Exhibit 10.8(m)



Mr. Thomas
W. Mann

July 22,
2002



Dear
Tom,

This
Employment Agreement (the "Agreement") sets forth the terms of employment by and between TRM Corporation (the "Company") and Thomas W. Mann ("you", the "Executive") as of
July 22, 2002 (the "Effective Date").

1.    Employment Agreement

1.1Employment



1.2Salary.During the first term
of this Agreement, you will be paid the annualized equivalent of $190,000 as base salary, payable in installments on regular Company paydays. The first term shall end on July 21, 2003.
Thereafter, your base salary shall be set at the start of each of the next two successive terms of this Agreement by the President and Chief Executive Officer, but shall not be less than 110% of the
prior year base salary. Thereafter, your base salary shall be set annually by the President and Chief Executive Officer. You will be paid a $25,000 bonus on the 30th day following the
Effective Date. In addition, you will receive use of a Company-leased automobile.

1.3Benefits.You will be given an
opportunity to earn incentive compensation in each calendar year during the term of this Agreement upon the achievement of performance criteria to be established by the President and Chief Executive
Officer. You will also be eligible to participate in any benefit plans or programs generally available to the Company's management as the Board of Directors shall from
time-to-time approve, which shall include at least four weeks of paid time off (PTO) per year.

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1.4Stock Option.The Company
grants you 75,000 options to purchase the common stock of the Company at a strike price of $1.25 per share, which options will vest monthly pro rata over a period of three years from the Effective
Date.

1.5Term.The term of your
employment under this Agreement shall commence on the Effective Date and shall continue for one (1) year from the Effective Date (the "Initial Term"). Following the Initial Term, this Agreement
shall automatically renew for successive one (1) year periods unless either the Company or you, as the case may be, provides written notice to the other party at least thirty (30) days
prior to the termination of the initial Term or any renewal period, stating its or his desire to terminate or modify this Agreement, or terminates the Agreement as provided herein below.

2.    Termination of Agreement

2.1Termination.This Agreement may
be terminated as follows:





2.2Ineligibility for Severance
Pay.With respect to subparagraph 2.1(b), you will not be eligible for severance pay under this Agreement if:



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2.3Definition of Cause.For
purposes of this Agreement, "cause" for termination shall be defined as (i) any misappropriation of funds or property of the Company by you; (ii) the conviction of or plea of guilty or
nolo contendere by you of a felony or of any crime involving moral turpitude; (iii) your engagement in illegal, immoral or similar conduct tending to place you or the Company, by association
with you, in disrepute; (iv) abuse of alcohol or drugs to an extent that renders you unable or unfit to perform his duties hereunder; or (v) your gross dereliction of duty.

3.    Confidentiality

3.1Preservation and Non-Use of Confidential
Information.You acknowledge that you have a fiduciary duty as an officer and employee of the Company not to discuss Confidential Information
obtained during your employment with the Company. For purposes of this Agreement, "Confidential Information" means any and all confidential or proprietary information concerning the Company or its
affiliates, joint venturers or other related entities ("The Company Group"), the disclosure of which could disadvantage The Company Group. Confidential Information shall not include (i) any
information which is in the public domain, (ii) which becomes known in the industry through no wrongful act on the part of you or (iii) which relates to general knowledge about the
industry, possessed by you by virtue of your prior experience in the Business. Confidential Information includes trades secrets as defined under the Uniform Trades Secrets Act.

Except
pursuant to your employment by the Company and as directed by the President and Chief Executive Officer, you agree not to use Confidential Information, during the term of this
Agreement or after its termination for a period of five years, for any personal or business purpose, either for your own benefit or that of any other person, corporation, government or other entity.

You
also agree that, except pursuant to your employment by the Company as directed by the President and Chief Executive Officer, you will not disclose or disseminate any Confidential
Information, directly or indirectly, at any time during the term of this Agreement or after its termination, to any person, agency, or court unless compelled to do so pursuant to legal process
(e.g., a summons or subpoena) or otherwise required by law and then only after providing the Company with prior notice and a copy of the legal process.

3.2Covenant not to Compete.You
also agree that while employed by the Company, and for a period of six months after the termination of employment, you shall not compete with the Company, either directly or indirectly, in the
geographical areas where the Company does business, and you shall not perform services for or own an interest in any business that does so. You acknowledge that your ownership of Electronic Financial
Management Corp. does not conflict with your duties as an Executive of the Company.

4.    Return of Property

On or before your Separation Date, except as agreed to by the Company, you will return all property belonging to The Company, including, but not limited to, all
documents, business machines, computers, computer hardware and software programs, computer data, telephones (cellular, mobile or otherwise), pagers, keys, card keys, credit cards, company vehicle and
other Company-owned property.

5.    Right To Consult with Attorney

You have the right to consult with an attorney or financial advisor at your own expense regarding this Agreement.

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6.    Dispute Resolution

You agree that any dispute (1) concerning the interpretation or construction of this Agreement, (2) arising from your employment with or termination
of employment from the Company, (3) relating to any compensation or benefits you may claim, or (4) relating in any way to any claim by you for reinstatement or reemployment by the
Company after execution of this Agreement shall be submitted to final and binding confidential arbitration. Except as specifically provided herein, the arbitration shall be governed by the rules of
the American Arbitration Association or such other rules as agreed to by the parties. Each party shall be responsible for its or his own costs and attorneys' fees relating to mediation and
arbitration. Both parties agree that the procedures outlined in this paragraph are the exclusive methods of dispute resolution.

7.    Entire Agreement

This Agreement contains the entire agreement between you and the Company concerning the subject matters discussed herein and supersedes any other discussions,
agreements, representations or warranties of any kind. Any modification of this Agreement shall be effective only if in writing and signed by each party or its duly authorized representative. This
Agreement supersedes all prior employment agreements between you and the Company or any corporation affiliated with or related to the Company. The terms of this Agreement are contractual and not mere
recitals. If for any reason any provision of this Agreement shall be held invalid in whole or in part, such invalidity shall not affect the remainder of this Agreement.

This
Agreement shall be construed in accordance with the laws of the state of Oregon (without regard to the conflicts of laws provisions thereof).

In
order to reflect your voluntary acceptance and agreement with these terms, please sign and return the enclosed copy of this letter.

| |  | Sincerely,     
| |  | ---------------
| |  | TRM CORPORATION
| |  |                
| |  | By:            
| |  |                

ACKNOWLEDGMENT AND AGREEMENT:

I have read this Agreement and voluntarily enter into this Agreement after careful consideration and the opportunity to review it with financial or legal counsel
of my choice.

| |  |  |  | /s/ Thomas W. Mann      
| |  |  |  | ------------------------
| |  |  |  | Thomas W. Mann Executive

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