Document:

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                                                                   EXHIBIT 10.11
                              EMPLOYMENT AGREEMENT

      This Employment Agreement (this "AGREEMENT") is made and entered into as
of June 1, 2004 (the "Effective Date"), by and between U.S. Health Services
Corporation, a Delaware corporation, (the "COMPANY"), Standard Management
Corporation, an Indiana corporation, (the "GUARANTOR"), and Martial R. Knieser,
M.D., an individual, (the "EXECUTIVE").

                                    RECITALS

      WHEREAS, the Company desires to hire Executive and Executive desires to
become employed by the Company; and

      WHEREAS, the Company and Executive have determined that it is in their
respective best interest to enter into this Agreement on the terms and
conditions as set forth herein.

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
and promises contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

      1. EMPLOYMENT. The Company hereby employs Executive, and Executive hereby
accepts employment by the Company, upon the terms and conditions set forth in
this Agreement.

      2. DUTIES. Executive shall serve as President, and such other positions as
may be mutually agreed upon by Executive and the Board of Directors of the
Company (the "Board"). Executive shall perform all reasonable duties assigned by
the Chairman and the Board and agrees to be subject to the general supervision,
orders, advice and direction of the Chairman and the Board.

      3. EXTENT OF SERVICES. During the term of Executive's employment
hereunder, Executive shall devote his full working time and efforts to the
performance of his duties and the furtherance of the interests of the Company
and shall not be otherwise employed. Notwithstanding the above, Executive may
serve as a director or trustee of other organizations, may practice medicine, or
engage in charitable, civic, and/or governmental activities provided that such
service and activities do not prevent Executive from performing the duties
required of Executive under this Agreement and further provided that Executive
obtains written consent for all such activities from the Company, which consent
will not be unreasonably withheld. Executive may engage in personal activities,
including, without limitation, personal investments, provided that such
activities do not interfere with Executive's performance of duties hereunder
and/or the provisions of Executive's written agreements with the Company.

      4. TERM. Subject to the provisions for termination in Section 8 below, the
initial term of employment of Executive under this Agreement shall be two (2)
years from and after the Effective Date (the "INITIAL TERM"). This Agreement
shall automatically renew annually for successive one (1) year periods (the
"RENEWAL TERM," and together with the Initial Term, the "EMPLOYMENT TERM"),
unless the Company or Executive elects not to renew this Agreement by serving
written notice of such intention not to renew on the other party at least ninety
(90) days

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prior to the succeeding Effective Date. If such an election is made, this
Agreement shall be in full force and effect for the remaining portion of the
then-current one (1) year period, subject to the provisions for termination in
Section 8 of this Agreement.

      5. COMPENSATION AND BENEFITS.

            5.1 BASE SALARY. In consideration of the services rendered to the
      Company hereunder by Executive and Executive's covenants hereunder, the
      Company shall, during the Employment Term, pay Executive a salary at the
      annual rate of Three Hundred Fifty Thousand Dollars ($350,000) (the "BASE
      SALARY"), less statutory deductions and withholdings, payable in
      accordance with the Company's regular payroll practices. Executive may
      receive annual salary increases based upon his performance in his
      executive and management capacity. The amount of such salary increases
      shall be determined by the Board or the Compensation Committee of the
      Board (the "COMPENSATION COMMITTEE").

            5.2 BONUS. In addition to base salary, within ninety (90) days after
      the end of each calendar year of the Company, Executive shall be entitled
      to receive a bonus equal to one percent (1%) of the Company's earnings, on
      a consolidated basis, before interest and taxes for such calendar year of
      the Company; provided, however, that no bonus shall be paid unless the
      Company earns a profit for the calendar year, and provided further that
      Executive must be actively employed by the Company on December 31 of the
      calendar year for which the bonus is to be paid. The bonus shall be
      calculated from the books and records of the Company and its affiliates,
      which shall be kept in accordance with generally accepted accounting
      principles applied by the Company in the preparation of its financial
      statements. In addition to the bonus described above, Executive may
      receive additional bonuses based upon his performance in his executive and
      management capacity. Whether to award such bonus increases and the amounts
      thereof shall be determined solely by the Board or the Compensation
      Committee.

            5.3 BENEFITS PACKAGE. During the Employment Term, Executive shall be
      entitled to participate in such employee benefit plans and insurance
      programs offered by the Company, from time to time for its executive,
      management or supervisory personnel generally, at such time as Executive
      shall have fulfilled the eligibility requirements for participation
      therein.

            5.4 VACATION. Executive shall be entitled to four (4) weeks' paid
      vacation each year of the Employment Term.

            5.5 EXPENSES. The Company shall, upon receipt from Executive of
      supporting receipts to the extent required by applicable income tax
      regulations and the Company's reimbursement policies, reimburse Executive
      for all out-of-pocket business expenses reasonably incurred by Executive
      in connection with his employment hereunder.

            5.6 LIFE INSURANCE. During the Employment Term, the Company shall at
      its expense maintain a term life insurance policy or policies on the life
      of Executive in the

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      face amount of Five Hundred Thousand Dollars ($500,000). Four Hundred
      Thousand Dollars ($400,000) of the policy or policies is payable to the
      Company and One Hundred Thousand Dollars ($100,000) of the policy or
      policies is payable to such beneficiaries as Executive may designate.
      Following termination or expiration of this Agreement for any reason, for
      a period of sixty (60) days following the later of (i) termination or
      expiration of this Agreement and (ii) the date upon which the Company is
      no longer required to maintain such insurance for the benefit of
      Executive, Executive shall have the option to purchase from the Company
      the policy of insurance (other than group insurance) on the life of
      Executive. The purchase price of such policy shall be equal to the
      applicable portion of any prepaid premium thereon.

      6. STOCK OPTION. Subject to approval by the Board, Executive shall receive
an option to purchase a total of 100,000 shares (the "OPTION SHARES") of the
Guarantor's common stock (the "OPTION"). The Option shall vest over two (2)
years in accordance with the following vesting schedule, and at the closing
market price on the Effective Date: 33% on the Effective Date, 33% after
Executive's completion of one (1) year of service and the remaining 33% upon
Executive's completion of two (2) years of service.

            6.1 In the event of Executive's Involuntary Termination (as defined
      below) following a Change in Control (as defined below), the Option shall
      automatically accelerate so that the total number of vested Option Shares
      for which the Option shall be exercisable after taking such acceleration
      into account, shall be equal to the number of Option Shares in which
      Executive would have vested under the normal vesting/exercise schedule in
      effect for the Option had Executive completed service with the Company
      through the Severance Period (as defined below).

                        (i) An INVOLUNTARY TERMINATION shall mean the
            termination of Executive's employment by reason of:

                        1. Executive is terminated by the Company for reasons
            other than for Cause; or

                        2. Executive's voluntary resignation following (a) a
            change in Executive's position with the Company (or Parent or
            Subsidiary employing Executive) that materially reduces Executive's
            level of responsibility, or (b) a reduction in Executive's level of
            compensation (including base salary, bonus and fringe benefits),
            provided and only if such change or reduction is effected by the
            Company without Executive's consent, and

                        (ii) A CHANGE IN CONTROL shall be deemed to occur in the
            event of a change in ownership or control of the Guarantor effected
            through any of the following transactions:

                        1. the acquisition, directly or indirectly, by any
            person or related group of persons (other than the Guarantor or a
            person that directly or indirectly controls, or is controlled by, or
            is under common control with, the Guarantor) of beneficial ownership
            (within the meaning of Rule 13d-3 of the

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            Securities Exchange Act of 1934, as amended) of securities
            possessing more than fifteen percent (15%) of the total combined
            voting power of the Guarantor's outstanding securities pursuant to a
            tender or exchange offer made directly to the Guarantor's
            stockholders; or

                        2. the sale, transfer or other disposition of all or
            substantially all of the Guarantor's assets; or

                        3. a change in the composition of the Board of Directors
            of the Guarantor over a period of thirty-six (36) consecutive months
            or less such that a majority of the Board members ceases, by reason
            of one or more contested elections for Board membership, to be
            comprised of individuals who either (i) have been Board members
            continuously since the beginning of such period or (ii) have been
            elected or nominated for election as Board members during such
            period by at least a majority of the Board members described in
            clause (i) who were still in office at the time such election or
            nomination was approved by the Board; or

                        4. the consummation of a merger or consolidation of the
            Guarantor with or into another entity or any other corporate
            reorganization, if more than fifteen percent (15%) of the combined
            voting power of the continuing or surviving entity's securities
            outstanding immediately after such merger, consolidation or other
            reorganization is owned by persons who were not stockholders of the
            Guarantor immediately prior to such merger, consolidation or other
            reorganization.

                                    A transaction shall not constitute a Change
                        in Control if its sole purpose is to change the state of
                        the Guarantor's incorporation or to create a holding
                        company that will be owned in substantially the same
                        proportions by the persons who held the Guarantor's
                        securities immediately before such transaction.

            6.2 The Option is to remain exercisable for three (3) months
      following the Involuntary Termination of Executive's employment.

      7. TERMINATION. Executive's employment and this Agreement (except as
otherwise provided hereunder) shall terminate upon the occurrence of any of the
following, at the time set forth therefor (the "TERMINATION DATE"):

            7.1 DEATH OR DISABILITY. Immediately upon the death of Executive or
      a determination by the Company that Executive has ceased to be able to
      perform the essential functions of his duties, with or without reasonable
      accommodation, for a period of not less than ninety (90) days, due to a
      mental or physical illness or incapacity ("DISABILITY") (termination
      pursuant to this Section 7.1 being referred to herein as termination for
      "DEATH OR DISABILITY"); or

            7.2 VOLUNTARY TERMINATION. Ninety (90) days following Executive's
      written notice to the Company of termination of employment; provided,
      however, that the Company may waive all or a portion of the ninety (90)
      days' notice and accelerate the

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      effective date of such termination (and the Termination Date) (termination
      pursuant to this Section 7.2 being referred to herein as "VOLUNTARY"
      termination); or

            7.3 TERMINATION FOR CAUSE. Immediately following notice of
      termination for "CAUSE" (as defined below), specifying such Cause, given
      by the Company (termination pursuant to this Section 7.3 being referred to
      herein as termination for "CAUSE"). As used herein, "Cause" means (i)
      termination based on Executive's conviction or plea of "guilty" or "no
      contest" to any crime constituting a felony in the jurisdiction in which
      committed, any crime involving moral turpitude (whether or not a felony),
      or any other violation of criminal law involving dishonesty or willful
      misconduct that materially injures the Company (whether or not a felony);
      (ii) Executive's substance abuse that in any manner interferes with the
      performance of his duties; (iii) Executive's failure or refusal to perform
      his duties at all or in an acceptable manner, or to follow the lawful and
      proper directives of the Chairman, the Board or Executive's supervisor(s)
      that is not corrected within thirty (30) days after written notice from
      the Company to the Executive identifying such failure or refusal; (iv)
      Executive's breach of this Agreement; (v) misconduct by Executive that has
      or could discredit or damage the Company; (vi) Executive's indictment for
      a felony violation of the federal securities laws; or (vii) Executive's
      chronic absence from work for reasons other than illness.

            7.4 TERMINATION WITHOUT CAUSE. Notwithstanding any other provisions
      contained herein, including, but not limited to Section 4 above, the
      Company may terminate Executive's employment thirty (30) days following
      notice of termination without Cause given by the Company; provided,
      however, that during any such thirty (30) day notice period, the Company
      may suspend, with no reduction in pay or benefits, Executive from his
      duties as set forth herein (including, without limitation, Executive's
      position as a representative and agent of the Company) (termination
      pursuant to this Section 7.4 being referred to herein as termination
      "WITHOUT CAUSE").

            7.5 OTHER REMEDIES. Termination pursuant to Section 7.3 above shall
      be in addition to and without prejudice to any other right or remedy to
      which the Company may be entitled at law, in equity, or under this
      Agreement.

      8.    SEVERANCE AND TERMINATION.

            8.1 VOLUNTARY TERMINATION, TERMINATION FOR CAUSE, TERMINATION FOR
      DEATH OR DISABILITY. In the case of a termination of Executive's
      employment hereunder for Death or Disability in accordance with Section
      7.1 above, or Executive's Voluntary termination of employment hereunder in
      accordance with Section 7.2 above, or a termination of Executive's
      employment hereunder for Cause in accordance with Section 7.3 above, (i)
      Executive shall not be entitled to receive payment of, and the Company
      shall have no obligation to pay, any severance or similar compensation
      attributable to such termination, other than Base Salary earned but
      unpaid, accrued but unused vacation to the extent required by the
      Company's policies, vested benefits under any employee benefit plan, and
      any unreimbursed expenses pursuant to Section 5.5 hereof incurred by
      Executive as of the Termination Date, and (ii) the Company's obligations
      under this Agreement shall immediately cease.

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            8.2 TERMINATION WITHOUT CAUSE. Subject to the provisions set forth
      in this Agreement, in the case of a termination of Executive's employment
      hereunder Without Cause in accordance with Section 7.4 above, the Company
      shall pay Executive twelve (12) months' salary (hereinafter the "SEVERANCE
      PAYMENT"), payable in installments in accordance with the Company's normal
      payroll practices and subject to the tax withholding specified in Section
      5.1 above. The Company shall also provide Executive with health benefits
      equal to and under the same terms as such benefits were provided to
      Executive immediately prior to the Termination Date, or pay the same level
      of premiums for such benefits required of Executive under COBRA, 29 U.S.C.
      Section 1161, et seq. (hereinafter "BENEFIT CONTINUATION"), throughout any
      period in which Executive receives the Severance Payment under this
      Section or until Executive receives comparable benefits from any other
      source, whichever occurs first. Nothing contained herein shall interfere
      with Executive's right to purchase continuation coverage under COBRA. In
      the event of Executive's Involuntary Termination following a Change in
      Control under Section 6.1 of this Agreement, Executive shall be entitled
      to the Severance Payment and Benefit Continuation set forth in this
      paragraph, a lump-sum payment equal to two hundred ninety-nine percent
      (299%) of Executive's then-current base salary as set out in Section 5.1,
      and the accelerated vesting described in Section 6.1.

            The Company's obligation to pay and Executive's right to receive the
      Severance Payment and Benefit Continuation shall cease in the event of
      Executive's breach of his obligations under Section 9 of this Agreement,
      as reasonably determined in the sole discretion of the Company.

            8.3 SEVERANCE CONDITIONED ON RELEASE OF CLAIMS. The Company's
      obligation to provide Executive with the Severance Payment and Benefit
      Continuation set forth in Section 8.2 is contingent upon Executive's
      execution of a satisfactory release of all claims in favor of the Company.

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      9.    CONFIDENTIALITY, NON-SOLICITATION, AND NON-COMPETITION.

            9.1 CONFIDENTIALITY. The Executive agrees that he shall not,
      directly or indirectly, use, make available, sell, disclose or otherwise
      communicate to any person, other than in the course of the Executive's
      assigned duties and for the benefit of the Company, either during the
      period of the Executive's employment or at any time thereafter, any
      nonpublic, proprietary or confidential information, knowledge or data
      relating to the Company or any of its subsidiaries, affiliated companies
      or businesses. The foregoing shall not apply to information that (i) was
      known to the public prior to its disclosure to the Executive; (ii) becomes
      known to the public subsequent to disclosure to the Executive through no
      wrongful act of the Executive or any representative of the Executive; or
      (iii) the Executive is required to disclose by applicable law, regulation
      or legal process (provided that the Executive provides the Company with
      prior notice of the contemplated disclosure and reasonably cooperates with
      the Company at its expense in seeking a protective order or other
      appropriate protection of such information). Notwithstanding clauses (i)
      and (ii) of the preceding sentence, the Executive's obligation to maintain
      such disclosed information in confidence shall not terminate where only
      portions of the information are in the public domain. Furthermore,
      Executive shall deliver promptly to the Company upon termination of his
      employment, or at any time the Company may so request, all memoranda,
      notes, records, reports, manuals, software, models, designs, and other
      documents and computer records (and all copies thereof) relating to the
      business of the Company or any of its affiliates or subsidiaries, and all
      property associated therewith, which he may then possess or have under his
      control. This Agreement supplements and does not supersede Executive's
      obligations under statute or the common law to protect the Company's or
      any of its affiliates' or subsidiaries' trade secrets and confidential
      information.

            9.2 NONSOLICITATION. During the Executive's employment with the
      Company and for the two (2) year period thereafter, the Executive agrees
      that he will not, directly or indirectly, individually or on behalf of any
      other person, firm, corporation or other entity, knowingly solicit, aid or
      induce (i) any managerial level employee of the Company or any of its
      subsidiaries or affiliates to leave such employment to accept employment
      with or render services to or with any other person, firm, corporation or
      other entity unaffiliated with the Company or knowingly take any action to
      materially assist or aid any other person, firm, corporation or other
      entity in identifying or hiring any such employee or (ii) any customer of
      the Company or any of its subsidiaries or affiliates to purchase goods or
      services then sold by the Company or any of its subsidiaries or affiliates
      from another person, firm, corporation or other entity or assist or aid
      any other persons or entity in identifying or soliciting any such
      customer.

            9.3 NONCOMPETITION. The Executive acknowledges that he performs
      services of a unique nature for the Company that are irreplaceable, and
      that his performance of such services to a competing business will result
      in irreparable harm to the Company. Accordingly, during the Executive's
      employment hereunder and for the two (2) year period thereafter
      (regardless of the reason for the separation), the Executive agrees that
      the Executive will not:

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                        (i) directly or indirectly, own, manage, operate,
            control, be employed by (whether as an employee, consultant,
            independent contractor or otherwise, and whether or not for
            compensation) or render services to any person, firm, corporation or
            other entity, in whatever form, engaged in any business of the same
            type as any business in which the Company or any of its subsidiaries
            or affiliates is engaged on the date of termination or in which they
            have proposed, on or prior to such date, to be engaged in on or
            after such date and in which the Executive has been involved to any
            extent at any time during the 12-month period ending with the date
            of termination, within the geographical area in which Executive has
            been performing services on behalf of the Company or for which he
            has been assigned responsibility at anytime within the twelve (12)
            months preceding his separation. This Section 9.3(i) shall not
            prevent the Executive from owning not more than one percent of the
            total shares of all classes of stock outstanding of any publicly
            held entity engaged in such business, nor will it restrict the
            Executive from rendering services to charitable organizations, as
            such term is defined in Section 501(c) of the Internal Revenue Code.

                        (ii) within the geographical area in which Executive has
            been performing services on behalf of the Company or for which he
            has been assigned responsibility at anytime within the twelve (12)
            months preceding his separation, directly or indirectly in any
            competitive capacity, work for, advise, manage, or act as an agent
            or consultant for or have any business connection or business or
            employment relationship with any entity or person engaged in
            research, development, production, sale or distribution of a product
            or service that competes with or is substantially similar to any
            product or service in research, development or design, or produced,
            sold or distributed by the Company or any of its subsidiaries or
            affiliates.

                        (iii) directly or indirectly market, sell or otherwise
            provide any products or services that are competitive with or
            substantially similar to any product or service in research,
            development or design, or produced, sold or distributed by the
            Company, or any of its subsidiaries or affiliates, to any customer
            of the Company with whom Executive has had contact (either directly
            or indirectly) or over which he has had responsibility at any time
            during the twelve (12) months preceding his separation.

            9.4 EQUITABLE RELIEF, OTHER REMEDIES, AND JURISDICTION. The
      Executive acknowledges and agrees that the Company's remedies at law for a
      breach or threatened breach of any of the provisions of this Section would
      be inadequate and, in recognition of this fact, the Executive agrees that,
      in the event of such a breach or threatened breach, in addition to any
      remedies at law, the Company, without posting any bond, shall be entitled
      to obtain equitable relief in the form of specific performance, temporary
      restraining order, a temporary or permanent injunction or any other
      equitable remedy which may then be available. With respect to any suit,
      action, or other proceeding for equitable relief under Section 9 of this
      Agreement, the Company and Executive hereby irrevocably agree to the
      exclusive personal jurisdiction and venue of the United States District
      Court for the

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      Southern District of Indiana (and any Indiana State Court within Marion
      County, Indiana).

            9.5 REFORMATION. If it is determined by a court of competent
      jurisdiction (or the arbitrators pursuant to Section 13.6) that any
      restriction in this Section 9 is excessive in duration or scope or is
      unreasonable or unenforceable under the laws of that state, it is the
      intention of the parties that such restriction may be modified or amended
      by the court to render it enforceable to the maximum extent permitted by
      the law of that state.

            9.6 SURVIVAL OF PROVISIONS. The obligations contained in this
      Section 9 shall survive the termination or expiration of the Executive's
      employment with the Company and shall be fully enforceable thereafter.

      10. REPRESENTATIONS AND WARRANTIES BY EXECUTIVE. Executive represents and
warrants to the Company that (i) this Agreement is valid and binding upon and
enforceable against him in accordance with its terms, (ii) Executive is not
bound by or subject to any contractual or other obligation that would be
violated by his execution or performance of this Agreement, including, but not
limited to, any non-competition agreement presently in effect, and (iii)
Executive is not subject to any pending or, to Executive's knowledge, threatened
claim, action, judgment, order, or investigation that could adversely affect his
ability to perform his obligations under this Agreement or the business
reputation of the Company. Executive has not entered into, and agrees that he
will not enter into, any agreement either written or oral in conflict herewith.

      11.   CHANGE IN CONTROL BENEFIT LIMIT.

            11.1 BENEFIT LIMIT. The aggregate Present Value (measured as of the
      Change in Control) of the benefits to which Executive becomes entitled
      under this Agreement either at the time of the Change in Control or at the
      time of his subsequent termination of employment (namely, the Severance
      Payment and Benefit Continuation in Section 8.2 and Option Parachute
      Payment attributable to his accelerated options) will in all events be
      limited to the amount (the "BENEFIT LIMIT") that yields Executive the
      greatest after-tax amount payable to him under this Agreement after taking
      into account the excise tax (if any) imposed under Code Section 4999 ) on
      the payments and benefits that are provided Executive under this Agreement
      or that constitute Other Parachute Payments.

            11.2 DEFINITIONS For purposes of applying Code Sections 280(G) and
      4999 and the Treasury Regulations thereunder to determine the Benefit
      Limit in effect under this Section 11.2, the following definitions shall
      be in effect:

            CODE means the Internal Revenue Code of 1986, as amended from time
            to time.

            OPTION PARACHUTE PAYMENT means, with respect to any of Executive's
            options accelerated pursuant to this Agreement, the portion of that
            option deemed to be a parachute payment under Code Section 280G and
            the Treasury Regulations issued thereunder. The portion of such
            Option which is categorized as an

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            Option Parachute Payment will be calculated in accordance with the
            valuation provisions established under Code Section 280G and the
            applicable Treasury Regulations and will include an appropriate
            dollar adjustment to reflect the lapse of Executive's obligation to
            remain in the Company's employ as a condition to the vesting of the
            accelerated installment. In no event, however, will the Option
            Parachute Payment attributable to any accelerated option (or
            accelerated installment) exceed the spread (the excess of the fair
            market value of the accelerated option shares over the option
            exercise price payable for those shares) existing at the time of
            acceleration.

            OTHER PARACHUTE PAYMENT means any payment in the nature of
            compensation (other than the benefits to which Executive becomes
            entitled under this Agreement) which are made to him in connection
            with the Change in Control and which accordingly qualify as
            parachute payments within the meaning of Code Section 280G(b)(2) and
            the Treasury Regulations issued thereunder.

            PARACHUTE PAYMENT means any payment or benefit provided Executive
            under this Agreement (other than the Option Parachute Payment) which
            is deemed to constitute a parachute payment within the meaning of
            Code Section 280G(b)(2) and the Treasury Regulations issued
            thereunder.

            PRESENT VALUE means the value, determined as of the date of the
            Change in Control, of any payment in the nature of compensation to
            which Executive becomes entitled in connection with the Change in
            Control or the subsequent termination of his employment, including
            (without limitation) the Option Parachute Payment attributable to
            the accelerated vesting of his options and any additional benefits
            to which Executive becomes entitled under this Agreement. The
            Present Value of each such payment shall be determined in accordance
            with the provisions of Code Section 280G(d)(4), utilizing a discount
            rate equal to one hundred twenty percent (120%) of the applicable
            Federal rate in effect at the time of such determination, compounded
            semi-annually to the effective date of the Change in Control.

            11.3 RESOLUTION PROCEDURE. In the event there is any disagreement
      between Executive and the Company as to whether one or more payments to
      which Executive becomes entitled in connection with either the Change in
      Control or his subsequent termination of employment constitute Parachute
      Payments, Option Parachute Payments or Other Parachute Payments or as to
      the determination of the Present Value thereof, such dispute will be
      resolved as follows:

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                        (i) In the event temporary, proposed or final Treasury
            Regulations in effect at the time under Code Section 280G (or
            applicable judicial decisions) specifically address the status of
            any such payment or the method of valuation therefor, the
            characterization afforded to such payment by the Regulations (or
            such decisions) will, together with the applicable valuation
            methodology, be controlling.

                        (ii) In the event Treasury Regulations (or applicable
            judicial decisions) do not address the status of any payment in
            dispute, the matter will be submitted for resolution to the
            Company's independent auditors ("INDEPENDENT AUDITORS"). The
            resolution reached by the Independent Auditors will be final and
            controlling. All expenses incurred in connection with the retention
            of the Independent Auditors to resolve the dispute shall be shared
            equally by Executive and the Company.

                        (iii) In the event Treasury Regulations (or applicable
            judicial decisions) do not address the appropriate valuation
            methodology for any payment in dispute, the Present Value thereof
            will, at the Independent Auditor's election, be determined through
            an independent third-party appraisal, and the expenses incurred in
            obtaining such appraisal shall be shared equally by Executive and
            the Company.

            11.4 STATUS OF BENEFITS.

                        (i) No Severance Payment or Benefit Continuation will be
            made to Executive under this Agreement and none of his options shall
            vest and become exercisable on an accelerated basis hereunder, until
            the Present Value of the Option Parachute Payment attributable to
            the accelerated vesting of such options has been determined and the
            status of any payments in dispute under Section 11.3 has been
            resolved in accordance therewith. The post-termination exercise
            period for any options which cannot be exercised by reason of the
            foregoing limitation shall automatically be stayed and shall not be
            deemed to run during any period the option remains so unexercisable.

                        (ii) Once the requisite determinations under Section
            11.3 have been made, then to the extent the aggregate Present Value,
            measured as of the Change in Control, of (1) the Option Parachute
            Payment attributable to the accelerated options (or installments
            thereof) plus (2) the Parachute Payment attributable to the
            Executive's Severance Payment and Benefit Continuation under this
            Agreement would, when added to the Present Value of all of the
            Executive's Other Parachute Payments, exceed the Benefit Limit, the
            Executive's Severance Payment will first be reduced, then the
            Benefit Continuation shall be reduced, and lastly then the number of
            option shares subject to accelerated vesting shall be reduced (based
            on their Option Parachute Value) to the extent necessary to assure
            the Benefit Limit is not exceeded.

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      12. GUARANTEE OF STANDARD MANAGEMENT CORPORATION. The Guarantor
unconditionally guarantees the financial obligations of the Company payable to
Executive as provided in Sections 5, 6 and 8 in this Agreement.

      13. MISCELLANEOUS.

            13.1 NOTICES. All notices, requests, and other communications
      hereunder must be in writing and will be deemed to have been duly given
      only if delivered personally against written receipt or by facsimile
      transmission with answer back confirmation or mailed (postage prepaid by
      certified or registered mail, return receipt requested) or by overnight
      courier to the parties at the following addresses or facsimile numbers:

            If to the Executive, to:

                  Martial R. Knieser, M.D.

                  9654 Halsey Drive

                  Indianapolis, Indiana 46256

            If to the Company, to:

                  U.S. Health Services Corporation

                  10689 N. Pennsylvania

                  Indianapolis, Indiana 46280

                  Attn: Ronald D. Hunter, Chairman

            If to the Guarantor, to:

                  Standard Management Corporation

                  10689 N. Pennsylvania

                  Indianapolis, Indiana 46280

                  Attn: Ronald D. Hunter, Chairman

      All such notices, requests and other communications will (i) if delivered
      personally to the address as provided in this Section 13.1, be deemed
      given upon delivery, (ii) if delivered by facsimile transmission to the
      facsimile number as provided in this Section 13.1, be deemed given upon
      receipt, and (iii) if delivered by mail in the manner described above to
      the address as provided in this Section 13.1, be deemed given upon receipt
      (in each case regardless of whether such notice, request, or other
      communication is received by any other person to whom a copy of such
      notice, request or other communication is to be delivered pursuant to this
      Section). Any party from time to time may change its address, facsimile
      number, or other information for the purpose of notices to that party by
      giving written notice specifying such change to the other parties hereto.

                                       12
<PAGE>

            13.2 AUTHORIZATION TO BE EMPLOYED. This Agreement, and Executive's
      employment hereunder, is subject to Executive providing the Company with
      legally required proof of Executive's authorization to be employed in the
      United States of America.

            13.3 ENTIRE AGREEMENT. This Agreement supersedes all prior
      discussions and agreements among the parties with respect to the subject
      matter hereof and contains the sole and entire agreement between the
      parties hereto with respect thereto.

            13.4 WAIVER. Any term or condition of this Agreement may be waived
      at any time by the party that is entitled to the benefit thereof, but no
      such waiver shall be effective unless set forth in a written instrument
      duly executed by or on behalf of the party waiving such term or condition.
      No waiver by any party hereto of any term or condition of this Agreement,
      in any one or more instances, shall be deemed to be or construed as a
      waiver of the same or any other term or condition of this Agreement on any
      future occasion. All remedies, either under this Agreement or by law or
      otherwise afforded, will be cumulative and not alternative.

            13.5 AMENDMENT. This Agreement may be amended, supplemented, or
      modified only by a written instrument duly executed by or on behalf of
      each party hereto.

            13.6 ARBITRATION OF DISPUTES; INJUNCTIVE RELIEF. Any controversy or
      claim arising out of or relating to this Agreement or the breach thereof,
      other than injunctive relief under Section 9.4, shall be settled by
      binding arbitration in the City of Indianapolis, Indiana, in accordance
      with the laws of the State of Indiana, by three arbitrators, one of whom
      shall be appointed by the Company, one by Executive and the third of whom
      shall be appointed by the first two arbitrators. If the first two
      arbitrators cannot agree on the appointment of a third arbitrator, then
      the third arbitrator shall be appointed by the Chief Judge of the United
      States District Court for the Southern District of Indiana. The
      arbitration shall be conducted in accordance with the rules of the
      American Arbitration Association, except with respect to the selection of
      arbitrators, which shall be as provided in this Section. Judgment upon the
      award rendered by the arbitrators may be entered in any court having
      jurisdiction thereof.

            13.7 RECOVERY OF ATTORNEY'S FEES. In the event of any litigation or
      arbitration arising from or relating to this Agreement, the prevailing
      party in such litigation or arbitration proceedings shall be entitled to
      recover, from the non-prevailing party, the prevailing party's reasonable
      costs and attorney's fees, in addition to all other legal or equitable
      remedies to which it may otherwise be entitled.

            13.8 NO THIRD PARTY BENEFICIARY. The terms and provisions of this
      Agreement are intended solely for the benefit of each party hereto and the
      Company's successors or assigns, and it is not the intention of the
      parties to confer third-party beneficiary rights upon any other person.

                                       13
<PAGE>

            13.9 NO ASSIGNMENT; BINDING EFFECT. This Agreement shall inure to
      the benefit of any successors or assigns of the Company. Executive shall
      not be entitled to assign his obligations under this Agreement.

            13.10 HEADINGS. The headings used in this Agreement have been
      inserted for convenience of reference only and do not define or limit the
      provisions hereof.

            13.11 SEVERABILITY. The Company and Executive intend all provisions
      of this Agreement to be enforced to the fullest extent permitted by law.
      Accordingly, if a court of competent jurisdiction determines that the
      scope and/or operation of any provision of this Agreement is too broad to
      be enforced as written, the Company and Executive intend that the court
      should reform such provision to such narrower scope and/or operation as it
      determines to be enforceable. If, however, any provision of this Agreement
      is held to be illegal, invalid, or unenforceable under present or future
      law, and not subject to reformation, then (i) such provision shall be
      fully severable, (ii) this Agreement shall be construed and enforced as if
      such provision was never a part of this Agreement, and (iii) the remaining
      provisions of this Agreement shall remain in full force and effect and
      shall not be affected by illegal, invalid, or unenforceable provisions or
      by their severance.

            13.12 GOVERNING LAW. This Agreement shall be governed by and
      construed in accordance with the laws of the State of Indiana applicable
      to contracts executed and performed in such state without giving effect to
      conflicts of laws principles.

            13.13 COUNTERPARTS. This Agreement may be executed in any number of
      counterparts and by facsimile, each of which will be deemed an original,
      but all of which together will constitute one and the same instrument.

                [SIGNATURE PAGE TO EMPLOYMENT AGREEMENT FOLLOWS]

                                       14
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the date first written above.

                            "EXECUTIVE"

                            /s/ MARTIAL R. KNIESER, M.D.
                            ----------------------------------------------
                            Executive's Signature

                            10689 N. Pennsylvania St.
                            ----------------------------------------------
                            Address

                            Indianapolis, IN 46280
                            ----------------------------------------------
                            Address

                            "COMPANY"

                            U.S. HEALTH SERVICES CORPORATION

                            By: /s/ Ronald D. Hunter
                                ------------------------------------------

                            Name: Ronald D. Hunter
                                  ----------------------------------------

                            Title: Chairman and CEO
                                   ---------------------------------------

                            "GUARANTOR"

                            STANDARD MANAGEMENT CORPORATION

                            By: /s/ Ronald D. Hunter
                                ------------------------------------------

                            Name: Ronald D. Hunter
                                  ----------------------------------------

                            Title: Chairman and CEO
                                   ---------------------------------------

                    [SIGNATURE PAGE TO EMPLOYMENT AGREEMENT]

                                       15<PAGE>
                                                                   EXHIBIT 10.20

                              EMPLOYMENT AGREEMENT

      This Employment Agreement (this "AGREEMENT") is made and entered into as
of July 1, 2005 (the "Effective Date"), by and between Standard Management
Corporation (the "COMPANY"), and Michael B. Berry, a resident of the State of
Indiana, (the "EMPLOYEE").

                                    RECITALS

      A. Employee is expected to continue to make a major contribution to the
profitability, growth and financial strength of the Company;

      B. The Company and Employee have determined that it is in their respective
best interest to enter into this Agreement on the terms and conditions as set
forth herein.

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
and promises contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

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

2. DUTIES. Employee shall serve as Vice President of Corporate Finance and
agrees to be subject to the general supervision, orders, advice and direction of
the President or Chairman of the Board of Directors for the Company (the
"President" or the "Chairman") in a manner consistent with The Articles of
Incorporation and By-Laws of the Company.

3. EXTENT OF SERVICES. During the term of Employee's employment hereunder,
Employee shall devote his full working time and efforts to the performance of
his duties and the furtherance of the interests of the Company and shall not be
otherwise employed.

4. TERM. Subject to the provisions for termination in Section 6 below, the
initial term of employment of Employee under this Agreement shall be one (1)
year from and after the Effective Date and it shall automatically renew annually
for successive one (1) year periods (the "RENEWAL TERM," and together with the
Initial Term, the "EMPLOYMENT TERM"), unless the Company or Employee elects not
to renew this Agreement by serving written notice of such intention not to renew
on the other party at least ninety (90) days prior to the succeeding Effective
Date. If such an election is made, this Agreement shall be in full force and
effect for the remaining portion of the then-current one (1) year period,
subject to the provisions for termination in Section 6 of this Agreement. Any
reference in this Agreement to "the Employment Term" means the initial term and
any renewal terms, each of which shall be considered a separate term.

5. COMPENSATION AND BENEFITS.

<PAGE>

      5.1 SALARY. In consideration of the services rendered to the Company
hereunder by Employee and Employee's covenants hereunder, the Company shall,
during the Employment Term, pay Employee a salary at the annual rate of One
Hundred Forty-Five Thousand Dollars ($145,000), less statutory deductions and
withholdings, payable in accordance with the Company's regular payroll
practices. In addition, Employee will be eligible to receive an annual salary
increase in an amount to be determined by the Chairman.

      5.2 BONUS. Employee may receive bonuses based upon his performance in his
Employee and management capacity. Whether to award such bonuses and the amounts
thereof shall be determined solely by the Chairman of the Company.

      5.3 BENEFITS PACKAGE. During the Employment Term, Employee shall be
entitled to participate in the Company's corporate, medical and disability
insurance plans, at such time as Employee shall have fulfilled the eligibility
requirements for participation therein. Employee shall be entitled to all other
fringe benefits generally provided for salaried employees of the Company as
provided under such fringe benefit programs.

      5.4 STOCK OPTION. Employee shall be entitled to participate in the
Standard Management Corporation ("SMC") Incentive Stock Option Plan at the
discretion of the "SMC's" Stock Option Committee.

      5.5 VACATION. Employee shall be entitled to the greater of (i) 20 days
Paid Time Off ("PTO") for each year of the Employment Term; or (ii) the number
of PTO days to which Employee would be entitled in accordance with the PTO
policy and years of service with the Company or it affiliates.

      5.6 EXPENSES. The Company shall, during the Employment Term, reimburse
Employee for all reasonable travel, business entertainment and other business
expenses incurred by Employee in rendering services under this Contract. Such
reimbursement shall be subject to compliance with the applicable policies and
procedures established by the Company.

6. TERMINATION. Employee's employment and this Agreement (except as otherwise
provided hereunder) shall terminate upon the occurrence of any of the following,
at the time set forth therefor (the "TERMINATION DATE"):

      6.1 DEATH OR DISABILITY. Immediately upon the death of Employee or a
determination by the Company that Employee has ceased to be able to perform the
essential functions of his duties, with or without reasonable accommodation, for
a period of not less than ninety (90) days, due to a mental or physical illness
or incapacity ("DISABILITY") (termination pursuant to this Section 6.1 being
referred to herein as termination for "DEATH OR DISABILITY"); or

      6.2 VOLUNTARY TERMINATION. Thirty (30) days following Employee's written
notice to the Company of termination of employment or;

                                       2

<PAGE>

      6.3 TERMINATION FOR CAUSE. Immediately following notice of termination for
"Cause" (as defined below), specifying such Cause, given by the Company
(termination pursuant to this Section 6.3 being referred to herein as
termination for "CAUSE"). As used herein, "Cause" means (i) termination based on
Employee's conviction or plea of "guilty" or "no contest" to any crime
constituting a felony in the jurisdiction in which committed, any crime
involving moral turpitude (whether or not a felony), or any other violation of
criminal law involving dishonesty or willful misconduct that materially injures
the Company (whether or not a felony); (ii) Employee's substance abuse that in
any manner interferes with the performance of his duties; (iii) Employee's
failure or refusal to perform his duties at all or in an acceptable manner as
reasonably determined in the sole discretion of the Company, or to follow the
lawful orders, advice, directions, policies, standards and regulations of the
Company and its Chairman or President, as promulgated from time to time; (iv)
Employee's breach of this Agreement; (v) misconduct by Employee that has or
could discredit or damage the Company; (vi) an act or acts of fraud or
dishonesty by Employee resulting in or tending to result in gain to or personal
enrichment of Employee at the Company's expense; (vii) Employee's indictment for
a felony violation of the federal securities laws; or (viii) Employee's chronic
absence from work for reasons other than illness.

      6.4 TERMINATION WITHOUT CAUSE. Notwithstanding any other provisions
contained herein, including, but not limited to Section 4 above, the Company may
terminate Employee's employment thirty (30) days following notice of termination
without Cause given by the Company; provided, however, that during any such
thirty (30) day notice period, the Company may suspend, with no reduction in pay
or benefits, Employee from his duties as set forth herein (including, without
limitation, Employee's position as a representative and agent of the Company)
(termination pursuant to this Section 6.4 being referred to herein as
termination "WITHOUT CAUSE").

      6.5 OTHER REMEDIES. Termination pursuant to Section 6.3 above shall be in
addition to and without prejudice to any other right or remedy to which the
Company may be entitled at law, in equity, or under this Agreement.

7. SEVERANCE AND TERMINATION.

      7.1 CHANGE OF CONTROL. In the event a change of control (as defined below)
occurs during the Employment Term and the Employee's employment with the Company
terminates within six (6) months following such change of control for any reason
other than any termination provided for in Section 6, the Employee shall be
entitled to a severance payment consisting of twelve (12) months salary. In
addition, Employee shall continue to be entitled to all benefits throughout the
severance period.

            (a) The Employee shall be entitled to the severance payments
      described in Section 7.1 if the Company's principal executive offices are
      moved outside, or if the Employee is relocated outside the geographic area
      consisting, of Hamilton County, Indiana and the counties contiguous to
      Hamilton County, Indiana.

                                       3

<PAGE>

            (b) As used in this Agreement, the term "change of control" means:
      (i) a change of ownership of 50% or more of the shares of voting stock of
      the Company by any person or group (other than a person or group including
      Employee or with whom or which Employee is affiliated), (ii) the
      occurrence of a "change of control" required to be described under the
      proxy disclosure rules of the Securities and Exchange Commission or (iii)
      any person or group (other than (A) a person or group including Employee
      or with whom or which Employee is affiliated or (B) Parent or any of its
      affiliates) is or becomes a beneficial owner, directly or indirectly, of
      securities of the Company representing more than fifty percent (50%) of
      the combined voting power of the Company's then-outstanding securities.

      7.2 VOLUNTARY TERMINATION, TERMINATION FOR CAUSE, TERMINATION FOR DEATH OR
DISABILITY. In the case of a termination of Employee's employment hereunder for
Death or Disability in accordance with Section 6.1 above, or Employee's
Voluntary termination of employment hereunder in accordance with Section 6.2
above, or a termination of Employee's employment hereunder for Cause in
accordance with Section 6.3 above, (i) Employee shall not be entitled to receive
payment of, and the Company shall have no obligation to pay, any severance or
similar compensation attributable to such termination, other than Salary earned
but unpaid, accrued but unused vacation to the extent required by the Company's
policies, vested benefits under any employee benefit plan, and any unreimbursed
expenses pursuant to Section 5.6 hereof incurred by Employee as of the
Termination Date, and (ii) the Company's obligations under this Agreement shall
immediately cease.

      7.3 TERMINATION WITHOUT CAUSE. Subject to the provisions set forth in this
Agreement, in the case of a termination of Employee's employment hereunder
Without Cause in accordance with Section 6.4 above, the Company shall pay
Employee, the greater of twelve (12) months' salary or the salary due for the
remainder of the Employment Term (thereinafter the "Severance Payment"), payable
in installments in accordance with the Company's normal payroll practices and
subject to the tax withholding specified in Section 5.1 above. The Company shall
also provide Executive with health benefits equal to and under the same terms as
such benefits are provided to Employees similarly situated to Employee during
the severance period, or pay the same level of premiums for such benefits
required of Employee under COBRA, 29 U.S.C. Section 1161, et seq. (hereinafter
"Benefit Continuation"), throughout any period in which Employee receives the
Severance Payment under this Section or until Employee receives comparable
benefits from any other source, whichever occurs first. Nothing contained herein
shall interfere with Employee's right to purchase continuation coverage under
COBRA. Any Benefit Continuation under this Agreement shall run concurrently with
any continuation coverage under COBRA.

      The Company's obligation to pay and Employee's right to receive the
Severance Payment shall cease in the event of Employee's breach of his
obligations under Section 8 of this Agreement, as reasonably determined in the
sole discretion of the Company.

                                       4

<PAGE>

      7.4 SEVERANCE CONDITIONED ON RELEASE OF CLAIMS. The Company's obligation
to provide Employee with the Severance Payment and Benefit Continuation set
forth in Sections 7.1 and 7.3 is contingent upon Employee's execution of a
satisfactory release of all claims in favor of the Company.

8. TECHNICAL INFORMATION, CONFIDENTIALITY, NON-SOLICITATION, AND
NON-COMPETITION.

      8.1 TECHNICAL INFORMATION. Employee agrees that during the Employment Term
and for a period of one year thereafter, (for the purpose of perfecting
ownership) he will assign to the Company or its nominees all of his right, title
and interest in and to all "Technical Information" (as hereinafter defined) that
he made developed or conceived, either alone or in conjunction with others
during the employment term; he will disclose promptly to the Company all such
Technical Information; and he will cooperate with the Company in its efforts to
protect its or any of its affiliates' or subsidiaries' rights of ownership in
such Technical Information. For purposes of this Contract, "Technical
Information" shall mean and include, but not be limited to, all software,
processes, devices, trademarks, trade names, copyrights, marketing plans,
improvements, and ideas relating to the business of the Company, or any of its
affiliates or subsidiaries, and all goodwill associated with any such item.

      8.2 CONFIDENTIALITY. The Employee agrees that he shall not, directly or
indirectly, use, make available, sell, disclose or otherwise communicate to any
person, other than in the course of the Employee's assigned duties and for the
benefit of the Company, either during the period of the Employee's employment or
at any time thereafter, any nonpublic, proprietary or confidential information,
knowledge, data or trades secrets (including, but not limited to, the identity
and needs of any customer of the Company, or any of its affiliates or
subsidiaries, the method and techniques of any of the business of the Company,
or any of its affiliates or subsidiaries, the marketing, sales, costs and
pricing plans and objectives of the Company, or any of its affiliates or
subsidiaries, the problems, developments, research records, and Technical
Information) of the Company or any of its subsidiaries, affiliated companies or
businesses. The foregoing shall not apply to information that (i) was known to
the public prior to its disclosure to the Employee; (ii) becomes known to the
public subsequent to disclosure to the Employee through no wrongful act of the
Employee or any representative of the Employee; or (iii) the Employee is
required to disclose by applicable law, regulation or legal process (provided
that the Employee provides the Company with prior notice of the contemplated
disclosure and reasonably cooperates with the Company at its expense in seeking
a protective order or other appropriate protection of such information).
Notwithstanding clauses (i) and (ii) of the preceding sentence, the Employee's
obligation to maintain such disclosed information in confidence shall not
terminate where only portions of the information are in the public domain.
Furthermore, Employee shall deliver promptly to the Company upon termination of
his employment, or at any time the Company may so request, all memoranda, notes,
records, reports, manuals, software, models, designs, and other documents and
computer records (and all copies thereof) relating to the business of the
Company or any of its affiliates or subsidiaries, and all property associated
therewith, which he may then possess or have under his control. This

                                       5

<PAGE>

Agreement supplements and does not supersede Employee's obligations under
statute or the common law to protect the Company's or any of its affiliates' or
subsidiaries' trade secrets and confidential information.

      8.3 NONSOLICITATION. During the Employee's employment hereunder and for
the two (2) year period thereafter (regardless of the reason for the
separation), the Employee agrees that he will not, directly or indirectly,
individually or on behalf of any other person, firm, corporation or other
entity, knowingly solicit, aid or induce (i) any employee of the Company or any
of its subsidiaries or affiliates to leave such employment to accept employment
with or render services to or with any other person, firm, corporation or other
entity unaffiliated with the Company or knowingly take any action to materially
assist or aid any other person, firm, corporation or other entity in identifying
or hiring any such employee or (ii) any customer of the Company or any of its
subsidiaries or affiliates to purchase goods or services then sold by the
Company or any of its subsidiaries or affiliates from another person, firm,
corporation or other entity or assist or aid any other persons or entity in
identifying or soliciting any such customer.

      8.4 EQUITABLE RELIEF, OTHER REMEDIES, AND JURISDICTION. The Employee
acknowledges and agrees that the Company's remedies at law for a breach or
threatened breach of any of the provisions of this Section would be inadequate
and, in recognition of this fact, the Employee agrees that, in the event of such
a breach or threatened breach, in addition to any remedies at law, the Company,
, shall be entitled to seek equitable relief in the form of specific
performance, temporary restraining order, a temporary or permanent injunction or
any other equitable remedy which may then be available. With respect to any
suit, action, or other proceeding for equitable relief under Section 8 of this
Agreement, the Company and Employee hereby irrevocably agree to the exclusive
personal jurisdiction and venue of the United States District Court for the
Southern District of Indiana (and any Indiana State Court within Marion County,
Indiana).

      8.5 REFORMATION. If it is determined by a court of competent jurisdiction
(or the arbitrators pursuant to Section 10.6) that any restriction in this
Section 8 is excessive in duration or scope or is unreasonable or unenforceable
under the laws of that state, it is the intention of the parties that such
restriction may be modified or amended by the court to render it enforceable to
the maximum extent permitted by the law of that state.

      8.6 SURVIVAL OF PROVISIONS. The obligations contained in this Section 8
shall survive the termination or expiration of the Employee's employment with
the Company and shall be fully enforceable thereafter.

9.0 REPRESENTATIONS AND WARRANTIES BY EMPLOYEE. Employee represents and warrants
to the Company that (i) this Agreement is valid and binding upon and enforceable
against him in accordance with its terms, (ii) Employee is not bound by or
subject to any contractual or other obligation that would be violated by his
execution or performance of this Agreement, including, but not limited to, any
non-competition agreement presently in effect, and (iii) Employee is not subject
to any pending or, to Employee's knowledge, threatened claim, action, judgment,
order, or investigation that could adversely affect his ability to perform his
obligations under this Agreement or the

                                       6

<PAGE>

business reputation of the Company. Employee has not entered into, and agrees
that he will not enter into, any agreement either written or oral in conflict
herewith.

10. MISCELLANEOUS.

      10.1 NOTICES. All notices, requests, and other communications hereunder
must be in writing and will be deemed to have been duly given only if delivered
personally against written receipt or by facsimile transmission with answer back
confirmation or mailed (postage prepaid by certified or registered mail, return
receipt requested) or by overnight courier to the parties at the following
addresses or facsimile numbers:

            If to the Employee, to:

                  Michael B. Berry

                  3118 Saddlehorn Drive

                  Carmel, IN 46033

            If to the Company, to:

                  Standard Management Corporation

                  10689 N. Pennsylvania

                  Indianapolis, IN 46280

                  Attn: Ronald D. Hunter, Chairman, President and Chief
                  Executive Officer

All such notices, requests and other communications will (i) if delivered
personally to the address as provided in this Section 10.1, be deemed given upon
delivery, (ii) if delivered by facsimile transmission to the facsimile number as
provided in this Section 10.1, be deemed given upon receipt, and (iii) if
delivered by mail in the manner described above to the address as provided in
this Section 10.1, be deemed given upon receipt (in each case regardless of
whether such notice, request, or other communication is received by any other
person to whom a copy of such notice, request or other communication is to be
delivered pursuant to this Section). Any party from time to time may change its
address, facsimile number, or other information for the purpose of notices to
that party by giving written notice specifying such change to the other parties
hereto.

      10.2 AUTHORIZATION TO BE EMPLOYED. This Agreement, and Employee's
employment hereunder, is subject to Employee providing the Company with legally
required proof of Employee's authorization to be employed in the United States
of America.

                                       7

<PAGE>

      10.3 ENTIRE AGREEMENT. This Agreement supersedes all prior discussions and
agreements among the parties with respect to the subject matter hereof and
contains the sole and entire agreement between the parties hereto with respect
thereto.

      10.4 WAIVER. Any term or condition of this Agreement may be waived at any
time by the party that is entitled to the benefit thereof, but no such waiver
shall be effective unless set forth in a written instrument duly executed by or
on behalf of the party waiving such term or condition. No waiver by any party
hereto of any term or condition of this Agreement, in any one or more instances,
shall be deemed to be or construed as a waiver of the same or any other term or
condition of this Agreement on any future occasion. All remedies, either under
this Agreement or by law or otherwise afforded, will be cumulative and not
alternative.

      10.5 AMENDMENT. This Agreement may be amended, supplemented, or modified
only by a written instrument duly executed by or on behalf of each party hereto.

      10.6 ARBITRATION OF DISPUTES; INJUNCTIVE RELIEF. Any controversy or claim
arising out of or relating to this Agreement or the breach thereof, other than
injunctive relief under Section 8.5, shall be settled by binding arbitration in
the City of Indianapolis, Indiana, in accordance with the laws of the State of
Indiana, by three arbitrators, one of whom shall be appointed by the Company,
one by Employee and the third of whom shall be appointed by the first two
arbitrators. If the first two arbitrators cannot agree on the appointment of a
third arbitrator, then the third arbitrator shall be appointed by the Chief
Judge of the United States District Court for the Southern District of Indiana.
The arbitration shall be conducted in accordance with the rules of the American
Arbitration Association, except with respect to the selection of arbitrators,
which shall be as provided in this Section. Judgment upon the award rendered by
the arbitrators may be entered in any court having jurisdiction thereof.

      10.7 RECOVERY OF ATTORNEY'S FEES. In the event of any litigation or
arbitration arising from or relating to this Agreement, the prevailing party in
such litigation or arbitration proceedings shall be entitled to recover, from
the non-prevailing party, the prevailing party's reasonable costs and attorney's
fees, in addition to all other legal or equitable remedies to which it may
otherwise be entitled.

      10.8 NO THIRD PARTY BENEFICIARY. The terms and provisions of this
Agreement are intended solely for the benefit of each party hereto and the
Company's successors or assigns, and it is not the intention of the parties to
confer third-party beneficiary rights upon any other person.

      10.9 NO ASSIGNMENT; BINDING EFFECT. Employee acknowledges that the
services to be rendered by him are unique and personal; accordingly, Employee
may not assign any of his rights or delegate any of his duties or obligations
under this Agreement. This Agreement shall inure to the benefit of any
successors or assigns of the Company.

                                       8

<PAGE>

      10.10 HEADINGS; DEFINITIONS. The headings used in this Agreement have been
inserted for convenience of reference only and do not define or limit the
provisions hereof.

      10.11 SEVERABILITY. The Company and Employee intend all provisions of this
Agreement to be enforced to the fullest extent permitted by law. Accordingly, if
a court of competent jurisdiction determines that the scope and/or operation of
any provision of this Agreement is too broad to be enforced as written, the
Company and Employee intend that the court should reform such provision to such
narrower scope and/or operation as it determines to be enforceable. If, however,
any provision of this Agreement is held to be illegal, invalid, or unenforceable
under present or future law, and not subject to reformation, then (i) such
provision shall be fully severable, (ii) this Agreement shall be construed and
enforced as if such provision was never a part of this Agreement, and (iii) the
remaining provisions of this Agreement shall remain in full force and effect and
shall not be affected by illegal, invalid, or unenforceable provisions or by
their severance.

      10.12 GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of Indiana applicable to contracts
executed and performed in such state without giving effect to conflicts of laws
principles.

      10.13 COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by facsimile, each of which will be deemed an original, but all
of which together will constitute one and the same instrument.

                [SIGNATURE PAGE TO EMPLOYMENT AGREEMENT FOLLOWS]

                                       9

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the date first written above.

                                       "EMPLOYEE"

                                       Michael B. Berry

                                       /s/ Michael B. Berry
                                       -----------------------------------------
                                       Employee's Signature

                                       Address
                                       3118 Saddlehorn Drive
                                       Carmel, IN 46033

                                       "COMPANY"

                                       STANDARD MANAGEMENT CORPORATION

                                       By:  /s/ Ronald D. Hunter
                                            ------------------------------------

                                       Name:  Ronald D. Hunter

                                       Title:  Chairman, President and Chief
                                               Executive Officer

                    [SIGNATURE PAGE TO EMPLOYMENT AGREEMENT]

                                       10

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