Document:

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                                                                  EXHIBIT 10.35

              AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

      This Amended and Restated Executive Employment Agreement (the "Agreement")
is entered into by and between Elevon, Inc. (the "Company"), a Delaware
corporation, and Stanley Vogler ("Executive"), effective as of November 19, 2002
("Effective Date").

                                   WITNESSETH

            WHEREAS, the Company and Executive desire to amend and restate that
certain Executive Employment Agreement, effective as of February 1, 2000 (the
"Original Agreement"), between Executive and the Company's predecessor, Walker
Interactive Systems, Inc.

            WHEREAS, subject to the terms and conditions hereinafter set forth,
the Company desires to continue to employ the Executive as its Chief Financial
Officer and the Executive desires to continue such employment.

            NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

      1. EMPLOYMENT BY THE COMPANY. The Company hereby employs Executive to
render full-time services to the Company as its Chief Financial Officer.
Executive shall have responsibilities, duties and authorities that are
customarily associated with such position, and such other duties that are
assigned by the Chief Executive Officer.

      2. COMPENSATION. The Company agrees to compensate Executive as follows:

            2.1 Base Salary. The Company shall pay Executive a base salary at
the rate of $250,000 per year. Such base salary shall be paid pursuant to the
Company's ordinary business practice, and shall be subject to ordinary payroll
deductions and tax withholdings. Subsequent changes to the base salary rate, if
any, shall be determined by the Board from time to time.

            2.2 Incentive Bonus Plan. Executive will be eligible for an
incentive bonus. Target bonus will be 55% of base salary for on-plan
performance. Results above plan will have accelerated payout with no cap. Bonus
amounts will be set annually by Compensation Committee of the Board and paid
annually in cash. The specific terms of the incentive bonus (e.g., performance
targets, payment terms, etc.) will be agreed upon by the Executive and the Chief
Executive Officer with concurrence of the Board and will be documented
separately. Changes to the incentive bonus plan for subsequent years will be
determined by the Board.

            2.3 Sign-on, Temporary Living and-Relocation Bonus. In connection
with the execution of the Original Agreement, the Company provided the Executive
a one-time "signing bonus" of $60,000 which can be drawn down by the Executive
in total or in progress payments anytime beginning 30 days after the Effective
Date. This amount represents payment in full for all relocation, temporary
living, related commuting and any similar expenses. This amount can be
structured in a flexible and tax-advantaged manner if possible at Executive's
option, but will not be "grossed up" or increased should Executive's actual
expenses exceed this amount.

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Payments will be subject to withholding for payroll and income taxes to the
extent required by law.

            2.4 Stock Options. The Executive has been granted stock options to
purchase an aggregate total of 200,000 shares of the Company's common stock. The
terms of such options are as set forth in the Company's stock option plans and
standard form stock option agreement.

            2.5 Other Benefits. The Company will provide Executive with health
insurance and other benefits consistent with Company policy for senior
executives.

      3. OUTSIDE ACTIVITIES. Executive will be able to serve on up to two Board
of Director positions provided these activities do not conflict with or diminish
Executive's ability to conduct his duties as the Company's Chief Financial
Officer. Any renewal of these Board positions, any new Board positions or any
other professional activities unrelated to the Company will require the prior
approval of the Company's Board of Directors.

      4. PROPRIETARY AND CONFIDENTIAL INFORMATION OBLIGATIONS. Executive has
executed the Company's standard Proprietary Information Agreement. Executive
further acknowledges that these obligations continue upon termination of
Executive's employment with the Company.

      5. EMPLOYEE HANDBOOK. By signing this Agreement, Executive acknowledges
that he has received and read the Company's employee handbook. Executive agrees
to abide by all Company policies and procedures.

      6. NONSOLICITATION. While employed by the Company and for two (2) years
thereafter, Executive agrees that in order to protect the Company's confidential
and proprietary information from unauthorized use, Executive will not, either
directly or through others, solicit or attempt to solicit: any employee,
consultant or independent contractor providing services to the Company within
the prior six (6) months at the time of the Executive's termination of
employment, to terminate his or her relationship with the Company in order to
become an employee, consultant or independent contractor to or for any other
person or business entity; or the business of the sort provided by the Company
to any customer, vendor or distributor of the Company which, at the time of
termination or six (6) months immediately prior thereto, was listed on the
Company's customer, vendor or distributor list.

      7. TERMINATION OF EMPLOYMENT. Executive and the Company each acknowledge
that either party has the right to terminate Executive's employment with the
Company at any time for any reason whatsoever, with or without advance notice.
This at-will employment relationship cannot be changed except in writing signed
by a duly authorized officer of the Company.

            7.1 Company-Initiated Termination.

                  (a) If the Executive's employment terminates due to an
Involuntary Termination Without Cause (a "Company Termination"), Executive shall
be entitled to receive

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the following benefits, as severance: (i) continued payment of Executive's Base
Salary (as defined in Section 7.9(a)) for twelve (12) months following the date
of such termination; (ii) an amount equal to Executive's Bonus (as defined in
Section 7.9(b)); (iii) COBRA Continuation Benefits; (iv) the portion of
Executive's stock options that would have vested on or before the date twelve
(12) months from the occurrence of the Covered Termination shall accelerate and
immediately become vested and exercisable; and (v) the period during which
Executive may exercise any and all stock options deemed vested as of the date of
Executive's termination shall be extended such that Executive will have twelve
(12) months after the date of such termination to exercise such options
(provided that any such extension shall not extend the maximum term during which
any such option may be exercised beyond ten (10) years). This Section 7.1(a)
shall expire and be of no further force or effect with respect to Executive upon
the occurrence of a Change of Control.

                  (b) Notwithstanding Section 7.1(a) above, if following a
Change of Control the Executive's employment terminates due to an Involuntary
Termination Without Cause or a Constructive Termination, such termination of
employment will be deemed a "Covered Termination." In the event of a Covered
Termination, Executive shall be entitled to receive the following benefits, as
severance: (i) continued payment of Executive's Base Salary (as defined in
Section 7.9(a)) for twelve (12) months following the date of such termination;
(ii) an amount equal to Executive's Bonus (as defined in Section 7.9(b)); (iii)
COBRA Continuation Benefits; (iv) Executive's stock options that are unvested on
or before the date of occurrence of the Covered Termination shall accelerate and
immediately become vested and exercisable; and (v) the period during which
Executive may exercise any and all stock options deemed vested as of the date of
Executive's termination shall be extended such that Executive will have twelve
(12) months after the date of such termination to exercise such options
(provided that any such extension shall not extend the maximum term during which
any such option may be exercised beyond ten (10) years).

                  (c) In the event Executive's employment is terminated at any
time with Cause, all of Executive's compensation and benefits will cease
immediately, and Executive shall not be entitled to any severance benefits.

                  (d) Except as expressly provided herein, Executive will not be
entitled to any other compensation, severance, pay-in-lieu of notice or any
other such compensation. This severance provision does not affect the "at will"
nature of Executive's employment.

                  (e) Any severance payments to Executive with respect to a
Company Termination or a Covered Termination shall be subject to applicable
withholding for appropriate federal, state, local (and foreign, if applicable)
income and employment taxes, and shall be payable at such time or times as the
Company may elect; provided that Executive shall not receive such severance
payments at a rate slower than the Company's regularly scheduled payment dates
for payroll and bonus, as applicable. If Executive is indebted to the Company at
his date of termination, the Company reserves the right to offset any severance
payment under this Agreement by the amount of such indebtedness. In no event
shall payment of any such severance payment be made prior to Executive's date of
termination or in the absence of an effective release pursuant to Section 7.6.

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            7.2 Executive-Initiated Termination. Executive may voluntarily
terminate his employment with the Company at any time by giving the Chief
Executive Officer thirty (30) days written notice. In the event Executive
voluntarily terminates his employment with the Company, all of Executive's
compensation and benefits will cease as of the termination date. Executive
acknowledges that he will not receive any severance pay or benefits upon such
voluntary termination. Termination of Executive's employment due to a
Constructive Termination that constitutes a Covered Termination shall not be
treated as a "voluntary termination" covered by this Section 7.2.

            7.3 Accrued Vacation Pay. In addition to any other amount payable
under this Section 7, Executive will be entitled to receive any accrued vacation
pay in accordance with the Company's vacation pay policy then in effect for
employees generally.

            7.4 Mitigation. Except as otherwise specifically provided herein,
Executive shall not be required to mitigate damages or the amount of any payment
provided under this Agreement by seeking other employment or otherwise, nor
shall the amount of any payment provided for under this Agreement be reduced by
any compensation earned by Executive as a result of employment by another
employer or by any retirement benefits received by Executive after the date of
the termination of Executive's employment or otherwise.

            7.5 Tax Consequences. Executive acknowledges that he has been
advised by the Company to consult with a tax advisor or attorney with respect to
the tax consequences, if any, of this Agreement to his stock option grants.

            7.6 Employee Agreement And Release Prior to Receipt of Benefits.
Upon the occurrence of a Company Termination or a Covered Termination, and prior
to the receipt of any benefits under this Agreement on account of such
termination, Executive shall execute the Employee Agreement and Release (the
"Release") in the form attached hereto as Exhibit A. Such Release shall
specifically relate to all of Executive's rights and claims in existence at the
time of such execution and shall confirm Executive's obligations under the
Company's standard form of proprietary information and inventions agreement. It
is understood that Executive has twenty-one (21) calendar days to consider
whether to execute such Release, and Executive may revoke such Release within
seven (7) calendar days after execution. In the event Executive does not execute
such Release within the twenty-one (21)-day period, or if Executive revokes such
Release within the subsequent seven (7)-day period, no benefits shall be payable
under this Agreement, and this Agreement shall be null and void.

            7.7 Limitation on Competitive Activities. While employed by the
Company and during the twelve (12) month period after the occurrence of a
Company Termination or a Covered Termination, Executive will not directly or
indirectly (whether for compensation or without compensation), as an individual
proprietor, partner, stockholder, officer, employee, consultant, director, joint
venturer, investor, lender, or in any other capacity whatsoever (other than as
the holder of not more than one percent (1%) of the total outstanding stock of a
publicly held company), engage in any business activity that is competitive with
the business of the Company ("Competitive Activity"). For purposes of this
Agreement, "Competitive Activity"

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shall be deemed to include, without limitation, obtaining employment, performing
work or providing services to SAP, PeopleSoft, Oracle, Hyperion or QSP (or any
related corporation, partnership or other related entity). These Competitive
Activities are prohibited in addition to any limitations on Executive's
activities set forth in his Proprietary Information Agreement with the Company,
and they are considered by the parties hereto to constitute a reasonable
restriction for the purpose of protecting the business of the Company. However,
if any such limitation is found by a court of competent jurisdiction to be
unenforceable because it extends for too long a period or over too great a range
of activities or in too broad a geographic area, it shall be interpreted to
extend only over the maximum period of time, range of activities or geographic
area as to which it may be enforceable. If Executive does not comply with any of
the foregoing, no benefits shall be payable under this Agreement, any benefits
previously paid to Executive pursuant to this Agreement shall be repaid or
surrendered to the Company, and this Agreement shall be null and void.

            7.8 CERTAIN REDUCTIONS IN PAYMENTS.

                  (a) Anything in this Agreement to the contrary
notwithstanding, in the event that any payment, distribution or other benefit
provided by the Company to or for the benefit of Executive (whether paid or
payable or provided or to be provided pursuant to the terms of this Agreement or
otherwise) (a "Payment") would (i) constitute a "parachute payment" within the
meaning of Section 280G of the Internal Revenue Code of 1986 ("the Code") and
(ii) but for this Section 7.8, be subject to the excise tax imposed by Section
4999 of the Code (the "Excise Tax"), then, in accordance with this Section 7.8,
such Payments shall be reduced to the maximum amount that would result in no
portion of the Payments being subject to the Excise Tax, but only if and to the
extent that such a reduction would result in Executive's receipt of Payments
that are greater than the net amount Executive would receive (after application
of the Excise Tax) if no reduction is made. The amount of required reduction, if
any, shall be the smallest amount so that the Executive's net proceeds with
respect to the Payments (after taking into account payment of any Excise Tax and
all federal, state and local income, employment or other taxes) shall be
maximized. If, notwithstanding any reduction described in this Section 7.8 (or
in the absence of any such reduction), the Internal Revenue Service (the "IRS")
determines that a Payment is subject to the Excise Tax (or subject to a
different amount of the Excise Tax than determined by the Company or the
Executive), then Section 7.8(c) shall apply. If the Excise Tax is not eliminated
pursuant to this Section 7.8, Executive shall pay the Excise Tax.

                  (b) All determinations required to be made under this Section
7.8 shall be made by the Company's independent auditors. Such auditors shall
provide detailed supporting calculations both to the Company and Executive. Any
such reasonable determination by the Company's independent auditors shall be
binding upon the Company and Executive. The Executive shall determine which and
how much of the Payments, including without limitation any option acceleration
benefits provide under this Agreement or any option ("Option Benefits"), as the
case may be, shall be eliminated or reduced consistent with the requirements of
this Section 7.8, provided that, if Executive does not make such determination
within ten (10) business days of the receipt of the calculations made by the
Company's independent auditors, the Company shall elect which and how much of
the Option Benefits or other Payments, as the case may be, shall be eliminated
or reduced consistent with the requirements of this Section 7.8, and

<PAGE>

then the Company shall notify Executive promptly of such election. Within five
(5) business days thereafter, the Company shall pay to or distribute to or for
the benefit of Executive such amounts as are then due to Executive under this
Agreement.

                  (c) As a result of the uncertainty in the application of
Section 280G of the Code at the time of the initial determination by the
Company's independent auditors hereunder, it is possible that Option Benefits or
other Payments, as the case may be, will have been made by the Company which
should not have been made ("Overpayment") or that additional Option Benefits or
other Payments, as the case may be, which will not have been made by the Company
could have been made ("Underpayment"), in each case, consistent with the
calculations required to be made hereunder. In the event that the Company's
independent auditors, based upon the assertion of a deficiency by the IRS
against Executive or the Company which the Company's independent auditors
believe has a high probability of success, determine that an Overpayment has
been made, any such Overpayment paid or distributed by the Company to or for the
benefit of Executive shall be treated for all purposes as a loan ab initio to
Executive which Executive shall repay to the Company together with interest at
the applicable federal rate provided for in Section 7872(f)(2) of the Code;
provided, however, that no such loan shall be deemed to have been made and no
amount shall be payable by Executive to the Company if and to the extent such
deemed loan and payment would not either reduce the amount on which Executive is
subject to tax under Section 1 and Section 4999 of the Code or generate a refund
of such taxes. In the event that the Company's independent auditors, based upon
controlling precedent or other substantial authority, determine that an
Underpayment has occurred, any such Underpayment shall be promptly paid by the
Company to or for the benefit of Executive together with interest at the
applicable federal rate provided for in Section 7872(f)(2) of the Code.

            7.9 DEFINITIONS. For purposes of this Section 7, the following terms
are defined as follows:

                  (a) "Base Salary" means Executive's base salary (excluding
overtime, bonuses, draws, commissions and other forms of additional compensation
and benefits), at the rate in effect during the last regularly scheduled payroll
period immediately preceding any termination of Executive's employment.

                  (b) "Bonus" means the average of the amount of Executive's
bonus for the previous two (2) fiscal years of the Company.

                  (c) "Cause" means any of the following, as determined in good
faith by the Board: (i) an intentional act which materially injures the Company;
(ii) an intentional refusal or failure to follow lawful and reasonable
directions of the Board or an individual to whom Executive reports (as
appropriate); (iii) a willful and habitual neglect of duties; or (iv) a
conviction of a felony involving moral turpitude which is reasonably likely to
inflict or has inflicted material injury on the Company.

                  (d) "Change of Control" means that the Company (i) merges or
combines with any other company or entity and the Company is not the surviving
corporation, or the stockholders of the Company immediately prior to the merger
or consolidation do not hold a

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majority of the shares of the resulting corporation; (ii) sells all or
substantially all its assets to any other company or entity; or (iii) has forty
percent (40%) or more of its stock acquired by a person and/or affiliates of
such person.

                  (e) "COBRA Continuation Benefits" means that Executive shall
receive the following benefits: Executive and Executive's covered dependents who
are enrolled in a health or dental plan sponsored by the Company may be eligible
to continue coverage under such health or dental plan (or to convert to an
individual policy), at the time of the Executive's termination of employment
under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"). The
Company will notify the individual of any such right to continue health coverage
at the time of termination. The Company will continue to pay its share of
Executive's health insurance premiums until: (i) in the case of a Company
Termination, three (3) months after the date of termination; and (ii) in the
case of a Covered Termination, the earlier of twelve (12) months after the date
of termination or such time as the Executive becomes eligible to participate in
another employer's health insurance plan (the "COBRA Period"); provided that
Executive elects to continue coverage under COBRA and timely pays Executive's
portion of the premiums. No provision of this Agreement will affect the
continuation coverage rules under COBRA, except that the Company's payment of
any applicable insurance premiums during the COBRA Period will be credited as
payment by Executive for purposes of Executive's payment required under COBRA.
Therefore, the period during which Executive must elect to continue the
Company's group medical or dental coverage at his or her own expense under
COBRA, the length of time during which COBRA coverage will be made available to
the Executive, and all other rights and obligations of Executive under COBRA
(except the obligation to pay insurance premiums that the Company pays during
the COBRA Period) will be applied in the same manner that such rules would apply
in the absence of this Agreement.

                  (f) "Constructive Termination" means that Executive
voluntarily terminates employment after any of the following are undertaken
without Executive's express written consent: (A) the assignment to Executive of
any duties or responsibilities which result in a diminution or adverse change of
Executive's position, status or circumstances of employment; provided, however,
that a mere change in Executive's title or reporting relationship shall not
constitute a Constructive Termination; (B) a reduction by the Company in
Executive's Base Salary; (C) a relocation of Executive's business office to a
location more than thirty (30) miles from the location at which Executive
performs duties as of the date of this Agreement, except for required travel by
Executive on the Company's business to an extent substantially consistent with
Executive's business travel obligations; (D) any breach by the Company of any
provision of this Agreement or any other material agreement between Executive
and the Company concerning Executive's employment; (E) any failure by the
Company to obtain the assumption of this Agreement by any successor or assign of
the Company; or (F) any Change of Control.

                  (g) "Involuntary Termination Without Cause" means Executive's
dismissal or discharge other than for Cause. The termination of Executive's
employment as a result of Executive's death or disability will not be deemed to
be an Involuntary Termination Without Cause.

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      8. INDEMNIFICATION AND DIRECTORS AND OFFICERS INSURANCE. The Company shall
indemnify Executive for all acts or omissions of Executive while Executive is
serving as an officer or director of the Company to the fullest extent not
prohibited either by the Company's Certificate of Incorporation or Bylaws or by
the laws of the State in which the Company is incorporated. If the Company
chooses to insure some or all of this liability or related liabilities through
the purchase of a directors and officers liability insurance policy ("D&O
Insurance Policy"), Executive shall at all times be a named insured on such
policy while Executive is an officer or director of the Company and the Company
is paying the premiums on any D&O Insurance Policy.

      9. NON-EXCLUSIVITY. Nothing in this Agreement shall prevent or limit
Executive's continuing or future participation in any benefit, bonus, incentive
or other plans, programs, policies or practices provided by the Company and for
which Executive may otherwise qualify, nor shall anything herein limit or
otherwise affect such rights as Executive may have under other agreements with
the Company. Except as otherwise expressly provided herein, amounts which are
vested benefits or which Executive is otherwise entitled to receive under any
plan, policy, practice or program of the Company at or subsequent to the date of
a Covered Termination or Company Termination shall be payable in accordance with
such plan, policy, practice or program.

      10. NOTICES. All notices, request, consents and other communications
required or permitted to be given hereunder shall be in writing and shall be
deemed to have been duly given if personally delivered or delivered by
registered or certified mail (return receipt requested), or private overnight
mail (delivery confirmed by such service), to the address listed below (or to
such other address as either party shall designate by notice in writing to the
other in accordance herein):

  If to the Company:

    Elevon, Inc.
    Marathon Plaza Three North
    303 Second Street
    San Francisco, CA 94107
    Attention: Chief Financial Officer

  If to the Executive:

    Stanley Vogler
    [Home Address]

      11. GENERAL.

            11.1 Entire Agreement. This Agreement, together with the exhibits
and agreements referred to herein, sets forth the complete, final and exclusive
embodiment of the entire agreement between Executive and the Company with
respect to the subject matter hereof, and supersedes all other prior agreements,
representations and understandings, both written and

<PAGE>

oral, between the parties hereto with respect to the subject matter hereof
(including the Original Agreement). This Agreement is entered into without
reliance upon any promise, warranty or representation, written or oral, other
than those expressly contained herein, and it supersedes any other such
promises, warranties, representations or agreements.

            11.2 Severability. If a court of competent jurisdiction determines
that any term or provision of this Agreement is invalid or unenforceable, then
the remaining terms and provisions shall be unimpaired. Such court shall have
the authority to modify or replace the invalid or unenforceable term or
provision with a valid and enforceable term or provision which most accurately
represents the parties' intention with respect to the invalid or unenforceable
term or provision.

            11.3 Amendment or Termination of Agreement. This Agreement may be
changed or terminated upon the mutual written consent of the Company and
Executive. The written consent of the Company to a change or termination of this
Agreement must be signed by an executive officer of the Company after such
change or the Board has approved termination.

            11.4 Successors and Assigns. This Agreement shall bind the heirs,
personal representatives, successors, assigns, executors and administrators of
each party, and inure to the benefit of each party, its heirs, successors and
assigns. However, because of the unique and personal nature of Executive's
duties under this Agreement, Executive agrees not to delegate the performance of
his or her duties under this Agreement.

            11.5 Applicable Law. This Agreement shall be deemed to have been
entered into and shall be construed and enforced in accordance with the laws of
the State of California as applied to contracts made and to be performed
entirely within California.

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

            11.7 Counterparts. This Agreement may be executed in two
counterparts, each of which shall be deemed an original, all of which together
shall constitute one and the same instrument.

<PAGE>

            IN WITNESS WHEREOF, the parties have duly authorized and caused this
Agreement to be executed as follows:

                                        COMPANY:

                                        ELEVON, INC.

                                        By: /s/ DAVID C. WETMORE
                                        ------------------------
                                        Name: DAVID C. WETMORE
                                        Title: CHAIRMAN

                                        EXECUTIVE:
                                        /s/ STANLEY VOGLER
                                        ------------------------
                                        Stanley Vogler

<PAGE>

                                   Exhibit A

                         EMPLOYEE AGREEMENT AND RELEASE

      I understand and agree completely to the terms set forth in the foregoing
agreement.

      I hereby confirm my obligations under the Elevon, Inc. (the "Company")
proprietary information and inventions agreement.

      In granting the release herein, I acknowledge that I understand that I am
waiving the benefit of any provision of law in any jurisdiction to the following
effect: "A general release does not extend to claims which the creditor does not
know or suspect to exist in his favor at the time of executing the release,
which if known by him must have materially affected her settlement with the
debtor." (California Civil Code Section 1542). I hereby expressly waive and
relinquish all rights and benefits under that section and any law or legal
principle of similar effect in any jurisdiction with respect to the release of
unknown and unsuspected claims granted in this Agreement.

      Except as otherwise set forth in this Agreement, I hereby release, acquit
and forever discharge the Company, its parents and subsidiaries, and its and
their respective officers, directors, agents, servants, employees, shareholders,
successors, assigns and affiliates, of and from any and all claims, liabilities,
demands, causes of action, costs, expenses, attorneys fees, damages, indemnities
and obligations of every kind and nature, in law, equity, or otherwise, known
and unknown, suspected and unsuspected, disclosed and undisclosed (other than
any claim for indemnification I may have as a result of any third party action
against me based on my employment with the Company), arising out of or in any
way related to agreements, events, acts or conduct at any time prior to the date
I execute this Agreement, including but not limited to: all such claims and
demands directly or indirectly arising out of or in any way connected with my
employment with the Company or the termination of that employment, including but
not limited to, claims of intentional and negligent infliction of emotional
distress, any and all tort claims for personal injury, claims or demands related
to salary, bonuses, commissions, stock, stock options, or any other ownership
interests in the Company, vacation pay, fringe benefits, expense reimbursements,
severance pay, or any other form of compensation; claims pursuant to any
federal, state or local law or cause of action including, but not limited to,
the federal Civil Rights Act of 1964, as amended; the federal Age Discrimination
in Employment Act of 1967, as amended ("ADEA"); the federal Employee Retirement
Income Security Act of 1974, as amended; the federal Americans with Disabilities
Act of 1990; the California Fair Employment and Housing Act, as amended; tort
law; contract law; wrongful discharge; harassment; discrimination; fraud;
defamation; emotional distress; and breach of the implied covenant of good faith
and fair dealing; provided, however, that nothing in this paragraph shall be
construed in any way to release the Company from its obligation to indemnify me
pursuant to the Company's indemnification agreement.

      I acknowledge that I am knowingly and voluntarily waiving and releasing
any rights I may have under ADEA. I also acknowledge that the consideration
given for the waiver and release in the preceding paragraph hereof is in
addition to anything of value to which I was

<PAGE>

already entitled. I further acknowledge that I have been advised by this
writing, as required by the ADEA, that: (A) my waiver and release do not apply
to any rights or claims that may arise on or after the date I execute this
Agreement; (B) I have the right to consult with an attorney prior to executing
this Agreement; (C) I have twenty-one (21) days to consider this Agreement
(although I may choose to voluntarily execute this Agreement earlier); (D) I
have seven (7) days following the execution of this Agreement by the parties to
revoke the Agreement; and (E) this Agreement shall not be effective until the
date upon which the revocation period has expired, which shall be the eighth day
after this Agreement is executed by me, provided that the Company has also
executed this Agreement by that date (the "Effective Date").

Date: 11/19/02                          /s/ STANLEY VOGLER
                                        ------------------
                                        Stanley Vogler

Acknowledged and Agreed:

ELEVON, INC.

By: /s/ DAVID C. WETMORE
    --------------------
Name: DAVID C. WETMORE
Title: CHAIRMAN<PAGE>
                                                                     EXHIBIT 4.1

                               VESTIN GROUP, INC.
                                 [COMPANY LOGO]

                                SUBORDINATED NOTE

NUMBER ______________________________  DATE ISSUED________________________

PRINCIPAL AMOUNT $___________________  TERM ______________________________

ANNUAL PERCENTAGE YIELD  _____%        MATURITY DATE _____________________

                            INTEREST COMPOUNDED DAILY

                            PAYABLE ________________

VESTIN GROUP, INC., a Delaware corporation herein called the Company, for value
received, hereby promises to pay to:

(the "Holder" or "Noteholder")

      Interest payments shall be made by check delivered by mail to the address
of the Holder appearing on the Note register maintained by the Registrar (which
address may be changed from time to time by notice given by Holder in writing to
the Registrar) on the Regular Record Date preceding the subject Payment Date;
principal and interest payment at the end of the term hereof shall also be made
by check delivered by mail to the address of the Holder appearing on the Note
register maintained by the Registrar, or in person to Holder at the offices or
agency of the Paying Agent, in exchange for this Note. Holder shall be notified
prior to such payment of the address at which such payment shall occur. The
Company is currently acting as Paying Agent and Registrar. The Company may
change the Registrar or Paying Agent without notice to the Noteholder.

      All payments hereunder shall be made in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts.

      All interest on the Notes will be compounded daily and computed on the
basis of a calendar year.

      This Note is being issued pursuant to an Indenture dated as of
____________, 2003 ("Indenture") between the Company and U.S. Bank National
Association

                                      -1-
<PAGE>

as Trustee and in connection with an offering by the
Company of an aggregate of $500,000,000 U.S. principal amount of unsecured,
subordinated investment notes ("Notes") as described in the Company's Prospectus
dated March __, 2003, as amended and supplemented from time to time, and a
current interest rate supplement thereto. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended (15 U.S. Code ss.ss.77aaa-77bbbb)
("TIA"). The Notes are subject to all such terms, and Holder is referred to the
Indenture and such Act for a statement of such terms. All capitalized terms not
otherwise defined herein shall have the meaning given to such terms in the
Indenture.

      Reference is hereby made to the further provisions of this Note set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

      IN WITNESS WHEREOF, Vestin Group, Inc. has caused this Note to be signed
on the date first above written.

                      ISSUER:

                      VESTIN GROUP, INC.

(SEAL)                BY: ____________________________________

                      Attest: ________________________________
                              Officer of Company

                      COUNTERSIGNED AND REGISTERED BY
                      ________________________________________

                      ________________________________________

                      BY: ------------------------------------
                           Authorized Signature

                             [REVERSE SIDE OF NOTE]

      1. Subordination. The indebtedness evidenced by the Note shall be
postponed and subordinated and is subject in right of payment, to the extent and
in the manner set forth in the Indenture, to the prior payment in full of all
"Senior Debt" of the Company. "Senior Debt" means any indebtedness (whether
outstanding on the date of issuance of this Note or thereafter created) incurred
by the Company in connection with borrowings by the Company (including its
subsidiaries) whether such indebtedness is or is not specifically designated by
the Company as

                                      -2-
<PAGE>

being "Senior Debt" in its defining instruments. The Company agrees, and Holder
by accepting this Note consents and agrees, to the subordination provided for in
the Indenture and authorizes the Trustee to give it effect.

      2. Subrogation. As more fully set forth in the Indenture, subject to the
payment in full of all Senior Debt of the Company, Holder shall be subrogated to
the rights of the holders of Senior Debt of the Company to receive payments or
distributions of assets of the Company made on the Senior Debt of the Company
until the principal of and interest on this Note shall be paid in full, and for
purposes of such subrogation, no such payment or distributions to the holders of
Senior Debt of the Company of cash, property or securities, which otherwise
would be payable or distributable to Holder, shall be between the Company, its
creditors other than the holders of Senior Debt of the Company, and Holder, be
deemed to be a payment by the Company to or on account of this Note, it being
understood that the provisions of this paragraph are intended solely for the
purpose of defining the relative rights of Holder, on the one hand, and the
holders of Senior Debt of the Company, on the other hand.

      3. Nonimpairment. Nothing contained in this Note is intended to or shall
impair, as between the Company, the Company's creditors other than the holders
of Senior Debt of the Company, and Holder, the obligation of the Company, which
is absolute and unconditional, to pay to Holder the principal of and interest on
this Note, as and when the same shall become due and payable in accordance with
its terms, and which, subject to the rights under Article 10 of the Indenture of
the holders of Senior Debt of the Company, is intended to rank equally with all
other general obligations of the Company. In addition, nothing contained in this
Note is intended to or shall affect the relative rights of Holder and creditors
of the Company other than the holders of Senior Debt of the Company, nor shall
anything herein or therein prevent the Holder of this Note from exercising all
remedies otherwise permitted by the Indenture and applicable law upon the
occurrence of an Event of Default, subject to the rights, if any, under Article
10 of the Indenture of the holders of Senior Debt of the Company in respect of
cash, property or securities of the Company received upon the exercise of any
such remedy.

      4. Redemption by the Company. The Company may not redeem, in whole or in
part, any Note prior to its stated maturity, except upon 90 days prior written
notice to the Holder thereof listed on the records maintained by the Company.

      5. Right of Set-Off In Certain Circumstances. Subject to the conditions of
applicable law, if the holder of the Note is a borrower or guarantor on a loan
made by the Company's subsidiaries which becomes delinquent, the Company
reserves the right to set-off principal and interest payments due on the debt
securities against such delinquent loans. This right to set-off payments due on
the debt securities is subject to the Holder's agreement with the set-off terms
at the time the loan is originated or the guarantee is entered into.

      6. Events of Default. An Event of Default is:

            (a) Default in the payment of any interest upon this Note when it
becomes due and payable and continuance of such default for a period of 30 days
(whether or not prohibited by the subordination provisions of the Indenture); or

                                      -3-
<PAGE>

            (b) Default in the payment of principal of this Note when it becomes
due and payable at maturity (whether or not prohibited by the subordination
provisions of the Indenture) and continuance of such default for 30 days; or

            (c) Failure by the Company to comply with any of its agreements upon
a liquidation, consolidation, merger or transfer of substantially all of the
Company's assets (after notice and provided such default is not cured within 60
days after receipt of notice); or

            (d) Failure by the Company for 60 days after notice to comply with
any of its other agreements in the Indenture or this Note; or

            (e) Certain events of bankruptcy or insolvency (with respect to the
Company).

      If an Event of Default occurs and is continuing, the Trustee or the
holders of at least a majority in principal amount of the then outstanding Notes
may declare all the Notes to be due and payable immediately, except that in the
case of an Event of Default arising from certain events of bankruptcy or
insolvency, all outstanding Notes become due and payable immediately without
further action or notice. Holders of Notes may not enforce the Indenture or the
Notes except as provided in the Indenture. The Trustee may require indemnity
satisfactory to it before it enforces the Indenture or the Notes. Subject to
certain limitations, holders of a majority in principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any trust or powers.
The Trustee may withhold from Noteholders notice of any continuing default
(except a default in payment of principal or interest) if it determines that
withholding notice would have no material adverse effect on the Noteholders. The
Company must furnish an annual compliance certificate to the Trustee.

      7. Transfer and Exchange. The transfer of Notes may be registered and
Notes may be exchanged as provided in the Indenture. This Note may not be
assigned, transferred or otherwise alienated without the prior written consent
of the Company (which consent shall not be unreasonably withheld) and shall be
subject to the Company's right to demand and receive an opinion of Holder's
legal counsel (which counsel shall be reasonably acceptable to the Company) that
the transfer does not violate any applicable securities laws. The Company may
also require a signature guarantee.

      8. Automatic Extension. The Company will give the registered Noteholder a
written renewal notice at approximately twenty (20) but not less than fifteen
(15) days prior to the maturity date of the Note held by such Holder reminding
such Holder of the pending maturity of the Note and reminding the Holder that
the automatic extension provision described in the next paragraph will take
effect unless the Holder completes the renewal form, included with the renewal
notice, and returns it to the Company within seven days after the maturity date
indicating the Holder's intention to either have the Note redeemed or to change
the term of the maturing Note. The renewal notice will specify the new rate
applicable to the renewal term and will include a copy of the current supplement
to the prospectus related to such Note, which lists all of the rates applicable
to each term offered at the Holder's maturity date in the event the Holder
elects to select an alternative term upon the maturity of the Note. The renewal
notice will indicate that the Holder should have previously received a copy of
the updated prospectus, if applicable, and where the Holder can get another copy
of the prospectus. If the Holder does not return the renewal form, a second
renewal notice will be sent to the Holder advising the Holder of the automatic
renewal and indicating that the Holder has seven days from the maturity date to
notify the Company if the Holder does not want the Note to be automatically
renewed.

                                      -4-
<PAGE>
      The Note will automatically renew for an identical term at the rate
specified in the renewal notice unless the Holder completes and returns the
renewal form to the Company within seven days after the maturity date indicating
that the Holder wishes to either have the Note redeemed or convert the Note to
an alternative term.

      Until either the Company or the Holder terminate or redeem the Note, or
the Holder elects a new term, the Note will continue to renew as described
herein. Interest shall continue to accrue from the first day of such renewed
term. Such Note, as renewed, will continue in all its provisions, including
provisions relating to payment, except that the interest rate payable during any
renewed term shall be the interest rate which is being offered by the Company on
similar debt securities as of the renewal date. If similar Notes are not then
being issued, the interest rate upon renewal will be the rate specified by the
Company on or before the maturity date of such Note, or the Note's current rate
if no such rate is specified.

      If, at least seven (7) days prior to the maturity date of the Note, the
Company gives notice to a Holder of the Company's intention to repay a Note at
maturity, no interest will accrue after the maturity date for such Note.
Otherwise, if a Holder requests repayment within seven days after the maturity
date, the Company will pay interest on the Note during the period after the
Note's maturity date and prior to redemption at the lower of (i) the lowest
interest rate then being paid on Notes being offered by the Company to the
general public or (ii) the rate being paid on such Note immediately prior to its
maturity.

      9. Persons Deemed Owners. The registered Holder of a Note may be treated
as its owner for all purposes.

      10. Amendments and Waivers. Subject to certain exceptions, the Indenture
or the Notes may be amended or supplemented and any existing Default under, or
compliance with any provision of, the Indenture may be waived with the written
consent of the Holders of at least a majority in principal amount of the Notes
then outstanding. Without the consent of any Holder, the Company and the Trustee
may amend or supplement the Indenture or the Notes to cure any ambiguity, defect
or inconsistency; to provide for assumption of the Company's obligations to
holders of the debt securities in the case of a merger or consolidation; to
provide for additional uncertificated Notes or certificated Notes (if
applicable); to make any change that would provide any additional rights or
benefits to the holders of the Notes or that does not adversely affect the legal
rights under the indenture of any such holder, including an increase in the
aggregate dollar amount of debt securities which may be outstanding under the
Indenture; to modify the Company's policy to permit redemptions of the Notes
upon the death or total permanent disability of any holder of the Notes (but
such modification shall not adversely affect any then outstanding security); to
comply with requirements of the SEC in order to effect or maintain the
qualification of the Indenture under the Trust Indenture Act; or to make any
other change that may be required, provided that such change does not have a
material adverse effect on the Noteholders.

      11. Trustee Dealings with Company. So long as done in accordance with the
TIA, the Trustee, in its individual or any other capacity, may make loans to,
accept deposits from, and perform services for the Company or its Affiliates,
and may otherwise deal with the Company or its Affiliates, as if it were not
Trustee.

      12. No Recourse Against Others. A director, officer, employee,
incorporator or stockholder, of the Company, as such, shall not have any
liability for any obligations of the Company under the Notes or the Indenture or
for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issuance
of the Notes.

                                      -5-
<PAGE>

      13. Authentication. This Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent.

      The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture. Requests may be made to:

                               VESTIN GROUP, INC.
                                 2901 EL CAMINO
                             LAS VEGAS, NEVADA 89102

                         -------------------------------

      The following abbreviations, when used in the inscription on the face of
the within Note, shall be construed as though they were written out in full
according to applicable laws or regulations.

TEN COM   -   tenants in common
TEN ENT   -   tenants by the entireties
JT TEN    -   joint tenants with right of survivorship and not as tenants in
              common

UNIF GIFT MIN ACT - __________  Custodian_________________
                      (Cust)             (Minor)
                    under Uniform Gifts/Transfers to Minors
                    Act______________________________
                                  (State)

      Additional abbreviations may also be used though not in the above list.

                         -------------------------------

      FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers
unto

PLEASE INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE:

---------------------------------------------------

--------------------------------------------------------------------------------
               (NAME AND ADDRESS OF ASSIGNEE, INCLUDING ZIP CODE,
                              MUST BE TYPEWRITTEN)

                                      -6-
<PAGE>

--------------------------------------------------------------------------------
the within Note, and all rights thereunder, hereby irrevocably

--------------------------------------------------------------------------------
constitute and appoint

______________________________________________________________________ Attorney
to transfer said Note on the books of the Company, with full power of
substitution in the premises.

Dated:

                      -------------------------------------

NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Note in every particular, without alteration
or enlargement, or any change whatever.

                                      -7-

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