Document:

<PAGE>
                                                                   EXHIBIT 10.10

                          EXECUTIVE EMPLOYMENT CONTRACT

         THIS AGREEMENT made as of July 1, 2001 by and between PMC Capital,
Inc., a Florida Corporation with its principal places of business in Dallas,
Collin County, Texas, hereinafter referred to as the "CORPORATION", and Cheryl
T. Murray, hereinafter referred to as "EXECUTIVE".

                                WITNESSETH THAT:

         In consideration of the promises herein contained, the parties hereto
mutually agree as follows:

         1. Employment: The Corporation hereby employs the Executive as its
General Counsel with such powers and duties as may be specified by the Board of
Directors. The Executive hereby accepts employment upon the terms and conditions
as hereinafter set forth.

         2. Term: Subject to the provisions for termination as hereinafter
provided, the term of this Agreement shall begin immediately and shall terminate
on the earlier of (i) the Executive's seventieth (70th) birthday or (ii) July
31, 2004 or such later date as determined by the Board of Directors (the
"Term"). The Term of this Executive Employment Contract may be extended annually
by the Board of Directors.

         3. Compensation: For all services rendered by the Executive under this
contract, the Executive shall be paid an annual salary at a minimum at the
annual rate for the Executive effective as of July 1, 1998 (the "Minimum Rate").
The Minimum Rate may be increased by the Board at its discretion. The annual
salary is payable pursuant to the normal payroll practices of the Corporation.

         The Board of Directors may consider bonus compensation for the
Executive if the performance of the Corporation and the Executive justifies such
bonus compensation.

<PAGE>

         4. Authorized Expenses: The Executive is authorized to incur reasonable
expenses for the promotion of the business of the Corporation. The Corporation
will reimburse the Executive for all such reasonable expenses upon the
presentation by the Executive, from time to time, of an itemized account of such
expenditures.

         5. Extent of Services: The Executive shall devote a substantial portion
of business time, attention and energies to the business of the Corporation, and
shall not, during the term of this Agreement, engage in any other business
activities, whether or not such activities are pursued for gain, profit or other
pecuniary advantage. This provision is not meant to prevent him from A) devoting
reasonable time to civic or philanthropic activities or B) investing his assets
in such form or manner providing that it does not require any substantial
services on the part of the Executive that will interfere with the Executive's
employment pursuant to this Agreement. Executive's employment is considered as
full-time.

         6. Working Facilities: The Executive shall be furnished with such
facilities and services suitable to his position and adequate for the
performance of his duties.

         7. Duties: The Executive is employed in an executive and supervisory
capacity and shall perform such duties consistent herewith as the Board of
Directors of the Corporation shall from time to time specify. Subject to the
provisions of Section 14 hereof, the precise services of the Executive may be
extended or curtailed, from time to time, at the discretion of the Board of
Directors of the Corporation.

         8. Disclosure of Information: The Executive recognizes and acknowledges
that the Corporation's operating procedures or service techniques are valuable,
special and unique assets of the Corporation's business. The Executive will not,
during or after the term of his employment, disclose the list of the
Corporation's operating procedures or service techniques to

<PAGE>

any person, firm, corporation, association or other entity for any reason or
purpose whatsoever. In the event of breach or threatened breach by the Executive
of the provisions of this paragraph, the Corporation shall be entitled to an
injunction restraining any such breach. Nothing herein shall be construed as
prohibiting the Corporation from pursuing any other remedies available to the
Corporation for such breach or threatened breach, including the recovery of
damages from the Executive.

         9. Vacations: The Executive shall be entitled each year to a vacation
in accordance with the vacation policy of the Corporation.

         10. Disability: If the Executive is unable to perform his services by
reason of illness or total incapacity, based on standards similar to those
utilized by the U.S. Social Security Administration, he shall receive his full
salary for one (1) year of said total incapacity through coordination of
benefits with any existing disability insurance program provided by the
Corporation ( a reduction in salary by that amount paid by any Corporation
provided insurance). Should said Executive be totally incapacitated beyond a
one-year period, so that he is not able to devote full time to his employment
with said Corporation, then this Agreement shall terminate.

         11. Death During Employment: If the Executive dies during the term of
employment and has not attained the age of seventy years, the Corporation and/or
any third party insurance provided by the Corporation, through a coordination of
benefits, shall pay the estate of the Executive a death benefit equal to two
times the Executive's annual salary. In the event the Executive receives death
benefits payable under any group life insurance policy issued to the
Corporation, the Corporation's liability under this clause will be reduced by
the amount of the death benefit paid under such policy. The Corporation shall
pay any remaining death benefits to the estate of the Executive over the course
of twelve (12) months in the same manner and under

<PAGE>

the same terms as the Executive would have been paid if he had still been
working for the Corporation. No later than one (1) month from the date of death,
the estate of the Executive will also be paid any accumulated vacation pay. Such
payments pursuant to this paragraph shall constitute the full compensation of
said Executive and he and his estate shall have no further claim for
compensation by reason of his employment by the Corporation.

         12. Assignment: The acts and obligations of the Corporation under this
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of the Corporation.

         13. Invalidity: If any paragraph or part of this Agreement is invalid,
it shall not affect the remainder of this Agreement but the remainder shall be
binding and effective against all parties.

         14. Additional Compensation: If during the Term, this Agreement is
terminated by the Corporation (other than pursuant to the provisions of Section
15 hereof) or by the Executive due to "Constructive Discharge" then the
Executive shall receive termination pay in an amount equal to 2.99 times the
average of the last three years compensation. For purposes of this Agreement,
"Constructive Discharge" shall mean:

                  o Any reduction in salary below the Minimum Rate;

                  o A material change diminishing the Executive's job function,
                  authority, duties or responsibilities, or a similar change
                  deteriorating Executive's working conditions that would not be
                  in accordance with the spirit of this Agreement;

                  o A required relocation of Executive of more than 35 miles
                  from Executive's current job location; or requires Executive
                  to travel away from Executive's office in the course of
                  discharging Executive's responsibilities in excess of that
                  typically required of executives in similar positions.

<PAGE>

                  o Any breach of any of the terms of this Agreement by the
                  Corporation which is not cured within 14 days following
                  written notice thereof by Executive to the Corporation.

The amount payable by the Corporation pursuant to this Section 14 shall be made
in one lump sum cash payment payable to the Executive no later than 30 days
following termination of this Agreement.

         15. Termination: The Corporation cannot terminate this agreement except
for: 1) the intentional, unapproved misuse of corporate funds, 2a) professional
incompetence (i.e. the intentional refusal to perform or the inability to
perform the duties associated with Executive's position with the Corporation in
a competent manner, which is not cured within 15 days following written notice
to Executive) or 2b) willful neglect of duties or responsibilities in either
case not otherwise related to or triggered by the occurrence of any event or
events described in or prescribed by Section 14 hereof.

         16. Indemnification: The Corporation hereby agrees to indemnify and
hold the Executive harmless from any loss for any corporate undertaking, as
contemplated in Section 7 hereof, whereby a claim, allegation or cause of action
shall be made against the Executive in the performance of his contractual duties
except for willful illegal misconduct. Said indemnification shall include but
not be limited to reasonable cost incurred in defending the Executive in his
faithful performance of contractual duties.

         17. Entire Agreement: This contract may not be changed except in
writing and embodies the whole Agreement between the parties hereto and there
are no inducements, promises, terms, conditions or obligations made or entered
into by the Corporation or the Executive other than contained herein. This
Executive Employment Contract supercedes and replaces that certain Executive
Employment Contract dated July 1, 2000 between the Corporation and the
Executive.

<PAGE>

         IN WITNESS WHEREOF, the parties here hereunto signed and sealed this
Agreement the date first above written.

Signed, Sealed and Delivered                    "Corporation"
In the presence of:                                PMC Capital, Inc.

                                                By: Lance B. Rosemore
                                                   -----------------------------
                                                    President

                                                    "EXECUTIVE"

                                                By: Cheryl T. Murray,
                                                   -----------------------------
                                                    General Counsel

                                                (CORPORATE SEAL)<PAGE>
                                                                   EXHIBIT 10.18

                       THIRD AMENDMENT TO CREDIT AGREEMENT

         THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered
into as of June 12, 2001, among PMC CAPITAL, INC., a Florida corporation
("Borrower"), certain Lenders, and BANK ONE, NA, with its main office in
Chicago, Illinois, successor by merger to Bank One, Texas, N.A. ("Administrative
Agent").

                             PRELIMINARY STATEMENT:

         Borrower, Administrative Agent and Lenders are party to that certain
Credit Agreement (as renewed, extended, amended and restated, the "Credit
Agreement") dated as of March 22, 2000, pursuant to which the Lenders have made
and may hereafter make loans to Borrower. Borrower, Administrative Agent and
Lenders have agreed to amend the Credit Agreement in order to temporarily
increase the Commitment under the Credit Agreement to $25,000,000.

         Accordingly, for adequate and sufficient consideration, the receipt of
which is hereby acknowledged, Borrower, Administrative Agent and Lenders agree
as follows:

1. Defined Terms; References. Unless otherwise stated in this Amendment (a)
terms defined in the Credit Agreement have the same meanings when used in this
Amendment and (b) references to "Sections," "Schedules" and "Exhibits" are to
sections, schedules and exhibits to the Credit Agreement.

2. Amendment.

                  The defined term "Commitment" in Section 1.1 of the Credit
                  Agreement is amended in its entirety as follows:

                  "Commitment" means an amount (subject to reduction or
                  cancellation as herein provided) equal to (a) $15,000,000 for
                  the period between March 22, 2000 and June 11, 2001, (b)
                  $25,000,000 for the period between June 12, 2001 and August 1,
                  2001 and (c) $15,000,000 at any time thereafter.

3. Conditions Precedent. Notwithstanding any contrary provisions, the foregoing
paragraphs in this Amendment are not effective unless and until (a) the
representations and warranties in this Amendment are true and correct, (b)
Lender receives counterparts of this Amendment executed by each party named
below and (c) Lender receives a replacement promissory note in the stated
principal amount of $25,000,000.

4. Ratifications. This Amendment modifies and supersedes all inconsistent terms
and provisions of the Credit Documents, and except as expressly modified and
superseded by this Amendment, the Credit Documents are ratified and confirmed
and continue in full force and effect. Borrower, Administrative Agent and
Lenders agree that the Credit Documents, as amended by this Amendment, continue
to be legal, valid, binding and enforceable in accordance with their respective
terms.

<PAGE>

5. Representations and Warranties. Borrower hereby represents and warrants to
Administrative Agent and Lenders that (a) this Amendment and any Credit
Documents to be delivered under this Amendment have been duly executed and
delivered by Borrower, (b) no action of, or filing with, any Governmental
Authority is required to authorize, or is otherwise required in connection with,
the execution, delivery, and performance by Borrower of this Amendment and any
Credit Document to be delivered under this Amendment, (c) this Amendment and any
Credit Documents to be delivered under this Amendment are valid and binding upon
Borrower and are enforceable against Borrower in accordance with their
respective terms, except as limited by any applicable Debtor Relief Laws, (d)
the execution, delivery and performance by Borrower of this Amendment and any
Credit Documents to be delivered under this Amendment do not require the consent
of any other Person and do not and will not constitute a violation of any
Governmental Requirements, agreements or understandings to which Borrower is a
party or by which Borrower is bound, (e) the representations and warranties
contained in the Credit Agreement, as amended by this Amendment, and any other
Credit Document are true and correct in all material respects as of the date of
this Amendment, and (f) as of the date of this Amendment, no Event of Default or
Potential Default exists or is imminent.

6. References. All references in the Credit Documents to the "Credit Agreement"
refer to the Credit Agreement as amended by this Amendment. This Amendment is a
"Credit Document" referred to in the Credit Agreement and the provisions
relating to Credit Documents in the Credit Agreement are incorporated by
reference, the same as if set forth verbatim in this Amendment.

7. Counterparts. This Amendment may be executed in any number of counterparts
with the same effect as if all signatories had signed the same document.

8. Parties Bound. This Amendment binds and inures to the benefit of Borrower,
Administrative Agent and each Lender, and, subject to Section 13 of the Credit
Agreement, their respective successors and assigns.

9. Entirety. THIS AMENDMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS AMENDMENT,
AND THE OTHER CREDIT DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
FOR THE TRANSACTIONS THEREIN, AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENT BETWEEN THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENT BETWEEN THE PARTIES.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.
                            SIGNATURE PAGE FOLLOWS.]

                                       2
<PAGE>

         EXECUTED as of the date first stated above.

                                         BANK ONE, NA,
                                         as Administrative Agent and a Lender

                                         By:
                                            ------------------------------------
                                             Bradley C. Peters,  Vice President

                                         PMC CAPITAL, INC.,
                                         as Borrower

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

                                       3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}]]