Document:

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                     Form Only (may need to be modified to conform to local law)

                        VACATION CLUB SECURITY AGREEMENT

                  THIS VACATION CLUB SECURITY AGREEMENT (this "Agreement"),
dated as of the ___ day of _______________, 1999, made by _________ (the
"Grantor"), in favor of United States Trust Company of New York ("U.S. Trust"),
in its capacity as trustee (in such capacity, the "Trustee") under the Indenture
(as defined), for the ratable benefit of the Holders (the "Noteholders") of the
13% Senior Secured Notes due 2005 (the "Notes") issued by Epic Resorts, LLC, a
Delaware limited liability company (the "Company"), and Epic Capital Corp., a
Delaware corporation ("Capital Corp." and, together with the Company, the "Note
Issuers") under the Indenture dated as of July 8, 1998 (as heretofore and
hereafter amended, the "Indenture"), among the Note Issuers, the Subsidiary
Guarantors named therein and the Trustee.

                                    RECITALS

                  A. Grantor is, or heretofore was, the owner of [identify
Resort] (the "Resort").

                  B. Grantor's interest in the Resort is encumbered by a
mortgage or deed of trust (the "Security Instrument") granted to or for the
benefit of Trustee as security for the Obligations (hereinafter defined).

                  C. Grantor has conveyed, or is about to convey, portions of
the Resort to the Vacation Club (hereinafter defined) and may convey additional
portions of the Resort to the Vacation Club in the future.

                  D. Grantor has requested Trustee to release, from time to
time, the lien of the Security Instrument from the portions of the Resort
conveyed from time to time by Grantor to the Vacation Club, and Trustee is
willing to do so pursuant to the terms of the Indenture.

                  E. One of the conditions to Trustee's obligation to release
the portions of the Resort conveyed to the Vacation Club is that Grantor retain,
or immediately obtain from the Vacation Club at the time of such conveyance,
Club Membership Interests (hereinafter defined) in the Vacation Ownership
Interests (hereinafter defined) allocable and attributable to the portions of
the Resort conveyed to the Vacation Club by Grantor, and that Grantor grant to
Trustee a security interest in and to those Club Membership Interests.

                  NOW, THEREFORE, in consideration of the premises and pursuant
to the Indenture, the Grantor hereby agrees with the Trustee, as follows:

                  1. DEFINED TERMS. Unless otherwise defined herein, terms which
are defined in the Indenture and used herein are so used as so defined, and the
meanings assigned to terms defined herein or in the Indenture shall be equally
applicable to both the singular and plural forms of such terms; the following
terms which are defined in the Uniform Commercial Code in effect in the State of
________________ on the date hereof are used herein as so defined: Accounts,
Chattel Paper, Documents, Equipment, Farm Products, General Intangibles,
Instruments, Inventory and Proceeds; and the following terms shall have the
following meanings:
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                  "Club Membership Interest" means a Vacation Ownership Interest
in the Resort evidenced by membership interests, or points, in the Vacation
Club.

                  "Code" means the Uniform Commercial Code as from time to time
in effect in the State of ______________________________.

                  "Collateral" shall have the meaning assigned to it in Section
2 of this Security Agreement.

                  "Obligations" shall mean the unpaid principal amount of, or
any premium applicable to, and interest on the Notes (including, without
limitation, interest accruing after the maturity of the Notes and interest
accruing after the filing of any petition in bankruptcy, or the commencement of
any insolvency, reorganization or like proceeding, relating to any Subsidiary
Guarantor, whether or not a claim for post-filing or post-petition interest is
allowed in such proceeding) and all other obligations and liabilities of any
Subsidiary Guarantor to the Holders or the Trustee, whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter
incurred, which may arise under, out of, or in connection with, the Notes, the
Indenture or this Security Agreement (in each such case as the same may be
amended, supplemented or modified from time to time) and any other document
made, delivered or given in connection therewith or herewith, whether on account
of principal, premium, interest, reimbursement obligations, fees, indemnities,
costs, expenses (including, without limitation, all fees and disbursements of
counsel) or otherwise.

                  "Security Agreement" means this Agreement, as amended,
supplemented or otherwise modified from time to time.

                  "Termination Date" means the date upon which the Grantor under
this Security Agreement, and the Note Issuers under the Indenture have fulfilled
all obligations under the Notes and the aforementioned agreements.

                  "Vacation Club" means Epic Vacation Club, a Delaware nonprofit
corporation, through which the Company operates its vacation club system.

                  "Vacation Ownership Interests" means the right to use (whether
arising by virtue of a deeded interest in real property or otherwise, including
pursuant to a membership interest in the Vacation Club), a fully-furnished
vacation residence (whether specifically identified or not) in the Resort for a
specified period each year or otherwise.

                  2. GRANT OF SECURITY INTEREST. As collateral security for the
prompt and complete payment and performance when due (whether at the Stated
Maturity, by acceleration or otherwise) of the Obligations, Grantor hereby
grants to the Trustee a security interest for the benefit of the Holders and the
Trustee in Club Membership Interests now owned or at any time hereafter acquired
by Grantor or in which Grantor now has or at any time in the future may acquire
any right, title or interest (collectively, the "Collateral").
<PAGE>

                  3. REPRESENTATIONS AND WARRANTIES. Grantor hereby represents
and warrants that:

                  (a) TITLE, NO OTHER LIENS. Except for the Lien granted to the
Trustee pursuant to this Security Agreement, the Grantor owns the Collateral
free and clear of any and all Liens or claims of others except as permitted by
the Indenture. No security agreement, financing statement or other public notice
with respect to all or any part of the Collateral is on file or of record in any
public office, except as permitted by the Indenture and such as may have been
filed in favor of the Trustee, pursuant to this Security Agreement.

                  (b) PERFECTED FIRST PRIORITY LIENS. The Liens granted pursuant
to this Security Agreement will constitute upon the completion of all necessary
filings or notices in proper public offices or the taking of any necessary
possessions or similar acts, perfected Liens on all Collateral, which are,
except as permitted by the Indenture, prior to all other Liens on such
Collateral created by Grantor and in existence on the date hereof and which are
enforceable as such against all creditors of Grantor.

                  (c) CHIEF EXECUTIVE OFFICE. Grantor's chief executive office
and chief place of business is located at 1150 First Avenue, Suite 900, King of
Prussia, Pennsylvania 19406.

                  (d) FARM PRODUCTS. None of the Collateral constitutes, or is
the Proceeds of, Farm Products.

                  4. COVENANTS. Grantor covenants and agrees with the Trustee,
from and after the date of this Security Agreement, until the Obligations are
paid in full:

                  (a) FURTHER DOCUMENTATION, PLEDGE OF INSTRUMENTS AND CHATTEL
PAPER. At any time and from time to time, upon the written request of the
Trustee, and at the sole expense of Grantor, Grantor will promptly and duly
execute and deliver such further instruments and documents and take such further
action as may be required by applicable law or as the Trustee may reasonably
request for the purpose of obtaining or preserving the full benefits of this
Security Agreement and of the rights and powers herein granted, including,
without limitation, the filing of any financing or continuation statements under
the Uniform Commercial Code in effect in any such jurisdiction with respect to
the Liens created hereby. Grantor also hereby authorizes the Trustee to file any
such financing or continuation statement without the signature of Grantor to the
extent permitted by applicable law. A carbon, photographic or other reproduction
of this Security Agreement shall be sufficient as a financing statement for
filing in any jurisdiction. If any amount payable under or in connection with
any of the Collateral shall be or become evidenced by any Instrument or Chattel
Paper, such Instrument or Chattel Paper shall be immediately delivered to the
Trustee, duly endorsed in a manner satisfactory to the Trustee, to be held as
Collateral pursuant to this Security Agreement.

                  (b) INDEMNIFICATION. Grantor agrees to pay, and to save the
Trustee harmless from, any and all liabilities, costs and expenses (including,
without limitation, legal fees and expenses) (i) with respect to, or resulting
from, any delay in paying, any and all excise, sales or other taxes which may be
payable or determined to be payable with respect to any of the

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Collateral, (ii) with respect to, or resulting from, any delay in complying
with any requirement of law applicable to any of the Collateral or (iii) in
connection with any of the transactions contemplated by this Security
Agreement. In any suit, proceeding or action brought by the Trustee under any
Account or Contract for any sum owing thereunder, or to enforce any
provisions of any Account or Contract, Grantor will save, indemnify and keep
the Trustee harmless from and against all expense, loss or damage suffered by
reason of any defense, setoff, counterclaim, recoupment or reduction or
liability whatsoever of the account debtor or obligor thereunder, arising out
of a breach by Grantor of any obligation thereunder or arising out of any
other agreement, indebtedness or liability at any time owing to or in favor
of such account debtor or obligor or its successors from Grantor.

                  (c) MAINTENANCE OF RECORDS. Grantor will keep and maintain at
its own cost and expense satisfactory and complete records of the Collateral.
For the Trustee's further security, the Trustee shall have a security interest
in all of Grantor's books and records pertaining to the Collateral, and Grantor
shall turn over any such books and records for inspection at the office of
Grantor to the Trustee or to its representatives during normal business hours at
the request of the Trustee.

                  (d) LIMITATION ON LIENS ON COLLATERAL. Grantor (x) will not
create, incur or permit to exist, will defend the Collateral against, and will
take such other action as is necessary to remove, any Lien or claim on or to the
Collateral, other than the Liens created hereby and other than as permitted
pursuant to the Indenture, and (y) will defend the right, title and interest of
the Trustee in and to any of the Collateral against the claims and demands of
all Persons whomsoever.

                  (e) LIMITATIONS ON DISPOSITIONS OF COLLATERAL. Grantor will
not sell, transfer, lease or otherwise dispose of any of the Collateral, or
attempt, offer or contract to do so, except for as permitted by the Indenture
and as provided herein.

                  (f) FURTHER IDENTIFICATION OF COLLATERAL. Grantor will furnish
to the Trustee from time to time, statements and schedules further identifying
and describing the Collateral and such other reports in connection with the
Collateral as the Trustee may reasonably request, all in reasonable detail.

                  (g) NOTICES. Grantor will advise the Trustee promptly, in
reasonable detail, of (i) any Lien (other than Liens created hereby or permitted
under the Indenture) on, or claim asserted against, any of the Collateral, and
(ii) the occurrence of any other event which could reasonably be expected to
have a material adverse effect on the aggregate value of the Collateral or on
the Liens created hereunder.

                  (h) CHANGES IN LOCATIONS, NAME, ETC. Grantor will not (i)
change the location of its chief executive office/chief place of business from
that specified in Section 3(c) or (ii) change its name, identity or corporate
structure, to such an extent that any financing statement filed by Grantor in
connection with this Security Agreement would become misleading, unless it shall
have given the Trustee at least 30 days' prior written notice thereof and shall
have filed all

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amendments to financing statements necessary to maintain the Liens created
hereby as required by Section 4(a) above.

                  5. PARTIAL RELEASES OF COLLATERAL.

                  (a) AUTOMATIC PARTIAL RELEASE UPON SALE IN ORDINARY COURSE OF
BUSINESS. The Lien and security interest created hereby on each Club Membership
Interest covered hereby shall be released automatically (a "Partial Release") at
the time of the transfer of title to such Club Membership Interest (a
"Transfer") by Grantor, provided that the following conditions have been met
with respect to such Transfer:

                  (A) The Transfer must be pursuant to a written agreement (a
                  "Purchase Agreement") providing for the purchase and sale of
                  one or more Club Membership Interests (any Club Membership
                  Interest which is the subject of a Purchase Agreement is
                  referred to in this Section 5 as a "Sold Interest").

                  (B) The Transfer must be in the ordinary course of business.

                  (C) The Transfer must be to a Person who is not an Affiliate
                  of the Issuers, Grantor, or any other Subsidiary Guarantor.

                  (b) CONFIRMATION OF COLLATERAL AND PARTIAL RELEASES. From time
to time, upon request of the Trustee, Grantor shall provide to the Trustee a
list of all Collateral then subject to the terms of this Security Agreement,
identifying all Club Membership Interests which have become subject hereto as of
that date, and all Club Membership Interests which have been released herefrom
as of that date, pursuant to the terms of Section 5(a). From time to time, upon
the written request of Grantor and upon compliance by the Grantor with Section
11.03 of the Indenture, the Trustee shall execute such instruments, including
UCC Statements of Partial Release, reasonably requested by Grantor (and prepared
by Grantor and submitted to Trustee for execution) evidencing and confirming
that the lien and security interest hereof has been released from the Sold
Interests.

                  6. TRUSTEE'S APPOINTMENT AS ATTORNEY-IN-FACT.

                  (a) POWERS. Grantor hereby irrevocably constitutes and
appoints the Trustee and any officer or agent thereof, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable
power and authority in the place and stead of Grantor and in the name of Grantor
or in its own name, from time to time (in the Trustee's discretion) for the
purpose of carrying out the terms of this Security Agreement, to take any and
all appropriate action and to execute any and all documents and instruments
which may be necessary or desirable to accomplish the purposes of this Security
Agreement, and, without limiting the generality of the foregoing, Grantor hereby
gives the Trustee the power and right, on behalf of Grantor, without notice to
or assent by Grantor, except any notice required by law referred to in Section 9
hereof, to do the following:

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                           (i) at any time when any Event of Default shall
         have occurred and is continuing, in the name of Grantor or its own
         name, or otherwise, to take possession of and indorse and collect
         any checks, drafts, notes, acceptances or other instruments for the
         payment of moneys or with respect to any of the Collateral and to
         file any claim or to take any other action or proceeding in any
         court of law or equity or otherwise deemed appropriate by the
         Trustee for the purpose of collecting any and all such moneys with
         respect to any of the Collateral whenever payable;

                           (ii) to pay or discharge taxes and Liens levied or
         placed on or threatened against the Collateral; and

                           (iii) upon the occurrence and during the continuance
         of any Event of Default, (A) to direct any Person liable for any
         payment under any of the Collateral to make payment of any and all
         moneys due or to become due thereunder directly to the Trustee or as
         the Trustee shall direct; (B) to ask for or demand, collect, receive
         payment of and receipt for, any and all moneys, claims and other
         amounts due or to become due at any time in respect of or arising out
         of any Collateral; (C) to sign and indorse any invoices, freight or
         express bills, bills of lading, storage or warehouse receipts, drafts
         against debtors, assignments, verifications, notices and other
         documents in connection with any of the Collateral, including Purchase
         Agreements; (D) to commence and prosecute any suits, actions or
         proceedings at law or in equity in any court of competent jurisdiction
         to collect the Collateral or any thereof and to enforce any other right
         in respect of any Collateral, including Purchase Agreements; (E) to
         defend any suit, action or proceeding brought against Grantor with
         respect to any Collateral; (F) to settle, compromise or adjust any
         suit, action or proceeding described in clause (E) above and, in
         connection therewith, to give such discharges or releases as the
         Trustee may deem appropriate; (G) generally, to sell, transfer, pledge
         and make any agreement with respect to or otherwise deal with any of
         the Collateral as fully and completely as though the Trustee were the
         absolute owner thereof for all purposes, and to do, at the Trustee's
         option and Grantor's expense, at any time, or from time to time, all
         acts and things which the Trustee deems necessary to protect, preserve
         or realize upon the Collateral and the Trustee's Liens thereon and to
         effect the intent of this Security Agreement, all as fully and
         effectively as the Grantor might do.

Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be
done by virtue hereof. This power of attorney is a power coupled with an
interest and shall be irrevocable until the Obligations are paid in full.

                  (b) OTHER POWERS. Grantor hereby authorizes the Trustee, at
any time and from time to time, to execute, in connection with the sale provided
for in Section 9 hereof, any endorsements, assignments or other instruments of
conveyance or transfer with respect to the Collateral.

                  (c) NO DUTY ON TRUSTEE'S PART. The powers conferred on the
Trustee hereunder are solely to protect the Trustee's interests in the
Collateral and shall not impose any duty upon the Trustee to exercise any such
powers. The Trustee shall be accountable only for

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<PAGE>

amounts that it actually receives as a result of the exercise of such powers,
and neither it nor any of its officers, directors, employees or agents shall
be responsible to Grantor for any act or failure to act hereunder, except for
their own gross negligence or willful misconduct.

                  7. PERFORMANCE BY TRUSTEE OF GRANTOR'S OBLIGATIONS. If
Grantor fails to perform or comply with any of its agreements contained
herein and the Trustee, as provided for by the terms of this Security
Agreement, shall itself perform or comply, or otherwise cause performance or
compliance, with such agreement, the expenses of the Trustee incurred in
connection with such performance or compliance, together with interest
thereon at a rate per annum specified in Section 4.01(b) of the Indenture,
shall be payable by Grantor to the Trustee on demand and shall constitute
Obligations secured hereby.

                  8. PROCEEDS. It is agreed that if an Event of Default shall
occur and be continuing (a) all Proceeds received by Grantor consisting of cash,
checks and other instruments in respect of sales of Vacation Ownership
Interests, sales of Club Membership Interests, and the cash proceeds thereof
shall be held by Grantor in trust for the Trustee, segregated from other funds
of Grantor, and shall, forthwith upon receipt by Grantor, be turned over to the
Trustee in the exact form received by Grantor (duly indorsed by Grantor to the
Trustee, if required), and (b) any and all such Proceeds received by the Trustee
(whether from Grantor or otherwise) may, in the sole discretion of the Trustee,
be held by the Trustee as collateral security for, and/or then or at any time
thereafter may be applied by the Trustee against, the Obligations (whether
matured or unmatured), such application to be in such order as the Trustee shall
elect. Any balance of such Proceeds remaining after the Obligations shall have
been paid in full shall be paid over to Grantor or to whomsoever may be lawfully
entitled to receive the same.

                  9. REMEDIES. If an Event of Default shall occur and be
continuing, the Trustee may exercise, in addition to all other rights and
remedies granted to it in this Security Agreement, in the Indenture and in any
other instrument or agreement securing, evidencing or relating to the
Obligations, all rights and remedies of a secured party under the Code. Without
limiting the generality of the foregoing, the Trustee, without demand of
performance or other demand, presentment, protest, advertisement or notice of
any kind (except any notice required by law referred to below) to or upon
Grantor or any other Person (all and each of which demands, defenses,
advertisements and notices are, to the extent permitted by applicable law,
hereby waived), may in such circumstances forthwith collect, receive,
appropriate and realize upon the Collateral, or any part thereof, and/or may
forthwith sell, lease, assign, give option or options to purchase, or otherwise
dispose of and deliver the Collateral or any part thereof (or contract to do any
of the foregoing), in one or more portions at public or private sale or sales,
at any exchange, broker's board or office of the Trustee or elsewhere upon such
terms and conditions as it may deem advisable and at such prices as it may deem
best, for cash or on credit or for future delivery without assumption of any
credit risk. The Trustee shall have the right upon any such public sale or
sales, and, to the extent permitted by law, upon any such private sale or sales,
to purchase the whole or any part of the Collateral so sold, free of any right
or equity of redemption in Grantor, which right or equity is hereby waived, to
the extent permitted by applicable law, or released. Grantor further agrees, at
the Trustee's request, to assemble the Collateral and make it available to the
Trustee at places which the Trustee shall reasonably select, whether at
Grantor's premises or elsewhere. The Trustee shall apply the net proceeds of any
such collection, recovery, receipt,

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appropriation, realization or sale, after deducting all costs and expenses of
every kind incurred therein or incidental to the care or safekeeping of any
of the Collateral or in any way relating to the Collateral or the rights of
the Trustee hereunder, including, without limitation, reasonable attorneys'
fees and disbursements, to the payment in whole or in part of the
Obligations, as required by Section 6.10 of the Indenture, and only after
such application and after the payment by the Trustee of any other amount
required by any provision of law, including, without limitation, Section
9-504(l)(c) of the Code, need the Trustee account for the surplus, if any, to
Grantor. To the extent permitted by applicable law, Grantor waives all
claims, damages and demands it may acquire against the Trustee arising out of
the exercise by the Trustee of any rights hereunder. If any notice of a
proposed sale or other disposition of Collateral shall be required by law,
such notice shall be deemed reasonable and proper if given at least ten days
before such sale or other disposition. Grantor shall remain liable for any
deficiency if the proceeds of any sale or other disposition of the Collateral
are insufficient to pay the Obligations and the fees and disbursements of any
attorneys employed by the Trustee to collect such deficiency. All rights of
the Trustee with respect to the Collateral shall be subject to the rights of
purchasers who have entered into Purchase Agreements with respect thereto.

                  10. LIMITATION ON DUTIES REGARDING PRESERVATION OF COLLATERAL.
The Trustee's sole duty with respect to the custody, safekeeping and physical
preservation of the Collateral in its possession, under Section 9-207 of the
Code or otherwise, shall be to deal with it in the same manner as the Trustee
deals with similar property for its own account. Neither the Trustee, nor any of
its directors, officers, employees or agents shall be liable for failure to
demand, collect or realize upon all or any part of the Collateral or for any
delay in doing so or shall be under any obligation to sell or otherwise dispose
of any Collateral upon the request of Grantor or otherwise. For all purposes of
this Security Agreement, in the performance of its duties or obligations
hereunder, the Trustee shall be entitled to the benefits of the Trustee set
forth in Article 7 of the Indenture.

                  11. POWERS COUPLED WITH AN INTEREST. All authorizations and
agencies herein contained with respect to the Collateral are irrevocable and
powers coupled with an interest until the Obligations are indefeasibly paid in
full.

                  12. SEVERABILITY. Any provision of this Security Agreement
which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

                  13. PARAGRAPH HEADINGS. The paragraph headings used in this
Security Agreement are for convenience of reference only and are not to affect
the construction hereof or be taken into consideration in the interpretation
hereof

                  14. NO WAIVER, CUMULATIVE REMEDIES. The Trustee shall not by
any act (except by a written instrument pursuant to Section 15 hereof), delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any Default or Event of Default or in any
breach of any of the terms and conditions hereof. No

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<PAGE>

failure to exercise, nor any delay in exercising, on the part of the Trustee,
any right, power or privilege hereunder shall operate as a waiver thereof. No
single or partial exercise of any right, power or privilege hereunder shall
preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. A waiver by the Trustee of any right or remedy
hereunder on any one occasion shall not be construed as a bar to any right or
remedy which the Trustee would otherwise have on any future occasion. The
rights and remedies herein provided are cumulative, may be exercised singly
or concurrently and are not exclusive of any rights or remedies provided by
law.

                  15. WAIVERS AND AMENDMENTS, SUCCESSORS AND ASSIGNS. None of
the terms or provisions of this Security Agreement may be waived, amended,
supplemented or otherwise modified except by a written instrument executed by
Grantor and the Trustee, provided that any provision of this Security Agreement
may be waived by the Trustee in a written letter or agreement executed by the
Trustee or by facsimile transmission from the Trustee. This Security Agreement
shall be binding upon the successors and assigns of Grantor and shall inure to
the benefit of the Trustee, the Holders and their respective successors and
assigns.

                  16. TERMINATION OF SECURITY INTEREST, RELEASE OF COLLATERAL.

                  (a) Upon the repayment in full of all Obligations, the
security interest granted in the Collateral pursuant to this Security Agreement
shall terminate and all rights to the Collateral shall revert to the Grantor.

                  (b) Upon any such termination of the security interest granted
in the Collateral pursuant to this Security Agreement or release of Collateral
pursuant to this Section, the Trustee will, at the expense of Grantor and upon
compliance by the Grantor with Section 11.03 of the Indenture, execute and
deliver to Grantor such documents as Grantor shall reasonably request to
evidence the termination of such security interest and deliver to Grantor all
Collateral so released then in its possession.

                  17. NOTICES. All notices or other communications provided for
hereunder shall be in writing and sent by first class mail or nationwide
overnight delivery service, (i) if to Grantor, addressed to it at 1150 First
Avenue, Suite 900, King of Prussia, Pennsylvania 19406, or at such other address
as Grantor shall have specified to the Trustee, and (ii) if to the Trustee,
addressed to it at 114 West 47th Street, New York, New York 10036-1532, or at
such other address as the Trustee shall have specified to Grantor.

                  18. INTEGRATION. This Security Agreement and the Indenture
represent the agreement of Grantor and the Trustee with respect to the subject
matter hereof, and there are no promises, undertakings, representations or
warranties by the Trustee relative to subject matter hereof not expressly set
forth or referred to herein and in the Indenture.

                  19. GOVERNING LAW. THIS SECURITY AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF GRANTOR UNDER THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
______________.

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<PAGE>

                  IN WITNESS WHEREOF, Grantor has caused this Security Agreement
to be duly executed and delivered as of the date first above written.

GRANTOR:                                     [SUBSIDIARY GUARANTOR]

                                             By:
                                                ------------------------------
                                                   Name:
                                                   Title:

Accepted and Agreed:

UNITED STATES TRUST COMPANY
OF NEW YORK, as Trustee

By:
   ----------------------------
      Name:
      Title:

                                       10<PAGE>
                                                            EXHIBIT 10(B)

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT ("Agreement") is made as of September 1,
1999, between Greenland Corporation, a Nevada corporation (hereinafter
referred to as "Greenland") and Louis T. Montulli ("Employee").

         1.       TERM OF EMPLOYMENT

         Greenland hereby employs Employee and Employee hereby accepts
employment with Greenland for the period beginning on September 1, 1999, and
terminating on March 1, 2001. Thereafter, this Agreement and Employee's
employment hereunder shall be automatically renewed for a one-year term. As
used herein, the phrase "employment term" refers to the entire period of
employment of Employee by Greenland hereunder; whether for the period
provided above, or terminated earlier as hereinafter provided, or extended by
mutual agreement of Greenland and Employee.

         2.       DUTIES OF EMPLOYEE

                  2.01 GENERAL DUTIES. Employee shall serve as a member of the
Board of Directors and Chief Executive Officer of Greenland. Notwithstanding the
foregoing, the precise services of Employee may be specified or changed from
time to time at the discretion of the Board of Directors of Greenland provided
that any such change shall be consistent with Section 2.02.

                  2.02 SPECIFIC DUTIES. Employee's responsibilities shall be
to act as the Chief Executive Officer of Greenland with overall
responsibility for all of the day to day activities of Greenland. Dr.
Montulli shall serve as a member of the Board of Directors and on such
committees of the Board of Directors to which he is appointed. Dr. Montulli
shall specifically and without limitation have the responsibility to direct
the management of Greenland in carrying out the policies of the Board of
Directors.

                  2.03 DEVOTION OF ENTIRE TIME TO GREENLAND'S BUSINESS.
Employee shall devote his entire productive time, ability and attention to
the business of Greenland during the term of this Agreement. Employee shall
not directly or indirectly render any services of a business, commercial, or
professional nature to any other person or organization, whether for
compensation or otherwise, without the prior written consent of the Board of
Directors of Greenland. Those entities or organizations which the Board of
Directors approve and the nature of the service to such entity which is
approved shall be listed on Exhibit "A" to this agreement, which shall be
signed by a member of the Board of Directors. In addition, Employee may
participate in social, civic or professional associations, provided such
activities do not compete directly with the business of Greenland and such
activities do not interfere materially with the performance of Employee's
duties under this Agreement. Notwithstanding the foregoing, this paragraph
shall not be construed as preventing Employee from investing his assets in
such other manner as will not require anything other than incidental services
on the part of Employee in the operation of the affairs of any entity in
which the investments are made.

<PAGE>

                  2.04 UNIQUENESS OF EMPLOYEE'S SERVICES. Employee hereby
agrees the services to be performed by him under the terms of this Agreement
are of special, unique, unusual, extraordinary, and intellectual character
which gives them a peculiar value, the loss of which cannot be reasonably or
adequately compensated by monetary damages in an action at law. Employee
therefore expressly agrees that Greenland, in addition to any other rights or
remedies which Greenland may possess, shall be entitled to injunctive and
other equitable relief to prevent a breach of this Agreement by Employee.

                  2.05 LOYAL AND CONSCIENTIOUS PERFORMANCE OF DUTIES.
Employee agrees, to the best of his ability and experience, he will at all
times loyally and conscientiously perform all of the duties and obligations
either expressly or implicitly required of him by the terms of this Agreement.

         3.       COMPENSATION OF EMPLOYEE

                  3.01 BASE SALARY. As compensation for services hereunder,
Greenland shall pay Employee a base salary ("Base Salary") of One Hundred Forty
Four Thousand Dollars ($144,000.00) per year for the period beginning on
September 1, 1999, and terminating on March 1, 2001. The Base Salary shall be
payable in accordance with the normal payroll practices of the Company then in
effect. The Base Salary and all other forms of compensation paid to Employee
hereunder shall be subject to all applicable taxes required to be withheld by
the Company pursuant to federal, state or local law. The Base Salary shall be
increased by a minimum of 10% of such Base Salary at each year's anniversary
hereof, and in addition thereto the Company in its sole discretion may also
increase the Base Salary from time to time as determined by the Board or a
committee of the Board.

                  3.02 BONUS. In addition to the Base Salary above, Employee
shall receive a bonus equal to 25% of his Base Salary upon Greenland shipping
50 check cashing machines; a bonus equal to 50% of his Base Salary upon
Greenland shipping a total of 100 check cashing machines; a bonus equal to
75% of his Base Salary upon Greenland shipping a total of 200 check cashing
machines; and Employee shall receive a bonus equal to 100% of his Base Salary
upon Greenland shipping 500 check cashing machines. Employee shall also be
entitled to participation in any other bonus program in effect for Greenland
during the employment term.

         4.       EMPLOYEE BENEFITS

                  4.01 MEDICAL, VISION, DENTAL INSURANCE COVERAGE. Greenland
agrees to include Employee in any hospital, surgical, and medical, vision and
dental benefit plan adopted by Greenland for other employees, at no cost to
Employee, and to include Employee in all additional medical and dental
benefit plans provided to other executives of Greenland. To the extent
Employee qualifies for required COBRA health continuation coverage ("COBRA
Coverage") upon termination of his employment, and for a period of twelve
months thereafter, Employee shall be entitled to receive COBRA Coverage at no
cost to Employee except if Employee is terminated for Cause.

                  4.02 AUTOMOBILE ALLOWANCE. Upon Greenland's receipt of Five
Million Dollars ($5,000,000.00) in revenue from operations, and continuing
thereafter during the employment

<PAGE>

term, Greenland shall provide Employee with a monthly automobile allowance of
$500 per month.

                  4.03 OTHER FRINGE BENEFITS. Employee shall be entitled to
any and all other fringe benefits which Greenland provides for its other
executive employees and for which Employee is qualified, including pension or
profit sharing, stock option and related awards, and vacation and sick leave.
In addition, at such time as revenues allow, Greenland shall purchase a club
membership to be utilized by the executive employees, including Employee, Mr.
Swanson and Mr. Beener.

         5.       BUSINESS EXPENSES

                  5.01 ENTERTAINMENT EXPENSES. The services required by
Greenland require Employee to incur entertainment expenses on behalf of
Greenland. Greenland will promptly reimburse Employee for all reasonable
business expenses incurred by Employee in promoting the business of
Greenland, including expenditures for entertainment, gifts and travel upon
presentation of supporting receipts which comply with Greenland's expense
reimbursement policies in effect from time to time.

                  5.02 OTHER BUSINESS EXPENSES. Greenland will promptly
reimburse Employee for all other business expenses reasonably incurred by
Employee in connection with the business of Greenland, provided, however,
unusual business expenses including without limitation first class travel,
and a private office must be approved by the Chief Financial Officer prior to
Employee incurring such expenses.

         6.       TERMINATION OF EMPLOYMENT

                  6.01 EFFECT OF TERMINATION. Employee's employment hereunder
may be terminated by Employee or Greenland as provided in this Section 6
without further obligation or liability except as expressly provided herein.

                  6.02 RESIGNATION, RETIREMENT, DEATH OR DISABILITY.
Employee's employment hereunder shall be terminated at any time by Employee's
resignation (other than by Resignation for Good Reason) or by Employee's
retirement at or after attainment of age 60 ("Retirement"), death or his
inability to perform his duties under this Agreement because of a physical or
mental illness ("Disability"). Disability for purposes of this Agreement
shall mean mental or physical incapacity or both, reasonably determined by
the Board of Directors of Greenland based upon a certificate of such
incapacity by Employee's regular physician, rendering Employee unable to
perform substantially all of his duties herein after a period of 90
consecutive days, or a period of 120 days in any calendar year.

                  6.03 TERMINATION FOR CAUSE. Employee's employment hereunder
may be terminated for Cause. "Cause" shall mean: (i) conviction of a felony
by a court of competent jurisdiction; (ii) material breach of any provision
of this Agreement or any employment policies of Greenland as the same may be
adopted from time to time; (iii) breach of Employee's fiduciary duties of
loyalty and care to Greenland including the appropriation of a material
business opportunity of Greenland; (iv) failure to diligently follow lawful
directions of the Board of

<PAGE>

Directors to act or refrain from acting; and (v) wilful misconduct or the
failure to discharge his duties in the manner required of other similarly
situated officers in the same industry. Notwithstanding the foregoing, Employee
shall not be terminated for Cause pursuant to this Section 6.03 unless and until
(i) Employee has received notice of a proposed termination for Cause, which
notice states in reasonable detail the basis for the termination, (ii) Employee
has had an opportunity to be heard before at least a majority of the members of
the Board of Directors, and (iii) Employee has been provided a period of 30 days
to cure the cause of such termination, if such termination is capable of being
cured. Employee shall have the opportunity to be represented by counsel at any
such hearing before the Board of Directors regarding his termination. Employee
shall be deemed to have had such an opportunity if given written notice at least
14 days in advance of such meeting.

                  6.04 TERMINATION WITHOUT CAUSE. Employee's employment
hereunder shall be terminated without cause upon ninety (90) days notice for
any reason, subject to the payment of any amounts required by Section 7
herein.

                  6.05 EXPIRATION. Employee's employment hereunder shall be
terminated upon expiration of the employment term as provided in Section 1.

                  6.06 RESIGNATION FOR GOOD REASON. Following a Change of
Control, as defined in Section 7.04(b), during the employment term Employee
may regard Employee's employment as being constructively terminated and may,
therefore, resign within ninety (90) days of Employee's discovery of any one
of the following events which will constitute "Good Reason" for such
resignation:

         (a) Without Employee's express written consent, the assignment to
Employee of any duties materially inconsistent with Employee's position,
duties, responsibilities and status with Greenland immediately prior to the
Change in Control, or any subsequent removal of Employee from or any failure
to re-elect Employee to any such position;

         (b) A material reduction by Greenland of Employee's Base Salary and
such additional compensatory benefits which are provided to Employee;

         (c) Any purported termination of Employee's employment by Greenland
or the Board of Directors which is not effected pursuant to the requirements
of this Section 6 with respect to Death, Retirement, Disability or
Termination for Cause; and

         (d) Failure of Greenland to renew the Agreement pursuant to Section 1.

         7.       PAYMENTS TO EMPLOYEE UPON TERMINATION

                  7.01 DEATH, DISABILITY OR RETIREMENT. In the event of
Employee's Retirement, death or Disability, all benefits generally available
to Greenland's employees as of the date of such an event shall be payable to
Employee or Employee's estate without reduction, in accordance with the terms
of any plan, contract, understanding or arrangement forming the basis for
such payment. Employee shall be entitled to such other payments as might
arise from any

<PAGE>

other plan, contract, understanding or arrangement between Employee and
Greenland at the time of any such event.

                  7.02 TERMINATION FOR CAUSE OR RESIGNATION WITHOUT GOOD
REASON. In the event Employee is terminated by Greenland for Cause or
Employee resigns for other than Good Reason, neither Greenland nor an
affiliate shall have any further obligation to Employee under this Agreement
or otherwise, except to the extent provided in any other plan, contract,
understanding or arrangement, or Section 8 or as may be expressly required by
law.

                  7.03 TERMINATION WITHOUT CAUSE. Except to the extent a
greater amount is payable to Employee pursuant to Section 7.04, upon the
occurrence of a termination without Cause, whether prior to or following the
occurrence of a Change in Control, as defined in Section 7.04(b), Greenland
shall pay to Employee, or in the event of Employee's subsequent death, to
Employee's surviving spouse, or if none, to Employee's estate, as severance
pay or liquidated damages, or both, a lump sum payment equal to the Base
Salary owed, if any, for the remaining term of this Agreement (and any
additional compensation to which he is entitled herein) provided, however,
such payment shall be paid only if Employee executes a general release of
claims in a form acceptable to Greenland releasing any and all claims
Employee has against Greenland arising out of his employment or the
termination of said employment and does not revoke the release pursuant to
its terms. Such payment shall be made not later than the fifth (5th) day
following such termination without cause.

         7.04 TERMINATION WITHOUT CAUSE OR RESIGNATION FOR GOOD REASON AFTER
A CHANGE IN CONTROL.

         (a) If in the one (1) year period following a Change in Control, as
defined below, Employee: (i) resigns for Good Reason; or (ii) is terminated
without Cause, Greenland shall pay to Employee, as severance pay or
liquidated damages, or both, a lump sum payment ("Severance Payment") equal
to two hundred percent (200%) of Employee's average annual Base Salary and
all bonuses received for the five (5) year period immediately preceding the
Severance Payment, or such greater amount as the Board of Directors shall
provide from time to time pursuant to terms which may not be revoked or
reduced thereafter, provided, however, Employee must execute a general
release of claims in a form acceptable to Greenland releasing any and all
claims Employee has against Greenland arising out of his employment or the
termination of said employment and Employee may not revoke the release
pursuant to its terms before he shall be paid any Severance Payment pursuant
to this Section 7.04. However, the total of any payment pursuant to this
Section 7.04(a) shall be limited solely to the extent necessary, in the
opinion of legal counsel acceptable to Employee and Greenland, to avoid the
payment of an "excess parachute" payment within the meaning of Internal
Revenue Code Section 280G of any similar successor provision.

         The Severance Payment shall be made not later than the fifth (5th)
day following the date of termination without Cause or resignation for Good
Reason; provided, however, that if the amount of such payments cannot be
finally determined on or before such date, Greenland shall pay to Employee on
such date a good faith estimate of the minimum amount of such payments, and
shall pay the remainder of such payments (together with interest at the rate
provided in Internal Revenue Code Section 1274(b)(2)(B) of the Code), as soon
as the amount thereof can be determined, but in no event later than the
thirtieth (30th) day after the

<PAGE>

applicable termination date. The Chief Financial Officer of Greenland shall
calculate the good faith estimate of such payments, and Greenland shall
provide reasonable written documentation regarding its good faith estimate of
the minimum amount of such payments. In the event the amount of the estimated
payments exceeds the amount subsequently determined to have been due, such
excess shall constitute a loan by Greenland payable on the fifth (5th) day
after receipt by Employee of a written demand for payment from Greenland
(together with interest calculated as above) accompanied by reasonable
documentation from Greenland setting forth the calculation of such excess.

         (b) For the purposes of this Agreement, a "Change of Control" means,
and shall be deemed to have taken place, if: (i) any person or entity or
group of affiliated persons or entities, including a group which is deemed a
"person" by Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), after the date hereof first acquires in one or
more transactions, at least one of which is after the date of this Agreement,
ownership of 25% or more of the outstanding shares of stock entitled to vote
in the election of directors of Greenland; and (ii) as a result of, or in
connection with, any such acquisition or any related proxy contest, cash
tender or exchange offer, merger or other business combination, sale of all
or substantially all of the assets of Greenland or any combination of the
foregoing transactions (other than a transaction unanimously approved by the
members of the Board of Directors voting thereon), hereinafter referred to as
a "Transaction," the members of the Board of Directors as it was constituted
on September 1, 1999, shall cease to constitute a majority of the membership
of the Board of Directors or any successor to Greenland during the period
commencing with the consummation of the Transaction and ending on the first
to occur of: the first anniversary of such date, or the conclusion of the
next meeting of shareholders to elect directors, except to the extent that
any new directors during such period were elected or nominated by at least a
majority of the members of the Board of Directors as it was constituted on
September 1, 1999, as a group as directors (or new directors who were so
nominated or elected). "Ownership" means beneficial or record ownership,
directly or indirectly, other than: (i) by a person owning such shares merely
of record (such as a member of a securities exchange, a nominee, or a
securities depositary system); (ii) by a person as a bona fide pledgee of
shares prior to a default and determination to exercise powers as an owner of
the shares; (iii) by a person who owns or holds shares as an underwriter
acquired in connection with an underwritten offering pending and for purposes
of their public resale or planned private placement in increments of less
than such 25% amount, or; (iv) by the members of the Board of Directors as it
was constituted on September 1, 1999, as a group or individually, as of the
date hereof or their respective successors. Without limitation, the right to
acquire ownership shall not of itself constitute ownership of shares.

<PAGE>

         8.       DEFERRAL OF PAYMENT

                  Employee may elect to defer all or any part of his
Severance Payment, Base Salary, and any bonus approved by the Board of
Directors until such other time or times as designated by Employee. The
election shall be exercisable by the furnishing of written notice to the
Board of Directors no later than the last day of the year prior to the year
in which the bonus is payable or the benefit vests. Any amounts deferred
shall bear interest at the six (6) month rate applicable to Treasury
securities determined as of the date of Greenland's receipt of the notice
requesting deferral furnished by Employee. Employee may request the Board of
Directors that such deferred amounts and interest thereon be set aside in
trust for the benefit of Employee subject only to claims of the creditors of
Greenland and to such other terms and conditions required by the Board of
Directors and communicated in writing to Employee; provided, however, that
this action shall be taken only in the sole discretion of the Board of
Directors except in the case of a Change in Control, in which case the Board
of Directors shall honor such a request by Employee with respect to any
amounts which have been or may be deferred pursuant to this Agreement.
Employee shall be permitted to withdraw his election to defer his Severance
Payment, Base Salary and any bonus if the Board of Directors denies his
request to have the deferred amounts and interest set aside in such a trust.
Any deferral pursuant to this Section must be accompanied by a statement that
Employee acts with the advice of counsel or waives any such representation.
Greenland has no right to claim an offset against its obligation to pay
Employee any amounts deferred in this Section 8.

         9.       NON-COMPETITION, NON-INTERFERENCE AND CONFIDENTIAL
INFORMATION

                  9.01 COVENANT OF THE EMPLOYEE. In consideration of the
Company entering into this Agreement and providing the Base Salary, Bonus and
other benefits to Employee, and further in consideration of the Employee's
continued exposure to confidential information and the Employee's continued
receipt of specialized training from the Company and its subsidiaries, the
receipt of which are hereby acknowledged by the Employee, the Employee
covenants as follows:

                  9.02 NON-COMPETITION. During the Employee's employment
hereunder, the Employee shall not, directly or indirectly, own, manage,
engage in, operate or conduct, prepare to or plan to conduct or assist any
person or entity to conduct any business, or have any interest in any
business, person, firm, corporation or other entity (as a principal, owner,
agent, employee, shareholder, officer, director, joint venturer, partner,
security holder) (except for the ownership of publicly-traded securities
constituting not more than five percent (5%) of the outstanding securities of
the issuer thereof), creditor (except for trade credit extended in the
ordinary course of business), consultant or in any other capacity that
engages in any business which is the same as, similar to or competitive with
the business of the Company or any subsidiary including without limitation
the check cashing or ATM business anywhere in the United States. The
covenants set forth in this Section 9.02 shall be construed as a series of
separate covenants covering their subject matter in each of the separate
states where the Company conducts business, and except for geographic
coverage, each such separate covenant shall be deemed identical in terms to
the covenant set forth above in this Section 9.02. To the extent that any
such covenant shall be judicially unenforceable in any one or more of such
states, such covenant shall

<PAGE>

not be affected with respect to each of the other states. Each covenant with
respect to such states shall be construed as severable and independent.

                  9.03 NO DIVERSION OF OTHERS. During the Executive's
employment term hereunder and for one year thereafter, the Employee shall
not, either for himself or for any other person, firm, corporation or other
entity, directly or indirectly, or by action in concert with others:

                  (a) induce or influence, or seek to induce or influence,
any person who is engaged by Greenland or its subsidiaries (as an agent,
employee, consultant or in any other capacity) or any successor thereto with
the purpose of obtaining such person as an employee or customer for a
business competitive with Greenland's or its subsidiaries' business; or

                  (b) divert or take away, or attempt to divert or take away,
or solicit or attempt to solicit, any existing or potential customer of
Greenland or its subsidiaries (whether or not such customer is actually a
customer of Greenland or its subsidiaries as of the date hereof, including
without limitation any customer solicited by the Employee or which became
known by the Employee prior to the date hereof) with the purpose of obtaining
such person as an employee or customer for a business competitive with
Greenland or its subsidiaries.

                  9.04 CONFIDENTIAL INFORMATION. Employee agrees to execute
the Company's Confidential Information and Invention Assignment Agreement
("Confidential Agreement") upon the execution of this Agreement, a copy of
which Confidential Agreement is attached hereto as Exhibit B.

         10.      INJUNCTIVE RELIEF AND ADDITIONAL REMEDY

                  10.01 IN GENERAL. The Employee acknowledges and agrees that
Greenland and its subsidiaries shall suffer irreparable harm in the event
that the Employee breaches any of his obligations under Sections 2, 9 or 10
hereof, and that monetary damages shall be inadequate to compensate the
damaged members of Greenland or its subsidiaries for any such breach.
Accordingly, the Employee agrees that in the event of any breach or
threatened breach by the Employee of any of the provisions of Sections 2, 9
or 10 hereof, the damaged members of Greenland or its subsidiaries shall be
entitled to a temporary restraining order, preliminary injunction and
permanent injunction in order to prevent or restrain any such breach or
threatened breach by the Employee, or by any or all of the Employee's agents,
representatives or other persons directly or indirectly acting for, on behalf
of or with the Employee, without having to prove damages.

         10.02 NO LIMITATION OF REMEDIES. Notwithstanding the provisions set
forth in Section 10.01 above, or any other provision contained in this
Agreement, the parties hereby agree that no remedy conferred by any of the
specific provisions of this Agreement, including, without limitation, this
Section 10, is intended to be exclusive of any other remedy, and each and
every remedy shall be cumulative and shall be in addition to every other
remedy given hereunder or now or hereafter existing at law or in equity or by
statute or otherwise.

<PAGE>

         11.      REASONABLENESS OF RESTRICTIONS

         The Employee has carefully read and considered the provisions of
Sections 9 and 10 hereof and, having done so, hereby agrees that the
restrictions set forth in such sections are fair and reasonable and are
reasonably required for the protection of the interests of the Company.

         12.      GENERAL PROVISIONS

                  12.01 NOTICES. Any notices and other communications
hereunder to be given hereunder by each party to the other shall be in
writing and may be effected by personal delivery in writing or by mail,
registered or certified, postage prepaid with return receipt requested.
Notices delivered personally shall be deemed communicated as of actual
receipt; mailed notices shall be deemed communicated as of two (2) days after
mailing. All notices and communications hereunder shall be delivered to the
respective parties at the following addresses: (i) if to Greenland,
Attention: Chief Financial Officer, 1935 Avenida Del Oro, Suite D, San Diego,
California 92056; (ii) if to Employee, at Employee's address as set forth in
the books and records of the Company; or to such other address as the person
to whom notice is given may have previously furnished the other in writing as
set forth above.

                  12.02 APPLICABLE LAW. This Agreement shall be construed
under the laws of the State of California and may not be altered or modified
except by an agreement in writing, signed by both parties.

                  12.03 ARBITRATION. Any dispute, controversy or claim
arising out of or in respect to this Agreement (or its validity,
interpretation or enforcement), the employment relationship or the subject
matter hereof shall at the request of either party be submitted to and
settled by final and binding arbitration conducted before a single arbitrator
in San Diego County, California in accordance with the Expedited Labor
Arbitration Rules of the American Arbitration Association. The arbitration
shall be governed by the Federal Arbitration Act (9 U.S.C. ss.ss. 1-16). The
arbitrator shall be a retired judge designated by the Presiding Judge of the
San Diego County Superior Court. The arbitrator in such action shall not be
authorized to change or modify any provision of this Agreement. Any award or
decision obtained from any such arbitration proceeding shall be final and
binding on Greenland and Employee, and judgement upon the award rendered by
the arbitrator may be entered by any court having jurisdiction thereof. Each
party shall bear its own expenses and one-half the aggregate amount of
arbitration costs. Arbitration shall be the exclusive remedy of Employee and
Greenland, provided, however, Greenland may institute proceedings for
temporary or injunctive and/or other equitable relief in a court of competent
jurisdiction pursuant to Sections 2.04, 9 and 10 herein, pending resolution
by arbitration of the actual dispute between the parties.

                  12.04 ENTIRE AGREEMENT. This Agreement, the Confidential
Agreement and the other Exhibits referenced herein or therein supersede any
and all other agreements, either oral or in writing, between the parties
hereto with respect to the employment of Employee by Greenland and contain
all of the covenants and agreements between the parties with respect to such
employment in any manner whatsoever.

<PAGE>

                  12.05 PARTIAL INVALIDITY. If any provision of this
Agreement is held by a court of competent jurisdiction to be invalid, void,
or unenforceable, the remaining provisions shall nevertheless continue in
full force without being impaired or invalidated in any way.

                  12.06 MERGER OR CONSOLIDATION. Greenland hereby agrees that
it shall not merge or consolidate into or with or sell substantially all its
assets to any firm, entity, company or person until such other firm, entity,
company or person expressly agrees, in writing, to assume and discharge the
duties and obligations of Greenland under this Agreement. This Agreement
shall be binding upon the parties hereto, their successors, beneficiaries,
heirs and personal representatives.

                  12.07 AMENDMENTS AND WAIVERS. This Agreement shall not be
varied, altered, waived, modified, changed or in any way amended in any of
its parts except by an instrument in writing, executed by the parties hereto,
or by their legal representatives who are designated in writing prior to any
such amendment or waiver. A waiver by either party of any of the terms of
this Agreement in any instance shall not be deemed or construed to be a
waiver of such term or condition for the future or of any subsequent breach
thereof.

                  12.08 HEADINGS. The headings used in this agreement have
been inserted for convenience of reference only and do not define or limit
the provisions hereof.

                  12.09 SEPARATE COUNSEL. The parties acknowledge that in
connection with this Agreement the law firm of Fisher Thurber LLP represents
Greenland only, and Employee has been advised to retain his own legal counsel
at his expense to represent his interests.

                  12.10 COUNTERPARTS. This Agreement may be executed in any
number of counterparts and by facsimile, each of which shall be deemed an
original, but all of which will constitute one and the same instrument.

<PAGE>

         Executed at San Diego, California.

                                    EMPLOYER:
                                    Greenland Corporation
                                    a Nevada corporation

         By:
            ----------------------------------------
             Lee R. Swanson, Chief Financial Officer

                                     EMPLOYEE:

         -------------------------------------------
                      Louis T. Montulli

<PAGE>

                                    EXHIBIT A

                        LOUIS T. MONTULLI EMPLOYMENT LIST

<PAGE>

                                    EXHIBIT B

                          CONFIDENTIAL INFORMATION AND
                         INVENTION ASSIGNMENT AGREEMENT

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