Document:

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                                                                    EXHIBIT 10.8

                              EMPLOYMENT AGREEMENT

         This Employment Agreement ("Agreement") is entered into effective as of
May 1, 2000 by and between The Shaw Group Inc., a Louisiana corporation
(collectively with its affiliates and subsidiaries hereinafter referred to as
"Company"), and Robert L. Belk ("Employee").

         WHEREAS, the Company employs Employee and desires to continue such
employment relationship and Employee desires to continue such employment;

         NOW, THEREFORE, in consideration of the mutual covenants,
representations, warranties, and agreements contained herein, and for other
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties agree as follows:

         1. Employment. The Company hereby employs Employee, and Employee hereby
accepts employment by the Company, on the terms and conditions set forth in this
Agreement.

         2. Term of Employment. Subject to the provisions for earlier
termination provided in this Agreement, the term of this agreement (the "Term")
shall be three (3) years commencing on the date hereof, and shall be
automatically renewed on each day following the date hereof so that on any given
day the unexpired portion of the Term of this Agreement shall be three (3)
years. Notwithstanding the foregoing provision, at any time after the date

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hereof the Company or Employee may give written notice to the other party that
the Term of this Agreement shall not be further renewed from and after a
subsequent date specified in such notice (the "fixed term date"), in which event
the Term of this Agreement shall become fixed and this Agreement shall terminate
on the third anniversary of the fixed term date.

         3. Employee's Duties. During the Term of this Agreement, Employee shall
serve as the Executive Vice President & Chief Financial Officer of the Company,
with such duties and responsibilities as may from time to time be assigned to
him by the board of directors of the Company (the "Board"), provided that such
duties are consistent with the customary duties of such position.

         Employee agrees to devote his full attention and time during normal
business hours to the business and affairs of the Company and to use reasonable
best efforts to perform faithfully and efficiently his duties and
responsibilities. Employee shall not, either directly or indirectly, enter into
any business or employment with or for any person, firm, association or
corporation other than the Company during the Term of this Agreement; provided,
however, that Employee shall not be prohibited from making financial investments
in any other company or business or from serving on the board of directors of
any other company. Employee shall at all times observe and comply with all
lawful directions and instructions of the Board.

         4. Base Compensation. For services rendered by Employee under this
Agreement, the Company shall pay to Employee a base salary ("Base

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Compensation") of $350,000.00 per annum payable in accordance with the Company's
customary pay periods and subject to customary withholdings. The amount of Base
Compensation shall be reviewed by the Board on an annual basis as of the close
of each fiscal year of the Company and may be increased as the Board may deem
appropriate. In the event the Board deems it appropriate to increase Employee's
annual base salary, said increased amount shall thereafter be the "Base
Compensation". Employee's Base Compensation, as increased from time to time, may
not thereafter be decreased unless agreed to by Employee. Nothing contained
herein shall prevent the Board from paying additional compensation to Employee
in the form of bonuses or otherwise during the Term of this Agreement.

         5. Additional Benefits. In addition to the Base Compensation provided
for in Section 4 herein, Employee shall be entitled to the following:

                  (a) Expenses. The Company shall, in accordance with any rules
            and policies that it may establish from time to time for executive
            officers, reimburse Employee for business expenses reasonably
            incurred in the performance of his duties. It is understood that
            Employee is authorized to incur reasonable business expenses for
            promoting the business of the Company, including reasonable
            expenditures for travel, lodging, meals and client or business
            associate entertainment. Request for reimbursement for such expenses
            must be accompanied by appropriate documentation.

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                  (b) Automobile Allowance. Employee shall be entitled to
            receive a monthly automobile allowance of $850.00 (Eight Hundred
            Fifty Dollars and 00/100) payable on the first of each month during
            the Term, which will fully reimburse Employee for the cost of
            leasing or purchasing, and the insurance, therefor, of an automobile
            for Employee's business use. The Company may increase as the Board
            deems appropriate. Employee shall purchase and maintain automobile
            insurance covering the automobile with such limits as may be
            required by the Company from time to time. In addition to the
            foregoing, the Company shall reimburse Employee for gasoline
            expenditures related to use of such vehicle, provided the requests
            for reimbursement are accompanied by appropriate documentation.

                  (c) Vacation. Employee shall be entitled to four (4)
            weeks of vacation per year, without any loss of compensation or
            benefits. Employee shall be entitled to carry forward any unused
            vacation time.

                  (d) General Benefits. Employee shall be entitled to
            participate in the various employee benefit plans or programs
            provided to the employees of the company in general, including but
            not limited to, health, dental, disability, 401K and life insurance
            plans, subject to the eligibility requirements with respect to each
            of such benefit plans or programs, and such other benefits or

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            perquisites as may be approved by the Board during the Term of this
            Agreement. Nothing in this paragraph shall be deemed to prohibit the
            Company from making any changes in any of the plans, programs or
            benefits described in this Section 5, provided the change similarly
            affects all executive officers of the Company similarly situated.

                  (e) Options. Upon the resignation for Good Reason as
            defined in Section 7 (e), discharge as defined in Section 7 (c) (i),
            or disability as defined in Section 7 (d), Employee shall be
            considered as immediately and totally vested in any and all stock
            options or other similar awards previously made to Employee by the
            Company or its subsidiaries under a "Long Term Incentive Plan" duly
            adopted by the Board (such options or similar awards are hereinafter
            collectively referred to as "Options"). In the event that the
            Options become vested under this paragraph, employee will be allowed
            not less than one year from the date of such vesting in which to
            exercise such options.

         6. Confidential Information. Employee, during the Term, may have access
to and become familiar with confidential information, secrets and proprietary
information concerning the business and affairs of the Company. As to such
confidential information, Employee agrees as follows:

                  (a) During the employment of Employee with the Company
            and thereafter Employee will not, either directly or

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            indirectly, disclose to any third party without the written
            permission of the Company, nor use in any way (except as required in
            the course of his employment with the Company) any confidential
            information, secret or proprietary information of the Company. In
            the event of a breach or threatened breach of the provisions of this
            Section 6 (a), the Company shall be entitled, in addition to any
            other remedies available to the Company, to an injunction
            restraining Employee from disclosing such confidential information.

                  (b) Upon termination of employment of Employee, for
            whatever reason, Employee shall surrender to the Company any and all
            documents, manuals, correspondence, reports, records and similar
            items then or thereafter coming into the possession of Employee
            which contain any confidential, secret or proprietary information of
            the Company.

         7. Termination This Agreement may be terminated prior to the end of its
Term as set forth below:

                  (a) Resignation (other than for Good Reason). Employee
            may resign, including by reason of retirement, his position at any
            time by providing written notice of resignation to the Company in
            accordance with Section 11 hereof. In the event of such resignation,
            except in the case of resignation for Good Reason (as defined
            below), this Agreement shall terminate and Employee shall

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            not be entitled to further compensation pursuant to this Agreement
            other than the payment of any unpaid Base Compensation accrued
            hereunder as of the date of Employee's resignation.

                  (b) Death. If Employee's employment is terminated due to
            his death, one (1) year of Employee's Base Compensation shall be
            paid by the Company in lump sum in cash within thirty (30) days
            after Employee's death to Employee's surviving spouse or estate, and
            one (1) year of paid group health and dental insurance benefits
            shall be provided by the Company to Employee's surviving spouse and
            the minor children, and after said payments and provision of
            insurance benefits, this Agreement shall terminate and the Company
            shall have no obligations to Employee or his legal representatives
            with respect to this Agreement other than the payment of any unpaid
            Base Compensation previously accrued hereunder.

                  (c) Discharge.

                      (i) The Company may terminate Employee's employment
                  for any reason at any time upon written notice thereof
                  delivered to Employee in accordance with Section 11 hereof. In
                  the event that Employee's employment is terminated during the
                  Term by the Company for any reason other than his Misconduct
                  or Disability (both as defined

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                  below), then (A) the Company shall pay in lump sum in cash to
                  Employee, within fifteen (15) days following the date of
                  termination, an amount equal to the product of (i) Employee's
                  Base Compensation as in effect immediately prior to Employee's
                  termination, multiplied by (ii) the Remaining Term, (B) for
                  the Remaining Term, the Company, at its cost, shall provide or
                  arrange to provide Employee (and, as applicable, Employee's
                  dependents) with disability, accident and group health
                  insurance benefits substantially similar to those which
                  Employee (and Employee's dependents) were receiving
                  immediately prior to Employee's termination; however, the
                  welfare benefits otherwise receivable by Employee pursuant to
                  this clause (B) shall be reduced to the extent comparable
                  welfare benefits are actually received by Employee (and/or
                  Employee's dependents) during such period under any other
                  employer's welfare plan(s) or program(s) , with Employee being
                  obligated to promptly disclose to the Company any such
                  comparable welfare benefits, (C) in addition to the
                  aforementioned compensation and benefits, the Company shall
                  pay in lump sum in cash to Employee within fifteen (15) days
                  following the date of termination an amount equal to the
                  product of (i) Employee's highest bonus paid by the Company
                  during the

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                  most recent three (3) years immediately prior to the Date of
                  Termination, multiplied by (ii) the Remaining Term, and (D)
                  Employee shall be considered as immediately and totally vested
                  in any and all Options previously made to Employee by Company
                  or its subsidiaries.

                      (ii) Notwithstanding the foregoing provisions of this
                  Section 7, in the event Employee is terminated because of
                  Misconduct, the Company shall have no obligations pursuant to
                  this Agreement after the Date of Termination other than the
                  payment of any unpaid Base Compensation accrued through the
                  Date of Termination. As used herein, "Misconduct" means (a)
                  the continued failure by Employee to substantially perform his
                  duties with the Company (other than any such failure resulting
                  from Employee's incapacity due to physical or mental illness
                  or any such actual or anticipated failure after the issuance
                  of a Notice of Termination by Employee for Good Reason), after
                  a written demand for substantial performance is delivered to
                  Employee by the Board, which demand specifically identifies
                  the manner in which the Board believes that Employee has not
                  substantially performed his duties, (b) the engaging by
                  Employee in conduct which is demonstrably and materially
                  injurious to the Company, monetarily or otherwise (other

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                  than such conduct resulting from Employee's incapacity due to
                  physical or mental illness or any such actual or anticipated
                  conduct after the issuance of a Notice of Termination by
                  Employee for Good Reason), or (c) Employee's conviction for
                  the commission of a felony. Anything contained in this
                  Agreement to the contrary notwithstanding, the Chief Executive
                  officer of the Company shall have the sole power and authority
                  to terminate the employment of Employee on behalf of the
                  Company.

                  (d) Disability. If Employee shall have been absent from
            the full-time performance of Employee's duties with the Company for
            ninety (90) consecutive calendar days as a result of Employee's
            incapacity due to physical or mental illness, Employee's employment
            may be terminated by the Company for "Disability" and Employee shall
            not be entitled to further compensation pursuant to this Agreement,
            except that Employee shall (1) be paid monthly (but only for up to a
            twelve (12) month period beginning with the Date of Termination) the
            amount by which Employee's monthly Base Compensation exceeds the
            monthly benefit received by Employee pursuant to any disability
            insurance covering Employee; (2) continue to receive paid group
            health and dental insurance benefits for Employee and his dependents
            for up to twelve (12) month period beginning with Date of
            Termination; and

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            (3) be considered as immediately and totally vested in any and all
            options previously granted to Employee by Company or its
            subsidiaries.

                  (e) Resignation for Good Reason. Employee shall be entitled
            to terminate his employment for Good Reason as defined herein. If
            Employee terminates his employment for Good Reason he shall be
            entitled to the compensation and benefits provided in Paragraph 7
            (c) (i) hereof. "Good Reason" shall mean the occurrence of any of
            the following circumstances without Employee's express written
            consent unless such breach or circumstances are fully corrected
            prior to the Date of Termination specified in the Notice of
            Termination given in respect hereof:

                         (1) the material breach of any of the Company's
                  obligations under this Agreement without Employee's express
                  written consent,

                         (2) the continued assignment to Employee of any duties
                  inconsistent with the office of Executive Vice President and
                  Chief Financial Officer;

                         (3) the failure by the Company to pay to Employee any
                  portion of Employee's compensation on the date such
                  compensation is due;

                         (4) the failure by the Company to continue to provide
                  Employee with benefits substantially similar to those enjoyed

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                  by other executive officers who have entered into similar
                  employment agreements with Employer under any of the Company's
                  medical, health, accident, and/or disability plans in which
                  Employee was participating immediately prior to such time; or

                         (5) the failure of the Company to obtain a satisfactory
                  agreement from any successor to assume and agree to perform
                  this Agreement, as contemplated in Section 13 hereof.

                  In addition, the occurrence of any Corporate Change (as
         defined below), shall constitute "Good Reason" hereunder, but only if
         Employee gives notice of his intent to terminate his employment within
         ninety (90) days following the effective date of such Corporate Change.

                  A "Corporate Change" shall occur if (i) the Company shall not
         be the surviving entity in any merger or consolidation (or survives
         only as a subsidiary of another entity), (ii) the Company sells all or
         substantially all of its assets to any other person or entity (other
         than a wholly-owned subsidiary), (iii) the Company is to be dissolved
         and liquidated, (iv) when any "person" as defined in Section 3(a)(9) of
         the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
         and as used in Sections 13 (d) and 14 (d) thereof, including a "group"
         as defined in Section 13 (d) of the

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         Exchange Act but excluding any 10% or larger shareholder of record of
         the Company as of January 10, 2000, directly or indirectly, becomes the
         "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act, as
         amended from time to time), of securities of the Company representing
         20% or more of the combined voting power of the Company's then
         outstanding securities which are entitled to vote with respect to the
         election of the directors of the Company; (v) James M. Bernhard ceases
         to be Chairman of the Board of Directors and Chief Executive Officer.
         However, in the event James M. Bernhard ceases to be Chairman of the
         Board and Chief Executive Officer as a result of his death or
         disability, Employee shall be required to give notice within 90 days as
         set forth in this paragraph, but shall remain employed until the
         earliest of 6 months after notice, or until the Board of Directors of
         the Company notifies Employee that it has found a suitable successor,
         or (vi) as a result of or in connection with a contested election the
         members of the Board as of the date of this Agreement shall cease to
         constitute a majority of the Board. "Contested" as used herein shall
         not include election by a majority of the current Board.

                  (f) Notice of Termination. Any purported termination of
         Employee's employment by the Company under Sections 7(c)(ii) or 7(d),
         or by Employee under Section 7(e), shall be communicated by

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         written Notice of Termination to the other party hereto in accordance
         with Section 11 hereof. For purposes of this Agreement, a "Notice of
         Termination" shall mean a notice which, if by the Company and is for
         Misconduct or Disability, shall set forth in reasonable detail the
         reason for such termination of Employee's employment, or in the case of
         resignation by Employee for Good Reason, said notice must specify in
         reasonable detail the basis for such resignation. A Notice of
         Termination given by Employee pursuant to Section 7(e) shall be
         effective even if given after the receipt by Employee of notice that
         the Board has set a meeting to consider terminating Employee for
         Misconduct. Any purported termination for which a Notice of Termination
         is required which is not effected pursuant to this Section 7(f) shall
         not be effective.

                  (g) Date of Termination, Etc. "Date of Termination" shall mean
         the date specified in the Notice of Termination, provided that the Date
         of Termination shall be at least 15 days following the date the Notice
         of Termination is given. Notwithstanding the foregoing, in the event
         Employee is terminated for Misconduct, the Company may refuse to allow
         Employee access to the Company's offices (other than to allow Employee
         to collect his personal belongings under the Company's supervision)
         prior to the Date of Termination.

                  (h) Mitigation. Employee shall not be required to mitigate the
         amount of any payment provided for in this Section 7 by

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         by seeking other employment or otherwise, nor shall the amount of any
         payment provided for in this Agreement be reduced by any compensation
         earned by Employee as a result of employment by another employer,
         except that any severance amounts payable to Employee pursuant to the
         Company's severance plan or policy for employees in general shall
         reduce the amount otherwise payable pursuant to Sections 7(c)(i) or
         7(e).

                  (i) Excess Parachute Payments. Notwithstanding anything in
         this Agreement to the contrary, to the extent that any payment or
         benefit received or to be received by Employee hereunder in connection
         with the termination of Employee's employment would, as determined by
         tax counsel selected by the Company, constitute an "Excess Parachute
         Payment" (as defined in Section 280G of the Internal Revenue Code), the
         Company shall fully "gross-up" such payment so that Employee is in the
         same "net" after-tax position he would have been if such payment and
         gross-up payments had not constituted Excess Parachute Payments.

         8.  Non-Compete.

         8.1 No Other Activities. Employer agrees that during the term of this
Agreement, he shall not, directly or indirectly, represent or otherwise engage
in or participate in, the business or ventures of any person, firm, partnership,
association, or corporation other than the Company, without first obtaining the

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written consent of the Company. Employee further agrees that during the term of
this Agreement, he shall not, directly or indirectly, solicit or attempt to
solicit any products or agreements for the purpose of using the products or
agreements in the formation of a business outside of the Company, regardless of
whether any such products or the subject of such agreements are then being
handled by the Company.

         8.2 Non-Disclosure. Employee further agrees that he will not, during or
after the term of his employment, disclose to any person, firm, partnership,
association, or corporation, the names and addresses of any past or present
customers, or prospective customers, of the Company, any of their methods or
practices of obtaining business, their trade secrets, consultant contracts and
the details thereof, their pricing policies, their operational methods, their
marketing plans or strategies, their business acquisition plans and all other
information pertaining to the business of the Company that is not publicly
available. Employee agrees to keep all information gained as a result of his
relationship with the Company on a confidential basis and shall not disclose
that information to anyone not authorized by the Company to receive information.
If Employee should cease, either voluntarily or involuntarily, to be an employee
of the Company he hereby expressly agrees that, for a period of two (2) years
following termination of his employment, he shall not assist any competitor or
prospective competitor located in the territories serviced by the Company (as
set forth in Attachment 1 or otherwise) during his employment in any way
detrimental to the Company through the use of any information

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gained as a result of his employment with the Company. Employee agrees that all
computer programs, print-outs, customer lists, methods, forms, systems and
procedures used by the Company constitute the exclusive property and will remain
the exclusive property of the Company and agrees that he will not disclose any
of these matters without the prior written permission of the Company.

         8.3 Non-Solicitation, etc. In further consideration of the other terms
and provisions of this Agreement, and to protect the vital interests of the
Company, upon termination of his employment for any reason, for a period of two
(2) years after the termination of his employment, Employee agrees and binds
himself that he shall not, directly or indirectly, or as a member, shareholder,
officer, director, consultant or employee of any other person or entity, compete
with the Company or own, manage, operate, join, control or participate in the
ownership, management, operation, or control of, or become employed by, consult
or advise, or be connected in any manner with any business or activity which is
in actual, direct or indirect competition or anticipated competition with the
Company within those counties, parishes, municipalities or other places listed
in Attachment 1 annexed hereto and made a part hereof, so long as the Company
carries on the business presently conducted by the Company, being the supply of
industrial piping systems for new construction and retrofit projects, which
includes design and engineering services, piping system fabrication,
manufacturing and sale of specialty pipe fittings, design and fabrication of
pipe support systems and industrial and

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commercial construction and maintenance. Not by way of limitation or exclusion,
Employee shall not, within the aforesaid locations and during the aforesaid time
period, call upon, solicit, advise or otherwise do, or attempt to do, business
with any customers or distributors of the Company with whom the Company had any
dealings during the period of Employee's employment hereunder or take away or
interfere or attempt to interfere with any custom, trade, business or patronage
of the Company or interfere with or attempt to interfere with any officers,
employees, distributors, representatives or agents of the Company or employ or
induce or attempt to induce any of them to leave the employ of the Company or
violate the terms of their contracts, or any employment arrangements, with the
Company. Employee acknowledges and agrees that any breach of the foregoing
covenant not to compete would cause irreparable injury to the Company and that
the amount of injury would be impossible or difficult to fully ascertain.
Employee agrees that the Company shall, therefore, be entitled to obtain an
injunction restraining any violation, further violation or threatened violation
of the covenant not to compete hereinabove set forth, in addition to any other
remedies that the Company may pursue.

         8.4 Duration. If the two (2) year period referred to in any of this
Article 8 shall be finally determined by a court to exceed the maximum period
which is permissible by applicable law, the said period shall be reduced to the
maximum period permitted by such law.

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         9. Non-exclusivity of Rights. Nothing in this Agreement shall prevent
or limit Employee's continuing or future participation in any benefit, bonus,
incentive, or other plan or program provided by the Company or any of its
affiliated companies and for which Employee may qualify, nor shall anything
herein limit or otherwise adversely affect such rights as Employee may have
under any Options with the Company or any of its affiliated companies.

         10. Assignability. The obligations of Employee hereunder are personal
and may not be assigned or delegated by him or transferred in any manner
whatsoever, nor are such obligations subject to involuntary alienation,
assignment or transfer. The Company shall have the right to assign this
Agreement and to delegate all rights, duties and obligations hereunder, either
in whole or in part, to any parent, affiliate, successor or subsidiary
organization or company of the Company, so long as the obligations of the
Company under this Agreement remain the obligations of the Company.

         11. Notice. For the purpose of this Agreement, notices and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, addressed to the
Company at its principal office address, directed to the attention of the Board
with a copy to the Secretary of the Company, and to Employee at Employee's
residence address on the records of the Company or to such other address as
either party may have furnished to the other in writing in accordance herewith
except that notice of change of address shall be effective only upon receipt.

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         12. Validity. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

         13. Successors; Binding Agreement.

                  (a) The Company will require any successor (whether
            direct or indirect, by purchase, merger, consolidation or otherwise)
            to all or substantially all of the business and/or assets of the
            Company to expressly assume and agree to perform this Agreement in
            the same manner and to the same extent that the Company would be
            required to perform it if no such succession had taken place.
            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 Employee to compensation from the
            Company in the same amount and on the same terms as he would be
            entitled to hereunder if he terminated his employment for Good
            Reason, except that for purposes of implementing the foregoing, the
            date on which any such succession becomes effective shall be deemed
            the Date of Termination. As used herein, the term "Company" shall
            include any successor to its business and/or assets as aforesaid
            which executes and delivers the Agreement provided for in this
            Section 13 or which otherwise becomes bound by all terms and
            provisions of this Agreement by operation of law.

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                  (b) This Agreement and all rights of Employee hereunder
            shall inure to the benefit of and be enforceable by Employee's
            personal or legal representatives, executors, administrators,
            successors, heirs distributees, devisees and legatees. if Employee
            should die while any amounts would be payable to him hereunder if he
            had continued to live, all such amounts, unless otherwise provided
            herein, shall be paid in accordance with the terms of this Agreement
            to Employee's devisee, legatee, or other designee or, if there be no
            such designee, to Employee's estate.

         14. Miscellaneous. No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by Employee and such officer as may be specifically
authorized by the Board. No waiver by either party hereto at any time of any
breach by the other party hereto of, or in compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time. This Agreement is an integration of the parties
agreement; no agreement or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either
party, except those which are set forth expressly in this Agreement. THE
VALIDITY, INTERPRETATION, CONSTRUCTION AND PERFORMANCE OF THIS AGREEMENT SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF LOUISIANA.

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         15. 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 instrument.

         16. Arbitration. Either party may elect that any dispute or controversy
arising under or in connection with this Agreement be settled by arbitration in
Baton Rouge, Louisiana in accordance with the rules of the American Arbitration
Association then in effect. If the parties cannot mutually agree on an
arbitrator, then the arbitration shall be conducted by a three arbitrator panel,
with each party selecting one arbitrator and the two arbitrators so selected
selecting a third arbitrator. The findings of the arbitrator(s) shall be final
and binding, and judgment may be entered thereon in any court having
Jurisdiction. The findings of the arbitrator(s) shall not be subject to appeal
to any court, except as otherwise provided by applicable law. The arbitrator(s)
may, in his or her (or their) own discretion, award legal fees and costs to the
prevailing party.

         IN WITNESS WHEREOF, the parties have executed this Agreement on May 1,
2000, effective for all purposes as provided above.

                                    THE SHAW GROUP INC.
                                    By
                                    Name: /s/ Gary P. Graphia
                                          -------------------------

EMPLOYEE:
Name:    /s/ Robert L. Belk
      -------------------------------
         Robert L. Belk
         Executive Vice President and
         Chief Financial Officer

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                              EMPLOYMENT AGREEMENT

         This Employment Agreement ("Agreement") is entered into as of August
11, 2000 by and between ACCLAIM ENTERTAINMENT, INC. a Delaware corporation
("Company") and GERARD F. AGOGLIA ("Employee").

         1. DEFINITIONS: The following terms shall, where the context allows,
have the following meanings whether such terms shall appear in lower case or
with the first letter of each word capitalized (the foregoing shall apply to all
other defined terms used herein):

(a)  "Company Client" means any person, business or entity (collectively
     "Person") to or through whom any Company Product or Service is sold or
     brought to market prior to or during Employee's employment under this
     Agreement.

(b)  "Company Product or Service" means any product or service developed and/or
     sold or otherwise provided by Company during or prior to Employee's
     employment under this Agreement, and all other products and/or services
     which are similar to such products or services, including, without
     limitation, computer game software of all kinds.

(c)  "Competitor" means any Person who is engaged in the development or sale of
     products or services like or similar to any Company Product or Service
     including, without limitation, the development or sale of computer game
     software.

     2.   EMPLOYMENT:

     (a)  Acceptance of Employment by Company: Company hereby engages Employee
          and Employee hereby agrees to provide to Company his full-time
          services as Executive Vice President, Chief Financial Officer, in
          accordance with the terms and conditions of this Agreement. Employee
          will report to, and serve under the direction of the Co-Chairman/Chief
          Executive Officer and the Co-Chairman/Senior Executive Vice President
          or such other person(s) as may be designated by Company, however,
          Employee shall serve as the highest-ranking financial officer of the
          Company. Except during vacation period and reasonable periods of
          absence due to sickness, personal injury or other disability
          throughout the Term (as defined below) of this Agreement, Employee
          shall devote his full working time and attention during normal
          business hours to performing his services and duties hereunder to the
          best of his ability and utilizing all of his skills, experience and
          knowledge to advance the business and interests of the Company in a
          manner consistent with the professional duties and responsibilities of
          his position. Employee shall not, directly or indirectly, engage in or
          participate in the operation or management of, or render any services
          to, any other Person. Notwithstanding the foregoing to the contrary,
          Employee shall not be prevented from investing and managing his assets
          in such form or manner as will not unreasonably interfere with the
          services to be rendered by Employee hereunder, or from acting as a
          director, trustee, officer of, or on a committee of, or a consultant
          to, any other firm, trust or corporation or deliver lectures, fulfill
          speaking engagements or teach or coach at educational institutions
          whether or not for compensation where such positions do not
          unreasonably interfere with the services to be rendered by Employee
          hereunder and where the business of such firm, trust or corporation is
          not in competition with Company's (or any of Company's affiliates)
          business.

     (b)  Location of Employment: Employee shall render his services at
          Company's offices presently located in Glen Cove, New York; provided,
          however, that Employee shall render his

                                       1
<PAGE>

          services at such other locations from time-to-time as the proper
          performance of Employee's duties may reasonably require.

         3. TERM: Employee's employment hereunder shall be for a period of three
(3) years and shall commence on August 28, 2000 and continue through and
including August 27, 2003 (the "Term") unless sooner terminated as provided for
herein. Unless this Agreement is terminated or amended by written agreement, the
Term shall automatically be extended from year to year under the same terms and
conditions as shall be in effect on the last termination date. Employee agrees
that the covenants set forth in paragraph 6 (hereinafter "Restrictive
Covenants"), and all other provisions of this Agreement related to the
enforcement thereof, shall continue throughout the full Term of this Agreement,
surviving any termination of Employee's employment hereunder for any reason.

         4. COMPENSATION, BENEFITS:

         (a) Salary: Company shall pay to Employee during the Term, an annual
base salary (the "Salary") of Three Hundred Fifty Thousand Dollars ($350,000)
per annum. The Salary shall be reviewed by the Company annually and may be
increased if the Company, in its sole and absolute discretion, determines that
such an increase is advisable based on such factors as the Company shall
consider appropriate from time to time (it is understood that no such review
shall cause a decrease in Employee's Salary). Employee's Salary shall be payable
in accordance with the Company's customary employee payroll policy as in effect
from time to time. Such Salary, together with any other compensation which may
be payable to Employee hereunder shall be less such deductions as shall be
required to be withheld by applicable law and regulations and shall be pro-rated
for any period that does not constitute a full twelve (12) month period.

         (b) Benefits: In addition to the payments required by Paragraph 4 to be
paid to the Employee during the Term and to any benefits payable hereunder, the
Employee shall:

         (i) be eligible to participate in all employee fringe benefits and any
pension and 401(k) plan that may be provided by the Company for its key
executive employees in accordance with the provisions of any such plans;

         (ii) participate on the commencement of the Term of this Agreement at
the Company's sole expense in medical, dental, disability, life and accidental
death and dismemberment insurance plans that may be provided by the Company for
its key executive employees in accordance with the provisions of any such plans;

         (iii) be entitled to sick leave and sick pay in accordance with any
Company policy and practice that may be applicable to key executive employees;
and

         (iv) be eligible for participation in the Company's Employee Stock
Purchase Plan, effective with the next available enrollment period following
commencement of this Agreement; and

         (c) Bonus:

         (i) Employee shall receive a bonus in the amount of Fifty Thousand
Dollars ($50,000), payable upon commencement of the Term of this Agreement.

         (ii) In addition to the sums payable to Employee pursuant to Paragraph

                                       2
<PAGE>

4(c)(i), above, Employee shall during each fiscal year of Company during which
Employee is employed hereunder, be eligible to participate in the Company's
Annual Incentive Plan (the "AIP"). Based upon the successful completion of
stated goals as set forth by the Company in the AIP for the fiscal year in
question, employee shall be eligible to receive as a bonus up to 100% of his
Salary (it being understood that the calculation of the amount of such bonus
shall be as set forth in the AIP for such fiscal year). Company reserves the
right to amend, modify or cancel the AIP; provided that if Company does modify
the financial goals of the AIP for any Fiscal Year which were set by Company at
the commencement of such Fiscal Year, such modification will not affect the
calculation of Employee's AIP Bonus for such Fiscal Year, if any (in other words
Employee's AIP bonus, if any, shall be calculated pursuant to the financial
goals set at the commencement of the applicable Fiscal Year). For purposes of
this Agreement, and notwithstanding anything provided herein or in the AIP, the
Company guarantees that the Employee's bonus under the AIP for the first year of
the Term of this Agreement shall be no less than the amount of One Hundred
Seventy Five Thousand Dollars ($175,000) (the "Guaranteed AIP Bonus"), one-half
(1/2) of which amount shall be payable upon the commencement of the Term of this
Agreement and the balance of which amount shall be payable on the six-month
anniversary of the commencement of the term of this Agreement. Participation in
the AIP for Company's fiscal year ending August 31, 2000 will be prorated from
the Employee's first full month of employment. For purposes of clarification any
bonus under the AIP awarded Employee shall be first set off against the
Guaranteed AIP Bonus.

         (d) Stock Options: Upon commencement of the Term of this Agreement,
Employee shall receive options to purchase Two Hundred Fifty Thousand (250,000)
shares of the Company's common stock. Except as otherwise provided herein, these
options will vest in equal installments over a three (3) year period commencing
on the date of this Agreement, in accordance with the provisions of the 1998
Stock Option Plan (the "Plan") of the Company. The option price will be at the
closing price of the Company's stock on the The NASDAQ SmallCap market on the
day the grant is officially approved by the Company's Compensation Committee,
but not later than the date of commencement of Employee's employment. Additional
options on the Company's common stock may be awarded to Employee at the
discretion of the Company and Company's Board of Directors. The award of any
options (including the options to be granted upon commencement of the Term
hereunder) and the exercise of such options shall be subject to the terms placed
on such options at the time the Board makes any such award and in accordance
with the provisions of Company's Plan, as such Plan may be amended from time to
time; provided, however, that if this Agreement is terminated pursuant to
Paragraph 8(c) or 8(e)(ii), below, Employee shall have the right to exercise any
options which may be properly vested pursuant to the Stock Option Plan during
the Severance Period (as such term is defined in Paragraph 8(c), below).

         (e) Automobile Allowance: Company shall provide Employee with an
automobile allowance of $1,000 per month. Such allowance shall cover any leasing
expenses, gas, maintenance and insurance, all of which shall be Employee's sole
responsibility.

         (f) Vacation: The Employee shall be eligible for four (4) weeks of
vacation each year (20 days). The Employee may carry over as much as ten (10)
days into his vacation bank to a maximum of ten (10) carryover days at any given
time.

         (g) Expenses: Company will reimburse Employee for actual, ordinary and
necessary travel and accommodation costs, entertainment and other business
expenses incurred as a necessary part of discharging the Employee's duties
hereunder, subject to receipt of reasonable and appropriate documentation as
required from time-to-time by the Company.

                                       3
<PAGE>

         5. OWNERSHIP OF RESULTS AND PROCEEDS OF EMPLOYMENT: All results and
proceeds of Employee's employment ("Work Product") hereunder shall be considered
"work made for hire" and shall be owned exclusively throughout the world by the
Company (including all copyrights and patents therein and thereto, and all
renewals and extensions thereof) in perpetuity (except with respect to patents
or copyrights which shall be owned exclusively by Company for the duration of
any applicable patent or copyright), free of any claims whatsoever by Employee
or any other Person. Company shall have the sole and exclusive right to
copyright or patent the Work Product and documentation thereto, or other
reproductions embodying the Work Product thereof, and any other material capable
of copyright and/or patent protection created in connection with the Work
Product) in Company's name, as the owner and author thereof, and to secure any
and all registrations, renewals and extensions of such copyrights and patents in
Company's name or Employee's name as permitted pursuant to applicable statute.
If Company shall be deemed not to be the owner or author of any of the
aforementioned materials, this Agreement shall constitute an irrevocable
transfer to Company of ownership of copyright and/or patent therein (and all
renewals and extensions). Employee shall, upon Company's request, execute and
deliver to Company transfers of ownership of copyright (and all renewals and
extensions) or patent, as the case may be, in such materials and any other
documents as Company may deem necessary or appropriate to vest in Company the
rights granted to Company in this Agreement, and if Employee does not execute
any such above described transfers as required hereunder then Employee hereby
irrevocably appoints Company his attorney-in-fact for the purpose of executing
those transfers of ownership and other documents in his name.

         6. CERTAIN COVENANTS OF EMPLOYEE: Without in any way limiting or
waiving any right or remedy accorded to Company or any limitation placed upon
Employee by law, Employee agrees as follows:

         (a) Acknowledgment: Employee understands and agrees that Company is
engaged in the highly competitive business of computer software development;
that Company's success is highly dependent upon the protection of Company's
trade secrets and confidential information; that Company has invested
considerable resources of its time and money in developing its products,
services, staff, good will, procedures, clients, techniques, special training,
client lists, manuals, records, documents, and other trade secrets and
confidential information; and that upon and during employment under this
agreement Company has provided and will provide Employee access to and valuable
knowledge regarding Company's trade secrets and confidential information,
creating a relationship of confidence and trust between Company and Employee.
Employee acknowledges and agrees that the use of such trade secrets or
confidential information, or of Employee's expertise or leadership, for the
benefit of Company's Competitors would be greatly harmful to Company, and that
Company's willingness to enter into business with Employee and to provide
Employee access to its trade secrets and confidential information is conditioned
upon (i) the protection of Company's trade secrets and confidential information
for Company's sole and exclusive benefit, (ii) the retention of Employee's
expertise and leadership during the Term of this Agreement for the sole and
exclusive benefit of Company, and not for any competitor, and (iii) the
protection of Company against Employee's use for the benefit of any Competitor
of the valuable skills Employee will acquire, develop and/or refine by virtue of
employment with Company under this Agreement. Employee therefore agrees that the
covenants and confidentiality provisions set forth in this Agreement are
reasonable in scope, time, territory and type of activity and necessary for the
protection of Company's legitimate interests, and further agrees that the
knowledge of Company's confidential information and trade secrets to which he
will gain access by virtue of employment under this Agreement, constitute good,
sufficient and adequate consideration for the covenants and confidentiality
provisions set forth in this Agreement.

                                       4
<PAGE>

         (b) Limited Non-Competition. Employee expressly covenants and agrees
that during the Term of this Agreement and for a period of one (1) year
following the termination of his employment with Company, for any reason, with
or without cause, Employee shall not, directly or indirectly, alone or in
concert with others, compete with Company in any manner or form, including but
not limited to serving in the capacity of employee, agent, consultant, owner,
investor, stockholder, partner, and/or independent contractor for any
Competitor, nor will Employee, except for or on behalf of Company, solicit or
attempt to solicit clients, business or patronage for the development or sale of
any product or service of Company. Employee acknowledges and agrees that the
computer software development industry in which Company is engaged is not
confined to any particular geographic market, but rather is global in geographic
scope, and that the absence of a restricted geographic scope to the limited
covenant of non-competition set forth herein is therefore reasonable and
necessary for the protection of Company's assets, trade secrets, confidential
information, good will and other legitimate business interests. Further, the
absence of a restricted geographic scope for the limited covenant of
non-competition set forth herein shall not be invoked as or provide a defense to
the enforceability of this Agreement or any provision hereof. Notwithstanding
the foregoing to the contrary, Employee shall have the right to own as a passive
investment up to one percent (1%) of any Competitor, provided such Competitor is
a public company. Further notwithstanding the foregoing to the contrary, if this
Agreement is terminated pursuant to paragraph 8 (c), then the first sentence of
this paragraph 6(b) shall not apply to such termination.

         (c) Limited Non-Solicitation of Company Clients. Employee expressly
covenants and agrees that for the one (1) year period following the termination
of his employment with Company, for any reason, with or without cause, Employee
shall not, directly or indirectly alone or in concert with others, solicit or
induce, or attempt to solicit or induce any Company Client, or any former
Company Client who, in the twelve (12) month period prior to the effective date
of such termination was an Company Client, to obtain or secure computer software
or its development from or through a Competitor. Further notwithstanding the
foregoing to the contrary, if this Agreement is terminated pursuant to paragraph
8 (c), then the first sentence of this paragraph 6(c) shall not apply to such
termination.

         (d) Limited Non-Solicitation of Company Employees. Employee expressly
covenants and agrees that for the one (1) year period following the termination
of his employment with Company, for any reason, with or without cause, Employee
shall not, directly or indirectly, alone or in concert with others, recruit,
solicit or induce, or attempt to recruit, solicit or induce any employee,
officer, consultant, representative, independent contractor or advisor of
Company to terminate, alter, or modify their employment or relationship with
Company.

         (e) Proprietary Information:

                (i) Employee further acknowledges and agrees that the success
of the Company depends, among other things, upon maintaining strict secrecy with
respect to its trade secrets and confidential information relating to the
design, development and marketing of its products and services, including
without limitation "know-how" trade secrets, details of supplier's,
manufacturer's, Employee's, employee or distributor's contracts, pricing
policies, financial data, operational methods, marketing and sales information
or strategies, product development techniques or plans, or any strategies
relating thereto, technical processes, designs and design projects, and other
proprietary information of the Company or any parent, subsidiary or affiliate of
Company (hereinafter individually referred to as a "Protected Company") and to
which trade secrets and confidential information Employee may acquire knowledge
of or have access to during the course of his

                                       5
<PAGE>

employment by the Company. Such trade secrets and confidential information as
described above are hereinafter referred to as "Proprietary Information". For
the purpose of this Agreement, Proprietary Information also includes, without
limitation, any and all information not lawfully and generally available to the
public concerning the Company, and any Protected Company or any of its
respective products, services, clients, affairs, personnel or suppliers. In
addition, in the course of its business, the Company may receive confidential
disclosures of the trade secrets and confidential information of other persons
and entities. In such event, when instructed by the Company, Employee shall
receive and treat the trade secrets and confidential information of such other
persons and entities with the same obligation and degree of care as Employee
treats the Proprietary Information of the Company.

               (ii) Employee shall use his best efforts to exercise utmost
diligence, as an individual as well as part of a working group, to protect and
guard the Proprietary Information of the Company and any Protected Company.
Employee agrees not to disclose to any Person not employed by the Company or not
engaged to render services to a Protected Company either during or after his
employment, nor to use, for himself or another, during or after his employment,
without the Company's written consent, any Proprietary Information obtained by
him during his employment, whether developed by him or not, and Employee agrees
to hold all Proprietary Information in strict confidence; provided, however,
that this provision shall not preclude the Employee from making, upon advice of
counsel, any disclosure required by any applicable law or using or disclosing
information known generally to the public (other than information known
generally to the public as a result of any violation of this Paragraph 6(e) by
or on behalf of the Employee).

               (iii) Proprietary Information shall at all times, both during the
term of this Agreement and at all times thereafter, be and remain the property
of Company for its sole and exclusive use and benefit, and Employee shall
deliver all documents containing or reflecting such information to Company at
any time upon request of Company, and in any event shall deliver all such
documents to Company upon the termination of his employment regardless of
whether or not expressly requested to do so at the time employment pursuant to
this Agreement ceases. Upon leaving the employment of the Company, Employee
shall not take with him any of the Company's Proprietary Information.

         (f) Breach of Covenants. Employee acknowledges and agrees that the
services to be rendered by him hereunder are of a special, unique, extraordinary
and intellectual character which gives them peculiar value. In the event of any
breach of any covenant or promise set forth herein, Employee agrees that Company
shall be entitled to seek judicial remedies in any appropriate court for the
redress of such breach, including, without limitation, the right to seek
injunctive relief. Employee further acknowledges that it will be difficult, if
not impossible, to measure in money the damage that will be suffered by the
Company in the event that Employee fails to comply with the covenants and
restrictions set forth in this Section 6 and that in such event the Company will
not have an adequate remedy at law. Therefore, Employee agrees that the Company
in such event shall be entitled to injunctive relief, both temporary and
permanent, to enforce such covenants or restrictions, or any of them, in any
court having jurisdiction thereof, in addition to such other equitable and legal
remedies which may be available to it, and in the event that any action or
actions should be instituted in equity to enforce any restriction or covenant
hereunder, no party will raise the defense that there in an adequate remedy at
law.

         7. RIGHTS AND REMEDIES UPON BREACH: If Employee breaches any of the
provisions of the Restrictive Covenants, Company shall have the following rights
and remedies, each of which rights and remedies shall be independent of the
other and severally enforceable:

                                       6
<PAGE>

         (a) Specific Performance: The right and remedy to have the Restrictive
Covenants specifically enforced by any court having equity jurisdiction, it
being acknowledged and agreed that any such breach or threatened breach will
cause irreparable injury to the Company and that money damages will not provide
an adequate remedy to the Company.

         (b) Severability of Covenants: If any court determines that any of the
Restrictive Covenants, or any part thereof, is invalid or unenforceable, the
remainder of the Restrictive Covenants shall not thereby be affected and shall
be given full effect, without regard to the invalid portions.

         (c) Blue-Pencilling: If any court construes any of the Restrictive
Covenants, or any part thereof, to be unenforceable because of the duration or
geographical scope of such provision, such court shall have the power to reduce
the duration or scope of such provision and, in its reduced form, such provision
shall then be enforceable.

         (d) No Waiver, Cumulative Remedies: The failure of any party to this
Agreement to seek redress for a violation of or to insist upon the strict
performance of any covenant or condition of this Agreement shall not prevent a
subsequent act, which would have originally constituted a violation, from having
the effect of an original violation. The rights and remedies provided by this
Agreement are cumulative and the use of any one right or remedy by any party
shall not preclude or waive the right to use any or all other remedies. Said
rights and remedies are given in addition to any other rights or remedies the
parties may have by law, statute, ordinance or otherwise.

8. TERMINATION/SUSPENSION/CHANGE OF CONTROL:

     (a) Termination Upon Death or Disability:

               (i) If during the Term of this Agreement Employee should die,
then this Agreement shall be deemed to have automatically terminated as of the
date of Employee's death. Employee's estate shall be entitled to (I) any unpaid
Salary accrued prior to the date of such death and (2) a prorated AIP bonus
(prorated based on the number of months expired from the commencement of the
Fiscal Year in which Employee is terminated until the date of such termination),
if any, pursuant to the AIP (or any successor plan, if any,) which would
otherwise have been payable to Employee for the Fiscal Year in which Employee
dies (such amount, if any, shall be payable to Employee when such AIP bonuses
are otherwise payable for such fiscal year), but no later than 120 days
following the expiration of the Fiscal Year in which Employee dies.

               (ii) If during the Term of this Agreement Employee becomes
Disabled (as such term is defined below) and such disability has lasted for a
period of 180 days in any consecutive 12 month period and no reasonable
accommodation (as such term is defined in the Americans With Disabilities Act)
is available or can be furnished, then following such period Company shall have
the right to terminate this Agreement or suspend the Term at Company's election.
In the event Company elects to suspend the Term hereof and Company's obligations
hereunder, then such suspension shall be for the duration of such disability and
the Term shall be automatically extended by a number of days equal to the total
number of days of the suspension, or such fewer number of days of which Company
may advise Employee in writing. Employee may only return to work following such
disability upon submission to Company of a certificate from the physician
selected by the Company as aforesaid certifying that Employee is able to return
to work. No suspension shall in any manner suspend or otherwise impair Company's
rights under this Agreement. During the period that Employee is Disabled

                                       7
<PAGE>

and prior to any Termination or suspension by Company, Employee shall retain his
status and continue to receive his full compensation (Salary plus prorated AIP).
As used in this Agreement, the term "Disabled" shall mean Employee's inability
to substantially perform his duties and responsibilities under this Agreement by
reason of a non-intentionally self-inflicted medical disability, including
mental or physical illness, as certified by a physician appointed by the
Company.

     (b) Termination for Cause: Company shall have the right to terminate
Employee's employment pursuant to this Agreement for Cause. "Cause" for
termination means (i) any act of fraud, embezzlement, or other misappropriation
or any other act or omission by Employee that amounts to a willful breach of
Employee's fiduciary duty to Company or its direct or indirect clients, (ii)
Employee's conviction of a felony or any crime involving moral turpitude under
state or federal law, or the equivalent under foreign law, (iii) Employee's
material breach of any rules or regulations of employment, or any policies
related thereto, which may be adopted or amended from time to time by Company of
which Employee has been given written notice and which are consistent with this
Agreement, (iv) Employee's refusal to perform satisfactorily Employee's duties
and obligations under this Agreement, (v) any other acts or omissions by
Employee constituting neglect or dereliction of Employee's duties hereunder,
(vi) Employee's willful refusal to carry out the reasonable instructions of the
Board, either of the Co-Chairmen of Company or such other person as either of
the Co-Chairmen have determined, (vii) the happening of any event which, under
the provisions of any federal, state or foreign laws applicable to Company or
its activities, disqualifies Employee from acting in any capacity provided for
herein, including, without limitation, any event which disqualifies Employee
under the Securities Act of 1933 or the Securities Exchange Act of 1934, or
(viii) Employee's default of any material obligations under this Agreement
(other than those specified in clauses (i) through (vi) above); provided
however, that the Company shall have given Employee written notice specifying
any event or breach specified in clauses (iii) through (vi) and (viii) above and
permitted Employee to cure any such breach within the period of 20 days after
receipt of such notice if such breach is capable of being cured and Employee has
failed to cure such breach within such 20 days; provided, further, however that
the Company shall not be obligated to provide Employee with notice and
opportunity to cure more than one event or breach under each of clauses (iii)
through (vi)and (viii) above. If Employee's employment is terminated by Company
for Cause, Company's obligations to Employee shall terminate immediately;
provided that Company shall pay to Employee any unpaid salary and unpaid
vacation accrued prior to such termination and reimburse Employee for any
approved business expenses incurred by Employee prior to such termination.

     (c) Termination Without Cause by Company or for Cause by Employee: If the
Company terminates this Employment Agreement without cause by written notice to
the Employee, or if Employee's employment hereunder is terminated by Employee
pursuant to Paragraph 8(e) hereunder, the Employee shall be entitled to receive
from the Company, (i) any unpaid Salary, unpaid vacation pay, unreimbursed
business expenses and any other monies payable to the Employee under any
employee benefit plan, in each case earned through the date of the Employee's
termination; (ii) from and after the effective date specified in the Company's
notice of termination and for a period of twelve (12) months thereafter (the
"Severance Period"), the Salary (it being understood, for the avoidance of
doubt, that Employee shall not be entitled to receive any bonuses of any type
during the Severance Period); (iii) continued coverage under Company's then
available medical, dental, life and disability benefits for the 12-month period
commencing with Employee's termination of employment; (iv) Employee shall be
entitled to a prorated bonus (prorated based on the number of months expired
from the commencement of the Fiscal Year in which Employee is terminated until
the date of such termination), if any, pursuant to the AIP (or any successor
plan, if any,) which would otherwise have been payable to Employee for the
Fiscal Year in which Employee is terminated hereunder (such amount, if any,
shall be payable to Employee when such AIP bonuses are otherwise payable for
such

                                       8
<PAGE>

fiscal year), but no later than 120 days following the expiration of the Fiscal
Year in which Employee is terminated, and (v) notwithstanding anything to the
contrary contained in the Stock Option Plan (as defined in Paragraph 4(d)
hereinabove), all options previously granted to Employee shall become
immediately vested and exerciseable in full for a period of 180 days from
Employee's termination. If the Employee should die at any time after the
termination of this Employment Agreement pursuant to this Paragraph 8(c), the
amounts or benefits payable or provided to the Employee under this Paragraph
8(c) shall cease and the provisions of Paragraph 8(a) shall apply; provided,
further, that the Employee shall not be entitled to receive any bonuses of any
type and provided, further that any payments made to the Employee pursuant to
this Paragraph 8(c) shall be offset by any compensation that the Employee may
receive from employment that the Employee may obtain at any time following the
termination of this Employment Agreement without any regard to when such
compensation is paid and, in connection therewith, the Employee shall be
required to refund to the Company any amounts which shall constitute an
overpayment made by the Company to the Employee under this Paragraph 8(c) as a
result of any compensation that the Employee may obtain at any time following
the termination of this Employment Agreement pursuant to this Paragraph 8(c).
Fiscal Year as used in this Agreement means the fiscal year of Company.

     (d) Designation of Beneficiary: The parties hereto agree that the Employee
shall designate, by written notice to the Company, a beneficiary to receive the
payments described in Paragraph 4 in the event of his death. The designation of
any such beneficiary may be changed by the Employee from time to time by written
notice to the Company. In the event the Employee fails to designate a
beneficiary as herein provided, any payments which are otherwise to be made to a
designated beneficiary under Paragraph 4 shall be made to the Employee's estate.

     (e) Termination by Employee for Cause/Change in Control: If, during
Employee's employment, (i) Company shall materially breach a material term of
this agreement or (ii) there shall occur a "Change in Control" (as defined
below) of Company and, within one year thereafter, there shall occur a change in
Employee's "Circumstances of Employment" (as defined below), then Employee may
terminate his employment pursuant to this Agreement by written notice to Company
and Employee shall be entitled to receive the benefits provided in paragraph
8(c)(i) through (v) above; provided, however, that Employee shall first have
given Company written notice specifying the specific nature of such breach or
such change in Employee's Circumstances of Employment as case may be, and
Company has not cured any such breach or Change in Circumstances within the
period of 20 days after receipt of notice of such aforementioned notice.

               (i) A "Change in Control" shall be deemed to occur upon (a) the
sale by Company of all or substantially all of its assets to any person (as such
term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934), the consolidation of Company with any person, or the merger of Company
with any person as a result of which merger Company is not the surviving entity
as a publicly held corporation, or (b) the sale or transfer or issuance of
shares of Common Stock by Company and/or any one or more of its stockholders
(other than Gregory E. Fischbach or James R. Scoroposki), as the case may be, in
one or more transactions, related or unrelated, to one or more persons as a
result of which any person and its "affiliates" (as hereinafter defined), other
than Gregory E. Fischbach or James R. Scoroposki, shall own more than 35% of the
outstanding Common Stock, unless such sale or transfer has been approved in
advance by the Board. An "affiliate" shall mean any person that directly, or
indirectly through one or more intermediaries, controls, or is controlled by, or
is under common control with, any other person.

               (ii) Employee's "Circumstances of Employment" shall be deemed to
have changed if there shall have occurred any of the following events: (A) a
material reduction or change in

                                       9
<PAGE>

Employee's duties or reporting responsibilities; (B) a material breach by
Company of any provision of this Agreement; (C) a material reduction in the
fringe benefits made available by Company to Employee, unless such reduction is
also applicable to all senior executive officers of Company generally; (D) a
material diminution in Employee's status, working conditions or economic
benefits; or (E) a reduction in Employee's Salary or AIP.

     9. EMPLOYEE'S REPRESENTATIONS, WARRANTIES AND INDEMNITIES:

     (a) Right to Enter Into Agreement: Employee has the right and is free to
execute this Agreement, to grant the rights granted by him to the Company
hereunder, and to perform each and every term and provision hereof.

     (b) Breach Under Other Agreement or Arrangement: Neither the execution and
delivery of this Agreement nor the performance by Employee of any of his
obligations hereunder will constitute a violation, breach, or default under, any
agreement, arrangement or understanding, or any other restriction of any kind,
to which Employee is a party or by which Employee is bound.

     (c) Services Rendered Deemed Special, Etc.: Employee acknowledges and
agrees that the services to be rendered by him hereunder are of a special,
unique, extraordinary and intellectual character which gives them peculiar
value, the loss of which cannot be adequately compensated for in an action at
law and that a breach of any term, condition or covenant hereof will cause
irreparable harm and injury to Company and in addition to any other available
remedy Company will be entitled to seek injunctive relief.

     (d) Indemnity: Employee agrees and does hereby indemnify save and hold
Company harmless from and against any and all damages, liabilities, costs,
losses and expenses (including legal costs and reasonable attorney's fees)
arising out of or in connection with any claim, demand or action by a third
party which is inconsistent with any of the warranties, representations or
agreements made by Employee in this contract Employee agrees to reimburse
Company, on demand, for any payment made by Company at any time with respect to
any such demand, liability, costs, loss or expense to which the foregoing
indemnity applies; provided, such payment arises from a final judgment or
arbitration or a settlement made with Employee's prior consent, which consent
Employee shall not unreasonably withhold. Company shall notify Employee in
writing of any such claim, demand or action promptly after Company has been
formally advised thereof and Employee shall have the right, at his expense to
participate in the defense thereof with counsel of his choice. Notwithstanding
the foregoing to the contrary, Employee shall not be liable to indemnify Company
as provided above to the extent that any above referenced claim is covered by
any insurance policies Company may elect to maintain generally for the benefit
of officers or in connection with any proceeding to which Employee (or
Employee's legal representatives or other successors) may be made a party by
reason of Employee's being or having been an officer or Employee of Company and
its subsidiaries and affiliates including, without limitation, any joint venture
or partnership in which Company or any of its subsidiaries has an interest as
long such actions were within the scope of Employees duties hereunder.

     10. NOTICES: Any notice, consent or other communication under this
Agreement (hereinafter "Notice") shall be in writing and shall be delivered
personally, sent by facsimile transmission (and confirmed in writing) or
overnight courier (regularly providing proof of delivery) or sent by registered,
certified, or express mail and shall be deemed given when so delivered
personally, sent by facsimile transmission and confirmed in any other manner
permitted in this Paragraph 10 or overnight courier, or if mailed two (2) days
after the date of deposit in the United States mail as provided herein. Notices
shall be addressed to Employee at 135 Medowview Drive, Trumbull,

                                       10
<PAGE>

Connecticut , with copies to: Mark G. Sklarz, Cummings & Lockwood, 700 State
Street, New Haven, Connecticut 06511. Notices shall be addressed to Company at
One Acclaim Plaza, Glen Cove, New York 11542, Attention: Chief Executive
Officer, and to Fischbach, Perlstein & Lieberman, LLP, 1875 Century Park East,
Suite 850, Los Angeles, CA 90067, Attention: Bernard J. Fischbach, Esq. Either
party may change its address for Notices hereunder by notice to the other party
in accordance with this Paragraph 10.

     11. ASSIGNMENT: Subject to paragraph 8(e), Company shall have the right, at
its election, to assign any of its rights or obligations hereunder, in whole or
in part to any parent, subsidiary, affiliated, or related company, or to any
person, firm, or corporation owning or acquiring a substantial portion of
Company's or Company's stock or assets, and, to the extent of such assignment,
Company and/or Company shall thereafter be relieved of their obligations
hereunder. Employee shall not have the right to assign any of his rights or
obligations hereunder, except for family gifts or transfers of compensation
payable under paragraph 4 to heirs, beneficiaries, or otherwise by operation of
law, in accordance with Company's policies, practices and procedures.

     12. FURTHER INSTRUMENTS: Employee shall furnish Company with any further
instruments, in such form and substance as shall be approved or designated by
Company, which Company may reasonably require or deem necessary, from time to
time, in its discretion, to evidence, establish, protect, enforce, defend or
secure to Company any or all of its rights, titles, properties or interests or
more fully to effectuate or carry out the purposes, provisions or intent of this
Agreement. In this connection, Employee hereby irrevocably constitutes and
appoints Company as its lawful attorney-in-fact to execute, acknowledge and
deliver all such further instruments and to do all acts and things contemplated
by this paragraph.

     13. COMPLETE AGREEMENT; MODIFICATION AND TERMINATION: This Agreement
contains the entire agreement between the parties with respect to Employee's
employment by Company, superseding all existing agreements between them
concerning Employee's employment. This Agreement may not be amended, modified,
superseded, canceled, or waived except by a written instrument signed by the
party to be charged. The headings in this Agreement are solely for the
convenience of reference and shall not affect its interpretation.

     14. COMPANY INDEMNITY: Company shall indemnify Employee (and Employee's
legal representatives or other successors) to the fullest extent permitted by
the laws of the State of Delaware and its existing certificate of incorporation
and by-laws, and Employee shall be entitled to the protection of any insurance
policies Company may elect to maintain generally for the benefit of officers,
against all costs, charges and expenses whatsoever incurred or sustained by
Employee (or Employee's legal representatives or other successors) in connection
with any action, suit or proceeding to which Employee (or Employee's legal
representatives or other successors) may be made a party by reason of Employee's
being or having been an officer or Employee of Company and its subsidiaries and
affiliates including, without limitation, any joint venture or partnership in
which Company or any of its subsidiaries has an interest.

     15. GOVERNING LAW: Subject to paragraph 14, this Agreement shall
interpreted with, and governed by, the laws of the State of New York, without
regard to conflicts of law doctrines. Any claim, dispute or disagreement in
respect of this Agreement may be brought only in the courts of the State of New
York, in Nassau County or the federal courts within the State of New York and in
Nassau County, which courts shall have exclusive jurisdiction thereof. Any
process in any action or proceeding commenced in such courts may, among other
methods, be served upon the parties hereto, as

                                       11
<PAGE>

applicable, by delivering or mailing the same, via registered or certified mail,
return receipt requested, addressed to Company or Employee, as applicable, at
the addresses set forth or designated pursuant to paragraph 10, above. Any such
service by delivery or mail shall be deemed to have the same force and effect as
personal service within the State of New York.

     WHEREFORE, the parties hereto have executed this Agreement as of the day
and year first above written.

ACCLAIM ENTERTAINMENT, INC.

By: /s/ KEVIN WALLING               8-11-00
-------------------------------
Name:
Its:

/s/ GERARD F. AGOGLIA
---------------------
GERARD F. AGOGLIA

                                       12

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