<PAGE>
                                                                   Exhibit 10.29


                               I.C.H. CORPORATION

                              EMPLOYMENT AGREEMENT

                               ROBERT H. DRECHSLER

         THIS EMPLOYMENT AGREEMENT ("Agreement") is effective as of the 1st day
of September, 1999, by and between I.C.H. Corporation ("ICH"), a Delaware
corporation with offices at 9255 Towne Centre Drive, Suite 600, San Diego, CA
92121, and its subsidiaries, Sybra, Inc., a Michigan corporation ("Sybra"),
Lyon's of California, Inc., a California corporation ("Lyons"), and Care
Financial Corp., a Delaware corporation ("Care", and collectively, with ICH,
Sybra and Lyons, the "Companies"), each with offices at c/o I.C.H. Corporation,
9255 Towne Centre Drive, Suite 600, San Diego, California 92121 and Robert H.
Drechsler, an individual residing at 15 Deer Run, Rye Brook, New York 10573 (the
"Executive").

         WHEREAS, Executive has served as Executive Vice President -
Acquisitions & Capital Markets and Corporate Counsel and through such service,
has acquired special and unique knowledge, abilities and expertise; and

         WHEREAS, ICH desires to continue to employ Executive as its Executive
Vice President - Acquisitions & Capital Markets and Corporate Counsel and to
have Executive continue to serve as a member of the Board of Directors of ICH
(the "ICH Board") and the other Companies desire to employ Executive in similar
capacities and the Companies desire to employ Executive in such capacities with
any future subsidiaries of the Companies and wish to be assured of his continued
services on the terms and conditions hereinafter set forth; and

         WHEREAS, Executive desires to continue to be employed by ICH as its
Executive Vice President - Acquisitions & Capital Markets and Corporate Counsel
and to serve as a member of the ICH Board, and by the other Companies and any
future subsidiaries of the Companies in similar capacities and to perform and to
serve the Companies on the terms and conditions hereinafter set forth.

         NOW, THEREFORE, in consideration of the premises and of the mutual
promises, agreements and covenants set forth herein, the parties hereto agree as
follows:

         1.       EMPLOYMENT.

                  (a) DUTIES. The Companies hereby agree to continue to employ
Executive, and Executive hereby accepts such continued employment, as the
Executive Vice President - Acquisitions & Capital Markets and Corporate Counsel
of ICH and agrees to serve as member of the ICH Board and as Executive Vice
President - Acquisitions & Capital Markets and Corporate Counsel and member of
the Board of Directors of each of the other Companies. In his role as Executive
Vice President -


<PAGE>

Acquisitions & Capital Markets and Corporate Counsel of ICH and the other
Companies, Executive shall be responsible for such duties and functions as may
be directed from time to time by ICH's Chief Executive Officer and each other
respective Chief Executive Officer, provided, that such duties and functions are
reasonable and customary for an Executive Vice President - Acquisitions &
Capital Markets and Corporate Counsel. Executive agrees that he shall, during
the term of this Agreement, except during reasonable vacation periods, periods
of illness and the like, devote substantially all his business time, attention
and ability to his duties and responsibilities hereunder; PROVIDED, HOWEVER,
that nothing contained herein shall be construed to prohibit or restrict
Executive from (i) serving as a director of any corporation, with or without
compensation therefor; (ii) serving in various capacities in community, civic,
religious or charitable organizations or trade associations or leagues; or (iii)
attending to personal business; PROVIDED, HOWEVER, that no such service or
activity permitted in this Section 1(a) shall materially interfere with the
performance by Executive of his duties hereunder. Executive shall report
directly to ICH's Chief Executive Officer and each other respective Chief
Executive Officer.

                  (b) TERM.

                           (i) Except as otherwise provided in this Agreement to
the contrary, the terms and conditions of this Agreement shall be and remain in
effect during the period of employment (the "Employment Period") established
under this Section 1(b). The initial Employment Period shall be for a term
commencing on the date of this Agreement and ending on the third anniversary of
the date of this Agreement; provided, however, that commencing on the first day
after the date of this Agreement and on each day thereafter, the Employment
Period shall be extended for one additional day so that a constant three (3)
year Employment Period shall be in effect, unless (A) ICH (on its behalf and on
behalf of the other Companies) or Executive elects not to extend the term of
this Agreement by giving written notice to the other party in accordance with
Sections 4(b) and 11 hereof, in which case, the term of this Agreement shall
become fixed and shall end on the third anniversary of the date of such written
notice ("Notice of Non-Renewal"), or (B) Executive's employment terminates
hereunder.

                           (ii) Notwithstanding anything contained herein to the
contrary, (A) Executive's employment with the Companies may be terminated by ICH
(on its behalf and on behalf of the other Companies) or Executive during the
Employment Period, subject to the terms and conditions of this Agreement; and
(B) nothing in this Agreement shall mandate or prohibit a continuation of
Executive's employment following the expiration of the Employment Period upon
such terms and conditions as ICH's Chief Executive Officer and Executive may
mutually agree.

                           (iii) If Executive's employment with the Companies is
terminated, for purposes of this Agreement, the term "Unexpired Employment
Period" shall mean the period commencing on the date of such termination and
ending on the last day of the Employment Period.


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<PAGE>

                  (c) LOCATION/TRAVEL. Executive shall work at ICH's offices in
New York, New York. Executive shall not be required to relocate from the New
York City area during the Employment Period.

         2. COMPENSATION. Subject to the provisions of Section 7 hereof, the
Companies shall each be responsible and have joint and several liability for all
compensation and benefits owed to Executive under this Agreement. A reference to
an ICH plan, program, obligation or commitment shall also be considered an
obligation or commitment of each of the other Companies but shall not result in
duplicate benefits being paid or provided to Executive.

                  (a) SALARY. Executive shall receive an annual base salary of
Two Hundred Fifty Thousand Dollars ($250,000). The annual base salary payable to
Executive pursuant to this Section 2(a), which may be increased but not
decreased by ICH's Chief Executive Officer, shall be hereinafter referred to as
the "Annual Base Salary" (it being understood that if and when such Annual Base
Salary is increased, it may not be subsequently decreased below such new Annual
Base Salary).

                  (b) ANNUAL BONUS.

                           (i) Executive shall be entitled to receive an annual
cash bonus, hereinafter referred to as the "Annual Bonus," based upon the
performance of ICH and Executive as determined by ICH's Chief Executive Officer
in consultation with the ICH Board. The target Annual Bonus payable to Executive
for each fiscal year shall be an amount equal to at least forty percent (40%) of
Executive's Annual Base Salary for such year.

                           (ii) Executive's Annual Bonus shall be paid to
Executive no later than forty five (45) days following the end of the period for
which the bonus is being paid.

                  (c) REIMBURSEMENT OF BUSINESS EXPENSES. ICH shall reimburse
Executive for all reasonable out-of-pocket expenses incurred by him during the
Employment Period, including, but not limited to, all reasonable travel and
entertainment expenses. Executive may only obtain reimbursement under this
Section 2(c) upon submission of such receipts and records as may be required
under the reimbursement policies established by ICH.

                  (d) ADDITIONAL BENEFITS; GENERAL RIGHTS. During the Employment
Period, Executive shall be entitled to:

                           (i) participate in all employee stock option,
pension, savings, and other similar benefit plans of ICH and/or such other plans
or programs of the other Companies as ICH may designate from time to time;


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<PAGE>

                           (ii) participate in all welfare plans established by
ICH such as life insurance, medical, dental, disability, and business travel
accident plans and programs and/or such other plan or programs of the other
Companies as ICH may designate from time to time. In addition, ICH shall
reimburse Executive for (i) any premium costs Executive may incur with respect
to the health insurance plan currently maintained by ICH (and which may be
maintained by ICH from time to time) in which Executive (and his spouse and
children) participates and (ii) for all other medical and dental expenses not
covered by any medical or dental plan in which Executive (and his spouse and
children) participates, including, without limitation, deductibles and out of
pocket expenses;

                           (iii) a minimum Four Hundred dollars ($400) per month
parking/transportation allowance;

                           (iv) four (4) weeks paid vacation per year; and

                           (v) any other benefits provided by ICH to its
executive officers.

                  (e) ONE TIME CASH BONUS. ICH shall pay to Executive on January
1, 2000 a one time cash bonus in an amount equal to $35,004.38 in order that
Executive can exercise 6,223 of the vested option shares granted to Executive on
February 15, 1999. In addition to the aforesaid cash bonus payment, ICH shall
pay Executive, on or prior to April 15th of the next following calendar year, a
cash payment in an amount equal to thirty percent (30%) of Executive's taxable
income resulting from the payment of the aforesaid cash bonus.

                  (f) WITHHOLDING. ICH and/or the other Companies, as the case
may be, shall deduct from all compensation paid to Executive under this
Agreement, any Federal, State or city withholding taxes, social security
contributions and any other amounts which may be required to be deducted or
withheld by the Companies pursuant to Federal, State or city laws, rules or
regulations.

         3.       OPTION GRANT.

                           (a) (i) Executive has received options issued
pursuant to ICH's 1997 Employee Stock Option Plan, as amended (the "Stock Option
Plan") as follows


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<PAGE>

(collectively, the "1999 Options"):

<TABLE>
<CAPTION>


       GRANT DATE            NUMBER OF SHARES       EXERCISE PRICE/SHARE                     VESTING
                                  GRANTED                    ($)
------------------------- ------------------------ ------------------------ ------------------------------------------
<S>                       <C>                      <C>                      <C>
February 15, 1999         60,000                   5.625                    10,000 shares on February 15, 1999,
                                                                            20,000 shares on each of January 1, 2000
                                                                            and January 1, 2001 and 10,000 on
                                                                            January 1, 2002
------------------------- ------------------------ ------------------------ ------------------------------------------
May 7, 1999               35,000                   12.25                    25% installments on May 7, 1999, January
                                                                            1, 2000, January 1, 2001 and January 1,
                                                                            2002
------------------------- ------------------------ ------------------------ ------------------------------------------

</TABLE>

The terms and conditions of each option grant set forth above are memorialized
in written option grant agreements between ICH and Executive dated the dates
thereof. Such 1999 Options plus any additional options granted to Executive in
the future (collectively referred to herein as the "Options") shall expire on
the tenth anniversary of each respective grant date.

                           (ii) The Options were and are intended to qualify as
incentive stock options within the meaning of Section 422(b) of the Internal
Revenue Code of 1986, as amended (the "Code"); PROVIDED, HOWEVER, that to the
extent that any Options do not satisfy the requirements of Section 422(b) of the
Code either at the time of grant or before or after exercise, including, without
limitation, upon disposition of the underlying stock acquired by the exercise of
Options prior to the requisite holding period, they shall be treated as
non-qualified stock options.

                  (b) In the event that Executive incurs taxable income as a
result of any or all of his Options being treated as non-qualified options (I.E.
Options have been exercised and the requirements of Section 422(b) of the Code
have not been or are no longer met) (the "Taxable Event") as soon as practicable
after a determination by ICH and Executive that the Options are non-qualified
and a Taxable Event has occurred, ICH shall make an additional single sum cash
payment to Executive in an amount equal to thirty percent (30%) of Executive's
taxable income resulting from the Taxable Event. Such payment shall only be made
in the event Executive's employment with ICH has not terminated for Cause within
the meaning of Section 4(a)(i) of this Agreement.

                  (c) Notwithstanding any provisions in an Option grant
agreement to the contrary, upon termination of his employment for any reason,
Executive shall have the right to exercise his Options at any time through the
tenth anniversary of the grant date of such Options. Executive understands that
the effect of exercising any incentive stock options on a day that is more than
ninety (90) days after the date of termination of employment (or, in the case of
a termination of employment on account of death or



                                      -5-
<PAGE>

disability, on a day that is more than one (1) year after the date of such
termination) shall be to cause such incentive stock options to be treated as
non-qualified stock options.

                  (d) In the event ICH issues additional shares of Common Stock
and/or any class of stock convertible into Common Stock and/or any other
security convertible into Common Stock (including, without limitation, options
and warrants which may be granted to individuals or entities other than
employees and directors but excluding (i) the exercise of any currently
outstanding options or warrants, (ii) any future grants of options, but only to
the extent such grants relate to shares of Common Stock currently authorized to
be granted under the Stock Option Plan or the ICH 1997 Director Stock Option
Plan (collectively, the "Option Plans") (I.E. any options that may be granted by
virtue of an increase in the number of shares of Common Stock currently
authorized under the Option Plans shall not be excluded) and (iii) the exercise
of any of such options) at any time during the Employment Period and prior to
Executive's termination of employment and in connection with a public or private
equity offering or in connection with an acquisition (the "Issuance"), Executive
shall be granted additional stock options and/or provided with a loan to
purchase Common Stock, as determined by ICH's Chief Executive Officer, in an
amount equal to three and one-half percent (3.5%) of the number of shares issued
pursuant to such Issuance. The foregoing notwithstanding, in the event ICH
repurchases any shares of Common Stock, stock convertible into shares of Common
Stock and/or any other security convertible into shares of Common Stock, the
anti-dilution provisions set forth in this Section 3(d) shall not apply until an
equal number of such shares of Common Stock, stock convertible into shares of
Common Stock and/or other securities convertible into shares of Common Stock are
first reissued by ICH. In addition, equitable adjustments shall be made to such
anti-dilution provisions in the event ICH effectuates a stock split, reverse
stock split, stock dividend or other recapitalization transaction.

                  (e) To the extent any Options are not vested upon a "Change in
Control" of ICH, such unvested Options shall become fully vested and immediately
exercisable upon a "Change in Control" of ICH (whether or not such Change in
Control is approved of by the Continuing Directors of ICH (as defined in the
Rights Agreement between ICH and Mid-America Bank of Louisville and Trust
Company dated as of February 19, 1997 and amended as of February 10, 1998)). A
"Change in Control" of ICH shall be deemed to have occurred upon the happening
of any of the following events:

                           (i) approval by the ICH Board or stockholders of ICH
                           of a transaction that would result in the
                           reorganization, merger, or consolidation of ICH with
                           one or more other "Persons" within the meaning of
                           Sections 13(d)(3) or 14(d)(2) of the Securities
                           Exchange Act of 1934 ("Exchange Act"), other than a
                           transaction following which:


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<PAGE>

                                    (A) at least seventy-one percent (71%) of
                                    the equity ownership interests of the entity
                                    resulting from such transaction are
                                    beneficially owned (within the meaning of
                                    Rule 13d-3 promulgated under the Exchange
                                    Act) in substantially the same relative
                                    proportions by Persons who, immediately
                                    prior to such transaction, beneficially
                                    owned (within the meaning of Rule 13d-3
                                    promulgated under the Exchange Act) at least
                                    seventy-one percent (71%) of the outstanding
                                    equity ownership interests in ICH; and

                                    (B) at least seventy-one percent (71%) of
                                    the securities entitled to vote generally in
                                    the election of directors of the entity
                                    resulting from such transaction are
                                    beneficially owned (within the meaning of
                                    Rule 13d-3 promulgated under the Exchange
                                    Act) in substantially the same relative
                                    proportions by Persons who, immediately
                                    prior to such transaction, beneficially
                                    owned (within the meaning of Rule 13d-3
                                    promulgated under the Exchange Act) at least
                                    seventy-one percent (71%) of the securities
                                    entitled to vote generally in the election
                                    of directors of ICH;

                           (ii)  the acquisition of all or substantially all of
                           the assets of ICH;

                           (iii) a complete liquidation or dissolution of ICH,
                           or approval by the stockholders of ICH of a plan for
                           such liquidation or;

                           (iv) the occurrence of any event in the nature of an
                           event described in this Section 3(e) if, immediately
                           following such event, at least seventy-five percent
                           (75%) of the members of the ICH Board do not belong
                           to any of the following groups:

                                    (A) individuals who were members of the ICH
                                    Board on the date of this Agreement; or

                                    (B) individuals who first became members of
                                    the ICH Board after the date of this
                                    Agreement either:

                                            (I) upon election to serve as a
                                            member of the ICH Board by
                                            affirmative vote of three-quarters
                                            of the members of such ICH Board, or
                                            of a nominating committee thereof,
                                            in office at the time of such first
                                            election; or

                                            (II) upon election by the
                                            stockholders of ICH to serve as a
                                            member of the ICH Board, but only if
                                            nominated for election by
                                            affirmative vote of three-quarters
                                            of the



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<PAGE>

                                            members of the ICH Board, or of a
                                            nominating committee thereof, in
                                            office at the time of such first
                                            nomination; provided, however, that
                                            such individual's election or
                                            nomination did not result from an
                                            actual or threatened election
                                            contest (within the meaning of Rule
                                            14a-11 of Regulation 14A promulgated
                                            under the Exchange Act) or other
                                            actual or threatened solicitation of
                                            proxies or consents (within the
                                            meaning of Rule 14a-11 of Regulation
                                            14A promulgated under the Exchange
                                            Act) other than by or on behalf of
                                            the ICH Board.

                           (v) in a single transaction or a series of related
                           transactions, one or more other Persons, other than
                           an employee benefit plan sponsored by ICH, becomes
                           the "beneficial owner," as such term is used in
                           Section 13 of the Exchange Act, of shares of Common
                           Stock of ICH (including newly issued shares) which
                           equal thirty percent (30%) or more of the issued and
                           outstanding shares of Common Stock of ICH prior to
                           such person or persons becoming such a "beneficial
                           owner."

                  (f) In the event of a conflict between the terms of any Option
grant agreement or the Stock Option Plan and this Agreement, the terms of this
Agreement shall control.

         4.       TERMINATION OF EMPLOYMENT; EVENTS OF TERMINATION.

                  (a) Executive's employment hereunder may be terminated during
the Employment Period under the following circumstances:

                           (i) CAUSE. Executive's employment hereunder shall
                           terminate for "Cause" ten days after the date ICH
                           shall have given Executive notice of the termination
                           of his employment for "Cause". For purposes of this
                           Agreement, "Cause" shall mean (A) the commission by
                           Executive of fraud, embezzlement or an act of
                           serious, criminal moral turpitude against any of the
                           Companies; (B) the commission of an act by Executive
                           constituting material financial dishonesty against
                           any of the Companies; or (C) Executive's gross
                           neglect in carrying out his material duties and
                           responsibilities under this Agreement which has a
                           material adverse effect on any of the Companies and
                           which is not cured within thirty (30) days subsequent
                           to written notice from ICH to Executive of such
                           breach.

                           (ii) DEATH. Executive's employment hereunder shall
                           terminate upon his death.


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<PAGE>

                           (iii) DISABILITY. Executive's employment hereunder
                           shall terminate ten days after the date on which ICH
                           shall have given Executive notice of the termination
                           of his employment by reason of his physical or mental
                           incapacity or disability on a permanent basis. For
                           purposes of this Agreement, Executive shall be deemed
                           to be physically or mentally incapacitated or
                           disabled on a permanent basis if ICH's Chief
                           Executive Officer determines he is unable to perform
                           his duties hereunder for a period exceeding six (6)
                           months in any twelve (12) month period.

                           (iv) GOOD REASON. Executive shall have the right to
                           terminate his employment for "Good Reason." This
                           Agreement shall terminate effective immediately on
                           the date Executive shall have given ICH's Chief
                           Executive Officer notice of the termination of his
                           employment with ICH for "Good Reason." For purposes
                           of this Agreement, "Good Reason" shall mean (A) any
                           material and substantial breach of this Agreement by
                           any of the Companies, (B) a diminution of Executive's
                           responsibilities, loss of title or position in which
                           Executive currently serves, failure to reelect
                           Executive to the ICH Board or the Board of Directors
                           of any of the other Companies, but not including the
                           loss of responsibilities and title associated with
                           any of the Companies other than ICH upon the sale of
                           the stock or substantially all of the assets of such
                           other Company, (C) a Change in Control occurs and
                           Executive voluntarily quits at any time within the
                           six (6) month period on or immediately following the
                           Change in Control, (D) ICH issues a Notice of
                           Non-Renewal to Executive, (E) a reduction in
                           Executive's Annual Base Salary or a material
                           reduction in other benefits (except for bonuses or
                           similar discretionary payments) as in effect at the
                           time in question, or any other failure by the
                           Companies to comply with Sections 2 and 3, hereof,
                           (F) the relocation of Executive's office outside the
                           New York City area, or (G) this Agreement is not
                           assumed by a successor to ICH.

                           (v) WITHOUT CAUSE. ICH shall have the right to
                           terminate Executive's employment hereunder without
                           Cause subject to the terms and conditions of this
                           Agreement. In such event, this Agreement shall
                           terminate, effective immediately upon the date on
                           which ICH shall have given Executive notice of the
                           termination of his employment for reasons other than
                           for Cause or due to Executive's Disability.

                           (vi) WITHOUT GOOD REASON. Executive shall have the
                           right to terminate his employment hereunder without
                           Good Reason subject to the terms and conditions of
                           this Agreement. This Agreement



                                      -9-
<PAGE>

                           shall terminate, effective immediately upon the date
                           as of which Executive shall have given ICH's Chief
                           Executive Officer notice of the termination of his
                           employment without Good Reason.

                   (b) NOTICE OF TERMINATION. Any termination of Executive's
employment by ICH or any such termination by Executive (other than on account of
death) shall be communicated by written Notice of Termination to the other party
hereto. For purposes of this Agreement, a "Notice of Termination" shall mean a
notice which shall indicate the specific termination provision in this Agreement
relied upon and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive's employment under the
provision so indicated. In the event of the termination of Executive's
employment on account of death, written Notice of Termination shall be deemed to
have been provided on the date of death.

         5.       PAYMENTS UPON TERMINATION.

                  (a) WITHOUT CAUSE, FOR GOOD REASON, DEATH OR DISABILITY. If
Executive's employment is terminated by ICH without Cause (pursuant to Section
4(a)(v)), by Executive for Good Reason (pursuant to Section 4(a)(iv)), due to
death of Executive (pursuant to Section 4(a)(ii)), or by ICH due to Executive's
Disability (pursuant to Section 4(a)(iii)), Executive, or in the case of
Executive's Death or Disability, Executive's legal representative estate or
beneficiaries, as the case may be, shall be entitled to receive from ICH (i) a
lump sum payment in an aggregate amount equal to three (3) times the sum of (A)
then current Annual Base Salary and (B) the average of all bonuses, including,
without limitation, Executive's Annual Bonus, earned by or paid to Executive
during the two (2) immediately preceding full fiscal years of employment ending
prior to the date of termination (the "Severance Payment"); (ii) any bonuses
which have been earned but not been paid prior to such termination ("Prior Bonus
Payment") and (iii) reimbursement of expenses incurred prior to date of
termination (the "Expense Reimbursement"). The aforesaid amounts shall be
payable in cash without discount for early payment, at the option of Executive,
either in full immediately upon such termination or monthly over the Unexpired
Employment Period (the "Payment Election"). In addition, (x) Executive's fringe
benefits specified in Section 2 shall continue through the end of the Unexpired
Employment Period, provided, however, that such benefits which may not continue
pursuant to law, such as participation in a qualified pension plan, shall
terminate on the date of termination and further provided, that Executive shall
be entitled to COBRA continuation coverage and to continue the applicable life
insurance policies thereafter, at his cost ("Fringe Benefit Continuation); and
(y) all outstanding Options which are not vested as of the date of termination,
if any, shall upon such date of termination vest and become immediately
exercisable in accordance with the terms of the Option grant agreements and this
Agreement ("Vested Options").

                  In the event Executive terminates his employment within the
six month period on or immediately following a Change in Control which
constitutes a termination for Good Reason under this Agreement pursuant to
Section 4(a)(iv)(C), Executive shall



                                      -10-
<PAGE>

be entitled to receive from ICH an additional lump sum cash payment in an amount
sufficient to pay any excise taxes which may be imposed on Executive pursuant to
Section 4999 of the Code (or any successor provisions) plus any excise or income
tax liability on the gross up payment itself so that on a net after tax basis
Executive shall be in the same position as if the excise tax under Section 4999
of the Code (or any successor provisions) had not been imposed.

                  In the event Executive is terminated by ICH without Cause or
due to Executive's Disability, or Executive terminates his employment with ICH
for Good Reason, Executive shall have no duty to mitigate the amount of the
payment received pursuant to this Section 5(a), it being understood that
Executive's acceptance of other employment shall not reduce ICH's or the other
Companies' obligations hereunder.

                  (b) TERMINATION WITH CAUSE OR VOLUNTARY QUIT. If ICH
terminates Executive's employment for Cause (pursuant to Section 4(a)(i)) or in
the event Executive voluntarily terminates his employment without Good Reason
(pursuant to Section 4(a)(vi)) ("Voluntary Quit"), Executive shall be entitled
to his Annual Base Salary through the date of the termination of such employment
and Executive shall be entitled to any bonuses which have been earned but not
paid prior to such termination. Executive shall not be entitled to any other
bonuses. Executive's additional benefits specified in Section 2 shall terminate
at the time of such termination. Additionally, Executive shall be entitled to
all Options that have vested as of the date of such termination. All outstanding
Options, which have not vested, if any, as of date of such termination shall be
forfeited, and if the termination is for Cause, no further payments pursuant to
Section 3(b) shall be made to Executive.

                  (c) TERMINATION BY ICH UPON CHANGE IN CONTROL. If ICH
terminates Executive's employment for any reason in connection with a Change in
Control which is not approved by the Continuing Directors of ICH, Executive
shall receive from ICH in one lump sum, payable on the consummation of the
Change in Control an amount equal to the Severance Payment, the Prior Bonus
Payment and the Expense Reimbursement. The aforesaid amount shall be payable in
cash without discount for early payment on the consummation of such Change in
Control. Executive shall be entitled to his Vested Options and Executive (and
his spouse and children) shall be entitled to Fringe Benefit Continuation. In
addition to the aforesaid cash payment, ICH shall pay Executive, on the
consummation of the Change in Control, in one lump sum, a cash payment in an
amount sufficient to pay any excise taxes which may be imposed on Executive
pursuant to Section 4999 of the Code (or any successor provisions) plus any
excise or income tax liability on the gross up payment itself so that on a net
after tax basis Executive shall be the same as if the excise tax under Section
4999 of the Code (or any successor provisions) had not been imposed.

                  In the event Executive is terminated by ICH in connection with
a Change in Control which is not approved by the Continuing Directors of ICH,
Executive shall have no duty to mitigate the amount of the payment received
pursuant to this Section



                                      -11-
<PAGE>

5(c), it being understood that Executive's acceptance of other employment shall
not reduce the Companies obligations hereunder.

                  (d) VESTING TRUST. At Executive's option, the Companies shall
establish a vesting trust into which the Companies shall, to the extent
economically feasible, contribute and/or pledge assets to secure their severance
obligations to Executive under this Agreement.

         6.       SUCCESSORS AND ASSIGNS.

                  (a) This Agreement shall be binding upon and inure to the
benefit of ICH, its successors and assigns. ICH shall require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all its assets to expressly assume and agree to perform
this Agreement in the same manner and to the same extent ICH would be required
to perform if no such succession had taken place.

                  (b) Executive agrees that this Agreement is personal to him
and may not be assigned by him other than by the laws of descent and
distribution. This Agreement shall inure to the benefit of and be enforceable by
Executive's legal representative.

         7.       JOINT AND SEVERAL LIABILITY.

                  (a) NO DUPLICATION OF PAYMENTS. The Companies shall be jointly
and severally liable for any amounts payable to Executive under this Agreement.
Any amounts payable to Executive shall be paid in the first instance by ICH, and
to the extent not paid by ICH shall be paid by the other Companies. In no event
shall any amount payable pursuant to this Agreement be paid by ICH and any other
Company, or any two or more Companies and Executive shall not be entitled to
receive duplicate benefits or payments under any of the provisions of this
Agreement.

                  (b) NEW SUBSIDIARIES. Any subsidiary of the Companies that is
formed or acquired on or after the date hereof shall be required to become a
signatory to this Agreement and shall become jointly and severally liable with
the Companies for the obligations hereunder.

                  (c) SALE OF SUBSIDIARIES. Upon the sale of the stock or
substantially all of the assets of any subsidiary of the Companies, which is
approved by the ICH Board, such subsidiary shall be automatically released from
its obligations hereunder and shall not be considered as having any continuing
liability for the obligations hereunder, and Executive shall be released from
his obligations to such subsidiary hereunder.

         8.       GOVERNING LAW. This Agreement shall be construed in accordance
with, and its validity, interpretation, performance and enforcement and shall be
governed by, the laws of the State of New York without regard to conflicts of
law principles thereof. Each of the parties hereto hereby (a) irrevocably and
unconditionally submits to the



                                      -12-
<PAGE>

non-exclusive jurisdiction of any New York State or Federal court sitting in New
York County, New York in any action or proceeding arising out of or relating to
this Agreement, (b) irrevocably waives, to the fullest extent it may effectively
do so, the defense of an inconvenient forum to the maintenance of such action or
proceeding, and (c) irrevocably and unconditionally consents to the service of
any and all process in any such action or proceeding by the mailing of copies of
such process by certified mail to such party and its counsel at their respective
addresses specified in Section 11 hereof.

         9.       ENTIRE AGREEMENT.

                  (a) This instrument contains the entire understanding and
agreement among the parties relating to the subject matter hereof, except as
otherwise referred to herein, and supersedes all other prior agreements and
undertakings, both written and oral, among the parties with respect to the
subject matter hereof.

                  (b) Neither this Agreement nor any provisions hereof may be
waived or modified, except by an agreement in writing signed by the party(ies)
against whom enforcement of any waiver or modification is sought.

         10.      PROVISIONS SEVERABLE. In case any one or more of the
provisions of this Agreement shall be invalid, illegal or unenforceable in any
respect, or to any extent, the validity, legality and enforceability of the
remaining provisions contained herein shall not in any way be affected or
impaired thereby.

         11.      NOTICES. Any notice required or permitted to be given under
the provisions of this Agreement shall be in writing and delivered by courier or
personal delivery, facsimile transmission (to be followed promptly by written
confirmation mailed by certified mail as provided below) or mailed by certified
mail, return receipt requested, postage prepaid, addressed as follows:

         If to ICH or any of the other Companies:

                  ICH Corporation
                  9255 Towne Centre Drive
                  Suite 600
                  San Diego, California  92121
                  Attention:  Chief Executive Officer
                  Facsimile Number:  (858) 638-2083

         With a copy to:

                  Christopher J. Sues, Esq.
                  c/o Pryor Cashman Sherman & Flynn LLP
                  410 Park Avenue
                  New York, New York 10022
                  Facsimile Number:  (212) 326-0806


                                      -13-
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                                      -14-
<PAGE>

         If to Executive:

                  Robert H. Drechsler, Esq.
                  15 Deer Run
                  Rye Brook, New York  10573
                  Facsimile Number:  (914) 937-9675

If delivered personally, by courier or facsimile transmission (confirmed as
aforesaid and provided written confirmation and receipt is obtained by the
sender), the date on which a notice is delivered or transmitted shall be the
date on which such delivery is made. Notices given by mail as aforesaid shall be
effective and deemed received upon the date of actual receipt or upon the third
business day subsequent to deposit in the U.S. mail, whichever is earlier.
Either party hereto may change its or his address specified for notices herein
by designating a new address by notice in accordance with this Section 11.

         12.      COUNTERPARTS.  This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and both of which taken
together shall constitute one and the same agreement.




             THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.


                                      -15-
<PAGE>


         IN WITNESS WHEREOF, the Companies and Executive have executed this
Agreement as of the date first above written.

EXECUTIVE                                    ICH CORPORATION

  /S/                                             /S/
---------------------------                  -------------------------------
ROBERT H. DRECHSLER                          NAME:  James R. Arabia
                                             TITLE: Chairman and
                                                     Chief Executive Officer


                                             SYBRA, INC.
                                                  /S/
                                             -------------------------------
                                             NAME:  James R. Arabia
                                             TITLE: Chairman and
                                                     Chief Executive Officer


                                             LYON'S OF CALIFORNIA, INC.
                                                  /S/
                                             -------------------------------
                                             NAME:  James R. Arabia
                                             TITLE: Chairman and
                                                     Chief Executive Officer


                                             CARE FINANCIAL CORP.
                                                  /S/
                                             -------------------------------
                                             NAME:  James R. Arabia
                                             TITLE: Chairman and
                                                     Chief Executive Officer



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