<PAGE>

Exhibit 10.9

                             Employment Agreement

  THIS AGREEMENT is made as of July 1, 1998, and amended on December 1, 2000 by
and between APPROVED FINANCIAL CORP. ("Employer" or "Company") and its
successors and assigns, and JEAN S. SCHWINDT, ("Employee"), who, in
consideration of the mutual promises of the parties and other good and valuable
consideration, the receipt and adequacy of which are acknowledged, the parties
have agreed as follows:

     27.  Definitions.  Whenever the following words or phrases are used in the
          -----------
Agreement, they shall have the meanings given in this Section, unless otherwise
indicated.

          (h) "Affiliate" means any Person owned by (greater than 10%), owning
(greater than 10%), under common ownership with, controlling, controlled by, or
under common control with, another Person, which includes a subsidiary and
parent organizations.

          (i) "Compete" shall mean in any way being in contest with or rivalry
with Employer, including directly or indirectly working with, being employed by,
or having any interest or involvement in any other Person which is involved in
selling, marketing or otherwise providing any of the services or products which
are provided or performed as part of the Primary Business Operation of Employer
during Employee's employment with Employer.

          (j) "Customer" shall mean individual borrowers, mortgage brokers or
other sources of business or referrals of business to Employer.

          (k) "Loans" means all residential real property loans, regardless of
lien position or classification as conforming or non-conforming. "Non-
conforming" Loans, means loans that do not conform to all applicable Federal
National Mortgage Association guidelines.

          (l) "Primary Business Operation" shall mean the origination of loans,
by any method and from any source, and the sale of Loans.

          (m) "Person" shall include both natural persons and entities.

          (n) "Territory" shall mean the area encompassed in a 35-mile radius
around any office of Employer or its Affiliates which are in the same Primary
Business Operation.

     28.  Employment. Employer employees Employee for the position of Executive
          ----------
Vice President, performing duties as indicated on Schedule A. Employee agrees to
comply with the general supervision and all current and future policies of
Employer.

     29.  Duties. Employee shall perform the duties customarily performed by one
          ------
holding Employee's position in similar businesses,
<PAGE>

and such duties as may be assigned by this Agreement as specified in Schedule A
attached to and incorporated herein, and such other duties as may be assigned
from time to time by Employer. Employee shall make available to Employer all
information of which Employee shall have any knowledge, and shall make all
suggestions and recommendations that will be of benefit to Employer.

     30.  Best Efforts of Employee. Employee will at all times faithfully,
          ------------------------
industriously, and to the best of the Employee's ability, perform all of
Employee's duties.

     31.  Term and Renewal. The initial term of this agreement shall be from
          ----------------
July 1, 1998 through December 31, 1998. On January 1, 1999 it will automatically
renew for a three (3) year term with each year running from January 1st through
December 31st. After December 31, 2001, this Agreement will be renewable on a
year to year basis. Either party must give one hundred and eighty (180) days
written notice if this Agreement is not going to be renewed after December 31,
2001. Upon failure to give such notice, this Agreement will automatically renew
for an additional year on the same terms. This notice requirement shall continue
for all subsequent renewal periods. In the event of a Change of Control (i.e.
(i) a reduction in the percentage of Employer common stock owned and controlled
by Allen D. Wykle of 50% or greater, or (ii) the cessation of Allen D. Wykle's
full time employment with Employer as Chairman of the Board, President or Chief
Executive Officer) and during the calendar year in which the Change of Control
occurred Employee is notified of nonrenewal of this Employment Agreement 180 or
more days before the end of the then current calendar year term then that term
shall be extended for six (6) months i.e. until June 30 of the following
calendar year, thereby allowing Employee at least one full year of remaining
employment. If the notice of nonrenewal is given with less than 180 days
remaining before the end of the then current calendar year term the then current
term will not be extended because the then current term will automatically renew
for another year (due to failure to give 180 days notice) thereby assuring
Employee of at least one full year of continued employment.

     32.  Compensation. Employer shall pay Employee in full payment for
          ------------
Employee's services, compensation in accordance with the Compensation Schedule
attached to this Agreement as Schedule B and incorporated as part of this
Agreement, which shall remain in effect until supplemented or replaced by a new
Agreement between Employer and Employee.

     33.  Other Activities. Employee shall devote all business time, attention,
          ----------------
knowledge, and skills solely to the business and interest of Employer, and
Employer shall be entitled to all of the benefits, profits or other issues
arising from or incident to all work, services, and advice of Employee. Employee
shall not, during the term of this Agreement, be employed by or contract to
provide services to any other person or engage in any other business or trade,
nor shall Employee use or take for Employee's personal benefit any position
which conflicts with or is contrary to any position which would be
<PAGE>

beneficial to Employer. Nothing in this Agreement, however, shall limit
Employee's right to invest in publicly traded securities, to engage in any
business with the written consent of Employer, or to engage in civic and
charitable activities. The restrictions in section 7 shall exclude her
activities as a registered investment adviser and as a member on the board of
directors of other companies and the income earned from these activities.

     34.  Benefits. Employee shall be entitled to benefits according to
          --------
Employer's stated policy, as amended from time to time. Employee's tenure with
the Company, for the purpose of entitlement to current and future benefits
according to Employer's stated policy, shall begin on the date the Employee was
initially recommended for the Company's Board of Directors, which was in April
1992.

     35.  Termination. Employer may terminate this Agreement at any time without
          -----------
advance notice for cause. For the purpose of this Agreement "cause" is defined
as: (i) a breach of this Agreement or; (ii) any act or omission by Employee
which involves moral turpitude, gross negligence, dishonesty, bad faith or
fraud. Furthermore, this Agreement shall terminate immediately upon Employee's
death or permanent disability (preventing Employee from performing her
responsibilities), but such termination shall not affect any previously vested
right of Employee to receive disability payments in accordance with any
applicable plan for a disability, which arises while this Agreement is in
effect. To the extent that any act or omission in the preceding clauses are
capable of being remedied or cured (which determination will be made by Employer
at its sole discretion), then a violation will not be grounds for immediate
termination unless Employer first provides notice to Employee which includes (a)
the act or failure to act of Employee giving rise to the proposed termination,
(b) the corrective action which Employer reasonably believes would cure the
violation, and (c) twenty (20) days from receipt of the notice to take such
corrective action.

     36.  Confidential and Proprietary Information. In the course of this
          ----------------------------------------
employment, Employee will be exposed to certain confidential and proprietary
information of Employer and its Customers. Employee shall not reproduce or
remove from any premises any such information without the express written
consent of Employer. Any such information acquired by Employee shall be promptly
delivered to Employer if in tangible form, unless specific written consent is
received from Employer. Employee shall not at any time or in any manner,
disclose to any Person, nor in any way use to her benefit or that of any other
person, any information concerning any matters affecting or relating to the
business of Employer, including any of its Customers, the prices it obtains or
at which it offers its products or services, or the sources of and/or prices it
pays for any supplies, material, services or technical assistance, or any other
information concerning the finances or business of Employer or any of its
Customers, without regard to whether any of the foregoing matters would
otherwise be considered confidential or trade secrets, the parties agreeing that
these matters are important, material and confidential and gravely affect the
successful conduct of Employer's business and goodwill,
<PAGE>

and that any breach of the terms of this Section shall be a material breach of
this Agreement and result in irreparable harm to Employer. Employee further
agrees that upon termination or expiration of this Agreement for any reason,
Employee shall immediately deliver to Employer any and all information,
documents, agreements, data, work product, customer lists, notes, and the like
of Employer or relating to Employer's business. The duties and restrictions on
Employee in this Section shall survive the expiration or termination of this
Agreement and remain in full force and effect for so long as Employer continues
in business.

     37.  Covenant Not to Compete. In consideration of the employment of
          -----------------------
Employee or in the event Employee is entering into this Agreement after having
been an employee, either with a prior contract or no contract, then in
consideration of continued employment, the benefits of this Agreement and other
good and valuable consideration, the Employee independently covenants and agrees
with Employer, each of which said covenants shall be independent of and
severable from each other and each of which shall continue in force for the
specified duration irrespective of the completion and performance of all other
obligations between the parties hereto, that:

          (k)  Employee will NOT, during the term of Employee's employment, nor
one (1) year immediately following the termination of employment, compete with
Employer within the geographical limits of the Territory.

          (l)  Employee will NOT, during the term of Employee's employment, nor
for one (1) year immediately following termination of employment, compete with
employer within a 35-mile radius of any office which Employee worked at or
supervised during her employment with Employer.

          (m)  Employee will NOT, during the term of Employee's employment, nor
for two (2) year immediately following termination of employment, directly or
indirectly, for Employee or in conjunction with any other Person, (by
disparagement of Employer's business or otherwise), do business with, divert,
take away or cause to leave any of the Customers of Employer.

          (n)  Employee will NOT, during the term of Employee's employment, nor
two (2) years immediately following the termination thereof, directly or
indirectly, for Employee, or in conjunction with any other Person (by
disparagement of Employer's business or otherwise), employ, solicit, divert or
take away any of the employees of Employer.

          (o)  If any of the preceding limitations on the Employee imposed by
the preceding subsection "(a)" through "(d)" exceed the maximum limitation
permissible under the statutes, laws or precedents of any state wherein it is
sought to be enforced against the Employee, then the parties hereto agree that
such limitation may and shall be deemed to be amended to conform to the maximum
limitation permissible under such statutes, laws or precedents, or in the
absence thereof, to
<PAGE>

such limitations deemed appropriate by any court of record in the state wherein
it is sought to be enforced.

          (p)  The Employee acknowledges that a violation on Employee's part of
any of the covenants of this Section and its Subsections or Section 10 or 12
will cause such damage to the Employer as will be irreparable and the exact
amount of which will be impossible to ascertain, and for that reason, the
Employee further acknowledges that the Employer shall be entitled, as a matter
of course, to an injunction out of any Court of competent jurisdiction,
restraining any further violation of the covenant by the Employee, and, pending
the hearing and decision on the application for such injunction, the Employer
shall be entitled to a Temporary Restraining Order, and waives any request for a
bond, or the equivalent thereof, without prejudice to any other remedies
available to it. The Employee particularly agrees to the immediate issuance of
such Temporary Restraining Order and hereby waives and requirements of notice or
objection whatsoever to the issuance of such an Order.

          (q)  It is mutually agreed that regardless of whether the Employee
leaves the employ of the Employer by Employee's own request or the request of
the Employer, or regardless of how or by what manner the employment relationship
is terminated (including whether with or without cause), or this contract is
terminated or expires, the independent covenants herein contained in this
Section and in Sections 10 and 12 shall survive and remain in full force and
effect as INDEPENDENT COVENANTS. Should any provision or covenant in this
Agreement be breached by Employer, or be declared void or unenforceable by a
court of competent jurisdiction, the remaining covenants and provisions
including those in this Section 11 and Sections 10 and 12 shall nevertheless
remain in full force and effect, each being independent and severable.

          (r)  During the term of the noncompetition covenant, Employee shall
give all of Employee's actual and prospective employers written notice of the
requirements of the noncompetition covenant. If Employer believes that Employee
has failed to provide any actual or prospective employer such notice, Employer
may provide such notice, including providing a copy of any or all of this
Agreement.

          (s)  Employee acknowledges that (i) there was no duress involved in
signing this Agreement; (ii) other employment options were available to Employee
at the time of signing this Agreement; (iii) Employee's covenant not to compete
was a material and necessary inducement to Employer to employ or continue the
employment of Employee; (iv) Employee understands the policy of reasonableness
regarding restrictive covenants and agrees that the restrictions imposed upon
Employee by this Agreement are reasonable in scope and duration and are
necessary to serve a legitimate business interest of Employer; and (v) Employee
has had an opportunity to have this Agreement reviewed by legal counsel of
Employee's choice.

          (t)  Employee represents and warrants that her employment by Employer
does not and will not breach any agreement or duty, which
<PAGE>

Employee has to any other Person to keep in confidence any confidential
information belonging to others or not to compete with others. Employee shall
not disclose to Employer or use on its behalf any confidential information
belonging to others.

          38.  Intellectual Property Rights. Employee acknowledges that the
               ----------------------------
proprietary rights to any original works, concepts, software, manuals, programs,
routines, inventions, trademarks, servicemarks, and tradenames developed, or
conceived by Employee, whether singularly or in conjunction with another Person,
during the term of this Agreement (collectively "Inventions") shall be the
property of Employer. Accordingly, Employee agrees as follows. Any "Inventions"
developed from Authorized Outside Employment Activities defined on Schedule C,
attached, shall not be subject to any of the provisions under this section,
Intellectual Property Rights.

          (h)  Employee hereby assigns, and shall assign in the future, any and
all of Employee's rights in or to all Inventions.

          (i)  Employee shall promptly disclose in writing to Employer any
invention. If requested by Employer, Employee will execute, file, and prosecute
any and all applications and assignments necessary or proper to vest in Employer
the complete rights in and to any Inventions.

          (j)  If Employer chooses to pursue any patent or other application for
any Invention, Employer shall bear all costs and fees in connection with the
application.

          (k)  If Employer declines in writing to pursue any patent or other
application for an Invention, Employee may with the written consent of Employer
pursue the application in Employee's own name and at Employee's own expense,
provided that Employer shall have a perpetual, world-wide, royalty-free license
and right to use, or to adapt and develop in any way, any and all Inventions,
whether or not protectable under any applicable law.

          (l)  Upon the termination of this Agreement for any reason, Employee
shall deliver to Employer any and all notes, records, documents and other
material relating to any completed or incomplete Inventions which Employee
worked on prior to such termination.

          (m)  Except as set forth on Schedule C attached to and incorporated in
this Agreement, Employee shall not assert any rights to any Inventions as having
been made or acquired by Employee prior to being employed by Employer, or since
then and not covered by this Agreement.

          (n)  Employee need not assign to Employer any rights to an invention,
etc. wholly conceived and developed by Employee after the termination of this
Agreement, unless the conception or development of such invention, etc. involves
the use of confidential or proprietary information obtained by Employee while
employed by Employer.
<PAGE>

     39.  Governing Law and Forum. All questions regarding this Agreement shall
          -----------------------
be governed by the laws of Virginia, except that in the case of an issue
regarding the reasonableness of any restrictive covenants in Sections 10, 11 or
12 of this Agreement, the parties agree to apply the law of the state wherein
Employer files legal action to enforce any restrictive covenant. Any suit
relating to this Agreement must be brought in the Circuit or General District
Courts of the City of Virginia Beach, Virginia, provided, however, Employer may
file legal action in connection with the enforcement of any of the restrictive
covenants contained in this Agreement in any state or federal court where
Employer in its discretion deems it appropriate for its protection.

     40.  Successors and Assigns. This Agreement shall be binding upon and inure
          ----------------------
to the benefit of the parties and their heirs, personal representatives,
successors and assigns.

     41.  Assignability. The rights and obligations of Employee under this
          -------------
Agreement may not be assigned or delegated. The rights and obligations of
Employer may be assigned or delegated without the consent of Employee.

     42.  Offset Against Compensation. Upon termination of this Agreement
          ---------------------------
Employee authorizes Employer to offset against any compensation or other amounts
owing to Employee any sums that Employee owes to Employer and which are
evidenced in writing.

     43.  Notices. Any notice or other communication required or permitted by
          -------
this Agreement shall be in writing and addressed to Employer at its
administrative headquarters and to Employee at her residence, as indicated by
the records of the Employer, and shall be deemed to have been given, made and
received only:

          (a)  upon deliver, if personally delivered to a party;

          (b)  one business day after the date of dispatch, if by facsimile
               transmission;

          (c)  one business day after deposit, if delivered by a nationally
               recognized courier service offering guaranteed, overnight
               delivery; or

          (e)  Three days after deposit in the United States mail, certified
               mail, postage prepaid, return receipt requested.

     44.  Headings. The headings in this Agreement are for convenience only and
          --------
are not a part of the substantive agreement of the parties, nor shall the
headings be used in the interpretation or construction of this Agreement.

     45.  Number and Gender. Whenever used in this Agreement, the singular shall
          -----------------
include the plural, and the plural shall include the
<PAGE>

singular. The masculine gender shall include the feminine and the neuter.

     46.  Severability. If any provision of this Agreement is determined to be
          ------------
unenforceable, the remainder of this Agreement shall be construed and enforced
as if the unenforceable provision had not been contained in this Agreement, and
each provision of this Agreement shall be valid and enforceable to the fullest
extent permitted by law.

     47.  Entire Agreement. This Agreement is intended to be a complete,
          ----------------
exclusive, and final expression of the parties' agreements concerning Employee's
employment, merging and replacing all prior negotiations, offers,
representations, warranties and agreements, including but not limited to
employment agreements. To the extent that Employee was employed by Employer
prior to the date of this Agreement, this Agreement is in confirmation of the
agreements previously reached and under which the parties have been working. No
course of prior dealing between the parties, no usage of trade, and no parole of
extrinsic evidence of any nature shall be used to supplement or modify any of
the terms of this Agreement.

     48.  Modification and Waiver. The provisions of this Agreement may not be
          -----------------------
modified or waived, including the waiver of the provisions of this Section,
except by a written instrument, signed by the party against whom such
modification or waiver is sought to be enforced.

     49.  Survival. Any provision of this Agreement, which imposes any
          --------
obligation upon Employee, which may extend beyond the term of this Agreement,
shall survive the termination of this Agreement.

     50.  Third Party Beneficiaries. The provisions of this Agreement are
          -------------------------
intended to benefit only the parties to this Agreement. No person not a party to
this Agreement shall be deemed to be a third party beneficiary of this
Agreement, nor shall any such person be empowered to enforce the provisions of
this Agreement, except to the extent such a person becomes a permitted assignee
of one of the parties.

     51.  Cost of Enforcement. In the event of the enforcement of any of the
          -------------------
terms of this Agreement by Employer, due to a breach or noncompliance by
Employee, Employee agrees to pay all expenses, including legal fees, incurred by
Employer in the enforcement of this Agreement and the pursuit of any other
remedies afforded Employer by law for damages or otherwise.

     52.  Non-Waiver. The failure of the Employer at any time to require the
          ----------
performance by the Employee of any of the provisions, covenants and conditions
hereof shall in no way affect its right thereafter to enforce the same; nor
shall the waiver by the Employer of any breach of this Agreement, term,
provision, covenant or condition. The failure by Employer to require performance
by any other employee of any provision, covenant or condition in that employee's
employment agreement shall in no way affect Employer's right to enforce this
Agreement or any covenant herein.
<PAGE>

         WITNESS the following signatures and seals:

                            EMPLOYER:

                            APPROVED FINANCIAL CORP.


                            By: Allen D. Wykle          By: Eric S. Yeakel
                               ------------------          --------------------
                            Title: President and CEO    Title: CFO

                            EMPLOYEE:

                            __________________________________________
                                           Jean S. Schwindt
<PAGE>

                                  SCHEDULE A

                      ADDITIONAL SPECIFIC DUTIES ASSIGNED
                  UPON THE EXECUTION OF EMPLOYMENT AGREEMENT


     Jean S. Schwindt shall be responsible for all duties assigned to her by the
Board of Directors, Chairman of the Board, Chief Executive Officer or President
of the Company. Such duties will primarily relate to, but are not restricted to,
the areas of strategic planning, finance, investor relations and security
regulation.
<PAGE>

                                  SCHEDULE B
                                  ----------

1.   Base Salary. The initial monthly base salary shall be $13,333 commencing on
     July 1, 1998, and ending on December 31, 1999. For each subsequent year of
     the Agreement, which will be January through December, the base salary will
     increase by 10%, retroactive to January 1 of the respective year, if the
     net income after tax of the Company increases by 10% over the previous
     year. In the event that the net income after tax increases by less than 10%
     over the previous year, the base salary will increase by 6%.

     Net income after tax for the years 1999, 2000 and 2001, will exclude any
     dividend or capital gain income resulting from the Company's current
     investment in IMC Mortgage Company common stock will be excluded in the
     calculation of the percentage increase in year to year net income after
     tax.

2.   Group Benefits. Employee shall be entitled to group benefits as contained
     in the stated written policy of Approved Financial Corp., which may from
     time to time be revised by the Company.

3.   Vacation. Employee shall be entitled to three (3) weeks paid vacation each
     year.

4.   Bonus on or before December 31, 2000. Employee will participate in an
     Executive Bonus Pool, which was approved by the Compensation Committee of
     the Board of Directors of Approved Financial Corp on 11/3/98. The Executive
     Bonus Formula shall be as follows:

     That percent increase (in excess of a 10% threshold) of the current after
     tax net income per share over the prior year, multiplied by the Base Annual
     Salary for the current contract year, up to a maximum of 100% of the Base
     Salary. For example, if the after tax net income per share for fiscal 1999
     is 1.20 and for 1998 is .80 and the Base Salary for that contract year
     ending December 31, 1999 is $160,000 then the bonus is $64,000.

     ($1.20-$.80)/$.80 = 50%

     50% - 10% = 40%

     $160,000 X 40% = $ 64,000
<PAGE>

     Method of Payment:

     50% of the bonus may be payable at the Employer's discretion in cash or
     unregistered shares of common stock of Approved Financial Corp. 50% of the
     bonus may be payable at the Employee's discretion in cash or unregistered
     shares of common stock of Approved Financial Corp.

     Net income per share after tax for the years 1999, 2000 and 2001, will
     exclude any dividend or capital gain income resulting from the Company's
     current investment in IMC Mortgage Company common stock. will be excluded
     in the calculation of the percentage increase in year to year net income
     after tax.

5.   Bonus for years ending after December 31, 2000. Employee will participate
     in Tier 1 of a Management Bonus which was approved by the Board of
     Directors on December 1, 2000, a copy of which is attached as Exhibit 1 to
     this Schedule B.

6.   Compensation after termination. If Employee dies, becomes permanently
     disabled, terminates her employment or is terminated for cause as defined
     in the Agreement, this contract shall cease, and no further compensation or
     benefits in any form shall be paid Employee. If this Agreement is
     terminated by Employer without cause, then Employee shall be entitled to
     the compensation and benefits, which Employee would have received but for
     the termination without cause.
<PAGE>

                             MANAGEMENT BONUS PLAN
                          EXHIBIT 1 TO SCHEDULE B OF
                     JEAN S. SCHWINDT EMPLOYMENT AGREEMENT

     The following is a description of the Management Bonus Plan ("Plan") as
ratified by Approved Financial Corp ("AFC") Board of Directors on December 1,
2000. The Plan is effective as of the year ended December 31, 2001 and until
revoked or amended by the Compensation Committee of the Board of Directors.

     The term "Employer" is meant to refer to Approved Financial Corp. The term
"Employee" is meant to refer to Participants of the Plan as designated and
amended by the authority of the Compensation Committee of the Board of Directors
of AFC.

DEFINITIONS:

     Return on Stockholder's Equity ("ROE") - After-tax annual net income per
     --------------------------------------
     share (net of accrual for Management Bonus Plan) as a percentage of Average
     Stockholder's Equity per share during the year as carried on the Balance
     Sheet of Approved Financial Corp.

     Average Stockholder's Equity - The average stockholder's equity as
     ----------------------------
     determined by the Employer's audited consolidated financial statements.

     "Base Return" - 20% ROE
      -----------

     "Minimum Base Return" - $1,000,000
      -------------------

     "Excess Return" - The Percentage of ROE in excess of the Base Return
      -------------
     (Subject to Minimum Base Rate)

     "Base Salary" - Employee Salary paid during last fiscal year. (Other forms
      -----------
     of compensation such as bonus and commission payments are NOT counted as
     Base Salary) "Gross Bonus Percentage" the percentage resulting from
                   ----------------------
     dividing the Excess Return by the Base Return.

     "Manager Bonus Percentage" - the percentage of the Employee's prior year
      ------------------------
     Base Salary due as Management Bonus up to a maximum percentage of Base
     salary as defined by the assigned Tier Level.

BONUS CALCULATION:

1.   Gross Bonus Percentage = Excess Return /  Base Return
     ----------------------
<PAGE>

2.   Manager Bonus Percentage = the lesser of i)Maximum Bonus Percentage for
     ------------------------
     Tier Level or ii)Gross Bonus Percentage

3.   Manager Bonus = Manager Bonus Percentage times (X) Employee Base Salary
     -------------

PAYMENT METHOD:

     Fifty percent (50%) of the Manager Bonus may be payable at the Employer's
     discretion in cash or unregistered shares of common stock of Approved
     Financial Corp. Fifty percent (50%) of the Manager Bonus may be payable at
     the Employee's discretion in cash or unregistered shares of common stock of
     Approved Financial Corp.

PAYMENT DATE:

     The Manager Bonus will be paid within thirty (30) days from date that the
     Company's yearend financial statements have been reviewed by the Company's
     outside accountants and presented to the Company with an opinion letter.

PARTICIPANT QUALIFICATION:

     To earn and receive a bonus under the Management Bonus Plan, the
     participant must be a full time employee of the Company on the Payment Date
     as defined above.

TIER LEVELS:

TIER 1 - Maximum Bonus = 100% of Base salary (1 X Base Salary)

TIER 2 - Maximum bonus = 40% of Base salary ( 0.4 X Base Salary)

TIER 3 - Maximum bonus = 20% of Base salary ( 0.2 X Base Salary)


CALCULATION EXAMPLES:

EXAMPLE Tier 1:

     Base Salary = $100,000

     Base Return = 30% and is * Minimum Base Return

     Excess Return = 30% - 20% = 10%

          Gross Bonus Percentage = 10% / 20% = 50%

     Manager Bonus Percentage = 50%

* Greater than or equal to
<PAGE>

     Manager Bonus = 50% * $100,000 = $50,000

EXAMPLE Tier 2:

     Base Salary = $75,000

     Base Return = 30% and is **Minimum Base Return

     Excess Return = 30% - 20% = 10%

          Gross Bonus Percentage = 10% / 20% = 50%

     Manager Bonus Percentage = 40%

     Manager Bonus = 40% * $100,000 = $40,000

EXAMPLE Tier 3:

     Base Salary = $60,000

     Base Return = 30% and is **Minimum Base Return

     Excess Return = 30% - 20% = 10%

          Gross Bonus Percentage = 10% / 20% = 50%

     Manager Bonus Percentage = 20%

     Manager Bonus = 20% * $60,000 = $12,000

** Greater than or equal to