" shall mean the 15th day of
                  August Two Thousand

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           1.1.11 "Review Date" shall mean the 14th Day of August in the year
                  Two Thousand and Five

           1.1.12 "Review Period" shall mean the period starting with any Review
                  Date up to the next Review Date or starting with the last
                  Review Date up to the end of the Term

           1.1.13 "the Permitted Use" shall mean the use as offices as defined
                  by Class B1 of the Town and Country Planning (Use Classes)
                  Order 1987.

           1.1.14 "Service Media" shall mean watercourses channels pipes drains
                  sewers cables wires meter ducts and other conducting media and
                  other installations and equipment for the supply of air water
                  electricity gas drainage or other service telephone signals
                  and any other things serving the Demised Premises.

           1.1.15 "the Surveyor" shall mean any person or firm appointed by the
                  Landlord who is suitably and professionally qualified to
                  perform any of the function of the Surveyor under this Lease
                  (including an Employee of the Landlord and including the
                  person or firm appointed by the Landlord to collect the rents)

           1.1.16 "the Insured Risks" shall mean loss of damage by fire
                  aircraft and aerial devices dropped therefrom explosion
                  earthquake riot civil commotion malicious damage storm tempest
                  flood burst pipes and impact terrorism subsidence heave and
                  such other risks as the Landlord may reasonably decide or the
                  Tenant may reasonably in writing require (but subject to cover
                  against any such aforementioned risk being available at a
                  premium which is in the Landlord's opinion reasonable in all
                  the circumstances)

      1.2   Any reference to a specific statute includes any statutory extension
            or modification amendment or re-enactment of such statute from time
            to time and any regulations or orders from time to time made under
            such statute

      1.3   References to Value Added Tax shall include references to any
            similar tax whether in substitution for or in addition to it

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      1.4   The expression "the Planning Acts" shall mean "the Planning Acts" as
            defined in Section 336(1) of the Town and Country Planning Acts 1990
            and all other statutes for the time being in force relating to
            planning control and development and any regulations orders
            directors or notices made or given thereunder and all licences
            consents permissions and conditions granted or imposed at any time
            thereunder.

      1.5   Any covenant by the Tenant not to do or omit to be done any act or
            thing shall be deemed to include an obligation (so far as is within
            the power of the Tenant) not to permit allow or suffer such act or
            thing to be done or omitted by another person

      1.6   Words importing one gender shall include all other genders and words
            importing the singular shall include the plural and vice versa

      1.7   The headings to the clauses hereof and Schedules hereto and the
            short particulars on the cover page shall be deemed not to form any
            part thereof and shall not affect the interpretation hereof in any
            way

2. DEMISE AND RESERVATION OF RENT

      In consideration of the rent covenants and conditions hereafter reserved
      and contained and on the part of the Tenant to be paid performed and
      observed the Landlord hereby with full title guarantee demises unto the
      Tenant the Demised Premises

      TOGETHER WITH (in common with the Landlord and all other persons entitled
      thereto and subject to the exceptions reservations and provisions
      hereinafter contained) the rights and privileges set out in the First
      Schedule hereto

      EXCEPT AND RESERVING unto the Landlord and the successors in title of the
      landlord and their respective lessees tenants agents servants licensees
      and other persons claiming through or under the Landlord and all other
      persons who now have or may hereafter be entitled to or granted by the
      Landlord a similar right or rights the easements rights and privileges
      specified in the Second Schedule hereto.

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      TO HOLD the same unto the Tenant from and including the Term Commencement
      Date and for the Contractual Term expiring at midnight on the Term Expiry
      Date

      SUBJECT TO all rights easements privileges restrictions covenants and
      stipulations of whatever nature effecting the Demised Premises

      PAYING THEREFOR throughout the term

      2.1   FIRSTLY the yearly rent mentioned in Clause 3 hereof by equal
            quarterly payments in advance on the usual quarter days in every
            year without any deduction or set off whatsoever the first payment
            to be calculated from and including The Rent Commencement Date to
            the next quarter day thereafter and to be made on the execution
            hereof

      2.2   AND SECONDLY by way of further rent 16.6% of such sum or sums as the
            Landlord shall in accordance with the covenant in clause 5 hereof
            from time to time properly spend by way of premiums for the
            insurance of the Building from the Term Commencement Date (ii) all
            costs incurred by the Landlord in any revaluation (but not more
            frequently than once a year) of the Demised Premises for insurance
            purposes and (iii) any reasonable excess suffered or properly
            payable by the Landlord in respect of any insurance claim relating
            to the Demised Premises such rent to be paid within twenty one days
            of written demand therefor made by the Landlord to the Tenant
            following the payment of any such sum by the Landlord

      2.3   AND THIRDLY by way of further rent all Value Added Tax chargeable in
            respect of or by reference to or as a result of the rents
            above-mentioned

      2.4   PROVIDED ALWAYS that in the event of the said rents or any other sum
            or sums properly payable to the Landlord hereunder or any part
            thereof being in arrear for more than fourteen days whether (in the
            case of the rent firstly hereinbefore reserved only) lawfully
            demanded or not the Tenant shall pay interest calculated on a daily
            basis with quarterly rests on the usual quarters days at the rate of
            Four per centum per annum (4%) above the base lending rate for the
            time being in force of Barclays Bank PLC (or such other London
            clearing bank as the Landlord may from time to time reasonably
            specify by notice in writing to the Tenant) on the amount in arrear
            from the day on which

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                           [GROUND FLOOR PLAN OMITTED]
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                          [BASEMENT FLOOR PLAN OMITTED]
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            it became payable until the day payment is made (including any
            period during which the Landlord may reasonably refuse to accept any
            instalment of rent or other payment due hereunder by reason of the
            Landlord's reasonable belief that a breach of covenant by the Tenant
            has occurred) and to be payable to the Landlord on demand without
            prejudice to any other rights the Landlord may enjoy and the
            aggregate amount for the time being so payable shall at the option
            of the Landlord be recoverable by action or as rent in arrear

3. PROVISIONS AS TO RENT FIRSTLY RESERVED

      3.1   The yearly rent firstly hereinbefore reserved payable hereunder
            shall be as follows:-

            3.1.1 until the first Review Date the Initial Rent and

            3.1.2 during each successive Review Period a rent equal to the rent
                  previously payable hereunder or such revised rent as may be
                  ascertained as herein provided whichever be the greater

      3.2   Such revised rent for any Review Period shall be the lesser of such
            sum:-

            (a)   as shall be specified in a notice in writing by or on behalf
                  of the Landlord to the Tenant given not earlier than twelve
                  months preceding the relevant Review Date (but so that time
                  shall not be of the essence in relation to the giving of such
                  notice) or

            (b)   as shall within three months after the date of service of such
                  notice be agreed between the parties in writing in
                  substitution for the said sum (time to be of the essence of
                  such agreement) or

            (C)   as shall be independently determined at the election of the
                  Tenant by a counter-notice in writing given by the Tenant to
                  the Landlord not later than two months after the date of
                  service of the Landlord's said notice (time to be of the
                  essence in relation to the giving of such counter-notice) such
                  independent determination to be by a single arbitrator or by
                  an independent surveyor (acting as an expert and not

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                  as an arbitrator) appointed for that purpose by the parties
                  jointly in writing or upon their failure to agree upon such
                  appointment within one month after the date of the said
                  counter-notice (time to be of the essence thereof) then by the
                  President for the time being of the Royal Institution of
                  Chartered Surveyors on the Application of either party (in the
                  exercise of the said option) and so that in case of such
                  arbitration and valuation the revised rent to be awarded by
                  the arbitrator or valuer shall be such as he shall decide
                  should be the open market yearly rent at which the Demised
                  Premises might reasonably be expected to be let at the
                  relevant Review Date

            3.2.1 on the following assumptions as at that date:-

                3.2.1.1 that the Demised Premises

                    3.2.1.1.1 are available to let on the open market
                              without a fine or premium with vacant possession
                              by a willing Landlord to a willing Tenant
                              (including the Tenant) for the unexpired period of
                              the Contractual Term or 10 years whichever is the
                              greater

                   3.2.1.1.2  are to be let as whole subject to the terms of
                              this Lease and any licence or consent granted
                              hereunder (other than the amount of the rent
                              hereby reserved but including the provisions for
                              review of that rent)

                   3.2.1.1.3  are fully fitted out and equipped and fit and
                              available for immediate occupation and use for the
                              Permitted use

                   3.2.1.1.4  may be used for any of the purposes permitted
                              by this Lease as varied or extended by any licence
                              consent granted hereunder

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                      3.2.1.2 that the covenants herein contained have been
                              fully performed and observed

                      3.2.1.3 that no work has been carried out to the Demised
                              Premises which has diminished the rental value
                              save for works carried out in compliance of any
                              statutory obligations and that in case the Demised
                              Premises have been destroyed or damaged they have
                              been fully restored

                      3.2.1.4 that no reduction is to be made to take account
                              of any rental concession which on a new letting
                              with vacant possession might be granted to the
                              incoming tenant for a period within which its
                              fitting out works would take place

            3.2.2 And having rent to the Tenant's rights under Part II of the
                  Landlord and Tenant Act 1954

            3.2.3 But disregarding:-

                      3.2.3.1 any effect on rent of the fact that the Tenant
                              its sub-tenants or their respective predecessors
                              in title have been in occupation of the Demised
                              Premises

                      3.2.3.2 any goodwill attached to the Demised Premises by
                              reason of the carrying on thereat of the business
                              of the Tenant its sub-tenants or their
                              predecessors in title in their respective
                              businesses and

                      3.2.3.3 any increase or decrease in the rental value of
                              the Demised Premises attributable to the existence
                              at the relevant Review Date of any alteration
                              addition or improvement to the Demised Premises or
                              any part thereof which has been carried out at the
                              cost of the Tenant otherwise that in pursuance of
                              an obligation to the Landlord or its predecessors
                              in title and which in the case of an alteration
                              addition or improvement causing an increase in the
                              rental value of the Demised Premises has been (I)
                              carried out with

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                              consent where required and (ii) completed not more
                              than 21 years before the relevant Review Date

                      3.2.3.4 Any effect on rental value of any obligation of
                              the Tenant to remove alterations or to restore or
                              reinstate the Demised Premises

      3.3   In the case of an arbitration the arbitration shall be conducted in
            accordance with the Arbitration Act 1996

      3.4   When the amount of any rent to be ascertained as hereinbefore
            provided shall have been so ascertained memoranda thereof shall
            thereupon be signed by or on behalf of the Landlord and the tenant
            and the Surety (if any) for the time being and annexed to this Lease
            and the Counterpart thereof and the parties shall bear their own
            costs in respect thereof

      3.5   3.5.1 If the Revised Rent payable on and from any Review Date has
                  not been ascertained by that Review Date rent shall continue
                  to be payable at the rate previously payable and forthwith
                  upon the revised rent being ascertained the Tenant shall pay
                  by way of further rent to the Landlord any shortfall between
                  the rent and the revised rent payable up to and on the
                  preceding quarter day together with interest thereon equal to
                  the base rate of Barclays Bank Plc applicable at that time
                  such interest to be calculated on a day to day bass from the
                  relevant Review Date on which it would have been payable if
                  the Revised Rent had then been ascertained to the date of
                  actual payment of any shortfall and the interest so payable
                  shall be recoverable in the same manner as rent in arrear

            3.5.2 For the purpose of this sub clause the revised rent shall be
                  deemed to have been ascertained on the date when the same has
                  been agreed between the Landlord and the Tenant or as the case
                  may be the date of the award of the arbitrator

      3.6   If any at material time there shall be no President of the Royal
            Institution of Chartered Surveyors or if the said President shall
            for any reason not be available or be unable or unwilling to make
            such an appointment as

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            aforesaid, the said appointment may be made by the Vice President or
            next senior officer of the said Institution then available and able
            and willing to make such appointment

      3.7   If any Arbitrator appointed in accordance with this clause shall
            fail or refuse to accept his appointment or shall fail to make an
            assessment as hereinbefore provided or if he shall relinquish his
            appointment or due or if it shall become apparent that for any
            reason he will be unable to complete his duties hereunder the
            Landlord or the Tenant may apply to the said President or other
            person as hereinbefore provided for a substitute to be appointed in
            his place which procedure may be repeated as many times as if it
            were an original appointment hereunder by the President for the time
            being of the said Institution

      3.8   If either the Landlord or the Tenant shall fail to pay any costs
            awarded against it in the case of an arbitration under the
            provisions hereof within twenty one days of the same being demanded
            by the Arbitrator the other shall be entitled to pay the same and
            the amount so paid shall be repaid by the party chargeable on demand

      3.9   Unless and until either party shall pursuant to the provision of
            Clause 3.2(c) hereof elect for an independent determination to be
            made by an arbitrator nothing herein shall constitute an agreement
            for arbitration

4. TENANT'S COVENANTS

      The Tenant HEREBY COVENANTS with the Landlord as follows:-

      4.1   To pay rent

            4.1.1 To pay the said rents hereby reserved and any interest on
                  arrears of rent as hereinbefore provided at the times and in
                  the manner aforesaid

            4.1.2 At the reasonable request in writing of the Landlord made at
                  any time and from time to time during the Term to make the
                  payment of the rent firstly hereby reserved by banker's
                  standing order into a bank

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                  account designated by the Landlord and at the request in
                  writing from time to time of the Landlord to cancel any such
                  standing order

      4.2   Not to prejudice insurance etc.

            4.2.1 Not to do in or on the Demised Premises anything whereby the
                  insurance of the Demised Premises against the Insured Risks
                  may be vitiated or prejudiced nor without the consent of the
                  Landlord do or omit or allow to be done or omitted anything
                  whereby any additional premium may become payable for the
                  insurance of the Demised Premises or any additional excess may
                  be imposed and in the event of any Landlord's insurance policy
                  for the Demised Premises being vitiated in consequence of any
                  act action or omission of the tenant fully and effectually to
                  indemnify the Landlord against all costs claims indemnify the
                  Landlord against all costs claims proceedings or losses
                  properly incurred and resulting from any damage or injury to
                  the Demised Premises or any part thereof in respect of which
                  compensation is not forthcoming from the Landlord's insurance
                  company

            4.2.2 To notify the Landlord forthwith of any damage to or
                  destruction of the Demised Premises or any part thereof
                  occasioned by the occurrence of any of the Insured Risks and
                  to take all reasonable steps necessary or desirable to
                  minimise such damage or destruction and to take all reasonable
                  steps to assist the Landlord's written insurance claims in
                  respect of all such damage or destruction

      4.3   Taxes

            To pay bear and discharge all existing and future rates taxes levies
            assessments duties outgoings charges and impositions whatsoever
            (whether imposed by statute or otherwise and whether of a national
            or local character) now or at any time or times during the term
            assessed imposed or charged upon or payable in respect of the
            Demised Premises or any part or parts thereof and whether payable by
            the Landlord or Tenant or by the owner or occupier thereof except
            any tax occasioned by any dealing by the Landlord with the
            Landlord's reversionary interest in the Demised Premises but
            including any tax payable by the Landlord (i) on a deemed disposal
            of any

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            interest of the Landlord in the Demised Premises or any part or
            parts thereof resulting from any development carried out or
            commenced by the Tenant or (ii) otherwise as a result of any act or
            omission of the Tenant including a due proportion (to be determined
            by the Landlord or the surveyor) of all such payments as may be
            assessed charged or payable upon or in respect of the Demised
            Premises with any other premises

      4.4    To keep in repair

            4.4.1 At all times to keep the whole of the Demised Premises and the
                  appurtenances thereof including (without prejudice to the
                  generality of the foregoing) all doors door frames plate glass
                  windows window frames fixtures and fittings fastenings and all
                  service media exclusively serving the Demised Premises
                  (situate inside the Demised Premises) and sanitary and water
                  and heating apparatus therein and the painting papering and
                  decoration thereof in the Demised Premises in good and
                  substantial repair and condition throughout the term (except
                  damage by the Insured Risks provided that the Landlord's
                  policies of insurance shall not have become vitiated or
                  payment of the policy monies refused in whole or in the part
                  of consequence of some act neglect or default of the Tenant)

            4.4.2 To keep any part of the Demised Premises which may not be
                  built upon adequately surfaced in good condition tidy and free
                  from weeds and rubbish and all landscapes or planted areas
                  properly cultivated

            4.4.3 To renew and replace from time to time all Landlord's fixtures
                  fittings and appurtenances in the Demised Premises which may
                  become or be beyond repair at any time during or at the
                  expiration or sooner determination of the term

      4.5    Decoration

             4.5.1 Upon every fifth year of the term and in the last year of the
                   term (howsoever determined) to prepare and paint in a proper
                   and workmanlike manner all the inside wood metal and other
                   parts

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                  heretofore or usually painted of the Demised Premises with a
                  sufficient number of coats of suitable good quality paint and
                  also with every such internal painting to clean decorate and
                  treat in a proper and workmanlike manner all such internal
                  parts of the Demised Premises that have been or ought properly
                  to be so cleaned decorated and treated

            4.5.2 In every third year of the term and in the last three months
                  of the term (howsoever determined) in a proper and workmanlike
                  manner to clean all the outside surfaces of the Demised
                  Premises and thereafter prepare and paint all outside surfaces
                  usually painted with three coats of good quality paint to the
                  reasonable satisfaction of the Landlord.

            4.5.3 In the last year of the term (howsoever determined) such
                  inside painting and decoration shall be in such colours
                  patterns and materials as may be approved by the Landlord
                  (such approval not to be unreasonably withheld)

      4.6   Expenses of Things used in common

            From time to time to pay on demand a fair proportion (to be
            conclusively determined by the Surveyor) of the expenses payable in
            respect of repairing renewing cleansing and lighting as appropriate
            all roofs walls fences service media drains roads car parks and hard
            standings and other things the use or benefit of which is common to
            the Demised Premises and other Premises

      4.7   Yield Up

            At the expiration or sooner determination of the Term quietly to
            yield up to the Landlord the Demised Premises duly painted repaired
            cleaned maintained amended and kept in accordance with the covenants
            in this Lease (provided) however that

            4.7.1 The Tenant may prior to the date of such expiration or
                  determination remove all Tenant's or trade fixtures (the
                  Tenant making good nevertheless at the expense of the Tenant
                  and to the reasonable satisfaction of the Landlord any damage
                  to the Demised Premises caused by such removal) and shall
                  remove all the Tenant's furniture

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                  fittings papers and refuse and so that the Landlord may treat
                  as abandoned by the Tenant and may arrange for the removal and
                  destruction of any such fixtures and any other items not
                  removed by the Tenant within seven days of the said expiration
                  or determination and the proper cost of such removal and
                  destruction shall be paid by the Tenant to the Landlord on
                  demand and

            4.7.2 If the Tenant shall fail to leave the Demised Premises in such
                  condition as aforesaid then and in such case the Landlord may
                  do or effect all such repairs renovations and decorations for
                  which the Tenant shall be liable hereunder and the proper cost
                  thereof shall be paid by the Tenant to the Landlord on demand
                  and the certificate of the Landlord's Surveyor certifying the
                  proper cost to the Landlord shall be final and binding on the
                  Tenant save in the case of manifest error and the Tenant will
                  also pay to the Landlord mesne profits at the rate of the
                  rents payable hereunder immediately prior to the said
                  expiration or determination during the period reasonably
                  required for the carrying out of such work and the amount of
                  such mesne profits shall be added to the cost of carrying out
                  such work as aforesaid

      4.8   Statutory Obligations

            4.8.1 To observe and comply with the provisions and requirements of
                  every enactment (which expression in this covenant includes
                  every act of Parliament already or hereafter to be passed and
                  every order regulation and bye law already or hereafter to be
                  made under or in pursuance of any such act and all legislation
                  whether primary or derivative emanating from all legally
                  binding decisions of any institution or body of the European
                  Community already or hereafter to be made and without
                  prejudice to the generality of the foregoing specifically
                  includes the Factories Acts the Offices Shops and Railway
                  Premises Act 1963 the Fire Precaution Act 1971 The Health and
                  Safety at Work Act 1974) so far as they relate to or effect
                  the Demised Premises or the use thereof

            4.8.2 To maintain all arrangements which by or under any enactment
                  or bye law are or may be required at any time during the
                  currency of

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                  this Lease to be executed provided or maintained whether by
                  the Landlord or the Tenant

            4.8.3 To indemnify the Landlord at all times against all costs
                  charges and expenses of or incidental to the execution of any
                  works or the provision or maintenance of any arrangements so
                  required as aforesaid

            4.8.4 Not at any time during the Term to do or omit or suffer to be
                  done or omitted in or about the Demised Premises any act or
                  thing by reason of which the Landlord may under any enactment
                  incur or have imposed upon it or become liable to pay any
                  penalty damages compensation costs charges or expenses.

      4.9   Defective Premises Act 1972

            4.9.1 Forthwith upon becoming aware of the same to give notice in
                  writing to the Landlord of any defect in the state of the
                  Demised Premises which would or might give rise to an
                  obligation on the Landlord to do or refrain from doing any act
                  or thing in order to comply with the duty of care imposed on
                  the Landlord pursuant to the Defective Premises Act 1972

            4.9.2 To indemnify and keep indemnified the Landlord for and against
                  any actions proceedings damages penalties costs charges claims
                  demands expenses or loss arising from a failure to give such
                  notice

            4.9.3 At all times to display and maintain such notices as the
                  Landlord may require from time to time to display or require
                  to be displayed on or in the Demised Premises pursuant to the
                  Defective Premises Act 1972

      4.10  Planning Acts

           4.10.1 To comply in all respects during the currency of this Lease
                  with the provisions and requirements of the Planning Acts so
                  far as the same respectively relate to or affect the Demised
                  Premises or any part

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<PAGE>

                  thereof or any operations works acts or things already or
                  hereafter to be carried out executed done or omitted thereon
                  or the use thereof for any purpose

           4.10.2 To pay any development charge or other charge imposed in
                  respect of any such matter

           4.10.3 To indemnify the Landlord against all proceedings expenses
                  claims and demands in respect of any contravention by the
                  Tenant of any provisions of the said Acts

      4.11  Copies of Notices

           4.11.1 Within seven days of the receipt by the Tenant of the same to
                  supply a copy to the Landlord of any notice or order or
                  proposal for a notice or order or licence consent permission
                  or directions given or made under any enactment and any
                  regulations orders and instruments made thereunder and
                  relating to the Demised Premises

           4.11.2 To permit the Landlord and all persons authorised by it all
                  reasonable times to enter upon the Demised Premises to inspect
                  the same for any purpose in connection with any such notice
                  order proposal licence consent permission or direction
                  PROVIDED THAT the person exercising such right shall cause the
                  minimum of inconvenience and disturbance to the Tenant and
                  make good any damage caused within a reasonable period of time

           4.11.3 If any such notice requires the execution of any works which
                  the Tenant fails to effect within the time specified by the
                  notice or any extension thereof the Landlord may enter upon
                  the Demised Premises and execute such works and all its
                  expenses in so doing shall on the completion of the said works
                  be a debt of the Tenant due on demand by the Landlord and if
                  not so repaid shall be recoverable by the Landlord as rent in
                  arrear.

      4.12  Join with the Landlord in making Appeals etc.

            At the request of the Landlord to make or join with the Landlord in
            making

                                       19
<PAGE>

            any objection representation or appeal in respect of any such notice
            order proposal or direction as aforesaid or any refusal of or
            condition imposed under any such licence consent or permission as
            aforesaid

      4.13  No Application for Planning Permission

            Not to make or suffer to be made any application for consent or
            permission to carry out or commence any development (within the
            meaning of the Planning Acts) on or by reference to the Demised
            Premises without the Landlord's written consent first obtained (such
            consent not to be unreasonably withheld)

      4.14  Complete developments within Term

            Unless the Landlord shall otherwise direct to carry out before the
            determination of the Term (however terminated) any work of (the
            carrying out of which is otherwise permitted hereunder) required to
            be carried out in

            or on the Demised Premises by a date subsequent to such
            determination as a condition of any planning permission which may
            have been granted to the Tenant during the Term

      4.15  Purchase Notice

            Not to serve any purchase notice under the Planning Acts requiring
            any local authority to purchase the Tenant's interest in the Demised
            Premises or any part thereof

      4.16  Compensation

            If the Tenant shall receive any compensation because of any
            restriction placed upon the user of the Demised Premises or any part
            thereof under or by virtue of the Planning Acts then if and when its
            interest hereunder shall be determined under the power of re-entry
            herein contained or otherwise forthwith to make such provision as is
            just and equitable for the Landlord to receive its due benefit from
            such compensation unless the compensation authority shall otherwise
            order

      4.17  Entry for Repairs

           4.17.1 To permit the Landlord the Surveyor and any person authorised
                  by

                                       20
<PAGE>

                  the Landlord by prior appointment (except in emergency) to
                  enter upon the Demised Premises at all reasonable hours during
                  the daytime to view the state and condition and user of the
                  same and the fixtures and fittings therein and of all defects
                  decays and wants of reparation there found for which the
                  Tenant shall be responsible hereunder to give Notice in
                  writing to the Tenant

           4.17.2 Within the two months after every such notice as aforesaid
                  (or immediately in case of emergency) to repair well and
                  substantially and make good all such defects decays and wants
                  of reparation to the Demised Premise and the fixtures and
                  fittings therein for which the Tenant is liable hereunder

           4.17.3 If the Tenant shall make default in the execution of the
                  repairs and works referred to in such notice it shall be
                  lawful for the Landlord any persons authorised by the Landlord
                  (but without prejudice to the right or re-entry hereinafter
                  contained) to enter upon the Demised Premises and execute such
                  repairs and works and other fees properly incurred shall be
                  repaid by way of further rent by the Tenant to the Landlord on
                  demand

      4.18  Entry for other purposes

            To permit the Landlord the Surveyor and all other persons authorised
            by the Landlord with all necessary workmen and appliances at all
            reasonable times to enter and remain upon the Demised Premises for
            the following purposes:-

           4.18.1 Works to Adjoining Premises

                  to inspect and to execute repairs or alterations to any
                  adjoining premises and any Service Media therein all damage to
                  the Demised Premises thereby occasioned being made good by the
                  Landlord or other person so entering

           4.18.2 Rent Reviews and Renewals

                  to inspect and measure the Demised Premises for all purposes
                  connected with any pending or intended step under Part II of
                  the Landlord and Tenant Act 1954 or the implementation of the
                  Provisions for rent review and so that the Tenant covenants to
                  furnish such information relevant for such purposes as may be
                  reasonably be requested in writing by the Landlord or any such
                  person having a

                                       21
<PAGE>

                  right of entry under this sub-clause

           4.18.3 Taking inventories

                  to take schedules or inventories of fixtures and fittings and
                  things to be yielded up at the determination of the Term

           4.18.4 Let or Sale Boards and Viewing

                  to affix and retain without interference upon some part or
                  parts thereof (but not so as to obstruct the access or light
                  or air to the Demised Premises) notice for reletting or
                  selling the same and (in the case of prospective purchasers or
                  lessees and their agents) to view the Demised Premises

                  PROVIDED THAT in the exercise of any rights granted or
                  reserved in this clause 4.18 the persons exercising such
                  rights shall do so in a reasonable manner and so as to cause
                  the minimum of inconvenience and disturbance to the Tenant and
                  further shall make good any damage caused without delay

      4.19 Alterations

           4.19.1 Not at any time during the Term without the previous consent
                  in writing of the Landlord which consent shall not be
                  unreasonably withheld or delayed and except in accordance with
                  plans elevations sections and specifications previously
                  submitted to and approved by the Landlord (who shall be
                  supplied with and be entitled to retain copies thereof) to
                  make or permit or suffer to be made any change alteration or
                  addition whatsoever in or to the Demised Premises or to the
                  fixtures and fittings therein (save that non-structural
                  internal alterations will be permitted without the Landlord's
                  prior written consent) or on any part thereof or cut or maim
                  to injure or suffer to be cut maimed or injured any of the
                  walls timbers girders pillars ceilings roofs floors or other
                  structural parts thereof or make or permit or suffer to be
                  made any flue duct or excavation upon the Demised Premises

           4.19.2 In the event of a breach of the preceding condition then in
                  addition

                                       22
<PAGE>

                  to any other rights and power available the Landlord shall be
                  at liberty to remove restore or fill up (as the case may be)
                  all such unauthorised changes alterations flues ducts or
                  excavations as may then and there be found and the properly
                  incurred cost of carrying out such work (including any
                  surveyors' or other fees incurred) shall be repaid by the
                  Tenant to the Landlord forthwith on demand

           4.19.3 Without prejudice to any other covenant on the part of the
                  Tenant hereinbefore contained and notwithstanding the granting
                  by the Landlord of any licence permitting the Tenant to carry
                  out or make any alteration or addition to the Demised Premises
                  or any change of user thereof not to carry out or make any
                  such alteration or addition or change of user where planing
                  permission is required therefor without first obtaining and
                  producing to the Landlord without first obtaining and
                  producing to the Landlord a copy of any and every requisite
                  planning permission and building regulation and other consent

      4.20  Advertisements

           4.20.1 Other than a suitable sign showing the Tenant's trading name
                  and business of a size and kind and position first approved by
                  the Landlord not to be exhibited affixed to or displayed on or
                  from he exterior of the Demised Premises or of the external
                  walls rails or fences any sign signboard facia placard
                  lettering notice price label blind flag pennant sky-sign or
                  any advertisement of any kind whatsoever except such as shall
                  have been previously approved by the Landlord (such approval
                  not to be unreasonably withheld or delayed)

           4.20.2 In the event of any such approval being given to observe any
                  reasonable terms thereof

           4.20.3 At the expiry or sooner determination if the Term to remove
                  every such thing so approved and make good the Demised
                  Premises

      4.21  Encroachments etc

                                       23
<PAGE>

           4.21.1 Not to stop up or darken or obstruct any windows or other
                  openings belonging to the Demised Premises nor to permit any
                  encroachment or easement to be made or acquired on or over the
                  Demised Premises

           4.21.2 In case any encroachment or easement shall be made or
                  acquired or attempted to be made or acquired to give immediate
                  notice upon becoming aware thereof to the Landlord and at the
                  request and cost of the Landlord to adopt such means as may be
                  reasonably required or deemed proper for preventing any such
                  encroachment or the acquisition of any such easement

      4.22  User

           4.22.1 To use and occupy the Demised Premises for the Permitted Use
                  or for such other purposes as the Landlord may from time to
                  time permit such permission not to be unreasonably withheld or
                  delayed

           4.22.2 Not to use the Demised Premises or any part thereof for
                  residential or sleeping purposes

           4.22.3 Not to allow any sale by auction to be held on the Demised
                  Premises

           4.22.4 Nothing herein shall preclude the Landlord from letting any
                  adjoining or neighbouring floor for a use which may be in
                  competition with the Permitted Use in whole or in part

           4.22.5 Not to use the Demised Premises for storage or storage
                  purposes save so far is normal and necessary in the Tenants
                  business

      4.23  Indemnity as to rating relief

           4.23.1 To keep the Landlord indemnified against any loss by the
                  Landlord of any statutory rating relief which may be
                  applicable to void premises and which would otherwise have
                  been available to the Landlord to the extent that such loss
                  shall be occasioned by the claiming of such relief by the
                  Tenant prior to the determination (in

                                       24
<PAGE>

                  whatsoever manner) of the Term

      4.24  Nuisance

            4.24.1 Not to do in or upon the Demised Premises or any part thereof
                  any act or thing which may be or become or cause a nuisance or
                  source of annoyance inconvenience damage or injury to any
                  adjoining or neighbouring property or to the Landlord the
                  public local or any other authority nor so as to interfere
                  with the quiet and comfort of any other occupiers of the
                  premises (if any) of which the Demised Premises form part

            4.24.2 From time to time to pay all costs charges and expenses
                  incurred by the Landlord in abating a nuisance in obedience to
                  a notice served by any relevant authority

            4.24.3 Not to cause any obstruction to the free use by others of any
                  road path pavement car park hard-standing or other thing the
                  use of which is common to the occupiers of or the visitors to
                  the Demised Premises and other premises.

      4.25  Removal of Rubbish

            To remove promptly from the Demised Premises all rubbish and refuse
            accumulated thereon from time to time and not to burn or permit the
            burning thereof on the Demised Premises

      4.26  Alienation

           4.26.1 Not to assign charge underlet or part of the whole of the
                  Demised Premises save as hereinafter expressly permitted.

           4.26.2 Not (without the prior consent of the Landlord such consent
                  not to be unreasonably withheld or delayed) to assign the
                  whole of the Demised Premises except to a person (hereinafter
                  referred to as "the Permitted Assignee") who shall have
                  previously to the assignment entered into a direct covenant
                  with the Landlord that during the residue of the Term then
                  subsisting or until released pursuant to

                                       25
<PAGE>

                  Section 5 of the Landlord and Tenant (Covenants) Act 1995 to
                  pay the rent reserved by and observe and perform the covenants
                  and conditions contained in this Lease provided that the
                  Tenant will (if reasonably so required by the Lessor) enter
                  into an authorised guarantee agreement within Section 16 of
                  the Landlord and Tenant (Covenants) Act 1995 in a form
                  reasonably required by the Landlord provided further that if
                  the Permitted Assignee is a private limited company it shall
                  if reasonably required before any assignment and before taking
                  occupation procure that directors (but not more than two)
                  covenant by way of indemnity guarantee (and if more than one
                  jointly and severally) with the Landlord in a form reasonably
                  required by the Landlord

           4.26.3 Not to underlet the whole of the Demised Premises without the
                  prior written consent of the Landlord such consent not to be
                  unreasonably withheld or delayed in the case of a responsible
                  and respectable Tenant and in any event not at a rental less
                  than the open market rent and with rent reviews to be in the
                  form of those contained in this Lease at five yearly intervals

           4.26.4 Without prejudice to the foregoing sub-clause (c) of this
                  Clause not to underlet the whole of the Demised Premises
                  except:-

                  (i)   by an underlease or tenancy agreement (hereinafter
                        referred to as a "Permitted Underlease") which shall
                        contain on the part of the Underlessee (inter alia) the
                        Stipulated Covenants hereinafter mentioned and if
                        reasonably required in the event of a Permitted
                        Underlessee being a private limited company the Lessee
                        shall not underlet the whole of the Demised Premises
                        unless directors of such company (but no more than two)
                        have if required previously entered into such a direct
                        covenant with the Landlord to secure the observance of
                        such covenant by the company

                  (ii)  to a person (hereinafter referred to as a "Permitted
                        Underlessee") who shall have previously to the execution
                        of

                                       26
<PAGE>

                        the Permitted Underlease entered into direct covenants
                        (in this sub-clause called "the Stipulated Covenants")
                        with the Landlord to observe and perform the covenants
                        and conditions in this Deed and on the part of the
                        Tenant to be observed and performed but excluding the
                        covenants to pay the rents reserved by this Deed

           4.26.5 Not to part with or share possession of the Demised Premises
                  or any part thereof except by virtue of an assignment or
                  underletting of a kind permitted by this sub-clause PROVIDED
                  THAT notwithstanding the provisions of this clause 4.26 the
                  Tenant may allow to a company that is a member of the same
                  group as the Tenant to occupy the whole or part of the Demised
                  Premises otherwise premises than in a manner which transfers
                  or creates a legal estate

           4.26.6 Not at any time either expressly or by implication to
                  knowingly waive any breach of any of the covenants or
                  conditions on the part of any Permitted Underlessee comprised
                  in any Permitted Underlease but if reasonably requested by the
                  Landlord on any such breach to re-enter on the premises
                  comprised in such Permitted Underlease and otherwise to take
                  reasonable steps to enforce such covenants and conditions

           4.26.7 To produce a certified copy of every assignment transfer
                  mortgage charge underlease Probate Letters of Administration
                  order instrument or other writing effecting or evidencing any
                  transmission or devolution of any estate of interest
                  (derivative or otherwise) in the Demised Premises or any part
                  thereof to the Solicitors of the Landlord for registration
                  within one month from the date thereof and to pay to the
                  Landlord's solicitors a fee of Forty Pounds (f40.OO) plus
                  Value Added Tax thereon for each such registration

                  PROVIDED ALWAYS that every Licence to assign shall contain (I)
                  a covenant by the assignee directly with the Landlord to
                  observe and perform the covenants herein contained including
                  this sub-clause and to pay the rents hereby reserved during
                  the residue of the Term

                                       27
<PAGE>

      4.27  The Tenant may charge the whole of the Demises Premises with the
            prior consent of the Landlord (such consent not to be unreasonably
            withheld or delayed)

      4.28  Notification of occupiers etc.

           4.28.1 WITHIN one month of a demand from or on behalf of the
                  Landlord to notify the Landlord in writing:

               4.28.1.1 of the persons in actual occupation or possession of
                        the Demised Premises and each and every part thereof and
                        of the right in which they are in such occupation or
                        possession

               4.28.1.2 of all persons having an interest in the Demised
                        Premises (other than in reversion to the Term)

               4.28.1.3 of the terms of all underleases licences or
                        devolutions affecting the Demised Premises

           4.28.2 Upon demand to supply to the Landlord a copy of any
                  underlease licence Court Order or other document affecting the
                  Demised Premises or any part thereof

      4.29  Register Assignments etc.

            Within one month after any Charge Mortgage Assignment or
            underletting or sub underletting of the Demised Premises or any
            devolution of any interest thereon to give notice thereof in writing
            to the Landlord or its solicitors and to procure to them a copy
            certified by a practising solicitor of the assignment transfer
            counterpart underlease sub underlease or other instrument under
            which such devolution shall have occurred and pay a fee of
            (pounds)40.00 (Plus Value Added Tax) for registration thereof by the
            Landlords solicitors

      4.30  Notice of Insolvency Matters.

            Forthwith on becoming aware of the same to notify the Landlord in
            writing of any of the following occurring in relation to the Tenant
            or any surety for any of the Tenants obligations hereunder (in this
            clause "the Act" refers to the

                                       28
<PAGE>

            Insolvency Act 1986):-

           4.30.1 a Petition for or the making of an Administration Order or
                  Winding Up Order an interim order (under Section 252 of the
                  Act) or a bankruptcy Order

           4.30.2 The passing or proposed passing of a resolution for winding
                  up

           4.30.3 The making or proposed making of a voluntary arrangement (as
                  defined in Section 253 of the Act) with creditors

           4.30.4 A Petition for or the making of an order for dissolution

           4.30.5 The appointment of a Receiver of Manager over the whole or
                  any part of its property

           4.30.6 The levying of any execution at any of its property

      4.31  Legal and Other Costs

            To pay on demand on an indemnity basis the proper and reasonable
            legal surveyors architects bailiffs and other proper fees incurred
            by the Landlord in relation to or in proper contemplation of:-

             4.31.1 All applications by the Tenant for any consent of the
                    Landlord required by this Lease and also all such fees
                    actually incurred by the Landlord in cases where consent is
                    reasonably refused or the Application is withdrawn and in
                    respect of any such application at the request of the
                    Landlord to provide security for such fees by way of a
                    solicitors undertaking.

           4.31.2 The enforcement of any breach of any of the covenants on the
                  part of the Tenant and the conditions herein contained whether
                  during or after the termination of the term and the recovery
                  of arrears of rent due from the Tenant hereunder

           4.31.3 The preparation and service of a notice under Section 146 of
                  the Law of Property Act 1925 requiring the Tenant to remedy a
                  breach of any

                                       29
<PAGE>

                  of the covenants herein contained (notwithstanding forfeiture
                  for such breach shall be avoided otherwise than by relief
                  granted by the Court)

           4.31.4 The preparation of service of Schedules of dilapidations or
                  notice under the foregoing provisions of this clause during
                  the term or within one month following the determination
                  thereof

      4.32  Floor Loading

            Not to place or suspend any object of excessive weight on or from
            the floors ceilings or walls of the Demised Premises nor without the
            Landlord's previous written consent to set up or permit to be set up
            on any part of the Demised Premises any steam gas or electric or
            other boiler engine machine or mechanical contrivance other than
            normal desk top office machinery

      4.33  Fire Fighting Equipment

            To keep the Demised Premises sufficiently supplied and equipped with
            fire fighting and extinguishing apparatus and appliances which shall
            be open to the inspection and maintained to the reasonable
            satisfaction of the Landlord the local fire authority and the
            Landlords insurers and also not to obstruct the access to or means
            of working of such apparatus and appliances

      4.34  To pay Gas Charges etc

            To pay to the suppliers thereof all charges for:

           4.34.1 gas electricity telephone and water (including apparatus and
                  meter rents if any) consumed in the Demised Premises during
                  the Term

           4.34.2 Sewage and rubbish disposal and all other similar services in
                  respect of the Demised Premises

      4.35  Value Added Tax ("VAT")

           4.35.1 To pay to the Landlord (in addition to the rents and other
                  sums payable under this Lease) amounts equal to any non
                  recoverable value added tax at the rate for the time being in
                  force as shall be chargeable (whether or not as a result of
                  the exercise of any option

                                       30
<PAGE>

                  or the making of any election by the Landlord) in respect of
                  or by reference to or as a result of:

                  (a)   Any rents and other consideration payable to the
                        Landlord under this Lease or

                  (b)   Any supply made by the Landlord to the Tenant under the
                        terms of or in connection with this Lease

                  and the payments to be made by the Tenant hereunder if the
                  said Value Added Tax shall be chargeable in respect of or by
                  reference to the rents and other consideration so payable
                  under this Lease shall be made at the like times as such rents
                  and other consideration is payable following receipt of a
                  valid VAT invoice addressed to the Tenant but otherwise when
                  the supply which gives rise to the Charge to Value Added Tax
                  is treated as taking place for the purposes of Value Added Tax
                  and (for the avoidance of doubt) it is confirmed that where in
                  any part of this Lease (other than in this present
                  sub-sub-clause itself) or in the Schedules to this Lease the
                  Tenant agrees to pay an amount of money (or other
                  consideration) such amount (or other consideration) shall be
                  regarded as exclusive of any Value Added Tax which may from
                  time to time be chargeable with respect thereto or by
                  reference thereto or as a result of any supply made by the
                  Landlord to the Tenant under the terms of or in connection
                  with this lease.

           4.35.2 (Without prejudice to the liability imposed on the Tenant
                  under the Terms of the immediately preceding sub-sub-clause)
                  where under this Lease the Tenant agrees to pay or contribute
                  to (or indemnify the Landlord or any other person in respect
                  of) any costs fees expenses outgoings or other liability of
                  whatsoever nature whether of the Landlord or any third party
                  reference to such costs fees expenses outgoings and other
                  liability shall (for the avoidance of doubt) be taken to
                  include reference to any value added tax charged in relation
                  thereto except to the extent and only to the extent the
                  Landlord obtains a credit for the same as allowable input tax
                  but such payment shall only be made following receipt of a
                  valid invoice

                                       31
<PAGE>

                  addressed to the Tenant.

           4.35.3 Without prejudice to any statutory rights which the Landlord
                  has in this respect and notwithstanding anything contained in
                  this lease or otherwise, it is confirmed that the Landlord
                  reserves the right in its absolute discretion from time to
                  time to exercise or not as the case may be

                  (a)   any option which results in Value Added Tax being
                        charged on any supply made by the Landlord or

                  (b)   any election to waive exemption from Value Added Tax
                        with respect to any supply made by the Landlord

                  and nothing in this lease or otherwise shall create any
                  implication as to how the Landlord may exercise that
                  discretion from time to time

      4.36  Indemnity for Landlord

           4.36.1 To be responsible for and to keep the Landlord indemnified
                  against:-

               4.36.1.1 all claims whatsoever which may be made by any
                        Tenants for the time being of the Demised Premises
                        holding of the Tenant under the Provisions of any
                        statute relating to Landlord and Tenants for the time
                        being in force

               4.36.1.2 all damage occasioned to the Demised Premises or any
                        other part of the Building (if any) or any adjacent or
                        neighbouring premises or to any person caused by any act
                        default or negligence of the Tenant or the servants
                        agents licensees or invitees of the Tenant

           4.36.2 To pay and make good to the Landlord all and every loss and
                  damage whatsoever properly incurred or sustained by the
                  Landlord as a consequence of such breach or non observance of
                  the Tenants

                                       32
<PAGE>

                  covenants herein contained and to indemnify the Landlord and
                  the Landlord's estate and effects from and against all actions
                  claims liability proper costs and expenses thereby arising

      4.37  Glass Insurance

            Forthwith to insure and keep insured against loss or damage by
            accident all glass in the windows doors and partitions in the
            Demised Premises to the full value thereof in a reputable insurance
            office to be approved in writing by the Landlord (such approval not
            to be unreasonably withheld) and whenever required to produce to the
            Landlord the policy of such insurance and the receipt for the last
            premium due in respect thereof and in case the said glass or any of
            it shall be destroyed or damaged by accident then and as often as
            the same shall happen all monies received in respect of such
            insurance shall with all convenient speed be laid out in reinstating
            the same with glass of the same nature quality and thickness as at
            present and to make up any deficiency in such monies for that
            purpose

      4.38  Regulations

            To observe perform and conform to all reasonable regulations
            stipulations restrictions and conditions made by the Landlord for
            the proper management of the Building and notified to the Tenant by
            the Landlord in writing from time to time

5 LANDLORD'S COVENANTS

      The Landlord HEREBY COVENANTS with the Tenant as follows:-

      5.1   Quiet Enjoyment

            To permit the Tenant peaceably and quietly to hold and enjoy the
            Demised Premises for the term without any interruption by the
            Landlord or any person lawfully claiming through under or in trust
            for the Landlord

      5.2   Insurance

            5.2.1 To keep the Building of which the Demised Premises form part
                  insured (except as to glass for which provision is made in
                  Clause 4.36 hereof) with such insurance company as the
                  Landlord may from time to time decide the same however to be
                  one of repute and

                                       33
<PAGE>

                  having its principal place of business in the United Kingdom
                  against the insured risks in such minimum sum as the Landlord
                  shall from time to time reasonably deem to be adequate (or in
                  such greater insurable sum as the Tenant shall reasonably in
                  writing to the Landlord require) including provision for
                  clearance of debris and fees of architects and surveyors
                  consulting engineers and legal and other fees and also against
                  the loss of three years rent subject always to the provisions
                  and exclusions which the insurers may require.

            5.2.2 To make all payments necessary for the above purposes when the
                  same shall respectively become due and to produce to the
                  Tenant on demand the policy or policies as such insurance and
                  the receipt for each such payment

            5.2.3 At the request and cost of the Tenant to provide the Tenant
                  with a copy of such policy or policies or a specimen policy
                  containing the standard terms applicable thereto

            5.2.4 In the event of the Demised Premises or any part thereof or
                  means of access thereto being destroyed or damaged by any of
                  the Insured Risks during the term forthwith (as soon as the
                  necessary labour materials and permits are obtained which the
                  Landlord shall take all reasonably practical steps to obtain
                  and subject as hereinafter provided) to lay out in or towards
                  repairing or reinstating the same in a good and substantial
                  manner to the reasonable satisfaction of the Tenant all monies
                  received under or by virtue of any such insurance (other than
                  monies received in respect of loss of rent) and to make up any
                  shortfall in the insurance monies received required to repair
                  and reinstate as aforemenioned from its own resources the
                  Tenant permitting entry on the Demised Premises for this
                  purpose by the Landlord its servants agents contractors

            5.2.5 The Landlord shall have the right within twelve months of such
                  damage or destruction if the degree of damage or destruction
                  is such as reasonably to necessitate the demolition of the
                  whole or substantially the whole of the Demised Premises or of
                  the remaining parts of it to apply the said monies in such
                  other way as the Landlord

                                       34
<PAGE>

                  shall in its absolute discretion consider appropriate and in
                  the event of the Landlord electing to adopt the last mentioned
                  alternative and of its notifying the Tenant in writing
                  accordingly, the Tenant shall be entitled at any time within
                  the ensuing three months by notice in writing served upon the
                  Landlord in its behalf to determine the term hereby granted as
                  from the quarter day next following after the service by the
                  Tenant of such notice and upon the expiry of such notice this
                  Lease shall absolutely determine but without prejudice to any
                  right of action or remedy of the Landlord in respect of any
                  antecedent breach of any of the covenants on the part of the
                  Tenant herein contained and for the purposes of this sub
                  clause the Tenant further covenants with the Landlord not to
                  exercise the Tenant's right under Section 83 of the Fire's
                  Prevention (Metropolis) Act 1774 earlier than six months after
                  the happening of any such damage or destruction as aforesaid

            5.2.6 In no event shall the Landlord be obliged to reinstate the
                  Demised Premises in identical form to that in which the
                  Demised Premises were immediately before the damage or
                  destruction in question PROVIDED THAT the Landlord shall use
                  reasonable endeavours to ensure that the reinstated Demised
                  Premises are of equivalent amenity layout appearance shape
                  size and use to the Tenant

            5.2.7 Without prejudice to the preceding provision of this Clause if
                  the Landlord shall be prevented by any circumstance beyond the
                  reasonable control of the Landlord from repairing or
                  reinstating the Demised Premises in all money received in
                  respect of the insurance effected by the Landlord pursuant to
                  this Clause shall belong to the Landlord

            5.2.8 To notify the insurers of the Tenant's interest in the Demised
                  Premises

            5.3 Whenever the Demised Premises or any part or the means of access
thereto are damaged or destroyed by any of the Insured Risks and such
reinstatement or repair has not been completed so that the Demised Premises or
any part of the means of access thereto remains until at any time after the
expiry of three years after the date upon which it first became unfit then
either party

                                       35
<PAGE>

may serve a notice on the other party referring to this clause whereupon this
Lease will immediately come to an end and that without prejudice to any
antecedent rights of either party against the other

      5.4   To Keep in Repair

            At all times to keep the building and the appurtenances thereof
            including the main structure roof and foundations but excluding such
            parts thereof (if any) of the Demised Premises in good repair and
            condition throughout the Term

6. ABATEMENT OF RENT

      In case the Demised Premises or any part thereof shall at any time be
      destroyed or so damaged by any of the insured risks as to be unfit for
      occupation or use, then and in any such case (unless the insurance of the
      Demised Premises shall have been vitiated by the Act Neglect Default or
      Omission of the Tenant) the Rent and other payments hereby reserved or a
      fair and just proportion thereof according to the nature and extent of the
      damage sustained shall be suspended and seize to be payable until
      whichever is the earlier of:-

      (a)   the date on which the Demised Premises shall again be fit for use
            and occupation

      (b)   the expiration of three years from the date of occurrence of the
            destruction or damage and

      (c)   the expiration of three months from the date of service by the
            Landlord on the Tenant of the Notice of election as provided in
            Sub-clause 5.2.5 hereof (provided that if in such period of three
            months the Tenant shall have served a notice to terminate the term
            in accordance with such sub-clause the period hereby provided for
            shall be extended to the quarter day next following the service of
            such Tenants notice)

      and such proportion in case of disagreement shall be referred to a single
      Arbitrator in accordance with and subject to the provisions of the
      Arbitration Acts 1996.

7. RE-ENTRY

      PROVIDED ALWAYS and it is hereby agreed and declared that if:-

                                       36
<PAGE>

      7.1   The said rents hereby reserved or any part thereof shall at any time
            be in arrear and unpaid for fourteen days after the same shall have
            become due (whether (in the case of the rent firstly hereinbefore
            reserved) any formal or legal demand therefore shall have been made
            or not) or

      7.2   There shall be any breach of any of the covenants conditions or
            agreements herein contained and on the part of the Tenant to be
            performed and observed or

      7.3   The Tenant or other person or persons in whom for the time being the
            term shall be vested or any of them or any person who shall from
            time to time be a surety (either alone or jointly with any other
            person or persons) to the Landlord for the performance of any of the
            obligations of the Tenant hereunder

            7.3.1 shall (being an individual)

                7.3.1.1 be the subject of an interim order under Section 252
                        of the Insolvency Act 1986 (in this clause referred to
                        as "the Act")

                7.3.1.2 become bankrupt

                7.3.1.3 make a voluntary arrangement (as defined in Section
                        253 of the Act) with creditors or

                7.3.1.4 suffer any execution to be levied at the Demised
                        Premises or

            7.3.2 shall (being a company)

                7.3.2.1 enter into liquidation whether compulsory or voluntary
                        (not being merely a voluntary liquidation for the
                        purpose of amalgamation or reconstruction of a solvent
                        company)

                7.3.2.2 have an administration order made in respect of it

                7.3.2.3 make a voluntary arrangement (defined as aforesaid)

                                       37
<PAGE>

                7.3.2.4 have a receiver or manager appointed over the whole or
                        any part of its property or

                7.3.2.5 suffer any execution to be levied at the Demised
                        Premises then and in such case it shall be lawful for
                        the Landlord or any person or persons duly authorised by
                        the Landlord in that behalf into or upon the Demised
                        Premises or any part thereof in the name of the whole to
                        re enter the Demised Premises peaceably and to hold and
                        enjoy thenceforth as if these presents had not been made
                        without prejudice to any right of action or remedy of
                        either party against the other in respect of any
                        antecedent breach of any covenant or condition herein
                        contained

8. NOTICES

      Any Notice required to be given or served under these presents and not
      otherwise provided for shall be served or deemed to be served on the
      Tenant if served in accordance with Section 196 of the Law of Property Act
      1925

9. LANDLORDS DEVELOPMENT

      It is hereby agreed that:-

      9.1   Nothing herein contained or implied shall impose or be deemed to
            impose any restriction on the use of any Land or building not
            comprised in this lease or give the Tenant the benefit of or the
            right to enforce or to have enforced or to permit the release or
            modification of any covenant agreement or conditions entered into by
            any Purchaser from or by any Lessee or occupier of the Landlord in
            respect of property not comprised in this Lease or to prevent or
            restrict in any way the development of any land not comprised in
            this lease or give the Tenant the benefit of or the right to enforce
            or to have enforced or to permit the release or modification of any
            covenant agreement or conditions entered into by any Purchaser from
            or by any Lessee or occupier of the Landlord in respect of property
            not comprised in this Lease or to prevent or restrict in any way the
            development of any land not comprised in this lease

                                       38
<PAGE>

      9.2   Nothing herein contained shall by implication of law or otherwise
            operate or be deemed to confer upon the Tenant any easement right or
            privilege whatsoever over or against any adjoining or neighbouring
            property which now does or hereafter shall belong to the Landlord
            which would or might restrict or prejudiciously effect the future
            rebuilding alteration or development of such adjoining or
            neighbouring property PROVIDED THAT nothing herein contained shall
            permit or be deemed to permit the Landlord by any such rebuilding
            alteration or development to alter extinguish or diminish any
            easement right or privilege granted by this Lease

      9.3   The landlord shall have the right at any time to make such
            alterations to or to pull down and rebuild or redevelop any such
            adjoining or neighbouring property as it may deem fit without
            obtaining any consent from or making any compensation to the Tenant

10. PARTY WALLS

      Each and every wall separating the Demised Premises from any adjoining
      premises shall in the absence of evidence to the contrary be deemed to be
      a party wall severed medially

11. STATUTORY COMPENSATION

      Except where any statutory provision prohibits the Tenants right to
      compensation being reduced or excluded by agreement a Tenant shall not be
      entitled to claim from the Landlord on quitting the Demised Premises or
      any part thereof any statutory compensation

12. EXCLUSION OF WARRANTY AND IMPLIED COVENANTS

      Neither the granting of this Lease nor any provision herein contained
      shall operate or be construed

      (a)   as warranting that the use to which the Tenant proposes now or
            hereafter to put the Demised Premises or any use to which (whether
            subject to conditions or not) the Tenant's may be at liberty or may
            be required under the provisions of this Lease to put the Demised
            Premises is or may be or become legally permitted whether under the
            provisions of the Planning Acts or otherwise or

                                       39
<PAGE>

      (b)   so as to imply any repairing obligation on the part of the Landlord
            except in so far as such obligation is specifically provided for
            herein

13. BREAKDOWN OF SERVICE

      The Landlord shall not be liable to the Tenant or any other person for any
      loss damage or inconvenience which may be caused by reason of the failure
      stoppage leakage bursting or defect of any hot or cold water sanitary or
      other apparatus or of soil gas water electricity or by reason of the
      breakdown or defect of any plants or machinery in the said building or any
      neighbouring or adjoining building or the failure to cleanse repair or
      light any part of the said building the use of which is granted in common
      with others or in respect of any accident loss or damage occurring or
      resulting to the Tenant or to the Tenants servants workpeople agents
      invitees and licensees in or about the building howsoever caused PROVIDED
      THAT the Landlord shall take all practical steps to minimise any such
      breakdowns or defects failure stoppages leakages or bursting as aforesaid

14. TENANT'S OPTION TO BREAK

Provided there are no arrears of Rent the Tenant may determine this Lease on the
expiration of the fifth year of the term by giving to the Landlord not less than
six months prior written notice and on expiry of such notice the term shall
cease and determine but without prejudice to any rights or remedies that may
have accrue to either party to this Lease.

15. GUARANTOR'S PROVISIONS

      15.1. The parties agree and declare as follows:

            (a)   where a Guarantor is a party to the Lease the Guarantor
                  covenants with the Landlord as set out in this Clause;

            (b)   where a surety for an assignee is required such surety shall
                  covenant with the Landlord as if it were the Guarantor under
                  the Lease except that the guarantee will take effect only from
                  the date of the relevant assignment and extend only to the
                  obligations of the assignee and its successors in title;

                                       40
<PAGE>

            (c)   where a surety for an undertenant is required such surety
                  shall covenant with the Landlord as if it were the Guarantor
                  under the Lease except that the guarantee will extend only to
                  the obligations of the undertenant and its successors in title
                  under the underlease and the provisions relating to disclaimer
                  of the Lease will not apply.

      15.2. GUARANTOR'S COVENANT

            (a)   The Guarantor covenants with the Landlord (for the benefit of
                  the Landlord and of the person in whom from time to time the
                  reversion immediately expectant upon the Determination of the
                  Term is vested without the need for any express assignment)
                  that during the first five years of the Term the Tenant shall
                  punctually pay the Rent in accordance with the terms of the
                  Lease and observe and perform the covenants and other
                  provisions of the Lease and in case of default by the Tenant
                  the Guarantor will pay the Rent and observe and perform the
                  covenants and provisions in respect of which the Tenant is in
                  default and make good to the Landlord on demand and indemnify
                  the Landlord against all proper losses damages costs and
                  expenses thereby arising or incurred by the Landlord

            (b)   The liability of the Guarantor under clause 44.1 shall not be
                  affected in any way:

                  (i)   any neglect or forbearance of the Landlord in enforcing
                        payment of Rent or observance or performance of the
                        covenants and provisions of the Lease

                  (ii)  any time or indulgence given to the Tenant by the
                        Landlord

                  (iii) any reasonable refusal by the Landlord to accept Rent
                        from the Tenant following a breach of covenant by the
                        Tenant any agreement with the Tenant any licence or
                        consent granted to the Tenant or any variation in the
                        terms of the Lease

                  (iv)  the death of the Tenant (if an individual) or the
                        dissolution of the Tenant (if a company)

                  (v)   a surrender of part of the Premises except that the
                        Guarantor will have no

                                       41
<PAGE>

                  liability in relation to the surrendered part in respect of
                  any period following date of surrender

            (vi)  any other act or thing apart from the express release in
                  writing of the Guarantor

      (c)   if during the first five years of the Term the Tenant (being a
            company) enters into liquidation or (being an individual) becomes
            bankrupt and the liquidator or the trustee in bankruptcy disclaims
            the Lease the Guarantor shall upon written notice from the Landlord
            give within three months after the date of disclaimer accept a new
            lease of the Premises for a term equal to the residue then remaining
            unexpired of the Agreed Term at the Rent then being paid under the
            Lease and otherwise subject to the same covenants and provisions as
            in the Lease including any ability for the Tenant to determine the
            Lease (without however requiring any other person to act as
            guarantor) such new lease to take effect from the date of disclaimer
            and to be granted at the proper cost of the Guarantor who shall
            execute and deliver to the Landlord a counterpart of it.

      (d)   if the Lease is disclaimed during the first five years of the Term
            and for any reason the Landlord does not require the Guarantor to
            accept a new lease pursuant to clause 44.3. the Guarantor shall pay
            to the Landlord on demand an amount equal to the difference between
            any money received by the Landlord for the use or occupation of the
            Premises and the Rent (if higher) which would have been payable had
            the Lease not been disclaimed for the period commencing with the
            date of disclaimer and ending upon the date three months after the
            date of disclaimer or (if earlier) the date upon which the Premises
            are relet

      IN WITNESS WHEREOF this Deed has been executed the day and year first
above written

                                       42
<PAGE>

                               THE FIRST SCHEDULE
                             (RIGHTS AND PRIVILEGES)

            1.    The right to support and shelter and all other easements and
                  rights now or hereafter belonging to or enjoyed by the Demised
                  Premises by from over under or through any adjacent or
                  neighbouring land or buildings of the Landlord

            2.    A right of way at all times to and from the Demised Premises
                  through the area hatched blue on the Plan annexed hereto

            3.    A right to use the storage of dustbins the area coloured grey
                  on the said Plan B

            4.    A right to connect into and use all service media now or
                  hereafter constructed so as to be able to serve the Demised
                  Premises

                               THE SECOND SCHEDULE
                          (EXCEPTIONS AND RESERVATIONS)

            1.    The Right to connect up to and use all service media now or
                  hereafter construed upon through or under the Demised Premises

            2.    The Right to enter (or in cases of emergency to break and
                  enter) the Demised Premises in all cases in which the Tenant
                  has covenanted herein to permit entry subject to the
                  conditions of such rights herein contained

            3.    All rights of light air and other easements and rights now or
                  hereafter belonging to or enjoyed by the Demised Premises from
                  or over any adjacent or neighbouring land or building

            4.    The Right to build or rebuild or alter or repair the Building
                  (other than the Demised Premises) or any adjacent or
                  neighbouring land or

                                       43
<PAGE>

      building in any manner whatsoever and to let the same for any purpose or
      otherwise deal therewith

5.    The Right to erect scaffolding outside the Demised Premises (whether or
      not attached to the Demised Premises) to enable the Landlord and any
      person authorised by the Landlord to exercise any right or comply with any
      obligation hereunder PROVIDED THAT such scaffolding does not restrict the
      access to or use and enjoyment of the Demised Premises

6.    The Right to support and shelter and all other easements and rights now or
      hereafter belonging to or enjoyed by all adjacent or neighbouring land or
      buildings an interest wherein in possession or reversion is at any time
      during the term vested in the Landlord

SIGNED AS A DEED by          )
ABILITY DEVELOPMENTS LTD)    )
Acting by its Director and   )
Secretary                    )

/s/ [ILLEGIBLE]
----------------------------------- Director

/s/ [ILLEGIBLE]
----------------------------------- Secretary

                                       44Exhibit 10.4

                              EMPLOYMENT AGREEMENT

          AGREEMENT, dated as of the 18th day of October, 2000 (this
"Agreement"), by and between The Ziegler Companies, Inc., a Wisconsin
corporation (the "Company"), and John J. Mulherin (the "Executive").

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

          NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

          SECTION 1.     CERTAIN DEFINITIONS.  (a) "Effective Date" means the
                         -------------------
first date during the Change of Control Period (as defined herein) on which a
Change of Control occurs.  Notwithstanding anything in this Agreement to the
contrary, if a Change of Control occurs and if the Executive's employment with
the Company is terminated prior to the date on which the Change of Control
occurs, and if it is reasonably demonstrated by the Executive that such
termination of employment (1) was at the request of a third party that has taken
steps reasonably calculated to effect a Change of Control or (2) otherwise arose
in connection with or anticipation of a Change of Control, then "Effective Date"
means the date immediately prior to the date of such termination of employment.

          (b)  "Change of Control Period" means the period commencing on the
date hereof and ending on the third anniversary of the date hereof, subject to
renewal on or prior to such third anniversary at the sole election of the Board
of Directors.

          (c)  "affiliated company" means any company controlled by, controlling
or under common control with the Company.

          (d)  "Change of Control" means:

          (1)  The acquisition by any individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act")) (a "Person") of beneficial ownership (within
the meaning of Rule 13d3 promulgated under the Exchange Act) of 50% or more of
either (A) the then-outstanding shares of common stock of the Company (the
"Outstanding Company Common Stock") or (B) the combined voting power of the
then-outstanding voting securities of the Company entitled to vote generally in
the election of directors (the "Outstanding Company Voting Securities");
provided, however, that, for purposes of this Section 1(d), the following
acquisitions shall not constitute a Change of Control:  (i) any acquisition
directly from the Company, (ii) any acquisition by the Company, (iii) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any affiliated company or (iv) any acquisition by
any corporation pursuant to a transaction that complies with Sections
1(d)(3)(A), 1(d)(3)(B) and 1(d)(3)(C); or

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

          (3)  Consummation of a reorganization, merger, consolidation or sale
or other disposition of all or substantially all of the assets of the Company (a
"Business Combination"), in each case, unless, following such Business
Combination, (A) all or substantially all of the individuals and entities that
were the beneficial owners of the Outstanding Company Common Stock and the
Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of the then-
outstanding shares of common stock and the combined voting power of the then-
outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the corporation resulting from such Business
Combination (including, without limitation, a corporation that, as a result of
such transaction, owns the Company or all or substantially all of the Company's
assets either directly or through one or more subsidiaries) in substantially the
same proportions as their ownership immediately prior to such Business
Combination of the Outstanding Company Common Stock and the Outstanding Company
Voting Securities, as the case may be, (B) no Person (excluding any corporation
resulting from such Business Combination or any employee benefit plan (or
related trust) of the Company or such corporation resulting from such Business
Combination) beneficially owns, directly or indirectly, 25% or more of,
respectively, the then-outstanding shares of common stock of the corporation
resulting from such Business Combination or the combined voting power of the
then-outstanding voting securities of such corporation, except to the extent
that such ownership existed prior to the Business Combination, and (C) at least
a majority of the members of the board of directors of the corporation resulting
from such Business Combination were members of the Incumbent Board at the time
of the execution of the initial agreement or of the action of the Board
providing for such Business Combination; or

          (4)  Approval by the shareholders of the Company of a complete
liquidation or dissolution of the Company.

          SECTION 2.     EMPLOYMENT PERIOD.  The Company hereby agrees to
                         -----------------
continue the Executive in its employ, and the Executive hereby agrees to remain
in the employ of the Company, subject to the terms and conditions of this
Agreement, for the period commencing on the Effective Date and ending on the
third anniversary of the Effective Date (the "Employment Period").

          SECTION 3.     TERMS OF EMPLOYMENT.  (a)  POSITION AND DUTIES.
                         -------------------        -------------------
(1)  During the Employment Period, (A) the Executive's position (including
status, offices, titles and reporting requirements), authority, duties and
responsibilities shall be at least commensurate in all material respects with
the most significant of those held, exercised and assigned at any time during
the 120-day period immediately preceding the Effective Date and (B) the
Executive's services shall be performed at the office where the Executive was
employed immediately preceding the Effective Date or at any other location less
than 45 miles from such office.

          (2)  During the Employment Period, and excluding any periods of
vacation and sick leave to which the Executive is entitled, the Executive agrees
to devote reasonable attention and time during normal business hours to the
business and affairs of the Company and, to the extent necessary to discharge
the responsibilities assigned to the Executive hereunder, to use the Executive's
reasonable best efforts to perform faithfully and efficiently such
responsibilities.  During the Employment Period, it shall not be a violation of
this Agreement for the Executive to (A) serve on corporate, civic or charitable
boards or committees, (B) deliver lectures, fulfill speaking engagements or
teach at educational institutions and (C) manage personal investments, so long
as such activities do not significantly interfere with the performance of the
Executive's responsibilities as an employee of the Company in accordance with
this Agreement.  It is expressly understood and agreed that, to the extent that
any such activities have been conducted by the Executive prior to the Effective
Date, the continued conduct of such activities (or the conduct of activities
similar in nature and scope thereto) subsequent to the Effective Date shall not
thereafter be deemed to interfere with the performance of the Executive's
responsibilities to the Company.

          (b)  COMPENSATION.  (1)  BASE SALARY.  During the Employment Period,
               ------------        -----------
the Executive shall receive an annual base salary (the "Annual Base Salary"),
which Annual Base Salary shall be paid in 12 equal monthly installments at an
annual rate at least equal to 12 times the highest monthly base salary paid or
payable, including any base salary that has been earned but deferred, to the
Executive by the Company and the affiliated companies in respect of the 12-month
period immediately preceding the month in which the Effective Date occurs.
During the Employment Period, the Annual Base Salary shall be reviewed at least
annually, beginning no more than 12 months after the last salary increase
awarded to the Executive prior to the Effective Date.  Any increase in the
Annual Base Salary shall not serve to limit or reduce any other obligation to
the Executive under this Agreement.  The Annual Base Salary shall not be reduced
after any such increase and the term "Annual Base Salary" shall refer to the
Annual Base Salary as so increased.

          (2)  ANNUAL BONUS.  In addition to the Annual Base Salary, the
               ------------
Executive shall be awarded, for each fiscal year ending during the Employment
Period, an annual bonus (the "Annual Bonus") in cash at least equal to the
Executive's highest annual bonus under the Company's annual incentive plans or
any comparable bonus under any predecessor or successor plan (and not including
any signing bonuses or other one-time special bonus payments), for the last
three full fiscal years prior to the Effective Date (annualized, in the event
that the Executive was not employed by the Company for the whole of such fiscal
year) (the "Recent Annual Bonus").  Each such Annual Bonus shall be paid no
later than the end of the third month of the fiscal year next following the
fiscal year for which the Annual Bonus is awarded, unless the Executive shall
elect to defer the receipt of such Annual Bonus.

          (3)  INCENTIVE, SAVINGS AND RETIREMENT PLANS.  During the Employment
               ---------------------------------------
Period, the Executive shall be entitled to participate in all incentive, savings
and retirement plans, practices, policies, and programs applicable generally to
other peer executives of the Company and the affiliated companies, but in no
event shall such plans, practices, policies and programs provide the Executive
with incentive opportunities (measured with respect to both regular and special
incentive opportunities, to the extent, if any, that such distinction is
applicable), savings opportunities and retirement benefit opportunities, in each
case, less favorable, in the aggregate, than the most favorable of those
provided by the Company and the affiliated companies for the Executive under
such plans, practices, policies and programs as in effect at any time during the
120-day period immediately preceding the Effective Date or, if more favorable to
the Executive, those provided generally at any time after the Effective Date to
other peer executives of the Company and the affiliated companies.

          (4)  WELFARE BENEFIT PLANS.  During the Employment Period, the
               ---------------------
Executive and/or the Executive's family, as the case may be, shall be eligible
for participation in and shall receive all benefits under welfare benefit plans,
practices, policies and programs provided by the Company and the affiliated
companies (including, without limitation, medical, prescription, dental,
disability, employee life, group life, accidental death and travel accident
insurance plans and programs) to the extent applicable generally to other peer
executives of the Company and the affiliated companies, but in no event shall
such plans, practices, policies and programs provide the Executive with benefits
that are less favorable, in the aggregate, than the most favorable of such
plans, practices, policies and programs in effect for the Executive at any time
during the 120-day period immediately preceding the Effective Date or, if more
favorable to the Executive, those provided generally at any time after the
Effective Date to other peer executives of the Company and the affiliated
companies.

          (5)  EXPENSES.  During the Employment Period, the Executive shall be
               --------
entitled to receive prompt reimbursement for all reasonable expenses incurred by
the Executive in accordance with the most favorable policies, practices and
procedures of the Company and the affiliated companies in effect for the
Executive at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive, as in effect generally at
any time thereafter with respect to other peer executives of the Company and the
affiliated companies.

          (6)  FRINGE BENEFITS.  During the Employment Period, the Executive
               ---------------
shall be entitled to fringe benefits, including, without limitation, tax and
financial planning services, payment of club dues, and, if applicable, use of an
automobile and payment of related expenses, in accordance with the most
favorable plans, practices, programs and policies of the Company and the
affiliated companies in effect for the Executive at any time during the 120-day
period immediately preceding the Effective Date or, if more favorable to the
Executive, as in effect generally at any time thereafter with respect to other
peer executives of the Company and the affiliated companies.

          (7)  OFFICE AND SUPPORT STAFF.  During the Employment Period, the
               ------------------------
Executive shall be entitled to an office or offices of a size and with
furnishings and other appointments, and to exclusive personal secretarial and
other assistance, at least equal to the most favorable of the foregoing provided
to the Executive by the Company and the affiliated companies at any time during
the 120-day period immediately preceding the Effective Date or, if more
favorable to the Executive, as provided generally at any time thereafter with
respect to other peer executives of the Company and the affiliated companies.

          (8)  VACATION.  During the Employment Period, the Executive shall be
               --------
entitled to paid vacation in accordance with the most favorable plans, policies,
programs and practices of the Company and the affiliated companies as in effect
for the Executive at any time during the 120-day period immediately preceding
the Effective Date or, if more favorable to the Executive, as in effect
generally at any time thereafter with respect to other peer executives of the
Company and the affiliated companies.

          SECTION 4.     TERMINATION OF EMPLOYMENT.  (a)  DEATH OR DISABILITY.
                         -------------------------        -------------------
The Executive's employment shall terminate automatically if the Executive dies
during the Employment Period.  If the Company determines in good faith that the
Disability (as defined herein) of the Executive has occurred during the
Employment Period (pursuant to the definition of "Disability"), it may give to
the Executive written notice in accordance with Section 11(b) of its intention
to terminate the Executive's employment.  In such event, the Executive's
employment with the Company shall terminate effective on the 30th day after
receipt of such notice by the Executive (the "Disability Effective Date"),
provided that, within the 30 days after such receipt, the Executive shall not
have returned to full-time performance of the Executive's duties. "Disability"
means the absence of the Executive from the Executive's duties with the Company
on a full-time basis for 180 consecutive business days as a result of incapacity
due to mental or physical illness that is determined to be total and permanent
by a physician selected by the Company or its insurers and acceptable to the
Executive or the Executive's legal representative.

          (b)  CAUSE.  The Company may terminate the Executive's employment
               -----
during the Employment Period for Cause. "Cause" means:

          (1)  the willful and continued failure of the Executive to perform
     substantially the Executive's duties with the Company or any affiliated
     company (other than any such failure resulting from incapacity due to
     physical or mental illness), after a written demand for substantial
     performance is delivered to the Executive by the Board or the Chief
     Executive Officer of the Company that specifically identifies the manner in
     which the Board or the Chief Executive Officer of the Company believes that
     the Executive has not substantially performed the Executive's duties, or

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

For purposes of this Section 4(b), no act, or failure to act, on the part of the
Executive shall be considered "willful" unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the
Executive's action or omission was in the best interests of the Company.  Any
act, or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board or upon the instructions of the Chief Executive Officer of
the Company or a senior officer of the Company or based upon the advice of
counsel for the Company shall be conclusively presumed to be done, or omitted to
be done, by the Executive in good faith and in the best interests of the
Company.  The cessation of employment of the Executive shall not be deemed to be
for Cause unless and until there shall have been delivered to the Executive a
copy of a resolution duly adopted by the affirmative vote of not less than
three-quarters of the entire membership of the Board at a meeting of the Board
called and held for such purpose (after reasonable notice is provided to the
Executive and the Executive is given an opportunity, together with counsel for
the Executive, to be heard before the Board), finding that, in the good faith
opinion of the Board, the Executive is guilty of the conduct described in
Section 4(b)(1) or 4(b)(2), and specifying the particulars thereof in detail.

          (c)  GOOD REASON.  The Executive's employment may be terminated by the
               -----------
Executive for Good Reason. "Good Reason" means:

          (1)  the assignment to the Executive of any duties inconsistent in any
     respect with the Executive's position (including status, offices, titles
     and reporting requirements), authority, duties or responsibilities as
     contemplated by Section 3(a), or any other action by the Company that
     results in a diminution in such position, authority, duties or
     responsibilities, excluding for this purpose an isolated, insubstantial and
     inadvertent action not taken in bad faith and that is remedied by the
     Company promptly after receipt of notice thereof given by the Executive;

          (2)  any failure by the Company to comply with any of the provisions
     of Section 3(b), other than an isolated, insubstantial and inadvertent
     failure not occurring in bad faith and that is remedied by the Company
     promptly after receipt of notice thereof given by the Executive;

          (3)  the Company's requiring the Executive to be based at any office
     or location other than as provided in Section 3(a)(1)(B) or the Company's
     requiring the Executive to travel on Company business to a substantially
     greater extent than required immediately prior to the Effective Date;

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

          (5)  any failure by the Company to comply with and satisfy Section
     10(c).

          For purposes of this Section 4(c), any good faith determination of
Good Reason made by the Executive shall be conclusive.  Anything in this
Agreement to the contrary notwithstanding, a termination by the Executive for
any reason during the 30-day period immediately following the first anniversary
of the Effective Date shall be deemed to be a termination for Good Reason for
all purposes of this Agreement.

          (d)  NOTICE OF TERMINATION.  Any termination by the Company for Cause,
               ---------------------
or by the Executive for Good Reason, shall be communicated by Notice of
Termination to the other party hereto given in accordance with Section 11(b).
"Notice of Termination" means a written notice that (1) indicates the specific
termination provision in this Agreement relied upon, (2) to the extent
applicable, sets forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of the Executive's employment under the
provision so indicated, and (3) if the Date of Termination (as defined herein)
is other than the date of receipt of such notice, specifies the Date of
Termination (which Date of Termination shall be not more than 30 days after the
giving of such notice).  The failure by the Executive or the Company to set
forth in the Notice of Termination any fact or circumstance that contributes to
a showing of Good Reason or Cause shall not waive any right of the Executive or
the Company, respectively, hereunder or preclude the Executive or the Company,
respectively, from asserting such fact or circumstance in enforcing the
Executive's or the Company's respective rights hereunder.

          (e)  DATE OF TERMINATION. "Date of Termination" means (1) if the
               -------------------
Executive's employment is terminated by the Company for Cause, or by the
Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified in the Notice of Termination, as the case may be, (2)
if the Executive's employment is terminated by the Company other than for Cause
or Disability, the Date of Termination shall be the date on which the Company
notifies the Executive of such termination, and (3) if the Executive's
employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be.

          SECTION 5.     OBLIGATIONS OF THE COMPANY UPON TERMINATION.  (A)  GOOD
                         -------------------------------------------        ----
REASON; OTHER THAN FOR CAUSE, DEATH OR DISABILITY.  If, during the Employment
-------------------------------------------------
Period, the Company terminates the Executive's employment other than for Cause
or Disability or the Executive terminates employment for Good Reason:

          (1)  the Company shall pay to the Executive, in a lump sum in cash
     within 30 days after the Date of Termination, the aggregate of the
     following amounts:

               (A)  the sum of (i) the Executive's Annual Base Salary through
          the Date of Termination to the extent not theretofore paid, (ii) the
          product of (x) the higher of (I) the Recent Annual Bonus and (II) the
          Annual Bonus paid or payable, including any bonus or portion thereof
          that has been earned but deferred (and annualized for any fiscal year
          consisting of less than 12 full months or during which the Executive
          was employed for less than 12 full months), for the most recently
          completed fiscal year during the Employment Period, if any (such
          higher amount, the "Highest Annual Bonus") and (y) a fraction, the
          numerator of which is the number of days in the current fiscal year
          through the Date of Termination and the denominator of which is 365,
          and (iii) any compensation previously deferred by the Executive
          (together with any accrued interest or earnings thereon) and any
          accrued vacation pay, in each case, to the extent not theretofore paid
          (the sum of the amounts described in subclauses (i), (ii) and (iii),
          the "Accrued Obligations"); and

               (B)  the amount equal to the product of (i) 2.5 and (ii) the sum
          of (x) the Executive's Annual Base Salary and (y) the Highest Annual
          Bonus (the "Severance Payment"), less any amounts of Annual Base
          Salary and Annual Bonus paid to the Executive prior to the Date of
          Termination and any amounts payable in accordance with Sections
          5(a)(1)(A)(i) and (ii) above, in each case in respect of service
          during the Employment Period (the "Severance Payment"); and

               (C)  an amount equal to the additional Company matching and
          profit sharing contributions that would have been made on the
          Executive's behalf in the Company's Growth Retirement Plan or any
          successor plan (the "401(k) Plan") (assuming continued participation
          on the same basis as immediately prior to the Effective Date), plus
          the additional amount of any benefit the Executive would have accrued
          under any excess or supplemental savings or profit sharing plans of
          the Company, if any (collectively, the "Excess Savings Plan") as a
          result of contribution limitations in the 401(k) Plan that the
          Executive would receive if the Executive's employment continued for
          the remainder of the Employment Period, assuming for this purpose that
          the Executive's compensation in each of the years remaining in the
          Employment Period is that required by Section 3(b)(1) and Section
          3(b)(2) and that the Company's matching and profit sharing
          contributions are at least equal to the highest contributions made by
          the Company on behalf of the Executive in any of the three years prior
          to the Effective Date, as determined pursuant to the applicable
          provisions of the 401(k) Plan and the Excess Savings Plan as in effect
          immediately prior to the Effective Date; and

               (D)  an amount equal to the excess of (i) the actuarial
          equivalent of the benefit under the Company's qualified defined
          benefit retirement plan, if any (the "Retirement Plan") (utilizing
          actuarial assumptions no less favorable to the Executive than those in
          effect under the Retirement Plan immediately prior to the Effective
          Date) and any excess or supplemental retirement plan in which the
          Executive participates (collectively, the "SERP") that the Executive
          would receive if the Executive's employment continued for the
          remainder of the Employment Period, assuming for this purpose that all
          accrued benefits are fully vested and assuming that the Executive's
          compensation in each of the years remaining in the Employment Period
          is that required by Sections 3(b)(1) and 3(b)(2), over (ii) the
          actuarial equivalent of the Executive's actual benefit (paid or
          payable), if any, under the Retirement Plan and the SERP as of the
          Date of Termination;

          (2)  for the remainder of the Employment Period, or such longer period
     as may be provided by the terms of the appropriate plan, program, practice
     or policy, the Company shall continue benefits to the Executive and/or the
     Executive's family at least equal to those that would have been provided to
     them in accordance with the plans, programs, practices and policies
     described in Section 3(b)(4) if the Executive's employment had not been
     terminated or, if more favorable to the Executive, as in effect generally
     at any time thereafter with respect to other peer executives of the Company
     and the affiliated companies and their families, provided, however, that,
     if the Executive becomes reemployed with another employer and is eligible
     to receive medical or other welfare benefits under another employer
     provided plan, the medical and other welfare benefits described herein
     shall be secondary to those provided under such other plan during such
     applicable period of eligibility.  For purposes of determining eligibility
     (but not the time of commencement of benefits) of the Executive for retiree
     benefits pursuant to such plans, practices, programs and policies, the
     Executive shall be considered to have remained employed until the
     expiration of the Employment Period and to have retired on the last day of
     such period;

          (3)  the Company shall, at its sole expense as incurred, provide the
     Executive with outplacement services the scope and provider of which shall
     be selected by the Executive in the Executive's sole discretion; and

          (4)  to the extent not theretofore paid or provided, the Company shall
     timely pay or provide to the Executive any other amounts or benefits
     required to be paid or provided or that the Executive is eligible to
     receive under any plan, program, policy or practice or contract or
     agreement of the Company and the affiliated companies (such other amounts
     and benefits, the "Other Benefits").

          (b)  DEATH.  If the Executive's employment is terminated by reason of
               -----
the Executive's death during the Employment Period, this Agreement shall
terminate without further obligations to the Executive's legal representatives
under this Agreement, other than for payment of Accrued Obligations and the
timely payment or provision of the Other Benefits.  The Accrued Obligations
shall be paid to the Executive's estate or beneficiary, as applicable, in a lump
sum in cash within 30 days of the Date of Termination.  With respect to the
provision of the Other Benefits, the term "Other Benefits" as utilized in this
Section 5(b) shall include, without limitation, and the Executive's estate
and/or beneficiaries shall be entitled to receive, benefits at least equal to
the most favorable benefits provided by the Company and the affiliated companies
to the estates and beneficiaries of peer executives of the Company and the
affiliated companies under such plans, programs, practices and policies relating
to death benefits, if any, as in effect with respect to other peer executives
and their beneficiaries at any time during the 120-day period immediately
preceding the Effective Date or, if more favorable to the Executive's estate
and/or the Executive's beneficiaries, as in effect on the date of the
Executive's death with respect to other peer executives of the Company and the
affiliated companies and their beneficiaries.

          (c)  DISABILITY.  If the Executive's employment is terminated by
               ----------
reason of the Executive's Disability during the Employment Period, this
Agreement shall terminate without further obligations to the Executive, other
than for payment of Accrued Obligations and the timely payment or provision of
the Other Benefits.  The Accrued Obligations shall be paid to the Executive in a
lump sum in cash within 30 days of the Date of Termination.  With respect to the
provision of the Other Benefits, the term "Other Benefits" as utilized in this
Section 5(c) shall include, and the Executive shall be entitled after the
Disability Effective Date to receive, disability and other benefits at least
equal to the most favorable of those generally provided by the Company and the
affiliated companies to disabled executives and/or their families in accordance
with such plans, programs, practices and policies relating to disability, if
any, as in effect generally with respect to other peer executives and their
families at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive and/or the Executive's
family, as in effect at any time thereafter generally with respect to other peer
executives of the Company and the affiliated companies and their families.

          (d)  CAUSE; OTHER THAN FOR GOOD REASON.  If the Executive's employment
               ---------------------------------
is terminated for Cause during the Employment Period, this Agreement shall
terminate without further obligations to the Executive other than the obligation
to pay to the Executive (1) the Executive's Annual Base Salary through the Date
of Termination, (2) the amount of any compensation previously deferred by the
Executive, and (3) the Other Benefits, in each case, to the extent theretofore
unpaid.  If the Executive voluntarily terminates employment during the
Employment Period, excluding a termination for Good Reason, this Agreement shall
terminate without further obligations to the Executive, other than for the
Accrued Obligations and the timely payment or provision of the Other Benefits.
In such case, all the Accrued Obligations shall be paid to the Executive in a
lump sum in cash within 30 days of the Date of Termination.

          SECTION 6.     NON-EXCLUSIVITY OF RIGHTS.  Nothing in this Agreement
                         -------------------------
shall prevent or limit the Executive's continuing or future participation in any
plan, program, policy or practice provided by the Company or the affiliated
companies and for which the Executive may qualify, nor, subject to Section
11(f), shall anything herein limit or otherwise affect such rights as the
Executive may have under any contract or agreement with the Company or the
affiliated companies.  Amounts that are vested benefits or that the Executive is
otherwise entitled to receive under any plan, policy, practice or program of or
any contract or agreement with the Company or the affiliated companies at or
subsequent to the Date of Termination shall be payable in accordance with such
plan, policy, practice or program or contract or agreement, except as explicitly
modified by this Agreement.

          SECTION 7.     FULL SETTLEMENT.  The Company's obligation to make the
                         ---------------
payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense, or other claim, right or action that the Company may have against the
Executive or others.  In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement, and such amounts
shall not be reduced whether or not the Executive obtains other employment.  The
Company agrees to pay as incurred, to the full extent permitted by law, all
legal fees and expenses that the Executive may reasonably incur as a result of
any contest (regardless of the outcome thereof) by the Company, the Executive or
others of the validity or enforceability of, or liability under, any provision
of this Agreement or any guarantee of performance thereof (including as a result
of any contest by the Executive about the amount of any payment pursuant to this
Agreement), plus, in each case, interest on any delayed payment at the
applicable federal rate provided for in Section 7872(f)(2)(A) of the Internal
Revenue Code of 1986, as amended (the "Code").

          SECTION 8.     REDUCTION OF CERTAIN PAYMENTS.  (a)  For purposes of
                         -----------------------------
this Section 8:  (1) a "Payment" shall mean any payment or distribution in the
nature of compensation to or for the benefit of the Executive, whether paid or
payable pursuant to this Agreement or otherwise; (2) "Agreement Payment" shall
mean a Payment paid or payable pursuant to this Agreement (disregarding this
Section); (3) "Net After-Tax Receipt" shall mean the Present Value of a Payment
net of all taxes imposed on the Executive with respect thereto under Sections 1
and 4999 of the Code and under applicable state and local laws, determined by
applying the highest marginal rate under Section 1 of the Code and under state
and local laws which applied to the Executive's taxable income for the
immediately preceding taxable year, or such other rate(s) as the Executive shall
certify, in the Executive's sole discretion, as likely to apply to the Executive
in the relevant tax year(s); (4) "Present Value" shall mean such value
determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of Code;
and (5) "Reduced Amount" shall mean the greatest aggregate amount of Agreement
Payments that (A) has a Present Value that is less than the Present Value of all
Agreement Payments and (B) results in aggregate Net After-Tax Receipts for all
Payments that are greater than the Net After-Tax Receipts for all Payments that
would result if the aggregate Present Value of Agreement Payments were any other
amount that is less than the Present Value of all Agreement Payments.

          (b)  Anything in the Agreement to the contrary notwithstanding, in the
event Arthur Andersen LLP (the "Accounting Firm") shall determine that receipt
of all Payments would subject the Executive to tax under Section 4999 of the
Code, the Accounting Firm shall determine whether some amount of Agreement
Payments meets the definition of "Reduced Amount." If the Accounting Firm
determines that there is a Reduced Amount, then the aggregate Agreement Payments
shall be reduced to such Reduced Amount.

          (c)  If the Accounting Firm determines that the aggregate Agreement
Payments should be reduced to the Reduced Amount, the Company shall promptly
give the Executive notice to that effect and a copy of the detailed calculation
thereof, and the Executive may then elect, in his or her sole discretion, which
and how much of the Agreement Payments shall be eliminated or reduced (as long
as after such election the Present Value of the aggregate Agreement Payments
equals the Reduced Amount), and shall advise the Company in writing of his or
her election within ten days of his or her receipt of notice.  If no such
election is made by the Executive within such tenday period, the Company may
elect which of such Agreement Payments shall be eliminated or reduced (as long
as after such election the Present Value of the aggregate Agreement Payments
equals the Reduced Amount) and shall notify the Executive promptly of such
election.  All determinations made by the Accounting Firm under this Section
shall be binding upon the Company and the Executive and shall be made within 60
days of a termination of employment of the Executive.  As promptly as
practicable following such determination, the Company shall pay to or distribute
for the benefit of the Executive such Agreement Payments as are then due to the
Executive under this Agreement and shall promptly pay to or distribute for the
benefit of the Executive in the future such Agreement Payments as become due to
the Executive under this Agreement.

          (d)  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 amounts will have been paid or distributed by the
Company to or for the benefit of the Executive pursuant to this Agreement which
should not have been so paid or distributed ("Overpayment") or that additional
amounts which will have not been paid or distributed by the Company to or for
the benefit of the Executive pursuant to this Agreement could have been so paid
or distributed ("Underpayment"), in each case, consistent with the calculation
of the Reduced Amount hereunder.  In the event that the Accounting Firm, based
upon the assertion of a deficiency by the Internal Revenue Service against
either the Company or the Executive which the Accounting Firm believes has a
high probability of success determines that an Overpayment has been made, any
such Overpayment paid or distributed by the Company to or for the benefit of the
Executive shall be treated for all purposes as a loan to the Executive which the
Executive shall repay to the Company together with interest at the applicable
federal rate provided for in Section 7872(f)(2) of the Code; provided, however,
                                                             --------
that no such loan shall be deemed to have been made and no amount shall be
payable by the Executive to the Company if and to the extent such deemed loan
and payment would not either reduce the amount on which the Executive is subject
to tax under Section 1 and Section 4999 of the Code or generate a refund of such
taxes.  In the event that the Accounting Firm, based upon controlling precedent
or substantial authority, determines that an Underpayment has occurred, any such
Underpayment shall be promptly paid by the Company to or for the benefit of the
Executive together with interest at the applicable federal rate provided for in
Section 7872(f)(2) of the Code.

          (e)  All fees and expenses of the Accounting Firm in implementing the
provisions of this Section 8 shall be borne by the Company.

          SECTION 9.     CONFIDENTIAL INFORMATION.  The Executive shall hold in
                         ------------------------
a fiduciary capacity for the benefit of the Company all secret or confidential
information, knowledge or data relating to the Company or the affiliated
companies, and their respective businesses, which information, knowledge or data
shall have been obtained by the Executive during the Executive's employment by
the Company or the affiliated companies and which information, knowledge or data
shall not be or become public knowledge (other than by acts by the Executive or
representatives of the Executive in violation of this Agreement).  After
termination of the Executive's employment with the Company, the Executive shall
not, without the prior written consent of the Company or as may otherwise be
required by law or legal process, communicate or divulge any such information,
knowledge or data to anyone other than the Company and those persons designated
by the Company.  In no event shall an asserted violation of the provisions of
this Section 9 constitute a basis for deferring or withholding any amounts
otherwise payable to the Executive under this Agreement.

          SECTION 10.    SUCCESSORS.  (a)  This Agreement is personal to the
                         ----------
Executive, and, without the prior written consent of the Company, shall not be
assignable by the Executive other than by will or the laws of descent and
distribution.  This Agreement shall inure to the benefit of and be enforceable
by the Executive's legal representatives.

          (b)  This Agreement shall inure to the benefit of and be binding upon
the Company and its successors and assigns.

          (c)  The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. "Company" means the Company as hereinbefore defined and any
successor to its business and/or assets as aforesaid that assumes and agrees to
perform this Agreement by operation of law or otherwise.

          SECTION 11.    MISCELLANEOUS.  (a)  This Agreement shall be governed
                         -------------
by and construed in accordance with the laws of the State of Wisconsin, without
reference to principles of conflict of laws.  The captions of this Agreement are
not part of the provisions hereof and shall have no force or effect.  This
Agreement may not be amended or modified other than by a written agreement
executed by the parties hereto or their respective successors and legal
representatives.

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

               At the most recent address
               on file at the Company

          if to the Company:

               The Ziegler Companies, Inc.
               215 North Main Street
               West Bend, Wisconsin  53095

               Attention:  General Counsel

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

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

          (d)  The Company may withhold from any amounts payable under this
Agreement such United States federal, state or local or foreign taxes as shall
be required to be withheld pursuant to any applicable law or regulation.

          (e)  The Executive's or the Company's failure to insist upon strict
compliance with any provision of this Agreement or the failure to assert any
right the Executive or the Company may have hereunder, including, without
limitation, the right of the Executive to terminate employment for Good Reason
pursuant to Sections 4(c)(1) through 4(c)(5), shall not be deemed to be a waiver
of such provision or right or any other provision or right of this Agreement.

          (f)  The Executive and the Company acknowledge that, except as may
otherwise be provided under any other written agreement between the Executive
and the Company, the employment of the Executive by the Company is "at will"
and, subject to Section 1(a), prior to the Effective Date, the Executive's
employment and/or this Agreement may be terminated by either the Executive or
the Company at any time prior to the Effective Date, in which case the Executive
shall have no further rights under this Agreement; provided that this Agreement
may not be terminated by the Company if it is reasonably demonstrated by the
Executive that such termination (1) was at the request of a third party that has
taken steps reasonably calculated to effect a Change of Control or (2) otherwise
arose in connection with or anticipation of a Change of Control.  From and after
the Effective Date, this Agreement shall supersede any other agreement between
the parties with respect to the subject matter hereof.

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

                              /s/John J. Mulherin
                              -------------------------------------
                              John J. Mulherin

                              THE ZIEGLER COMPANIES, INC.

                              By   /s/John R. Green
                                   ------------------------------------------
                                   John R. Green, Chairman
                                   Organization and Compensation Committee

(ZIEGLER LOGO)
                                                     215 North Main Street
                                                     West Bend, WI  53095-3348

                                                     Phone:      262-334-5521
                                                     Toll-Free:  800-558-1776

                                                     www.ziegler.com

November 20, 2000

Mr. John J. Mulherin
5587 E. Waterford Road
Hartford, WI 53027

Dear John:

This letter will confirm our agreement that your service as the President and
Chief Executive Officer of the Ziegler Companies, Inc. (the "Company") is for a
term of three years commencing as of your date of hire on February 14, 2000,
subject to earlier termination by the Company as provided herein.  During the
employment term, you will report to the Chairman of the Board of Directors.
During the employment term, your annual base salary will be at least $300,000,
and you will have the opportunity to earn an annual bonus, based on the
achievement of corporate and individual performance goals, with such bonus to be
determined in the sole discretion of the Organization and Compensation Committee
of the Board of Directors.  Your performance will be reviewed at least annually
by the Organization and Compensation Committee.

The Company shall have the right to terminate your employment either with or
without "Cause" (as defined herein).  In the event the Company terminates your
employment without Cause prior to the third anniversary of your date of hire,
you shall be entitled to the continued payment of your annual base salary for
the remainder of the original three year employment term, as and when such
amounts are otherwise payable in accordance with the Company's payroll
practices.  For purposes hereof, "Cause" shall mean:  (i) your continued failure
to perform substantially your duties with the Company or one of its affiliates
(other than any such failure resulting from incapacity due to disability); (ii)
a violation of any of the Company's material policies; (iii) your engaging in
illegal conduct or gross misconduct; or (iv) any breach of any fiduciary duty
owed to the Company or its affiliates.

Your employment with the Company will continue to be "at-will", and nothing
contained herein will be deemed to constitute a contract of employment or confer
upon you any contractual right to employment or continued employment with the
Company.  In the event of a change of control of the Company, your rights will
be governed by any then applicable change of control employment agreement and in
no event shall you be entitled to any duplicate payments, whether hereunder or
otherwise.

November 20, 2000
Mr. John J. Mulherin
Page 2

The Company may withhold from any amounts payable to you such United States
federal, state or local or foreign taxes as shall be required to be withheld
pursuant to any applicable law or regulation.

Sincerely,

John R. Green, Chairman
Organization and Compensation Committee
of Board of Directors

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