Document:

SIXTH AMENDMENT TO THE STRATEGIC MODELING AGREEMENT

         SIXTH AMENDMENT TO THE STRATEGIC MODELING AGREEMENT ("Amendment") dated
as of November 12, 2001, among BUSINESS TRANSACTIONS EXPRESS, INC., a Delaware
corporation ("BTE"), and THE CREDIT STORE INC., a Delaware corporation ("TCS").

                                WITNESSETH, THAT:

         WHEREAS, BTE and TCS entered into a Strategic Modeling Agreement on the
18th day of March, 1999 ("Agreement), Amendment to the Strategic Modeling
Agreement on the 16th day of March 2001; Second Amendment to the Strategic
Modeling Agreement on the 29th day of May 2001; and Third Amendment to the
Strategic Modeling Agreement on August 16, 2001; Fourth Amendment to the
Strategic Modeling Agreement on September 13, 2001; and Fifth Amendment to the
Strategic Modeling Agreement on October 12, 2001;

         WHEREAS, the Agreement, as amended, is set to terminate on November 12,
2001; and

         WHEREAS, The parties desire to amend their Agreement to extend the
Agreement term for a period of one month (1) month.

        NOW, THEREFORE, the parties hereto agree as follows:

        Section 1.  Sixth Amendment to the Strategic Modeling Agreement.

                  (a)      The "Data Processing Term" definition is amended in
                           its entirety to read as follows:

                           "Data Processing Term" means the period beginning on
               the date hereof and ending at 11:59 p.m. on December 14, 2001."

                  (b)      The "Modeling Term" definition is amended in its
                           entirety to read as follows:

                           "Modeling Term" means the period beginning on the
                  date hereof and ending at 11:59 p.m. on December 14, 2001."

        Section 2. Counterparts; Effectiveness. This Amendment may be executed
in any number of counterparts, and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the
same instrument.

        Section 3. Affirmation. The parties hereto affirm and acknowledge that
the Agreement, as amended by this Amendment, is, and remains, in full force and
effect in accordance with its terms.

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed by their duly authorized representative as of the
day and year first above written.

                             BUSINESS TRANSACTIONS EXPRESS, INC.

                             By:     /s/ Gordon O. Meyer
                                     -------------------------------------------
                                Its:  President

                             THE CREDIT STORE, INC.

                             By:   /s/ Michael J. Philippe
                                   ---------------------------------------------
                                Its:  Executive Vice President, Chief Financial
                                        Officer and TreasurerSEVETNH AMENDMENT TO THE STRATEGIC MODELING AGREEMENT

         SEVENTH AMENDMENT TO THE STRATEGIC MODELING AGREEMENT ("Amendment")
dated as of December 14, 2001, among BUSINESS TRANSACTIONS EXPRESS, INC., a
Delaware corporation ("BTE"), and THE CREDIT STORE INC., a Delaware corporation
("TCS").

                                WITNESSETH, THAT:

         WHEREAS, BTE and TCS entered into a Strategic Modeling Agreement on the
18th day of March, 1999 ("Agreement), Amendment to the Strategic Modeling
Agreement on the 16th day of March 2001; Second Amendment to the Strategic
Modeling Agreement on the 29th day of May 2001; and Third Amendment to the
Strategic Modeling Agreement on August 16, 2001; Fourth Amendment to the
Strategic Modeling Agreement on September 13, 2001; and Fifth Amendment to the
Strategic Modeling Agreement on October 12, 2001; and Sixth Amendment to the
Strategic Modeling Agreement on November 12, 2001;

         WHEREAS, the Agreement, as amended, is set to terminate on December 14,
2001; and

         WHEREAS, The parties desire to amend their Agreement to extend the
Agreement term for a period of one month (1) month.

        NOW, THEREFORE, the parties hereto agree as follows:

        Section 1.  Seventh Amendment to the Strategic Modeling Agreement.

                  (a)      The "Data Processing Term" definition is amended in
                           its entirety to read as follows:

                           "Data Processing Term" means the period beginning on
               the date hereof and ending at 11:59 p.m. on January 26, 2001."

                  (b)      The "Modeling Term" definition is amended in its
                           entirety to read as follows:

                           "Modeling Term" means the period beginning on the
                  date hereof and ending at 11:59 p.m. on January 26, 2001."

        Section 2. Counterparts; Effectiveness. This Amendment may be executed
in any number of counterparts, and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the
same instrument.

        Section 3. Affirmation. The parties hereto affirm and acknowledge that
the Agreement, as amended by this Amendment, is, and remains, in full force and
effect in accordance with its terms.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their duly authorized representative as of the day and year
first above written.

                             BUSINESS TRANSACTIONS EXPRESS, INC.

                             By:     /s/ Gordon O. Meyer
                                     -------------------------------------------
                                Its:  President

                             THE CREDIT STORE, INC.

                             By:   /s/ Michael J. Philippe
                                   ---------------------------------------------
                                Its:  Executive Vice President, Chief Financial
                                        Officer and TreasurerSECOND AMENDMENT
                                     TO THE
                               PURCHASE AGREEMENT

         This Second Amendment to the Purchase Agreement (the "Agreement") is
made and entered into this 14th day of November 2001, by and between BANK OF
HOVEN, a South Dakota State Bank. (the "Bank") and THE CREDIT STORE, INC., a
Delaware corporation (the "Purchaser").

                                    RECITALS:

         WHEREAS, the Bank and Purchaser have entered into a certain Purchase
Agreement dated the 9th day of February 1999 and the Bank and Purchaser deem an
amendment to the existing Purchase Agreement in the interests of the parties;

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree to amend their
Agreement as follows:

1)       Section 1.3 of the Purchase Agreement shall be amended to delete the
         words Section 4.1 hereof" at the end of the paragraph and replaced with
         the words "Section 4.1 and 4.2 hereof"

2)       Section 1.6(b)(vii) of the Purchase Agreement shall be amended to
         replace the words " within 5 days" with "within fifteen (15) days".

3)       Article 4 of the Purchase Agreement shall be amended to add the
         following "Section 4.2 Purchase of Charged-off Card Accounts. If a Card
         account charges-off in accordance with the Banks charge-off policy, the
         Bank shall immediately convey the charged-off Card account to the
         Purchaser. The purchase price for the charged-off Card accounts shall
         be an amount equal to the par value of the outstanding credit generated
         by balance transfers, cash advances, and purchases on the Cards
         accounts that have not previously been purchased by Purchaser under the
         Purchase Agreement." Charged-off Card accounts subject to the
         Repurchase Agreement dated September 20, 1999, between the parties are
         not included and will not be conveyed to the Purchaser hereunder.

         In all other respects the February 9, 1999 Purchase Agreement is
confirmed and ratified.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date set forth above.
<TABLE>
<CAPTION>

BANK:                                                        PURCHASER:
----                                                         ---------
<S>                                                         <C>

BANK OF HOVEN                                                THE CREDIT STORE, INC.

By:  /s/ Cindy Jager                                         By:  /s/  Cynthia D. Hassoun
     ---------------                                              -----------------------
  Its: Vice President, Credit Card Operations                  Its:  Vice President and Secretary
        Manager
</TABLE><PAGE>

                                                                   EXHIBIT 10.47

                              EMPLOYMENT AGREEMENT

         This Employment Agreement (the "Agreement"), made and entered into this
30 day of July, 2001, by and between Standard Automotive Corporation, a Delaware
corporation with principal offices located at 280 Park Ave. New York, NY (the
"Company"), and Matthew B. Burris (the "Executive").

                                   WITNESSETH

         WHEREAS, the Company has a need for the Executive's personal services
in an executive capacity; and

         WHEREAS, the Executive possesses the necessary strategic, financial,
planning, operational and managerial skills necessary to fulfill those needs;
and

         WHEREAS, the Executive and the Company desire to enter into a formal
Employment Agreement to fully recognize the contributions of Executive to the
Company and to assure continuous harmonious performance of the affairs of the
Company.

         NOW, THEREFORE, in consideration of the mutual promises, terms,
provisions, and conditions contained herein, the parties agree as follows:

1.       Position.

The Company hereby agrees to employ the Executive to serve in the role of Vice
President, Chief Financial Officer, Secretary and Treasurer of the Company,
subject to the limitation set forth herein. Executive will serve in such
positions and exercise such powers and authority as are customarily inherent in
similar positions in a comparable publicly-held entity, subject to the authority
of the Board of Directors of the Company (the "Board"). The Executive accepts
such employment upon the terms and conditions set forth herein, and further
agrees to perform to the best of his abilities the duties generally associated
with his position, as well as such other duties commensurate with his position
as Vice President, Chief Financial Officer, Secretary and Treasurer as may be
reasonably assigned by the Board. The Executive shall, at all times during the
Term, report directly to the C.E.O. Executive agrees to devote his best efforts
and substantially all of his business time, attention, energy, and skill to
performing his duties to the Company under this Agreement; provided, however,
that nothing in this Agreement prevents Executive from engaging in other
business activities, including but not limited to attending to his personal
investment activities and serving as a member of the boards of directors of
public, private and not-for-profit organizations, to the extent that such
activities do not interfere with the performance of his duties hereunder.

2.       Term of Employment and Renewal.

         The term of Executive's employment under this Agreement will commence
on the date of this Agreement (the "Effective Date"). Subject to the provisions
of Section 10 of this Agreement, the term of Executive's employment hereunder
shall be for an initial term ending on August 31, 2004 (the "Initial Term"). The
Initial Term of this Agreement shall be automatically extended for successive
one (1) year periods (each a "Renewal Period") unless the Company or the
Executive gives written notice to the other at least thirty (30) days prior to
the expiration of the Initial Term, or a Renewal Period, of such party's
election not to extend this Agreement. References herein to the "Term" shall
mean the Initial Term as it may be so extended by one or more Renewal Periods.
The last day of the Term is the "Expiration Date."

<PAGE>

3.       Compensation and Benefits.

         (a) Salary. Commencing on the Effective Date, the Company agrees to pay
the Executive a base salary at an annual rate of two hundred thirty five
thousand Dollars ($235,000), payable in such installments as is the policy of
the Company (the "Salary"), but no less frequently than monthly. Thereafter, th
e CEO shall determine appropriate annual increases to Executive's Salary.

         (b) Bonus. The Executive shall be eligible to participate in the
Management Incentive Program at a level commensurate with other senior
executives.

         (c) Benefits. The Executive shall be entitled to participate in all
employee benefit plans which the Company provides or may establish from time to
time for the benefit of its employees, including, without limitation, group
life, medical, surgical, dental and other health insurance, short and long-term
disability, deferred compensation, profit-sharing and similar plans. The Company
will reimburse Executive for cost of participating in programs offered by
alternative providers including the provider(s) of his previous employer. The
Executive shall also be entitled to paid vacation of 20 days per year, in
accordance with the Company's vacation policy. Vacation unused in a year will be
paid as additional compensation.

         (d) Stock Options and Restricted Stock Avard. As of the Effective Date,
the Company shall grant the Executive, pursuant to the Company's 2000 Stock
Option/Stock Issuance Plan (the "Plan"), an option to purchase shares equal to a
minimum of 35% of the number of shares/price granted the CEO of the Company's
common stock at a purchase price equal to the fair market value of the shares at
the time of the grant, under the terms and conditions set forth in the Plan and
the Company's standard Notice Of Grant of Stock Option, and the exhibits
thereto, which shall be provided to the Executive upon the date of the stock
option grant provided for herein, vesting as to 25% of the option shares on the
first anniversary of the grant, and in thirty-six (36) equal monthly
installments thereafter as long as the Executive is employed by the Company. The
Company will grant Executive restricted common stock of the company in an amount
equal to a minimum of 35% of the amount granted the CEO and vested on the same
schedule as the CEO.

         (e) Expenses. The Company shall pay or reimburse the Executive for all
reasonable out-of-pocket expenses actually incurred by him during the Term in
performing services hereunder, provided that the Executive properly accounts for
such expenses in accordance with the Company's policies.

4.       Confidentiality, Disclosure of Information.

         (a) The Executive recognizes and acknowledges that the Executive has
had and will have access to Confidential Information (as defined below) relating
to the business or interests of the Company or of persons with whom the Company
may have business relationships. Except as permitted herein, the Executive will
not during the Term, or at any time thereafter, use, disclose or permit to be
known by any other person or entity, any Confidential Information of the Company
(except as required by applicable law or in connection with the performance of
the Executive's duties and responsibilities hereunder). The term "Confidential
Information" means information relating to the Company's business affairs,
proprietary technology, trade secrets, patented processes, research and
development data, know-how, market studies and forecasts, competitive analyses,
pricing policies, employee lists, employment agreements (other than this
Agreement), personnel policies, the substance of agreements with customers,
suppliers and others, marketing arrangements, customer lists, commercial
arrangements, [include business-specific categories of confidential information]
or any other information relating to the Company's business that is not
generally known to the public or to actual or potential competitors of the
Company (other than through a breach of this Agreement). This obligation shall
continue until such Confidential Information becomes publicly available, other
than pursuant to a breach of this Section 4 by the Executive, regardless of
whether the Executive continues to be employed by the Company.

                                       2
<PAGE>

         (b) It is further agreed and understood by and between the parties to
this Agreement that all "Company Materials," which include, but are not limited
to, computers, computer software, computer disks, tapes, printouts, source, HTML
and other code, flowcharts, schematics, designs, graphics, drawings,
photographs, charts, graphs, notebooks, customer lists, sound recordings, other
tangible or intangible manifestation of content, and all other documents whether
printed, typewritten, handwritten, electronic, or stored on computer disks,
tapes, hard drives, or any other tangible medium, as well as samples,
prototypes, models, products and the like, shall be the exclusive property of
the Company and, upon termination of Executive's employment with the Company,
and/or upon the request of the Company, all Company Materials, including copies
thereof, as well as all other Company property then in the Executive's
possession or control, shall be returned to and left with the Company.

5.       Inventions Discovered by Executive.

         The Executive shall promptly disclose to the Company any invention,
improvement, discovery, process, formula, or method or other intellectual
property, whether or not patentable or copyrightable (collectively,
"Inventions"), conceived or first reduced to practice by the Executive, either
alone or jointly with others, while performing services hereunder (or, if based
on any Confidential Information, at any time during or after the Term), (a)
which pertain to any line of business activity of the Company, whether then
conducted or then being actively planned by the Company, with which the
Executive was or is involved, (b) which is developed using time, material or
facilities of the Company, whether or not during working hours or on the Company
premises, or (c) which directly relates to any of the Executive's work during
the Term, whether or not during normal working hours. The Executive hereby
assigns to the Company all of the Executive's right, title and interest in and
to any such Inventions. During and after the Term, the Executive shall execute
any documents necessary to perfect the assignment of such Inventions to the
Company and to enable the Company to apply for, obtain and enforce patents,
trademarks and copyrights in any and all countries on such Inventions,
including, without limitation, the execution of any instruments and the giving
of evidence and testimony, without further compensation beyond the Executive's
agreed compensation during the course of the Executive's employment. Without
limiting the foregoing, the Executive further acknowledges that all original
works of authorship by the Executive, whether created alone or jointly with
others, related to the Executive's employment with the Company and which are
protectable by copyright, are "works made for hire" within the meaning of the
United States Copyright Act, 17 U.S.C. ss. 101, as amended, and the copyright of
which shall be owned solely, completely and exclusively by the Company. If any
Invention is considered to be work not included in the categories of work
covered by the United States Copyright Act, 17 U.S.C. ss. 101, as amended, such
work is hereby assigned or transferred completely and exclusively to the
Company. The Executive hereby irrevocably designates counsel to the Company as
the Executive's agent and attorney-in-fact to do all lawful acts necessary to
apply for and obtain patents and copyrights and to enforce the Company's rights
under this Section. This Section 5 shall survive the termination of this
Agreement. Any assignment of copyright hereunder includes all rights of
paternity, integrity, disclosure and withdrawal and any other rights that may be
known as or referred to as "moral rights" (collectively "Moral Rights"). To the
extent such Moral Rights cannot be assigned under applicable law and to the
extent the following is allowed by the laws in the various countries where Moral
Rights exist, the Executive hereby waives such Moral Rights and consents to any
action of the Company that would violate such Moral Rights in the absence of
such consent. The Executive agrees to confirm any such waivers and consents from
time to time as requested by the Company.

                                       3
<PAGE>

6.       Non-Competition and Non-Solicitation.

         The Executive acknowledges that the Company has invested substantial
time, money and resources in the development and retention of its Inventions,
Confidential Information (including trade secrets), customers, accounts and
business partners, and further acknowledges that during the course of the
Executive's employment with the Company the Executive has had and will have
access to the Company's Inventions and Confidential Information (including trade
secrets), and will be introduced to existing and prospective customers, accounts
and business partners of the Company. The Executive acknowledges and agrees that
any and all "goodwill" associated with any existing or prospective customer,
account or business partner belongs exclusively to the Company, including, but
not limited to, any goodwill created as a result of direct or indirect contacts
or relationships between the Executive and any existing or prospective
customers, accounts or business partners. Additionally, the parties acknowledge
and agree that Executive possesses skills that are special, unique or
extraordinary and that the value of the Company depends upon his use of such
skills on its behalf.

         In recognition of this, the Executive covenants and agrees that:

         (a) During the Term the Executive may not, without the prior written
consent of the Board, (whether as an employee, agent, servant, owner, partner,
consultant, independent contractor, representative, stockholder or in any other
capacity whatsoever) participate in any business that offers products or
services competitive in any way to those offered by the Company or that were
under active development by the Company during the Term, provided that nothing
herein shall prohibit the Executive from owning securities of corporations which
are listed on a national securities exchange or traded in the national
over-the-counter market in an amount which shall not exceed 3% of the
outstanding shares of an such corporation.

                                       4
<PAGE>

         (b) During the Term the Executive may not entice, solicit or encourage
any Company employee to leave the employ of the Company or any independent
contractor to sever its engagement with the Company, absent prior written
consent to do so from the Board.

         (c) During the Term, and for a period of one (1) year thereafter, the
Executive may not, directly or indirectly, entice, solicit or encourage any
customer, prospective customer, vendor, strategic partner or business associate
of the Company to cease doing business with the Company, reduce its relationship
with the Company or refrain from establishing or expanding a relationship with
the Company.

7.       Non-Disparagement.

         The Executive hereby agrees that during the Term, and at all times
thereafter, the Executive will not make any statement that is disparaging about
the Company, any of its officers, directors, or shareholders, including, but not
limited to, any statement that disparages the products, services, finances,
financial condition, capabilities or other aspect of the business of the
Company. The Executive further agrees that during the same period the Executive
will not engage in any conduct that is intended to inflict harm upon the
professional or personal reputation of the Company or any of its officers,
directors, shareholders or employees.

8.       Provisions Necessary and Reasonable.

         (a) The Executive agrees that (i) the provisions of Sections 4, 5, 6
and 7 of this Agreement are necessary and reasonable to protect the Company's
Confidential Information, Inventions, and goodwill; (ii) the specific temporal,
geographic and substantive provisions set forth in Section 6 of this Agreement
are reasonable and necessary to protect the Company's business interests in part
because the Company's business is international in scope; and (iii) in the event
of any breach of any of the covenants set forth herein, the Company would suffer
substantial irreparable harm and would not have an adequate remedy at law for
such breach. In recognition of the foregoing, the Executive agrees that in the
event of a breach or threatened breach of any of these covenants, in addition to
such other remedies as the Company may have at law, without posting any bond or
security, the Company shall be entitled to seek and obtain equitable relief, in
the form of specific performance, and/or temporary, preliminary or permanent
injunctive relief, or any other equitable remedy which then may be available.
The seeking of such injunction or order shall not affect the Company's right to
seek and obtain damages or other equitable relief on account of any such actual
or threatened breach.

         (b) If any of the covenants contained in Sections 4, 5, 6 and 7 hereof,
or any part thereof, are hereafter construed to be invalid or unenforceable, the
same shall not affect the remainder of the covenant or covenants, which shall be
given full effect without regard to the invalid portions.

         (c) If any of the covenants contained in Sections 4, 5, 6 and 7 hereof,
or any part thereof, are held to be unenforceable by a court of competent
jurisdiction because of the temporal or geographic scope of such provision or
the area covered thereby, the parties agree that the court making such
determination shall have the power to reduce the duration and/or geographic area
of such provision and, in its reduced form, such provision shall be enforceable.

                                       5
<PAGE>

9.       Representations Regarding Prior Work and Legal Obligations.

         (a) Except as to a prior employment agreement effectively terminating
on August 24, 2001, the Executive represents that the Executive has no agreement
or other legal obligation with any prior employer, or any other person or
entity, that restricts the Executive's ability to accept employment with, or to
perform any function for, the Company.

         (b) The Executive has been advised by the Company that at no time
should the Executive divulge to or use for the benefit of the Company any trade
secret or confidential or proprietary information of any previous employer. The
Executive expressly acknowledges that the Executive has not divulged or used any
such information for the benefit of the Company.

         (c) The Executive acknowledges that the Executive has not and will not
misappropriate any Invention that the Executive played any part in creating
while working for any former employer.

         (d) The Executive acknowledges that the Company is basing important
business decisions on these representations, and affirms that all of the
statements included herein are true.

10.      Termination and Severance.

         Notwithstanding the provisions of Section 2 of this Agreement, the
Executive's employment hereunder may terminate under the following
circumstances:

         (a) Termination by the Company for Cause. The Company may terminate
this Agreement for Cause at any time, upon written notice to the Executive
setting forth in reasonable detail the nature of such Cause. For purposes of
this Agreement, Cause is defined as (i) the Executive's willful and material
breach of the terms of this Agreement; (ii) the Executive's commission of any
felony or any crime involving moral turpitude; (iii) gross negligence or willful
misconduct by the Executive in connection with his position hereunder, (iv) the
Executive's willful refusal to perform his duties hereunder (other than a
failure due to disability) that results in material harm to the Company, after
written notice specifying the failure and a reasonable opportunity of at least
forty-five (45) days to cure (it being understood that if Executive's failure to
perform is not of a type requiring a single action to fully cure, then Executive
may commence the cure promptly after such written notice and thereafter
diligently prosecute such cure to completion) or (v) a material and willful
breach by Executive of any of his obligations hereunder and the failure of
Executive to cure such breach within forty-five (45) days after receipt by
Executive of a written notice of the Company specifying in reasonable detail the
nature of the breach. The Company intends that "Cause" must be based only on
meaningful and significant matters and not on matters of minor importance. For
purposes of this Section, an act, or failure to act, on Executive's part shall
be considered "willful" only if done, or omitted to be done, by him not in good
faith and without reasonable belief that his action or omission was in the best
interest of the Company. Upon the termination for Cause of Executive's
employment, the Company shall have no further obligation or liability to the
Executive other than for salary earned under this Agreement prior to the date of
termination, and any accrued but unused vacation and unreimbursed expenses.

                                       6
<PAGE>

         (b) Termination by the Company Without Cause. The Executive's
employment hereunder may be terminated without Cause by the Company upon written
notice to the Executive, provided, however, that if the Company terminates the
Executive's employment without Cause: (i) the Company shall pay the Executive an
amount equal to the Salary for a twelve month period; (ii) the Company shall pay
the Executive a pro rata share of the Executive's Management Incentive Program
bonus; and (iii) the Company shall pay the Executive the costs of continuing
health coverage pursuant to COBRA for a twelve month period (iv) the Company
shall pay for full executive outplacement assistance. As a condition of
receiving severance payment and benefits pursuant to this Agreement, the
Executive shall execute and deliver to the Company prior to his/her receipt of
such benefits a general release substantially in the form attached hereto as
Exhibit A.

         (c) Termination by the Executive. The Executive may terminate his
employment hereunder upon one (1) month's written notice to the Company. In the
event of termination by the Executive pursuant to this subsection 10(c), the
Company may elect to pay the Executive during the notice period (or for any
remaining portion of that period) the Salary and benefits at the rate of
compensation the Executive was receiving immediately before such notice of
termination was tendered in lieu of actual notice. The Executive may also
terminate his employment hereunder for "Good Reason," For purposes of this
Agreement, "Good Reason" means (A) the material breach by the Company of any of
its obligations hereunder and the failure of the Company to cure such breach
within forty-five (45) days after receipt by the Company of a written notice
from Executive specifying in reasonable detail the nature of the breach; (B)
Executive no longer holds any of the titles listed in Section 1 or there is any
material diminution in Executive's scope of responsibilities or duties; or (C)
the Company changes Executive's principal place of employment to a location
outside of New York City or more than 50 miles from Executive's residence
without Executive's consent. Executive's delay in providing notice of his
termination for Good Reason shall not be deemed to be a waiver of any such Good
Reason unless and until Executive fails to provide such notice within six months
after the occurrence of the event triggering such Good Reason, nor does the
failure to resign for one Good Reason prevent any later Good Reason resignation
for a similar or different reason.

         (d) Death. In the event of the Executive's death during the Term of
this Agreement, the Executive's employment hereunder shall immediately and
automatically terminate, and the Company shall have no further obligation or
duty to the Executive or his estate or beneficiaries other than for the Salary
earned under this Agreement to the date of termination and any payments or
benefits due under Company policies or benefit plans.

         (e) Disability. The Company may terminate the Executive's employment
hereunder, upon written notice to the Executive, in the event that the Executive
becomes disabled during the Term through any condition of either a physical or
psychological nature and, as a result, is, with or without reasonable
accommodation, unable to perform the essential functions of the services
contemplated hereunder for (a) a period of ninety (90) consecutive days, or (b)
for shorter periods aggregating one hundred twenty (120) days during any twelve
(12) month period during the Term. Any such termination shall become effective
upon mailing or hand delivery of notice that the Company has elected its right
to terminate under this subsection 10(e), and the Company shall have no further
obligation or duty to the Executive other than for salary earned under this
Agreement prior to the date of termination and any payments or benefits due
under Company policies or benefit plans.

                                       7
<PAGE>

         (f) Effect of Non-Renewal. In the event that the Company gives notice
of its election not to extend the Term of the Agreement for a Renewal Period
pursuant to Section 2 above, the Company shall pay the Executive the payments
described in Section 10(b) above.

11.      Choice of Law.

         The Executive acknowledges that a substantial portion of the Company's
business is based out of and directed from the State of New York. The Executive
also acknowledges that during the course of the Executive's employment with the
Company the Executive will have substantial contacts with New York.

         The validity, interpretation and performance of this Agreement shall be
governed by, and construed in accordance with, the internal law of New York,
without giving effect to conflict of law principles. Both parties agree that the
exclusive venue for any action, demand, claim or counterclaim relating to the
terms and provisions of Sections 4, 5, 6 and 7 of this Agreement, or to their
breach, shall be in the state or federal courts located in the State and County
of New York and that such courts shall have personal jurisdiction over the
parties to this Agreement.

12.      Severability. The Company and Executive each expressly agree and
contract that it is not the intention of any of the parties hereto to violate
any public policy, statutory or common law, and that if any sentence, paragraph,
clause or combination of the same of this agreement is in violation of the law
of any state where applicable, such sentence, paragraph, clause or combination
of the same shall be void in the jurisdictions where it is unlawful, and the
remainder of such paragraph and this Agreement shall remain binding on the
parties to make the covenants of this Agreement binding only to the extent that
it may be lawfully done under existing applicable laws. In the event that any
part of any covenant of this Agreement is determined by a court of competent
jurisdiction to be overly broad thereby making the covenant unenforceable, the
parties hereto agree, and it is their desire that such court shall substitute a
judicially enforceable limitation in its place, and that as so modified the
covenant shall be binding upon the parties as if originally set forth herein.

13.      Legal Fees. If any dispute or disagreement arising hereunder or related
hereto shall result in legal action between the Company and Executive, Executive
shall be entitled, within 30 days after incurring such fees and disbursements,
to recover from the Company any reasonable expenses for attorney's fees and
disbursements incurred by him in connection with Executive's good faith
maintenance or defense of such action, on an after-tax basis, unless Executive
does not prevail in such action.

14.      No Mitigation. The Company waives, releases and remises (x) any
obligation or duty under applicable law or otherwise on the part of Executive to
seek or obtain other engagements or employment or to otherwise mitigate any
payments or damages to which Executive may be entitled to by reason of any
operation or termination of this Agreement; and (y) any right in or claim to any
remuneration or compensation received by Executive pursuant to any engagements
or employment subsequent to the termination of this Agreement.

                                       8
<PAGE>

15.      Miscellaneous.

         (a) Assignment. The Executive acknowledges and agrees that the rights
and obligations of the Company under this Agreement may be assigned by the
Company to any successors in interest. The Executive further acknowledges and
agrees that this Agreement is personal to the Executive and that the Executive
may not assign any rights or obligations hereunder.

         (b) Withholding. All salary and bonus payments required to be made by
the Company to the Executive under this Agreement shall be subject to
withholding taxes, social security and other payroll deductions in accordance
with the Company's policies applicable to employees of the Company at the
Executive's level.

         (c) Entire Agreement. This Agreement sets forth the entire agreement
between the parties and supersedes any prior communications, agreements and
understandings, written or oral, with respect to the terms and conditions of the
Executive's employment.

         (d) Amendments. Any attempted modification of this Agreement will not
be effective unless signed by an officer of the Company and the Executive.

         (e) Waiver of Breach. The Executive understands that a breach of any
provision of this Agreement may only be waived by an officer of the Company. The
waiver by the Company of a breach of any provision of this Agreement shall not
operate or be construed as a waiver of any subsequent breach.

         (f) Severability. If any provision of this Agreement should, for any
reason, be held invalid or unenforceable in any respect by a court of competent
jurisdiction, then the remainder of this Agreement, and the application of such
provision in circumstances other than those as to which it is so declared
invalid or unenforceable, shall not be affected thereby, and each such provision
of this Agreement shall be valid and enforceable to the fullest extent permitted
by law.

         (g) Notices. Any notices, requests, demands and other communications
provided for by this Agreement shall be in writing and shall be effective when
delivered by private messenger, private overnight mail service, or facsimile as
follows (or to such other address as either party shall designate by notice in
writing to the other in accordance herewith):

             If to the Company:

             Mr. James O'Crowley, CEO
             Standard Automotive Corporation
             280 Park Ave.
             New York, NY 10017

                                       9
<PAGE>

             With a copy to:

             Brobeck, Phleger & Harrison LLP
             1633 Broadway, 47th Floor
             New York, New York  10019
             Attn:  Mark Mandel, Esq.

             If to Executive:

             26 Burr School Road
             Westport, CT 06880

         (h) Survival. The Executive and the Company agree that certain
provisions of this Agreement shall survive the expiration or termination of this
Agreement and the termination of the Executive's employment with the Company.
Such provisions shall be limited to those within this Agreement which, by their
express and implied terms, obligate either party to perform beyond the
termination of the Executive's employment or termination of this Agreement.

         (i) Disclosure and Confidentiality. The Executive agrees to provide,
and agrees that the Company similarly may provide in its discretion, a copy of
the covenants contained in this Agreement to any business or enterprise which
the Company may directly or indirectly own, manage, operate, finance, join,
control or in which the Company participates in the ownership, management,
operation, financing or control, or with which the Company may be connected or
may become connected as an officer, director, executive, partner, principal,
agent, representative, consultant or otherwise. The Executive also agrees that
the Company may disclose a copy of this Agreement if legally required to do so,
and in connection with a partnering transaction or financing, assuming that an
appropriate confidentiality agreement is in place. The Executive further agrees
not to disclose the existence or terms of this Agreement to any person other
than the Executive's immediate family and legal, financial or accounting
professional.

         (j) Rights of Other Individuals. This Agreement confers rights solely
on the Executive and the Company. This Agreement is not a benefit plan and
confers no rights on any individual or entity other than the undersigned.

         (k) Headings. The parties acknowledge that the headings in this
Agreement are for convenience of reference only and shall not control or affect
the meaning or construction of this Agreement.

         (l) Advice of Counsel. The Executive and the Company hereby acknowledge
that each party has had adequate opportunity to review this Agreement, to obtain
the advice of counsel with respect to this Agreement, and to reflect upon and
consider the terms and conditions of this Agreement. The parties further
acknowledge that each party fully understands the terms of this Agreement and
has voluntarily executed this Agreement.

                                       10
<PAGE>

         IN WITNESS WHEREOF, the undersigned have duly executed this Agreement
as of the day and year set forth below.

EXECUTIVE                                 STANDARD AUTOMOTIVE CORPORATION

/s/ MATTHEW B. BURRIS                     By:      /s/ JAMES F. O'CROWLEY, III
-------------------------------------              ---------------------------
Matthew B. Burris
                                          Title:   President & CEO

                                       11
<PAGE>

                                    EXHIBIT A

                              SEPARATION AGREEMENT
                               AND GENERAL RELEASE

         This Separation Agreement and General Release ("Agreement") is made and
entered into this ____ day of _____, _____, by and between [COMPANY NAME]
(hereinafter the "Company" or "Employer") and [EMPLOYEE NAME] ("Employee")
(hereinafter collectively referred to as the "Parties"), and is made and entered
into with reference to the following facts.

                                    RECITALS

         WHEREAS, Employee was hired by the Company on or about ________, as a
____________; and

         WHEREAS, the Company and Employee have agreed to terminate their
employment relationship effective ______, ____; and

         WHEREAS, the Parties each desire to resolve any potential disputes
which exist or may exist arising out of Employee's employment with the Company
and/or the termination thereof.

         NOW THEREFORE, in consideration of the covenants and promises contained
herein, the Parties hereto agree as follows:

                                    AGREEMENT

         1. Agreement By the Company. In exchange for Employee's agreement to be
bound by the terms of this entire Agreement, including but not limited to the
Release of Claims in paragraph 3, the Company agrees to provide Employee with a
lump-sum payment in the amount of __________ dollars ($________), less statutory
deductions and withholdings, which amount represents _____ (_)
weeks'/months'/years' salary at Employee's rate of pay as of the Termination
Date, to be paid within ten (10) days of the Company's receipt of this
Agreement, fully executed by Employee.

         Employee acknowledges that, absent this Agreement, s/he has no legal,
contractual or other entitlement to the consideration set forth in this
paragraph and that the amount set forth in this paragraph constitute valid and
sufficient consideration for Employee's release of claims and other obligations
set forth herein.

         2. Release of Claims. Employee hereby expressly waives, releases,
acquits and forever discharges the Company and its divisions, subsidiaries,
affiliates, parents, related entities, partners, officers, directors,
shareholders, investors, executives, managers, employees, agents, attorneys,
representatives, successors and assigns (hereinafter collectively referred to as
"Releasees"), from any and all claims, demands, and causes of action which
Employee has or claims to have, whether known or unknown, of whatever nature,
which exist or may exist on Employee's behalf from the beginning of time up to
and including the date of this Agreement. As used in this paragraph, "claims,"
"demands," and "causes of action" include, but are not limited to, claims based
on contract, whether express or implied, fraud, stock fraud, defamation,
wrongful termination, estoppel, equity, tort, retaliation, intellectual
property, personal injury, spoliation of evidence, emotional distress, public
policy, wage and hour law, statute or common law, claims for severance pay,
claims related to stock options and/or fringe benefits, claims for attorneys'
fees, vacation pay, debts, accounts, compensatory damages, punitive or exemplary
damages, liquidated damages, and any and all claims arising under any federal,
state, or local statute, law, or ordinance prohibiting discrimination on account
of race, color, sex, age, religion, sexual orientation, disability or national
origin, including but not limited to, the Age Discrimination in Employment Act,
Title VII of the Civil Rights Act of 1964 as amended, the Americans with
Disabilities Act, the Family and Medical Leave Act or the Employee Retirement
Income Security Act.

<PAGE>

         3. Acceptance of Agreement/Revocation. This Agreement was received by
Employee on ______, ____. Employee may accept this Agreement by returning a
signed original to the Company. This Agreement shall be withdrawn if not
accepted in the above manner on or before _______.

         4. Confidentiality. Employee understands and agrees that this
Agreement, and the matters discussed in negotiating its terms, are entirely
confidential. It is therefore expressly understood and agreed that Employee will
not reveal, discuss, publish or in any way communicate any of the terms, amount
or fact of this Agreement to any person, organization or other entity, with the
exception of his/her immediate family members and professional representatives,
unless required by subpoena or court order. Employee further agrees that s/he
will not, at any time in the future, make any statements to any third parties
that disparage any of the Releasees personally or professionally.

         5. [New York] Law Applies. This Agreement, in all respects, shall be
interpreted, enforced and governed by and under the laws of the State of [New
York]. Any and all actions relating to this Agreement shall be filed and
maintained in the federal and/or state courts located in the State [and County
of New York], and the parties consent to the jurisdiction of such courts. In any
action arising out of this Agreement, or involving claims barred by this
Agreement, the prevailing party shall be entitled to recover all costs of suit,
including reasonable attorneys' fees.

         6. Voluntary Agreement. EMPLOYEE UNDERSTANDS AND AGREES THAT S/HE MAY
BE WAIVING SIGNIFICANT LEGAL RIGHTS BY SIGNING THIS AGREEMENT, AND REPRESENTS
THAT S/HE HAS ENTERED INTO THIS AGREEMENT KNOWINGLY AND VOLUNTARILY, WITH A FULL
UNDERSTANDING OF AND IN AGREEMENT WITH ALL OF ITS TERMS.

         IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on
the dates provided below.

DATED:  _____________________, ____         [COMPANY NAME]

                                            By:  __________________________

                                            Its: __________________________

DATED:  _____________________, ____         [EMPLOYEE NAME]

                                            __________________________

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