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                                                                   EXHIBIT 10.44

                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT


This Employment Agreement (the "Agreement") by and between F.Y.I. Incorporated,
a Delaware corporation (the "Company"), and David Lowenstein ("Employee") is
hereby entered into and effective as of January 1, 1999. This Agreement hereby
supersedes any other employment agreements or understandings; written or oral,
between the Company and Employee.

                                 R E C I T A L S

The following statements are true and correct:

As of the date of this Agreement, the Company is engaged primarily in the
business of providing document and information management outsourcing solutions.

Employee is employed hereunder by the Company in a confidential relationship
wherein Employee, in the course of his employment with the Company, has and will
continue to become familiar with and aware of information as to the Company's
customers, specific manner of doing business, including the processes,
techniques and trade secrets utilized by the Company, and future plans with
respect thereto, all of which has been and will be established and maintained at
great expense to the Company; this information is a trade secret and constitutes
the valuable goodwill of the Company.

Therefore, in consideration of the mutual promises, terms, covenants and
conditions set forth herein and the performance of each, it is hereby agreed as
follows:


                               A G R E E M E N T S

         1.       Employment and Duties.

         (a) The Company hereby employs Employee as Executive Vice
President-Corporate Development and Treasurer. As such, Employee shall have
responsibilities, duties and authority reasonably accorded to and expected of an
Executive Vice President-Corporate Development and Treasurer and will report
directly to the Chief Development Officer. Employee hereby accepts this
employment upon the terms and conditions herein contained and, subject to
paragraph 1(b), agrees to devote his working time, attention and efforts to
promote and further the business of the Company.

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         (b) Employee shall not, during the term of his employment hereunder, be
engaged in any other business activity pursued for gain, profit or other
pecuniary advantage except to the extent that such activity (i) does not
interfere with Employee's duties and responsibilities hereunder and (ii) does
not violate paragraph 3 hereof. The foregoing limitations shall not be construed
as prohibiting Employee from serving on the boards of directors of other
companies or making personal investments in such form or manner as will require
his services, other than to a minimal extent, in the operation or affairs of the
companies or enterprises in which such investments are made nor violate the
terms of paragraph 3 hereof.

         2. Compensation. For all services rendered by Employee, the Company
shall compensate Employee as follows:

         (a) Base Salary. The base salary payable to Employee shall be $240,000
per year, payable on a regular basis in accordance with the Company's standard
payroll procedures but not less than bi-monthly. On at least an annual basis,
the Board will review Employee's performance and may make increases to such base
salary if, in its discretion, any such increase is warranted. Such recommended
increase would, in all likelihood, require approval by the Board or a duly
constituted committee thereof.

         (b) Incentive Bonus Plan. Employee shall be eligible for a bonus
opportunity of up to 50% of his base salary in accordance with the Company=s
Incentive Bonus Plan as modified from time to time. The bonus payment and the
Company's targeted performance shall be determined by the Board or the
compensation committee thereof.

         (c) Executive Perquisites, Benefits and Other Compensation. Employee
shall be entitled to receive additional benefits and compensation from the
Company in such form and to such extent as specified below:

                  (i) Payment of all premiums for coverage for Employee and his
         dependent family members under health, hospitalization, disability,
         dental, life and other insurance plans that the Company may have in
         effect from time to time, and not less favorable than the benefits
         provided to other Company executives.

                  (ii) Reimbursement for all business travel (including travel
         to and from Dallas) and other out-of-pocket expenses reasonably
         incurred by Employee in the performance of his services pursuant to
         this Agreement including, normal business office expenses such as a
         telephone line, internet access, facsimile line, long distance service.
         All reimbursable expenses shall be appropriately documented in
         reasonable detail by Employee upon submission of any request for
         reimbursement, and in a format and manner consistent with the Company's
         expense reporting policy.

                  (iii) Four (4) weeks paid vacation for each year during the
         period of employment or such greater amount as may be afforded officers
         and key employees generally under the Company's policies in effect from
         time to time (pro rated for any year in which Employee is employed for
         less than the full year).

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                  (iv) Employee must have use of a car and he will receive an
         automobile allowance in the amount of $500 per month.

                  (v) The Company shall reimburse Employee up to $300 per month
         for club dues actually incurred by Employee, provided that such club is
         used at least 50 percent of the time for business purposes.

                  (vi) The Company shall provide Employee with other executive
         perquisites as may be available to or deemed appropriate for Employee
         by the Board and participation in all other Company-wide employee
         benefits as available from time to time, which will include
         participation in the Company's Incentive Compensation Plan.

                  (vii) The Company shall provide Employee with reasonable
         assistance in personal tax planning from Arthur Andersen.

                  (viii) Participation in the Company's 401(k) Plan and
         Non-qualified Plan.

                  (ix) The Company shall, under Employee's direction, establish
         a Supplemental Retirement Plan/Survivor Protection Plan to be placed
         inside the Company's Non-Qualified Plan and provide Employee with such
         benefit.

         3.       Non-Competition Agreement.

         (a) Subject to Section 3(a), Employee will not, during the period of
his employment by or with the Company, and for a period of two (2) years
immediately following the termination of his employment under this Agreement,
for any reason whatsoever, directly or indirectly, for himself or on behalf of
or in conjunction with any other person, persons, company, partnership,
corporation or business of whatever nature:

                  (i) engage, as an officer, director, shareholder, owner,
         partner, joint venturer, or in a managerial capacity, whether as an
         employee, independent contractor, consultant or advisor, or as a sales
         representative, in any business selling any products or services in
         direct competition with the Company, within 100 miles of (i) the
         principal executive offices of the Company or (ii) any place to which
         the Company provides products or services or in which the Company is in
         the process of initiating business operations during the term of this
         covenant (the "Territory");

                  (ii) call upon any person who is, at that time, within the
         Territory, an employee of the Company (including the subsidiaries
         thereof) in a managerial capacity for the purpose or with the intent of
         enticing such employee away from or out of the employ of the Company
         (including the subsidiaries thereof), provided that Employee shall be
         permitted to call upon and hire any member of his or her immediate
         family;

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                  (iii) call upon any person or entity which is, at that time,
         or which has been, within one (1) year prior to that time, a customer
         of the Company (including the subsidiaries thereof) within the
         Territory for the purpose of soliciting or selling products or services
         in direct competition with the Company within the Territory;

                  (iv) call upon any prospective acquisition candidate, on
         Employee's own behalf or on behalf of any competitor, which candidate
         was either called upon by the Company (including the subsidiaries
         thereof) or for which the Company made an acquisition analysis, for the
         purpose of acquiring such entity; or

                  (v) disclose customers, whether in existence or proposed, of
         the Company (or the Subsidiaries thereof) to any person, firm,
         partnership, corporation or business for any reason or purpose
         whatsoever.

         Notwithstanding the above, the foregoing covenant shall not be deemed
to prohibit Employee from acquiring as an investment not more than three percent
(3%) of the capital stock of a competing business, whose stock is traded on a
national securities exchange or over-the-counter.

         (b) Because of the difficulty of measuring economic losses to the
Company as a result of a breach of the foregoing covenant, and because of the
immediate and irreparable damage that could be caused to the Company for which
it would have no other adequate remedy, Employee agrees that the foregoing
covenant may be enforced by the Company in the event of breach by him by
injunctions and restraining orders.

         (c) It is agreed by the parties that the foregoing covenants in this
paragraph 3 impose a reasonable restraint on Employee in light of the activities
and business of the Company (including the Company's subsidiaries) on the date
of the execution of this Agreement and the current plans of the Company
(including the Company's subsidiaries); but it is also the intent of the Company
and Employee that such covenants be construed and enforced in accordance with
the changing activities, business and locations of the Company (including the
Company's subsidiaries) throughout the term of this covenant, whether before or
after the date of termination of the employment of Employee, subject to the
following paragraph. For example, if, during the term of this Agreement, the
Company (including the Company's subsidiaries) engages in new and different
activities, enters a new business or established new locations for its current
activities or business in addition to or other than the activities or business
enumerated under the Recitals above or the locations currently established
therefore, then Employee will be precluded from soliciting the customers or
employees of such new activities or business or from such new location and from
directly competing with such new business within 100 miles of its
then-established operating location(s) through the term of this covenant.

                  It is further agreed by the parties hereto that, in the event
that Employee shall cease to be employed hereunder, and shall enter into a
business or pursue other activities not in competition with the Company
(including the Company's subsidiaries), or similar activities or business in
locations the operation of which, under such circumstances, does not violate
clause (i)

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of this paragraph 3, and in any event such new business, activities or location
are not in violation of this paragraph 3 or of Employee's obligations under this
paragraph 3, if any, Employee shall not be chargeable with a violation of this
paragraph 3 if the Company (including the Company's subsidiaries) shall
thereafter enter the same, similar or a competitive (i) business, (ii) course of
activities or (iii) location, as applicable.

         (d) The covenants in this paragraph 3 are severable and separate, and
the unenforceability of any specific covenant shall not affect the provisions of
any other covenant. Moreover, in the event any court of competent jurisdiction
shall determine that the scope, time or territorial restrictions set forth are
unreasonable, then it is the intention of the parties that such restrictions be
enforced to the fullest extent which the court deems reasonable, and the
Agreement shall thereby be reformed.

         (e) All of the covenants in this paragraph 3 shall be construed as an
agreement independent of any other provision in this Agreement, and the
existence of any claim or cause of action of Employee against the Company,
whether predicated on this Agreement or otherwise, shall not constitute a
defense to the enforcement by the Company of such covenants. It is specifically
agreed that the period of two (2) years stated at the beginning of this
paragraph 3, during which the agreements and covenants of Employee made in this
paragraph 3 shall be effective, shall be computed by excluding from such
computation any time during which Employee is in violation of any provision of
this paragraph 3.

         4. Place of Performance. The Company acknowledges that Employee will be
relocating to Canada and must have a home office.

         5. Term; Termination; Rights on Termination. The term of this Agreement
shall begin on the date hereof and continue through December 31, 2000 (the
"Initial Term"), and, unless terminated sooner as herein provided, shall
continue thereafter on a year-to-year basis on the same terms and conditions
contained herein. This Agreement and Employee's employment may be terminated in
any one of the followings ways:

                  (a) Death. The death of Employee shall immediately terminate
         the Agreement with no severance compensation due to Employee's estate.

                  (b) Disability. If, as a result of incapacity due to physical
         or mental illness or injury, Employee shall have been absent from his
         full-time duties hereunder for four (4) consecutive months, then thirty
         (30) days after receiving written notice (which notice may occur before
         or after the end of such four (4) month period, but which shall not be
         effective earlier than the last day of such four (4) month period), the
         Company may terminate Employee's employment hereunder provided Employee
         is unable to resume his full-time duties at the conclusion of such
         notice period. Also, Employee may terminate his employment hereunder if
         his health should become impaired to an extent that makes the continued
         performance of his duties hereunder hazardous to his physical or mental
         health or his life, provided that Employee shall have furnished the
         Company with a written statement from a qualified doctor to such effect
         and provided, further, that, at the

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         Company's request made within thirty (30) days of the date of such
         written statement, Employee shall submit to an examination by a doctor
         selected by the Company who is reasonably acceptable to Employee or
         Employee's doctor and such doctor shall have concurred in the
         conclusion of Employee's doctor. In the event this Agreement is
         terminated as a result of Employee's disability, Employee shall receive
         from the Company, in a lump-sum payment due within ten (10) days of the
         effective date of termination, the base salary at the rate then in
         effect for whatever time period is remaining under the Initial Term of
         this Agreement or for one (1) year, whichever amount is greater.

                  (c) Good Cause. The Company may terminate the Agreement ten
         (10) days after written notice to Employee for good cause, which shall
         be: (1) Employee's material and irreparable breach of this Agreement;
         (2) Employee's gross negligence in the performance or intentional
         nonperformance (continuing for ten (10) days after receipt of the
         written notice) of any of Employee's material duties and
         responsibilities hereunder; (3) Employee's dishonesty, fraud or
         misconduct with respect to the business or affairs of the Company which
         materially and adversely affects the operations or reputation of the
         Company; (4) Employee's conviction of a felony crime; or (5) chronic
         alcohol abuse or illegal drug abuse by Employee. In the event of a
         termination for good cause, as enumerated above, Employee shall have no
         right to any severance compensation.

                  (d) Without Cause. At any time after the commencement of
         employment, the Company may, without cause, terminate this Agreement
         and Employee's employment, effective thirty (30) days after written
         notice is provided to the Employee. Should Employee be terminated by
         the Company without cause, Employee shall receive from the Company, in
         a lump-sum payment due on the effective date of termination, the base
         salary at the rate then in effect for two (2) years ("Severance Pay").
         Further, any termination without cause by the Company shall operate to
         shorten the period set forth in paragraph 3(a) and during which the
         terms of paragraph 3 apply to one (1) year from the date of termination
         of employment.

                  (e) Change in Control. Refer to paragraph 12 below.

                  (f) Termination by Employee for Good Reason. The Employee may
         terminate his employment hereunder for "Good Reason." As used herein,
         "Good Reason" shall mean the continuance of any of the following after
         10 days' prior written notice by Employee to the Company, specifying
         the basis for such Employee's having Good Reason to terminate this
         Agreement:

                           (i) the assignment to Employee of any duties
                  materially and adversely inconsistent with the Employee's
                  position as specified in paragraph 1 hereof (or such other
                  position to which he may be promoted), including status,
                  offices, responsibilities or persons to whom the Employee
                  reports as contemplated under paragraph 1 of this Agreement,
                  or any other action by the Company which results in a material
                  and adverse change in such position, status, offices, titles
                  or responsibilities;

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                           (ii) Employee's removal from, or failure to be
                  reappointed or reelected to, Employee's position under this
                  Agreement, except as contemplated by paragraphs 5(a), (b), (c)
                  and (e); or

                           (iii) any other material breach of this Agreement by
                  the Company, including the failure to pay Employee on a timely
                  basis the amounts to which he is entitled under this
                  Agreement.

In the event of any termination by the Employee for Good Reason, as determined
by a court of competent jurisdiction or pursuant to the provisions of paragraph
16 below, the Company shall pay all amounts and damages to which Employee may be
entitled as a result of such breach, including interest thereon and all
reasonable legal fees and expenses and other costs incurred by Employee to
enforce his rights hereunder. In addition, Employee shall be entitled to receive
Severance Pay for two (2) years. Further, none of the provisions of paragraph 3
shall apply in the event this Agreement is terminated by Employee for Good
Reason.

                  (g) Termination by Employee Without Cause. If Employee resigns
         or otherwise terminates his employment without Good Reason pursuant to
         paragraph 5(f), Employee shall receive no severance compensation.

Upon termination of this Agreement for any reason provided in clauses (a)
through (g) above, Employee shall be entitled to receive all compensation earned
and all benefits vested and reimbursements due through the effective date of
termination. Additional compensation subsequent to termination, if any, will be
due and payable to Employee only to the extent and in the manner expressly
provided above or in paragraph 16. All other rights and obligations of the
Company and Employee under this Agreement shall cease as of the effective date
of termination, except that the Company's obligations under paragraph 9 herein
and Employee's obligations under paragraphs 3, 6, 7, 8 and 10 herein shall
survive such termination in accordance with their terms.

         6. Return of Company Property. All records, designs, patents, business
plans, financial statements, manuals, memoranda, lists and other property
delivered to or compiled by Employee by or on behalf of the Company or its
representatives, vendors or customers which pertain to the business of the
Company shall be and remain the property of the Company and be subject at all
times to its discretion and control. Likewise, all correspondence, reports,
records, charts, advertising materials and other similar data pertaining to the
business, activities or future plans of the Company which is collected by
Employee shall be delivered promptly to the Company without request by it upon
termination of Employee's employment.

         7. Inventions. Employee shall disclose promptly to the Company any and
all significant conceptions and ideas for inventions, improvements and valuable
discoveries, whether patentable or not, which are conceived or made by Employee,
solely or jointly with another, during the period of employment or within one
(1) year thereafter, and which are directly related to the business or
activities of the Company and which Employee conceives as a result of his
employment by the Company. Employee hereby assigns and agrees to assign all his
interests

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therein to the Company or its nominee. Whenever requested to do so by the
Company, Employee shall execute any and all applications, assignments or other
instruments that the Company shall deem necessary to apply for and obtain
Letters Patent of the United States or any foreign country or to otherwise
protect the Company's interest therein.

         8. Trade Secrets. Employee agrees that he will not, during or after the
term of this Agreement with the Company, disclose the specific terms of the
Company's relationships or agreements with its significant vendors or customers
or any other significant and material trade secret of the Company, whether in
existence or proposed, to any person, firm, partnership, corporation or business
for any reason or purpose whatsoever, except as is disclosed in the ordinary
course of business.

         9. Indemnification. In the event Employee is made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by the Company
against Employee), by reason of the fact that he is or was performing services
under this Agreement, then the Company shall indemnify Employee against all
expenses (including attorneys' fees), judgments, fines and amounts paid in
settlement, as actually and reasonably incurred by Employee in connection
therewith. In the event that both Employee and the Company are made a party to
the same third-party action, complaint, suit or proceeding, the Company agrees
to engage competent legal representation, and Employee agrees to use the same
representation, provided that if counsel selected by the Company shall have a
conflict of interest that prevents such counsel from representing Employee,
Employee may engage separate counsel and the Company shall pay all attorneys'
fees of such separate counsel. Further, while Employee is expected at all times
to use his best efforts to faithfully discharge his duties under this Agreement,
Employee cannot be held liable to the Company for errors or omissions made in
good faith where Employee has not exhibited gross, willful and wanton negligence
and misconduct or performed criminal and fraudulent acts which materially damage
the business of the Company.

         10. No Prior Agreements. Employee hereby represents and warrants to the
Company that the execution of this Agreement by Employee and his employment by
the Company and the performance of his duties hereunder will not violate or be a
breach of any agreement with a former employer, client or any other person or
entity. Further, Employee agrees to indemnify the Company for any claim,
including, but not limited to, attorneys' fees and expenses of investigation, by
any such third party that such third party may now have or may hereafter come to
have against the Company based upon or arising out of any non-competition
agreement, invention or secrecy agreement between Employee and such third party
which was in existence as of the date of this Agreement.

         11. Assignment; Binding Effect. Employee understands that he has been
selected for employment by the Company on the basis of his personal
qualifications, experience and skills. Employee agrees, therefore, he cannot
assign all or any portion of his performance under this Agreement. Subject to
the preceding two (2) sentences and the express provisions of paragraph 12
below, this Agreement shall be binding upon, inure to the benefit of and be
enforceable by the parties hereto and their respective heirs, legal
representatives, successors and assigns.

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         12.      Change in Control.

         (a) Unless he elects to terminate this Agreement pursuant to (c) below,
Employee understands and acknowledges that the Company may be merged or
consolidated with or into another entity and that such entity shall
automatically succeed to the rights and obligations of the Company hereunder.

         (b) In the event of a pending Change in Control wherein the Employee
has not received written notice at least fifteen (15) business days prior to the
anticipated closing date of the transaction giving rise to the Change in Control
from the successor to all or a substantial portion of the Company's business
and/or assets that such successor is willing as of the closing to assume and
agree to perform the Company's obligations under this Agreement in the same
manner and to the same extent that the Company is hereby required to perform and
then such Change in Control shall be deemed to be a termination of this
Agreement by the Company and the amount of the lump-sum severance payment due to
Employee shall be six times Employee's annual salary and the non-competition
provisions of paragraph 3 shall not apply whatsoever. Payment shall be made
either at closing if notice is served at least five days before closing or
within 10 days of Employee's written notice.

         (c) In any Change in Control situation in which Employee has received
written notice from the successor to the Company that such successor is willing
to assume the Company's obligations hereunder or Employee receives notice after
the Change in Control that Employee is being terminated, Employee may
nonetheless, at his sole discretion, elect to terminate this Agreement by
providing written notice to the Company at any time prior to closing and up to
one year after the closing of the transaction giving rise to the Change in
Control. In such case, the amount of the lump-sum severance payment due to
Employee shall be six times Employee's annual salary and the non-competition
provisions of paragraph 3 shall all apply. Payment shall be made either at
closing if notice is served at least five days before closing or within 10 days
of written notice by Employee.

         (d) For purposes of applying paragraph 5 under the circumstances
described in (b) and (c) above, the effective date of termination will be the
later of closing date of the transaction giving rise to the Change in Control or
Employee's notice as described above and all compensation, reimbursements and
lump-sum payments due Employee must be paid in full by the Company at such time.
Further, Employee will be given six months to elect whether to exercise all or
any of his vested options to purchase Common Stock of the Company, including any
options with accelerated vesting under the provisions of the Company's 1995
Long-Term Incentive Compensation Plan or any warrants, such that he may convert
the options or warrants to shares of Common Stock of the Company at or prior to
the closing of the transaction giving rise to the Change in Control, if he so
desires.

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         (e) A "Change in Control" shall be deemed to have occurred if:

                  (i) any person, other than the Company or an employee benefit
         plan of the Company, acquires directly or indirectly the Beneficial
         Ownership (as defined in Section 13(d) of the Securities Exchange Act
         of 1934, as amended) of any voting security of the Company and
         immediately after such acquisition such Person is, directly or
         indirectly, the Beneficial Owner of voting securities representing 50%
         or more of the total voting power of all of the then-outstanding voting
         securities of the Company;

                  (ii) the individuals (A) who, as of the effective date of the
         Company's registration statement with respect to its initial public
         offering, constitute the Board of Directors of the Company (the
         "Original Directors") or (B) who thereafter are elected to the Board of
         Directors of the Company and whose election, or nomination for
         election, to the Board of Directors of the Company was approved by a
         vote of at least two thirds (2/3) of the Original Directors then still
         in office (such directors becoming "Additional Original Directors"
         immediately following their election) or (C) who are elected to the
         Board of Directors of the Company and whose election, or nomination for
         election, to the Board of Directors of the Company was approved by a
         vote of at least two thirds (2/3) of the Original Directors and
         Additional Original Directors then still in office (such directors also
         becoming "Additional Original Directors" immediately following their
         election), cease for any reason to constitute a majority of the members
         of the Board of Directors of the Company;

                  (iii) the stockholders of the Company shall approve a merger,
         consolidation, recapitalization, or reorganization of the Company, a
         reverse stock split of outstanding voting securities, or consummation
         of any such transaction if stockholder approval is not sought or
         obtained, other than any such transaction which would result in at
         least 75% of the total voting power represented by the voting
         securities of the surviving entity outstanding immediately after such
         transaction being Beneficially Owned by at least 75% of the holders of
         outstanding voting securities of the Company immediately prior to the
         transaction, with the voting power of each such continuing holder
         relative to other such continuing holders not substantially altered in
         the transaction; and

                  (iv) the stockholders of the Company shall approve a plan of
         complete liquidation of the Company or an agreement for the sale or
         disposition by the Company of all or a substantial portion of the
         Company's assets (i.e., 50% or more of the total assets of the
         Company).

         (f) Employee must be notified in writing by the Company at any time
that the Company or any member of its Board anticipates that a Change in Control
may take place.

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         (g) Employee shall be reimbursed by the Company or its successor for
any excise taxes that Employee incurs under Section 4999 of the Internal Revenue
Code of 1986, as a result of any Change in Control. Such amount will be due and
payable by the Company or its successor within ten (10) days after Employee
delivers a written request for reimbursement accompanied by a copy of his tax
return(s) showing the excise tax actually incurred by Employee.

         13. Complete Agreement. This Agreement is not a promise of future
employment. Employee has no oral representations, understandings or agreements
with the Company or any of its officers, directors or representatives covering
the same subject matter as this Agreement. This written Agreement is the final,
complete and exclusive statement and expression of the agreement between the
Company and Employee and of all the terms of this Agreement, and it cannot be
varied, contradicted or supplemented by evidence of any prior or contemporaneous
oral or written agreements. This written Agreement may not be later modified
except by a further writing signed by a duly authorized officer of the Company
and Employee, and no term of this Agreement may be waived except by writing
signed by the party waiving the benefit of such term.

         14. Notice. Whenever any notice is required hereunder, it shall be
given in writing addressed as follows:

         To the Company:                    F.Y.I. Incorporated
                                            3232 McKinney Avenue
                                            Suite 900
                                            Dallas, Texas 75204

         with a copy to:                    Margot T. Lebenberg, Esq.
                                            F.Y.I. Incorporated
                                            3232 McKinney Avenue
                                            Suite 900
                                            Dallas, Texas 75204

         with a copy to:                    Charles C. Reeder, Esq.
                                            Locke Purnell Rain Harrell
                                            2200 Ross Avenue
                                            Suite 2200
                                            Dallas, Texas 75201

         To Employee:                       David Lowenstein
                                            2808 McKinney Avenue #452
                                            Dallas, Texas 75204

Notice shall be deemed given and effective three (3) days after the deposit in
the U.S. mail of a writing addressed as above and sent first class mail,
certified, return receipt requested, or when actually received. Either party may
change the address for notice by notifying the other party of such change in
accordance with this paragraph 14.

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         15. Severability; Headings. If any portion of this Agreement is held
invalid or inoperative, the other portions of this Agreement shall be deemed
valid and operative and, so far as is reasonable and possible, effect shall be
given to the intent manifested by the portion held invalid or inoperative. The
paragraph headings herein are for reference purposes only and are not intended
in any way to describe, interpret, define or limit the extent or intent of the
Agreement or of any part hereof.

         16. Arbitration. Any unresolved dispute or controversy arising under or
in connection with this Agreement shall be settled exclusively by arbitration,
conducted before a panel of three (3) arbitrators in Dallas, Texas, in
accordance with the rules of the American Arbitration Association then in
effect. The arbitrators shall not have the authority to add to, detract from, or
modify any provision hereof nor to award punitive damages to any injured party.
The arbitrators shall have the authority to order back-pay, severance
compensation, vesting of options (or cash compensation in lieu of vesting of
options), reimbursement of costs, including those incurred to enforce this
Agreement, and interest thereon in the event the arbitrators determine that
Employee was terminated without disability or good cause, as defined in
paragraphs 5(b) and 5(c), respectively, or that the Company has otherwise
materially breached this Agreement. A decision by a majority of the arbitration
panel shall be final and binding. Judgment may be entered on the arbitrators'
award in any court having jurisdiction. The direct expense of any arbitration
proceeding shall be borne by the Company.

                   [BALANCE OF SHEET INTENTIONALLY LEFT BLANK]

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         17. Governing Law. This Agreement shall in all respects be construed
according to the laws of the State of Delaware.



                                       EMPLOYEE:


                                       /s/ David Lowenstein
                                       -----------------------------------------
                                       David Lowenstein



                                       F.Y.I. INCORPORATED


                                       By: /s/ Ed H. Bowman, Jr.
                                           -------------------------------------
                                       Title: President and Chief Executive
                                              Officer
                                             

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