Document:

EXHIBIT 10.4(e)(ii)
                                                             -------------------

                        CONSOLIDATED AMENDED AND RESTATED
                                   DEMAND NOTE
                                   -----------

                          Dated as of November 26, 2001

         ON DEMAND, FOR VALUE RECEIVED, Bruce W. Stone, (the "Undersigned"),
promises to pay to the order of COVANTA ENERGY CORPORATION, a corporation
organized and existing under the laws of the State of Delaware, f/k/a Ogden
Corporation, located and doing business at 40 Lane Road, Fairfield, New Jersey
07007, (the "Holder") the amount equal to the aggregate Fair Market Value (as
defined herein) of the Shares (as defined herein) (such amount being referred to
hereinafter as the "Indebtedness") in lawful money of the United States of
America. The Undersigned agrees to pay all costs and expenses incurred by the
Holder of this Note in any action taken to enforce or collect all or part of the
Indebtedness evidenced hereby after default, including court costs and
reasonable attorneys' fees.

         This Consolidated Amended and Restated Demand Note liquidates and
consolidates, effective as of November 26, 2001, all of the Indebtedness,
including interest thereon, evidenced by, and amends and restates the terms and
conditions in their entirety of, that certain (i) Demand Note made by the
Undersigned to and in favor of the Holder dated August 6, 1999, in the principal
amount of $344,399.90, and (ii) Demand Note made by the Undersigned to and in
favor of the Holder dated August 6, 1999, in the principal amount of $91,621.10.

         For the purposes of this Note, the term "Shares" shall mean, subject to
any Adjustment (as defined below), 25,200 shares of common stock of Covanta
Energy Corporation, a Delaware corporation, with a par value of $0.50 per share.
If the shares of Holder common stock, with a par value of $0.50 per share, are
changed as a result of any merger, reorganization, consolidation,
recapitalization, liquidation, stock dividend, split-up, spin-off, stock split,
reverse stock split, share combination, share exchange or other similar
transaction, the Shares shall be equitably adjusted (an "Adjustment"). For the
purposes of this Note, the term "Fair Market Value" shall mean the price at
which the Undersigned actually sells his shares, net of all costs of sale, in
accordance with this Note. Additionally, if the Undersigned sells different
portions of the "Shares" on different Business Days, the "Fair Market Value" of
each portion of the Shares sold shall be determined on the Business Day that
such portion of the Shares is actually sold. The term "Business Day," as used in
this Note, shall mean any day on which the New York Stock Exchange is open for
the transaction of business. Upon the sale of the Shares, the net proceeds shall
be applied by the Undersigned within 10 Business Days to the discharge of this
Note. There shall be no interest payable on this Note.

         Upon default in any payment hereunder for a period of thirty (30) days,
or upon any default under any other indebtedness between the Undersigned and
Holder in existence on the date hereof or existing at any time in the future,
then all of the Indebtedness and any other obligations of the Undersigned
hereunder shall become due and payable immediately, at the option of the Holder
hereof, without the necessity for demand or notice. No failure to exercise such
option shall be deemed a waiver on the part of the Holder of this Note of any
right accruing thereafter.

         At any time within eighteen (18) months of the date hereof, the Holder
may direct the Undersigned to sell the Shares on the open market. Such sale may
only be required in accordance with the Holder's policy of business conduct. In
addition, the Undersigned may decline to make such sale if he is advised against
such sale by counsel on the grounds that such sale might violate state or
federal securities laws or the rules of the New York Stock Exchange or other
applicable self-regulatory organization. The demand for such sale shall be made
in writing by the Chairman of the Holder's Compensation Committee. In addition,
the Undersigned may sell the Shares on his own initiative, subject to the other
provisions of this Note. The proceeds from any such sale of the Shares shall be
applied by the Holder in full satisfaction of the Indebtedness of the
Undersigned hereunder.

         Holder shall not be deemed to have modified or waived any of its rights
or remedies hereunder unless such modification or waiver is in writing and
signed by the Holder, and then only to the extent specifically set forth
therein. A waiver in one event shall not be construed as continuing or as a
waiver of or bar to such right or remedy on a subsequent event. After any
acceleration of, or the entry of any judgment on, this Note, the acceptance by
Holder of any payments by or on behalf of the Undersigned on account of the
Indebtedness evidenced by this Note shall not cure or be deemed to cure any
default or reinstate or be deemed to reinstate the terms of this Note absent an
express written agreement duly executed by the Holder and the Undersigned.

         The Undersigned waives demand, notice, presentment, protest, notice of
dishonor, notice of protest and diligence of collection of this Note. The
Undersigned consents to any and all extensions of time, renewals, waivers or
modifications that may be granted by Holder with respect to the payment or other
provisions of this Note.

         The covenants, conditions, waivers, releases and agreements contained
in this Note shall bind, and the benefits thereof shall inure to, the parties
hereto and their respective heirs, executors, administrators, successors and
assigns, provided, however, that this Note cannot be assigned by the Undersigned
without the prior written consent of Holder, and any such assignment or
attempted assignment by the Undersigned shall be void and of no effect with
respect to Holder.

         This is a demand note and all Indebtedness and any other obligations of
the Undersigned hereunder shall become immediately due and payable upon demand.
Notwithstanding all other provisions of this Note, no demand for any payment
hereunder shall be made at any time except after providing direction to sell the
Shares and allowing a reasonable period of time with which to comply with such
direction and only insofar as such direction is one that the Undersigned is
required to accept under this Note. In addition, the Indebtedness and any other
obligations of the Undersigned hereunder shall automatically become immediately
due and payable if the Undersigned or any endorser of this Note commences or has
commenced against it any bankruptcy or insolvency proceeding.

         This Note may not be supplemented, extended, modified or terminated
except by an agreement in writing signed by the party against whom enforcement
of any such waiver, change, modification or discharge is sought.

         Unless applicable law requires a different method, any notice that must
be given to Undersigned under this Note will be given by delivering it or
mailing it by First Class Mail to Undersigned at 40 Lane Road, Fairfield, New
Jersey 07007 or at a different address if the Undersigned gives the Holder a
notice of a different address. Unless the Holder requires a different method,
any notice that must be given to the Holder under this Note will be given by
mailing it by First Class Mail to the Holder at the address stated above, or at
a different address if the Holder gives the Undersigned a notice of a different
address.

         Privilege is reserved to pay this debt in whole or in part at any time
prior to maturity.

         This Note shall be governed by and construed in accordance with the
substantive laws of the State of New York without reference to conflict of laws
principles.

                                               /s/ Bruce W. Stone
                                               ------------------------
                                               Bruce W. StoneEXHIBIT 10.4(g)
                                                                 ---------------

                              EMPLOYMENT AGREEMENT

OGDEN ENERGY GROUP, INC. (the "Company") and Anthony Orlando ("Executive") agree
to enter into this EMPLOYMENT AGREEMENT dated as of May 1, 1999, as follows:

1.    Employment.

This Agreement constitutes the complete understanding between the parties with
respect to the subject matter hereof and no statement, representation, warranty
or covenant has been made by either party with respect thereto except as
expressly set forth herein. From the date hereof, this Agreement supersedes in
all respects all previous agreements in regard to employment between the
Executive and the Company, and Executive shall have no rights under such
agreements all of which merged herein and are governed hereby.

The Company hereby agrees to employ Executive, and Executive hereby agrees to be
employed by the Company, upon the terms and subject to the conditions set forth
in this Agreement.

2.    Employment Term.

The period of Executive's employment under this Agreement shall be for a period
of five years commencing as of May 1, 1999 (the "Effective Date") and continuing
until May 1, 2004 and thereafter from year to year until terminated in
accordance with Section 5 below (the "Employment Term").

3.    Duties and Responsibilities.

(a)   The Company will employ Executive as the Executive Vice President of Ogden
      Waste to Energy, Inc. In such capacity, Executive shall perform the
      customary duties and have the customary responsibilities of such position
      and such other duties as may be assigned to Executive from time to time by
      the Company or by the Company's Board of Directors (the "Board").

(b)   Executive agrees to faithfully serve the Company, devote his full working
      time, attention and energies to the business of the Company its
      subsidiaries and affiliated entities, and perform the duties under this
      Agreement to the best of his abilities. Executive may perform services
      without direct compensation therefor in connection with the management of
      personal investments, or in connection with charitable or civic
      organizations. The Executive shall be excused from rendering his service
      during reasonable vacation periods and during other reasonable temporary
      absences as may be authorized by the Board.

(c)   Executive agrees (i) to comply with all applicable laws, rules and
      regulations, and all requirements of all applicable regulatory,
      self-regulatory, and administrative bodies; (ii) to comply with the
      Company's Policy of Business Conduct; and (iii) not to engage in any other
      business or employment without the written consent of the Company except
      as otherwise specifically provided herein.

4.    Compensation and Benefits.

(a)   Base Salary. During the Employment Term, the Company shall pay Executive a
      base salary at the annual rate of $201,250 per year or such higher rate as
      may be determined from time to time by the Board ("Base Salary"). Such
      Base Salary shall be paid in accordance with the Company's standard
      payroll practice for senior executives.

(b)   Annual Incentive Bonus. During the Employment Term, the Executive will be
      eligible for an annual incentive bonus in such amount as may be determined
      by the Board.

(c)   Expense Reimbursement. The Company shall promptly reimburse Executive for
      the ordinary and necessary business expenses incurred by Executive in the
      performance of the duties under this Agreement in accordance with the
      Company's customary practices applicable to senior executives, provided
      that such expenses are incurred and accounted for in accordance with the
      Company's policy.

(d)   Other Benefit Plans, Fringe Benefits and Vacations. Executive shall be
      eligible to participate in or receive benefits under any pension plan,
      profit sharing plan, 401(k) plan, non-qualified deferred compensation
      plan, medical and dental benefits plan, life insurance plan, short-term
      and long-term disability plans, incentive compensation plans, vacations,
      or any other fringe benefit plan, generally made available by the Company
      to senior executives. Except as otherwise provided in this Agreement, any
      such participation shall be in accordance with the provisions of such
      plans and nothing contained in this Agreement is intended to, or should be
      deemed to, affect adversely any of Executive's rights as a participant
      under any such plans. Nothing herein shall prevent the Board from
      modifying or discontinuing any benefit plan on a consistent and
      non-discriminatory basis applicable to all such executives.

5.    Termination of Employment.

Executive's employment under this Agreement may be terminated under the
following circumstances:

(a)   Death. Executive's employment shall terminate upon Executive's death.

(b)   Total Disability. The Company may terminate Executive's employment upon
      his becoming "Totally Disabled". For purposes of this Agreement, Executive
      shall be "Totally Disabled" if he is physically or mentally incapacitated
      so as to render him incapable of performing his usual and customary duties
      under this Agreement. Executive's receipt of disability benefits under the
      Company's long-term disability plan or receipt of Social Security
      disability benefits shall be deemed conclusive evidence of Total
      Disability for purpose of this Agreement.

(c)   Termination by the Company for Cause. The Company may terminate
      Executive's employment for "Cause". Such termination shall be effective as
      of the date specified in the written Notice of Termination provided to
      Executive.

      Termination of employment by the Company for Cause shall be deemed to have
      occurred only if such termination directly results from: (A) an act or
      acts of dishonesty on Executive's part constituting a felony; (B)
      Executive's willful and continued failure to devote the time, attention,
      and effort necessary to substantially perform his duties as an executive
      officer of the Company in a manner consistent with Executive's past
      performance (other than any such failure resulting from Executive's
      incapacity due to physical or mental illness or total disability), after a
      demand for substantial performance is delivered to Executive by the Board
      which specifically identifies the manner in which the Board believes that
      Executive has not substantially performed his duties and Executive is
      given a reasonable time after such demand substantially to perform his
      duties; (C) gross misconduct or gross negligence in connection with the
      business of the Company or an affiliate which has a material adverse
      effect on the Company and its subsidiaries, taken as a whole; or (D) a
      material breach of any of the covenants set forth in Section 7 hereof.

(d)   Termination by the Company without Cause. The Company may terminate
      Executive's employment under this Agreement without Cause thirty (30) days
      after providing Notice of Termination to Executive.

(e)   Termination by Executive. Executive may terminate his employment under
      this Agreement at any time after providing Notice of Termination to the
      Company. Such Notice shall state whether the Executive's termination is
      for "Good Reason". Termination of employment by Executive for Good Reason
      shall be deemed to have occurred, if Executive provides the Notice of
      Termination within 60 days (180 days after the event listed in (v) below)
      after the occurrence of any of the following:

      (i) A change in Executive's responsibilities, status, title, or position,
      which, in Executive's reasonable judgment, represents a diminution of
      Executive's responsibilities, status, title, or position, or any removal
      of Executive from, or any failure to re-elect Executive to, any of such
      titles, offices, or positions, provided that this clause shall not apply
      if Executive's employment is terminated as a result of: (A) Executive's
      death, (B) Executive's Total Disability in accordance with Section 5(b),
      (C) Cause in accordance with Section 5(c), or (D) Executive's voluntary
      termination in accordance with this Section 5(e) other than for Good
      Reason.

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

      (iii) The failure by the Company to pay any material amount of current
      compensation owing to Executive, or any material amount of compensation
      deferred under any plan, agreement or arrangement of or with the Company
      owing to Executive, within 20 days after the Executive makes written
      demand for such amount.

      (iv) The failure by the Company to obtain an assumption (in form and
      substance reasonably satisfactory to the Executive, except in the case of
      a merger or consolidation which does not constitute a Change in Control
      for which no separate assumption is necessary) of the obligations of the
      Company under this Agreement by any successor to the Company.

      (v) Any "Change in Control" as defined in Appendix A to this Agreement

(f)   Notice of Termination. Any termination of Executive's employment by the
      Company or by Executive (other than by reason of Executive's death) shall
      be communicated by written Notice of Termination to the other party in
      accordance with Section 15 below. For purposes of this Agreement, a
      "Notice of Termination" shall mean a notice in writing which shall
      indicate the specific termination provision in this Agreement relied upon
      to terminate Executive's employment and shall set forth in reasonable
      detail the facts and circumstances claimed to provide a basis for
      termination of Executive's employment under the provision so indicated.

(g)   Termination Date. Termination Date means (i) if Executive's employment is
      terminated because of his death, the date of death, or (ii) if employment
      is terminated for any other reason, the date specified in the Notice of
      Termination.

6.    Compensation Following Termination of Employment.

(a)   Termination by Reason of Death. In the event that Executive's employment
      is terminated by reason of Executive's death, the Company shall pay the
      following amounts to Executive's beneficiary or estate:

      (i) Earned But Unpaid Compensation. Any accrued but unpaid Base Salary for
      services rendered to the date of death, any accrued but unpaid expenses
      required to be reimbursed under this Agreement and any vacation accrued to
      the date of death.

      (ii) Lump Sum Payment. An amount equal to the Base Salary (at the rate in
      effect as of the date of Executive's death) which would have been payable
      to Executive if Executive had continued in employment until the last day
      of the month in which Executive's death occurs. Such amount shall be paid
      in a single lump sum cash payment within 30 days after Executive's death.

      (iii) Other Benefits. Any benefits to which Executive may be entitled
      pursuant to the plans, policies and arrangements referred to in Section
      4(d) hereof as determined and paid in accordance with the terms of such
      plans, policies and arrangements.

(b)   Termination by Reason of Total Disability. In the event that Executive's
      employment is terminated by reason of Executive's Total Disability prior
      to the last day of the Employment Term as determined in accordance with
      Section 5(b), the Company shall pay the following amounts to Executive:

      (i) Earned But Unpaid Compensation. Any accrued but unpaid Base Salary for
      services rendered to Executive's Termination Date, any accrued but unpaid
      expenses required to be reimbursed under this Agreement, any vacation
      accrued to the Termination Date.

      (ii) Continuation of Base Salary. An amount equal to (A) the Base Salary
      (at the rate in effect as of the date of Executive's Total Disability)
      which would have been payable to Executive if Executive had continued in
      active employment until the end of the 12-month period following
      Executive's Termination Date, or such longer period as may be determined
      by the Board, (B) reduced by amount of disability insurance benefits
      payable to Executive during such period under any employer-paid disability
      insurance plan. Payment shall be made at the same time and in the same
      manner as such compensation would have been paid if Executive had remained
      in active employment until the end of such period.

      (iii) Other Benefits. Any benefits to which Executive may be entitled
      pursuant to the plans, policies and arrangements referred to in Section
      4(d) hereof shall be determined and paid in accordance with the terms of
      such plans, policies and arrangements.

(c)   Termination for Cause or Termination by Executive for Other Than Good
      Reason. In the event that Executive's employment is terminated by the
      Company for Cause pursuant to Section 5(c), or by Executive pursuant to
      Section 5(e) for other than Good Reason, the Company shall pay the
      following amounts to Executive:

      (i) Earned But Unpaid Compensation. Any accrued but unpaid Base Salary for
      services rendered to Executive's Termination Date, any accrued but unpaid
      expenses required to be reimbursed under this Agreement and any vacation
      accrued to Executive's Termination Date.

      (ii) Other Benefits. Any benefits to which Executive may be entitled
      pursuant to the plans, policies and arrangements referred to in Section
      4(d) hereof shall be determined and paid in accordance with the terms of
      such plans, policies and arrangements.

(d)   Termination By the Company Without Cause or Termination by Executive for
      Good Reason. Execute shall be entitled to the benefits described in this
      Section 6(d) in the event that Executive's employment is terminated (i) by
      the Company pursuant to Section 5(d) for reasons other than death, Total
      Disability, or Cause, or (ii) by Executive for Good Reason pursuant to
      Section 5(e).

      (i) Earned But Unpaid Compensation. The Company shall pay Executive any
      accrued but unpaid Base Salary for services rendered to Executive's
      Termination Date, any accrued but unpaid expenses required to be
      reimbursed under this Agreement and any vacation accrued to Executive's
      Termination Date.

      (ii) Lump Sum Payment. The Company shall pay Executive an amount equal to
      the product of five times the sum of (A) and (B) below:

                (A) Executive's annualized Base Salary at the highest annual
            rate in effect as any time prior to the Termination Date; and

                (B) the highest amount of annual bonus payable to Executive at
            any time prior to the Executive's Termination Date.

      This amount will be paid to Executive in a single lump sum within 30
business days after the Termination Date.

      (iii) Other Benefits. Any benefits to which Executive may be entitled
      pursuant to the plans, policies and arrangements referred to in Section
      4(d) hereof shall be determined and paid in accordance with the terms of
      such plans, policies and arrangements.

      (iv) No Mitigation Required. Executive shall not be required to mitigate
      the amount of any compensation provided for under this Section 6(d) by
      seeking other employment or otherwise, nor shall the amount of any payment
      provided for under this Agreement be reduced by any compensation earned by
      the Employee as the result of employment with another employer after the
      Termination Date or by any other compensation.

      (v) Non-Competitive Covenant Does Not Apply. The restrictive covenant
      prohibiting competitive activity set forth in Section 7(b) below shall not
      be applicable to Executive and shall be null and void.

(e)   No Other Benefits or Compensation. Except as may be provided under this
      Agreement, under the terms of any incentive compensation, employee
      benefit, or fringe benefit plan, applicable to Executive at the time of
      Executive's termination or resignation of employment, Executive shall have
      no right to receive any other compensation, or to participate in any other
      plan, arrangement or benefit, with respect to future periods after such
      termination or resignation.

7.    Restrictive Covenants.

(a)   Protected Information. Executive recognizes and acknowledges that he will
      have access to various confidential or proprietary information concerning
      the Company and entities affiliated with the Company of a special and
      unique value which may include, without limitation, (i) books and records
      relating to operations, finance, accounting, sales, personnel and
      management, (ii) policies and matters relating particularly to operations
      such as customer service requirements, costs of providing service and
      equipment, operating costs and pricing matters, and (iii) various trade or
      business secrets, including business opportunities, marketing or business
      diversification plans, business development and bidding techniques,
      methods and processes, financial data and the like (collectively, the
      "Protected Information"). Executive therefore covenants and agrees that he
      will not at any time, either while employed by the Company or afterwards,
      knowingly make any independent use of, or knowingly disclose to any other
      person or organization (except as authorized by the Company) any of the
      Protected Information.

(b)   Competitive Activity. Executive covenants and agrees that at all times
      during his period of employment with the Company, and for a period of two
      (2) years after the date of termination of his employment by reason of (i)
      termination by the Company for Cause in accordance with Section 5(c)
      above, or (ii) termination by the Executive in accordance with Section
      5(e) above for other than Good Reason, he will not, directly or
      indirectly, engage in, assist, or have any active interest or involvement
      whether as an employee, agent, consultant, creditor, advisor, officer,
      director, stockholder (excluding holding of lees than 1% of the stock of a
      public company), partner, proprietor or any type of principal whatsoever,
      in any person, firm, or business entity which is engaged in the same
      business as that conducted and principally carried on by the Company on
      the date of Termination and continued thereafter, without the Company's
      specific written consent to do so.

(c)   Return of Documents and Other Materials. Executive shall promptly deliver
      to the Company, upon termination of his employment, or at any other time
      as the Company may so request, all customer lists, leads and refunds, data
      processing programs and documentation, employee information, memoranda,
      notes, records, reports, tapes, manuals, drawings, blueprints, programs,
      and any other documents and other materials (and all copies thereof)
      relating to the Company's business or that of its customers, and all
      property associated therewith, which Executive may then possess or have
      under his control.

8     Enforcement of Covenants.

(a)   Right to Injunction. Executive acknowledges that a breach of the covenants
      set forth in Section 7 hereof will cause irreparable damage to the Company
      with respect to which the Company's remedy at law for damages will be
      inadequate. Therefore, in the event of breach or anticipatory breath of
      the covenants set forth in this section by Executive, Executive and the
      Company agree that the Company shall be entitled to the following
      particular forms of relief, in addition to remedies otherwise available to
      it at law or equity, injunctions, both preliminary and permanent,
      enjoining or retraining such breach or anticipatory breach and Executive
      hereby consents to the issuance thereof forthwith and without bond by any
      court of competent jurisdiction.

(b)   Separability of Covenants. The covenants contained in Section 7 hereof
      constitute a series of separate covenants, one for each applicable State
      in the United States and the District of Columbia, and one for each
      applicable foreign country. If in any judicial proceeding, a court shall
      hold that any of the covenants set forth in Section 7 exceed the time,
      geographic, or occupational limitations permitted by applicable laws,
      Executive and the Company agree that such provisions shall and are hereby
      reformed to the maximum time, geographic, or occupational limitations
      permitted by such laws. Further, in the event a court shall hold
      unenforceable any of the separate covenants deemed included herein, then
      such unenforceable covenant or covenants shall be deemed eliminated from
      the provisions of this Agreement for the purpose of such proceeding to the
      extent necessary to permit the remaining separate covenants to be enforced
      in such proceeding. Executive and the Company further agree that the
      covenants in Section 7 shall each be construed as a separate agreement
      independent of any other provisions of this Agreement, and the existence
      of any claim or cause of action by Executive against the Company whether
      predicated on this Agreement or otherwise, shall not constitute a defense
      to the enforcement by the Company of any of the covenants of Section 7.

9.    Certain Proprietary Rights.

Executive agrees to and hereby does assign to the Company all his right, title
and interest in and to all inventions, whether or not patentable, which are made
or conceived solely or jointly by him:

(a)   at any time during the term of his employment by the Company in an
      executive, manageria1, or planning capacity (including development and
      sales); or

(b)   during the course of or in connection with his duties during the
      Employment Text; or

(c)   with the use of time or materials of the Company.

Executive agrees to communicate to the Company or its representatives all facts
known to him concerning such inventions, to sign all rightful papers, make all
rightful oaths and generally to do everything possible to aid the Company in
obtaining and enforcing proper patent protection for all such inventions in all
countries and in vesting title to such inventions in all countries and in
vesting title to such inventions and patents in the Company. For the purpose of
this Agreement, the subject matter of any application for patent naming Employee
as a sole or joint inventor filed during the course of employment or within one
year subsequent to the termination thereof shall be deemed to be an invention
made or conceived by him during the course of his employment by the Company and
assignable to the Company hereunder, unless Executive establishes by a
preponderance of the evidence that such invention was made or conceived by him
subsequent to termination of his employment hereunder. At the Company's request
(during or after the term of this Agreement) and expense, Executive will
promptly execute a specific assignment of title to the Company, and perform any
other acts reasonably necessary to implement the foregoing assignment.

10.   Withholding of Taxes.

The Company shall withhold from any compensation and benefits payable under this
Agreement all required federal, state, local, or other taxes.

11.   Source of Payments.

All payments provided under this Agreement, other than payments made pursuant to
a plan which provides otherwise, shall be paid from the general funds of the
Company, and no special or separate fund shall be established, and no other
segregation of assets made, to assure payment. Executive shall have no right,
title or interest whatever in or to any investments which the Company may make
to aid the Company in meeting its obligations under this Agreement. To the
extent that any person acquires a right to receive payments from the Company
under this Agreement, such right shall be no greater than the right of an
unsecured creditor of the Company and its affiliates.

12.   Successor and Binding Agreement.

(a)   Company Successor. The Company shall require any successor (whether direct
      or indirect, by purchase, merger, consolidation or otherwise) to all or
      substantially all of the business or assets of the Company, by agreement
      in form and substance satisfactory to Executive, expressly to assume and
      agree to perform this Agreement in the same manner and to the same extent
      as the Company would be required to perform it if no such succession had
      taken place. Failure of the Company to obtain such agreement prior to the
      effectiveness of any such succession shall be a breach of this Agreement
      and shall entitle Executive to compensation from the Company in the same
      amount and on the same terms as Executive would be entitled to under this
      Agreement if Executive had given Notice of Termination for Good Reason as
      of the day immediately before such succession became effective and had
      specified that day in the notice of termination. As used in this
      Agreement, "Company" shall mean the Company as defined in the first
      sentence of this Agreement and any successor to all or substantially all
      its business or assets or which otherwise becomes bound by all the terms
      and provisions of this Agreement, whether by the terms hereof, by
      operation of law or otherwise.

(b)   Executives Successor. This Agreement shall inure to the benefit of and be
      enforceable by Executive and his personal or legal representatives and
      permitted successors in interest under this Agreement.

(c)   Facility of Payment. In she event of Executives legal incapacity, the
      Company may make any payments due under this Agreement to his legal
      representative. In the event of Executive's death, the Company may make
      any payment due under this Agreement to his named beneficiaries or, if
      none, to Executive's estate. Any payment made in accordance with this
      provision fully discharges the obligation of the Company therefor.

13.   Assignment by Executive.

The rights and benefits of Executive under this Agreement are personal to him
and no such right or benefit shall be subject to voluntary or involuntary
alienation, assignment or transfer; provided, however, that nothing in this
Section 13 shall preclude Executive from designating a beneficiary or
beneficiaries to receive any benefit payable following his incapacity or death.
In the event of a dispute arising under this Agreement, the Company agrees to
pay any and all reasonable legal fees incurred by Executive in connection
therewith.

14.   Governing Law.

This Agreement shall be governed by and construed in accordance with the laws of
the State of New York applicable to agreements made and to be performed in that
State, without regard to its conflict of laws provisions.

15.   Notices.

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

              To the Company:

                    Ogden Energy Group, Inc.
                    40 Lane Road
                    P.O. Box 2615
                    Fairfield, New Jersey 07007-2615
                    Attention: President

              To Executive:

                    Anthony Orlando
                    1025 Springfield Avenue
                    New Providence, NJ 07974

16.   Miscellaneous.

(a)   Waiver. The failure of a party to insist upon strict adherence to any term
      of this Agreement on any occasion shall not be considered a waiver thereof
      or deprive that parry of the right thereafter to insist upon strict
      adherence to that term or any other term of this Agreement.

(b)   Separability. If any term or provision of this Agreement is declared
      illegal or unenforceable by any court of competent jurisdiction and cannot
      be modified to be enforceable, such term or provision shall immediately
      become null and void, leaving the remainder of this Agreement in full
      force and effect.

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

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

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

(f)   Definition of Change in Control. At any time commencing on the date which
      is 30 days after the effective date of the disposition by Ogden
      Corporation of its aviation and entertainment businesses and continuing
      for a period of 30 days thereafter, the Company, acting through its Board
      of Directors, may propose to Executive in writing a revision of this
      Agreement relating only to the definition of Change-in-Control and the
      terms under which a Change-in-Control triggers the Executive's rights to
      terminate for Good Reason. The Executive and the Company shall thereafter
      negotiate in good faith regarding such proposal. If the Executive and the
      Company shall fail to reach agreement regarding this proposal within 30
      days of the date the proposal is received by Executive, then this
      Agreement shall be deemed to be amended to delete clause (v) of Section
      5(e) and as amended this Agreement shall remain in full force and effect.
      Notwithstanding the foregoing, if at any time between the date of this
      Agreement and the earlier of the date Executive and the Company reach
      agreement on any proposal by the Company, or the period for negotiation of
      such proposal expires, there occurs a Change-in-Control, or there is an
      announcement of a proposed Change-in-Control (in each case, as defined
      without regard to the Company's proposal), the Company's rights under this
      section shall immediately terminate.

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of
the day and year set forth below.

OGDEN ENERGY GROUP, INC.                        EXECUTIVE

By /s/ Scott G. Mackin                          By /s/ Anthony Orlando
   -----------------------------                   -----------------------------
   Scott G. Mackin,                                Anthony Orlando
   President and Chief Operating
   Officer

Date: May 5, 1999                               Date: May 1, 9999
      ---------------------------                     --------------------------

<PAGE>

                                   APPENDIX A

                         DEFINITION OF CHANGE IN CONTROL

The following definition of "Change in Control" shall apply for purposes of
Paragraph 5(e)(v) of the Employment Agreement between Ogden Energy Group, Inc.
and Anthony Orlando.

Change in Control. A "Change in Control" of the Company shall be deemed to have
occurred as of the first day any one or more of the following conditions shall
have been satisfied:

(a)   For purposes of this agreement, a "change in control" shall mean: the
      acquisition by any person or group (within the meaning of Section 13(d)(3)
      or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
      "Exchange Act") of beneficial ownership (within the meaning of Rule l3d-3
      under the Exchange Act) of 25% or more of either (i) the then outstanding
      shares of common stock of Parent (as defined in (d) below) or (ii) the
      combined voting power of the then outstanding voting securities of Parent
      entitled to vote generally in the election of directors, provided that the
      following acquisitions shall not constitute a Change in Control: (i) any
      acquisition directly from Parent (excluding any acquisition by virtue of
      the exercise of a conversion privilege), (ii) any acquisition by Parent
      (iii) any acquisition by any employee benefit plan (or relaxed trust)
      sponsored or maintained by Parent, or any corporation controlled by
      Parent, or (iv) any acquisition by any corporation pursuant to a
      reorganization, merger or consolidation, if following such reorganization,
      merger or consolidation the conditions described in clause (iii) of
      paragraph (c) below are met,

(b)   Individuals who, as of May 20, 1998, constitute the Board of Directors of
      the Parent (the "Incumbent Board") cease for any reason to constitute at
      least a majority of the Board; provided, however, that any individual
      becoming a director subsequent to May 20, 1998, whose election, or
      nomination for election by the Parent shareholders, was approved by a vote
      of at least a majority of the directors then comprising the Incumbent
      Board shall be considered as though such individual were a member of the
      Incumbent Board, but excluding, for this purpose, any such individual
      whose initial assumption of office occurs as a result of an actual or
      threatened election contest with respect to the election or removal of
      directors or other actual or threatened solicitation of proxies or
      consents by or on behalf of a person other than the Board; or

(c)   The stockholders of the Parent approve; (i) a plan of complete liquidation
      of the Parent or (ii) an agreement for the sale or disposition of all or
      substantially all the Parent's assets; or (iii) a merger, consolidation,
      or reorganization of the Parent with or involving any other corporation,
      limited liability entity or similar person, other than a merger,
      consolidation, or reorganization that would result in the voting
      securities of the Parent outstanding immediately prior thereto continuing
      to represent (either by remaining outstanding or by being converted into
      voting securities of the surviving entity) at least seventy-five percent
      (75%) of the combined voting power of the voting securities of the Parent
      (or such surviving entity) outstanding immediately after such merger,
      consolidation, or reorganization.

(d)   As used herein, Parent means Ogden Corporation and any successor to all or
      substantially all of its business or assets, provided that following a
      disposition by Ogden. Corporation of all or substantially all of the stock
      business or assets of Ogden Energy Group, Inc., Parent shall mean Ogden
      Energy Group, Inc. or any company which controls, directly or indirectly a
      majority of the voting power of Ogden Energy Group, Inc.'s then
      outstanding voting securities.

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