Sample Business Contracts

Senior Officer Retirement Agreement - The Wackenhut Corp. and James P. Rowan

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         THE WACKENHUT CORPORATION, a Florida corporation (Company) and James P.
Rowan (Executive) hereby agree as follows:

1.       EMPLOYMENT.

         Company will employ Executive as Senior Vice President or in such other
         positions as may be determined from time to time by the Board of
         Directors of Company and at such rate of compensation as may be so
         determined. Executive will devote his full energy, skill and best
         efforts to the affairs of Company on a full-time basis. It is
         contemplated that such employment will continue until April 30, 1999,
         but nevertheless either Company or Executive may terminate Executive's
         employment at any time and for any reason upon sixty (60) days written
         notice to the other.

2.       RETIREMENT.

         In the event of Executive's retirement, at any time after the execution
         of this Agreement, and commencing with the first month after Executive
         actually retires, Company will pay Executive $8,333.00 monthly for two
         hundred forty (240) months.


         If Executive terminates his employment with Company, or if Company
         terminates Executive's employment at any time after the execution of
         this Agreement, Company will pay Executive monthly, commencing with the
         first month after Executive's termination is effective and continuing
         for two hundred forty (240) months, the amount specified in Section 2

4.       DEATH.

         If Executive dies before termination of his employment with Company,
         Company shall pay Executive's named Beneficiary the payments which
         would have been made to Executive under Section 2. above.

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         In the event the amount of any monthly payments provided herein shall
         be less than Twenty ($20) Dollars, The Company in its sole discretion
         may in lieu thereof pay the commuted value of such payments (calculated
         on the basis of the interest rate and mortality assumptions being used
         by The Northwestern Mutual Life Insurance Company of Milwaukee,
         Wisconsin, to calculate immediate annuity rates on the date of this
         Agreement) to the person entitled to such payments.


         The Beneficiary (or Beneficiaries) of any payments to be made after
         Executive's death, shall be as designated by Executive and shown on
         attached Exhibit A or such other person or persons as Executive shall
         designate in writing to Company. If no effective designation of
         Beneficiaries has been made by Executive, any such payments shall be
         made to Executive's estate.


         Executive shall not at any time, either directly or indirectly, accept
         employment with, render service, assistance or advice to, or allow his
         name to be used by any competitor of the Company unless approved by the
         Board of Directors of the Company. Determination by the Board of
         Directors of the Company that Executive has engaged in any such
         activity shall be binding and conclusive on all parties, and in
         addition to all other rights and remedies which Company shall have,
         neither Executive not Beneficiary shall be entitled to any payments

8.       INSURANCE.

         If Company shall elect to purchase a life insurance contract to provide
         Company with funds to make payments hereunder, Company shall at all
         times be the sole and complete Owner and beneficiary of such contract,
         and shall have the unrestricted right to use all amounts and exercise
         all options and privileges thereunder without knowledge or consent of
         Executive or Beneficiary or any other person, it being expressly agreed
         that neither Executive nor Beneficiary nor any other person shall have
         any right, title or interest whatsoever in or to any such contract.


         Executive, Beneficiary and any other person or persons having or
         claiming a right to payments hereunder or to any interest in this
         Agreement shall rely solely on the unsecured promise of Company set
         forth herein, and nothing in this Agreement shall be construed to give
         Executive, Beneficiary or any other person or persons

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         any right, title, interest or claim in or to any specific asset, fund,
         reserve, account or property of any kind whatsoever owned by Company or
         in which it may have any right, title or interest now or in the future,
         but Executive shall have the right to enforce his claim against Company
         in the same manner as any unsecured creditor.

10.      AMENDMENT.

         This Agreement may be amended at any time or from time to time by
         written agreement of the parities.

11.      ASSIGNMENT.

         Neither Executive, nor Beneficiary, nor any other person entitled to
         payments hereunder shall have power to transfer, assign, anticipate,
         mortgage or otherwise encumber in advance any of such payments, nor
         shall such payments be subject to seizure for the payment of public or
         private debts, judgments, alimony or separate maintenance, or be
         transferable by operation of law in event of bankruptcy, insolvency or


         This Agreement shall be binding upon the parties hereto, their heirs,
         executors, administrators, successors and assigns. The Company agrees
         it will not be a party to any merger, consolidation or reorganization,
         unless and until its obligations hereunder shall be expressly assumed
         by its successor or successors.

IN WITNESS WHEREOF the parties have executed this Agreement effective the 17th
day of March, 1998.

         (Executive)                    (Company)

                                    THE WACKENHUT CORPORATION
/s/ JAMES P. ROWAN                  By: /s/ R. R. WACKENHUT
---------------------------------      ---------------------------------------
James P. Rowan                         President and Chief Operating Officer

                                    Attest: /s/ K. M. STEPHENS

                                                    (CORPORATE SEAL)