Document:

<Page>

                                                                   EXHIBIT 10.19

                                A G R E E M E N T

                                    BETWEEN:

                                DUANE READE INC.

                                    - and -

                              LOCAL 340A, NEW YORK
                               JOINT BOARD, UNITE

                                      * * *

                         April 1, 2001 - March 31, 2004

<Page>

                                   I N D E X:

<Table>
<Caption>

DESCRIPTION                     ARTICLE NO.               PAGE NO.
-----------                     ----------                --------

<S>                                 <C>                       <C>
BEREAVEMENT PAY                     XIV                        9
CHECKOFF                            IX                         7
COLLECTIVE BARGAINING AGREEMENT     II                         3
COMPLETE AGREEMENT                  XXII                      11
FAIR TREATMENT & RESPECT            VIII                       7
GRIEVANCES AND ARBITRATION          XIII                       8
HEALTH & SAFETY                     XXVI                      12
HOLIDAYS                            VI                         5
HOURS OF WORK                       V                          4
INVALIDATION                        XX                        10
JURY DUTY                           XXVII                     12
LAYOFF AND DISCHARGE                VII                        6
MANAGEMENT PEROGATIVES              X                          7
NOTICES                             XVIII                     10
RECOGNITION AND UNION SECURITY      I                          3
RETIREMENT FUND                     XVII                      10
SENIORITY                           IV                         4
SICK LEAVE                          XV                         9
STRIKES AND LOCKOUTS                XII                        8
SUCCESSORS                          XXIII                     10
TERM OF AGREEMENT                   XXI                       10
TRIAL PERIOD                        III                        4
UNION ISSUES                        XXV                       11
UNION VISITATION                    XIX                       10
VACATIONS                           VIII                       6
WAGE SCHEDULE                       XXIV                      11
WAIVER AND MODIFICATIONS            XI                         8
WELFARE                             XVI                        9
</Table>

                                       2
<Page>

AGREEMENT made and entered into the 1st day of April, 2001, by and between DUANE
READE, INC., 440 9TH Avenue, New York, (hereafter called the "Employer"), and
LOCAL 340A, New York, JOINT BOARD, UNITE, 31 West 15th Street, New York, New
York 10011 (hereafter called the "Union").

                              W I T N E S S E T H:

      WHEREAS, the parties hereto desire to cooperate in establishing and
maintaining proper and suitable conditions, and to secure uniform and equitable
terms of employment and conditions of labor satisfactory to Employer and
employees.

      NOW, THEREFORE, in consideration of the mutual covenants and agreement
hereinafter contained, it is mutually agreed as follows:

ARTICLE I,  RECOGNITION AND UNION SECURITY

A. The Employer recognizes the Union as the sole and exclusive bargaining agent
for all clerks, pharmacy clerks and cashiers employed in the Employer's stores
(refer to Appendix "A").

B. It shall be a condition of employment that all employees of the Employer
covered by this Agreement, who are members of the Union in good standing on the
effective date of this Agreement shall remain members in good standing, and
those who are not members on the effective date of this Agreement shall on the
60th day following the effective date of this Agreement, or after the execution
of the Agreement, whichever is later, become and remain members in good standing
in the Union. It shall also be a condition of employment that all employees
covered by this Agreement and hired on or after its effective date shall on the
60th day following the beginning of such employment become and remain members in
good standing in the Union.

ARTICLE II, COLLECTIVE BARGAINING UNIT

A. The collective bargaining unit covered by this Agreement shall consist of all
covered employees employed in the Employer's store who are employed for twenty
(20) hours or more per week, excluding store managers, assistant store managers,
pharmicists, clerical employees, guards and supervisory employees as may be
defined in the National Labor Relations Act, as amended.

B. Seasonal employees hired temporarily for the Christmas season no earlier than
December 15th and terminated no later than the next January 5th in any year
shall also be excluded from the coverage of this Agreement.

                                       3
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ARTICLE III, TRIAL PERIOD

A. A trial period of sixty (60) days shall be in effect for all new employees
hired by the Employer, during which period the employee may be discharged with
or without cause in the sole determination of the Employer, and such
determination shall not be subject to the arbitration provision hereinafter set
forth. The trial period for any new employee will be extended an additional
sixty (60) days upon the Employer's written request therefor. Employees retained
in the employ of the Employer subsequent to the expiration of such trial period
shall be deemed regular employees and placed on a seniority list of the
employees of the Employer, such seniority to date back to the beginning of their
employment.

ARTICLE IV. SENIORITY

      A.    Seniority shall be recognized on a store by store basis. In no case
            shall seniority in one store be counted as seniority in another
            store.

      B.    All things being equal, including ability to perform the job,
            seniority, on a single store basis, shall govern in all layoffs and
            rehirings, except that if any specific application of this seniority
            provision shall cause the Employer a business hardship, such problem
            shall be resolved by the Employer and the Union towards the end of
            eliminating such hardship.

      C.    An employee shall lose seniority in the event of the occurrence of
            any one of the following events.

            1.    Quit
            2.    Discharge for cause
            3.    After layoff the employee is notified in writing to return to
                  work and the employee fails to inform the Employer of his
                  intention to so return within 48 hours after receipt of such
                  notice.
            4.    The employee is on continuous layoff for six (6) months.
            5.    No show - no call per Company Rules of Conduct and Orientation
                  booklet

ARTICLE V. HOURS OF WORK

      A.    The regular work week for all full-time employees shall not exceed
            forty (40) hours per week for any five (5) days out of a seven (7)
            day week in any store regularly opened seven (7) days per week. A
            full-time employee is defined as an employee who averages a minimum
            of thirty (30) hours per week over a quarter.

      B.    Overtime shall be paid at the rate of time and one-half for all work
            over forty (40) hours per week.

                                       4
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      C.    Part-time employees shall receive payment for vacations and holiday
            pay on a pro-rata basis of a forty (40) hour work week.

      D.    All full-time employees shall have the ability to request all
            available hours in their home stores, in order to maintain their
            full-time status. Employees cannot claim hours that they are already
            working in another store. It is understood that the employer will
            accommodate transfers, when the business allows, in stores under the
            jurisdiction of LOCAL 340A of UNITE.

      E.    The Company shall make every reasonable commercial effort to
            maintain an employee ratio of 65% full time and 35% part time
            employees in all stores represented by LOCAL 340A of UNITE.

      F.    The Employer will provide a 10-minute paid break for each four-hour
            block of work time. The Employer will allow a one half hour unpaid
            meal break for each six hour block of work time.

ARTICLE VI. HOLIDAYS

      A.    Each employee who has completed six (6) months of service, excluding
            absences, shall be off with full pay on all holidays that the store
            is closed.

      B.    The holidays to which the employee shall be entitled hereunder shall
            be:

<Table>
<S>                                             <C>
            Washington's Birthday               Thanksgiving Day
            Memorial Day                        Christmas Day
            Fourth of July                      New Years Day
            Labor Day
</Table>

            Employees will also be eligible for two (2) personal days each year.
            Personal days must be approved by the Store Manager, in advance, by
            giving forty eight (48) hours notice to be paid. There will be no
            carryover of personal days. Eligible days not taken will be
            forfeited.

      C.    Should any of the afore-enumerated holidays to which an employee is
            entitled, fall on his day off or during his vacation, such employee
            shall, in addition to his regular pay, be paid for such holiday.
            Should any employee be called in to work on any holiday to which he
            is entitled, he shall, in addition to this regular day's pay, be
            paid for such holiday. Exclusive of Holiday Pay, if eligible,
            employees will only receive overtime pay if they actually work over
            forty (40) hours in a Holiday week.

      D.    To be eligible for Holiday pay, employees must work their scheduled
            days before and after a paid Holiday.

                                       5
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      E.    Part-time employees shall be entitled to holidays with pay on the
            same basis as hereinabove set forth but pro-rated in the proportion
            that their work hours bear to the full work week in the category in
            which employed.

ARTICLE VII. LAYOFF AND DISCHARGE

      A.    The Employer shall have the right to determine the number of
            employees from time to time required in the operation of its
            business and to determine the necessity for or extent of layoffs.

      B.    Employees, after the expiration of their trial period, may be
            discharged only for cause which includes but is not limited to
            reasons outlined in the company's Rules of Conduct and Orientation
            booklet. In the event of any dispute as to the existence of cause
            for discharge, such dispute shall be determined in accordance with
            the grievance and arbitration provisions hereinafter contained.
            Unless the Employer receives a written claim of wrongful discharge
            within two (2) weeks of date of discharge, discharge shall be deemed
            to be for good cause.

ARTICLE VIII. VACATIONS

      A.    The Company agrees that, upon request, vacation pay shall be paid
            prior to the employee's scheduled time off. All requests must be
            made on the pay period prior to the scheduled time off. It is
            understood that all eligible vacation must be taken in the calendar
            year or it will be forfeited. If an employee requests a delay and/or
            store management requests the vacation delay, it must be made in
            writing to the VP/Human Resources, who will respond within seven (7)
            days, in writing, if the request for delay is rejected.

      B.    A blackout period will exist from November 1st each year until
            December 31st of each year where no vacation will be allowed. An
            employee will never be paid for vacation in lieu of time off.
            Employees who qualify for vacation during the blackout period,
            November 1 through December 31, shall be eligible to take their
            vacation after January 1st of the next calendar year.

      C.    All full and part time employees shall be eligible for vacation pay
            as follows:

            1.    Upon completing six (6) months employment - one (1) week
            2.    Upon competing one (1) year employment - two (2) weeks
            3.    Upon completing seven (7) years employment - three (3) weeks
            4.    Upon completing twenty (20) years employment - four (4) weeks

                                       6
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            Part-time employees shall be entitled to vacation on the same basis
            as set forth herein, but pro-rated in the proportion that their work
            hours bear to the full workweek.

FAIR TREATMENT AND RESPECT:

      A.    The Employer agrees that each employee should be treated with
            respect and dignity. The Employer will not tolerate verbal abuse or
            threats by managers. Discipline should not be administered in the
            store selling areas or in front of other bargaining unit employees.
            The Union member may request the presence of the Union Steward or
            other witness at any disciplinary meeting. Discipline shall be
            administered in a professional, adult and non-confrontational
            manner.

ARTICLE IX. CHECKOFF

      A.    During the second week of each and every month the Employer agrees
            to deduct and remit to the Union the Union's regular membership dues
            and initiation fees, upon condition that the Union shall furnish the
            Employer with a lawful checkoff authorization form executed by the
            employee.

      B.    The Employer will notify the Union of any revocation of such
            authorization received by it.

      C.    This authorization shall automatically renew itself unless written
            authorization for revocation is submitted as above directed.

      D.    Any monies deducted, except monies deducted in error, from the
            employees are to remain the property of the Union, and in no event
            shall the Employer be permitted to use said monies for any other
            purpose, but as stipulated above.

      E.    All monies deducted in accordance with the provisions of this
            section shall be promptly remitted to the Union at its office with a
            list of all workers and the amounts of money deducted from each.

                                       7
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ARTICLE X. MANAGEMENT PEROGATIVES:

      A.    Any and all rights and perogatives of the Employer in the operation
            and management of its business and the direction of its employees,
            including the making of work rules in connection therewith, shall be
            and remain vested in the Employer, except as modified by this
            Agreement.

      B.    The management of the business and the direction of working forces
            is vested exclusively in the Employer. All employees shall perform
            any duties to which they may be assigned in the performance of their
            duties.

ARTICLE XI. WAIVER AND MODIFICATIONS:

      A.    The failure of either party to enforce any term, condition,
            covenant, rule or regulation contained herein, shall not be deemed
            to be a waiver of these terms, conditions, covenants, rules or
            regulations, nor shall either party be stopped from demanding
            performance of those terms, conditions, covenants, rules or
            regulations.

ARTICLE XII. STRIKES AND LOCKOUTS:

      A.    There shall be no strike, picketing, slowdown, or work stoppage by
            the Union or its members, or a refusal by any employee to cross a
            picket line in sympathy with the sponsors of such picket line, and
            there shall be no lockout by the Employer of any kind whatsoever,
            during the life of this Agreement. In the event of an unauthorized
            strike, picketing, slowdown or work stoppage the Union will
            immediately disavow such action and will instruct its members to
            return to work or to their normal level of work.

      B.    In the event of a breach of Article XII by the Union and/or its
            members, that the Union does not immediately disavow, the Union will
            consent to an injunction by a Court of competent jurisdiction and
            agrees to pay all damages and all costs arising from a breach of
            this section. If the Union and /or its members do NOT disavow, the
            Company, at its election, can Lockout without violating this
            section.

ARTICLE XIII. GRIEVANCES AND ARBITRATION

      A.    Any disputes between the Union and the Employer arising out of or
            under this Agreement shall be first taken up for amicable adjustment
            between the disputants.

      B.    If the parties to any such dispute shall be unable to adjust such
            dispute, then such dispute shall be referred to arbitration. All
            complaints, disputes or

                                       8
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            grievances of whatsoever kind or nature arising between the Union
            and the Employer concerning any provision of this Agreement, shall
            be submitted for arbitration to an arbitrator designated by mutual
            agreement of the parties. If within ten (10) days the parties fail
            to reach agreement on the designation of an arbitrator the matter
            shall be submitted to the AMERICAN ARBITRATION ASSOCIATION which
            shall submit a panel of arbitrators pursuant to its rules and
            procedures from which the parties will choose an arbitrator. The
            arbitration shall be brought on by written notice sent by the party
            requesting the same addressed to the other party at the address set
            forth in this Agreement. Said notice shall not be required to set
            forth the issues but should state that a grievance or dispute exists
            between the parties. It is expressly agreed between the parties
            hereto that should any dispute or grievance arise after the sending
            of such notice, all such additional disputes or grievances shall
            likewise be arbitrated at the time of the arbitration hearing. The
            arbitrator shall upon such notice as he shall give to the parties,
            (which notice shall be deemed good and sufficient notice), proceed
            to a hearing at the time and place fixed by him. If either party
            fails or refuses or neglects to appear, then the arbitrator shall
            hear the evidence of the party appearing and render his decision as
            if both parties had appeared. The decision of the arbitrator shall
            be binding upon the parties and the employees and shall have the
            effect of a judgment entered upon an award as provided by the New
            York State law. The parties consent that any papers, notices,
            process, including subpoenas, necessary or appropriate to institute
            or continue an arbitration, or to enforce or confirm an award, shall
            be deemed duly and sufficiently served if served by ordinary mail
            directed to the party's address as set forth in this Agreement, or
            to the party's attorney. The arbitrator is empowered to include in
            his award mandatory and injunctive relief and to assess damages. The
            expenses of arbitration hereunder shall be borne equally by the
            parties hereto.

      C.    Time shall be of the essence in any arbitration proceeding and both
            parties to the dispute shall exert their best efforts in obtaining a
            speedy determination.

      D.    Any claim for unpaid compensation to which an employee may be
            entitled under the provisions of this Agreement shall be deemed
            waived unless such claim is made within six (6) months from the date
            when such unpaid compensation may have become due and payable. Any
            such claim, made more than six (6) months after it was allegedly due
            and payable, shall not be subject to the grievance and arbitration
            provisions of this Agreement.

      E.    The Company agrees to pay Union store representatives for attendance
            at grievance meetings.

                                       9
<Page>

      F.    Under no conditions, will the Union be permitted to grieve or
            arbitrate a violation of Article XII, or any other Article of this
            Agreement, while the Union and/or its members are in active
            violation of Article XII.

ARTICLE XIV. BEREAVEMENT PAY

      A.    All covered employees who have been employed six (6) months or more
            by the Employer shall receive a maximum of three (3) days
            bereavement leave in the event of the death of a father, mother,
            sister, brother, child, or spouse. Bereavement leave shall be
            counted starting with the day after death, and the employee shall be
            paid for any day he is regularly scheduled to work during such three
            (3) days of leave.

ARTICLE XV. SICK LEAVE

      A.    Employees who have worked at least six (6) months, excluding
            absences, shall be entitled to receive five (5) days sick leave with
            pay each contract year. Sick leave shall not be cumulative, and
            unused sick leave days will be paid at the end of the contract year.

      B.    An employee who claims sick leave pay for taking time off when such
            employee was not ill shall be subject to discharge for good cause.
            The Company reserves the right to verify all absences due to
            sickness before payment.

ARTICLE XVI. WELFARE

      A.    The Employer agrees to pay the Amalgamated Cotton Garment and Allied
            Industries Health Fund $215.00 per month, effective on the first of
            the month following a full time employees completion of one hundred
            and fifty (150) days of employment.

      B.    All full-time employees, following the completion of one hundred and
            fifty (150) days of employment, will be eligible to participate in
            the Duane Reade Prescription program.

      C.    The parties agree that Duane Reade Inc. shall continue to make
            contributions to the Amalgamated Cotton Garment and Allied
            Industries Health Fund as set forth in the Supplemental Agreement
            already executed by the parties, except as modified by the
            Collective Bargaining agreement and any other agreements between the
            parties.

                                       10
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ARTICLE XVII. AMALGAMATED COTTON GARMENT & ALLIED INDUSTRIES RETIREMENT FUND:

      A.    The Employer agrees to contribute into the AMALGAMATED COTTON
            GARMENT & ALLIED INDUSTRIES RETIREMENT FUND on behalf of all
            full-time employees who have completed ninety (90) days of
            continuous service an amount as specified in the pension supplement
            to this contract.

      B.    The parties agree that Duane Reade Inc. shall continue to make
            contributions to the Amalgamated Cotton Garment and Allied
            Industries Retirement Fund as set forth in the Supplemental
            Agreement already executed by the parties, except as modified by the
            Collective Bargaining agreement and any other agreements between the
            parties.

ARTICLE XVIII. NOTICES

      A.    All notices required to be made hereunder must be made in writing,
            by certified or registered mail, and sent by each party hereto to
            the other to the addresses respectively set forth hereinabove,
            unless similarly notified in writing of a change in address.

ARTICLE XIX. UNION VISITATION

      A.    Representatives of the Union shall be permitted to visit the store
            of the Employer for a reasonable period of time for the purpose of
            meeting with the employees and for the purpose of observing whether
            or not the terms and conditions of this Agreement are carried out.
            No more than three (3) named Union representatives shall be engaged
            in Duane Reade visitations. The Union shall name the three
            representatives and notify the Company of any changes no more
            frequently than once every thirty (30) days. Such visits are not to
            interfere with the normal operations of the store.

      B.    The Union shall represent the employees of the Employer and the
            Employer shall deal with the Union or its duly accredited
            representative with respect to any matter affecting same.

                                       11
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ARTICLE XX. INVALIDATION

      A.    Should any section, or portion thereof, of this Agreement be held
            unlawful and unenforceable by any tribunal of competent
            jurisdiction, such decision shall apply only to the specified
            section or portion thereof directly specified in the decision and
            not affect the validity or enforceability of the remainder of this
            Agreement, including but not limited to Article XII.

      B.    To whatever extent any section or portion thereof in this Agreement
            is invalidated, the cost savings realized by the Company in
            executing this Agreement must be recognized. The Union will work
            with the Company in regards to salary and benefit programs such that
            the sum of all changes will equal the cost savings realized by the
            Company in executing this Agreement.

ARTICLE XXI. SUCCESSORS

      A.    This contract shall inure to the benefit of and be binding upon the
            parties hereto, their successors and assigns. In the event that
            Local 340A merges with another union, that is not currently part of
            UNITE and, that represents employees in Duane Reade's market, Duane
            Reade Inc., in its sole discretion, may elect to terminate this
            agreement by providing a thirty (30) day notice of its intention to
            terminate this agreement. In the event of a change in control of
            Duane Reade Inc., the purchaser may elect to reopen this Agreement
            by providing a thirty (30) day notice of its intention to reopen
            this Agreement, providing the stores continue to operate under the
            Duane Reade name. If the purchaser elects not to operate the stores
            under the Duane Reade name, the purchaser can elect to terminate
            this Agreement by providing a thirty (30) day notice of its
            intention to terminate this Agreement..

ARTICLE XXII. TERM OF AGREEMENT

      A.    This Agreement shall be in full force and effect from the 1st day of
            April, 2001 through and including the 31st day of March, 2004 and
            shall thereafter be automatically renewed for one (1) year unless
            and until either party shall give to the other, not later than two
            (2) calendar months prior to the expiration of the original or any
            such renewal term, a written notice of election not to renew.

                                       12
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ARTICLE XXIII. COMPLETE AGREEMENT

      A.    It is agreed that this Agreement is a complete agreement and covers
            all subjects and matters negotiable between the parties. It may not
            be changed orally, and may be amended only by a writing signed by
            the parties hereto.

ARTICLE XXIV. WAGE SCHEDULE

      A.    Wage Progression Schedule: All Employees hired and on the active
            payroll of the Company as of April 1st, 2001 shall be paid according
            to the following schedule.

<Table>
<S>                                              <C>
                      Start                      $5.15
                      After 60 Days              $5.60
                      After 6 Months             $5.90
                      After 12 Months            $6.15
                      After 18 Months            $6.40
                      After 24 Months            $6.70
                      After 30 Months            $7.00
                      After 36 Months            $7.40
</Table>

      B..   If there is an increase in the Federal or State minimum wage during
            the term of the Agreement only progression steps below the new
            minimum will be adjusted.

      C.    All employees who are at the maximum or above the progression
            schedule and have completed a year of active service as of the
            increase date, will receive an across the board increase of thirty
            cents ($.30) per hour, effective April 1, 2001, April 1, 2002 and
            April 1, 2003.

      D.    All employees scheduled to work from midnight to eight a.m. shall
            receive an additional $1.50 per/hour.

      E.    All employees on the payroll April 1, 2001 who are still employed
            October 1, 2001 shall receive a bonus of $100.00. All employees on
            the payroll as of April 1, 2001 who are still employed as of April
            1, 2002 shall receive an additional $100.00.

ARTICLE XXV. UNION ISSUES:

      A.    Where physically possible, the Employer will provide a bulletin
            board for Company and Union business in an employee gathering area
            (i.e. lounge, break room etc.) and will provide space for Union
            literature.

                                       13
<Page>

      B.    The Employer agrees to provide a fifteen (15) minute Union
            indoctrination at the start of employment for all new hires in
            stores represented by LOCAL 340A UNITE conducted by the store Union
            representative.

      C.    During the first year of this contract, any employee who accepts a
            temporary salaried position with the Union shall be granted a leave
            of absence from the Company for up to one year and upon his/her
            return be granted all rights and privileges including seniority
            status. The Union agrees to reimburse the Company for all benefit
            costs during the temporary leave.

ARTICLE XXVI. HEALTH & SAFETY ISSUES:

      A.    The Company agrees to provide the following:

            1.    A re-usable covering garment for use to protect employee's
                  clothes. A supply will be sent to each store and controlled by
                  store management.

            2.    Clean restrooms and breakrooms

            3.    Properly ventilated work areas

            4.    Access to clean drinking water

ARTICLE XXVII. JURY DUTY:

      A.    The Company agrees to compensate employees for up to three days pay
            in conjunction with applicable court stipends for time lost while
            serving on jury duty.

                                       14
<Page>

IN WITNESS WHEREOF, the parties hereto have set their hands and seals as of the
above date.

LOCAL 340A                                DUANE READE INC.
NEW YORK JOINT BOARD, UNITE

By:   __________________________          By:___________________________

Date Signed: _____________________  Date Signed:_________________________

                                       15
<Page>

                               PENSION SUPPLEMENT
                        DUANE READE LOCAL 340A AGREEMENT

Duane Reade Inc. shall make contributions to the Amalgamated Cotton Garment &
Allied Industries Retirement fund at the rate of five cents ($0.05) per hour for
each compensated hour for all full-time employees who complete ninety (90) days
of employment.

                                       16Exhibit 10.23  

NOTE

$239,609.33

January 2,
2002 

        FOR
VALUE RECEIVED, ANTHONY CUTI, a natural person residing in the State of New Jersey (the "Borrower"), hereby promises to pay to the order of DUANE READE INC., a Delaware
corporation (the "Lender"), in full on December 19, 2002 the principal sum of Two Hundred Thirty Nine Thousand Six Hundred Nine Dollars ($239,609.33) and all accrued and unpaid interest from
January 2, 2002 in lawful money of the United States of America and in immediately available funds. Interest on this note shall accrue at a rate per annum equal at all times to the Federal
Mid-Term Rate in effect within thirty days after the payment by the Lender to the Borrower of any Target Bonus or Incentive Bonus (each as defined in the Employment Agreement). 

        This
Note evidences the loan made by the Lender to the Borrower under the Employment Agreement as amended, dated as of October 27, 1997 and effective as of June 18, 1997
(the "Employment Agreement") between the Lender and the Borrower and is subject to the terms set forth therein, including, without limitation, those terms set forth in Exhibit C to the
Employment Agreement. Capitalized terms used and not otherwise defined in this Note shall have the meanings ascribed to them in the Employment Agreement. 

        If
EBITDA for the calendar year ended immediately prior to the Termination Date equals or exceeds the Base EBITDA Target for such year and as of the Termination Date, EBITDA for the
current calendar year is at least anticipated (as reasonably determined by the Lender's outside auditors) to equal or exceed the Base EBITDA Target for such year, the Lender will forgive the interest
accrued on this Note as of such date (the "Forgiveness"), and the Borrower will not be required to pay additional interest thereon. The Lender will make an additional payment to the Borrower such
that, on an after-tax basis, he receives the benefit of the full amount of the Forgiveness. The Lender shall have the right to reduce as an offset to this Note any amount payable to the
Borrower pursuant to Section 17(a)(i) and (ii) of the Employment Agreement by the principal balance outstanding under this Note as of the Termination Date. 

        Each
of the following shall constitute an "Event of Default": 

        (a)    The
Borrower shall fail to make any payment of principal or interest on the Note by the date that is five days after such payment is due; 

        (b)    The
Borrower's employment with the Lender shall be terminated for any reason or the Borrower shall materially breach any provision of the Employment Agreement; or 

        (c)    The
Borrower shall die or become incapacitated. 

        Upon
the occurrence of an Event of Default, the principal hereof and accrued interest hereon shall become, or may be declared to be, forthwith due and payable, without presentment,
demand, protest or further notice of any kind, all of which are expressly waived by the Borrower. 

        THIS
NOTE SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF RELATED TO CONFLICTS OF LAW). THE
BORROWER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE. 

	

 	
 	

By:	
 	

 Anthony Cuti

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]