Document:

<PAGE>

                                                                   EXHIBIT 10.39

                          FORM OF ENDORSEMENT TO NOTE
                          ---------------------------

     This Endorsement to Note applies to that certain Note in the original
principal amount of $_____________ executed by________________ (the "Borrower")
to the order of Imperial Bank (the "Bank") pursuant to that certain Loan
Agreement, dated as of _____________ 19__, between the Borrower and the Bank.

             PAY TO THE ORDER OF IMPERIAL CREDIT INDUSTRIES, INC.

without recourse, representation or warranty of any kind except as set forth in
that certain Asset Purchase Agreement, dated October 1, 1999 between the Bank
and Imperial Credit Industries, Inc.

Dated:____________ 1999                      Imperial Bank

                                             By: __________________________
                                             Name: ________________________
                                             Title:________________________

                                             By: __________________________
                                             Name: ________________________
                                             Title:________________________
<PAGE>

                          Lewis Horwitz Organization
                             Schedule 1.1(a) Loans

<TABLE>
<CAPTION>
                                                                                August 31, 1999
                                                              -------------------------------------------------------
                                                Loan             Current          Undisbursed               L H 0
Item           Borrower                        Number         Loan Balance           Amount             Prin Balance
----           --------                        ------         ------------        -----------           ------------
<S>   <C>                                    <C>              <C>                 <C>                  <C>
  1   3357554 CANADA, INC.                   776025235        $2,187,857.00                 -          $ 1,246,085.83
  2   9039-7746 QUEBEC/INDEPENDENT           776025213         2,015,000.00                 -            1,382,639,85
  3   AR PRODUCTIONS, INC.                   776025268         2,900.000.00         940,671.54           1,762,404.46
  4   AFTER SEX, INC.                        776025272           725,000.00         198,466,52             526,533.48
  5   AMERICAN FILM INSTITUTE                776025259           762.500.00         237,500.00           2,262,500.00
  6   APRIL U.K. LTD.                        776025118         1,350,000.00                  -             772,030,78
  7   ASHOK AMRITRAJ                         776025103            50,000.00           8,750.00                  10.00 (1)
  8   BASE CAMP PROD.                        776025204         2,480,000,00          64,835.12             814,040.45
  9   BEAT, LLC                              776025276         1,784,665.00         511,596,00           1,273,069.00
 10   BEST FILM LTD.                         776025246         3,335,250.00         224,462.22           2,355,385.96
 11   BIG ISLAND PROD                        776025146         1,421,326,11           1,115.94             256,762.19
 12   BLOODLINE FILMS                        776025185         3,100,000.00          18,820.44           1,015,298.66
 13   BLPROD, INC.                           776025166         1,080,000.00                  -             611,540.41
 14   BLUE HERON LLC                         776025232         1,713,000.00          71,717.31           1,631,282.69
 15   BLUE LIGHT SPECIAL                     776025227           575,000.00          20,826.03             493,448.41
 16   BLUE RIDER INT'L                       776025244           800,000.00                                454,665.11
 17   BOB FILMS, INC. #3                     776025223         2,675,053.00                  -           1,756,577.75
 18   BOB FILMS, INC. #4                     776025223         1,561,184.00                  -             744,179.75
 19   BON BECKET FILMS                       776025207         1,577,000.00          72,091.23             902,996.75
 20   BOUNTY FILM PROD.                      776025119         1,180,000,00                  -             536,623.29
 21   BRASS RING PROD.                       776025230         5,439,500.00         204,392.05           1,170,775.75
 22   BUFFALO 66, INC.                       776025149         2,375,000.00                  -             301,255.62
 23   BUKRA FILMS, INC.                      776025174           971,050.00           1,819.61             412,642.92
 24   BURNS, MICHAEL                         776025222           500,000.00                  -             240,090.79 (1)
 25   CELEBRATION PICTURES                   776025256           805,000.00                  -             765,000.00
 26   CHAIN OF COMMAND                       776025266         1,939,335.00         208,279.84           1,705,265,16
 27   CONPROD, INC.                          776025188         8,000,000.00             961.19           1,231,956.15
 28   CONTEMPORARY VER. #4                   776025186           604,000,00          10,686.73             200,719.02
 29   CONTEMPORARY VER. #5                   776025186           654,000.00          36,617.88             436,686.80
 30   CONTEMPORARY VER. #6                   776025186           599,000.00          63,292.35             421,749.55
 31   CONTRE FILMS, INC. #4                  776025169         2,067,000.00          81,290.02             439,346.16
 32   CONTRE FILMS, INC. #5                  776025169         2,409,875.00          90,971.32             818,520.91
 33   DESERT BLUE LLC                        776025205         1,012,000.00             413.18             213,252.04
 34   DESERT SHOOTER                         776025139           877,000.00           2,824.97             171,170.53
 35   DESERT THUNDER, INC                    776025211           861,000,00          15,202.26              60,526.34
 38   DISORDER PRODUCTIONS                   776025212         3,650,000.00          26,933.79           2,958,617.85
 37   ED ANCOATS #3                          776025120           295,343.46                  -              75,564.74
 38   ED ANCOATS #4                          776025120         1,341,593.02              43.70              66,205.65
 39   ED ANCOATS #5                          776025120         1,341,593.02           1,139.82              55,219.61
 40   ED ANCOATS #6                          776025120         1,127,000.00           1,567.88             532,674.57
 41   ENTERPRISE RELEASING                   776025267           600,000.00          25,635.79             545,264.21
 42   ESCAPE TO GRIZZLY                      776025255         1,250,000.00          99,780.23           1,070,273.27
 43   ETERNITY PICTURES                      776025191         1,309,000.00                  -           1,078,074.30
 44   FILM FINANCES, INC.                    776025254           172,659.70                  -             172,659.70
 45   FINAL V. FILMS, INC.                   776025236         1,340,000.00          61,587.02             867,962.15
 48   FLIP SHIP FILMS                        776025243         1,500,000.00          79,720.71           1,236,100.10
 47   FRIES/SCHULTZ FILMS                    700000914           746,798.74                  -             641,756.54
 48   GFT/PAQUIN DIST.                       776025264           100,000.00           4,494.28              95,505.72
 49   GALLERY MOTION, LTD.                   776025260         3,435,000.00         189,379,87           3,161,480.13
 50   GALLERY MOTION                         776025158         6,869,500.00                  -           4,130,287.17
 51   GOLDEN FILMS                           776025239           454,000.00         182,194.84             271,805.16
 52   GOLDEN FILMS                           776025239           454,000.00          43,240.18             410,759.82
 53   GOLDEN FILMS                           776025239           454,000.00         173,699.68             280,300.32
 54   GOLDEN FILMS                           776025239           454,000.00         221,654.23             232,345.77
</TABLE>
<PAGE>

                          Lewis Horwitz Organization
                            Schedule 1.1(a) - Loans

<TABLE>
<CAPTION>
                                                                           August 31, 1999
                                                          -------------------------------------------------
                                          Loan               Current         Undisbursed          L H O
 Item          Borrower                  Number           Loan Balance          Amount         Prin. Balance
 ----          --------                  ------           ------------       -----------       -------------
 <S>       <C>                          <C>               <C>                <C>               <C>
  55       GOLDEN FILMS                 776025239             454,000.00        391,718.00         62,282.00
  56       GOOSED LLC                   776025208           1,350,000.00         36,729.45        859,170.55
  57       HANNIBAL, INC.               776025257             135,500.00          9,802.53        116,047.47
  58       HIGH CONCEPTS PROD           776025194           2,250,000.00         72,470.15        383,236.28
  59       HIGHBALL PROD                776025150             418,000.00                 -        365,375.25
  60       HIJACKED FILMS, INC          776025195           1,435,000.00         13,041.00        296,893.28
  61       HITMAN'S PRODUCTION          776025226           2,488,000.00         77,508.86      1,787,289.11
  62       JUDGEMENT CINEMA             776025242           2,265,500.00        142,570.47      1,513,168.54
  63       JUNGLE BOY DIST.             776025111           2,020,000.00                 -      1,492,461.01
  64       KEYSTONE FLM P. XVIII        776025184           2,210,000.00         51,002.47         73,003.81
  65       KINGSBOROUGH LIONS #4        776025209           3,937,451.00         30,638.91      3,158,524.32
  66       KIRKPATRICK & MCCLAINE       776025192             400,000.00                 -         64,610.27
  67       KUDZU PRODUCTIONS            776025217           4,385,000.00        176,040.67        174,658.98
  68       LC PRODUCTIONS, INC.         776025183           1,528,000.00                 -      1,128,088.32
  69       LEORA FILMS, INC.            776025125             779,000.00                 -        267,956.09
  70       LAVETTA ENT.                 776025250             475,000.00        187,101.12        179,858.88
  71       LORICA FILMS PROD.           776025231           1,420,000.00                 -        719,964.55
  72       LOVE STINKS                  776025275           6,100,000.00        463,700.00      3,438,500.00
  73       LUZARDERO, LLC #3            776025189           1,775,000.00          6,112.08        218,844.56
  74       MAHAR FILMS, INC.            776025237           1,300,000.00                 -        832,862.71
  75       MEET PRINCE CHARMING         776025234             625,000.00         35,141.55        145,026.42
  76       MICHAEL ANGEL                776025229             523,375.00          5,987.56        353,852.28
  77       MILES PLATTING #3            776025142           1,071,000.00                 -        289,213.63
  78       MILES PLATTING #4            776025142           1,092,000.00                 -        362,611.33
  79       MJM COMPANY                  776025156           1,231,000.00            235.00      1,068,893.30
  80       MOLECULAR FILMS              776025132           1,340,000.00                 -         93,961.67
  81       MOONSTONE ENT.               776025202           1,320,000.00                 -        414,766.42
  82       MR. JEALOUSY                 776025137           3,716,000.00         20,147.30        798,600.18
  83       NEW METRO 1, INC.            776025175           1,892,000.00          5,230.47      1,465,772.17
  84       NIGHT VISION FILM            776025130             572,598.57                 -        498,825.26
  85       OVERDONE PROD.               776025140           2,210,000.00                 -        872,374.71
  86       OVERSEAS FILMGROUP           776025114           3,045,000.00                 -      1,795,000.00
  87       PARADISE LOST S.E.           776025154           1,613,000.00        192,548.45        715,653.01
  88       PARTNERS IN CRIME            776025253           1,762,000.00        109,942.33      1,424,731.61
  89       PAVILION PICTURE PART.       776025251           1,064,000.00         98,418.65        965,581.35
  90       RANGERS PRODUCTIONS          776025263           1,250,000.00        277,246.69        966,773.31
  91       REPLYEARTH LTD.              776025273           2,446,000.00      1,236,521.83      1,209,478.17
  92       RESTRAINED FILMS             776025221           1,850,000.00         43,105.98        680,981.49
  93       ELIE SAMAHA                  776025198             500,000.00          1,825.00        498,175.00 (1)
  94       SEAWOLF PICTURES, INC.       776025155           1,086,000.00                 -        480,876.98
  95       SETTLEMENT ASS.              776025218             820,000.00         11,254.17        396,872.01
  96       SHEPHERD PROD., INC.         776025165           1,100,000.00            258.87        121,941.61
  97       SHADOW OF THE VAMPIRE        776025261           5,990,000.00      1,617,181.80      3,784,794.60
  98       SPILL PROD., INC.            700000922             629,016.36                 -        496,714.60
  99       SPLIT CARD FILMS, INC.       776025206           2,500,000.00                 -      1,314,139.58
 100       ANDREW STEVENS               776025199             500,000.00          8,075.00        491,925.00 (1)
 101       STIGMA PRODUCTIONS           776025252             560,000.00         19,969.82        371,762.64
 102       TENNESSEE VALLEY             776025131           3,655,000.00                 -      1,668,276.36
 103       TERMINAL FORCE II            776025134           1,410,354.00                 -         97,836.49
 104       THE BULLFIGHTER'S            776025249           2,800,000.00        362,406.94      2,737,093.06
 105       THE TRIANGLE GRP             776025187             600,000.00                 -        543,573.66
 106       TOMORROW FILMS               776025200             250,000.00                 -        135,000.00
 107       TOMORROW FILMS               776025200             150,000.00                 -        150,000.00
 108       TWICE RMVED PROD             776025121           1,600,000.00          9,368.44         88,858.35
</TABLE>
<PAGE>

                          Lewis Horwitz Organization
                            Schedule 1.1(a) - Loans

<TABLE>
<CAPTION>
                                                                                August 31, 1999
                                                              -------------------------------------------------------
                                                Loan             Current          Undisbursed               L H 0
Item           Borrower                        Number         Loan Balance           Amount             Prin Balance
----           --------                        ------         ------------        -----------           ------------
<S>   <C>                                    <C>            <C>                   <C>                  <C>
 109  TWO LIONS DIST                         776025271         1,985,000.00                 -           1,117,489.41
 110  TWO LIONS DIST                         776025241         1,550,000.00                 -             732,664.68
 111  TYCUS PRODUCTION                       776025210         1,300,000.00         32,159.88              65,003.87
 112  UNDERCURRENT FILM                      776025161         1,338,000.00                 -             517,021.50
 113  VIRGIN SUICIDES, LLC                   776025238         2,900,000.00        510,777.53           2,169,738.32
 114  VOLTAGE PROD                           776025143         1,653,000.00             34.50             612,132.97
 115  WOMAN WANTED                           776025248         2,700,000.00                 -           1,813,009.06
 116  WORKIN MAN #6                          700000933         1,100,000.00                 -              14,760.92
                                                            --------------------------------------------------------
                                                            $193,705,877.98    $10,434,949.24         $98,943,402.30
                                                            ========================================================
</TABLE>

(1) These are non-revolving personal loans to be refinanced within two weeks of
    the initial closing date.
<PAGE>

                          Lewis Horwitz Organization
              Schedule 1.1(b) - Tangible and Intangible Property

See attached schedule.
<PAGE>

September 28, 1999
10:30 AM                       Imperial Bancorp
                             NET BOOK VALUE REPORT

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
            Co               In-Svc   Dep   Rem   Unadjusted    Salvage   Curr Current Accum                          Pct
SYS No Ext Ast No Desc        Date    Meth  Life  Basic * $176    Value   Thru  Depreciation  Sec 175  Net Bk Value   Dep
---------------------------------------------------------------------------------------------------------------------------------
                                                  Book: Internal  FY: December
                                                  ---------------------------
<S>    <C> <C>    <C>        <C>      <C>   <C>   <C>           <C>       <C>  <C>            <C>      <C>           <C>
001792 000 000205 LHO LEASER 09/01/89 SLMM  00 00     9723.00        0.00  06/99     9723,00    0.00            0.00 100.0
008543 000 000269 LEASEHOLD  08/01/93 SLMM  00 00     1844.00        0.00  06/99     1644.00    0.00            0.00 100,0
008555 000 000269 LEASEHOLD  03/01/33 SLMM  00 00     2075.00        0.00  06/99     2075.00    0.00            0.00 100.0
012667 000 30988  TENANT IMP 02/20/98 SLMM  03 01   121035.60        0.00  08/93    39611.65    0.00        81423.95  32.7
014046 000 32056  TENANT IMP 06/01/96 SLMM  05 09     2215.00        0.00  08/99      395.53    0.00         1919.47  17.9
                                                  -----------   ---------         ---------- -------    ------------
Asset Type 2000                     Count=      5   136692.60        0.00           53449.18    0.00        83243.42
Less disposals and transfers                             0.00        0.00               0.00    0.00            0.00
                                                  -----------   ---------         ---------- -------    ------------
Net                                                 136692.60        0.00           53449.18    0.00        83243.42
                                                  -----------   ---------         ---------- -------    ------------
002270 000 000212 IBM PC 2 5 04/01/90 SLMM  00 00     3133.11        0.00  06/99     3133.11    0.00            0.00 100.0
002313 000 000213 IBM PC 843 04/01/90 SLMM  00 00     4235.85        0.00  06/99     4235.55    0.00            0.00 100.0
002314 000 000213 IBM PC 843 04/01/90 SLMM  00 00     4235.85        0.00  06/99     4235.85    0.00            0.00 100.0
006628 000 000247 EXC DAP DS 06/01/91 SLMM  00 00     3420.75        0.00  06/99     3420.75    0.00            0.00 100.0
007439 000 000257 DELL 2MB C 08/01/92 SLMM  00 00     4112.96        0.00  06/99     4112.96    0.00            0.00 100.0
007802 000 000261 DELL COMPU 12/01/92 SLMM  00 00     3463.24        0.00  06/99     3488.24    0.00            0.00 100.0
007923 000 000262 DELL NL25  01/01/93 SLMM  00 00     2103.41        0.00  06/99     2103,41    0.00            0.00 100.0
009345 000 000276 DATA CABLI 08/31/94 SLMM  00 00     2243.11        0.00  08/99     2243.17    0.00            0.00 100,0
009809 000 000281 IBM PC MOD 06/20/95 SLMM  00 1O     2088.68        0.00  08/99     1740.58    0.00          348.10  83.3
009908 000 000282 MULTISYNC  08/07/95 SLMM  00 11      592.89        0.00  08/99      453.10    0.00          109.79  81.7
010195 000 000285 HP LASERJE 03/25/96 SLMM  00 00     1645.96        0.00  06/99     1645.36    0.00            0.00 100.0
011421 000 000297 MEMORY UPG 03/06/97 SLMM  00 06     1567.03        0.00  08/99     1305.95    0.00          261.18  83.3
011543 000 000298 TOSHIBA SA 04/09/97 SLMM  00 07     2970.30        0.00  08/99     2393.15    0.00          577.65  80.6
012045 000 000303 HP LASERJE 08/13/97 SLMM  01 00     1067.92        0.00  08/99      711.94    0.00          355.98  66.7
012390 000 000307 DELL P5MMX 12/08/97 SLMM  01 03     2482.07        0.00  08/99     1447.88    0.00         1034.19  58.3
012391 000 000307 DELL P5MMX 12/08/97 SLMM  01 03     2482.07        0.00  09/99     1447.88    0.00         1034.19  58.3
012392 000 000307 DELL P5MMX 12/08/97 SLMM  01 03     2482.07        0.00  08/99     1447.88    0.00         1034.19  58.3
012393 000 000307 DELL P5MMX 12/08/97 SLMM  01 03     2482.07        0.00  08/99     1447.88    0.00         1034.19  58.3
012394 000 000307 DELL P5MMX 12/08/97 SLMM  01 03     2482.07        0.00  08/99     1447.88    0.00         1034.19  58.3
012395 000 000307 DELL P5MMX 12/08/97 SLMM  01 03     2482.07        0.00  08/99     1447.88    0.00         1034.19  58.3
012396 000 000307 DELL P5MMX 12/08/97 SLMM  01 03     2482.07        0.00  08/99     1447.88    0.00         1034.19  58.3
012397 000 000307 DELL P5MMX 12/08/97 SLMM  01 03     2482.07        0.00  09/99     1447.88    0.00         1034.19  58.3
012398 000 000307 DELL P5MMX 12/09/97 SLMM  01 03     2487.07        0.00  08/99     1447.98    0.00         1034.19  58.3
012399 000 000307 DELL P5MMX 12/08/97 SLMM  01 03     2482.07        0.00  08/99     1447.88    0.00         1034.19  58.3
012400 000 000307 DELL P5MMX 12/08/97 SLMM  01 03     2482.07        0.00  08/99     1447.88    0.00         1034.19  58.3
012401 000 000307 DELL P5MMX 12/08/97 SLMM  01 03     2482.07        0.00  08/99     1447.88    0.00         1034.19  58.3
012997 000  31307 CISCO 2501 04/15/98 SLMM  01 07     2700.32        0.00  08/99     1275.15    0.00         1425.17  47.2
013357 000  31667 TOSHIBA LI 05/20/98 SLMM  01 09     3104.10        0.00  08/99     1293.38    0.00         1810.72  41.7
013499 000  31809 DELL P6266 06/11/98 SLMM  01 09     2308.97        0.00  08/99      962.07    0.00         1346.90  41.7
013500 000  31810 DELL P6266 06/11/98 SLMM  01 09     2308.97        0.00  08/99      962.07    0.00         1346.90  41.7
                                                  -----------   ---------         ---------- -------    ------------
Asset Type 6150                     Count=     30    77119.82        0.00           57127.15    0.00        19992.67
Less disposals and transfers                             0.00        0.00               0.00    0.00            0.00
                                                  -----------   ---------         ---------- -------    ------------
Net                                                  77119.82        0.00           57127.15    0.00        19992.67
                                                  -----------   ---------         ---------- -------    ------------

010260 000 000285 M&I SALESP 04/12/96 SLMM  00 00     5458.83        0.00  06/99     5458.83    0.00            0.00 100.0
</TABLE>
<PAGE>

September 28, 1999
10:30 AM                       Imperial Bancorp
                             NET BOOK VALUE REPORT

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
            Co               In-Svc   Dep   Rem   Unadjusted    Salvage   Curr Current Accum                          Pct
SYS No Ext Ast No Desc        Date    Meth  Life  Basic * $176    Value   Thru  Depreciation  Sec 179  Net Bk Value   Dep
---------------------------------------------------------------------------------------------------------------------------------
<S>    <C> <C>    <C>        <C>      <C>   <C>   <C>           <C>       <C>  <C>            <C>      <C>           <C>
                                                  -----------   ---------         ---------- -------    ------------
Asset Type 6199                     Count=      1     5458.83        0.00            5458.83    0.00            0.00
Less disposals and transfers                             0.00        0.00               0.00    0.00            0.00
                                                  -----------   ---------         ---------- -------    ------------
Net                                                   5458.83        0.00            5458.83    0.00            0.00
                                                  -----------   ---------         ---------- -------    ------------

001798 000 000205 TYPEWRITER 09/01/89 SLMM  00 00     1192.00        0.00  06/99     1192.00    0.00            0.00 100.0
                                                  -----------   ---------         ---------- -------    ------------
Asset Type 6202                     Count=      1     1192.00        0.00            1192.00    0.00            0.00
Less disposals and transfers                             0.00        0.00               0.00    0.00            0.00
                                                  -----------   ---------         ---------- -------    ------------
Net                                                   1192.00        0.00            1192.00    0.00            0.00
                                                  -----------   ---------         ---------- -------    ------------

007378 000 000257 ENCODER    06/01/92 SLMM  00 00     1699.52        0.00 06/99      1699.52    0.00            0.00 100.0
                                                  -----------   ---------         ---------- -------    ------------
Asset Type 6208                     Count=      1     1699.52        0.00            1699.52    0.00            0.00
Less disposals and transfers                             0.00        0.00               0.00    0.00            0.00
                                                  -----------   ---------         ---------- -------    ------------
Net                                                   1699.52        0.00            1699.52    0.00            0.00
                                                  -----------   ---------         ---------- -------    ------------

001820 000 000205 COPIER     09/01/89 SLMM  00 00     6962.00        0.00 06/99      6962.00    0.00            0.00 100.0
012719 000 31040 9940 DPC S  03/06/98 SLMM  03 06    16622.38        0.00 08/99      4986.86    0.00        11636.02  30.0
                                                  -----------   ---------         ---------- -------    ------------
Asset Type 6210                     Count=      2    23584.88        0.00           11948.86    0.00        11636.02
Less disposals and transfers                             0.00        0.00               0.00    0.00            0.00
                                                  -----------   ---------         ---------- -------    ------------
Net                                                  23584.88        0.00           11948.86    0.00        11636.02
                                                  -----------   ---------         ---------- -------    ------------

012482 000 000308 NEFAX 596  01/09/98 SLMM  03 04     2289.59        0.00 08/99       763.20    0.00         1526.39  33.3
013021 000 31331  NEFAX 791  04/15/98 SLMM  03 07     3942.57        0.00 08/99      1117.06    0.00         2825.51  28.3
                                                  -----------   ---------         ---------- -------    ------------
Asset Type 6212                     Count=      2     6232.16        0.00            1880.26    0.00         4351.90
Less disposals and transfers                             0.00        0.00               0.00    0.00            0.00
                                                  -----------   ---------         ---------- -------    ------------
Net                                                   6232.16        0.00            1880.26    0.00         4351.90
                                                  -----------   ---------         ---------- -------    ------------

001807 000 000205 TELEPHONE  09/01/89 SLMM  00 00     5853.00        0.00 06/99      5853.00    0.00            0.00 100.0
001815 000 000205 CAR PHONE  09/01/89 SLMM  00 00     1246.00        0.00 06/99      1246.00    0.00            0.00 100.0
007566 000 000259 TELEPHONE  10/01/92 SLMM  00 01      435.16        0.00 08/99       430.00    0.00            5.16  98.8
012374 002 000306 DATA CABLI 11/30/97 SLMM  05 03    11736.96        0.00 08/99      7934.25    0.00         8802.71  25.0
012801 000  31111 SCOTTEL -  03/24/98 SLMM  05 07    52614.52        0.00 08/99     10648.17    0.00        41966.35  20.2
012856 000  31166 TELEMANEME 03/26/98 SLMM  05 07     2144.37        0.00 08/99       433.97    0.00         1710.40  20.2
                                                  -----------   ---------         ---------- -------    ------------
Asset Type 6216                     Count=      6    74030.01        0.00           21545.39    0.00        52484.62
Less disposals and transfers                             0.00        0.00               0.00    0.00            0.00
                                                  -----------   ---------         ---------- -------    ------------
</TABLE>
<PAGE>

September 28, 1999
10:30 AM                       Imperial Bancorp
                             NET BOOK VALUE REPORT

<TABLE>
<CAPTION>
 -----------------------------------------------------------------------------------------------------------------------------------
               Co              In-Svc   Dep    Rem    Unadjusted   Salvage     Curr   Current Accum                            Pct
 SYS No  Ext Ast No Desc        Date    Meth   Life  Basis + S179   Value      Thru   Depreciation    Sec 179   Net Bk Value   Dep
 -----------------------------------------------------------------------------------------------------------------------------------
 <S>     <C> <C>    <C>        <C>      <C>    <C>   <C>           <C>         <C>    <C>            <C>        <C>            <C>
 Net                                                     74030.01      0.00                21545.39      0.00       52484.62
                                                     ------------  --------            ------------  --------   ------------

 013523  000 31833  PANASONIC  06/17/98 SLMM   05 10      6214.13      0.00    08/99        1035.69      0.00        5178.44   16.7
                                                     ------------  --------            ------------  --------   ------------
 Asset Type   6228                      Count=     1      6214.13      0.00                 1035.69      0.00        5178.44
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                      6214.13      0.00                 1035.69      0.00        5178.44
                                                     ------------  --------            ------------  --------   ------------

 012841  000 31151  "U" SHAPE  03/25/98 SLMM   05 07      9022.65      0.00    08/99        1826.01      0.00        7196.64   20.2
                                                     ------------  --------            ------------  --------   ------------
 Asset Type   6312                      Count=     1      9022.65      0.00                 1826.01      0.00        7196.64
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                      9022.65      0.00                 1826.01      0.00        7196.64
                                                     ------------  --------            ------------  --------   ------------
 001812  000 000205 UPHOLSTERY 09/01/89 SLMM   00 00      4320.00      0.00    06/99        4320.00      0.00           0.00  100.0
 007810  000 000261 BATTERY CH 12/01/92 SLMM   00 03       291.19      0.00    08/99         280.80      0.00          10.39   96.4
 012812  000  31122 RUG        03/25/98 SLMM   05 07      4259.65      0.00    08/99         862.01      0.00        3397.58   20.2
 012819  000  31129 MIRROR FRA 03/25/98 SLMM   05 07      2608.84      0.00    08/99         527.98      0.00        2080.86   20.2
 012826  000  31136 WELCR SIDE 03/25/98 SLMM   05 07      3994.44      0.00    08/99         808.40      0.00        3196.04   20.2
 012839  000  31149 WALL CONSO 03/25/98 SLMM   05 07      4259.65      0.00    08/99         862.07      0.00        3397.58   20.2
 012840  000  31150 MIRROR     03/25/98 SLMM   05 07      3177.15      0.00    08/99         642.99      0.00        2534.16   20.2
 013435  000  31745 48"x48" VI 05/27/98 SLMM   05 09      2728.20      0.00    08/99         487.17      0.00        2241.03   17.9
 013439  000  31749 ENTRY HALL 05/27/98 SLMM   05 09      1122.81      0.00    08/99         200.50      0.00         922.31   17.9
                                                     ------------  --------            ------------  --------   ------------
 Asset Type 6398                         Count=    9     26761.93      0.00                 8991.98      0.00       17769.95
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                     26761.93      0.00                 8991.98      0.00       17769.95
                                                     ------------  --------            ------------  --------   ------------

 012806  000  31116 RUSSELL HO 03/24/98 SLMM   05 07      3985.36      0.00    08/99         806.56      0.00        3178.80   20.2
 012808  000  31118 WOLCOTT -  03/24/98 SLMM   05 07      7003.03      0.00    08/99        1417.29      0.00        5585.74   20.2
                                                     ------------  --------            ------------  --------   ------------
 Asset Type 6399                         Count=    2     10988.39      0.00                 2223.85      0.00        8764.54
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                     10988.39      0.00                 2223.85      0.00        8764.54
                                                     ------------  --------            ------------  --------   ------------

 012816  000  31126 COUNTRY EN 03/25/98 SLMM   05 07      2211.40      0.00    08/99         447.55      0.00        1763.85   20.2
                                                     ------------  --------            ------------  --------   ------------
 Asset Type 6602                         Count=    1      2211.40      0.00                  447.55      0.00        1763.85
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                      2211.40      0.00                  447.55      0.00        1763.85
                                                     ------------  --------            ------------  --------   ------------
</TABLE>
<PAGE>

September 28, 1999
10:30 AM                      Imperial Bancorp
                             NET BOOK VALUE REPORT

<TABLE>
<CAPTION>
 -----------------------------------------------------------------------------------------------------------------------------------
                 Co            In-Svc   Dep    Rem    Unadjusted   Salvage     Curr   Current Accum                           Pct
 SYS No  Ext Ast No Desc        Date    Meth   Life  Basis + S179   Value      Thru   Depreciation    Sec 179   Net Bk Value  Dep
 -----------------------------------------------------------------------------------------------------------------------------------
 <S>     <C> <C>    <C>        <C>      <C>    <C>   <C>           <C>         <C>    <C>            <C>        <C>           <C>
 011717  000 000300 FOUR DRAME 05/27/97 SLMM   04 09      1000.38      0.00    08/99         321.56      0.00         678.82   32.1
 015167  000  33175 FIREPROOF  08/10/99 SLMM   06 11      1681.67      0.00    08/99          20.02      0.00        1661.65    1.2
                                                     ------------  --------            ------------  --------   ------------
 Asset Type 6604                        Count=     2      2682.05      0.00                  341.58      0.00        2340.47
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                      2652.05      0.00                  341.58      0.00        2340.47
                                                     ------------  --------            ------------  --------   ------------
 012820  000  31130 C0UNTRY FR 03/25/98 SLMM   05 07      5811.99      0.00    08/99        1176.23      0.00        4635.75   20.2
 012829  000  31139 LOUNGE CHA 03/25/98 SLMM   05 07      5179.78      0.00    08/99        1048.29      0.00        4131.49   20.2
 012842  000  31152 SWIVEL CHA 03/25/98 SLMM   05 07      2419.40      0.00    08/99         489.64      0.00        1929.76   20.2
 012843  000  31153 SECRETARIA 03/25/98 SLMM   05 07      1174.61      0.00    08/99         237.71      0.00         936.90   20.2
                                                     ------------  --------            ------------  --------   ------------
 Asset Type 6606                        Count=     4     14585.77      0.00                 2951.87      0.00       11833.90
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                     14585.77      0.00                 2951.87      0.00       11633.90
                                                     ------------  --------            ------------  --------   ------------

 001816  000 000205 CONFERENCE 09/01/89 SLMM   00 00      2814.00      0.00    06/99        2814.00      0.00           0.00  100.0
 012814  000  31124 END TABLE  03/25/98 SLMM   05 07      1526.34      0.00    08/99         308.90      0.00        1217.44   20.2
 032815  000  31125 COUNTRY EN 03/25/98 SLMM   05 07      2781.33      0.00    08/99         562.88      0.00        2218.45   20.2
 012818  000  31128 COUNTRY EN 03/25/98 SLMM   05 07      2049.19      0.00    08/99         414.72      0.00        1634.47   20.2
 012821  000  31131 COUNTRY EN 03/25/98 SLMM   05 07      6677.96      0.00    08/99        1351.51      0.00        5326.45   20.2
 012830  000  31140 COFFEE TAB 03/25/98 SLMM   05 07      2045.94      0.00    08/99         414.06      0.00        1631.88   20.2
 012831  000  31141 END TABLE  03/25/98 SLMM   05 07      1566.93      0.00    08/99         317.12      0.00        1249.81   20.2
 012832  000  31142 TABLE LAMP 03/25/98 SLMM   05 07      1769.90      0.00    08/99         358.19      0.00        1411.71   20.2
 012835  000  31145 42x24x18 C 03/25/98 SLMM   05 07      1891.68      0.00    08/99         382.85      0.00        1508.83   20.2
 012837  000  31147 TABLE LAMP 03/25/98 SLMM   05 07      1391.03      0.00    08/99         281.53      0.00        1109.50   20.2
                                                     ------------  --------            ------------  --------   ------------
 Asset Type 6608                        Count=    10     24514.30      0.00                 7205.76      0.00       17308.54
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                     24514.30      0.00                 7205.76      0.00       17308.54
                                                     ------------  --------            ------------  --------   ------------

 012875  000  31185 CREDENZA 2 03/27/98 SLMM   05 07      1722.80      0.00    08/99         348.68      0.00        1374.12   20.2
 013437  000  31747 2O"X72" CR 05/27/98 SLMM   05 09      1879.95      0.00    08/99         335.70      0.00        1544.25   17.9
 013440  000  31750 REPAIR ON  05/27/98 SLMM   05 09      1697.89      0.00    08/99         303.19      0.00        1394.70   17.9
                                                     ------------  --------            ------------  --------   ------------
 Asset Type 6610                        Count=     3      5300.64      0.00                  987.57      0.00        4313.07
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                      5300.64      0.00                  987.57      0.00        4313.07
                                                     ------------  --------            ------------  --------   ------------

 012813  000  31123 SOFA       03/25/98 SLMM   05 07      4164.39      0.00    08/99         842.79      0.00        3321.60   20.2
 012827  000  31137 SOFA       03/25/98 SLMM   05 07      3539.79      0.00    08/99         716.38      0.00        2823.41   20.2
 012834  000  31144 SOFA       03/25/98 SLMM   05 07      4489.68      0.00    08/99         908.52      0.00        3581.06   20.2
</TABLE>

<PAGE>

September 28, 1999
10:30 AM                       Imperial Bancorp
                             NET BOOK VALUE REPORT

<TABLE>
<CAPTION>
 -----------------------------------------------------------------------------------------------------------------------------------
               Co              In-Svc   Dep    Rem    Unadjusted   Salvage     Curr   Current Accum                           Pet
 SYS No  Ext Ast No Desc        Date    Meth   Life  Basis + S179   Value      Thru   Depreciation    Sec 179   Net Bk Value  Dep
 -----------------------------------------------------------------------------------------------------------------------------------
 <S>     <C> <C>    <C>        <C>      <C>    <C>   <C>           <C>         <C>    <C>            <C>        <C>           <C>
                                                     ------------  --------            ------------  --------   ------------
 Asset Type 6612                        Count=     3     12193.86      0.00                 2467.79      0.00        9726.07
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                     12193.86      0.00                 2467.79      0.00        9726.07
                                                     ------------  --------            ------------  --------   ------------

 012822  000  31132 36x72 "L"  03/25/98 SLMM   05 07     46365.44      0.00    08/99        9383.50      0.00       36981.94   30.2
                                                     ------------  --------            ------------  --------   ------------
 Asset Type 6616                        Count=     1     46365.44      0.00                 9383.50      0.00       36981.94
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                     46365.44      0.00                 9383.50      0.00       36981.94
                                                     ------------  --------            ------------  --------   ------------

 012337  000 000306 LINEAR FEE 11/24/97 SLMM   05 03      4937.20      0.00    08/99        1234.32      0.00        3702.88   25.0
                                                     ------------  --------            ------------  --------   ------------
 Asset Type 6620                        Count=     1      4937.20      0.00                 1234.32      0.00        3702.88
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                      4937.20      0.00                 1234.32      0.00        3702.88
                                                     ------------  --------            ------------  --------   ------------

 013771  000  31781 SIGN       08/24/98 SLMM   06 00      1672.97      0.00    08/99         239.00      0.00        1433.97   14.3
                                                     ------------  --------            ------------  --------   ------------
 Asset Type 6802                        Count=     1      1672.97      0.00                  239.00      0.00        1433.97
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                      1672.97      0.00                  239.00      0.00        1433.97
                                                     ------------  --------            ------------  --------   ------------
 Grand Total                            Count=    97    493460.55      0.00               193637.66      0.00      299822.89
 Less disposals and transfers                                0.00      0.00                    0.00      0.00           0.00
                                                     ------------  --------            ------------  --------   ------------
 Net                                                    493460.55      0.00               193637.66      0.00      299822.89
                                                     ============  ========            ============  ========   ============

<CAPTION>
---------------------------------------------------Calculation Assumptions--------------------------------------------------

     Book                     Short Years           Midquarter Convention            Adjustment Convention
     ----                     -----------           ---------------------            ---------------------
     <S>                      <C>                   <C>                              <C>
     Internal                     (N)                      (N)                       Immediate

----------------------------------------------------Asset Grouping/Sorting--------------------------------------------------
</TABLE>

Group: 7605

     Include Assets that meet the following conditions:
<PAGE>

                          Lewis Horwitz Organization
                       Schedule 1.1(c) - Leased Property

None
<PAGE>

                          Lewis Horwitz Organization
                      Schedule 1.1(d) - Assumed Contracts

Item                Contracts
----                ---------

 1   Adrian Ward - Consultant
 2   Collection Administration Agreement - Tylk LLC
 3   Collection Administration Agreement - Echo Lake Productions, LLC
 4   F1DEC - 50% Participation in Loan Guarantee
 5   KBL Participations - Conprod. Inc. Loan #: 778025188-3
 6   KBL Participations - Contre Films Loan #: 776025169-5
 7   KBL Participations - Kudzu Prod. Loan #: 775075217-3
 8   Agent for KBL - LTZ II, Inc.
 9   Agent for KBL - Cheese Sandwich, Inc.
10   Agent for KBL - Muse Prods (Tracker), Inc.
11   Contempory Versions/Crystal Sky - One more loan (1)
12   License agreement re: Use of Lewis Horwitz's name
13   Maintenance agreement - Pacific Plants

Note
----
(1)  This represents a loan commitment for a multiple film deal. The borrower is
     the same for all films and the,loans are cross collateralized.
<PAGE>

                          Lewis Horwitz Organization
                     Schedule 1.1(e) - Licenses and Permits

None
<PAGE>

                          Lewis Horwitz Organization
                Schedule 1.1(i) - Other Assets to be Purchased

<TABLE>
<CAPTION>
                                          Net Book
          Description                      Value
          -----------                      -----
<S>                                     <C>
Membership @ American Film Marketing    $  5,000.00
Film - Jack Frost                       $356,656.38
</TABLE>
<PAGE>

                          Lewis Horwitz Organization
                      Schedule 1.4(b) - Letters of Credit

<TABLE>
<CAPTION>
                                                                                                 Expiration
      Beneficiary              Borrower             Film Title          Officer        Amount        Date       SB #
      -----------              --------             ----------          ------         ------        ----       ----
<S>                      <C>                      <C>                 <C>           <C>          <C>         <C>
Kredietbank Luxembourg   Digging To China Prod    Digging to Chin     A. Stribley   $1,60,172.28   12/30/99  0SF98000509
Kredietbank Luxembourg   Heat II Prod.            Acapulco Heat II    A. Stribley   $ 233,662.04   11/15/99  0SF98000205
Kredietbank Luxembourg   Conan Ent. LLC           Conan               A. Stribley   $ 335,196.28    2/29/00  0SF98000218
</TABLE><PAGE>

                                                                   EXHIBIT 10.40

                        EMPLOYMENT SEVERANCE AGREEMENT,

                   SETTLEMENT AGREEMENT AND GENERAL RELEASE
                   ----------------------------------------

     This Employment Severance Agreement, Settlement Agreement, and General
Release ("Agreement") is made and entered into by and among Stephen J. Shugerman
("Employee"), Imperial Credit Industries, Inc. ("ICII") and Southern Pacific
Bank ("SPB") (collectively, the "Employer").

     Employee has been an employee of Employer and his active employment has
ended effective September 1, 1999 (the "Termination Date"),  notwithstanding
that Employee and SPB had entered into that certain Employment and Non-
Competition Agreement as of January 1, 1997 (the "Employment Agreement").
Employee and Employer desire to settle fully and finally any differences between
them, including, but not limited to, any differences that might arise out of
Employee's employment with Employer, and the termination thereof.

     In consideration of the mutual covenants and conditions hereof, the parties
agree as follows:

     l.  General Construction
         --------------------

     This Agreement shall not in any way be construed as an admission by the
parties that either has acted wrongfully or performed inadequately during the
period of Employee's employment.

     2.  Termination of Employment
         -------------------------

     Employee represents, understands and agrees that his active employment with
Employer has ended on the Termination Date specified above. Employee has vacated
his office at SPB and will not otherwise seek or demand employment with
Employer.  In addition, Employee shall resign as of September 1, 1999, from the
Board of Directors of SPB.  Employee and Employer represent that neither has
filed and neither will file any complaints, charges or lawsuits with any
governmental agency or any court related to the termination of Employee's
employment.

     3.  Severance Pay; Director Fees
         ----------------------------

     Employer agrees to pay Employee (i) $146,530 for all accrued vacation and
(ii) his current Base Salary (as defined in the Employment Agreement and
subsequently adjusted to $300,000 per annum) due for work completed, to the
Termination Date. Severance compensation equal to Employee's current Base Salary
shall be paid in the form of salary

                                      -1-
<PAGE>

continuation through December 31, 2000, less appropriate deductions including
employee benefit contributions. Employee shall be entitled to all benefits of
employment other than vacation accrual, automobile allowance, and such other
matters as are set forth in paragraph 4 below, during the current Base Salary
continuation period. Effective January 1, 2001, all such benefits of employment
shall cease. Employee shall remain a Director of ICII for so long as the ICII
Board of Directors and shareholders, respectively, shall nominate and elect him
to that position, and Employee shall receive all director fees and expenses
normally paid to non-employee Directors of ICII.

     4.   Medical Coverage; Other Benefits
          --------------------------------

     (a)  Without limiting the materiality of other paragraphs of this
Agreement, it is agreed that the provisions of this paragraph 4 are a material
part of this Agreement.

     (b)  Employer agrees to maintain Employee on an Employer health care plan
through the end of the current Base Salary continuation period, under the same
terms applicable to existing employees of Employer.

     (c)  Employer may elect to change the plan offered to all Employer's
employees and in such event, Employee agrees to accept the level of coverage
offered to all existing employees at his level.

     (d)  Employee's benefit period under COBRA shall begin on January 1, 2001.

     (e)  Employee's eligibility to participate in ICII's Deferred Executive
Compensation Plan ("DEC") shall continue for so long as Employee remains a
Director of ICII.  Amounts previously contributed as Employer matching funds
shall continue to vest according to the terms of the DEC Plan for so long as
Employee remains a Director of ICII.

     (f)  Employee's participation in the ICII 401k Plan shall cease on the
Termination Date.

     (g)  All unexercised grants of ICII common stock options previously issued
to Employee shall remain outstanding and shall continue to vest in accordance
with each such option grant's original vesting schedule for so long as Employee
remains a Director of ICII.

     (h)  Employee and Employer agree to cooperate fully with one another in
implementing the provisions of this paragraph 4.

     5.  Confidentiality
         ---------------

     Both parties represent and agree that they will keep the terms, payment
amounts and existence of the Agreement completely confidential, and that they
will not hereafter disclose

                                      -2-
<PAGE>

any information concerning this Agreement to anyone other than the Employee's
spouse, prospective employers and professional advisors of Employee and
representatives, employees, agents and regulatory authorities of Employer, who,
if told such matters, will be informed of this confidentiality clause, except as
required by legal process.

     6.  Representation
         --------------

     Employee and Employer represent and agree that (i) they fully understand
their right to discuss all aspects of this Agreement with their respective
attorneys, if any, if they desire, (ii) they each have carefully read and fully
understand all of the provisions of this Agreement and (iii) they are
voluntarily entering into this Agreement.

     7.  General Release
         ---------------

     As a material inducement to Employer's decision to enter into this
Agreement, Employee hereby irrevocably and unconditionally releases, acquits and
forever discharges the Employer and its owners, stockholders, predecessors,
successors, assigns, agents, directors, officers, employees, representatives,
attorneys, divisions, subsidiaries, affiliates (and agents, directors, officers,
employees, representatives and attorneys of such parent companies, divisions,
subsidiaries and affiliates), and all persons acting by, through, under or in
concert with any of them, or any of them, from any and all charges, complaints,
claims, liabilities, obligations, promises, agreements, controversies, damages,
actions, causes of action, suits, rights, demands, costs, losses, debts and
expenses (including attorneys' fees and costs actually incurred) of any nature
whatsoever, known or unknown, suspected or unsuspected, including, but not
limited to rights under federal, state or local laws which Employee now has,
owns or holds, or claims to have, own or hold, or which Employee at any time
heretofore had, owned or held, or claimed to have, own or hold, or which
Employee at any time hereinafter may have, own or hold, or claim to have, own or
hold against Employer or any of the other parties, including any claims for
compensation or benefits that could be asserted under the Employment Agreement,
but not including claims arising out of the breach of this Agreement.

     Employee expressly waives and relinquishes all rights and benefits afforded
by Section 1542 of the Civil Code of the State of California, and does so
understanding and acknowledging the significance of such specific waiver of
Section 1542.  Section 1542 of the Civil Code of the State of California states
as follows:

          "A general release does not extend to claims which the creditor does
          not know or suspect to exist in his favor at the time of executing the
          release, which if known by him must have materially affected his
          settlement with the debtor."

     Thus, notwithstanding the provisions of Section 1542, and for the purpose
of implementing a full and complete release and discharge of the parties,
Employee expressly acknowledges that this Agreement is intended to include in
its effect, without limitation, all

                                      -3-
<PAGE>

claims which Employee does not know or suspect to exist in his favor at the time
of execution hereof, and this Agreement contemplates the extinguishment of all
such claim or claims, except any claim arising out of the breach of this
Agreement.

     Notwithstanding the foregoing or any other provision hereof, paragraph
(Section) 5 and paragraphs (Sections) 10 through 17 of the Employment Agreement
shall remain in full force and effect for so long as Employee remains a Director
of ICII.

     8.   Revocation
          ----------

     Employee has a period of seven (7) days following the execution of this
Agreement by all parties hereto to revoke this Agreement by providing written
notice of such revocation to Irwin L. Gubman, ICII's and SPB's General Counsel.
This Agreement shall not become effective or enforceable until this seven (7)
day revocation period has expired without Employee having exercised Employee's
right of revocation.

     9.   Federal Age Discrimination in Employment Act
          --------------------------------------------

     Employee fully understands, acknowledges and agrees that among the claims
Employee is waiving, releasing and forever discharging by the execution of this
Agreement are all claims arising under the Federal Age Discrimination in
Employment Act of 1967, 29 U.S.C. section 621 et seq.   Employee further fully
                                              -------
understands, acknowledges and agrees that Employee:

     (a)  Has been given at least twenty-one (21) days within which to consider
this Agreement before executing it.

     (b)  Has carefully read and fully understands all of the terms and
provisions of this Agreement.

     (c)  Is, by the execution of this Agreement, waiving, releasing and forever
discharging Employer from all claims that Employee has or may have against the
Employer, including but not limited to any claims of age discrimination.

     (d)  Knowingly and voluntarily agrees to all of the terms and provisions of
this Agreement.

     (e)  Knowingly and voluntarily intends to be legally bound by all of the
terms and provisions of this Agreement.

     (f)  Was previously advised, and is hereby further advised, in writing to
consult with an attorney of Employee's choice before executing this Agreement.

                                      -4-
<PAGE>

     (g)  Has a period of seven (7) days following the execution of this
Agreement by all parties hereto to revoke this Agreement by providing written
notice of such revocation to Irwin L. Gubman and was previously advised, and is
hereby further advised, in writing that this Agreement shall not become
effective or enforceable until this seven (7) day revocation period has expired
without Employee having exercised Employee's right of revocation.

     (h)  Understands that any claims under the Federal Age Discrimination in
Employment Act of 1967, 29 U.S.C. section 621 et seq., that may arise after the
                                              ------
date this Agreement is executed by all parties hereto are not waived.

If Employee does not revoke this Agreement within the seven (7) day revocation
period described in paragraph 8 above, Employee agrees to mail to Irwin L.
Gubman the original of a letter Employee has executed confirming Employee has
not exercised Employee's right to revoke.  Promptly after Irwin L. Gubman
receives said letter as executed by Employee, Employer agrees to implement
paragraph 3 of this Agreement.

     10.  General Provisions
          ------------------

     (a)  The provisions of this Agreement are severable, and if any part of it
is found to be unenforceable, the other paragraphs shall remain fully valid and
enforceable.  This Agreement shall survive the termination of any arrangements
contained herein.

     (b)  The terms of this Agreement shall inure to the benefit of and be
binding upon the parties and their successors, agents, heirs, parent companies,
subsidiaries and assigns.

     (c)  Any controversy or claim arising out of or relating to this Agreement
or the breach thereof (including the arbitrability of any controversy or claim),
shall be settled by arbitration in the City of Los Angeles in accordance with
the laws of the State of California by one arbitrator.  If the parties cannot
agree on the appointment of an arbitrator, then the arbitrator shall be
appointed by the American Arbitration Association.  The arbitration shall be
conducted in accordance with the rules of the American Arbitration Association,
except with respect to the selection of an arbitrator which shall be as provided
in this Paragraph 20.  The cost of any arbitration proceeding hereunder shall be
borne equally by the Employer and the Employee.  The award of the arbitrator
shall be binding upon the parties.  Judgment upon the award rendered by the
arbitrator may be entered in any court having jurisdiction thereof.

       If it shall be necessary or desirable for the Employee to retain legal
counsel and incur other costs and expenses in connection with the enforcement of
any or all of his rights under this Agreement, and provided that the Employee
substantially prevails in the enforcement of such rights, the Employer shall pay
(or the Employee shall be entitled to recover from the Employer, as the case may
be) the Employee's reasonable attorneys' fees and costs and expenses in
connection with the enforcement of his rights including the enforcement of any
arbitration award.

                                      -5-
<PAGE>

     (d)  This Agreement and any amendment or supplement hereto may be executed
in several counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

     (e)  This Agreement contains the entire agreement between the parties
hereto with respect to the subject matter hereof and supersedes any prior
agreement, negotiations and other dealings between the parties. This Agreement
may only be amended in writing by a written amendment signed by both the
Employer and Employee.

     This Agreement is executed by or on behalf of the parties as of the date
set forth after each party's signature.

______________________________
Name:
Date:

IMPERIAL CREDIT INDUSTRIES, INC.       SOUTHERN PACIFIC BANK

By:________________________________    By:__________________________________
Date:                                  Date:

                                      -6-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}]]