Document:

EMPLOYMENT AGREEMENT

         This Agreement is made this 1st day of April, 2000 by and between New
York Regional Rail Corporation., whose principal place of business is located at
4302 First Avenue, Brooklyn, NY 11232 (hereinafter referred to as "NYRR" or
"Employer" or the "Company"), and Tad Mahoney, residing at 1225 Brighton Lane,
Bel Air, MD 21014, (hereinafter referred to as "Employee")

                              W I T N E S S E T H
         Whereas, Employee will be employed by Employer as a Vice President
Operations; and

         Whereas, Employer desires to employ and/or hire Employee as a Vice
President Operations and Employee desires to be employed by Employer in said
position; and

         Whereas, Employer and Employee desire to enter into this Agreement so
as to specify certain terms and conditions of employment which Agreement is to
supercede and replace any and all prior agreements between the Employer and the
Employee concerning the Employee's employment;

         Now Therefore, intending to be legally bound thereby, and for and in
consideration of the mutual promises and convenants contained herein, the
adequacy of which is hereby acknowledged, the parties to this Agreement hereby
agree as follows:

1.       Employment.

         Employer hereby agrees to employ Employee on the terms and conditions
hereinafter stated as an Vice President Operations to perform services necessary
to the operation of Employer's business together with all other related duties
(i.e. managing work, employees and special projects as assigned by the Board of
Directors of the Company including but not limited to those responsibilities
identified on Exhibit "A" appended hereto) that shall from time to time be
determined by the Board of Directors of the Company. Employee agrees to the
continued employment with Employer on the terms and conditions of this Agreement
and to faithfully perform such services for the Employer.

2.       Term of Contract.

          The term of this Agreement shall be a period of three (3) months
commencing on April 3, 2000 and ending on July 3, 2000.

3.       Compensation and Expenses.

a. Base Compensation. Employer shall pay Employee for his services a salary of
Twenty Two Thousand Five Hundred Dollars ($22,500.00) during the three (3) month
term, which sum shall be paid every two weeks in the amount of Three Thousand
Seven Hundred and Fifty Dollars ($3,750.00).

b.       Additional  Compensation.  In addition to the salary specified in
paragraph 3.a. above, Employee shall receive and be entitled to a bonus of up to
One  Hundred  Thousand  (100,000)  shares of NYRR Class "A"  Common  Stock to be
issued at the end of the  threemonth.  During the initial term of this Agreement
Employee  shall be deemed to have earned 33,333 shares at the conclusion of each
30 day period of employment with the Company;

c. Expenses During the term of this Agreement the Employer shall pay, or
reimburse the Employee for tolls and fuel utilized while in his course of
employment, excluding commuting to and from work.

4.       Disability. In the event Employee becomes disabled, Employee shall not
receive a salary from Employer during the period of disability.

5.       Death During Employment.

a. If Employee dies during the term of this Agreement or any renewal thereof
while employed by Employer, Employer shall pay to Employee's estate any salary
and already earned but remaining unpaid by Employer to Employee as of the date
of Employee's death.

b. It is acknowledged that Employee's estate shall not be
entitled to payment from Employer of any salary or bonuses Employee would have
earned, but for death.

6.       Vacation. Employee shall not be entitled to paid vacation during the
tenure of this Agreement.

7.       Benefits.

a.During the term of Employment and of this Agreement, Employee shall not
receive benefits.

8.       Continuation of  Employment. Nothing in this Agreement shall be
construed or interpreted as guaranteeing employment of Employee for any definite
term nor as altering Employee's status as an atwill employee.  Employer retains
the right to terminate Employee for any reason at any time for  cause.

9.      Employee's Obligations.

a. While employed by Employer, Employee shall devote his entire working time,
energy, skill and best efforts to the performance of his duties for Employer to
the exclusion of any other business activities, in a manner which will
faithfully and diligently further the business and interests of Employer.
Employee shall not during his employment with Employer or duration of this
Agreement, engage, directly or indirectly, in any employment or engage in any
other business activity.

b. Employee shall faithfully and diligently perform any and all duties and
responsibilities assigned to Employee by Employer and follow all directives of
Employer in connection with the operation and management of Employer's business.
Employee's failure to faithfully and diligently perform his duties and
responsibilities assigned to Employee by the Board of Directors of the Company
or to follow the instructions or directives of Board of Directors of the Company
shall result in termination for cause.

10.      Restrictive Convenant.

a.Employee covenants and agrees, which convenant and agreement is made the
essence of this Agreement, that Employee will not, at any time during his
employment with Employer and for a period of one (1) year immediately following
the termination of his employment with Employer for any reason, and whether the
termination of employment is by Employer, Employee or the mutual consent of
both, do any of the following, directly or indirectly, as principal, agent,
consultant, officer, stockholder, salesperson, employee or otherwise, on behalf
of himself or any other person or entity:

(1) solicit the employment of, hire or engage any employee of Employer; (2)
interfere with, disrupt or attempt to disrupt relations, contractual or
otherwise, between Employer and any customer, employee, vendor, or other
business associates; (3) entice or encourage any Employee to leave the
employment of Employer; (4) compete with Employer for any contract performed or
being performed by Employer while Employee was employed by Employer and/or
potential contract while employed by Employer; (5) own, manage, operate,
conduct, be employed by, participate or be connected in any manner with the
ownership, management, operation or conduct of any business similar to the type
of business being conducted by Employer or otherwise competing with Employer
with respect to rail floating operations located within a 150 mile radius of any
area serviced by Employer, or New York and Atlantic Rail Road, its affiliated
companies, parents, subsidiaries, successors, and assigns. c. Employee's
obligations under this Paragraph shall survive the termination of the Agreement.

11.      Confidentiality.

a. Employee, in further consideration of his continued employment with Employer,
acknowledges that the Confidential Information and Trade Secrets of Employer are
confidential and proprietary to Employer and convenants and agrees that during
the period of employment with Employer and any time thereafter, Employee:

(1)               will not divulge to any other person, firm, corporation or
                  other entity any of the Confidential Information and Trade
                  Secrets of Employer which Employer may divulge to Employee or
                  of which Employee may otherwise become aware during his
                  employment;
(2)               will take reasonable measures to insure and maintain the
                  secrecy of Employer's Confidential Information and Trade
                  Secrets;

 (3)              shall not, as principal, agent, consultant, officer,
                  stockholder, salesperson, employee or otherwise, use for his
                  own benefit or the benefit of any other person, firm,
                  corporation or entity other than Employer, any Confidential
                  Information or Trade Secrets of Employer, nor use or permit to
                  be used any of the Confidential Information and Trade Secrets
                  of Employer in any manner or for any purpose other than the
                  furtherance of Employer's interests; and

(4)               shall, upon the termination or ceasation of employment or
                  sooner if required by Employer, turnover and deliver to
                  Employer, any and all literature, documents, data,
                  information, lists, memoranda, correspondence, records or
                  other documents containing Confidential Information and Trade
                  Secrets of Employer which are in the possession of Employee at
                  the time of termination or ceasation of employment, together
                  with any and all machines, parts, equipment and other
                  materials received by Employee from Employer in connection
                  with Employee's employment with Employer.

b. For purposes of this Agreement, Confidential Information and Trade Secrets
include, but are not necessarily limited to, customer lists and customer
information; vendor lists and supplier information; reports and financial data
of Employer; compensation records and plans of Employer; and marketing
strategies, pricing strategies, purchasing techniques and proposal techniques of
Employer; as well as various formulas, processes, compilations, programs and
methods used by Employer in connection with its business.

c.Employee's obligations under this Paragraph shall survive the termination of
the Agreement.

12.      Remedy.

         Employee acknowledges that the restrictions contained in Paragraphs 10
and 11 above are reasonable and necessary in order to protect the legitimate
interests of Employer and that any violation of such restrictions would result
in irreparable injuries to Employer. Employee, accordingly, agrees that, in the
event of a breach of any of restrictions, Employer shall be entitled to obtain
from any Court of competent jurisdiction, preliminary and permanent injunctive
relief in addition to damages and an equitable accounting of all commissions,
earnings, profits and other benefits derived or arising from such violation. The
rights set forth herein shall be cumulative and in addition to any other rights
or remedies to which Employer may be entitled at law or in equity.

13.      Termination of Agreement.

a. This Agreement shall terminate upon the earliest of any of the following
events or occurrences: (1) mutual consent of both parties; (2) written notice of
termination provided by employee within five (5) days of the termination date;
(3) written notice of termination provided by employer within five (5) days of
the termination date; (4) death of Employee.

b. Termination of this Agreement shall terminate any and all obligations of the
parties under this Agreement except Employee's obligations under Paragraph 10
(Restrictive Covenant) and Paragraph 11 (Confidentiality). c. Upon termination
of this Agreement, all entitlements to salary, bonus and/or other compensation
of Employee shall cease with the exception of salary and bonus that has been
earned but remain unpaid by Employer as of the date of termination.

14. Notices. Any and all notices required or permitted by this Agreement shall
be hand delivered to the other party to this Agreement or sent by certified mail
return receipt requested to:

a.       in the case of notice to Employer :

         Darryl S. Caplan, Esquire
         Cureton Caplan Hunt Scaramella & Clark, P.C.
         3000 Midlantic Drive, Suite 101
         Mount Laurel, New Jersey, 08054

                  W. Robert Bentley, President
                  New York Regional Rail
                  4302 First Avenue
                  Brooklyn, NY  11232

b.       in the case of notice to Employee:
                  Tad Mahoney
                  1225 Brighton Lane
                  Bel Air, MD 21014

15.      Binding Effect and Assignment.

        This Agreement shall inure to the benefit of and be binding upon
Employer, its successors and assigns. The obligations and duties of the Employee
hereunder shall be personal and not assignable or delegable by him in any manner
whatsoever.

16.      Amendments.

         This Agreement shall not be modified or amended except by a writing
duly executed and signed by the parties to this Agreement.

17. Governing Law and Jurisdiction.

This Agreement has been entered into in the State of New York and will be
interpreted in accordance with the laws of the State of New York. The parties
agree that the State Courts of the State of New York and the Federal District
Courts located in the State of New York shall have sole jurisdiction over any
and all suits or claims arising out of this Agreement.

 18. No Representations.

Employee agrees and acknowledges that, other than express representations
specifically set forth in this Agreement, Employee has not relied upon any
representations of any nature made by Employer or any of its directors,
officers, shareholders, employees, agents or attorneys in entering into this
Agreement. Employee further acknowledges and agrees that he has been advised and
provided the opportunity to obtain independent counsel for purposes of reviewing
and representing Employee in connection with this Agreement prior to executing
the Agreement.

19. Drafting.

It is acknowledged and agreed that all parties to this Agreement have fully
participated in the drafting of this Agreement which shall be interpreted and
construed accordingly.

20. Entire Agreement & Headings.

This Agreement embodies the entire agreement and understanding between the
parties and supercedes all prior agreements and understandings relating to the
subject matter hereof. The headings of this Agreement are for the purposes of
reference only and shall not limit or otherwise affect the meaning of this
Agreement or its provisions.

21.      Provisions.

a. In the event that the period of time, area or other limitations specified in
paragraph 11 of this Agreement should be adjudged unreasonable in any proceeding
or if any of the particular restrictions specified in said paragraph should be
adjudged to be unreasonable in any proceedings, then such period of time, area
or other restriction shall be reduced or modified in scope so that such
restriction may be enforced to the fullest extent adjudged to be reasonable.

b. In the event that any other provision of this Agreement is deemed invalid,
illegal, void or unenforceable, such provision shall be regarded as stricken
from this Agreement and will not effect the validity or enforceability of the
remainder of this Agreement.

         In witness whereof, the parties to this Agreement have duly executed
this Agreement with the intent to be legally bound hereby on the day and year
set forth on the first page of this Agreement.

                                            New York Regional Rail Corporation

Date:                                       By:_________________________________
                                                W. Robert Bentley, President

Date:                                       By:

                                                 Tad Mahoney, Individual

<PAGE>EMPLOYMENT AGREEMENT

      AGREEMENT made as of the 18th day of September, 2000 by and between Wayne
A. Eastman .Jr.(hereinafter referred to as "the Employee") and New York Cross
Harbor Railroad Terminal Corporation, New York Regional Railroad, and CH
Proprietary, a New York Corporation, Delaware Corporation, and New Jersey
Corporation respectivley having their principal place of businesses located at
4302 First Ave., Brooklyn, New York (hereinafter referred to collectively as
"the Company").

      WHEREAS the parties hereto have negotiated a mutually satisfactory
arrangement for the employment of Wayne Eastman by the Company;

      Now therefore, in consideration of the mutual covenants hereinafter set
forth, the parties hereto agree as follows:

1. Employment. The Company hereby employs Wayne Eastman to act as the Vice
President of Operations for New York Regional Rail Corporation, New York Cross
Harbor and CH Proprietary and Wayne Eastman hereby accepts such employment upon
the terms and conditions hereinafter set forth.

2. Term. The term of this Agreement shall be one (1) year commencing on the date
first above written. The Company hereto may terminate this Agreement at any time
"for cause" or a disability whereby the Employee is unable to perform the duties
set forth in this Agreement for a period of thirty (30) consecutive days. The
Agreement shall automatically renew for a period of one (1) year unless either
party gives the other written notice 60 days prior to the end date of the
contract that the party wishes to terminate the renewal or within one hundred
twenty (120) days if either party gives the other written notice that the party
wishes to terminate .

3. Compensation.

         A. Regular Compensation
         As compensation for the services rendered by the employee, an
         automobile allowance of up to $500, until the termination of this
         Agreement. Any personal, relocation or living expenses will be the
         responcibilty of the Employee. The Company will also pay to the
         Employee the amount of $3000.00 monthly.

         B. Bonus Compensation

         The employee shall also be entitled to the following Bonus Compensation
         persuant to the following terms.

                  i. Stock Options
                  After each six month period of this agreement the Employee
                  shall be intitled to the following Bonus Compensation. The
                  Company shall grant, pursuant to the Company's Incentive Stock
                  Option Plan, to the Employee 50,000 stock options in New York
                  Regional Rail Corp each one year of this agreement. The first
                  years option exercise price shall be 100 % of the value of the
                  closing stock price of New York Regional Railroad's common
                  stock symbol "NYRR" traded on the NASDAQ Exchange, as reported
                  by such exchange on the executution date of this agreement.
                  Each renewal period thereafter, said option price shall be 100
                  % of the value of the closing stock price of New York Regional
                  Railroad's common stock symbol "NYRR" traded on the NASDAQ
                  Exchange as reported by such exchange commencing on the
                  renewal date of this agreement.

      C. Vaction Time:

      The Employee shall be entitled to three (3) weeks paid vacation for each
      one (1) year of service while this Agreement is in effect.

4. Duties. The Employee shall devote himself diligently to the promotion of the
Company's interests the Employee shall provide, but not be limited to the usual
services provided as the Vice President of Operations and those duties
reasonably requested of him by the Board of Directors. If the Employee, at any
renewal period desires not to renew the Employee shall working with the
Company's President and its Board of Directors, Consultants and Advisors, shall
identify and nominate a candidate as a replacement.

To avoid any appearance of impropriety any and all agreements between any entity
to which the Employee maintains an interest shall require the prior approval of
the Company's Board of Directors.

5.  Expenses.  During the term of this  Agreement  the  Company  shall  pay,  or
reimburse the Employee for, the pre approved expensesincurred in connection with
his  employment,  and  such  other  expenses  as the  Board of  Directors  shall
specifically approve.

6. Termination For Cause. At any time during the Term, the Company may terminate
the employee's  employment  hereunder for Cause (as defined  herein),  effective
immediately upon notice to the Employee.

         For purposes of this Agreement, Cause shall mean: (1) the Employee
breaches, neglects or fails to diligently perform to the reasonable satisfaction
of the Company any or all of his duties under this Agreement, (2) the Employee
commits an act of dishonesty or breach of trust, or acts in a manner which is
inimical or injurious to the business or interest of the Company, (3) The
Employee violates or breaches any of the provisions of this Agreement, (4) the
Employee's act or omission to act results in or is intended to result directly
in gain to or personal enrichment of the Employee at the Company's expense, (5)
the Employee is indicted for or convicted of a felony or any crime involving
larceny, embezzlement or moral turpitude, (6) the Employee becomes insolvent,
makes an assignment for the benefit of creditors, files or has filed against him
a petition for relief or other proceeding under federal bankruptcy law or state
insolvency law or is assessed, or administered in any type of creditor's
proceedings.

      On termination of this Agreement, all rights to compensation and benefits
of the Employee shall cease as of the Date of Termination, except the Employee
shall be entitled to any unpaid portion of his Salary and benefits earned to the
Date of Termination.

7. Vesting. Upon the completion of each six (6) month period durning the Term of
this agreement 25,000 option granted in pursuant to section 3(B)(i) of this
agreemnet shall immediatley be deemed vested. The option rights identified in
this Agreement shall expire upon the earlier of one year from the date of
vesting or 90 days following the termination of this Agreement. Upon any
termination of this Agreement all rights to any unvested options shall be
terminated.

8. Personal Contract. The obligations and duties of the Employee hereunder shall
be personal and not assignable or delegable by him in any manner whatsoever.

9. Binding  Effect.  This Agreement shall inure to the benefit of and be binding
upon the the Company, its successors and assigns.

10. Notice. Any notice required to be given by this Agreement shall be delivered
in hand to the person to whom such notice is  addressed or mailed to such person
by certified mail to the following appropriate address:

      To The Company:
      Darryl S. Caplan, Esq
      Cureton Caplan Hunt Scaramella & Clark, P.C.
      950B Chester Avenue
      Delran, NJ 08075

      To Wayne Eastman:    Wayne Eastman

11. Governing Law. This Agreement shall be governed, construed and enforced
according to the laws of the State of New Jersey and no other. All actions,
whether sounding in contract or in tort, shall be instituted and litigated in
the State of New Jersey and the parties hereto submit to the jurisdiction of the
courts of the State of New Jersey, specifically the United States District Court
of New Jersey and/or Superior Court of New Jersey.

12. Nondisclosure. At all times during and after the Term, the Employee shall
keep confidential and shall not, except with the Company's express prior written
consent, or except in the proper course of his employment with the Company,
directly or indirectly, communicate, disclose, divulge, publish, or otherwise
express, to any Person, or use for his own benefit or the benefit of any Person,
any trade secrets, confidential or proprietary knowledge or information, no
matter when or how acquired, concerning the conduct and details of the Company's
business, including without limitation names of customers and suppliers,
marketing methods, trade secrets, policies, prospects and financial condition.
For purposes of this Section, confidential information shall not include any
information which is now known by or readily available to the general public or
which becomes known by or readily available to the general public other than as
a result of any improper act or omission of the Employee.

13. Entire Agreement. It is specifically stipulated that there are no verbal
agreements or understandings between the parties hereto affecting this
Agreement, and that this Agreement constitutes the sole agreement between the
parties. All prior employment agreements between the Employee and the Company
(and/or any of its affiliates) are hereby terminated as of the date hereof as
fully performed on both sides.

      In Witness Whereof the parties hereto have caused this Agreement to be
executed, sealed and delivered, in the case of the the Company by its officer
thereunto duly authorized, as of the date first above written.

                                        The Company
                                        By:____________________________________

                                        Wayne A. Eastman, Jr.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}]]