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                                                                    EXHIBIT 10.3


                                 RENEWAL OF THE
                              EMPLOYMENT AGREEMENT
                                 OF TOM BOBOWSKI

         THIS RENEWAL of that certain Employment Agreement ("Original
Agreement"), made effective as of March 4, 2002, by and between Global Preferred
Holdings, Inc., a Delaware corporation (the "Company"), and Tom Bobowski ("You"
or "Your", and together with the Company, collectively referred to as the
"Parties") is made effective as of the 4th day of March, 2003 between the
Parties.

                              W I T N E S S E T H:

         WHEREAS, the Parties each desire to renew the Original Agreement, as
set forth herein;

         NOW THEREFORE, in consideration of the mutual premises contained
herein, and for other good and valuable consideration, the receipt and adequacy
of which are acknowledged by the Parties hereto, the Parties, intending to be
legally bound, hereby agree as follows:

         1.       Defined Terms. All defined terms in the Original Agreement
shall have the same meaning herein unless the context requires otherwise or
unless redefined herein.

         2.       Renewal and Term of Employment. This Renewal shall serve as a
written renewal of the Original Agreement as required by Section 3 of that
Original Agreement in order to extend the term of Your employment. You shall
continue to serve as Vice President of Marketing of the Company and have those
duties set forth in Section 1 of the Original Agreement until December 31, 2003
(such additional term to be referred to as a "Renewal Term" which shall be
included in the definition of "Employment Period" for the purposes of the
Original Agreement), subject to the terms and conditions regarding termination
or expiration as described in the Original Agreement.

         3.       Waiver and Acknowledgement. As additional consideration for
this Renewal, you hereby agree and acknowledge that the provisions of Section
2(C) of the Original Agreement are deleted and deemed void ab initio. You
release any and all rights you had, now have or shall in the future have
pursuant to the terms of such Section 2(C) and agree that the Company is under
no obligation with respect to the matters described herein.

         4.       Choice of Law. The internal law, and not the laws of
conflicts, of the State of Georgia, will govern this Renewal.

         5.       Remaining Provisions. All other terms and conditions of the
Original Agreement not modified by this Renewal shall remain as originally set
forth in the Original Agreement.

         6.       Counterparts. This Renewal may be executed in multiple
counterparts with the same effect as if all signing parties had signed the same
document. All counterparts shall be construed together and constitute the same
instrument.



                       SIGNATURES BEGIN ON THE NEXT PAGE.
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         IN WITNESS WHEREOF, the parties hereto have executed this Renewal as of
the date first set forth herein above.

                                 GLOBAL PREFERRED HOLDINGS, INC.


                                 By: /s/ Edward F. McKernan
                                    -----------------------------------------
                                      Edward F. McKernan
                                      Chief Executive Officer



                                 /s/ Tom Bobowski
                                 --------------------------------------------
                                 Tom Bobowski