Document:

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                                                                   EXHIBIT 10.16

                                                                       EXHIBIT A

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                              AMENDED AND RESTATED
                       GUARANTEE AND COLLATERAL AGREEMENT

                                     made by

                                 CINEMARK, INC.,

                               CNMK HOLDING, INC.,

                               CINEMARK USA, INC.,

                         and certain of its Subsidiaries

                                   in favor of

                          LEHMAN COMMERCIAL PAPER INC.,
                             as Administrative Agent

                            Dated as of April 2, 2004
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                                TABLE OF CONTENTS

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SECTION 1.      DEFINED TERMS...............................................................         2
         1.1    Definitions.................................................................         2
         1.2    Other Definitional Provisions...............................................         7

SECTION 2.      GUARANTEE...................................................................         7
         2.1    Guarantee...................................................................         7
         2.2    Right of Contribution.......................................................         8
         2.3    No Subrogation..............................................................         8
         2.4    Amendments, etc. with respect to the Borrower Obligations...................         9
         2.5    Guarantee Absolute and Unconditional........................................         9
         2.6    Reinstatement...............................................................        11
         2.7    Payments....................................................................        11

SECTION 3.      GRANT OF SECURITY INTEREST..................................................        11
         3.1    Security Interest...........................................................        11
         3.2    Confirmation of Existing Security Interest..................................        12

SECTION 4.      REPRESENTATIONS AND WARRANTIES..............................................        12
         4.1    Representations in Credit Agreement.........................................        12
         4.2    Title; No Other Liens.......................................................        13
         4.3    Perfected First Priority Liens..............................................        13
         4.4    Jurisdiction of Organization; Chief Executive Office........................        13
         4.5    Inventory and Equipment.....................................................        13
         4.6    Farm Products...............................................................        13
         4.7    Investment Property.........................................................        13
         4.8    Receivables.................................................................        14
         4.9    Intellectual Property.......................................................        14

SECTION 5.      COVENANTS...................................................................        15
         5.1    Covenants in Credit Agreement...............................................        15
         5.2    Delivery of Instruments and Chattel Paper...................................        15
         5.3    Maintenance of Insurance....................................................        15
         5.4    Payment of Obligations......................................................        15
         5.5    Maintenance of Perfected Security Interest; Further Documentation...........        16
         5.6    Changes in Locations, Name, etc.............................................        16
         5.7    Notices.....................................................................        16
         5.8    Investment Property.........................................................        17
         5.9    Receivables.................................................................        18
         5.10   Intellectual Property.......................................................        18

SECTION 6.      REMEDIAL PROVISIONS.........................................................        20
         6.1    Certain Matters Relating to Receivables.....................................        20
         6.2    Communications with Obligors; Grantors Remain Liable........................        21
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         6.3    Pledged Stock...............................................................        21
         6.4    Proceeds to be Turned Over To Administrative Agent..........................        22
         6.5    Application of Proceeds.....................................................        22
         6.6    Code and Other Remedies.....................................................        23
         6.7    Registration Rights.........................................................        24
         6.8    Deficiency..................................................................        24

SECTION 7.      THE ADMINISTRATIVE AGENT....................................................        24
         7.1    Administrative Agent's Appointment as Attorney-in-Fact, etc.................        24
         7.2    Duty of Administrative Agent................................................        26
         7.3    Execution of Financing Statements...........................................        26
         7.4    Authority of Administrative Agent...........................................        27

SECTION 8.      MISCELLANEOUS...............................................................        27
         8.1    Amendments in Writing.......................................................        27
         8.2    Notices.....................................................................        27
         8.3    No Waiver by Course of Conduct; Cumulative Remedies.........................        27
         8.4    Enforcement Expenses; Indemnification.......................................        27
         8.5    Successors and Assigns......................................................        28
         8.6    Set-Off.....................................................................        28
         8.7    Counterparts................................................................        29
         8.8    Severability................................................................        29
         8.9    Section Headings............................................................        29
         8.10   Integration.................................................................        29
         8.11   GOVERNING LAW...............................................................        29
         8.12   Submission To Jurisdiction; Waivers.........................................        29
         8.13   Acknowledgments.............................................................        30
         8.14   Additional Grantors.........................................................        30
         8.15   Releases....................................................................        30
         8.16   WAIVER OF JURY TRIAL........................................................        31
         8.17   Additional Waiver...........................................................        31
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Schedules

Schedule 1   Description of Pledged Securities
Schedule 2   Filings and Other Actions Required to Perfect Security Interest
Schedule 3   Jurisdiction of Organization, Identification Number and Location of
             Chief Executive Office
Schedule 4   Locations of Inventory and Equipment
Schedule 5   Receivables
Schedule 6   Intellectual Property

Annexes

Annex I      Assumption Agreement
Annex II     Acknowledgment and Consent

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                  AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT, dated
as of April 2, 2004, made by each of the signatories hereto (together with any
other entity that may become a party hereto as provided herein, the "Grantors"),
in favor of LEHMAN COMMERCIAL PAPER INC., as Administrative Agent (in such
capacity, the "Administrative Agent") for the benefit of the Secured Parties (as
defined below), including the banks, other financial institutions and other
entities (the "Lenders") from time to time parties to the Amended and Restated
Credit Agreement, dated as of April 2, 2004 (as amended, supplemented or
otherwise modified from time to time, the "Credit Agreement"), among CINEMARK,
INC., a Delaware corporation (the "Parent"), CNMK HOLDING, INC., a Delaware
corporation ("Holdings"), CINEMARK USA, INC., a Texas corporation (the
"Borrower"), the Lenders, LEHMAN BROTHERS INC. and GOLDMAN SACHS CREDIT PARTNERS
L.P., as joint lead arrangers and joint bookrunners (in such capacity, the
"Arrangers"), GOLDMAN SACHS CREDIT PARTNERS L.P., as syndication agent (in such
capacity, the "Syndication Agent"), DEUTSCHE BANK SECURITIES INC., THE BANK OF
NEW YORK, GENERAL ELECTRIC CAPITAL CORPORATION and CIBC INC., as
co-documentation agents (in such capacity, the "Co-Documentation Agents"), and
the Administrative Agent.

                              W I T N E S S E T H:

                  WHEREAS, the Parent, Holdings and the Borrower are party to
the Credit Agreement, dated as of February 14, 2003 (as amended, supplemented or
otherwise modified prior to the date hereof, the "Existing Credit Agreement"),
together with the lenders party from time to time thereto and Lehman Commercial
Paper Inc., as administrative agent;

                  WHEREAS, the Parent, Holdings and the Borrower are party to
the Guarantee and Collateral Agreement, dated as of February 14, 2003 (as
amended, supplemented or otherwise modified prior to the date hereof, the
"Existing Collateral Agreement"), together with the other grantors parties
thereto and Lehman Commercial Paper Inc., as administrative agent;

                  WHEREAS, pursuant to the Credit Agreement, the Lenders have
agreed to amend and restate the Existing Credit Agreement and severally make
further extensions of credit to the Borrower upon the terms and subject to the
conditions set forth therein;

                  WHEREAS, the Borrower is a member of an affiliated group of
companies that includes the Parent, Holdings and each other Grantor;

                  WHEREAS, the proceeds of the extensions of credit under the
Credit Agreement will be (and were, under the Existing Credit Agreement) used in
part to enable the Borrower to make valuable transfers to the Parent, Holdings
and one or more of the other Grantors in connection with the operation of their
respective businesses;

                  WHEREAS, certain of the Qualified Counterparties may enter
into Specified Hedge Agreements with the Borrower or any Class I Restricted
Subsidiary;

                  WHEREAS, the Borrower, the Parent, Holdings and the other
Grantors are engaged in related businesses, and the Parent, Holdings and each
Grantor will derive substantial

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direct and indirect benefit from the entering into of the Credit Agreement and
the making of the extensions of credit under the Credit Agreement and from the
Specified Hedge Agreements;

                  WHEREAS, it is a condition precedent to the obligation of the
Lenders to enter into the Credit Agreement and to make their respective further
extensions of credit to the Borrower under the Credit Agreement that the Parent,
Holdings and the Grantors shall have executed and delivered this Agreement to
the Administrative Agent for the ratable benefit of the Secured Parties;

                  WHEREAS, the Borrower and the other Grantors are engaged in
related businesses, and each Grantor will derive substantial direct and indirect
benefit from the making of the extensions of credit under the Credit Agreement
and the making of this Agreement; and

                  WHEREAS, this Agreement is necessary and convenient to the
conduct, promotion and attainment of the business of the Borrower and each other
Grantor;

                  NOW, THEREFORE, in consideration of the premises and to induce
the Administrative Agent and the Lenders to enter into the Credit Agreement and
to induce the Lenders to make their respective extensions of credit to the
Borrower thereunder, each Grantor hereby agrees with the Administrative Agent,
for the ratable benefit of the Secured Parties, to amend and restate the
Existing Collateral Agreement as follows:

                            SECTION 1. DEFINED TERMS

                  1.1      Definitions. (a) Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement and the following terms are used herein as
defined in the New York UCC: Accounts, Certificated Security, Chattel Paper,
Commercial Tort Claims, Documents, Equipment, Farm Products, General
Intangibles, Goods, Instruments, Inventory, Letter-of-Credit Rights and
Supporting Obligations.

                  (b)      The following terms shall have the following
meanings:

                  "Agreement": this Amended and Restated Guarantee and
         Collateral Agreement, as the same may be amended, supplemented or
         otherwise modified from time to time.

                  "Borrower Credit Agreement Obligations": the collective
         reference to the unpaid principal of and interest on the Loans and
         Reimbursement Obligations and all other obligations and liabilities of
         the Borrower (including, without limitation, interest accruing at the
         then applicable rate provided in the Credit Agreement after the
         maturity of the Loans and Reimbursement Obligations and interest
         accruing at the then applicable rate provided in the Credit Agreement
         after the filing of any petition in bankruptcy, or the commencement of
         any insolvency, reorganization or like proceeding, relating to the
         Borrower, whether or not a claim for post-filing or post-petition
         interest is allowed in such proceeding) to the Administrative Agent or
         any Lender, whether direct or indirect, absolute or contingent, due or
         to become due, or now existing or hereafter incurred, which may arise
         under, out of, or in connection with, the Credit Agreement, this
         Agreement, or the other Loan Documents, or any Letter of Credit, or any
         other document

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         made, delivered or given in connection therewith, in each case whether
         on account of principal, interest, reimbursement obligations, fees,
         indemnities, costs, expenses or otherwise (including, without
         limitation, all fees and disbursements of counsel to the Administrative
         Agent or to the Secured Parties that are required to be paid by the
         Borrower pursuant to the terms of any of the foregoing agreements).

                  "Borrower Hedge Agreement Obligations": the collective
         reference to all obligations and liabilities of the Borrower
         (including, without limitation, interest accruing at the then
         applicable rate provided in any Specified Hedge Agreement after the
         filing of any petition in bankruptcy, or the commencement of any
         insolvency, reorganization or like proceeding, relating to the
         Borrower, whether or not a claim for post-filing or post-petition
         interest is allowed in such proceeding) to any Qualified Counterparty,
         whether direct or indirect, absolute or contingent, due or to become
         due, or now existing or hereafter incurred, which may arise under, out
         of, or in connection with, any Specified Hedge Agreement or any other
         document made, delivered or given in connection therewith, in each case
         whether on account of principal, interest, reimbursement obligations,
         fees, indemnities, costs, expenses or otherwise (including, without
         limitation, all fees and disbursements of counsel to the relevant
         Qualified Counterparty that are required to be paid by the Borrower
         pursuant to the terms of any Specified Hedge Agreement).

                  "Borrower Obligations": the collective reference to (i) the
         Borrower Credit Agreement Obligations, (ii) the Borrower Hedge
         Agreement Obligations, but only to the extent that, and only so long
         as, the Borrower Credit Agreement Obligations are secured and
         guaranteed pursuant hereto, and (iii) all other obligations and
         liabilities of the Borrower, whether direct or indirect, absolute or
         contingent, due or to become due, or now existing or hereafter
         incurred, which may arise under, out of, or in connection with, this
         Agreement (including, without limitation, all fees and disbursements of
         counsel to the Administrative Agent or to the Secured Parties that are
         required to be paid by the Borrower pursuant to the terms of this
         Agreement).

                  "Collateral": as defined in Section 3.

                  "Collateral Account": any collateral account established by
         the Administrative Agent as provided in Section 6.1 or 6.4.

                  "Copyrights": (i) all copyrights arising under the laws of the
         United States or any political subdivision thereof, whether registered
         or unregistered and whether published or unpublished (including,
         without limitation, those listed in Schedule 6), all registrations and
         recordings thereof, and all applications in connection therewith,
         including, without limitation, all registrations, recordings and
         applications in the United States Copyright Office, and (ii) the right
         to obtain all renewals thereof.

                  "Copyright Licenses": any written agreement naming any Grantor
         as licensor or licensee (including, without limitation, those listed in
         Schedule 6), granting any right under any Copyright, including, without
         limitation, the grant of rights to manufacture, distribute, exploit and
         sell materials derived from any Copyright.

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                  "Deposit Account": as defined in the Uniform Commercial Code
         of any applicable jurisdiction and, in any event, including, without
         limitation, any demand, time, savings, passbook or like account
         maintained with a depositary institution.

                  "Excluded Assets": (i) Capital Stock of Unrestricted
         Subsidiaries which are Foreign Subsidiaries, (ii) any contract, General
         Intangible, Copyright License, Patent License or Trademark License
         ("Intangible Assets"), in each case to the extent the grant by the
         relevant Grantor of a security interest pursuant to this Agreement in
         such Grantor's right, title and interest in such Intangible Asset (A)
         is prohibited by any contract, agreement, instrument or indenture
         governing such Intangible Asset, (B) would give any other party to such
         contract, agreement, instrument or indenture the right to terminate its
         obligations thereunder, (C) is permitted only with the consent of
         another party, if such consent has not been obtained or (D) is
         prohibited by any contract creating a Lien permitted by Section 7.3 of
         the Credit Agreement; provided, that any Receivable or any money or
         other amounts due or to become due under any such contract, agreement,
         instrument or indenture shall not be Excluded Assets, (iii) any asset
         other than an Intangible Asset to the extent the grant by the relevant
         Grantor of a security interest pursuant to this Agreement in such
         Grantor's right, title and interest in such asset is prohibited by any
         contract creating a Lien on such asset permitted by Section 7.3 of the
         Credit Agreement, and (iv) subject to Section 5.8(e), the Capital Stock
         of Fandango, Inc., Laredo Theatre, Ltd. and Greeley, Ltd. held by any
         Grantor to the extent and so long as such Capital Stock is subject to
         the restrictions on pledge (such as rights of first refusal or similar
         rights) set forth in the relevant stockholders agreement or partnership
         agreement.

                  "Foreign Subsidiary": any Subsidiary organized under the laws
         of any jurisdiction outside the United States of America.

                  "Guarantor Hedge Agreement Obligations": the collective
         reference to all obligations and liabilities of a Guarantor (including,
         without limitation, interest accruing at the then applicable rate
         provided in any Specified Hedge Agreement after the filing of any
         petition in bankruptcy, or the commencement of any insolvency,
         reorganization or like proceeding, relating to such Guarantor, whether
         or not a claim for post-filing or post-petition interest is allowed in
         such proceeding) to any Qualified Counterparty, whether direct or
         indirect, absolute or contingent, due or to become due, or now existing
         or hereafter incurred, which may arise under, out of, or in connection
         with, any Specified Hedge Agreement or any other document made,
         delivered or given in connection therewith, in each case whether on
         account of principal, interest, reimbursement obligations, fees,
         indemnities, costs, expenses or otherwise (including, without
         limitation, all fees and disbursements of counsel to the relevant
         Qualified Counterparty that are required to be paid by such Guarantor
         pursuant to the terms of any Specified Hedge Agreement).

                  "Guarantor Obligations": with respect to any Guarantor, the
          collective reference to (i) any Guarantor Hedge Agreement Obligations
          of such Guarantor, but only to the extent that, and only so long as,
          the other Obligations of such Guarantor are secured and guaranteed
          pursuant hereto, and (ii) all obligations and liabilities of such
          Guarantor which may arise under or in connection with this Agreement
          (including, without limitation, Section 2) or any other Loan Document
          to which such Guarantor is a party, in

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         each case whether on account of guarantee obligations, reimbursement
         obligations, fees, indemnities, costs, expenses or otherwise
         (including, without limitation, all fees and disbursements of counsel
         to the Administrative Agent or to the Secured Parties that are required
         to be paid by such Guarantor pursuant to the terms of this Agreement or
         any other Loan Document).

                  "Guarantors": the collective reference to each Grantor other
         than the Borrower.

                  "Intellectual Property": the collective reference to all
         rights, priorities and privileges relating to intellectual property
         arising under United States laws, including, without limitation, the
         Copyrights, the Copyright Licenses, the Patents, the Patent Licenses,
         the Trademarks and the Trademark Licenses, and all rights to sue at law
         or in equity for any infringement or other impairment thereof,
         including the right to receive all proceeds and damages therefrom.

                  "Intercompany Note": any promissory note evidencing loans made
         by any Grantor to Parent or any of its Subsidiaries.

                  "Investment Property": the collective reference to (i) all
         "investment property" as such term is defined in Section 9-102(a)(49)
         of the New York UCC (other than (A) any Foreign Subsidiary Voting Stock
         excluded from the definition of "Pledged Stock" and (B) Excluded
         Assets) and (ii) whether or not constituting "investment property" as
         so defined, all Pledged Notes and all Pledged Stock.

                  "Issuers": the collective reference to each issuer of any
         Investment Property.

                  "New York UCC": the Uniform Commercial Code as from time to
         time in effect in the State of New York.

                  "Obligations": (i) in the case of the Borrower, the Borrower
         Obligations, and (ii) in the case of each Guarantor, its Guarantor
         Obligations.

                  "Patents": (i) all letters patent of the United States or any
         political subdivision thereof, all reissues and extensions thereof and
         all goodwill associated therewith, including, without limitation, any
         of the foregoing referred to in Schedule 6, (ii) all applications for
         letters patent of the United States and all divisions, continuations
         and continuations-in-part thereof, including, without limitation, any
         of the foregoing referred to in Schedule 6, and (iii) all rights to
         obtain any reissues or extensions of the foregoing.

                  "Patent License": all agreements, whether written or oral,
         providing for the grant by or to any Grantor of any right to
         manufacture, use or sell any invention covered in whole or in part by a
         Patent, including, without limitation, any of the foregoing referred to
         in Schedule 6.

                  "Pledged Notes": all promissory notes listed on Schedule 1,
         all Intercompany Notes at any time issued to any Grantor and all other
         promissory notes issued to or held by any Grantor (other than (i)
         promissory notes issued in connection with extensions of

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         trade credit by any Grantor in the ordinary course of business and (ii)
         promissory notes the aggregate face amount of which are not in excess
         of $100,000).

                  "Pledged Securities": the collective reference to the Pledged
         Notes and the Pledged Stock.

                  "Pledged Stock": the shares of Capital Stock listed on
         Schedule 1, together with any other shares, stock certificates, options
         or rights of any nature whatsoever in respect of the Capital Stock of
         any Person that may be issued or granted to, or held by, any Grantor
         while this Agreement is in effect; provided that in no event shall more
         than 65% of the total outstanding Foreign Subsidiary Voting Stock of
         any Foreign Subsidiary be required to be pledged hereunder.

                  "Proceeds": all "proceeds" as such term is defined in Section
         9-102(a)(64) of the New York UCC on the date hereof and, in any event,
         including, without limitation, all dividends or other income from the
         Investment Property, collections thereon or distributions or payments
         with respect thereto.

                  "Receivable": any right to payment for goods sold or leased or
         for services rendered, whether or not such right is evidenced by an
         Instrument or Chattel Paper and whether or not it has been earned by
         performance (including, without limitation, any Account).

                  "Secured Parties": the collective reference to the
         Administrative Agent, the Lenders (including any Issuing Lender in its
         capacity as Issuing Lender) and any Qualified Counterparty.

                  "Securities Act": the Securities Act of 1933, as amended.

                  "Specified Hedge Agreement": any Hedge Agreement entered into
         by (i) the Borrower or any of its Class I Restricted Subsidiaries and
         (ii) any Person that, at the time such Hedge Agreement is entered into,
         is a Qualified Counterparty.

                  "Trademarks": (i) all trademarks, trade names, corporate
         names, company names, business names, fictitious business names, trade
         styles, service marks, logos and other source or business identifiers,
         and all goodwill associated therewith, now existing or hereafter
         adopted or acquired, all registrations and recordings thereof, and all
         applications in connection therewith, whether in the United States
         Patent and Trademark Office or in any similar office or agency of the
         United States, any State thereof or any political subdivision thereof,
         or otherwise, and all common-law rights related thereto, including,
         without limitation, any of the foregoing referred to in Schedule 6, and
         (ii) the right to obtain all renewals thereof.

                  "Trademark License": any agreement, whether written or oral,
         providing for the grant by or to any Grantor of any right to use any
         Trademark, including, without limitation, any of the foregoing referred
         to in Schedule 6.

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                                                                               7

                  1.2      Other Definitional Provisions. (a) The words
"hereof," "herein", "hereto" and "hereunder" and words of similar import when
used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and Section and Schedule references are
to this Agreement unless otherwise specified.

                  (b)      The meanings given to terms defined herein shall be
equally applicable to both the singular and plural forms of such terms.

                  (c)      Where the context requires, terms relating to the
Collateral or any part thereof, when used in relation to a Grantor, shall refer
to such Grantor's Collateral or the relevant part thereof.

                              SECTION 2. GUARANTEE

                  2.1      Guarantee. (a) Each of the Guarantors confirms,
acknowledges and reaffirms its guarantee of the Borrower Obligations under the
Existing Collateral Agreement and confirms and acknowledges that such guarantee
remains in full force and effect and is not subject to any defense, setoff or
counterclaim, all of which are hereby waived.

                  (b)      (i) The Guarantors hereby, jointly and severally,
unconditionally and irrevocably, guarantee to the Administrative Agent, for the
ratable benefit of the Secured Parties and their respective successors,
indorsees, transferees and assigns, the prompt and complete payment and
performance by the Borrower when due (whether at stated maturity, by
acceleration or otherwise) of the Borrower Obligations (other than, in the case
of each Guarantor, Borrower Obligations arising pursuant to clause (ii) of this
Section 2.1(b) in respect of Guarantor Hedge Agreement Obligations in respect of
which such Guarantor is a primary obligor).

                  (ii)     The Borrower hereby unconditionally and irrevocably
guarantees to the Administrative Agent, for the ratable benefit of the Secured
Parties and their respective successors, endorsees, transferees and assigns, the
prompt and complete payment and performance by each Guarantor when due (whether
at stated maturity, by acceleration or otherwise) of the Guarantor Hedge
Agreement Obligations of such Guarantor.

                  (c)      Anything herein or in any other Loan Document to the
contrary notwithstanding, the maximum liability of each Guarantor hereunder and
under the other Loan Documents shall in no event exceed the amount which can be
guaranteed by such Guarantor under applicable federal and state laws relating to
the insolvency of debtors (after giving effect to the right of contribution
established in Section 2.2).

                  (d)      Each Guarantor agrees that the Borrower Obligations
may at any time and from time to time exceed the amount of the liability of such
Guarantor hereunder without impairing the guarantee of such Guarantor contained
in this Section 2 or affecting the rights and remedies of the Administrative
Agent or any Secured Party hereunder.

                  (e)      The guarantee contained in this Section 2 shall
remain in full force and effect until all the Borrower Obligations and the
obligations of each Guarantor under the guarantee contained in this Section 2
shall have been satisfied by payment in full, no Letter of Credit shall be
outstanding and the Commitments shall be terminated, notwithstanding that from

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                                                                               8

time to time during the term of the Credit Agreement the Borrower may be free
from any Borrower Obligations and any or all of the Guarantors may be free from
their respective Guarantor Obligations.

                  (f)      No payment made by the Borrower, any of the
Guarantors, any other guarantor or any other Person or received or collected by
the Administrative Agent or any Secured Party from the Borrower, any of the
Guarantors, any other guarantor or any other Person by virtue of any action or
proceeding or any set-off or appropriation or application at any time or from
time to time in reduction of or in payment of the Borrower Obligations or the
Guarantor Hedge Agreement Obligations shall be deemed to modify, reduce, release
or otherwise affect the liability of any Guarantor hereunder which shall,
notwithstanding any such payment (other than any payment received or collected
from such Guarantor in respect of the Borrower Obligations or the Guarantor
Hedge Agreement Obligations, respectively), remain liable for the Borrower
Obligations and the Guarantor Hedge Agreement Obligations up to the maximum
liability of such Guarantor hereunder until the Borrower Obligations and the
Guarantor Hedge Agreement Obligations are paid in full, no Letter of Credit
shall be outstanding and the Commitments are terminated.

                  2.2      Right of Contribution. (a) Each Subsidiary Guarantor
hereby agrees that to the extent that a Subsidiary Guarantor shall have paid
more than its proportionate share of any payment made hereunder, such Subsidiary
Guarantor shall be entitled to seek and receive contribution from and against
any other Subsidiary Guarantor hereunder which has not paid its proportionate
share of such payment.

                  (b)      The Borrower and each Guarantor agrees that to the
extent that the Borrower or any Guarantor shall have paid more than its
proportionate share of any payment made hereunder in respect of any Guarantor
Hedge Agreement Obligation of any other Guarantor, the Borrower or such
Guarantor, as the case may be, shall be entitled to seek and receive
contribution from and against the Borrower and any other Guarantor which has not
paid its proportionate share of such payment.

                  (c)      The Borrower's and each Guarantor's right of
contribution under this Section 2.2 shall be subject to the terms and conditions
of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the
obligations and liabilities of the Borrower or any Guarantor to the
Administrative Agent and the Secured Parties, and the Borrower and each
Guarantor shall remain liable to the Administrative Agent and the Secured
Parties for the full amount guaranteed by the Borrower or such Guarantor
hereunder.

                  2.3      No Subrogation. Notwithstanding any payment made by
any Guarantor hereunder or any set-off or application of funds of any Guarantor
by the Administrative Agent or any Secured Party, no Guarantor shall be entitled
to be subrogated to any of the rights of the Administrative Agent or any Secured
Party against the Borrower or any other Guarantor or any collateral security or
guarantee or right of offset held by the Administrative Agent or any Secured
Party for the payment of the Borrower Obligations, nor shall any Guarantor seek
or be entitled to seek any contribution or reimbursement from the Borrower or
any other Guarantor in respect of payments made by such Guarantor hereunder,
until all amounts owing to the Administrative Agent and the Secured Parties by
the Borrower on account of the Borrower Obligations are paid in full, no Letter
of Credit shall be outstanding and the Commitments are

<PAGE>

                                                                               9

terminated. If any amount shall be paid to any Guarantor on account of such
subrogation rights at any time when all of the Borrower Obligations shall not
have been paid in full, such amount shall be held by such Guarantor in trust for
the Administrative Agent and the Secured Parties, segregated from other funds of
such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned
over to the Administrative Agent in the exact form received by such Guarantor
(duly indorsed by such Guarantor to the Administrative Agent, if required), to
be applied against the Borrower Obligations or the Guarantor Hedge Agreement
Obligations, whether matured or unmatured, in such order as the Administrative
Agent may determine.

                  2.4      Amendments, etc. with respect to the Borrower
Obligations. Each Guarantor shall remain obligated hereunder notwithstanding
that, without any reservation of rights against any Guarantor and without notice
to or further assent by any Guarantor, any demand for payment of any of the
Borrower Obligations or the Guarantor Hedge Agreement Obligations made by the
Administrative Agent or any Secured Party may be rescinded by the Administrative
Agent or such Secured Party and any of the Borrower Obligations or the Guarantor
Hedge Agreement Obligations continued, and the Borrower Obligations or the
Guarantor Hedge Agreement Obligations, or the liability of any other Person upon
or for any part thereof, or any collateral security or guarantee therefor or
right of offset with respect thereto, may, from time to time, in whole or in
part, be renewed, extended, amended, modified, accelerated, compromised, waived,
surrendered or released by the Administrative Agent or any Secured Party, and
the Credit Agreement and the other Loan Documents and any other documents
executed and delivered in connection therewith may be amended, modified,
supplemented or terminated, in whole or in part, as the Administrative Agent (or
the Required Lenders or all Lenders, as the case may be) may deem advisable from
time to time, and any collateral security, guarantee or right of offset at any
time held by the Administrative Agent or any Secured Party for the payment of
the Borrower Obligations or the Guarantor Hedge Agreement Obligations may be
sold, exchanged, waived, surrendered or released. Neither the Administrative
Agent nor any Secured Party shall have any obligation to protect, secure,
perfect or insure any Lien at any time held by it as security for the Borrower
Obligations or the Guarantor Hedge Agreement Obligations or for the guarantee
contained in this Section 2 or any property subject thereto.

                  2.5      Guarantee Absolute and Unconditional. (a) Each
Guarantor waives any and all notice of the creation, renewal, extension or
accrual of any of the Borrower Obligations (other than any notice with respect
to any Guarantor Hedge Agreement Obligation with respect to which such Guarantor
is a primary obligor and to which it is entitled pursuant to the applicable
Specified Hedge Agreement) and notice of or proof of reliance by the
Administrative Agent or any Secured Party upon the guarantee contained in this
Section 2 or acceptance of the guarantee contained in this Section 2; the
Borrower Obligations, and any of them, shall conclusively be deemed to have been
created, contracted or incurred, or renewed, extended, amended or waived, in
reliance upon the guarantee contained in this Section 2; and all dealings
between the Borrower and any of the Guarantors, on the one hand, and the
Administrative Agent and the Secured Parties, on the other hand, likewise shall
be conclusively presumed to have been had or consummated in reliance upon the
guarantee contained in this Section 2. Each Guarantor waives notice of
acceleration, notice of intent to accelerate, diligence, presentment, protest,
demand for payment and notice of default or nonpayment to or upon the Borrower
or any of the Guarantors with respect to the Borrower Obligations (other than
any diligence, presentment, protest, demand

<PAGE>

                                                                              10

or notice with respect to any Guarantor Hedge Agreement Obligation with respect
to which such Guarantor is a primary obligor and to which it is entitled
pursuant to the applicable Specified Hedge Agreement). Each Guarantor
understands and agrees that the guarantee contained in this Section 2 shall be
construed as a continuing, absolute and unconditional guarantee of payment
without regard to (1) the validity or enforceability of the Credit Agreement or
any other Loan Document, any of the Borrower Obligations or any other collateral
security therefor or guarantee or right of offset with respect thereto at any
time or from time to time held by the Administrative Agent or any Secured Party,
(2) any defense, set-off or counterclaim (other than a defense of payment or
performance) which may at any time be available to or be asserted by the
Borrower or any other Person against the Administrative Agent or any Secured
Party, or (3) any other circumstance whatsoever (with or without notice to or
knowledge of the Borrower or such Guarantor) which constitutes, or might be
construed to constitute, an equitable or legal discharge of the Borrower for the
Borrower Obligations, or of such Guarantor under the guarantee contained in this
Section 2, in bankruptcy or in any other instance. When making any demand
hereunder or otherwise pursuing its rights and remedies hereunder against any
Guarantor, the Administrative Agent or any Secured Party may, but shall be under
no obligation to, make a similar demand on or otherwise pursue such rights and
remedies as it may have against the Borrower, any other Guarantor or any other
Person or against any collateral security or guarantee for the Borrower
Obligations or any right of offset with respect thereto, and any failure by the
Administrative Agent or any Secured Party to make any such demand, to pursue
such other rights or remedies or to collect any payments from the Borrower, any
other Guarantor or any other Person or to realize upon any such collateral
security or guarantee or to exercise any such right of offset, or any release of
the Borrower, any other Guarantor or any other Person or any such collateral
security, guarantee or right of offset, shall not relieve any Guarantor of any
obligation or liability hereunder, and shall not impair or affect the rights and
remedies, whether express, implied or available as a matter of law, of the
Administrative Agent or any Secured Party against any Guarantor. For the
purposes hereof "demand" shall include the commencement and continuance of any
legal proceedings.

                  (b)      The Borrower waives any and all notice of the
creation, renewal, extension or accrual of any of the Guarantor Hedge Agreement
Obligations and notice of or proof of reliance by the Administrative Agent or
any Secured Party upon the guarantee by the Borrower contained in this Section 2
or acceptance of the guarantee by the Borrower contained in this Section 2; the
Guarantor Hedge Agreement Obligations, and any of them, shall conclusively be
deemed to have been created, contracted or incurred, or renewed, extended,
amended or waived, in reliance upon the guarantee by the Borrower contained in
this Section 2; and all dealings between the Borrower and any of the Guarantors,
on the one hand, and the Administrative Agent and the Secured Parties, on the
other hand, with respect to any Guarantor Hedge Agreement Obligation likewise
shall be conclusively presumed to have been had or consummated in reliance upon
the guarantee by the Borrower contained in this Section 2. The Borrower waives
notice of acceleration, notice of intent to accelerate, diligence, presentment,
protest, demand for payment and notice of default or nonpayment to or upon the
Borrower with respect to the Guarantor Hedge Agreement Obligations. The Borrower
understands and agrees that the guarantee by the Borrower contained in this
Section 2 shall be construed as a continuing, absolute and unconditional
guarantee of payment without regard to (a) the validity or enforceability of the
Guarantor Hedge Agreement Obligations or any other collateral security therefor
or guarantee or right of offset with respect thereto at any time or from time to
time held

<PAGE>

                                                                              11

by the Administrative Agent or any Secured Party, (b) any defense, set-off or
counterclaim (other than a defense of payment or performance) which may at any
time be available to or be asserted by any Person against the Administrative
Agent or any Secured Party, or (c) any other circumstance whatsoever (with or
without notice to or knowledge of the Borrower or any Guarantor) which
constitutes, or might be construed to constitute, an equitable or legal
discharge of the applicable Guarantor for the applicable Guarantor Hedge
Agreement Obligations, or of the Borrower under its guarantee contained in this
Section 2, in bankruptcy or in any other instance. When making any demand under
this Section 2 or otherwise pursuing its rights and remedies under this Section
2 against the Borrower, the Administrative Agent or any Secured Party may, but
shall be under no obligation to, make a similar demand on or otherwise pursue
such rights and remedies as it may have against any Guarantor or any other
Person or against any collateral security or guarantee for the Guarantor Hedge
Agreement Obligations or any right of offset with respect thereto, and any
failure by the Administrative Agent or any Secured Party to make any such
demand, to pursue such other rights or remedies or to collect any payments from
any Guarantor or any other Person or to realize upon any such collateral
security or guarantee or to exercise any such right of offset, or any release of
any Guarantor or any other Person or any such collateral security, guarantee or
right of offset, shall not relieve the Borrower of any obligation or liability
under this Section 2, and shall not impair or affect the rights and remedies,
whether express, implied or available as a matter of law, of the Administrative
Agent or any Secured Party against the Borrower under this Section 2. For the
purposes hereof "demand" shall include the commencement and continuance of any
legal proceedings.

                  2.6      Reinstatement. The guarantee contained in this
Section 2 shall continue to be effective, or be reinstated, as the case may be,
if at any time payment, or any part thereof, of any of the Borrower Obligations
or the Guarantor Hedge Agreement Obligations is rescinded or must otherwise be
restored or returned by the Administrative Agent or any Secured Party upon the
insolvency, bankruptcy, dissolution, liquidation or reorganization of the
Borrower or any Guarantor, or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for, the
Borrower or any Guarantor or any substantial part of its property, or otherwise,
all as though such payments had not been made.

                  2.7      Payments. Each Guarantor hereby guarantees that
payments hereunder will be paid to the Administrative Agent without set-off or
counterclaim (i) in the case of obligations in respect of Borrower Obligations
arising under the Credit Agreement or any other Loan Document, in Dollars at the
Payment Office specified in the Credit Agreement and (ii) in the case of
obligations in respect of any Borrower Hedge Agreement Obligations or any
Guarantor Hedge Agreement Obligations, in the currency and at the place
specified in the applicable Specified Hedge Agreement.

                      SECTION 3. GRANT OF SECURITY INTEREST

                  3.1      Security Interest. Each Grantor hereby grants to the
Administrative Agent, for the ratable benefit of the Secured Parties, a security
interest in, and lien on, all of the following property now owned or at any time
hereafter acquired by such Grantor or in which such Grantor now has or at any
time in the future may acquire any right, title or interest (collectively, the
"Collateral"), as collateral security for the prompt and complete payment and
performance when due (whether at the stated maturity, by acceleration or
otherwise) of such Grantor's Obligations:

<PAGE>

                                                                              12

                  (a)      all Accounts;

                  (b)      all Chattel Paper;

                  (c)      all Deposit Accounts;

                  (d)      all Documents;

                  (e)      all Equipment;

                  (f)      all General Intangibles;

                  (g)      all Instruments;

                  (h)      all Intellectual Property;

                  (i)      all Inventory;

                  (j)      all Investment Property;

                  (k)      all Letter-of-Credit Rights;

                  (l)      all Goods and other property not otherwise described
                           above;

                  (m)      all books and records pertaining to the Collateral;
                           and

                  (n)      to the extent not otherwise included, all Proceeds
                           and products of any and all of the foregoing, all
                           Supporting Obligations in respect of any of the
                           foregoing and all collateral security and guarantees
                           given by any Person with respect to any of the
                           foregoing;

provided, that the Collateral shall not include the Excluded Assets.

                  3.2      Confirmation of Existing Security Interest. Each
Grantor confirms, reaffirms and acknowledges the security interest granted by it
under the Existing Collateral Agreement to secure such Grantor's Obligations and
confirms and acknowledges that such security interest remains in full force and
effect.

                    SECTION 4. REPRESENTATIONS AND WARRANTIES

                  To induce the Administrative Agent and the Lenders to enter
into the Credit Agreement and to induce the Lenders to make their respective
extensions of credit to the Borrower thereunder, each Grantor hereby represents
and warrants to the Administrative Agent and each Lender that:

                  4.1      Representations in Credit Agreement. In the case of
each Guarantor, the representations and warranties set forth in Section 4 of the
Credit Agreement as they relate to such Guarantor or to the Loan Documents to
which such Guarantor is a party, each of which is hereby incorporated herein by
reference, are true and correct, and the Administrative Agent and

<PAGE>

                                                                              13

each Lender shall be entitled to rely on each of them as if they were fully set
forth herein, provided that each reference in such representations and
warranties to the Borrower's knowledge shall, for the purposes of this Section
4.1, be deemed to be a reference to such Guarantor's knowledge.

                  4.2      Title; No Other Liens. Except for the security
interest granted to the Administrative Agent for the ratable benefit of the
Secured Parties pursuant to this Agreement (including the security interest
previously granted under the Existing Collateral Agreement) and the other Liens
permitted to exist on the Collateral by the Credit Agreement, such Grantor owns
each item of the Collateral free and clear of any and all Liens or claims of
others. No financing statement or other public notice with respect to all or any
part of the Collateral is on file or of record in any public office, except such
as have been filed in favor of the Administrative Agent, for the ratable benefit
of the Secured Parties, pursuant to this Agreement or in connection with Liens
permitted by the Credit Agreement.

                  4.3      Perfected First Priority Liens. The security
interests granted pursuant to this Agreement (a) upon completion of the filings
and other actions specified on Schedule 2 (which, in the case of all filings and
other documents referred to on said Schedule, have been delivered to the
Administrative Agent in completed and duly executed form) will constitute valid
perfected security interests in all of the Collateral in favor of the
Administrative Agent, for the ratable benefit of the Secured Parties, as
collateral security for such Grantor's Obligations, enforceable in accordance
with the terms hereof against all creditors of such Grantor and any Persons
purporting to purchase any Collateral from such Grantor and (b) are prior to all
other Liens on the Collateral in existence on the date hereof except for Liens
permitted by the Credit Agreement which have priority over the Liens on the
Collateral by operation of law or contract.

                  4.4      Jurisdiction of Organization; Chief Executive Office.
On the date hereof, such Grantor's jurisdiction of organization, identification
number from the jurisdiction of organization (if any), and the location of such
Grantor's chief executive office or sole place of business or principal
residence, as the case may be, are specified on Schedule 3. Such Grantor has
furnished to the Administrative Agent a certified charter, certificate of
incorporation or other organization document (or has certified to the
Administrative Agent that such documents have not been amended, supplemented or
modified in any manner since February 14, 2003) and long-form good standing
certificate as of a date which is recent to the date hereof.

                  4.5      Inventory and Equipment. On the date hereof, the
Inventory and the Equipment (other than mobile goods) are kept at the locations
listed on Schedule 4.

                  4.6      Farm Products. None of the Collateral constitutes, or
is the Proceeds of, Farm Products.

                  4.7      Investment Property. (a) The shares of Pledged Stock
pledged by such Grantor hereunder constitute all the issued and outstanding
shares of all classes of the Capital Stock of each Issuer owned by such Grantor
(other than any Capital Stock constituting Excluded Assets) or, in the case of
Foreign Subsidiary Voting Stock, if less, 65% of the outstanding Foreign
Subsidiary Voting Stock of each relevant Issuer.

<PAGE>

                                                                              14

                  (b)      All the shares of the Pledged Stock have been duly
and validly issued and are fully paid and nonassessable.

                  (c)      Each of the Pledged Notes constitutes the legal,
valid and binding obligation of the obligor with respect thereto, enforceable in
accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws
relating to or affecting creditors' rights generally, general equitable
principles (whether considered in a proceeding in equity or at law) and an
implied covenant of good faith and fair dealing.

                  (d)      Such Grantor is the record and beneficial owner of,
and has good and marketable title to, the Investment Property pledged by it
hereunder, free of any and all Liens or options in favor of, or claims of, any
other Person, except for Liens permitted by the Credit Agreement.

                  4.8      Receivables. (a) Except as listed Schedule 5, no
amount payable to such Grantor under or in connection with any Receivable is
evidenced by any Instrument or Chattel Paper which has not been delivered to the
Administrative Agent to the extent required by Section 5.2.

                  (b)      None of the obligors on any Receivable is a
Governmental Authority, except for Receivables constituting not more than 25% of
the face amount of all Receivables.

                  (c)      The amounts represented by such Grantor to the
Secured Parties from time to time as owing to such Grantor in respect of the
Receivables will at such times be accurate.

                  4.9      Intellectual Property. (a) Schedule 6 lists all
material Intellectual Property owned by such Grantor in its own name on the date
hereof.

                  (b)      On the date hereof, all Intellectual Property of such
Grantor described on Schedule 6 is valid, subsisting, unexpired and enforceable,
has not been abandoned and does not infringe the intellectual property rights of
any other Person in any material respect.

                  (c)      Except as set forth in Schedule 6, on the date
hereof, none of the Intellectual Property is the subject of any licensing or
franchise agreement pursuant to which such Grantor is the licensor or
franchisor.

                  (d)      No holding, decision or judgment has been rendered by
any Governmental Authority which would limit, cancel or question the validity
of, or such Grantor's rights in, any Intellectual Property in any respect that
could reasonably be expected to have a Material Adverse Effect.

                  (e)      No action or proceeding is pending, or, to the
knowledge of such Grantor, overtly threatened, on the date hereof (i) seeking to
limit, cancel or question the validity of any material Intellectual Property or
such Grantor's ownership interest therein, or (ii) which, if adversely
determined, would have a Material Adverse Effect.

<PAGE>

                                                                              15

                              SECTION 5. COVENANTS

                  Each Grantor covenants and agrees with the Administrative
Agent and the Secured Parties that, from and after the date of this Agreement
until the Obligations shall have been paid in full, no Letter of Credit shall be
outstanding and the Commitments shall have terminated:

                  5.1      Covenants in Credit Agreement. In the case of each
Guarantor, such Guarantor shall take, or shall refrain from taking, as the case
may be, each action that is necessary to be taken or not taken, as the case may
be, so that no Default or Event of Default is caused by the failure to take such
action or to refrain from taking such action by such Guarantor or any of its
Subsidiaries.

                  5.2      Delivery of Instruments and Chattel Paper. If any
amount payable under or in connection with any of the Collateral shall be or
become evidenced by any Instrument, Certificated Security or Chattel Paper, such
Instrument, Certificated Security or Chattel Paper shall be immediately
delivered to the Administrative Agent, duly indorsed in a manner satisfactory to
the Administrative Agent, to be held as Collateral pursuant to this Agreement;
provided, that the Grantors shall not be obligated to deliver to the
Administrative Agent any Instruments or Chattel Paper held by any Grantor at any
time to the extent that the aggregate face amount of all such Instruments and
Chattel Paper held by all Grantors at such time does not exceed $100,000.

                  5.3      Maintenance of Insurance. (a) Such Grantor will
maintain, with financially sound and reputable companies, insurance policies (i)
insuring the Inventory and Equipment against loss by fire, explosion, theft and
such other casualties as may be reasonably satisfactory to the Administrative
Agent and (ii) insuring such Grantor, the Administrative Agent and the Secured
Parties against liability for personal injury and property damage relating to
such Inventory and Equipment, such policies to be in such form and amounts and
having such coverage as the Borrower deems adequate for its business.

                  (b)      All such insurance shall (i) provide that no
cancellation, material reduction in amount or material change in coverage
thereof shall be effective until at least 30 days (10 days in the case of
failure to pay the premium) after receipt by the Administrative Agent of written
notice thereof and (ii) name the Administrative Agent as an additional insured
party or loss payee.

                  (c)      The Borrower shall deliver to the Administrative
Agent a report of a reputable insurance broker with respect to such insurance
substantially concurrently with the delivery by the Borrower to the
Administrative Agent of its audited financial statements for each fiscal year
and such supplemental reports with respect thereto as the Administrative Agent
may from time to time reasonably request.

                  5.4      Payment of Obligations. Such Grantor will pay and
discharge or otherwise satisfy at or before maturity or before they become
delinquent, as the case may be, all taxes, assessments and governmental charges
or levies imposed upon the Collateral or in respect of income or profits
therefrom, as well as all claims of any kind (including, without limitation,
claims for labor, materials and supplies) against or with respect to the
Collateral, except that no

<PAGE>

                                                                              16

such charge need be paid if the amount or validity thereof is currently being
contested in good faith by appropriate proceedings, reserves in conformity with
GAAP with respect thereto have been provided on the books of such Grantor and
such proceedings could not reasonably be expected to result in the sale,
forfeiture or loss of any material portion of the Collateral or any interest
therein.

                  5.5      Maintenance of Perfected Security Interest; Further
Documentation. (a) Such Grantor shall maintain the security interest created by
this Agreement as a perfected security interest having at least the priority
described in Section 4.3 and shall defend such security interest against the
claims and demands of all Persons whomsoever except as permitted by Section 4.2.

                  (b)      Such Grantor will furnish to the Administrative Agent
and the Lenders from time to time statements and schedules further identifying
and describing the assets and property of such Grantor and such other reports in
connection with the Collateral as the Administrative Agent may reasonably
request, all in reasonable detail.

                  (c)      At any time and from time to time, upon the written
request of the Administrative Agent, and at the sole expense of such Grantor,
such Grantor will promptly and duly execute and deliver, and have recorded, such
further instruments and documents and take such further actions as the
Administrative Agent may reasonably request for the purpose of obtaining or
preserving the full benefits of this Agreement and of the rights and powers
herein granted, including, without limitation, (i) the filing of any financing
or continuation statements under the Uniform Commercial Code (or other similar
laws) in effect in any jurisdiction with respect to the security interests
created hereby and (ii) in the case of Investment Property, Deposit Accounts,
Letter-of-Credit Rights and any other relevant Collateral, taking any actions
necessary to enable the Administrative Agent to obtain "control" (within the
meaning of the applicable Uniform Commercial Code) with respect thereto.

                  5.6      Changes in Locations, Name, etc. Such Grantor will
not, except upon 15 days' prior written notice to the Administrative Agent and
delivery to the Administrative Agent of all additional executed financing
statements and other documents reasonably requested by the Administrative Agent
to maintain the validity, perfection and priority of the security interests
provided for herein:

                  (i)      change its jurisdiction of organization from that
referred to in Section 4.3; or

                  (ii)     change its name.

                  5.7      Notices. Such Grantor will advise the Administrative
Agent and the Lenders promptly, in reasonable detail, of:

                  (a)      any Lien (other than security interests created
hereby or Liens permitted under the Credit Agreement) on any of the Collateral
which would adversely affect the ability of the Administrative Agent to exercise
any of its remedies hereunder; and

<PAGE>

                                                                              17

                  (b)      the occurrence of any other event which could
reasonably be expected to have a material adverse effect on the aggregate value
of the Collateral or on the security interests created hereby.

                  5.8      Investment Property. (a) If such Grantor shall become
entitled to receive or shall receive any certificate (including, without
limitation, any certificate representing a dividend or a distribution in
connection with any reclassification, increase or reduction of capital or any
certificate issued in connection with any reorganization), option or rights in
respect of the Capital Stock of any Issuer, whether in addition to, in
substitution of, as a conversion of, or in exchange for, any shares of the
Pledged Stock, or otherwise in respect thereof, such Grantor shall accept the
same as the agent of the Administrative Agent and the Secured Parties, hold the
same in trust for the Administrative Agent and the Secured Parties and deliver
the same forthwith to the Administrative Agent in the exact form received, duly
indorsed by such Grantor to the Administrative Agent, if required, together with
an undated stock power covering such certificate duly executed in blank by such
Grantor, to be held by the Administrative Agent, subject to the terms hereof, as
additional collateral security for the Obligations. Any sums paid upon or in
respect of the Investment Property upon the liquidation or dissolution of any
Issuer shall be paid over to the Administrative Agent to be held by it hereunder
as additional collateral security for the Obligations, and in case any
distribution of capital shall be made on or in respect of the Investment
Property, or any property shall be distributed upon or with respect to the
Investment Property pursuant to the recapitalization or reclassification of the
capital of any Issuer or pursuant to the reorganization thereof, the property so
distributed shall, unless otherwise subject to a perfected security interest in
favor of the Administrative Agent, be delivered to the Administrative Agent to
be held by it hereunder as additional collateral security for the Obligations.
If any sums of money or property so paid or distributed in respect of the
Investment Property shall be received by such Grantor, such Grantor shall, until
such money or property is paid or delivered to the Administrative Agent, hold
such money or property in trust for the Secured Parties, segregated from other
funds of such Grantor, as additional collateral security for the Obligations.
Notwithstanding the foregoing, the Grantors shall not be required to pay over to
the Administrative Agent or deliver to the Administrative Agent as Collateral
any proceeds of any liquidation or dissolution of any Issuer, or any
distribution of capital or property in respect of any Investment Property, to
the extent that (i) such liquidation, dissolution or distribution, if treated as
a Disposition of the relevant Issuer, would be permitted by the Credit Agreement
and (ii) the proceeds thereof are applied as required or permitted by the Credit
Agreement.

                  (b)      Without the prior written consent of the
Administrative Agent, such Grantor will not (i) vote to enable, or take any
other action to permit, any Issuer to issue any stock or other equity securities
of any nature or to issue any other securities convertible into or granting the
right to purchase or exchange for any stock or other equity securities of any
nature of any Issuer, unless such securities are delivered to the Administrative
Agent, concurrently with the issuance thereof, to be held by the Administrative
Agent as Collateral, (ii) sell, assign, transfer, exchange, or otherwise dispose
of, or grant any option with respect to, the Investment Property or Proceeds
thereof (except pursuant to a transaction permitted by the Credit Agreement),
(iii) create, incur or permit to exist any Lien or option in favor of, or any
claim of any Person with respect to, any of the Investment Property or Proceeds
thereof, or any interest therein, except for the Liens permitted by the Credit
Agreement or (iv) enter into any agreement or undertaking restricting the right
or ability of such Grantor or the Administrative Agent to sell,

<PAGE>

                                                                              18

assign or transfer any of the Pledged Securities or Proceeds thereof (except to
the extent permitted by Section 7.14 of the Credit Agreement).

                  (c)      In the case of each Grantor which is an Issuer, such
Issuer agrees that (i) it will be bound by the terms of this Agreement relating
to the Pledged Securities issued by it and will comply with such terms insofar
as such terms are applicable to it, (ii) it will notify the Administrative Agent
promptly in writing of the occurrence of any of the events described in Section
5.8(a) with respect to the Pledged Securities issued by it and (iii) the terms
of Sections 6.3(c) and 6.7 shall apply to it, mutatis mutandis, with respect to
all actions that may be required of it pursuant to Section 6.3(c) and 6.7 with
respect to the Pledged Securities issued by it.

                  (d)      Each Issuer that is a partnership or a limited
liability company (i) confirms that none of the terms of any equity interest
issued by it provides that such equity interest is a "security" within the
meaning of Sections 8-102 and 8-103 of the New York UCC (a "Security"), (ii)
agrees that it will take no action to cause or permit any such equity interest
to become a Security, (iii) agrees that it will not issue any certificate
representing any such equity interest and (iv) agrees that if, notwithstanding
the foregoing, any such equity interest shall be or become a Security, such
Issuer will (and the Grantor that holds such equity interest hereby instructs
such Issuer to) comply with instructions originated by the Administrative Agent
without further consent by such Grantor.

                  (e)      Each Grantor holding Capital Stock of Laredo Theatre,
Ltd. or Greeley, Ltd. agrees to use commercially reasonable efforts to obtain
the required consent of the other partners of Laredo Theatre, Ltd. or Greeley,
Ltd., as the case may be, to the pledge of such Capital Stock under this
Agreement.

                  5.9      Receivables. (a) Other than in the ordinary course of
business, such Grantor will not (i) grant any extension of the time of payment
of any Receivable, (ii) compromise or settle any Receivable for less than the
full amount thereof, (iii) release, wholly or partially, any Person liable for
the payment of any Receivable, (iv) allow any credit or discount whatsoever on
any Receivable or (v) amend, supplement or modify any Receivable in any manner
that could adversely affect the value thereof.

                  (b)      Such Grantor will deliver to the Administrative Agent
a copy of each material demand, notice or document received by it that questions
or calls into doubt the validity or enforceability of more than 10% of the
aggregate amount of the then outstanding Receivables.

                  5.10     Intellectual Property. (a) Such Grantor (either
itself or through licensees) will (i) unless a Responsible Officer determines
that is it is not in the best interest of such Grantor, continue to use each
material Trademark in order to maintain such Trademark in full force free from
any claim of abandonment for non-use, (ii) use such Trademark with the
appropriate notice of registration and all other notices and legends required by
applicable Requirements of Law, (iii) not adopt or use any mark which is
confusingly similar or a colorable imitation of such Trademark unless the
Administrative Agent, for the ratable benefit of the Secured Parties, shall
obtain a perfected security interest in such mark pursuant to this Agreement,
and (iv) unless a Responsible Officer determines that is it is not in the best
interest of

<PAGE>
                                                                              19

such Grantor, not (and not permit any licensee or sublicensee thereof to) do any
act or knowingly omit to do any act whereby such Trademark may become
invalidated or impaired in any way.

                  (b)      Unless a Responsible Officer determines that is it is
not in the best interest of such Grantor, such Grantor (either itself or through
licensees) will not do any act, or omit to do any act, whereby any material
Patent may become forfeited, abandoned or dedicated to the public.

                  (c)      Unless a Responsible Officer determines that is it is
not in the best interest of such Grantor, such Grantor (either itself or through
licensees) (i) will employ each material Copyright and (ii) will not (and will
not permit any licensee or sublicensee thereof to) do any act or knowingly omit
to do any act whereby any material portion of the Copyrights may become
invalidated or otherwise impaired. Unless a Responsible Officer determines that
is it is not in the best interest of such Grantor, such Grantor will not (either
itself or through licensees) do any act whereby any material portion of the
Copyrights may fall into the public domain.

                  (d)      Such Grantor (either itself or through licensees)
will not do any act that knowingly uses any material Intellectual Property to
infringe the intellectual property rights of any other Person.

                  (e)      Such Grantor will notify the Administrative Agent
immediately if it knows, or has reason to know, that any application or
registration relating to any material Intellectual Property may become
forfeited, abandoned or dedicated to the public, or of any adverse determination
or development (including, without limitation, the institution of, or any such
determination or development in, any proceeding in the United States Patent and
Trademark Office, the United States Copyright Office or any court or tribunal in
any country) regarding such Grantor's ownership of, or the validity of, any
material Intellectual Property or such Grantor's right to register the same or
to own and maintain the same.

                  (f)      Whenever such Grantor, either by itself or through
any agent, employee, licensee or designee, shall file an application for the
registration of any Intellectual Property with the United States Patent and
Trademark Office, the United States Copyright Office or any similar office or
agency in any other country or any political subdivision thereof, such Grantor
shall report such filing to the Administrative Agent within 20 Business Days
after the last day of the fiscal quarter in which such filing occurs. Upon
request of the Administrative Agent, such Grantor shall execute and deliver, and
have recorded, any and all agreements, instruments, documents, and papers as the
Administrative Agent may reasonably request to evidence the Administrative
Agent's and the Secured Parties' security interest in any Copyright, Patent or
Trademark and the goodwill and General Intangibles of such Grantor relating
thereto or represented thereby.

                  (g)      Such Grantor will take all reasonable and necessary
steps, including, without limitation, in any proceeding before the United States
Patent and Trademark Office, the United States Copyright Office or any similar
office or agency or any political subdivision thereof, to maintain and pursue
each application relating to any material Intellectual Property (and to obtain
the relevant registration) and to maintain each registration of the material
Intellectual Property, including, without limitation, filing of applications for
renewal, affidavits of use and affidavits of incontestability.

<PAGE>

                                                                              20

                  (h)      In the event that any material Intellectual Property
is infringed, misappropriated or diluted by a third party, such Grantor shall
(i) take such actions as such Grantor shall reasonably deem appropriate under
the circumstances to protect such Intellectual Property and (ii) if such
Intellectual Property is of material economic value, promptly notify the
Administrative Agent after it learns thereof and, if reasonable or appropriate
under the circumstances in the judgment of a Responsible Officer of such
Grantor, sue for infringement, misappropriation or dilution, to seek injunctive
relief where appropriate and to recover any and all damages for such
infringement, misappropriation or dilution.

                         SECTION 6. REMEDIAL PROVISIONS

                  6.1      Certain Matters Relating to Receivables. (a) The
Administrative Agent shall have the right, at any time after the occurrence and
during the continuance of an Event of Default, to make test verifications of the
Receivables in any manner and through any medium that it reasonably considers
advisable, and each Grantor shall furnish all such assistance and information as
the Administrative Agent may reasonably require in connection with such test
verifications. At any time and from time to time after the occurrence and during
the continuance of an Event of Default, upon the Administrative Agent's request
and at the expense of the relevant Grantor, such Grantor shall cause independent
public accountants or others satisfactory to the Administrative Agent to furnish
to the Administrative Agent reports showing reconciliations, aging and test
verifications of, and trial balances for, the Receivables.

                  (b)      The Administrative Agent hereby authorizes each
Grantor to collect such Grantor's Receivables, subject to the Administrative
Agent's direction and control after the occurrence and during the continuance of
an Event of Default, and the Administrative Agent may curtail or terminate
during the continuance of such Event of Default said authority at any time after
the occurrence and during the continuance of an Event of Default. If required by
the Administrative Agent at any time after the occurrence and during the
continuance of an Event of Default, any payments of Receivables, when collected
by any Grantor, (i) shall be forthwith (and, in any event, within two Business
Days) deposited by such Grantor in the exact form received, duly indorsed by
such Grantor to the Administrative Agent if required, in a Collateral Account
maintained under the sole dominion and control of the Administrative Agent,
subject to withdrawal by the Administrative Agent for the account of the Secured
Parties only as provided in Section 6.5, and (ii) until so turned over, shall be
held by such Grantor in trust for the Administrative Agent and the Secured
Parties, segregated from other funds of such Grantor. Each such deposit of
Proceeds of Receivables shall be accompanied by a report identifying in
reasonable detail the nature and source of the payments included in the deposit.

                  (c)      At the Administrative Agent's request, each Grantor
shall deliver to the Administrative Agent all original and other documents
evidencing, and relating to, the agreements and transactions which gave rise to
the Receivables, including, without limitation, all original orders, invoices
and shipping receipts.

                  (d)      At any time after the occurrence and during the
continuance of an Event of Default, each Grantor will cooperate with the
Administrative Agent to establish a system of lockbox accounts, under the sole
dominion and control of the Administrative Agent, into which all Receivables
shall be paid and from which all collected funds will be transferred to a
Collateral Account.

<PAGE>

                                                                              21

                  6.2      Communications with Obligors; Grantors Remain Liable.
(a) The Administrative Agent in its own name or in the name of others may at any
time after the occurrence and during the continuance of an Event of Default
communicate with obligors under the Receivables to verify with them to the
Administrative Agent's satisfaction the existence, amount and terms of any
Receivables.

                  (b)      Upon the request of the Administrative Agent at any
time after the occurrence and during the continuance of an Event of Default,
each Grantor shall notify obligors on the Receivables that the Receivables have
been assigned to the Administrative Agent for the ratable benefit of the Secured
Parties and that payments in respect thereof shall be made directly to the
Administrative Agent.

                  (c)      Anything herein to the contrary notwithstanding, each
Grantor shall remain liable under each of the Receivables (or any agreement
giving rise thereto) to observe and perform all the conditions and obligations
to be observed and performed by it thereunder, all in accordance with the terms
of any agreement giving rise thereto. Neither the Administrative Agent nor any
Secured Party shall have any obligation or liability under any Receivable (or
any agreement giving rise thereto) by reason of or arising out of this Agreement
or the receipt by the Administrative Agent or any Secured Party of any payment
relating thereto, nor shall the Administrative Agent or any Secured Party be
obligated in any manner to perform any of the obligations of any Grantor under
or pursuant to any Receivable (or any agreement giving rise thereto), to make
any payment, to make any inquiry as to the nature or the sufficiency of any
payment received by it or as to the sufficiency of any performance by any party
thereunder, to present or file any claim, to take any action to enforce any
performance or to collect the payment of any amounts which may have been
assigned to it or to which it may be entitled at any time or times.

                  6.3      Pledged Stock. (a) Unless an Event of Default shall
have occurred and be continuing and the Administrative Agent shall have given
notice to the relevant Grantor of the Administrative Agent's intent to exercise
its corresponding rights pursuant to Section 6.3(b), each Grantor shall be
permitted to receive all cash dividends paid in respect of the Pledged Stock and
all payments made in respect of the Pledged Notes, in each case paid in the
normal course of business of the relevant Issuer, to the extent permitted in the
Credit Agreement, and to exercise all voting and corporate rights with respect
to the Pledged Securities; provided, however, that no vote shall be cast or
corporate right exercised or other action taken which, in the Administrative
Agent's reasonable judgment as evidenced by written notice to such Grantor,
would impair the Collateral or which would be inconsistent with or result in any
violation of any provision of the Credit Agreement, this Agreement or any other
Loan Document.

                  (b)      If an Event of Default shall occur and be continuing
and the Administrative Agent shall give notice of its intent to exercise such
rights to the relevant Grantor or Grantors, (i) the Administrative Agent shall
have the right to receive any and all cash dividends, payments or other Proceeds
paid in respect of the Pledged Securities and make application thereof to the
Obligations in the order set forth in Section 6.5, and (ii) any or all of the
Pledged Securities shall be registered in the name of the Administrative Agent
or its nominee, and the Administrative Agent or its nominee may thereafter
exercise (x) all voting, corporate and other rights pertaining to such Pledged
Securities at any meeting of shareholders of the relevant Issuer or Issuers or
otherwise and (y) any and all rights of conversion, exchange and

<PAGE>

                                                                              22

subscription and any other rights, privileges or options pertaining to such
Pledged Securities as if it were the absolute owner thereof (including, without
limitation, the right to exchange at its discretion any and all of the Pledged
Securities upon the merger, consolidation, reorganization, recapitalization or
other fundamental change in the corporate structure of any Issuer, or upon the
exercise by any Grantor or the Administrative Agent of any right, privilege or
option pertaining to such Pledged Securities, and in connection therewith, the
right to deposit and deliver any and all of the Pledged Securities with any
committee, depositary, transfer agent, registrar or other designated agency upon
such terms and conditions as the Administrative Agent may determine), all
without liability except to account for property actually received by it, but
the Administrative Agent shall have no duty to any Grantor to exercise any such
right, privilege or option and shall not be responsible for any failure to do so
or delay in so doing.

                  (c)      Each Grantor hereby authorizes and instructs each
Issuer of any Pledged Securities pledged by such Grantor hereunder to (i) comply
with any instruction received by it from the Administrative Agent in writing
that (x) states that an Event of Default has occurred and is continuing and (y)
is otherwise in accordance with the terms of this Agreement, without any other
or further instructions from such Grantor, and each Grantor agrees that each
Issuer shall be fully protected in so complying, and (ii) unless otherwise
expressly permitted hereby, pay any dividends or other payments with respect to
the Pledged Securities directly to the Administrative Agent.

                  6.4      Proceeds to be Turned Over To Administrative Agent.
In addition to the rights of the Administrative Agent and the Secured Parties
specified in Section 6.1 with respect to payments of Receivables, if an Event of
Default shall occur and be continuing, all Proceeds received by any Grantor
consisting of cash, checks and Instruments shall be held by such Grantor in
trust for the Administrative Agent and the Secured Parties, segregated from
other funds of such Grantor, and shall, forthwith upon receipt by such Grantor,
be turned over to the Administrative Agent in the exact form received by such
Grantor (duly indorsed by such Grantor to the Administrative Agent, if
required). All Proceeds received by the Administrative Agent hereunder shall be
held by the Administrative Agent in a Collateral Account maintained under its
sole dominion and control. All Proceeds while held by the Administrative Agent
in a Collateral Account (or by such Grantor in trust for the Administrative
Agent and the Secured Parties) shall continue to be held as collateral security
for all the Obligations and shall not constitute payment thereof until applied
as provided in Section 6.5.

                  6.5      Application of Proceeds. At such intervals as may be
agreed upon by the Borrower and the Administrative Agent, or, if an Event of
Default shall have occurred and be continuing, at any time at the Administrative
Agent's election, the Administrative Agent may apply all or any part of Proceeds
constituting Collateral, whether or not held in any Collateral Account, and any
proceeds of the guarantee set forth in Section 2, in payment of the Obligations
in the following order:

                  First, to pay incurred and unpaid fees and expenses of the
         Administrative Agent under the Loan Documents;

                  Second, to the Administrative Agent, for application by it
         towards payment of amounts then due and owing and remaining unpaid in
         respect of the Obligations, pro rata

<PAGE>

                                                                              23

         among the Secured Parties according to the amounts of the Obligations
         then due and owing and remaining unpaid to the Secured Parties;

                  Third, to the Administrative Agent, for application by it
         towards prepayment of the Obligations, pro rata among the Secured
         Parties according to the amounts of the Obligations then held by the
         Secured Parties; and

                  Fourth, any balance of such Proceeds remaining after the
         Obligations shall have been paid in full, no Letters of Credit shall be
         outstanding and the Commitments shall have terminated, shall be paid
         over to the Borrower or to whomsoever may be lawfully entitled to
         receive the same.

Notwithstanding the foregoing, money or funds received from Collateral shall be
promptly applied to reduce the Obligations to the extent required by Section
9-207 of the New York UCC.

                  6.6      Code and Other Remedies. If an Event of Default shall
occur and be continuing, the Administrative Agent, on behalf of the Secured
Parties, may exercise, in addition to all other rights and remedies granted to
them in this Agreement and in any other instrument or agreement securing,
evidencing or relating to the Obligations, all rights and remedies of a secured
party under the New York UCC or any other applicable law. Without limiting the
generality of the foregoing, the Administrative Agent, without demand of
performance or other demand, presentment, protest, advertisement or notice of
any kind (except any notice required by law referred to below) to or upon any
Grantor or any other Person (all and each of which demands, defenses,
advertisements and notices are hereby waived), may in such circumstances
forthwith collect, receive, appropriate and realize upon the Collateral, or any
part thereof, and/or may forthwith sell, lease, assign, give option or options
to purchase, or otherwise dispose of and deliver the Collateral or any part
thereof (or contract to do any of the foregoing), in one or more parcels at
public or private sale or sales, at any exchange, broker's board or office of
the Administrative Agent or any Secured Party or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for
cash or on credit or for future delivery without assumption of any credit risk.
The Administrative Agent or any Secured Party shall have the right upon any such
public sale or sales, and, to the extent permitted by law, upon any such private
sale or sales, to purchase the whole or any part of the Collateral so sold, free
of any right or equity of redemption in any Grantor, which right or equity is
hereby waived and released. Each Grantor further agrees, at the Administrative
Agent's request, to assemble the Collateral and make it available to the
Administrative Agent at places which the Administrative Agent shall reasonably
select, whether at such Grantor's premises or elsewhere. The Administrative
Agent shall apply the net proceeds of any action taken by it pursuant to this
Section 6.6, after deducting all reasonable costs and expenses of every kind
incurred in connection therewith or incidental to the care or safekeeping of any
of the Collateral or in any way relating to the Collateral or the rights of the
Administrative Agent and the Secured Parties hereunder, including, without
limitation, reasonable attorneys' fees and disbursements, to the payment in
whole or in part of the Obligations, in such order as the Administrative Agent
may elect, and only after such application and after the payment by the
Administrative Agent of any other amount required by any provision of law,
including, without limitation, Section 9-615(a)(3) of the New York UCC, need the
Administrative Agent account for the surplus, if any, to any Grantor. To the
extent permitted by applicable law, each Grantor waives all claims, damages and
demands it may acquire against the Administrative Agent or any Secured Party
arising out of

<PAGE>

                                                                              24

the exercise by them of any rights hereunder. If any notice of a proposed sale
or other disposition of Collateral shall be required by law, such notice shall
be deemed reasonable and proper if given at least 10 days before such sale or
other disposition.

                  6.7      Registration Rights. (a) Each Grantor recognizes that
the Administrative Agent may be unable to effect a public sale of any or all the
Pledged Stock, by reason of certain prohibitions contained in the Securities Act
and applicable state securities laws or otherwise, and may be compelled to
resort to one or more private sales thereof to a restricted group of purchasers
which will be obliged to agree, among other things, to acquire such securities
for their own account for investment and not with a view to the distribution or
resale thereof. Each Grantor acknowledges and agrees that any such private sale
may result in prices and other terms less favorable than if such sale were a
public sale and, notwithstanding such circumstances, agrees that any such
private sale shall be deemed to have been made in a commercially reasonable
manner. The Administrative Agent shall be under no obligation to delay a sale of
any of the Pledged Stock for the period of time necessary to permit the Issuer
thereof to register such securities for public sale under the Securities Act, or
under applicable state securities laws, even if such Issuer would agree to do
so.

                  (b)      Each Grantor agrees to use its commercially
reasonable efforts to do or cause to be done all such acts as may be necessary
to make such sale or sales of all or any portion of the Pledged Stock pursuant
to this Section 6.7 valid and binding and in compliance with any and all other
applicable Requirements of Law other than the filing of registration,
qualification or similar statements under the Securities Act or applicable state
securities laws. Each Grantor further agrees that a breach of any of the
covenants contained in this Section 6.7 will cause irreparable injury to the
Administrative Agent and the Secured Parties, that the Administrative Agent and
the Secured Parties have no adequate remedy at law in respect of such breach
and, as a consequence, that each and every covenant contained in this Section
6.7 shall be specifically enforceable against such Grantor, and such Grantor
hereby waives and agrees not to assert any defenses against an action for
specific performance of such covenants except for a defense that no Event of
Default has occurred under the Credit Agreement.

                  6.8      Deficiency. Each Grantor shall remain liable for any
deficiency if the proceeds of any sale or other disposition of the Collateral
are insufficient to pay its Obligations and the fees and disbursements of any
attorneys employed by the Administrative Agent or any Secured Party to collect
such deficiency.

                       SECTION 7. THE ADMINISTRATIVE AGENT

                  7.1      Administrative Agent's Appointment as
Attorney-in-Fact, etc. (a) Each Grantor hereby irrevocably constitutes and
appoints the Administrative Agent and any officer or agent thereof, with full
power of substitution, as its true and lawful attorney-in-fact with full
irrevocable power and authority in the place and stead of such Grantor and in
the name of such Grantor or in its own name, for the purpose of carrying out the
terms of this Agreement, to take any and all appropriate action and to execute
any and all documents and instruments which may be necessary or desirable to
accomplish the purposes of this Agreement, and, without limiting the generality
of the foregoing, each Grantor hereby gives the Administrative Agent the power
and right, on behalf of such Grantor, without notice to or assent by such
Grantor, to do any or all of the following:

<PAGE>

                                                                              25

                  (i)      in the name of such Grantor or its own name, or
         otherwise, take possession of and indorse and collect any checks,
         drafts, notes, acceptances or other instruments for the payment of
         moneys due under any Receivable or with respect to any other Collateral
         and file any claim or take any other action or proceeding in any court
         of law or equity or otherwise deemed appropriate by the Administrative
         Agent for the purpose of collecting any and all such moneys due under
         any Receivable or with respect to any other Collateral whenever
         payable;

                  (ii)     in the case of any Intellectual Property, execute and
         deliver, and have recorded, any and all agreements, instruments,
         documents and papers as the Administrative Agent may request to
         evidence the Administrative Agent's and the Secured Parties' security
         interest in such Intellectual Property and the goodwill and general
         intangibles of such Grantor relating thereto or represented thereby;

                  (iii)    pay or discharge taxes and Liens levied or placed on
         or threatened against the Collateral, effect any repairs or any
         insurance called for by the terms of this Agreement and pay all or any
         part of the premiums therefor and the costs thereof;

                  (iv)     execute, in connection with any sale provided for in
         Section 6.6 or 6.7, any indorsements, assignments or other instruments
         of conveyance or transfer with respect to the Collateral; and

                  (v)      (1) direct any party liable for any payment under any
         of the Collateral to make payment of any and all moneys due or to
         become due thereunder directly to the Administrative Agent or as the
         Administrative Agent shall direct; (2) ask or demand for, collect, and
         receive payment of and receipt for, any and all moneys, claims and
         other amounts due or to become due at any time in respect of or arising
         out of any Collateral; (3) sign and indorse any invoices, freight or
         express bills, bills of lading, storage or warehouse receipts, drafts
         against debtors, assignments, verifications, notices and other
         documents in connection with any of the Collateral; (4) commence and
         prosecute any suits, actions or proceedings at law or in equity in any
         court of competent jurisdiction to collect the Collateral or any
         portion thereof and to enforce any other right in respect of any
         Collateral; (5) defend any suit, action or proceeding brought against
         such Grantor with respect to any Collateral; (6) settle, compromise or
         adjust any such suit, action or proceeding and, in connection
         therewith, give such discharges or releases as the Administrative Agent
         may deem appropriate; (7) assign any Copyright, Patent or Trademark
         (along with the goodwill of the business to which any such Copyright,
         Patent or Trademark pertains), throughout the world for such term or
         terms, on such conditions, and in such manner, as the Administrative
         Agent shall in its sole discretion determine; and (8) generally, sell,
         transfer, pledge and make any agreement with respect to or otherwise
         deal with any of the Collateral as fully and completely as though the
         Administrative Agent were the absolute owner thereof for all purposes,
         and do, at the Administrative Agent's option and such Grantor's
         expense, at any time, or from time to time, all acts and things which
         the Administrative Agent deems necessary to protect, preserve or
         realize upon the Collateral and the Administrative Agent's and the
         Secured Parties' security interests therein and to effect the intent of
         this Agreement, all as fully and effectively as such Grantor might do.

<PAGE>

                                                                              26

                  Anything in this Section 7.1(a) to the contrary
notwithstanding, the Administrative Agent agrees that it will not exercise any
rights under the power of attorney provided for in this Section 7.1(a) unless an
Event of Default shall have occurred and be continuing.

                  (b)      If any Grantor fails to perform or comply with any of
its agreements contained herein, the Administrative Agent, at its option, but
without any obligation so to do, may perform or comply, or otherwise cause
performance or compliance, with such agreement.

                  (c)      The expenses of the Administrative Agent incurred in
connection with actions undertaken as provided in this Section 7.1, together
with interest thereon at a rate per annum equal to the rate per annum at which
interest would then be payable on past due Revolving Credit Loans that are Base
Rate Loans under the Credit Agreement, from the date of payment by the
Administrative Agent to the date reimbursed by the relevant Grantor, shall be
payable by such Grantor to the Administrative Agent on demand.

                  (d)      Each Grantor hereby ratifies all that said attorneys
shall lawfully do or cause to be done by virtue hereof. All powers,
authorizations and agencies contained in this Agreement are coupled with an
interest and are irrevocable until this Agreement is terminated and the security
interests created hereby are released.

                  7.2      Duty of Administrative Agent. The Administrative
Agent's sole duty with respect to the custody, safekeeping and physical
preservation of the Collateral in its possession, under Section 9-207 of the New
York UCC or otherwise, shall be to deal with it in the same manner as the
Administrative Agent deals with similar property for its own account. Neither
the Administrative Agent, any Secured Party nor any of their respective
officers, directors, employees or agents shall be liable for failure to demand,
collect or realize upon any of the Collateral or for any delay in doing so or
shall be under any obligation to sell or otherwise dispose of any Collateral
upon the request of any Grantor or any other Person or to take any other action
whatsoever with regard to the Collateral or any part thereof. The powers
conferred on the Administrative Agent and the Secured Parties hereunder are
solely to protect the Administrative Agent's and the Secured Parties' interests
in the Collateral and shall not impose any duty upon the Administrative Agent or
any Secured Party to exercise any such powers. The Administrative Agent and the
Secured Parties shall be accountable only for amounts that they actually receive
as a result of the exercise of such powers, and neither they nor any of their
officers, directors, employees or agents shall be responsible to any Grantor for
any act or failure to act hereunder, except for their own gross negligence, bad
faith or willful misconduct.

                  7.3      Execution of Financing Statements. Pursuant to any
applicable law, each Grantor authorizes the Administrative Agent to file or
record financing statements and other filing or recording documents or
instruments with respect to the Collateral without the signature of such Grantor
in such form and in such offices as the Administrative Agent determines
appropriate to perfect the security interests of the Administrative Agent under
this Agreement. Each Grantor authorizes the Administrative Agent to use the
collateral description "all personal property other than the Excluded Assets (as
defined in the Amended and Restated Guarantee and Collateral Agreement, dated as
of April 2, 2004, made by the debtor and each of the other signatories thereto,
in favor of Lehman Commercial Paper Inc., as Administrative Agent, as such may
be amended from time to time)" in any such financing statements filed on or
after the

<PAGE>

                                                                              27

Effective Date. Each Grantor hereby ratifies and authorizes the filing by the
Administrative Agent of any financing statement with respect to the Collateral
made prior to the date hereof.

                  7.4      Authority of Administrative Agent. Each Grantor
acknowledges that the rights and responsibilities of the Administrative Agent
under this Agreement with respect to any action taken by the Administrative
Agent or the exercise or non-exercise by the Administrative Agent of any option,
voting right, request, judgment or other right or remedy provided for herein or
resulting or arising out of this Agreement shall, as between the Administrative
Agent and the Secured Parties, be governed by the Credit Agreement and by such
other agreements with respect thereto as may exist from time to time among them,
but, as between the Administrative Agent and the Grantors, the Administrative
Agent shall be conclusively presumed to be acting as agent for the Secured
Parties with full and valid authority so to act or refrain from acting, and no
Grantor shall be under any obligation, or entitlement, to make any inquiry
respecting such authority.

                            SECTION 8. MISCELLANEOUS

                  8.1      Amendments in Writing. None of the terms or
provisions of this Agreement may be waived, amended, supplemented or otherwise
modified except in accordance with Section 10.1 of the Credit Agreement.

                  8.2      Notices. All notices, requests and demands to or upon
the Administrative Agent or any Grantor hereunder shall be effected in the
manner provided for in Section 10.2 of the Credit Agreement; provided that any
such notice, request or demand to or upon any Guarantor shall be addressed to
such Guarantor care of the Borrower at the address specified in Section 10.2 of
the Credit Agreement.

                  8.3      No Waiver by Course of Conduct; Cumulative Remedies.
Neither the Administrative Agent nor any Secured Party shall by any act (except
by a written instrument pursuant to Section 8.1), delay, indulgence, omission or
otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any Default or Event of Default. No failure to exercise, nor any
delay in exercising, on the part of the Administrative Agent or any Secured
Party, any right, power or privilege hereunder shall operate as a waiver
thereof. No single or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. A waiver by the Administrative Agent or
any Secured Party of any right or remedy hereunder on any one occasion shall not
be construed as a bar to any right or remedy which the Administrative Agent or
such Secured Party would otherwise have on any future occasion. The rights and
remedies herein provided are cumulative, may be exercised singly or concurrently
and are not exclusive of any other rights or remedies provided by law.

                  8.4      Enforcement Expenses; Indemnification. (a) Subject to
Section 10.5 of the Credit Agreement, each Guarantor agrees to pay, or reimburse
each Secured Party and the Administrative Agent for, all its costs and expenses
incurred in collecting against such Guarantor under the guarantee contained in
Section 2 or otherwise enforcing or preserving any rights under this Agreement
and the other Loan Documents to which such Guarantor is a party, including,
without limitation, the fees and disbursements of counsel (including the
allocated fees and expenses of in-house counsel) to each Secured Party and of
counsel to the Administrative Agent.

<PAGE>

                                                                              28

                  (b)      Each Guarantor agrees to pay, and to save the
Administrative Agent and the Secured Parties harmless from, any and all
liabilities with respect to, or resulting from any delay in paying, any and all
stamp, excise, sales or other taxes which may be payable or determined to be
payable with respect to any of the Collateral or in connection with any of the
transactions contemplated by this Agreement.

                  (c)      Each Guarantor agrees to pay, and to save the
Administrative Agent and the Secured Parties harmless from, any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever with respect
to the execution, delivery, enforcement, performance and administration of this
Agreement to the extent the Borrower would be required to do so pursuant to
Section 10.5 of the Credit Agreement.

                  (d)      The agreements in this Section shall survive
repayment of the Obligations and all other amounts payable under the Credit
Agreement and the other Loan Documents.

                  8.5      Successors and Assigns. This Agreement shall be
binding upon the successors and assigns of each Grantor and shall inure to the
benefit of the Administrative Agent and the Secured Parties and their successors
and assigns; provided that no Grantor may assign, transfer or delegate any of
its rights or obligations under this Agreement without the prior written consent
of the Administrative Agent.

                  8.6      Set-Off. Each Grantor hereby irrevocably authorizes
the Administrative Agent and each Secured Party at any time and from time to
time while an Event of Default shall have occurred and be continuing, without
notice to such Grantor or any other Grantor, any such notice being expressly
waived by each Grantor, to set-off as appropriate and apply any and all deposits
(general or special, time or demand, provisional or final, but excluding
deposits held by such Grantor in a fiduciary capacity for others), in any
currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or
unmatured, at any time held or owing by the Administrative Agent or such Secured
Party to or for the credit or the account of such Grantor, or any part thereof
in such amounts as the Administrative Agent or such Secured Party may elect,
against and on account of the obligations and liabilities of such Grantor to the
Administrative Agent or such Secured Party hereunder and claims of every nature
and description of the Administrative Agent or such Secured Party against such
Grantor, in any currency, whether arising hereunder, under the Credit Agreement,
any other Loan Document or otherwise, as the Administrative Agent or such
Secured Party may elect, whether or not the Administrative Agent or any Secured
Party has made any demand for payment and although such obligations, liabilities
and claims may be contingent or unmatured. The Administrative Agent and each
Secured Party shall notify such Grantor promptly of any such set-off and the
application made by the Administrative Agent or such Secured Party of the
proceeds thereof, provided that the failure to give such notice shall not affect
the validity of such set-off and application. The rights of the Administrative
Agent and each Secured Party under this Section are in addition to other rights
and remedies (including, without limitation, other rights of set-off) which the
Administrative Agent or such Secured Party may have.

<PAGE>

                                                                              29

                  8.7      Counterparts. This Agreement may be executed by one
or more of the parties to this Agreement on any number of separate counterparts
(including by telecopy), and all of said counterparts taken together shall be
deemed to constitute one and the same instrument.

                  8.8      Severability. Any provision of this Agreement which
is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

                  8.9      Section Headings. The Section headings used in this
Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

                  8.10     Integration. This Agreement and the other Loan
Documents represent the agreement of the Grantors, the Administrative Agent and
the Secured Parties with respect to the subject matter hereof and thereof, and
there are no promises, undertakings, representations or warranties by the
Administrative Agent or any Secured Party relative to subject matter hereof and
thereof not expressly set forth or referred to herein or in the other Loan
Documents.

                  8.11     GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.

                  8.12     Submission To Jurisdiction; Waivers. Each Grantor
hereby irrevocably and unconditionally:

                  (a)      submits for itself and its property in any legal
         action or proceeding relating to this Agreement and the other Loan
         Documents to which it is a party, or for recognition and enforcement of
         any judgment in respect thereof, to the non-exclusive general
         jurisdiction of the Courts of the State of New York, the courts of the
         United States of America for the Southern District of New York, and
         appellate courts from any thereof;

                  (b)      consents that any such action or proceeding may be
         brought in such courts and waives any objection that it may now or
         hereafter have to the venue of any such action or proceeding in any
         such court or that such action or proceeding was brought in an
         inconvenient court and agrees not to plead or claim the same;

                  (c)      agrees that service of process in any such action or
         proceeding may be effected by mailing a copy thereof by registered or
         certified mail (or any substantially similar form of mail), postage
         prepaid, to such Grantor at its address referred to in Section 8.2 or
         at such other address of which the Administrative Agent shall have been
         notified pursuant thereto;

                  (d)      agrees that nothing herein shall affect the right to
         effect service of process in any other manner permitted by law or shall
         limit the right to sue in any other jurisdiction; and

<PAGE>

                                                                              30

                  (e)      waives, to the maximum extent not prohibited by law,
         any right it may have to claim or recover in any legal action or
         proceeding referred to in this Section any special, exemplary, punitive
         or consequential damages.

                  8.13     Acknowledgments. Each Grantor hereby acknowledges
         that:

                  (a)      it has been advised by counsel in the negotiation,
         execution and delivery of this Agreement and the other Loan Documents
         to which it is a party;

                  (b)      neither the Administrative Agent nor any Secured
         Party has any fiduciary relationship with or duty to any Grantor
         arising out of or in connection with this Agreement or any of the other
         Loan Documents, and the relationship between the Grantors, on the one
         hand, and the Administrative Agent and Secured Parties, on the other
         hand, in connection herewith or therewith is solely that of debtor and
         creditor; and

                  (c)      no joint venture is created hereby or by the other
         Loan Documents or otherwise exists by virtue of the transactions
         contemplated hereby among the Secured Parties or among the Grantors and
         the Secured Parties.

                  8.14     Additional Grantors. Each Subsidiary of the Borrower
that is required to become a party to this Agreement pursuant to Section 6.9 of
the Credit Agreement shall become a Grantor for all purposes of this Agreement
upon execution and delivery by such Subsidiary of an Assumption Agreement in the
form of Annex I hereto.

                  8.15     Releases. (a) At such time as the Loans, the
Reimbursement Obligations and the other Obligations (other than Borrower Hedge
Agreement Obligations and Guarantor Hedge Agreement Obligations) shall have been
paid in full, the Commitments have been terminated and no Letters of Credit
shall be outstanding, the Collateral shall be released from the Liens created
hereby, and this Agreement and all obligations (other than those expressly
stated to survive such termination) of the Administrative Agent and each Grantor
hereunder shall terminate, all without delivery of any instrument or performance
of any act by any party, and all rights to the Collateral shall revert to the
Grantors. At the request and sole expense of any Grantor following any such
termination, the Administrative Agent shall deliver to such Grantor any
Collateral held by the Administrative Agent hereunder, and execute and deliver
to such Grantor such documents as such Grantor shall reasonably request to
evidence such termination.

                  (b)      If any of the Collateral shall be sold, transferred
or otherwise disposed of by any Grantor in a transaction permitted by the Credit
Agreement, then the Administrative Agent, at the request and sole expense of
such Grantor, shall execute and deliver to such Grantor all releases or other
documents reasonably necessary or desirable for the release of the Liens created
hereby on such Collateral. At the request and sole expense of the Borrower, a
Subsidiary Guarantor shall be released from its obligations hereunder in the
event that all the Capital Stock of such Subsidiary Guarantor shall be sold,
transferred or otherwise disposed of in a transaction permitted by the Credit
Agreement; provided that the Borrower shall have delivered to the Administrative
Agent, at least 10 Business Days prior to the date of the proposed release, a
written request for release identifying the relevant Subsidiary Guarantor and
the terms of the sale or other disposition in reasonable detail, including the
price thereof and any expenses in

<PAGE>

                                                                              31

connection therewith, together with a certification by the Borrower stating that
such transaction is in compliance with the Credit Agreement and the other Loan
Documents.

                  8.16     WAIVER OF JURY TRIAL. EACH GRANTOR AND, BY ACCEPTANCE
OF THE BENEFITS HEREOF, EACH AGENT AND EACH LENDER, HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

                  8.17     Additional Waiver. Each Guarantor waives all rights
and defenses that such Guarantor may have because the Borrower's debt is secured
by real property. This means, among other things: (i) the Administrative Agent
or the Lenders may collect from any Guarantor without first foreclosing on any
real or personal property collateral pledged by the Borrower, (ii) if the
Administrative Agent or the Lenders foreclose on any real property collateral
pledged by the Borrower, (A) the amount of the debt may be reduced only by the
price for which that collateral is sold at the foreclosure sale, even if the
collateral is worth more than the sale price; (B) the Administrative Agent or
the Lenders may collect from the Guarantors even if the Administrative Agent or
the Lenders, by foreclosing on the real property collateral, has destroyed any
right any Guarantor may have to collect from the Borrower. THIS IS AN
UNCONDITIONAL AND IRREVOCABLE WAIVER OF ANY RIGHTS AND DEFENSES ANY GUARANTOR
MAY HAVE BECAUSE THE BORROWER'S DEBT IS SECURED BY REAL PROPERTY. THESE RIGHTS
AND DEFENSES INCLUDE, BUT ARE NOT LIMITED TO, ANY RIGHTS AND DEFENSES BASED UPON
SECTIONS 580a, 580b, 580d, OR 726 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE.
Each Guarantor waives all rights and defenses arising out of an election of
remedies by the Administrative Agent or the Lenders, even though that election
of remedies, such as a non-judicial foreclosure with respect to security for an
Obligation guaranteed by any Guarantor, has destroyed any Guarantor's rights of
subrogation and reimbursement against the principal by operation of Section 580d
of the California Code of Civil Procedure or otherwise.

<PAGE>

                  IN WITNESS WHEREOF, each of the undersigned has caused this
Guarantee and Collateral Agreement to be duly executed and delivered as of the
date first above written.

                                         CINEMARK, INC.

                                         By: /s/ Michael Cavalier
                                             -----------------------------------
                                             Name: Michael Cavalier
                                             Title: Secretary

                                         CNMK HOLDING, INC.

                                         By: /s/ Andrew Panaccione
                                             -----------------------------------
                                             Name: Andrew Panaccione
                                             Title: Secretary

                                         CINEMARK USA, INC.

                                         By: /s/ Robert Copple
                                             -----------------------------------
                                             Name: Robert Copple
                                             Title: Senior Vice President

                                         CINEMARK INVESTMENTS CORPORATION
                                         CINEMARK LEASING COMPANY
                                         CINEMARK, L.L.C.
                                         CINEMARK MEXICO (USA), INC.
                                         GREELEY HOLDINGS, INC.
                                         CINEMARK PARTNERS I, INC.
                                         CINEMARK PROPERTIES, INC.
                                         MISSOURI CITY CENTRAL 6, INC.
                                         MULTIPLEX SERVICES, INC.
                                         SUNNYMEAD CINEMA CORP.
                                         TRANS TEXAS CINEMA, INC.

                                         By: /s/ Michael Cavalier
                                             -----------------------------------
                                             Name: Michael Cavalier
                                             Title: Vice President - General
                                             Counsel

  [SIGNATURE PAGE TO THE AMENDED AND RESTATED GUARANTEE & COLLATERAL AGREEMENT]

<PAGE>

                                         CNMK TEXAS PROPERTIES, LTD.

                                         By: Sunnymead Cinema Corp., its
                                             general partner

                                         By: /s/ Michael Cavalier
                                             -----------------------------------
                                             Name: Michael Cavalier
                                             Title: Vice President - General
                                             Counsel

                                         LAREDO THEATRE, LTD.

                                         By: CNMK Texas Properties, Ltd., its
                                             general partner

                                         By: Sunnymead Cinema Corp., its
                                             general partner

                                         By: /s/ Michael Cavalier
                                             -----------------------------------
                                             Name: Michael Cavalier
                                             Title: Vice President - General
                                             Counsel

                                         CNMK DELAWARE INVESTMENTS I, L.L.C.
                                         CNMK DELAWARE INVESTMENTS II, L.L.C.
                                         CNMK INVESTMENTS, INC.
                                         MULTIPLEX PROPERTIES, INC.

                                         By: /s/ Andrew Panaccione
                                             -----------------------------------
                                             Name: Andrew Panaccione
                                             Title: Secretary

                                        CNMK DELAWARE INVESTMENT
                                        PROPERTIES, L.P.

                                        By: CNMK Delaware Investments I, L.L.C.,
                                            its general partner

                                        By: /s/ Andrew Panaccione
                                            ------------------------------------
                                            Name: Andrew Panaccione
                                            Title: Secretary

  [SIGNATURE PAGE TO THE AMENDED AND RESTATED GUARANTEE & COLLATERAL AGREEMENT]<PAGE>
                                                                   EXHIBIT 10.14

================================================================================

                              EMPLOYMENT AGREEMENT

                                      AMONG

                                CARDTRONICS, LP,

                                CARDTRONICS, INC.

                                       AND

                                 CHRIS BREWSTER

                                 MARCH 31, 2004

================================================================================
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>     <C>                                                                <C>
                                    ARTICLE 1
                            DEFINITIONS; CONSTRUCTION

1.1      DEFINITIONS........................................................1
1.2      CONSTRUCTION.......................................................1

                                    ARTICLE 2
                              EMPLOYMENT AND DUTIES

2.1      EMPLOYMENT; EFFECTIVE DATE.........................................1
2.2      POSITION...........................................................1
2.3      DUTIES AND SERVICES................................................2
2.4      DUTY OF LOYALTY....................................................2

                                    ARTICLE 3
                EMPLOYMENT TERM, TERMINATION AND RELATED MATTERS

3.1      EMPLOYMENT TERM....................................................2
3.2      TERMINATION........................................................2
3.3      EFFECT OF TERMINATION..............................................3
3.4      MISCELLANEOUS TERMS RELATING TO TERMINATION........................4

                                    ARTICLE 4
               COMPENSATION, BONUSES, BENEFITS AND STOCK PURCHASE

4.1      BASE SALARY........................................................5
4.2      BONUSES............................................................5
4.3      BENEFITS...........................................................5

                                    ARTICLE 5
                            PROTECTION OF INFORMATION

5.1      DISCLOSURE TO AND PROPERTY OF THE COMPANY..........................6
5.2      DISCLOSURE TO THE EMPLOYEE.........................................6
5.3      NO UNAUTHORIZED USE OR DISCLOSURE..................................7
5.4      OWNERSHIP BY COMPANY...............................................8
5.5      ASSISTANCE BY THE EMPLOYEE.........................................8
5.6      REMEDIES...........................................................8

                                    ARTICLE 6
               STATEMENTS CONCERNING THE COMPANY AND THE EMPLOYEE

6.1      IN GENERAL.........................................................8

                                    ARTICLE 7
                        NON-COMPETITION AFTER TERMINATION

7.1      IN GENERAL.........................................................9
</TABLE>

                                       i
<PAGE>
<TABLE>
<S>     <C>                                                                <C>
                                    ARTICLE 8
                                  MISCELLANEOUS

8.1      NOTICES...........................................................11
8.2      APPLICABLE LAW....................................................11
8.3      NO WAIVER.........................................................11
8.4      SEVERABILITY......................................................11
8.5      COUNTERPARTS......................................................12
8.6      WITHHOLDING OF TAXES AND OTHER EMPLOYEE DEDUCTIONS................12
8.7      HEADINGS..........................................................12
8.8      GENDER AND PLURALS................................................12
8.9      ASSIGNMENT........................................................12
8.10     AMENDMENT; ENTIRE AGREEMENT.......................................12
8.11     ARBITRATION.......................................................12
8.12     EMPLOYEE'S REPRESENTATION.........................................13
8.13     OTHER MATTERS.....................................................13
8.14     INDEMNIFICATION...................................................13

EXHIBITS:

A -      Defined Terms

B -      Form of Nonstatutory Stock Option Agreement

C -      Form of Release Agreement
</TABLE>

                                       ii
<PAGE>
                              EMPLOYMENT AGREEMENT

                                (Chris Brewster)

      This EMPLOYMENT AGREEMENT (this "AGREEMENT") is entered into by and among
Cardtronics, LP, a Delaware limited partnership (the "COMPANY"), Cardtronics,
Inc., a Delaware corporation ("CARDTRONICS, INC."), and Chris Brewster, a
resident of Harris County, Texas (the "EMPLOYEE"), as of March 31, 2004.
Cardtronics, Inc. joins in the execution of this Agreement for the sole purpose
of evidencing its agreement to the provisions set forth in Sections 4.3(d), 6.1
and 8.14.

      In consideration of the employment by the Company, and of the compensation
and other remuneration to be paid by the Company to the Employee for such
employment, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the Employee, the Company and
the Employee agree as follows:

                                   ARTICLE 1
                            DEFINITIONS; CONSTRUCTION

      1.1   DEFINITIONS. In addition to terms defined in the body of this
Agreement, capitalized terms used herein shall have the meanings given to them
in Exhibit A.

      1.2   CONSTRUCTION. All article, section, subsection and exhibit
references used in this Agreement are to this Agreement unless otherwise
specified. Exhibits attached to this Agreement constitute a part of this
Agreement and are incorporated herein. Unless the context of this Agreement
clearly requires otherwise, (a) the singular shall include the plural and the
plural shall include the singular wherever and as often as may be appropriate,
(b) the words "includes" or "including" shall mean "including without
limitation," and (c) the words "hereof," "herein," "hereunder" and similar terms
in this Agreement shall refer to this Agreement as a whole and not any
particular section or article in which such words appear.

                                   ARTICLE 2
                              EMPLOYMENT AND DUTIES

      2.1   EMPLOYMENT; EFFECTIVE DATE. Subject to the terms of this Agreement,
the Company agrees to employ the Employee, and the Employee agrees to be
employed by the Company, beginning as of February 17, 2004 (the "EFFECTIVE
DATE") and continuing until the last day of the Employment Term.

      2.2   POSITION. During the Employment Term, the Employee shall serve as
the Chief Financial Officer of the Company or such other position as the Company
and the Employee mutually agree. As long as Cardtronics, Inc. is the direct or
indirect owner of the Company, the Employee shall also serve as the Chief
Financial Officer of Cardtronics, Inc. The Employee shall report directly to the
Chief Executive Officer of the Company and of Cardtronics, Inc. As the Chief
Financial Officer of the Company and Cardtronics, Inc., the Employee will have
primary responsibility, subject to the direction of the Board and the Chief
Executive Officer, of the Company's and Cardtronics, Inc.'s financial operations
including accounting functions,

<PAGE>
financial reporting, taxes, risk management, budgets, financial projections,
financial support to the Board and assistance with investor relations.

      2.3   DUTIES AND SERVICES. The Employee shall perform diligently and to
the best of his abilities the duties and services appertaining to the Employee's
position as provided in Section 2.2, as well as such additional duties and
services appropriate to such position that the Board may determine from time to
time. The Employee's employment shall also be subject to the policies maintained
and established by the Board, as the same may be amended from time to time. In
furtherance of the foregoing, the Employee shall devote his full business time,
energy and efforts to the business and affairs of the Company and its Affiliates
and shall not engage, directly or indirectly, in any other business or
businesses, whether or not similar to that of the Company. The foregoing
notwithstanding, the parties recognize that the Employee may engage in passive
personal investments and other non-competitive business activities that do not
conflict with the business and affairs of the Company or its Affiliates or
interfere with the Employee's performance of his duties hereunder.

      2.4   DUTY OF LOYALTY. The Employee acknowledges and agrees that the
Employee owes a fiduciary duty of loyalty, fidelity and allegiance to act at all
times in the best interests of the Company and its Affiliates and to do no act
that would injure the business, interests or reputation of the Company or any of
its Affiliates. In keeping with these duties, the Employee shall make full
disclosure to the Board of all business opportunities pertaining to the
Company's business and shall not appropriate for the Employee's own benefit any
such business opportunities.

                                   ARTICLE 3
                EMPLOYMENT TERM, TERMINATION AND RELATED MATTERS

      3.1   EMPLOYMENT TERM. The term of this Agreement shall commence on the
Effective Date and end on the third anniversary of the Effective Date (the
"STATED TERM") unless earlier terminated in accordance with this Agreement (the
Employee's actual period of employment, whether extending through the Stated
Term or terminated earlier in accordance with this Agreement, is referred to
herein as the "EMPLOYMENT TERM").

      3.2   TERMINATION. Notwithstanding the provisions of Section 3.1, the
Employee's employment shall terminate prior to the expiration of the Stated Term
as follows:

            (a)   automatically, upon the Employee's death or voluntary
      resignation;

            (b)   by the Company, upon notice to the Employee:

                  (i)   upon the Employee becoming incapacitated by accident,
                        sickness or other circumstance that renders him Totally
                        Disabled;

                  (ii)  upon the occurrence of any conduct or event constituting
                        Cause, but only after (A) an act or omission occurs
                        which may constitute Cause, (B) the Company notifies the
                        Employee (the "FOR CAUSE NOTICE") that the Company
                        intends to terminate his employment for Cause (and the
                        acts or

                                       2
<PAGE>
                        omissions which allegedly constitute Cause must be
                        described by the Company in reasonable detail in the For
                        Cause Notice); and (C) in the case of an act or omission
                        described in clauses (a), (c), (d) or (f) of the
                        definition of the term Cause set forth in Exhibit A,
                        within 10 days after receiving such notice from the
                        Company, the Employee fails to cure the circumstances
                        which gave rise to a potential termination for Cause or
                        otherwise prevent the event which constituted grounds
                        for Cause before the occurrence of such event; or

                  (iii) at any time after 120 days after the Effective Date, for
                        any reason other than (A) the expiration of the Stated
                        Term or (B) a reason described in Section 3.2(a),
                        3.2(b)(i) or 3.2(b)(ii) (termination by the Company
                        under this clause (iii) being referred to as a "WITHOUT
                        CAUSE TERMINATION");

            (c)   by the Employee, if:

                  (i)   a Good Reason Event occurs;

                  (ii)  the Employee notifies the Company (the "GOOD REASON
                        NOTICE") within one year of the occurrence of the Good
                        Reason Event that the Employee intends to terminate his
                        employment with the Company because of the occurrence of
                        a Good Reason Event (which event must be described by
                        the Employee in reasonable detail in the Good Reason
                        Notice); and

                  (iii) within 20 days after receiving such notice from the
                        Employee, the Company fails to reinstate the Employee to
                        the position he was in, or otherwise cure the
                        circumstances giving rise to the Good Reason Event,
                        before the occurrence of such event.

      Termination under Section 3.2(c) is referred to elsewhere in this
Agreement as a "GOOD REASON TERMINATION."

      3.3   EFFECT OF TERMINATION

            (a)   If the Employee's employment under this Agreement terminates
at the expiration of the Stated Term or for any reason described in Section
3.2(a), 3.2(b)(i) or 3.2(b)(ii), all compensation, bonuses and benefits to the
Employee not yet accrued hereunder shall terminate contemporaneously with the
expiration of the Employment Term, but the Employee will be entitled to (i)
payment of all accrued and unpaid Base Salary to the date of termination, (ii)
reimbursement for all incurred but unreimbursed expenses for which the Employee
is entitled to reimbursement in accordance with the Company's written policies,
(iii) benefits to which the Employee is entitled under the terms of any
applicable benefit plan or program, and (iv) in the case of termination of
employment for any reason other than Cause as described in Section 3.2(b)(ii),
payment of any unpaid bonus for the fiscal year ending prior to the date of such
termination and a pro rata bonus for the fiscal year in which such termination
occurs.

                                       3
<PAGE>

            (b)   If the Employee's employment terminates because of a Without
Cause Termination by the Company or a Good Reason Termination by the Employee,
subject to delivery (without revocation) of the release described in Section
3.4(c) and subject to the severance mitigation provisions of Section 3.4(a), the
Employee (or his estate, as applicable) shall be entitled to receive all
benefits described in clauses (i) through (iv) of Section 3.3(b) and severance
pay equal to the Base Salary for 12 months (the "SEVERANCE PERIOD"). All
severance payments due under this Section 3.3(b) shall become due and payable at
such times and in such installments as would have been payable if the Employee
had not been so terminated. During the portion, if any, of the Severance Period
that the Employee elects to continue coverage for himself and his eligible
dependents under the Company's group health plans under the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended (COBRA), and/or Sections 601
through 608 of the Employee Retirement Income Security Act of 1974, as amended,
the Company shall promptly reimburse the Employee on a monthly basis for the
difference between the amount the Employee pays to effect and continue such
coverage and the employee contribution amount that active senior executive
employees pay for the same or similar coverage under the Company's group health
plans. In addition, during the Severance Period, the Employee will be entitled
to continued coverage under all other Company welfare benefit plans, subject
only to the requirement that he continue to pay the required premiums, if any,
applicable to active senior executive employees for the same or similar
coverage.

      3.4   MISCELLANEOUS TERMS RELATING TO TERMINATION.

            (a)   (a) If the Employee is entitled to severance pay under Section
3.3(b) and the Employee subsequently accepts employment with or provides
services to a third party for compensation on a full-time basis (which shall
mean 20 hours or more per week), then the Company's obligation to pay the
Employee any severance pay thereafter shall be reduced by the gross earnings
paid to or earned by the Employee from such other employment or provision of
services during the Severance Period. The Employee agrees promptly to notify the
Company if he accepts any employment or enters into any service arrangement as
described above that provides the Employee with compensation.

            (b)   Notwithstanding anything to the contrary in this Agreement,
the Company may set off any amounts of money owed by the Employee to the Company
(arising under this Agreement or otherwise) against any payments owed by the
Company to the Employee (arising under this Agreement or otherwise).

            (c)   In light of the difficulties in estimating the damages for a
termination of this Agreement before the expiration of the Stated Term, the
Company and the Employee hereby agree that the severance payments, if any, to be
received by the Employee pursuant to Section 3.3(b) shall be received by the
Employee as liquidated damages, and the Employee shall not have any right to any
other payment or damages except for such liquidated damages. As a condition to
receiving any severance payments owing under this Agreement, the Employee will
enter into and deliver to the Company a separate full release and waiver
substantially in the form attached hereto as Exhibit C (with such changes to
such form as the Company or the Employee may reasonably require to reflect the
circumstances relating to the termination of the Employee's employment and/or
changes in applicable law). Notwithstanding anything to the contrary in this
Agreement, severance payments will not be payable by the Company unless and
until the release

                                       4
<PAGE>
has been executed by the Employee and has not been revoked and is no longer
subject to revocation by the Employee.

            (d)   Termination of the Employee's employment with the Company
(whether because of the expiration of the Stated Term or for any other reason)
shall not affect the continuing applicability of the terms set forth in Articles
5, 6, 7 and 8, all of which shall continue in full force and effect during and
after the Employee's employment hereunder.

                                   ARTICLE 4
               COMPENSATION, BONUSES, BENEFITS AND STOCK PURCHASE

      4.1   BASE SALARY. During the Employment Term, the Company shall pay the
Employee a gross base salary of $225,000 (as such may be adjusted from time to
time pursuant to the following sentence) (the "BASE SALARY"), which the Company
shall pay to the Employee in bi-weekly installments in accordance with the
Company's regular payroll practice for management employees. The Base Salary is
expected to increase by 5% of the prior year's Base Salary on each anniversary
of the Effective Date; provided, whether an increase actually occurs is subject
to the sole discretion of the Board. Thus, no obligation to increase Base Salary
shall exist by reason of the foregoing expectation.

      4.2   BONUSES. In addition to the Base Salary due under Section 4.1, the
Employee may be eligible for a bonus (a "BONUS") in each fiscal year during the
Employment Term in accordance with and pursuant to the Company's then-current
bonus plan ("BONUS PLAN"). The Bonus Plan will be implemented and administered
by the Compensation Committee of the Board, and any bonuses payable thereunder
shall be based upon a number of factors determined and set by the Compensation
Committee in its sole discretion. Such factors may include, but not be limited
to, the achievement by the Company of certain performance objectives, and the
operation of the Company within the budgets approved by the Board. Subject to
achieving the performance standards set by the Compensation Committee, the
targeted Bonus payable to the Employee will be 40% of the Employee's annual Base
Salary, but the ultimate Bonus amount paid to the Employee, if any, will be
determined at the sole discretion of the Compensation Committee. If the
Employment Term during any fiscal year is less than the full fiscal year, the
Bonus, if any, attributable to any fiscal year shall be prorated for the actual
number of days of the Employment Term that elapses during such fiscal year.

      4.3   BENEFITS.

            (a)   During the Employment Term, except as expressly provided
otherwise in this Agreement (e.g. severance, vacation, bonuses and equity
incentive compensation), the Employee shall be eligible for participation in and
to receive all benefits under welfare benefit plans, practices, policies and
programs of the Company, including the Company's medical, dental, disability,
and 401(k) plans as may be in effect from time to time for other similarly
situated employees of the Company.

            (b)   The Employee shall be entitled to three weeks paid vacation
for each 12-month period during the Employment Term and sick leave in accordance
with the Company's prevailing policy for its executives.

                                       5
<PAGE>
            (c)   The Company shall reimburse the Employee for all reasonable
and proper travel and out-of-pocket expenses incurred by the Employee in
connection with the performance of his duties, all in accordance with the
Company's written policies as provided to the Employee from time to time.

            (d)   Effective as of March 31, 2004, Cardtronics, Inc. shall grant
to the Employee an option (the "INITIAL OPTION") to purchase 45,000 shares of
Common Stock of Cardtronics, Inc. pursuant to a stock incentive plan maintained
by Cardtronics, Inc. The Initial Option shall be evidenced by a Nonstatutory
Stock Option Agreement in the form attached hereto as Exhibit B, and such
agreement and the plan referenced therein shall govern the terms and conditions
of the Initial Option. The purchase price for each share of Common Stock of
Cardtronics, Inc. subject to the Initial Option shall be equal to $52 per share.

                                   ARTICLE 5
                            PROTECTION OF INFORMATION

      5.1   DISCLOSURE TO AND PROPERTY OF THE COMPANY. All information, designs,
ideas, concepts, improvements, product developments, discoveries and inventions,
whether patentable or not, that are conceived, made, developed or acquired by
the Employee, individually or in conjunction with others, during the Employment
Term (whether during business hours or otherwise and whether on the Company's
premises or otherwise) that relate to the Company's or any of its Affiliates'
business, products or services (including, without limitation, all such
information relating to corporate opportunities, research, financial and sales
data, pricing terms, evaluations, opinions, interpretations, acquisitions
prospects, the identity of customers or their requirements, the identity of key
contacts within the customer's organizations or within the organization of
acquisition prospects, or marketing and merchandising techniques, prospective
names and marks) (collectively, "CONFIDENTIAL INFORMATION") shall be disclosed
to the Company and are and shall be the sole and exclusive property of the
Company or its Affiliates. Moreover, all documents, videotapes, written
presentations, brochures, drawings, memoranda, notes, records, files,
correspondence, manuals, models, specifications, computer programs, E-mail,
voice mail, electronic databases, maps, drawings, architectural renditions,
models and all other writings or materials of any type embodying any of such
information, ideas, concepts, improvements, discoveries, inventions and other
similar forms of expression (collectively, "WORK PRODUCT") are and shall be the
sole and exclusive property of the Company or its Affiliates. Upon termination
of the Employee's employment by the Company, for any reason, the Employee
promptly shall deliver such Confidential Information and Work Product, and all
copies thereof, to the Company.

      5.2   DISCLOSURE TO THE EMPLOYEE. The Company shall disclose to the
Employee, or place the Employee in a position to have access to or develop,
Confidential Information and Work Product of the Company or its Affiliates;
and/or shall entrust the Employee with business opportunities of the Company or
its Affiliates; and/or shall place the Employee in a position to develop
business good will on behalf of the Company or its Affiliates. The Employee
agrees to preserve and protect the confidentiality of all Confidential
Information or Work Product of the Company or its Affiliates.

                                       6

<PAGE>
      5.3   NO UNAUTHORIZED USE OR DISCLOSURE. The Employee agrees that he will
not, at any time during or after the Employee's employment by the Company, make
any unauthorized disclosure of, and will prevent the removal from the Company
premises of, Confidential Information or Work Product of the Company or its
Affiliates, or make any use thereof, except in the carrying out of the
Employee's responsibilities hereunder. The Employee shall use commercially
reasonable efforts to cause all persons or entities to whom any Confidential
Information shall be disclosed by him hereunder to observe the terms and
conditions set forth herein as though each such person or entity was bound
hereby. The Employee shall have no obligation hereunder to keep confidential any
Confidential Information if and to the extent disclosure thereof is specifically
required by law; provided, however, that in the event disclosure is required by
applicable law, the Employee shall provide the Company with prompt notice of
such requirement prior to making any such disclosure, so that the Company may
seek an appropriate protective order. At the request of the Company, the
Employee agrees to deliver to the Company, at any time during the Employment
Term, or thereafter, all Confidential Information that he may possess or
control. The Employee agrees that all Confidential Information of the Company
(whether now or hereafter existing) conceived, discovered or made by him during
the Employment Term exclusively belongs to the Company (and not to the
Employee), and the Employee will promptly disclose such Confidential Information
to the Company and perform all actions reasonably requested by the Company to
establish and confirm such exclusive ownership. Affiliates of the Company shall
be third party beneficiaries of the Employee's obligations under this Section.
As a result of the Employee's employment by the Company, the Employee may also
from time to time have access to, or knowledge of, Confidential Information or
Work Product of third parties, such as customers, suppliers, partners, joint
venturers, and the like, of the Company and its Affiliates. The Employee also
agrees to preserve and protect the confidentiality of such third party
Confidential Information and Work Product to the same extent, and on the same
basis, as the Company's Confidential Information and Work Product.

                                       7
<PAGE>

      5.4   OWNERSHIP BY COMPANY. If, during the Employment Term the Employee
creates any work of authorship fixed in any tangible medium of expression that
is the subject matter of copyright (such as videotapes, written presentations,
or acquisitions, computer programs, E-mail, voice mail, electronic databases,
drawings, maps, architectural renditions, models, manuals, brochures, or the
like) relating to the Company's business, products, or services, whether such
work is created solely by the Employee or jointly with others (whether during
business hours or otherwise and whether on the Company's premises or otherwise),
the Company shall be deemed the author of such work if the work is prepared by
the Employee in the scope of the Employee's employment; or, if the work is not
prepared by the Employee within the scope of the Employee's employment but is
specially ordered by the Company as a contribution to a collective work, as a
part of a motion picture or other audiovisual work, as a translation, as a
supplementary work, as a compilation, or as an instructional text, then the work
shall be considered to be work made for hire and the Company shall be the author
of the work. If such work is neither prepared by the Employee within the scope
of the Employee's employment nor a work specially ordered that is deemed to be a
work made for hire, then the Employee hereby agrees to assign, and by these
presents does assign, to the Company all of the Employee's worldwide right,
title, and interest in and to such work and all rights of copyright therein.

      5.5   ASSISTANCE BY THE EMPLOYEE. During the Employment Term and
thereafter, the Employee, upon reasonable notice and in exchange for
reimbursement of any expenses reasonably incurred, shall assist the Company and
its nominee, at any time, in the protection of the Company's or its Affiliates'
worldwide right, title and interest in and to Work Product and the execution of
all formal assignment documents requested by the Company or its nominee and the
execution of all lawful oaths and applications for patents and registration of
copyright in the United States and foreign countries.

            5.6   REMEDIES. The Employee acknowledges that money damages would
not be sufficient remedy for any breach of this Article 5 by the Employee, and
the Company or its Affiliates shall be entitled to enforce the provisions of
this Article 5 by terminating payments then owing to the Employee under this
Agreement or otherwise and to specific performance and injunctive relief as
remedies for such breach or any threatened breach. Such remedies shall not be
deemed the exclusive remedies for a breach of this Article, but shall be in
addition to all remedies available at law or in equity, including the recovery
of damages from the Employee and his agents.

                                   ARTICLE 6
               STATEMENTS CONCERNING THE COMPANY AND THE EMPLOYEE

      6.1   IN GENERAL. The Employee shall refrain, both during the Employment
Term and thereafter, from publishing any oral or written statements about the
Company, any of its Affiliates or any of such entities' officers, employees and
consultants, agents or representatives that are (a) slanderous, libelous or
defamatory, (b) that disclose Confidential Information about the Company, any of
its Affiliates or any of such entities' business affairs, officers, employees
and consultants, agents or representatives, (c) that constitute an intrusion
into the seclusion or private lives of any officers, employees and consultants,
agents or representatives of the Company or any of its Affiliates, (d) that give
rise to unreasonable publicity about the private lives of any officers,
employees and consultants, agents or representatives of the Company or

                                       8
<PAGE>
any of its Affiliates, (e) that place the Company, any of its Affiliates, or any
of such entities' officers, employees and consultants, agents or representatives
in a false light before the public or (f) that constitute a misappropriation of
the name or likeness of the Company, any of its Affiliates or any of such
entities' officers, employees and consultants, agents or representatives;
provided, however, that nothing in this Agreement shall apply to or restrict in
any way the communication of information by the Employee to any state or federal
law enforcement agency or require notice to the Company thereof, and the
Employee will not be in breach of the covenant contained above solely by reason
of his testimony which is compelled by process of law. The Company and
Cardtronics, Inc. shall refrain, both during the Employment Term and thereafter,
from publishing any oral or written statements regarding the Employee that are
(a) slanderous, libelous or defamatory, (b) that constitute an intrusion into
the seclusion or private lives of the Employee or any member of his family, (c)
that give rise to unreasonable publicity about the private lives of the Employee
or his family, or (d) that place the Employee or his family in a false light
before the public; provided, however, that nothing in this Agreement shall apply
to or restrict in any way the communication of information by the Company or
Cardtronics, Inc. to any state or federal law enforcement agency or require
notice to the Employee thereof, and the Company and Cardtronics, Inc. will not
be in breach of the covenant contained above solely by reason of their testimony
which is compelled by process of law. A violation or threatened violation of
this prohibition may be enjoined by the courts. The rights afforded the Company
and its Affiliates and the Employee under this provision are in addition to any
and all rights and remedies otherwise afforded by law.

                                   ARTICLE 7
                        NON-COMPETITION AFTER TERMINATION

      7.1   IN GENERAL. As part of the consideration for the compensation and
benefits to be paid to the Employee hereunder; to protect the trade secrets and
Confidential Information of the Company or its Affiliates that will in the
future be disclosed or entrusted to the Employee, the business good will of the
Company or its Affiliates that will in the future be developed in the Employee,
or the business opportunities that will in the future be disclosed or entrusted
to the Employee by the Company or its Affiliates; and as an additional incentive
for the Company to enter into this Agreement, the Company and the Employee agree
to the provisions of this Section 7.1. The Employee agrees that, from the date
hereof until 24 months after the end of the Employment Term (the "NON-COMPETE
PERIOD"), the Employee shall not:

            (a)   directly or indirectly participate in the ownership,
management, operation or control of, or be connected as an officer, employee,
partner, director, contractor or otherwise with, or have any financial interest
in or aid or assist anyone else in the conduct of, the segment or division of
any business in any of the business territories in which the Company is
presently or from time-to-time conducting business that either conducts a
business similar to that conducted by the Company or its Affiliates or provides
or sells a service or product that is the same, substantially similar to or
otherwise competitive with the products and services provided or sold by the
Company or its Affiliates (a "COMPETITIVE OPERATION"); provided, however, that
this provision shall not preclude the Employee from owning less than 2% of the
equity securities of any publicly held Competitive Operation so long as the
Employee does not serve as an employee, officer, director or consultant to such
business;

                                       9
<PAGE>

            (b)   directly or indirectly, either as principal, agent,
independent contractor, consultant, director, officer, employee, employer,
advisor, stockholder, partner or in any other individual or representative
capacity whatsoever, either for his own benefit or for the benefit of any other
person or entity either (i) hire, contract or solicit, or attempt any of the
foregoing, with respect to hiring any employee of the Company or its Affiliates,
or (ii) induce or otherwise counsel, advise or encourage any employee of the
Company or its Affiliates to leave the employment of the Company or its
Affiliates;

            (c)   directly or indirectly, either as principal, agent,
independent contractor, consultant, director, officer, employee, employer,
advisor, stockholder, partner or in any other individual or representative
capacity whatsoever, either for his own benefit or for the benefit of any other
person or entity call upon, solicit, divert or take away, any customer or vendor
of the Company or its Affiliates with whom the Employee dealt, directly or
indirectly, during his engagement with the Company or its Affiliates, in
connection with a Competitive Operation;

            (d) call upon any prospective acquisition candidate on the
Employee's own behalf or on behalf of any Competitive Operation, which candidate
is a Competitive Operation or which candidate was, to the Employee's knowledge
after due inquiry, either called upon by the Company or for which the Company or
any of its Affiliates made an acquisition analysis, for the purpose of acquiring
such entity; or

            (e)   directly or indirectly participate in the ownership,
management, operation or control of more than 2% of the ownership interest in
the segment or division of any business which is a customer, vendor, supplier or
lessor of goods and services to the Company without the written consent of the
Board which, after the Employment Term, shall not be unreasonably withheld. This
restriction shall include any Family Member of the Employee. Further, the
Employee shall, on an annual basis or from time to time as required by the
Company, disclose which entities, if any, in which they or any Family Member
directly or indirectly participate in the ownership, management, operation or
control of, or are connected as an officer, employee, partner, director or
otherwise with, or have any financial interest in or aid or assist anyone else
in the conduct of any business that is a customer, vendor, supplier or lessor of
goods, services or real property to the Company.

      It is agreed by the parties that the foregoing covenants in this Article 7
impose a reasonable restraint on the Employee.

      The covenants in this Article 7 are severable and separate, and the
unenforceability of any specific covenant shall not affect the provisions of any
other covenant. Moreover, in the event any court of competent jurisdiction shall
determine that the scope, time or territorial restrictions set forth are
unreasonable, then it is the intention of the parties that such restrictions be
enforced to the fullest extent that the court deems reasonable, and the
Agreement shall thereby be reformed.

                                       10
<PAGE>

                                   ARTICLE 8
                                  MISCELLANEOUS

      8.1   NOTICES. For purposes of this Agreement, notices and all other
communications provided for herein shall be in writing and shall be deemed to
have been duly given when personally delivered or when mailed by United States
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

         If to the Company to:              Cardtronics, LP
                                            3110 Hays, Suite 300
                                            Houston, Texas 77082
                                            Attention:  Chief Executive Officer

         with a copy to:                    Vinson & Elkins L.L.P.
                                            1001 Fannin Street, Suite 2300
                                            Houston, Texas 77002
                                            Attention:  Mr. Bruce C. Herzog

         If to the Employee to:             Chris Brewster
                                            2935 Chevy Chase Dr.
                                            Houston, Texas 77019

or to such other address as either party may furnish to the other in writing in
accordance herewith, except that notices of changes of address shall be
effective only upon receipt.

      8.2   APPLICABLE LAW. This Agreement is entered into under, and shall be
governed for all purposes by, the laws of the State of Texas.

      8.3   NO WAIVER. No failure by either party hereto at any time to give
notice of any breach by the other party of, or to require compliance with, any
condition or provision of this Agreement shall be deemed a waiver of similar or
dissimilar provisions or conditions at the same or at any prior or subsequent
time.

      8.4   SEVERABILITY. To the extent permitted by applicable law, the Company
and the Employee hereby agree that any term or provision of this Agreement that
renders such term or provision or any other term or provision hereof invalid or
unenforceable in any respect shall be modified to the extent necessary to avoid
rendering such term or provision invalid or unenforceable, and such modification
shall be accomplished in the manner that most nearly preserves the benefit of
the Company and the Employee's bargain hereunder. If a court of competent
jurisdiction determines that any term or provision of this Agreement is invalid
or unenforceable, then the invalidity or unenforceability of that term or
provision shall not affect the validity or enforceability of any other term or
provision of this Agreement, and all other terms or provisions shall remain in
full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in a materially adverse manner
with respect to either party.

                                       11
<PAGE>

      8.5   COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together will constitute one and the same Agreement.

      8.6   WITHHOLDING OF TAXES AND OTHER EMPLOYEE DEDUCTIONS. The Company may
withhold from any benefits and payments made pursuant to this Agreement all
federal, state, city and other taxes as may be required pursuant to any law or
governmental regulation or ruling and all other normal employee deductions made
with respect to the Company's employees generally.

      8.7   HEADINGS. The section headings have been inserted for purposes of
convenience and shall not be used for interpretive purposes.

      8.8   GENDER AND PLURALS. Wherever the context so requires, the masculine
gender includes the feminine or neuter, the singular number includes the plural
and vice-versa, "or" has the inclusive meaning identified with the phrase
"and/or" and "including" has the inclusive meaning frequently identified with
the phrase "but not limited to."

      8.9   ASSIGNMENT. This Agreement shall be binding upon and inure to the
benefit of the Company and any successor of the Company, by merger or otherwise.
Except as provided in the preceding sentence and except that the Company may
assign its rights hereunder to an Affiliate, this Agreement and the rights and
obligations of the parties hereunder are personal and neither this Agreement nor
any right, benefit or obligation of either party hereto shall be subject to
voluntary or involuntary assignment, alienation or transfer, whether by
operation of law or otherwise, without the prior written consent of the other
party.

      8.10   AMENDMENT; ENTIRE AGREEMENT. This Agreement may not be changed
orally but only by an agreement in writing agreed to and signed by both parties.
This Agreement constitutes the entire agreement of the parties with regard to
the subject matter hereof, contains all the covenants, promises,
representations, warranties and agreements between the parties with respect to
employment of the Employee by the Company and supersedes any and all prior
agreements, including employment agreements, bonus plans, benefit plans and
other compensation or benefit plans and agreements.

      8.11   ARBITRATION. In the event of any dispute, difference or question
arising between the Company and the Employee in connection with this Agreement
or the discussion, negotiation, drafting or making hereof, or any clause or the
construction thereof, or the rights, duties or liabilities of either party, then
and in every such case, unless the parties agree on the appointment of a single
arbitrator, the matter of difference shall be referred to one arbitrator
appointed by the American Arbitration Association, and the arbitration of such
dispute shall be administered in accordance with the employment rules of the
American Arbitration Association. The arbitrator shall determine the place or
places in Harris County, Texas, where meetings are to be held. The arbitrator
must base his or her decision, with respect to the difference before him or her,
on the contents of this Agreement and the relevant facts, and the decision of
the arbitrator shall be binding on both parties. Nothing herein is or shall be
deemed to preclude the Company's resort to the injunctive relief prescribed in
this Agreement, including any injunctive relief implemented by the arbitrators
pursuant to this Section 8.11.

                                       12
<PAGE>

      8.12   EMPLOYEE'S REPRESENTATION. The Employee hereby warrants and
represents to Company that the Employee has carefully reviewed the Agreement and
has consulted with such advisors as the Employee considers appropriate in
connection with this Agreement, and is not subject to any covenants, agreements
or restrictions, including without limitation any covenants, agreements or
restrictions arising out of the Employee's prior employment that would be
breached or violated by the Employee's execution of this Agreement or by the
Employee's performance of his duties hereunder.

      8.13   OTHER MATTERS. Employee agrees and hereby acknowledges that the
obligations owed to the Employee under this Agreement are solely those of the
Company, and, where expressly noted, Cardtronics, Inc. and that none of the
Company's stockholders, directors, officers, other Affiliates, representatives,
agents or lenders will have any obligations or liabilities in respect of this
Agreement and the subject matter hereof.

      8.14   INDEMNIFICATION. The Company agrees to indemnify the Employee to
the extent set forth in the Company's and Cardtronics, Inc.'s partnership
agreement or Certificate of Incorporation and By-Laws, as applicable, in effect
as of the date hereof.

            [The remainder of this page is intentionally left blank]

                                       13
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first set forth above, to be effective as of the Effective Date.

                                    THE COMPANY:

                                    CARDTRONICS, LP

                                    By: /s/ Jack M. Antonini
                                        ----------------------------------------
                                        Jack M. Antonini
                                        President and Chief Executive Officer

                                    EMPLOYEE:

                                    /s/  Chris Brewster
                                    --------------------------------------------
                                    Chris Brewster

                                    SOLELY FOR PURPOSES OF SECTIONS 4.3(d),
                                    6.1 AND 8.14:

                                    CARDTRONICS, INC.

                                    By: /s/ Jack M. Antonini
                                        ----------------------------------------
                                        Jack M. Antonini
                                        President and Chief Executive Officer

<PAGE>
                                   EXHIBIT A
                                 DEFINED TERMS

      As used in the Agreement, the following terms shall have the respective
meanings set forth below or set forth in the provision of the Agreement
following such term.

      "AFFILIATE" means, with respect to any other person or entity, any other
person or entity (a) that is directly or indirectly controlled by the person or
entity in question, (b) that directly or indirectly controls the person or
entity in question or (c) that directly or indirectly is under common control
with the person or entity in question. For purposes of the foregoing definition,
(i) a person or entity controls another entity if it or he directly or
indirectly owns, or has the right to vote, at least 20% of the beneficial
interests in the entity or if through other agreements (e.g., management
agreement) has the right to control the policies of such entity; (ii) indirect
control includes control held through one or more tiers of subsidiary or
intervening entities (such as corporations, partnerships, trusts, or limited
liability companies) and (iii) "control" includes the ability, directly or
indirectly, to direct the management or policies of such entity, whether through
the ownership of voting rights, pursuant to a contract, or otherwise.

      "BASE SALARY" shall have the meaning ascribed to such term in Section 4.1
of this Agreement.

      "BOARD" means the Board of Directors of Cardtronics, Inc., a Delaware
corporation that indirectly owns all of the partnership interests of the
Company. Cardtronics, Inc. is the sole managing partner of the general partner
of the Company. In such capacity, the Board makes certain decisions on behalf of
Cardtronics, Inc., which acts on behalf of the general partner of the Company.

      "BONUS" shall have the meaning ascribed to such term in Section 4.2 of
this Agreement.

      "CAPSTREET INVESTORS" has the meaning given such term in the Investors
Agreement of Cardtronics, Inc., a Delaware corporation, among Cardtronics, Inc.
and certain of its stockholders including CapStreet II, L.P.

      "CAUSE" shall exist if the Employee (a) has engaged in gross negligence or
willful misconduct in the performance of the duties required of him hereunder,
(b) has been indicted with respect to a felony offense, (c) has willfully
refused to perform the duties and responsibilities required of him hereunder,
(d) has materially breached any Company policy or code of conduct established by
the Company of which he is aware or should have been aware, (e) has willfully
engaged in conduct that he knows or should know is materially injurious to the
Company or any of its Affiliates or (f) has materially breached any provision of
this Agreement.

      "CHANGE IN CONTROL" means:

            (a)   prior to the date of an IPO, (i) any transaction or event
      pursuant to which the CapStreet Investors cease to collectively own 50% or
      more of the number of shares of Common Stock of Cardtronics, Inc. that
      they own on the Effective Date or (ii) all or

<PAGE>
      substantially all of the assets of Cardtronics, Inc. are transferred to an
      entity that is not owned (in substantially the same proportions) by the
      holders of equity securities of Cardtronics, Inc. immediately prior to
      such transaction; and

            (b)   from and after the date of an IPO, (i) a merger of
      Cardtronics, Inc. with another entity, a consolidation involving
      Cardtronics, Inc., or the sale of all or substantially all of the assets
      of Cardtronics, Inc. to another entity if, in any such case, (A) the
      holders of equity securities of Cardtronics, Inc. immediately prior to
      such transaction or event do not beneficially own immediately after such
      transaction or event equity securities of the resulting entity entitled to
      60% or more of the votes then eligible to be cast in the election of
      directors generally (or comparable governing body) of the resulting entity
      in substantially the same proportions that they owned the equity
      securities of Cardtronics, Inc. immediately prior to such transaction or
      event or (B) the persons who were members of the Board immediately prior
      to such transaction or event shall not constitute at least a majority of
      the board of directors of the resulting entity immediately after such
      transaction or event, (ii) the dissolution or liquidation of Cardtronics,
      Inc., (iii) when any person or entity, including a "group" as contemplated
      by Section 13(d)(3) of the Securities Exchange Act of 1934, as amended
      (other than the CapStreet Investors) acquires or gains ownership or
      control (including, without limitation, power to vote) of more than 50% of
      the combined voting power of the outstanding securities of, (A) if
      Cardtronics, Inc. has not engaged in a merger or consolidation,
      Cardtronics, Inc. or (B) if Cardtronics, Inc. has engaged in a merger or
      consolidation, the resulting entity or (iv) as a result of or in
      connection with a contested election of directors, the persons who were
      members of the Board immediately before such election shall cease to
      constitute a majority of the Board. For purposes of this paragraph (b),
      (I) "resulting entity" in the context of a transaction or event that is a
      merger, consolidation or sale of all or substantially all assets shall
      mean the surviving entity (or acquiring entity in the case of an asset
      sale) unless the surviving entity (or acquiring entity in the case of an
      asset sale) is a subsidiary of another entity and the holders of common
      stock of Cardtronics, Inc. receive capital stock of such other entity in
      such transaction or event, in which event the resulting entity shall be
      such other entity and (II) subsequent to the consummation of a merger or
      consolidation that does not constitute a Change in Control, the term
      "Cardtronics, Inc." shall refer to the resulting entity and the term
      "Board" shall refer to the board of directors (or comparable governing
      body) of the resulting entity.

      Notwithstanding the foregoing, in no event shall an IPO constitute a
      Change in Control.

      "COMPANY" shall have the meaning ascribed to such term in the preamble of
this Agreement.

      "COMPENSATION COMMITTEE" means a committee formed by the Board for the
purpose of determining compensation levels (including base salary, bonus and
stock options) of key management and officers of the Company; provided, however,
that in the event the Board does not appoint such a committee, the Board shall
be considered the Compensation Committee for purposes of this Agreement.

                                     Page 2
<PAGE>
      "COMPETITIVE OPERATION" shall have the meaning ascribed to such term in
Section 7.1(a) of this Agreement.

      "CONFIDENTIAL INFORMATION" shall have the meaning ascribed to such term in
Section 5.1 of this Agreement.

      "EMPLOYEE" shall have the meaning ascribed to such term in the preamble of
this Agreement.

      "EMPLOYMENT TERM" shall have the meaning ascribed to such term in Section
3.1 of the Agreement.

      "FAMILY MEMBER" means any relative or spouse of such person or any
relative of such spouse, any one of whom has the same home as such person.

      "GOOD REASON EVENT" means any of the following events:

            (a)   a Change in Control occurs;

            (b)   without the Employee's prior consent, the assignment to the
      Employee by the Company of duties inconsistent with the Employee's
      position as Chief Financial Officer of the Company or Cardtronics, Inc.,
      or any significant reduction or significant change in either position or
      job function, except in connection with the termination of employment for
      Cause or in connection with the termination of employment by reason of the
      Employee becoming Totally Disabled;

            (c)   without the Employee's prior consent, the Company requires the
      Employee to relocate more than 100 miles from the Company's existing
      corporate headquarters in Houston, Texas; or

            (d)   a material breach of Article 4 of the Agreement by the Company
      or an Affiliate.

      "IPO" means the initial sale of any class of common stock of Cardtronics,
Inc. pursuant to an effective registration statement under the Securities Act
(other than a registration statement on Form S-8, Form S-4 or any successor
forms).

      "NON-COMPETE PERIOD" shall have the meaning ascribed to such term in
Section 7.1 of this Agreement.

      "TOTALLY DISABLED" shall mean failure by the Employee, by reason of
illness, incapacity or other disability, to perform his duties or fulfill his
obligations under this Agreement in the view of the Company and as certified in
writing by a competent medical physician chosen by the Company, for a cumulative
total of 180 days in any 12-month period.

      "WORK PRODUCT" shall have the meaning ascribed to such term in Section 5.1
of this Agreement.

                                     Page 3
<PAGE>
                                    EXHIBIT B

THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER EITHER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR APPLICABLE STATE SECURITIES LAWS
(THE "STATE ACTS"), AND SHALL NOT BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR
OTHERWISE TRANSFERRED (WHETHER OR NOT FOR CONSIDERATION) BY THE SUBSCRIBER
EXCEPT BY REGISTRATION OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UPON THE
ISSUANCE TO THE COMPANY OF A FAVORABLE OPINION OF COUNSEL OR OTHER EVIDENCE
REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT ANY SUCH TRANSFER
SHALL NOT BE IN VIOLATION OF THE 1933 ACT AND THE STATE ACTS.

                       NONSTATUTORY STOCK OPTION AGREEMENT
                                [CHRIS BREWSTER]

      This NONSTATUTORY STOCK OPTION AGREEMENT is made as of the 31st day of
March, 2004 (the "DATE OF Grant"), between CARDTRONICS, INC., a Delaware
corporation (the "COMPANY"), and CHRIS BREWSTER ("EMPLOYEE").

      To carry out the purposes of the CARDTRONICS 2001 STOCK INCENTIVE PLAN
(the "PLAN"), by affording Employee the opportunity to purchase shares of the
common stock of the Company, par value $.0001 per share ("STOCK"), and in
consideration of the mutual agreements and other matters set forth herein and in
the Plan, the Company and Employee hereby agree as follows:

      1.   EMPLOYMENT AGREEMENT; DEFINED TERMS. Cardtronics, LP and Employee
have heretofore entered into an Employment Agreement dated as of March 31, 2004
(as the same may be amended from time to time, the "EMPLOYMENT AGREEMENT")
setting forth certain terms and conditions relating to Employee's employment by
Cardtronics, LP. For all purposes of this Agreement, the terms "CAUSE," "CHANGE
IN CONTROL," "GOOD REASON TERMINATION," "IPO," "TOTALLY DISABLED," and "WITHOUT
CAUSE TERMINATION" shall have the meanings assigned to such terms in the
Employment Agreement. Other capitalized terms used but not defined in this
Agreement shall have the meaning attributed to such terms under the Plan, unless
the context requires otherwise.

      2.   GRANT OF OPTION. The Company hereby irrevocably grants to Employee
the right and option ("OPTION") to purchase all or any part of an aggregate of
45,000 shares of Stock on the terms and conditions set forth herein and in the
Plan, which Plan is incorporated herein by reference as a part of this
Agreement. In the event of any conflict between the terms of this Agreement and
the Plan, the Plan shall control. This Option shall not be treated as an
incentive stock option within the meaning of section 422(b) of the Code. This
Option constitutes the stock option described in Section 4.3(d) of the
Employment Agreement.

      3.   PURCHASE PRICE. The purchase price of Stock purchased pursuant to the
exercise of this Option shall be $52 per share.

<PAGE>
      4.   EXERCISE OF OPTION. Subject to the earlier expiration of this Option
as herein provided, this Option may be exercised, by written notice to the
Company at its principal executive office addressed to the attention of its
Secretary (or such other officer or employee of the Company as the Company may
designate from time to time), at any time and from time to time after the Date
of Grant, but, except as otherwise provided below, this Option shall not be
exercisable for more than a percentage of the aggregate number of shares offered
by this Option determined by the number of full years from February 17, 2004
(which is the effective date of the Employment Agreement), to the date of such
exercise, in accordance with the following schedule:

           <Table>
           <Caption>
                                               PERCENTAGE OF SHARES
           NUMBER OF FULL YEARS                THAT MAY BE PURCHASED
           --------------------                ---------------------
           <S>                                        <C>
           Less Than One Year                          0%
           One Year                                  33 1/3%
           Two Years                                 66 1/3%
           Three Years or More                        100%
           </Table>

This Option may be exercised only while Employee remains an employee of the
Company and will terminate and cease to be exercisable upon Employee's
termination of employment with the Company, except that:

            (a)   If Employee's employment with the Company terminates by reason
      of Employee becoming Totally Disabled, then this Option may be exercised
      by Employee (or Employee's estate or the person who acquires this Option
      by will or the laws of descent and distribution or otherwise by reason of
      the death of Employee) at any time during the period of one year following
      such termination, but only as to the number of shares Employee was
      entitled to purchase hereunder as of the date Employee's employment so
      terminates.

            (b)   If Employee dies while in the employ of the Company,
      Employee's estate, or the person who acquires this Option by will or the
      laws of descent and distribution or otherwise by reason of the death of
      Employee, may exercise this Option at any time during the period of one
      year following the date of Employee's death, but only as to the number of
      shares Employee was entitled to purchase hereunder as of the date of
      Employee's death.

            (c)   If a Change in Control occurs while Employee is in the employ
      of the Company and prior to the date of an IPO, then this Option may be
      exercised by Employee (or Employee's estate or the person who acquires
      this Option by will or the laws of descent and distribution or otherwise
      by reason of the death of Employee) while he is employed or for the
      three-year period following any subsequent termination of employment, but
      only as to the greater of (i) the number of shares determined pursuant to
      the schedule above as of the date of the Change in Control plus an
      additional 50% of the number of shares covered by this Option as provided
      in the first sentence of Paragraph 2 of this Agreement (as adjusted
      pursuant to the terms and provisions of the Plan) or (ii) the

                                     Page 2
<PAGE>
      number of shares determined pursuant to the schedule above as of the
      earlier of the date of any such exercise or the date of Employee's
      termination of employment; provided, however, that in no event shall this
      Option be exercisable for more than 100% of the number of shares covered
      by this Option as provided in the first sentence of Paragraph 2 of this
      Agreement (as adjusted pursuant to the terms and provisions of the Plan).

            (d)   If Employee's employment with the Company terminates prior to
      the date of an IPO due to a Without Cause Termination by the Company or a
      Good Reason Termination by Employee, then, subject to Employee's delivery
      (without revocation) of the release described in Section 3.4(c) of the
      Employment Agreement, this Option may be exercised by Employee (or
      Employee's estate or the person who acquires this Option by will or the
      laws of descent and distribution or otherwise by reason of the death of
      Employee) at any time during the period of three years following such
      termination, but only as to a number of shares equal to the sum of (i) the
      number of shares Employee was entitled to purchase hereunder as of the
      date of such termination and (ii) 50% of the number of shares covered by
      this Option as provided in the first sentence of Paragraph 2 of this
      Agreement (as adjusted pursuant to the terms and provisions of the Plan);
      provided, however, that in no event shall this Option be exercisable for
      more than 100% of the number of shares covered by this Option as provided
      in the first sentence of Paragraph 2 of this Agreement (as adjusted
      pursuant to the terms and provisions of the Plan).

            (e)   If a Change in Control occurs while Employee is in the employ
      of the Company and on or after the date of an IPO, then this Option may be
      exercised in full by Employee (or Employee's estate or the person who
      acquires this Option by will or the laws of descent and distribution or
      otherwise by reason of the death of Employee) while he is employed or for
      the three-year period following any subsequent termination of employment.

            (f)   If Employee's employment with the Company terminates on or
      after the date of an IPO due to a Without Cause Termination by the Company
      or a Good Reason Termination by Employee, then, subject to Employee's
      delivery (without revocation) of the release described in Section 3.4(c)
      of the Employment Agreement, this Option may be exercised in full by
      Employee (or Employee's estate or the person who acquires this Option by
      will or the laws of descent and distribution or otherwise by reason of the
      death of Employee) at any time during the period of three years following
      such termination.

            (g)   If Employee's employment with the Company terminates for any
      reason other than as described in (a), (b), (c), (d), (e) or (f) above,
      unless such employment is terminated for Cause, then this Option may be
      exercised by Employee at any time during the period of three months
      following such termination, or by Employee's estate (or the person who
      acquires this Option by will or the laws of descent and distribution or
      otherwise by reason of the death of Employee) during a period of one year
      following Employee's death if Employee dies during such three month
      period, but in each case only

                                     Page 3
<PAGE>
      as to the number of shares Employee was entitled to purchase hereunder as
      of the date of such termination.

Notwithstanding the foregoing, this Option shall not be exercisable in any event
after the expiration of ten years from the Date of Grant. The purchase price of
shares as to which this Option is exercised shall be paid in full at the time of
exercise (a) in cash (including check, bank draft or money order payable to the
order of the Company), (b) by delivering or constructively tendering to the
Company shares of Stock having a Fair Market Value equal to the purchase price
(provided such shares used for this purpose must have been held by Employee for
such minimum period of time as may be established from time to time by the
Compensation Committee), (c) if the Stock is readily tradable on a national
securities market, through a "cashless-broker" exercise in accordance with a
Company established policy or program for the same, or (d) any combination of
the foregoing. No fraction of a share of Stock shall be issued by the Company
upon exercise of an Option or accepted by the Company in payment of the exercise
price thereof; rather, Employee shall provide a cash payment for such amount as
is necessary to effect the issuance and acceptance of only whole shares of
Stock. Unless and until a certificate or certificates representing such shares
shall have been issued by the Company to Employee, Employee (or the person
permitted to exercise this Option in the event of Employee's death) shall not be
or have any of the rights or privileges of a shareholder of the Company with
respect to shares acquirable upon an exercise of this Option.

      5.   WITHHOLDING OF TAX. To the extent that the exercise of this Option or
the disposition of shares of Stock acquired by exercise of this Option results
in compensation income or wages to Employee for federal, state or local tax
purposes, Employee shall deliver to the Company at the time of such exercise or
disposition such amount of money or shares of Stock as the Company may require
to meet its minimum obligation under applicable tax laws or regulations. No
exercise of this option shall be effective until Employee (or the person
entitled to exercise this Option, as applicable) has made arrangements approved
by the Company to satisfy all applicable minimum tax withholding requirements of
the Company.

      6.   INVESTORS AGREEMENT. Shares of Stock purchased pursuant to the
exercise of this Option shall be subject to the terms of that certain Investors
Agreement dated as of June 4, 2001, among the Company and certain of its
stockholders, as the same may be amended or restated from time to time (the
"INVESTORS Agreement"); provided, however, that if this Option has not been
exercised in full by Employee, then this Option shall constitute a "Security"
for purposes of Section 8 of Exhibit B to the Investors Agreement. Employee
agrees that Employee and Employee's spouse, if any, will, on the first date of
exercise of this Option, execute and deliver to the Company such documents and
instruments as the Board, in its discretion, may require to evidence such
persons' agreement to be bound by the terms of the Investors Agreement.

      7.   LOCK-UP PROVISION. Employee hereby agrees that in the event of any
underwritten public offering of stock, including an initial public offering of
stock, made by the Company pursuant to an effective registration statement filed
under the Securities Act of 1933, as amended (the "SECURITIES ACT"), Employee
shall not offer, sell, contract to sell, pledge, hypothecate, grant any option
to purchase or make any short sale of, or otherwise dispose of any

                                     Page 4
<PAGE>
shares of stock of the Company or any rights to acquire stock of the Company for
such period of time from and after the effective date of such registration
statement as may be established by the underwriter for such public offering;
provided, however, that such period of time shall not exceed 180 days from the
effective date of the registration statement to be filed in connection with such
public offering. The foregoing limitation shall not apply to shares registered
in the public offering under the Securities Act.

      8.   STATUS OF STOCK. Employee understands that at the time of the
execution of this Agreement the shares of Stock to be issued upon exercise of
this Option have not been registered under the Securities Act, or any state
securities law, and that the Company does not currently intend to effect any
such registration. Until the shares of Stock acquirable upon the exercise of the
Option have been registered for issuance under the Securities Act, the Company
will not issue such shares unless the holder of the Option provides the Company
with a written opinion of legal counsel, who shall be satisfactory to the
Company, addressed to the Company and satisfactory in form and substance to the
Company's counsel, to the effect that the proposed issuance of such shares to
such Option holder may be made without registration under the Securities Act. In
the event exemption from registration under the Securities Act is available upon
an exercise of this Option, Employee (or the person permitted to exercise this
Option in the event of Employee's death or incapacity), if requested by the
Company to do so, will execute and deliver to the Company in writing an
agreement containing such provisions as the Company may require to assure
compliance with applicable securities laws.

      Employee agrees that the shares of Stock which Employee may acquire by
exercising this Option shall be acquired for investment without a view to
distribution, within the meaning of the Securities Act, and shall not be sold,
transferred, assigned, pledged or hypothecated in the absence of an effective
registration statement for the shares under the Securities Act and applicable
state securities laws or an applicable exemption from the registration
requirements of the Securities Act and any applicable state securities laws.
Employee also agrees that the shares of Stock which Employee may acquire by
exercising this Option will not be sold or otherwise disposed of in any manner
which would constitute a violation of any applicable federal or state securities
laws.

      In addition, Employee agrees that (i) the certificates representing the
shares of Stock purchased under this Option may bear such legend or legends as
the Compensation Committee deems appropriate in order to assure compliance with
the terms and provisions of the Investors Agreement, Paragraph 7 of this
Agreement, and applicable securities laws, (ii) the Company may refuse to
register the transfer of the shares of Stock purchased under this Option on the
stock transfer records of the Company if such proposed transfer would in the
opinion of counsel satisfactory to the Company constitute a violation of the
terms and provisions of the Investors Agreement, Paragraph 7 of this Agreement,
or any applicable securities law, and (iii) the Company may give related
instructions to its transfer agent, if any, to stop registration of the transfer
of the shares of Stock purchased under this Option.

      9.   EMPLOYMENT RELATIONSHIP. For purposes of this Agreement, Employee
shall be considered to be in the employment of the Company as long as Employee
remains an employee

                                     Page 5
<PAGE>
of either the Company, an Affiliate, or a corporation or a parent or subsidiary
of such corporation assuming or substituting a new option for this Option.
Without limiting the scope of the preceding sentence, it is expressly provided
that Employee shall be considered to have terminated employment with the Company
at the time of the termination of the "Affiliate" status under the Plan of the
entity or other organization that employs Employee. Any question as to whether
and when there has been a termination of such employment, and the cause of such
termination, shall be determined by the Compensation Committee and its
determination shall be final.

      10.   BINDING EFFECT. This Agreement shall be binding upon and inure to
the benefit of any successors to the Company and all persons lawfully claiming
under Employee.

      11.   ENTIRE AGREEMENT. This Agreement constitutes the entire agreement of
the parties with regard to the subject matter hereof, and contains all the
covenants, promises, representations, warranties and agreements between the
parties with respect to the Option granted hereby. Without limiting the scope of
the preceding sentence, all prior understandings and agreements, if any, among
the parties hereto relating to the subject matter hereof are hereby null and
void and of no further force and effect. Any modification of this Agreement
shall be effective only if it is in writing and signed by both Employee and an
authorized officer of the Company.

      12.   GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO
CONFLICTS OF LAWS PRINCIPLES THEREOF.

            [The remainder of this page is intentionally left blank]

                                     Page 6

<PAGE>
         IN WITNESS WHEREOF, the Company has caused this Agreement to be duly
executed by its officer thereunto duly authorized, and Employee has executed
this Agreement, all as of the day and year first above written.

                                          CARDTRONICS, INC.

                                          By:
                                              ----------------------------------
                                          Name:
                                                --------------------------------
                                          Title:
                                                 -------------------------------

                                          --------------------------------------
                                          CHRIS BREWSTER

                                     Page 7
<PAGE>
                                    EXHIBIT C

                                RELEASE AGREEMENT

      This Release Agreement (this "AGREEMENT") constitutes the release referred
to in that certain Employment Agreement (the "EMPLOYMENT AGREEMENT") dated as of
March 31, 2004, by and among Chris Brewster ("EMPLOYEE"), Cardtronics, LP (the
"COMPANY") and Cardtronics, Inc. ("PARENT").

      For good and valuable consideration, including the Company's provision of
certain payments and benefits to Employee in accordance with Section 3.3(b) of
the Employment Agreement [and an increase in the vested percentage of the
Initial Option (as such term is defined in the Employment Agreement)], Employee
hereby releases, discharges and forever acquits the Company, Parent, their
respective Affiliates (as such term is defined in the Employment Agreement) and
the past, present and future stockholders, members, partners, directors,
managers, employees, agents, attorneys, heirs, legal representatives, successors
and assigns of the foregoing, in their personal and representative capacities
(collectively, the "COMPANY PARTIES"), from liability for, and hereby waives,
any and all claims, damages, or causes of action of any kind related to
Employee's employment with any Company Party, the termination of such
employment, and any other acts or omissions related to any matter on or prior to
the date of this Agreement including without limitation any alleged violation
through the date of this Agreement of: (i) the Age Discrimination in Employment
Act of 1967, as amended; (ii) Title VII of the Civil Rights Act of 1964, as
amended; (iii) the Civil Rights Act of 1991; (iv) Section 1981 through 1988 of
Title 42 of the United States Code, as amended; (v) the Employee Retirement
Income Security Act of 1974, as amended; (vi) the Immigration Reform Control
Act, as amended; (vii) the Americans with Disabilities Act of 1990, as amended;
(viii) the National Labor Relations Act, as amended; (ix) the Fair Labor
Standards Act, as amended; (x) the Occupational Safety and Health Act, as
amended; (xi) the Family and Medical Leave Act of 1993; (xii) any state
anti-discrimination law; (xiii) any state wage and hour law; (xiv) any other
local, state or federal law, regulation or ordinance; (xv) any public policy,
contract, tort, or common law claim; (xvi) any allegation for costs, fees, or
other expenses including attorneys' fees incurred in these matters; (xvii) any
and all rights, benefits or claims Employee may have under any employment
contract, incentive compensation plan or stock option plan with any Company
Party or to any ownership interest in any Company Party except as expressly
provided in the Employment Agreement, the Investors Agreement of Cardtronics,
Inc. and any stock option or other equity compensation agreement between
Employee and Parent and (xviii) any claim for compensation or benefits of any
kind not expressly set forth in the Employment Agreement or any such stock
option or other equity compensation agreement (collectively, the "RELEASED
CLAIMS"). In no event shall the Released Claims include any claim which arises
after the date of this Agreement or any claim to vested benefits under an
employee benefit plan . This Agreement is not intended to indicate that any such
claims exist or that, if they do exist, they are meritorious. Rather, Employee
is simply agreeing that, in exchange for the consideration recited in the first
sentence of this paragraph, any and all potential claims of this nature that
Employee may have against the Company Parties, regardless of whether they
actually exist, are expressly settled, compromised and waived. By signing this
Agreement, Employee is bound by it. Anyone who succeeds to Employee's rights and
responsibilities, such as heirs or the executor of

<PAGE>
Employee's estate, is also bound by this Agreement. This release also applies to
any claims brought by any person or agency or class action under which Employee
may have a right or benefit. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE
SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING
STRICT LIABILITY, OF ANY OF THE COMPANY PARTIES.

      Employee agrees not to bring or join any lawsuit against any of the
Company Parties in any court relating to any of the Released Claims. Employee
represents that Employee has not brought or joined any lawsuit or filed any
charge or claim against any of the Company Parties in any court or before any
government agency and has made no assignment of any rights Employee has asserted
or may have against any of the Company Parties to any person or entity, in each
case, with respect to any Released Claims.

      By executing and delivering this Agreement, Employee acknowledges that:

            (a)   Employee has carefully read this Agreement;

            (b)   Employee has had at least 21 days to consider this Agreement
      before the execution and delivery hereof to the Company;

            (c)   Employee has been and hereby is advised in writing that
      Employee may, at Employee's option, discuss this Agreement with an
      attorney of Employee's choice and that Employee has had adequate
      opportunity to do so; and

            (d)   Employee fully understands the final and binding effect of
      this Agreement; the only promises made to Employee to sign this Agreement
      are those stated in the Employment Agreement and herein; and Employee is
      signing this Agreement voluntarily and of Employee's own free will, and
      that Employee understands and agrees to each of the terms of this
      Agreement.

      This Agreement will not be effective unless Employee executes this
Agreement before a notary public on a day after _______________ and before
__________________ and delivers an original counterpart of the executed and
notarized Agreement to the Company on or prior to __________________.

      Notwithstanding the initial effectiveness of this Agreement, Employee may
revoke the delivery (and therefore the effectiveness) of this Agreement within
the seven day period beginning on the date Employee delivers this Agreement to
the Company (such seven day period being referred to herein as the "RELEASE
REVOCATION PERIOD"). To be effective, such revocation must be in writing signed
by Employee and must be delivered to the Chief Executive Officer of the Company
before 11:59 p.m., Houston, Texas time, on the last day of the Release
Revocation Period. If an effective revocation is delivered in the foregoing
manner and timeframe, this Agreement shall be of no force or effect and shall be
null and void ab initio. No consideration shall be paid [nor increase in the
vested percentage of the Initial Option shall occur] if this Agreement is
revoked by Employee in the foregoing manner.

                                     Page 2
<PAGE>

Executed on this ___________ day of _____________, _______.

                                         ---------------------------------------
                                         Chris Brewster

STATE OF _____________     ss.
                           ss.
COUNTY OF ____________     ss.

      BEFORE ME, the undersigned authority personally appeared Chris Brewster,
by me known or who produced valid identification as described below, who
executed the foregoing instrument and acknowledged before me that he subscribed
to such instrument on this ____ day of ______________, ______.

                                         _______________________________________
                                         NOTARY PUBLIC in and for
                                         the State of __________________________
                                         My Commission Expires:_________________
                                         Identification produced:

                                     Page 3

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