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                                                                  EXHIBIT 10(e)


                              EMPLOYMENT AGREEMENT


EMPLOYMENT AGREEMENT ("Agreement"), between Mobile America Corporation
("Company"), and Joseph John Wortman, ("Executive"), effective as of the 20th
day of July, 1999.

                                   WITNESSETH

WHEREAS, the company desires to assure itself of the services of Executive for
the period provided in this Agreement, and Executive is willing to serve in the
employ of the company and devote substantially all of his full-time employment
effort and attention to the day to day management of the Company, all in
accordance with the terms and conditions contained in this Agreement.

NOW THEREFORE, in consideration of the mutual covenants herein contained, the
Company and Executive hereby agree as follows:

1.       Employment - The Company hereby employs Executive and Executive hereby
         accepts such employment with the Company as President and CEO for the
         period provided for in Section 2, all upon the terms and conditions
         contained in this Agreement. As a condition to Executive's employment
         by the Company, executive affirms and represents that Executive is
         under no obligation to any former employer or other person which is in
         any way inconsistent with, or which imposes any restriction upon,
         Executive's acceptance of employment with the Company, the employment
         of Executive by the Company, or Executive's undertakings under this
         Agreement.

2.       Term of Employment - Unless sooner terminated pursuant to Section 7,
         the term of Executive's employment under this agreement shall be for a
         period commencing on the date hereof and continuing through the 31st
         day of July, 2002.

3.       Duties - During the Term, Executive shall provide general executive,
         administrative and managerial services to the Company and shall
         perform such other reasonable employment duties as the Chairman or
         Board of Directors may from time to time prescribe. Executive shall
         serve as a director, if elected.


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4.       Compensation - As compensation for the services to be performed by
         Executive during the Term, the Company shall provide or shall cause to
         be provided to Executive:

         (a)      An annual base salary of not less than two hundred fifty
                  thousand dollars ($250,000); the annual base salary together
                  with any adjustments or increments thereto being hereinafter
                  referred to as the "Salary";

         (b)      An annual incentive bonus of not less than forty percent
                  (40%) of Salary. The performance goals required to earn such
                  annual incentive shall be approved by the Compensation
                  Committee of the Board of Directors each year.

         (c)      An incentive stock option (ISO) grant equal to the maximum
                  allowable under the IRS code (based on the stock price as of
                  the close of business on July 20, 1999 approximately 218,178
                  at $2.75 per share) vesting in six installments of
                  approximately 36,363 shares over five years (1/6th vesting at
                  grant and 1/6th on each anniversary) will be issued to
                  Executive effective with employment. The options will have a
                  term, while employed, of ten years and will be
                  nontransferable, except upon death. The options may be
                  exercised upon vesting for cash, shares or on a net exercise
                  basis, as long as such exercise does not result in an
                  earnings charge to the Company. Vesting will accelerate in
                  the event of a sale of the Company or substantially all of
                  the assets of the business.

         (d)      The Company will loan (or guarantee a loan) to Executive of
                  $412,500 for the purchase of 150,000 shares of Company common
                  stock from the Company at $2.75 per share. The loan will have
                  a five year balloon term and bear interest at the prime rate.
                  The repayment of the loan will accelerate upon termination of
                  employment or the sale or disposition of the underlying stock
                  which will be held as collateral.

1.       Benefits - in addition to the payments required by Section 4 to be
         paid to Executive, Executive shall:

         (a)      Be eligible to participate in all fringe benefits and any
                  pension and/or profit sharing plans that may be provided by
                  the Company for its key executive employees in accordance
                  with the provisions of any such plans.

         (b)      Be eligible to participate in any life or other similar
                  insurance plans, medical and health plans or other employee
                  welfare benefit plans that may be provided by the Company for
                  its key executive employees in accordance with the provisions
                  of any such plans.

         (c)      Be entitled to paid vacation in accordance with the policy of
                  the Company that may be applicable to key executive
                  employees.

         (d)      Be entitled to sick leave and sick pay in accordance with the
                  policy of the Company that may be applicable to key executive
                  employees.


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6.       Expenses - the Company shall, in accordance with, and to the extent of
         its policies in effect from time to time, pay all ordinary and
         necessary business expenses incurred by the Executive in connection
         with the performance of Executive's obligations. Executive shall
         account promptly for all such business expenses to the Company in the
         manner prescribed from time to time by the Company. In addition, a one
         time allowance of $37,500.00 will be paid the Executive by the Company
         by August 10, 1999, to cover relocation, travel and temporary living
         expenses.

7.       Termination - Executive's employment shall be terminated upon the
         occurrence of any of the following:

         (a)      The death of the Executive

         (b)      Executive's disability (as such term is defined pursuant to
                  the provision of the Company's disability plan as may be in
                  effect from time to time).

         (c)      The termination of Executive's employment by Executive for
                  any reason provided Executive submits ninety (90) days prior
                  written notice of such termination to the Board of Directors.

         (d)      The termination of Executive's employment by the Company at
                  any time For Cause (as defined in Section 7 of this
                  Agreement), such termination to take effect immediately upon
                  written notice by the Company to Executive.

         (e)      The termination of Executive's employment by the Company
                  other than For Cause, such termination to take effect after
                  ninety (90) days after written notice by the Company to
                  Executive.

         (f)      The termination of Executive's employment through an Approved
                  Retirement (as defined in Section 7 of this Agreement).

For purposes of the Agreement, the term "For Cause" or "Cause" shall mean a
reasonable determination by the Board of Directors of the Company that
Executive (i) failed to obey the reasonable and lawful orders of the Company,
(ii) acted with gross negligence in the performance of his obligations or in a
manner materially detrimental to the Company, (iii) willfully breached or
habitually neglected his duty, (iv) has been convicted of a felony, (v)
committed any act involving dishonesty or fraud, (vi) violated any of the
provisions of Sections 12 through 14 of this agreement, or (vii) failed, after
notice and a reasonable opportunity for cure, to competently perform the duties
of chief executive officer.

For purposes of this Agreement, the term "Approved Retirement" shall mean
retirement as defined in the Company's qualified retirement plans and with
approval of the Board of Directors.


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8.       Death of Executive - in the event Executive's employment is terminated
         as a result of Executive's death as set forth in Section 7(a),
         Executive's spouse, or, if the Executive is not married at the time of
         his death, the estate of Executive shall be entitled to receive
         Executive's Salary earned through the date of death.

9.       Executive Initiated Termination Without Proper Notice or Company
         Initiated Termination For Cause - in the event Executive terminates
         this Agreement without proper notice as set forth in Section 7(c) or
         in the event Executive's employment is terminated by the Company For
         Cause as set forth in Section 7(d), Executive shall be entitled to
         receive his Salary earned through the date of termination.

10.      Disability of Executive, Executive Initiated Termination With Proper
         Notice or Approved Retirement - in the event Executive's employment is
         terminated as a result of Disability, resignation by Executive with
         proper notice or Approved Retirement, as set forth in Section 7 (b),
         (c), and (f) respectively, Executive shall be entitled to receive his
         Salary, any accrued but unpaid incentive bonus for the prior year, and
         benefits (as described in Sections 4 and 5 of this Agreement) through
         the date of termination.

11.      Company Initiated Termination other than For Cause - in the event
         Executive's employment is terminated by the Company other than For
         Cause, as set forth in Section 7(e), Executive shall be entitled to
         receive his Salary, any accrued incentive awards, and benefits (as
         described in Sections 4 and 5 of this Agreement) through the date of
         terminations, plus, if Executive executes a standard release and
         waiver, for the unexpired period of this Agreement:

         (a)      Executive's then current Salary.

         (b)      An amount equal to fifty percent (50%) of the annual bonus
                  which Executive would otherwise have been eligible to receive
                  as of the effective date of Executive's termination of
                  employment

         (c)      All benefits as described in Section 5 for which Executive
                  would otherwise have been eligible to receive as of the
                  effective date of Executive's termination of Employment.

12.      Non-Disclosure - Executive shall not without the prior written consent
         of the Board of Directors of the Company (i) use for Executive's
         benefit or disclose at any time during Executive's employment by the
         Company, or thereafter, except to the extent required by the
         performance by Executive of his duties as a executive of the Company,
         any information obtained or developed by Executive while in the employ
         of the Company with respect to any customer, suppliers, products,
         employees, financial or legal affairs, business methods or services f
         the Company or any of its subsidiaries (including, without limitation,
         customer lists, pricing, underwriting, marketing, financial or sales
         information, forecasts, business and strategic plans, customer needs
         and renewal dates, personnel applications to or any matters pending or
         under the jurisdiction of any regulatory agency or court, any
         threatened litigation, and corporate policies and procedures), or any
         other confidential matter or trade secrets, except information which
         at


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         the time is generally known to the public other than as a result of
         disclosure by Executive not permitted hereunder, nor (ii) take with
         Executive upon leaving the employ of the Company any document, paper
         or property evidencing or relating to any of the foregoing.

13.      Return of Property - Upon termination of Executive's employment for
         any reason, or at any other time the Company requests, Executive shall
         immediately deliver to the Company all memoranda, notes, plans,
         records, reports, manuals, computer discs, computer files and
         documents (and copies thereof) and any other property or material in
         Executive's possession or control relating to the business of the
         Company or any of its subsidiaries.

14.      Competition - During Executive's employment by the Company and during
         the time period set forth below commencing on the date of Executive's
         termination of employment (and extended by the amount of time of any
         violation of this Agreement):

         (a)      For a period of twenty-four (24) months, Executive will not
                  make any statement or do any act that is disloyal to the
                  Company or any of its subsidiaries, or is inconsistent with
                  the interests of the Company of any of its subsidiaries.

         (b)      For a period of twenty-four (24) months, Executive will not
                  make any statement or do any act that does or may cause any
                  existing customer of the Company or any of its subsidiaries
                  to make use of the services or purchase the products of any
                  business competitive with the Company of any of its
                  subsidiaries.

         (c)      For a period of twenty-four (24) months, Executive will not
                  employ, solicit for employment, or assist any other person
                  not affiliated with the Company in recruiting or hiring any
                  person who is then, or within the preceding three (3) month
                  period was an employee of the Company or any of its
                  subsidiaries.

         (d)      For a period of twelve (12) months, Executive will neither
                  directly nor indirectly (as a director, officer, partner,
                  sole proprietor, employee, manager, consultant, independent
                  contractor, advisor or otherwise) engage in, own any interest
                  in, perform any services for, participate in or be connected
                  with any business or organization that engages in competition
                  with the Company or any of its subsidiaries in the type of
                  business and geographic territory where the Company operates.

         (e)      If a court of competent jurisdiction determines that any
                  restriction in this Section 14 is too broad to be
                  enforceable, such restriction shall be reduced to the extent
                  necessary in the opinion of such court to make it reasonable,
                  the intent of the parties being that the Company be given the
                  broadest possible protection allowed by law or equity with
                  respect to the restrictions in this Section 14.


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15.      Non-alienation - Except as may otherwise be required by law, no right
         to receive payments under this Agreement shall be subject to
         anticipation, commutation, alienation, sale, assignment, encumbrance,
         charge, pledge, bankruptcy or hypothecation or to exclusion,
         attachment, levy or similar process or assignment by operation of law,
         and any attempt, voluntary or involuntary, to effect any such action
         shall be null, void and of no effect.

16.      Assignment - The company, in its sole discretion, may assign its
         rights and duties under this Agreement, but Executive may not. This
         Agreement shall be binding upon and inure to the benefit of (a) the
         Company and its successors and assigns and any purchaser of the
         Company or substantially all of the assets of the Company and (b)
         Executive, and his designees and his estate.

17.      Notices - Any notice required or permitted to be given under this
         Agreement shall be sufficient if in writing and will be deemed to have
         been given, (i) if to Executive, delivered in person or five (5) days
         following mailing by first class certified or registered mail, postage
         prepaid, to Executive at his home address, or to such addresses as
         Executive shall have designated in writing, or (ii) if to the Company,
         to the attention of the Chairman of the Board on behalf of the Board
         of Directors, at the Company's principal place of business.

18.      Governing Law - This Agreement shall be governed by and construed in
         accordance with the laws of the State of Florida.

19.      Severability - If any provision of this Agreement shall be determined
         to be invalid, illegal or unenforceable in whole or in part, neither
         the validity of the remaining part of such provision nor the validity
         of any other provision of this Agreement shall in any way be affected.

20.      Remedies - Executive acknowledges that a remedy at law for any breach
         or threatened breach of the provisions of this Agreement would be
         inadequate and therefore agrees that the Company shall be entitled to
         injunctive relief, both preliminary and permanent, in addition to any
         other available rights and remedies in case of any such breach or
         threatened breach; provided, however, that nothing contained herein
         shall be construed as prohibiting the Company from pursuing any other
         remedies available for any such breach or threatened breach. Executive
         further acknowledges and agrees that in the event of a breach by
         Executive of any provision of this Agreement, the Company shall be
         entitled, in addition to all other remedies to which the Company may
         be entitled under this Agreement, to recover from Executive all
         reasonable attorney fees incurred by the Company in enforcing this
         Agreement. The Company acknowledges and agrees that in the event the
         Executive is the prevailing party in an action by the Company to
         enforce this Agreement, the Executive shall be entitled to recover
         from the Company all reasonable attorney's fees incurred by the
         Executive in defending the action.


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IN WITNESS WHEREOF, the Company and Executive have duly executed and delivered
this Agreement effective as of the date and year first above written.



                           EXECUTIVE


                           SIGNATURE:
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                           NAME (PRINTED):
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                           COMPANY


                           BY (SIGNATURE):
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                           NAME (PRINTED):
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                           TITLE:
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