Document:

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                                                                    EXHIBIT 10.3

                       NONQUALIFIED STOCK OPTION AGREEMENT
              LIBERTE INVESTORS INC. 2002 LONG TERM INCENTIVE PLAN

         1. Grant of Option. Pursuant to the Liberte Investors Inc. 2002 Long
Term Incentive Plan (the "PLAN") for employees, consultants and outside
directors of Liberte Investors Inc., a Delaware corporation (the "COMPANY"),
subject to approval by the Company's stockholders, the Company hereby grants to

                           Donald J. Edwards (the "PARTICIPANT"),

an option to purchase shares of Common Stock ("COMMON STOCK") of the Company as
follows:

         On the date hereof, the Company grants to the Participant an option
         (the "OPTION" or "STOCK OPTION") to purchase 2,573,678 full shares or
         such other number of full shares as adjusted in accordance with Section
         4(h) of the Employment Agreement (as adjusted, the "OPTIONED SHARES")
         of Common Stock at an Option Price equal to Three Dollars ($3.00) per
         share (subject to adjustment as herein provided). The Date of Grant of
         this Stock Option is July 9, 2002.

The "OPTION PERIOD" shall commence on the Date of Grant and shall expire on the
date immediately preceding the tenth (10th) anniversary of the Date of Grant.
The Stock Option is a Nonqualified Stock Option.

         2. Capitalized Terms. The capitalized terms used herein that are
defined in the Plan shall have the same meanings assigned to them in the Plan as
in effect on the date hereof; any amendments to the Plan shall not affect this
Stock Option unless agreed to in writing by the Participant. If there is a
conflict between any of the terms and provisions of this Stock Option and the
Plan, the terms and provisions of this Stock Option shall govern.

         3. Vesting; Time of Exercise.

                  (a) Prior to Acquisition Transaction. Except as specifically
         provided in this Agreement and Section 15.6 of the Plan, prior to the
         date of the Company's first Acquisition Transaction (as defined in that
         certain agreement of employment entered into by and between the Company
         and the Participant, dated as of July 1, 2002, as the same may be
         amended from time to time (the "EMPLOYMENT AGREEMENT")), the Optioned
         Shares shall be vested and the Stock Option shall be exercisable with
         respect thereto as follows: as of the first day of each month following
         the Date of Grant, an additional number of Optioned Shares shall be
         vested in an amount equal to the product obtained by multiplying (i)
         the total number of Optioned Shares granted hereunder, by (ii) a
         fraction equal to one-sixtieth (1/60th), until all such Optioned Shares
         are fully vested and exercisable; provided, however, that for any
         Optioned Shares to vest on any particular date under this paragraph,
         the Participant must be employed by the Company or a Subsidiary from
         the Date of Grant to such date.

                  (b) After an Acquisition Transaction. Following the date of
         the Company's first Acquisition Transaction, the total number of
         Optioned Shares which are unvested as of the date of consummation of
         such Acquisition Transaction (the "CLOSING DATE") shall be vested and
         the Stock Option shall be exercisable with respect thereto as follows:
         as of the first day of each month following the Closing Date, an
         additional number of Optioned Shares shall be vested in an amount equal
         to the product obtained by multiplying (i) the total number of Optioned
         Shares granted hereunder, by (ii) a fraction equal to one-fortieth
         (1/40th), until all such Optioned Shares are fully vested and
         exercisable;

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         provided, however, that for any Optioned Shares to vest on any
         particular date under this paragraph, the Participant must be employed
         by the Company or a Subsidiary from the Date of Grant to such date.

                  (c) Accelerated Vesting Upon Certain Terminations of Service.
         All of the Optioned Shares not previously vested shall immediately
         become fully vested, and this Stock Option shall become fully
         exercisable, if not previously exercisable, upon the effective date of
         the earliest to occur of the following: (i) a Change of Control, (ii)
         the Participant's Termination of Service by the Participant for Good
         Reason, (iii) the Participant's Termination of Service by the Company
         without Cause, or (iv) the Participant's Termination of Service due to
         the Participant's permanent disability or death in accordance with the
         terms of the Employment Agreement. For purposes of this Stock Option,
         "GOOD REASON," and "CAUSE" shall be given the same meanings assigned to
         such terms in the Employment Agreement.

         4. Term; Forfeiture. Except as otherwise provided in this Agreement, to
the extent the unexercised portion of the Stock Option relates to Optioned
Shares that are not vested or do not become vested on the date of the
Participant's Termination of Service pursuant to Section 3, such unvested
portion of this Stock Option will be terminated on that date. The unexercised
portion of the Stock Option that relates to Optioned Shares which are or which
become vested will terminate at the first of the following to occur:

                  (a) 5 p.m. on the date the Option Period terminates;

                  (b) 5 p.m. on the date that is twelve (12) months following
         the Participant's Termination of Service by the Company for Cause; or

                  (c) 5 p.m. on the date that is twenty-four (24) months
         following the date of the Participant's Termination of Service for any
         reason other than by the Company for Cause, including a Termination of
         Service due to the Participant's death or disability, Termination of
         the Service by the Participant with or without Good Reason, and
         Termination of Service by the Company without Cause.

         5. Who May Exercise. Subject to the terms and conditions set forth in
Sections 3 and 4 above, during the lifetime of the Participant, the Stock Option
may be exercised only by the Participant, or by the Participant's guardian or
personal or legal representative, or by any transferee as permitted under
Section 8 herein. If the Participant's Termination of Service is due to his
death prior to the date specified in Section 4(a) hereof, or Participant dies
prior to the termination dates specified in Sections 4(a) - (c) hereof, and the
Participant has not exercised the Stock Option as to the maximum number of
vested Optioned Shares as set forth in Section 3 hereof as of the date of death,
the following persons may exercise the exercisable portion of the Stock Option
on behalf of the Participant at any time prior to the earliest of the dates
specified in Section 4 hereof: the personal representative of his estate, or the
person who acquired the right to exercise the Stock Option by bequest or
inheritance or by reason of the death of the Participant or a transferee as
permitted in Section 8 herein; provided that the Stock Option shall remain
subject to the other terms of this Agreement, Section 15.6 of the Plan and
applicable laws, rules, and regulations.

         6. No Fractional Shares. The Stock Option may be exercised only with
respect to full shares, and no fractional share of stock shall be issued.

         7. Manner of Exercise. Subject to such administrative regulations as
the Committee may from time to time adopt, the Stock Option may be exercised by
the delivery of written notice to the Committee setting forth the number of
shares of Common Stock with respect to which the Stock Option is to be
exercised, the date of exercise thereof (the "EXERCISE DATE") which shall be the
day upon which such notice is given in accordance herewith. On the Exercise
Date, the Participant shall deliver to the Company consideration with

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a value equal to the total Option Price of the shares to be purchased, payable
as follows: (a) cash, check, bank draft, or money order payable to the order of
the Company, (b) Common Stock (including Restricted Stock) owned by the
Participant on the Exercise Date, valued at its Fair Market Value on the
Exercise Date, and which the Participant has not acquired from the Company
within six (6) months prior to the Exercise Date, (c) if the Optioned Shares are
no longer Nonpublicly Traded, by delivery (including by FAX) to the Company or
its designated agent of an executed irrevocable option exercise form together
with irrevocable instructions from the Participant to a broker or dealer,
reasonably acceptable to the Company, to sell certain of the shares of Common
Stock purchased upon exercise of the Stock Option or to pledge such shares as
collateral for a loan and promptly deliver to the Company the amount of sale or
loan proceeds necessary to pay such purchase price, and/or (d) in any other form
of valid consideration that is acceptable to the Committee in its sole
discretion. In the event that shares of Restricted Stock are tendered as
consideration for the exercise of a Stock Option, a number of shares of Common
Stock issued upon the exercise of the Stock Option with an Option Price equal to
the value of Restricted Stock used as consideration therefor shall be subject to
the same restrictions and provisions as the Restricted Stock so tendered. For
example, if 250 shares of Restricted Stock valued at $6.00 per share are used to
purchase 500 Optioned Shares at an Option Price of $3.00 per share, all 500
Optioned Shares shall be Restricted Stock.

         Upon payment of all amounts due from the Participant, the Company shall
cause certificates for the Optioned Shares then being purchased to be delivered
to the Participant (or the person exercising the Participant's Stock Option in
the event of his death) at its principal business office as soon as practicable
(but in no case more than three (3) days) after the Exercise Date in order to
permit timely sales under applicable exchange rules or to permit timely
participation in any liquidity event. Without limitation of any of the Company's
obligations under the Employment Agreement, the obligation of the Company to
deliver shares of Common Stock shall, however, be subject to the condition that
if at any time the Company shall determine in its discretion that the listing,
registration, or qualification of the Stock Option or the Optioned Shares upon
any securities exchange or under any state or federal law, or the consent or
approval of any governmental regulatory body, is necessary as a condition of, or
in connection with, the Stock Option or the issuance or purchase of shares of
Common Stock thereunder, then the Stock Option may not be exercised in whole or
in part unless such listing, registration, qualification, consent, or approval
shall have been effected or obtained free of any conditions not reasonably
acceptable to the Committee.

         8. Transfer and Assignment. Except as otherwise provided in this
Section 8, this Stock Option may not be assigned, transferred, pledged,
hypothecated, or otherwise conveyed or encumbered by the Participant, except by
will or by the laws of descent and distribution. Notwithstanding the foregoing,
this Stock Option may be transferred, assigned or otherwise conveyed to (i) any
of the Participant's Immediate Family Members, (ii) a trust or trusts for the
exclusive benefit of such Immediate Family Members, (iii) a partnership in which
the only partners are (1) such Immediate Family Members and/or (2) entities, a
majority of the beneficial ownership of which is owned by Immediate Family
Members, (iv) an entity exempt from federal income tax pursuant to Section
501(c)(3) of the Code, or (v) a split interest trust or pooled income fund
described in Section 2522(c)(2) of the Code; provided, that (x) there shall be
no consideration for any such transfer, (y) subsequent transfers may not be made
hereunder except those by will or the laws of decent and distribution, and (z) a
Termination of Service of Participant shall continue to have the effects in
Sections 3 and 4 as if Participant had not transferred, assigned or otherwise
conveyed this Stock Option.

         9. Rights as Stockholder. The Participant will have no rights as a
stockholder with respect to any shares covered by the Stock Option until the
issuance of a certificate or certificates to the Participant for the Optioned
Shares, subject to the Company's obligation to issue such certificate(s) as soon
as practicable in accordance with Section 7 above. The Optioned Shares shall be
subject to the terms and conditions of this Agreement regarding such Shares.
Except as otherwise provided in Section 10 hereof, no adjustment shall

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be made for dividends or other rights for which the record date is prior to the
issuance of such certificate or certificates.

         10. Registration Rights.

                  (a) The Company shall use commercially reasonable efforts to
         cause to be filed with the Commission, within 180 days after the date
         hereof, a Registration Statement on Form S-8 (together with any
         successor forms thereto, the "REGISTRATION STATEMENT") covering the
         shares of Common Stock that may be delivered pursuant to Awards granted
         under the Plan, including the Optioned Shares and shares of Common
         Stock relating to the Additional Options (as defined in Section 12
         below), if applicable, and shall use commercially reasonable efforts to
         have such Registration Statement declared and remain effective as soon
         as practicable thereafter.

                  (b) Substantially concurrently with the execution of this
         Stock Option, the Company and the Participant are executing a
         Registration Rights Agreement (herein so called) relating to the
         Purchased Shares (as such term is defined in the Employment Agreement),
         Optioned Shares and the Additional Options, if applicable, together
         with any securities issued or issuable with respect to the Optioned
         Shares and the Additional Options, if applicable, by way of stock
         dividend or stock split or in connection with a combination of shares,
         recapitalization, merger, consolidation or other reorganization or
         otherwise.

         11. Adjustment of Number of Optioned Shares and Related Matters. The
number of shares of Common Stock covered by the Stock Option, and the Option
Prices thereof, shall be subject to adjustment in accordance with Articles 11 -
13 of the Plan.

         12. Future Offerings.

                  (a) The Company may engage in one or more equity offerings
         (each, an "OFFERING") at some time before or after the consummation of
         an Acquisition Transaction. The timing of such Offerings would be
         determined by the Board of Directors of the Company. With respect to
         the first $60 million of additional equity capital raised by the
         Company in connection with such Offerings, Participant will receive
         additional Options under the Plan so that the number of shares of
         common stock issuable under this Stock Option (and/or which have been
         issued and sold under this Stock Option) plus such additional Options
         (but not including the "PURCHASED SHARES" (as defined in the Employment
         Agreement)) represents ten percent (10%) of the fully diluted ownership
         of the Company following such Offerings (with such fully diluted
         calculation including all shares issued and outstanding on the date
         hereof, plus all shares reserved for issuance in connection with the
         exercise of this Stock Option and the other Management Equity (as such
         term is defined in the Employment Agreement) and the Purchased Shares
         (to the extent actually purchased by Participant), but excluding any
         Excluded Shares (as defined below)). All Options so issued ("ADDITIONAL
         OPTIONS") would be subject to the same rights, conditions and
         limitations as the Options granted herein, including, without
         limitation, applicable vesting restrictions (which would treat all
         Additional Options as if they were granted on the Date of Grant of the
         Options granted herein), an exercise price equal to Three Dollars
         ($3.00) per share (subject to adjustments for stock splits, stock
         dividends and the like) and applicable adjustments pursuant to Section
         11 above. Upon the grant of any Additional Options pursuant to this
         Section 12, the Company and the Participant would undertake to file a
         Registration Statement on Form S-8 (or any successor form thereto) to
         cover the additional shares of Common Stock issuable under the Plan
         following the grant of the Additional Options and any related
         amendments to the Plan. The granting of the Additional Options shall be
         subject to all applicable legal requirements and the

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         requirements of any stock exchange or inter-dealer quotation system on
         which the Company's shares are listed or traded.

                  (b) For all purposes herein, "EXCLUDED SHARES" shall mean any
         of the following:

                           (i) other than the Management Equity, securities
         issuable or issued pursuant to equity compensation grants to employees,
         consultants or directors pursuant to plans or other arrangements
         approved by the Board of Directors of the Company;

                           (ii) securities issuable or issued in connection with
         a bona fide business acquisition of or by the Company, whether by
         merger, consolidation, sale of assets, sale or exchange of stock or
         otherwise, provided that such issuance is approved by the Board of
         Directors of the Company;

                           (iii) securities issuable or issued in connection
         with lease lines, bank financings or similar transactions that are
         primarily of a non-equity financing nature and are approved by the
         Board of Directors of the Company;

                           (iv) securities issuable or issued in connection with
         corporate or strategic partnering agreements or agreement to license
         technology, provided that such issuance is approved by the Board of
         Directors of the Company; and

                           (v) any other securities issuable or issued by the
         Company for which an adjustment would otherwise be made pursuant to
         Section 11 above.

         13. Nonqualified Stock Option. The Stock Option shall not be treated as
an Incentive Stock Option.

         14. Voting. The Participant, as record holder of some or all of the
Optioned Shares following exercise of this Stock Option, has the exclusive right
to vote, or consent with respect to, such Optioned Shares until such time as the
Optioned Shares are transferred in accordance with this Agreement; provided,
however, that this Section shall not create any voting right where the holders
of such Optioned Shares otherwise have no such right.

         15. Community Property. Each spouse individually is bound by, and such
spouse's interest, if any, in any Optioned Shares is subject to, the terms of
this Agreement. Nothing in this Agreement shall create a community property
interest where none otherwise exists.

         16. Dispute Resolution. All disputes and controversies of every kind
and nature between any parties hereto arising out of or in connection with this
Agreement or the transactions described herein as to the construction, validity,
interpretation or meaning, performance, non-performance, enforcement, operation
or breach, shall be submitted to arbitration pursuant to the arbitration
procedures set forth in the Employment Agreement.

         17. Participant's Representations. Notwithstanding any of the
provisions hereof, the Participant hereby agrees that he will not exercise the
Stock Option granted hereby, and that the Company will not be obligated to issue
any shares to the Participant hereunder, if the exercise thereof or the issuance
of such shares shall constitute a violation by the Participant or the Company of
any provision of any law or regulation of any governmental authority or any rule
of any stock exchange or inter-dealer quotation system on which such

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shares are listed or traded, provided that the foregoing shall not be deemed to
be a limitation of any other obligation of the Company hereunder or under the
Employment Agreement.

         18. Investment Representation. Unless the Common Stock is issued to him
in a transaction registered under applicable federal and state securities laws,
by his execution hereof, the Participant represents and warrants to the Company
that all Common Stock which may be purchased hereunder will be acquired by the
Participant for investment purposes for his own account and not with any intent
for resale or distribution in violation of federal or state securities laws.
Unless the Common Stock is issued to him in a transaction registered under the
applicable federal and state securities laws, all certificates issued with
respect to the Common Stock shall bear an appropriate restrictive investment
legend and shall be held indefinitely, unless they are subsequently registered
under the applicable federal and state securities laws or the Participant
obtains an opinion of counsel, in form and substance satisfactory to the Company
and its counsel, that such registration is not required. The Company hereby
agrees that from and after the time the Participant ceases to be an employee of
the Company, it will not apply any policy or procedure to preclude hedging
transactions with respect to the shares of the Company held by the Participant
and that any policy relating to trading in the Company's capital stock shall not
apply to the Participant.

         19. Lock Up. In connection with an underwritten public offering of
Common Stock, upon the request of the Company or the principal underwriter
managing such public offering, no shares of Common Stock received by the
Participant under this Award Agreement may be sold, offered for sale or
otherwise disposed of without the prior written consent of the Company or such
underwriter, as the case may be, for up to one hundred eighty (180) days after
the effectiveness of the registration statement filed in connection with such
offering, if all of the Company's directors and officers agree to be similarly
bound, and releases from any and all lock-up agreements in connection with such
offering are granted on a pro-rata basis. This Section 19 shall cease to apply
to any such shares of Common Stock sold to the public pursuant to an effective
registration statement or an exemption from the registration requirements of the
Securities Act in a transaction that otherwise complied with the terms of this
Award Agreement and the Plan, and shall no longer apply six (6) months after the
Participant ceases to be an officer, director, or 5% or more stockholder of the
Company.

         20. Participant's Acknowledgments. The Participant acknowledges receipt
of a copy of the Plan, which is annexed hereto, and represents that he or she is
familiar with the terms and provisions thereof.

         21. Law Governing. This Agreement shall be governed by, construed, and
enforced in accordance with the laws of the State of Delaware (excluding any
conflict of laws rule or principle of Delaware law that might refer the
governance, construction, or interpretation of this agreement to the laws of
another state).

         22. No Right to Continue Service or Employment. Nothing herein shall be
construed to confer upon the Participant the right to continue in the employ or
to provide services to the Company or any Subsidiary, whether as an employee or
as a consultant or as an Outside Director, or interfere with or restrict in any
way the right of the Company or any Subsidiary to discharge the Participant as
an employee, consultant or Outside Director at any time; provided, that the
foregoing shall in no way limit any right to which Executive is entitled under
the Employment Agreement.

         23. Legal Construction. In the event that any one or more of the terms,
provisions, or agreements that are contained in this Agreement shall be held by
a Court of competent jurisdiction to be invalid, illegal, or unenforceable in
any respect for any reason, the invalid, illegal, or unenforceable term,
provision, or agreement shall not affect any other term, provision, or agreement
that is contained in this Agreement and this Agreement shall be construed in all
respects as if the invalid, illegal, or unenforceable term, provision, or
agreement had never been contained herein.

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         24. Covenants and Agreements as Independent Agreements. Each of the
covenants and agreements that is set forth in this Agreement shall be construed
as a covenant and agreement independent of any other provision of this
Agreement. The existence of any claim or cause of action of the Participant
against the Company, whether predicated on this Agreement or otherwise, shall
not constitute a defense to the enforcement by the Company of the covenants and
agreements that are set forth in this Agreement.

         25. Entire Agreement. This Agreement, together with the Employment
Agreement and the other Transaction Agreements (as defined in the Employment
Agreement) executed concurrently herewith (the "OTHER AGREEMENTS"), supersede
any and all other prior understandings and agreements, either oral or in
writing, between the parties with respect to the subject matter hereof and
constitute the sole and only agreements between the parties with respect to the
said subject matter. All prior negotiations and agreements between the parties
with respect to the subject matter hereof are merged into this Agreement and the
Other Agreements. Each party to this Agreement acknowledges that no
representations, inducements, promises, or agreements, orally or otherwise, have
been made by any party or by anyone acting on behalf of any party, which are not
embodied in this Agreement, the Other Agreements and that any agreement,
statement or promise that is not contained in this Agreement, the Other
Agreements shall not be valid or binding or of any force or effect.

         26. Parties Bound. The terms, provisions, and agreements that are
contained in this Agreement shall apply to, be binding upon, and inure to the
benefit of the parties and their respective heirs, executors, administrators,
legal representatives, and permitted successors and assigns, subject to the
limitation on assignment expressly set forth herein.

         27. Modification. No change or modification of this Agreement shall be
valid or binding upon the parties unless the change or modification is in
writing and signed by the parties.

         28. Headings. The headings that are used in this Agreement are used for
reference and convenience purposes only and do not constitute substantive
matters to be considered in construing the terms and provisions of this
Agreement.

         29. Gender and Number. Words of any gender used in this Agreement shall
be held and construed to include any other gender, and words in the singular
number shall be held to include the plural, and vice versa, unless the context
requires otherwise.

         30. Notice. Any notice required or permitted to be delivered hereunder
shall be deemed to be delivered only when actually received by the Company or by
the Participant, as the case may be, at the addresses set forth below, or at
such other addresses as they have theretofore specified by written notice
delivered in accordance herewith:

                  a. Notice to the Company shall be addressed and delivered as
         follows:

                           Liberte Investors Inc.
                           200 Crescent Court, Suite 1365
                           Dallas, Texas 75201
                           Attn: Chairman
                           Facsimile: (214) 871-5942

                  b. Notice to the Participant shall be addressed and delivered
         as set forth on the signature page.

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         31. Tax Requirements. The Participant, upon exercise of any portion of
the Stock Option, shall be required to pay the Company the amount of all taxes
which the Company is required to withhold as a result of the exercise of the
Stock Option; such obligation to pay such taxes may be satisfied by any of the
following or any combination thereof: (a) the delivery of cash to the Company in
an amount that equals or exceeds (to avoid the issuance of fractional shares
under (c) below) the required tax withholding obligation of the Company; (b) if
the Company, in its sole discretion, so consents in writing, the actual delivery
by the exercising Participant to the Company of shares of Common Stock other
than (i) Restricted Stock or (ii) Common Stock that the Participant owns but has
acquired from the Company within six months prior to the date of exercise, which
shares so delivered have an aggregate Fair Market Value that equals or exceeds
(to avoid the issuance of fractional shares under (c) below) the required tax
withholding payment; or (c) the Company's withholding of a number of shares to
be delivered upon the exercise of the Stock Option, which shares so withheld
have an aggregate Fair Market Value that equals (but does not exceed) the
required tax withholding payment; provided that, shares cannot be withheld in
connection with the exercise of a Stock Option in excess of the minimum number
required for tax withholding, and to permit the Stock Option to be accounted for
as a fixed award. Any such withholding payments with respect to the exercise of
any portion of the Stock Option in cash or by actual delivery of shares of
Common Stock shall be required to be made within thirty (30) days after the
delivery to the Participant of any certificate representing the shares of Common
Stock acquired upon exercise of the Stock Option. The Company may, in its
discretion, withhold such taxes from any other remuneration paid by the Company
or a Subsidiary to the Participant.

         32. Option Cash-out. The Company may only make provisions for a cash
payment to the holder of this Stock Option, as contemplated by Article 11 or
Section 12.3 of the Plan, in the event and subject to the consummation of the
sale of substantially all of the assets or capital stock of the Company for
cash.

         33. Failure to Pay Option Price; Notice to Participant. Section 8.3(c)
of the Plan shall not apply to this Option unless the Participant receives from
the Company written notice of an event giving rise to the forfeiture right
described in Section 8.3(c) of the Plan and the Participant fails to cure such
event within five (5) days after his receipt of such notice.

                                 * * * * * * * *

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         IN WITNESS WHEREOF, the Company has caused this Award Agreement to be
executed by its duly authorized officer, and the Participant, to evidence his
consent and approval of all the terms hereof, has duly executed this Agreement,
as of the date specified in Section 1 hereof.

                                       LIBERTE INVESTORS INC.:

                                       By: /s/ Gerald J. Ford
                                          --------------------------------------
                                       Name: Gerald J. Ford
                                       Title: Chairman

                                       DONALD J. EDWARDS:

                                       /s/ Donald J. Edwards
                                       -----------------------------------------
                                       Signature

                                       Address: 1857 N. Fremont Street
                                                Chicago, Illinois 60614

                                       9<PAGE>

                                                                    EXHIBIT 10.4

                            INDEMNIFICATION AGREEMENT

     This INDEMNIFICATION AGREEMENT (the "AGREEMENT") is made and entered into
as of the 1st day of July, 2002, by and between Liberte Investors Inc., a
Delaware corporation (including any successors thereto, the "COMPANY"), and
Donald J. Edwards ("INDEMNITEE").

                                    RECITALS:

     A. Competent and experienced persons are reluctant to serve or to continue
to serve corporations as directors, officers, or in other capacities unless they
are provided with adequate protection through insurance or indemnification (or
both) against claims and actions against them arising out of their service to
and activities on behalf of those corporations.

     B. The current uncertainties relating to the availability of adequate
insurance for directors and officers have increased the difficulty for
corporations to attract and retain competent and experienced persons.

     C. The Board of Directors of the Company (the "BOARD") has determined that
the continuation of present trends in litigation will make it more difficult to
attract and retain competent and experienced persons, that this situation is
detrimental to the best interests of the Company's stockholders, and that the
Company should act to assure its directors and officers that there will be
increased certainty of adequate protection in the future.

     D. It is reasonable, prudent, and necessary for the Company to obligate
itself contractually to indemnify its directors and officers to the fullest
extent permitted by applicable law in order to induce them to serve or continue
to serve the Company.

     E. Indemnitee is willing to serve and continue to serve the Company on the
condition that he be indemnified to the fullest extent permitted by law.

     F. Concurrently with the execution of this Agreement, Indemnitee is
agreeing to serve or to continue to serve as a director or officer of the
Company.

                                   AGREEMENTS:

     NOW, THEREFORE, in consideration of the foregoing premises, Indemnitee's
agreement to serve or continue to serve as a director or officer of the Company,
and the covenants contained in this Agreement, the Company and Indemnitee hereby
covenant and agree as follows:

     1. Certain Definitions:

          For purposes of this Agreement:

          (a) Change of Control: shall mean the occurrence of any of the
following events:

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               (i) The acquisition by any individual, entity, or group (within
the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
1934, as amended (the "EXCHANGE ACT"))(a "PERSON") of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or
more of either (x) the then outstanding shares of common stock of the Company
(the "OUTSTANDING COMPANY COMMON STOCK") or (y) the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in
the election of directors (the "OUTSTANDING COMPANY VOTING SECURITIES");
provided, however, that for purposes of this paragraph (i), the following
acquisitions shall not constitute a Change of Control: (A) any acquisition
directly from the Company or any Subsidiary thereof, (B) any acquisition by the
Company or any Subsidiary thereof, (C) any acquisition by any employee benefit
plan (or related trust) sponsored or maintained by the Company or any Subsidiary
of the Company, or (D) any acquisition by any entity or its security holders
pursuant to a transaction which complies with clauses (A) and (B) of paragraph
(iii) below; or

               (ii) Individuals who, as of the date of this Agreement,
constitute the Board (the "INCUMBENT BOARD") cease for any reason to constitute
at least a majority of the Board; provided, however, that any individual
becoming a director subsequent to the date of this Agreement whose election, or
nomination for election by the Company's stockholders, was approved by a vote of
at least a majority of the directors then comprising the Incumbent Board shall
be considered as though such individual were a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with
respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the
Board; or

               (iii) Consummation of a reorganization, merger, or consolidation
or sale or other disposition of all or substantially all of the assets of the
Company or an acquisition of assets of another entity (a "BUSINESS
COMBINATION"), in each case, unless, immediately following such Business
Combination, (A) the individuals and entities who were the beneficial owners,
respectively, of the Outstanding Company Common Stock and Outstanding Company
Voting Securities immediately prior to such Business Combination beneficially
own, directly or indirectly, more than 50% of, respectively, the then
outstanding shares of common stock or other equity interests and the combined
voting power of the then outstanding voting securities entitled to vote
generally in the election of directors (or similar governing body), as the case
may be, of the entity resulting from such Business Combination (including,
without limitation, an entity which as a result of such transaction owns the
Company or all or substantially all of the Company's assets either directly or
through one or more Subsidiaries) in proportions not materially different from
their ownership, immediately prior to such Business Combination, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities, as
the case may be, and (B) at least a majority of the members of the board of
directors (or similar governing body) of the entity resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of
the initial agreement, or of the action of the Board, providing for such
Business Combination, or

               (iv) Approval by the stockholders of the Company of a complete
liquidation or dissolution of the Company.

                                       2
<PAGE>

          (b) Claim: shall mean any threatened, pending, or completed action,
suit, or proceeding (including, without limitation, securities laws actions,
suits, and proceedings and also any cross claim or counterclaim in any action,
suit, or proceeding), whether civil, criminal, arbitral, administrative, or
investigative in nature, or any inquiry or investigation (including discovery),
whether conducted by the Company or any other Person.

          (c) Expenses: shall mean all costs, fees and expenses (including,
without limitation, attorneys' and expert witnesses' fees and disbursements,
fees of private investigators and professional advisors, court costs, transcript
costs and travel expenses), and obligations paid or incurred in connection with
investigating, defending (including affirmative defenses and counterclaims),
being a witness in, or participating in (including on appeal), or preparing to
defend, be a witness in, or participate in, any Claim relating to any
Indemnifiable Event.

          (d) Indemnifiable Event: shall mean any actual or alleged act,
omission, statement, misstatement, event, or occurrence related to the fact that
Indemnitee is or was a director, officer, agent, or fiduciary of the Company, or
is or was serving at the request of the Company as a director, officer, trustee,
agent, or fiduciary of another corporation, partnership, joint venture, employee
benefit plan, trust, or other enterprise, or by reason of any actual or alleged
thing done or not done by Indemnitee in any such capacity. For purposes of this
Agreement, the Company agrees that Indemnitee's service on behalf of or with
respect to any Subsidiary or employee benefits plan of the Company or any
Subsidiary of the Company shall be deemed to be at the request of the Company.

          (e) Indemnifiable Liabilities: shall mean all Expenses and all other
liabilities, damages (including, without limitation, punitive, exemplary, and
the multiplied portion of any damages), judgments, payments, fines, penalties,
amounts paid in settlement, and awards paid or incurred that arise out of, or in
any way relate to, any Indemnifiable Event.

          (f) Potential Change of Control: shall be deemed to have occurred if
(i) the Company enters into an agreement, the consummation of which would result
in the occurrence of a Change of Control; (ii) any Person (including the
Company) publicly announces an intention to take or to consider taking actions
that, if consummated, would constitute a Change in Control; or (iii) the Board
adopts a resolution to the effect that, for purposes of this Agreement, a
Potential Change of Control has occurred.

          (g) Reviewing Party: shall mean (i) a member or members of the Board
who are not parties to the particular Claim for which Indemnitee is seeking
indemnification or (ii) if a Change of Control has occurred and Indemnitee so
requests, or if the members of the Board so elect, or if all of the members of
the Board are parties to such Claim, Special Counsel.

          (h) Special Counsel: shall mean special, independent legal counsel
selected by Indemnitee and approved by the Company (which approval shall not be
unreasonably withheld), and who has not otherwise performed material services
for the Company or for Indemnitee within the last three years (other than as
Special Counsel under this Agreement or similar agreement).

                                       3
<PAGE>

          (i) Subsidiary: shall mean, with respect to any Person, any
corporation or other entity of which a majority of the voting power of the
voting equity securities or equity interest is owned, directly or indirectly, by
that Person.

     2. Indemnification and Expense Advancement.

          (a) The Company shall indemnify Indemnitee and hold Indemnitee
harmless to the fullest extent permitted by law, as soon as practicable but in
any event no later than 30 days after written demand is presented to the
Company, from and against any and all Indemnifiable Liabilities. In connection
with the foregoing obligation, the Company agrees that the Reviewing Party shall
make a determination (in a written opinion, in any case in which Special Counsel
is involved) as to Indemnitee's entitlement to indemnification under Section 145
of the Delaware General Corporation Law, as amended from time to time
("APPLICABLE LAW"). Notwithstanding the foregoing, nothing contained in this
Agreement shall require any determination under this Section 2(a) to be made by
the Reviewing Party prior to the disposition or conclusion of the Claim against
the Indemnitee. If there has been a Change of Control, the Reviewing Party shall
be Special Counsel, if Indemnitee so requests, in accordance with the terms of
Section 3 hereof.

          (b) If so requested by Indemnitee, the Company shall advance to
Indemnitee all reasonable Expenses incurred by Indemnitee to the fullest extent
permitted by law (or, if applicable, reimburse Indemnitee for any and all
reasonable Expenses incurred by Indemnitee and previously paid by Indemnitee)
within ten business days after such request (an "EXPENSE ADVANCE"). The Company
shall be obligated from time to time at the request of Indemnitee to make or pay
an Expense Advance in advance of the final disposition or conclusion of any
Claim and in advance of any determination by the Reviewing Party as to
Indemnitee's entitlement to indemnification hereunder.

          (c) If, when, and to the extent that the Reviewing Party determines
that Indemnitee would not permitted to be indemnified with respect to a Claim
under Applicable Law, the Company shall be entitled to be reimbursed by
Indemnitee and Indemnitee hereby agrees to reimburse the Company without
interest (which agreement shall be an unsecured obligation of Indemnitee) for
all related Expense Advances theretofore made or paid by the Company in the
event that it is determined that indemnification would not be permitted under
Applicable Law, if and only to the extent such reimbursement is required by
Applicable Law; provided, however, that if Indemnitee commences legal
proceedings in a court of competent jurisdiction to secure a determination that
Indemnitee could be indemnified under Applicable Law, any determination made by
the Reviewing Party that Indemnitee would not be permitted to be indemnified
under Applicable Law shall not be binding, and the Company shall be obligated to
continue to make Expense Advances until a final judicial determination is made
with respect thereto (as to which all rights of appeal therefrom have been
exhausted or lapsed), which determination shall be conclusive and binding. If
there has been no determination by the Reviewing Party or if the Reviewing Party
determines that Indemnitee substantively is not permitted to be indemnified in
whole or part under Applicable Law, Indemnitee shall have the right to commence
litigation in the Delaware Court of Chancery to enforce the Company's
obligations and the Indemnitee's rights under this Agreement or to challenge any
adverse determination made by the Reviewing Party or any aspect thereof, and the
Company hereby consents to service of process and to appear in any such
proceeding.

                                       4
<PAGE>

          (d) Nothing in this Agreement, however, shall require the Company to
indemnify Indemnitee with respect to any Claim initiated by Indemnitee, other
than a Claim solely seeking enforcement of the Company's indemnification
obligations to Indemnitee or the Indemnitee's rights under this Agreement, any
counterclaims or affirmative defenses asserted by Indemnitee in an action
brought against Indemnitee, or a Claim authorized by the Board.

     3. Change of Control. The Company agrees that if there is a Change of
Control and if Indemnitee requests in writing that Special Counsel be the
Reviewing Party, then Special Counsel shall be the Reviewing Party. In such a
case, the Company agrees not to request or seek reimbursement from Indemnitee of
any indemnification payment or Expense Advances unless Special Counsel has
rendered its written opinion to the Company and Indemnitee that the Company was
not or is not permitted under Applicable Law to indemnify Indemnitee. However,
if Indemnitee has commenced legal proceedings in a court of competent
jurisdiction to secure a determination that Indemnitee could be indemnified
under Applicable Law, any determination made by Special Counsel that Indemnitee
would not be permitted to be indemnified under Applicable Law shall not be
binding, and the Company shall be obligated to continue to make Expense
Advances, until a final judicial determination is made with respect thereto (as
to which all rights of appeal therefore have been exhausted or lapsed), which
determination shall be conclusive and binding. The Company agrees to pay the
fees of Special Counsel and to indemnify Special Counsel against any and all
expenses (including attorneys' fees), claims, liabilities, and damages arising
out of or relating to this Agreement or Special Counsel's engagement pursuant
hereto.

     4. Establishment of Trust. In the event of a Potential Change of Control or
a Change of Control, the Company shall, upon written request by Indemnitee,
create a trust for the benefit of Indemnitee (the "TRUST") and from time to time
upon written request of Indemnitee shall fund the Trust in an amount equal to
all Indemnifiable Liabilities reasonably anticipated at the time to be incurred
in connection with any Claim. The amount to be deposited in the Trust pursuant
to the foregoing funding obligation shall be determined by the Reviewing Party.
The terms of the Trust shall provide that, upon a Change of Control, (i) the
Trust shall not be revoked or the principal thereof invaded, without the written
consent of Indemnitee; (ii) the trustee of the Trust shall advance, within ten
business days of a request by Indemnitee, any and all reasonable Expenses to
Indemnitee (and Indemnitee hereby agrees to reimburse the Trust under the
circumstances in which Indemnitee would be required to reimburse the Company for
Expense Advances under this Agreement), (iii) the Trust shall continue to be
funded by the Company in accordance with the funding obligation set forth above;
(iv) the trustee of the Trust shall promptly pay to Indemnitee all amounts for
which Indemnitee shall be entitled to indemnification pursuant to this
Agreement; and (v) all unexpended funds in the Trust shall revert to the Company
upon a final determination by the Reviewing Party or a court of competent
jurisdiction, as the case may be, that Indemnitee has been fully indemnified
under the terms of this Agreement. The trustee of the Trust shall be chosen by
Indemnitee, and shall be an institution that is not affiliated with Indemnitee.
Nothing in this Section 4 shall relieve the Company of any of its obligation
under this Agreement.

     5. Indemnification for Additional Expenses. The Company shall indemnify
Indemnitee against any and all costs and expenses (including attorneys' and
expert witnesses' fees) and, if requested by Indemnitee, shall (within two
business days of that request) advance those costs and

                                       5
<PAGE>

expenses to Indemnitee, that are incurred by Indemnitee if Indemnitee, whether
by formal proceedings or through demand and negotiation without formal
proceedings: (a) seeks to enforce Indemnitee's rights under this Agreement, (b)
seeks to enforce Indemnitee's rights to expense advancement or indemnification
under any other agreement or provision of the Company's Certificate of
Incorporation (the "CERTIFICATE OF INCORPORATION") or Bylaws (the "BYLAWS") now
or hereafter in effect relating to Claims for Indemnifiable Events, or (c) seeks
recovery under any directors' and officers' liability insurance policies
maintained by the Company, in each case regardless of whether Indemnitee
ultimately prevails; provided that a court of competent jurisdiction has not
found Indemnitee's claim for indemnification or expense advancements under the
foregoing clauses (a), (b) or (c) to be frivolous, presented for an improper
purpose, without evidentiary support, or otherwise sanctionable under Federal
Rule of Civil Procedure No. 11 or an analogous rule or law, and provided
further, that if a court makes such a finding, Indemnitee shall reimburse the
Company for all amounts previously advanced to Indemnitee pursuant to this
Section 5. Subject to the provisos contained in the preceding sentence, to the
fullest extent permitted by law, the Company waives any and all rights that it
may have to recover its costs and expenses from Indemnitee.

     6. Partial Indemnity. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some, but not all, of
Indemnitee's Indemnifiable Liabilities, the Company shall indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled.

     7. Contribution.

          (a) Contribution Payment. To the extent the indemnification provided
for under any provision of this Agreement is determined (in the manner
hereinabove provided) not to be permitted under applicable law, the Company, in
lieu of indemnifying Indemnitee, shall, to the extent permitted by law,
contribute to the amount of any and all Indemnifiable Liabilities incurred or
paid by Indemnitee for which such indemnification is no permitted. The amount
the Company contributes shall be in such proportion as is appropriate to reflect
the relative fault of Indemnitee, on the one hand, and of the Company and any
and all other parties (including officers and directors of the Company other
than Indemnitee) who may be at fault (collectively, including the Company, the
"THIRD PARTIES"), on the other hand.

          (b) Relative Fault. The relative fault of the Third Parties and the
Indemnitee shall be determined (i) by reference to the relative fault of
Indemnitee as determined by the court or other governmental agency or (ii) to
the extent such court or other governmental agency does not apportion relative
fault, by the Reviewing Party after giving effect to, among other things, the
relative intent, knowledge, access to information, and opportunity to prevent or
correct the relevant events, of each party, and other relevant equitable
considerations. The Company and Indemnitee agree that it would not be just and
equitable if contribution were determined by pro rata allocation or by any other
method of allocation that does take account of the equitable considerations
referred to in this Section 7(b).

     8. Burden of Proof. In connection with any determination by the Reviewing
Party or in any judicial proceeding to determine whether Indemnitee is entitled
to be indemnified under any provisions of this Agreement or to receive
contribution pursuant to Section 7 of this Agreement, to

                                       6
<PAGE>

the extent permitted by law the burden of proof shall be on the Company to
establish that Indemnitee is not so entitled.

     9. No Presumption. For purposes of this Agreement, the termination of any
Claim by judgment, order, settlement (whether with or without court approval),
or conviction, or upon a plea on nolo contendere, or its equivalent, or an entry
of an order of probation prior to judgment shall not create a presumption (other
than any presumption arising as a matter of law that the parties may not
contractually agree to disregard) that Indemnitee did not meet any particular
standard of conduct or have any particular belief or that a court has determined
that indemnification is not permitted by applicable law.

     10. Non-exclusivity; Changes in Law. The rights of Indemnitee hereunder
shall be in addition to any other rights Indemnitee may have under the Bylaws or
Certificate of Incorporation or the Delaware General Corporation Law or
otherwise. To the extent that a change in the Delaware General Corporation Law
(whether by statute or judicial decision) permits greater indemnification or
advancement of expenses by agreement than would be afforded currently under this
Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by
this Agreement the greater benefits so afforded by that change, and this
Agreement shall be deemed to be amended to such extent. Indemnitee's rights
under this Agreement shall not be diminished by any amendment to the Certificate
of Incorporation or Bylaws, or of any other agreement or instrument to which
Indemnitee is not a party, and shall not diminish any other rights that
Indemnitee now or in the future has against the Company.

     11. Liability Insurance. The Company shall use commercially reasonable
efforts to obtain and maintain in effect an insurance policy or policies with a
reputable insurer providing directors' and officers' liability insurance
coverage to Indemnitee in an amount which is not less than the greater of (i)
$10 million, or (ii) the maximum amount of coverage available for the most
favorably insured of the Company's officers and directors, which policy or
policies shall name the Indemnitee as an insured in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's officers and directors.

     12. Period of Limitations. No action, lawsuit, or proceeding may be brought
against Indemnitee or Indemnitee's spouse, heirs, executors, or personal or
legal representatives, nor may any cause of action be asserted in any such
action, lawsuit, or proceeding, by or on behalf of the Company, after the
expiration of two years after the statute of limitations commences with respect
to Indemnitee's act or omission that gave rise to the action, lawsuit,
proceeding, or cause of action; provided, however, that, if any shorter period
of limitations is otherwise applicable to any such action, lawsuit, proceeding,
or cause of action, the shorter period shall govern.

     13. Amendments. No supplement, modification, or amendment of this Agreement
shall be binding unless executed in writing by both of the parties hereto. No
waiver of any provision of this Agreement shall be effective unless in a writing
signed by the party granting the waiver. No waiver of any of the provisions of
this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall that waiver constitute a
continuing waiver.

                                       7
<PAGE>

     14. Other Sources. Indemnitee shall not be required to exercise any rights
that Indemnitee may have against any other Person (for example, under an
insurance policy) before Indemnitee enforces his rights under this Agreement.
However, to the extent the Company actually indemnifies Indemnitee or advances
him Expenses, the Company shall be subrogated to the rights of Indemnitee and
shall be entitled to enforce any such rights which Indemnitee may have against
third parties. Indemnitee shall assist the Company in enforcing those rights if
it pays his costs and expenses of doing so. If Indemnitee is actually
indemnified or advanced Expenses by any third party, then, for so long as
Indemnitee is not required to disgorge the amounts so received, to that extent
the Company shall be relieved of its obligation to indemnify Indemnitee or
advance Indemnitee Expenses.

     15. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective
successors, assigns (including any direct or indirect successor by merger or
consolidation), spouses, heirs, and personal and legal representatives. This
Agreement shall continue in effect regardless of whether Indemnitee continues to
service as an officer or director of the Company or another enterprise at the
Company's request.

     16. Severability. If any provision of this Agreement is held to be illegal,
invalid, or unenforceable under present or future laws effective during the term
hereof, that provision shall be fully severable; this Agreement shall be
construed and enforced as if that illegal, invalid, or unenforceable provision
had never comprised a part hereof; and the remaining provisions shall remain in
full force and effect and shall not be affected by the illegal, invalid, or
unenforceable provision or by its severance from this Agreement. Furthermore, in
lieu of that illegal, invalid, or unenforceable provision, there shall be added
automatically as a part of this Agreement a provision as similar in terms to the
illegal, invalid, or unenforceable provision as may be possible and be legal,
valid, and enforceable.

     17. Governing Law; Consent to Jurisdiction; Service of Process. This
Agreement shall be governed by and construed and enforced in accordance with the
laws of the State of Delaware applicable to contracts made and to be performed
in that state without giving effect to the principles of conflicts of laws. Each
of the Company and the Indemnitee hereby irrevocably and unconditionally
consents to submit to the exclusive jurisdiction of the Court of Chancery of the
State of Delaware and the courts of the United States of America located in the
State of Delaware (the "DELAWARE COURTS") for any litigation arising out of or
relating to this Agreement and the transactions contemplated hereby (and agrees
not to commence any litigation relating thereto except in such courts), waives
any objection to the laying of venue of any such litigation in the Delaware
Courts and agrees not to plead or claim in any Delaware Court that such
litigation brought therein has been brought in an inconvenient forum. Each of
the parties hereto agrees (a) to the extent such party is not otherwise subject
to service of process in the State of Delaware, to appoint and maintain an agent
in the State of Delaware as such party's agent for acceptance of legal process,
and (b) that service of process may also be made on such party by prepaid
certified mail with a proof of mailing receipt validated by the United States
Postal Service constituting evidence of valid service. Service made pursuant to
(a) or (b) above shall have the same legal force and effect as if served upon
such party personally within the State of Delaware.

                                       8
<PAGE>

     18. Headings. The headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of
this Agreement.

     19. Notices. Whenever this Agreement requires or permits notice to be given
by one party to the other, such notice shall be in writing and shall be deemed
to have been duly given (a) when delivered by hand, (b) when transmitted by
facsimile and receipt is acknowledged, or (c) if mailed by certified or
registered mail with postage prepaid, on the third business day after the date
on which it is so mailed, to the address of the respective party as listed on
the signature page hereto, or to such other address as may have been furnished
in the same manner by any party to the other. Receipt of a notice by the
Secretary of the Company shall be deemed receipt of such notice by the Company.

     20. Complete Agreement. This Agreement and the other agreements entered
into concurrently herewith by the Company and the Indemnitee constitute the
complete understanding and agreement among the parties with respect to the
subject matter hereof and supersedes all prior agreements and understandings
between the parties with respect to the subject matter hereof, other than any
indemnification rights that Indemnitee may enjoy under the Certificate of
Incorporation, the Bylaws, or the Delaware General Corporation Law.

     21. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but in making proof
hereof it shall not be necessary to produce or account for more than one such
counterpart.

                                    * * * * *

                                       9
<PAGE>

          EXECUTED as of the date first written above.

                                       LIBERTE INVESTORS INC.

                                       By: /s/ Gerald J. Ford
                                           -------------------------------------
                                           Name: Gerald J. Ford
                                           Title: Chairman

                                       INDEMNITEE

                                       /s/ Donald J. Edwards
                                       -----------------------------------------
                                       Donald J. Edwards

                                       10

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