March 30, 2003


Mr. Rick Snow
3251 Michele Ruelle
Cuyahoga Falls, OH  44223


RE:  Employment by Obsidian Enterprises, Inc.

Dear Rick,

     This letter is to confirm the  intentions  of Obsidian  Enterprises,  Inc.,
("Obsidian")  to  employ  you in the  capacity  of Chief  Financial  Officer  of
Obsidian. It is my understanding that you will be available to commence work for
us on March 30, 2003. It is our intention  that your terms of employment  are as
follows:

     1.   Your annual salary,  paid monthly,  will  initially be $50,000.  There
          shall be an increase to $75,000 per year upon  completion of your move
          to  Indianapolis  with  your  family.   You  will  be  entitled  to  a
          performance  review on an annual  basis,  twelve months (12) after the
          date you commence employment with us.
     2.   Obsidian will provide relocation assistance to Indianapolis, including
          costs of moving personal items and possible short-term assistance with
          securing a mortgage.
     3.   You will be reimbursed for a cellular phone and a car with expenses.
     4.   You  will  receive  the  standard  benefits  of an  Obsidian  employee
          including full health benefits at no cost to you.
     5.   You will immediately receive a total of three weeks paid vacation.
     6.   You will also be entitled to participate in the Obsidian Stock Plan on
          a discretionary basis.
     7.   Your duties shall include, but not be limited to, the following:
          a)   Oversee  preparation  of all  financial  statements,  SEC related
               filings, and banking compliance statements.
          b)   Control  cash  management  for  Obsidian and Fair Finance and all
               related parties.
          c)   Interface with all corporate banking relationships,  specifically
               with  regard  to  current  and  future   refinancings,   covenant
               compliance, etc.
          d)   All duties normally delegated to the Chief Financial Officer of a
               publicly traded company.
     8.   Further,  Timothy  S.  Durham  personally  grants  you the  option  to
          purchase up to $50,000 at his cost of his interest in Obsidian Capital
          Partners,  L.P.  This option is  approximately  equal to a cost of 8.3
          cents per common share of Obsidian Enterprises.  This option is vested
          upon your  employment  and will  expire  five  years  from the date of
          employment.

     If you accept the terms of employment  as set forth in this letter,  please
return a copy of this letter, signed by you on the line provided below.

                                            Very truly yours,

                                            OBSIDIAN ENTERPRISES, INC.


                                            /s/ Timothy S. Durham
                                            ------------------------------------
                                            Timothy S. Durham, Chairman & CEO

     I have read the above letter and agree to accept  employment  with Obsidian
Enterprises, Inc. in accordance with its terms.

                                            /s/ Rick Snow
                                            ------------------------------------
                                            Rick Snow