Document:

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                                                                   EXHIBIT 10.21

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                              EMPLOYMENT AGREEMENT

                                     between

                          ASSET ACCEPTANCE HOLDINGS LLC

                                       and

                               HEATHER K. REITZEL

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                         Dated as of September 30, 2002

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

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                               TABLE OF CONTENTS

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                                                        PAGE
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<S>                                                     <C>
 1. Employment; Term.................................    1
 2. Position and Duties..............................    1
 3. Compensation; Benefits...........................    2
 4. Exclusivity......................................    3
 5. Reimbursement for Expenses.......................    3
 6. Termination......................................    3
 7. Confidentiality and Non Competition..............    6
 8. Deductions from Compensation.....................    9
 9. Termination Benefits.............................    9
10. Injunctive Relief................................   10
11. Extension of Restricted Periods..................   10
12. Successors; Binding Agreement....................   10
13. Waiver and Modification..........................   10
14. Severability.....................................   10
15. Submission to Jurisdiction; Venue................   11
16. WAIVER OF JURY TRIAL.............................   12
17. Blue Pencilling..................................   12
18. Notices..........................................   12
19. Captions and Paragraph Headings..................   13
20. Entire Agreement.................................   13
21. Counterparts.....................................   14
22. Acknowledgment and Independent Legal Advice......   14
23. Governing Law....................................   14
</TABLE>

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                              EMPLOYMENT AGREEMENT

                  This EMPLOYMENT AGREEMENT is made and entered into this 30th
day of September, 2002, among ASSET ACCEPTANCE HOLDINGS LLC, a Delaware limited
liability company (the "Company"), and HEATHER K. REITZEL (the "Executive").

                  The Company acquired (the "Acquisition") substantially all of
the assets of AAC Holding Corp., a Nevada corporation and its subsidiaries and
affiliated entities (the "AAC Operating Companies") pursuant to a certain Asset
Contribution and Securities Purchase Agreement dated as of September 30, 2002,
among the Company, AAC Holding Corp., Consumer Credit Corp., a Michigan
corporation, the holders, directly or indirectly, of all the outstanding capital
stock of the AAC Operating Companies, and AAC Investors, Inc., a Virginia
corporation (the "Contribution Agreement"). The Executive has served the AAC
Operating Companies (or their predecessors) continuously during the past 22
years as a principal executive officer. The Executive's services have
constituted a material factor in the successful growth and development of the
AAC Operating Companies. The Company desires to retain the unique experience,
ability and services of the Executive and to prevent any other competitive
business from securing her services and utilizing her experience, background and
know-how.

                  NOW, THEREFORE, in consideration of the mutual covenants and
agreements contained herein, the parties hereto agree as follows:

         1.       EMPLOYMENT; TERM. The Company hereby agrees to employ the
Executive and the Executive hereby accepts employment with the Company, on the
terms and subject to the conditions hereinafter set forth in this Agreement. The
Executive's employment hereunder shall commence on the date hereof and shall end
on the third (3rd) anniversary of the date hereof unless otherwise terminated or
extended pursuant to the terms of this Agreement (the "Employment Period"). In
the event the Executive continues to be employed after the expiration of the
Employment Period or any extension (deemed or otherwise) thereof, and this
Agreement is not terminated or renewed in writing, then her employment (and the
Employment Period) shall be extended for a period of one year, and any other
provisions of this Agreement, to the extent applicable, shall remain in full
force and effect.

         2.       POSITION AND DUTIES. Subject to the terms and conditions
contained herein, the Executive shall serve as Executive Vice President of the
Company and, in such capacity, shall provide such services and perform such
functions, consistent with the nature of such position, as shall be determined
from time to time by, or pursuant to authority of, the board of directors of the
Company (the "Board of Directors") and such other reasonable duties as are from
time to time agreed to between the Chairman of the Board of Directors and the
Executive. The Executive shall have the authority set forth in the Authorization
Limits set forth in Schedule 1 attached hereto as such Schedule shall be amended
from time to time by the Board of Directors. The Executive shall observe all
directives, rules, policies, regulations, customs and practices now or hereafter
established by the Company for the conduct of its business to the extent the
foregoing are not materially inconsistent with the terms of this Agreement. The
Executive understands and agrees that she may be required to undertake normal
business travel from time to time.

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         3.       COMPENSATION; BENEFITS.

                  (a)      As compensation for the performance of the
         Executive's services hereunder, the Company shall pay to the Executive
         an annual salary (the "Regular Base Salary") of $60,000 (less
         deductions required by law) payable in arrears in accordance with the
         Company's payroll policy as the same may be modified by the Company
         from time to time. So long as this Agreement is in effect, the Regular
         Base Salary shall be subject to annual review, but shall not be reduced
         below $60,000.

                  (b)      The Executive shall be entitled to participate in the
         Company's Annual Incentive Compensation Plan for Key Management (the
         "Incentive Plan"), the terms and conditions of which, including the
         approval of Management's Annual EBITDA Forecast, will be determined by
         the Board of Directors from time to time, but shall be substantially in
         accordance with Schedule 2 hereto. Pursuant to such Plan, if
         Management's Annual EBITDA Forecast is achieved with respect to a
         fiscal year commencing with the fiscal year ending December 31, 2002,
         the Executive shall be entitled to receive in respect to such fiscal
         year an annual cash bonus (the "Bonus"), payable within thirty days
         after approval by the Board of Directors of the Company's audited
         financial statements following the end of such fiscal year. The terms
         and conditions of the Incentive Plan for the fiscal year ending
         December 31, 2002 are set forth in Schedule 2 hereto; provided that any
         Bonus payable for the fiscal year ending December 31, 2002, shall be
         pro rated as set forth in Schedule 2. Upon termination of employment,
         all rights to receive any Bonus for any period shall also terminate;
         provided, that if the Executive's employment is terminated during a
         fiscal year under the circumstances contemplated by Section 6(c) or
         6(d) and Management's Annual EBITDA Forecast for such fiscal year is
         achieved, the Executive shall be entitled to receive the pro rata
         portion (based upon the number of days in such fiscal year that the
         Executive was employed by the Company) of the Bonus, if any, that would
         have been paid to the Executive pursuant to this Section 3(b) at the
         time such Bonus would have been paid had the Executive's employment not
         been terminated under the circumstances contemplated by Section 6(c) or
         6(d).

                  (c)      During the Employment Period, the Executive shall be
         entitled to receive such other benefits and conditions of employment,
         including, without limitation, participation in such group health,
         life, and disability plans provided by the Company (such benefits
         collectively, the "Welfare Benefits"), as are afforded from time to
         time hereafter to the other senior executives of the Company with
         similar position, tenure, salary and other qualifications as the
         Executive's; provided that such Welfare Benefits shall be substantially
         the same as those enjoyed by the Executive with the AAC Operating
         Companies prior to the date hereof as set forth in Schedule 3.22 to the
         Contribution Agreement. The Executive acknowledges and agrees that the
         Company does not guarantee the adoption of any particular employee
         benefit plan or program or other fringe benefit during the Employment
         Period, and participation by the Executive in any such plan or program
         shall be subject to the rules and regulations applicable thereto.

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                  (d)      During the Employment Period the Executive shall be
         entitled to six (6) weeks' paid vacation during each full calendar year
         to be scheduled at the mutual convenience of the Executive and the
         Company. Any vacation not taken during a calendar year shall be
         forfeited. For 2002, the Executive's six (6) weeks of paid vacation
         shall include paid vacation time taken in 2002 and prior to the date
         hereof.

                  (e)      During the Employment Period the Company shall
         provide the Executive with a $500.00 per month allowance for an
         automobile for the Executive's business and personal use.

         4.       EXCLUSIVITY. During the Employment Period, and excluding any
periods of vacation and sick leave to which the Executive is entitled, the
Executive shall devote her full attention and time during normal business hours
to the business and affairs of the Company and at all times use her best efforts
to carry out such responsibilities faithfully and efficiently and to advance the
business of the Company. During the Employment Period, the Executive will not be
engaged in any other business activity which, in the reasonable judgment of the
Board of Directors or its designee, conflicts with the duties of the Executive
hereunder, whether or not such activity is pursued for gain, profit or other
pecuniary advantage. It shall not be considered a violation of the foregoing for
the Executive to (i) serve on civic or charitable boards or committees, (ii)
deliver lectures, fulfill speaking engagements or teach at educational
institutions and (iii) manage personal investments, including the Executive's
involvement in Arco Iris and FMC of Brasil, two Brazilian entities, in a manner
consistent with Rufus H. Reitzel, Jr.'s and Nathaniel F. Bradley IV's current
involvement, so long as such activities do not compete with and are not provided
to or for any entity that competes with or intends to compete with the Company
or any of its subsidiaries and affiliates and do not interfere significantly
with the performance of the Executive's responsibilities as an employee of the
Company in accordance with this Agreement.

         5.       REIMBURSEMENT FOR EXPENSES. Upon the presentation of itemized
vouchers and receipts to the reasonable satisfaction of the Company, the Company
shall reimburse the Executive for travel, meals, entertainment and other
expenses reasonably incurred by the Executive in the performance of her duties
under this Agreement in accordance with the Company's expense reimbursement
policy as the same may be modified by the Company from time to time.

         6.       TERMINATION.

                  (a)      The Company shall be entitled to terminate this
         Agreement and the employment relationship established hereby
         immediately for Cause by giving written notice of termination to the
         Executive of such termination in the event of the following:

                                    (i)      continual or deliberate neglect by
                  the Executive in the performance of her material duties under
                  this Agreement;

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                                    (ii)     failure by the Executive to devote
                  substantially all of her working time to the business of the
                  Company and its Subsidiaries in accordance with Section 4
                  hereof;

                                    (iii)    the Executive's willful failure to
                  follow the directives of the Board of Directors of the Company
                  in any material respect; provided that such directives are not
                  materially inconsistent with the terms of this Agreement;

                                    (iv)     the Executive's engaging willfully
                  in misconduct in connection with the performance of any of her
                  duties hereunder which is reasonably likely to result, in the
                  Board's good faith judgment, in material injury to the
                  reputation of the Company or any of its Subsidiaries,
                  including, without limitation, the misappropriation of funds;

                                    (v)      the Executive's breach of the
                  provisions of Section 7 or 8 of this Agreement or any other
                  noncompetition, noninterference, nondisclosure,
                  confidentiality or other similar agreement executed by the
                  Executive with the Company or any of its Subsidiaries; or

                                    (vi)     the Executive's engaging in conduct
                  which is reasonably likely to result, in the Board's good
                  faith judgment, in material injury to the reputation of the
                  Company or any of its Subsidiaries, including, without
                  limitation, commission of a felony, fraud, embezzlement or
                  other crime involving moral turpitude;

         provided that with respect to the events set forth in clauses (i)
         through (iii), the Executive shall have been given written notice of
         the act, omission or event constituting Cause and shall not have cured
         such act, omission or event within 30 days after the giving of such
         notice.

                  After the effective date of termination under this Section
         6(a), the Company shall not be obligated to make any further payments
         to the Executive under this Agreement, except for amounts due the
         Executive hereunder as of such effective date or amounts or benefits to
         which the Executive may be entitled under the terms of any employee
         benefit plan of the Company.

                  (b)      In the event that the Executive resigns, other than
         upon Retirement or for Substantial Breach (as those terms are
         hereinafter defined), this Agreement and the employment relationship
         established hereby shall terminate immediately upon the receipt by the
         Company of notice of the Executive's resignation. After the effective
         date of termination under this Section 6(b), the Company shall not be
         obligated to make any further payments under this Agreement, except for
         amounts due the Executive hereunder as of such effective date or for
         amounts or benefits to which the Executive may be entitled under the
         terms of any employee benefit plan of the Company.

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                  (c)      In the event that the Executive dies, Retires (as
         hereinafter defined) or becomes Disabled (as hereinafter defined)
         during the term of this Agreement, this Agreement and the employment
         relationship established hereby shall terminate immediately upon the
         date on which the Executive dies, Retires or becomes Disabled, as the
         case may be. After the effective date of termination under this Section
         6(c), the Company shall not be obligated to make any further payments
         under this Agreement, other than payment to the Executive or the
         Executive's heirs, devisees, executors, administrators, legal
         representatives or the trustee of a revocable trust of which the
         Executive is the grantor, as the case may be, of (i) all amounts due
         the Executive hereunder as of such effective date, including any
         amounts or benefits to which the Executive may be entitled under the
         terms of any employee benefit plan of the Company, as in effect on the
         effective date of such termination and (ii) the pro rata portion of the
         Bonus, if any, due to the Executive in accordance with Section 3(b).
         For purposes of this Section 6(c) "Retires" or "Retirement" shall mean
         the voluntary termination of employment by the Executive after the
         Executive attains age 65 and "Disabled" shall mean, as of any date, the
         inability of the Executive to perform her essential duties hereunder
         without reasonable accommodation for a period of six months as
         determined in the good faith judgment of the Board of Directors.

                  (d)      In the event that (i) the Company elects to terminate
         the employment of the Executive prior to the expiration of the
         Employment Period (other than pursuant to paragraphs (a) through (c) of
         this Section 6), or (ii) the Executive resigns from her employment
         hereunder following a Substantial Breach, as defined in this Section
         6(d) (such Substantial Breach having not been corrected by the Company
         within 30 days of receipt of written notice from the Executive of the
         occurrence of such Substantial Breach, which notice shall specifically
         set forth the nature of the Substantial Breach which is the reason for
         such resignation), then, in either such event, the Company shall
         continue to pay the Executive as provided in Section 9 hereof.

                  "Substantial Breach" shall mean any material breach by the
         Company of its obligations under this Agreement including without
         limitation, (i) the assignment of the Executive to a position or duties
         materially inconsistent with those normally assigned to a executive
         vice president who reports to the chief executive officer or president
         of a business enterprise comparable to the Company; (ii) a reduction in
         the Executive's Regular Base Salary below $60,000; (iii) a change in
         the location at which the Executive is required to perform her duties
         for the Company and its Subsidiaries which is outside a 50 mile radius
         of her principal residence in the United States; (iv) the failure by
         the Company to allow the Executive to participate in the Company's
         employee benefit plans or incentive compensation plans generally
         available from time to time to senior executives of the Company in
         comparable positions or (v) a Substantial Breach (as that term is
         defined in the Employment Agreement, dated the date hereof, between the
         Company and Rufus H. Reitzel, Jr.); provided, that the term
         "Substantial Breach" shall not include (X) an immaterial breach by the
         Company of any provisions of this

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         Agreement or (Y) a termination for Cause under paragraph (a) of this
         Section 6.

                  The date of termination of employment by the Company under
         this Section 6(d) (the "Section 6(d) Termination Date") shall, as the
         case may be, be the later of the date, if any, specified in a written
         notice of termination to the Executive or the date on which such notice
         is given to the Executive. The date of resignation under this Section
         6(d) shall be 30 days after receipt by the Company of written notice of
         resignation; provided that the Substantial Breach specified in such
         notice shall not have been corrected by the Company during such 30-day
         period.

                  (e)      Notwithstanding anything in this Section 6 to the
         contrary, but subject to the consequences set forth in this Section 6,
         (i) the Company may terminate the Executive's employment at any time
         with or without Cause, (ii) the Executive may terminate her employment
         at any time whether or not there has been a Substantial Breach and
         (iii) the Executive's rights in any employee benefit plans offered by
         the Company shall be governed by the rules of such plans as well as by
         applicable law.

                  (f)      Notwithstanding anything in this Section 6 to the
         contrary, the provisions of Sections 7 and 8 shall survive termination
         of this Agreement.

         7.       CONFIDENTIALITY AND NON COMPETITION. The Executive
acknowledges that (i) the agreements and covenants contained herein are
essential to protect the Company's business and assets and (ii) by virtue of her
past and continued association with the AAC Operating Companies, the Executive
had access to and has obtained and will continue to have access to and obtain
such knowledge, know-how, proprietary information, training and experience,
which is known only to the members, officers or managers of the AAC Operating
Companies, or other employees, former employees, consultants, or others in a
confidential relationship with the Company and its subsidiaries, and there is a
substantial probability that such knowledge, know-how, proprietary information,
training and experience could be used to the substantial advantage of a
competitor of the Company and to the Company's substantial detriment.

                  (a)      COVENANT NOT TO COMPETE.

                  (i)      The Executive agrees that, for the period commencing
         on the date of this Agreement and ending on the date which is the later
         of (A) one year after the termination of the Executive's employment and
         (B) the date the Company ceases making to the Executive the severance
         payments, if any, required to be made pursuant to Section 6 (the
         "Restricted Period"), the Executive shall not, in the Territory
         (hereinafter defined), directly or indirectly, either for himself or
         for, with or through any other Person, own, manage, operate, control,
         be employed by, participate in, loan money to or be connected in any
         manner with, or permit her name to be used by, any business which is
         engaged in the business of purchasing and collecting Charged Off
         Accounts and financing sales of consumer product retailers (a
         "Competitive Activity"); provided that (A) the Company may, at its
         option, extend the Restricted Period for up to one additional year by

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         continuing to pay to the Executive on the regular payment dates the
         Executive's regular installments of Regular Base Salary as in effect on
         the day immediately preceding the date of termination, (B) this Section
         7(a) shall not prohibit including the Executive's involvement in Arco
         Iris and FMC of Brasil, two Brazilian entities, in a manner consistent
         with Rufus H. Reitzel, Jr.'s and Nathaniel F. Bradley IV's current
         involvement.

                  (ii)     For purposes of this Agreement, the term
         "participate" includes any direct or indirect interest, whether as an
         officer, director, employee, partner, sole proprietor, trustee,
         beneficiary, agent, representative, independent contractor, consultant,
         advisor, provider of personal services, creditor, owner (other than by
         ownership of less than one (1) percent of the stock of a corporation
         that has a class of equity securities registered under the Securities
         Exchange Act of 1934 (a "Public Company")). Territory means North
         America, South America, Europe and Asia.

                  (b)      NONDISCLOSURE OF CONFIDENTIAL INFORMATION.

                  (i)      The Executive shall not, whether during or after
         employment, disclose to any person or entity or use, any information
         not in the public domain, in any form, acquired by the Executive while
         she was employed or associated with the Company or the AAC Operating
         Companies or, if acquired following the termination of such
         association, such information which, to the Executive's knowledge, has
         been acquired, directly or indirectly, from any person or entity owing
         a duty of confidentiality to the Company, the AAC Operating Companies
         or their business (the "Confidential Information"). By way of
         illustration but not limitation, Confidential Information may include
         trade secrets, Charged Off Accounts supplier lists, collection methods,
         information regarding bulk purchases of Charged Off Accounts, employee
         compensation arrangements, business practices, plans, policies, secret
         inventions, processes and compilations of information, records and
         specifications, as well as information related to the management
         policies and plans for the Company or the AAC Operating Companies.

                  (ii)     Notwithstanding the foregoing, the restrictions in
         subsection (b)(i) of this Section 7 are not applicable to the
         disclosure of use of Confidential Information in connection with the
         following: (A) in the course of faithfully performing the Executive's
         duties as an employee of the Company; (B) with the Company's express
         written consent; (C) to the extent that any such Confidential
         Information is in the public domain other than as a result of the
         Executive's breach of any of her obligations hereunder; or (D) where
         required to be disclosed by court order, subpoena or other governmental
         process. In the event that the Executive shall be required to make
         disclosure pursuant to the provisions of clause (D) of the preceding
         sentence, the Executive promptly (but in no event more than forty-eight
         (48) hours after learning of such subpoena, court order, or other
         governmental process) shall notify the Company in writing, by personal
         delivery or by facsimile, confirmed by mail or by certified mail,
         return receipt requested.

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                  (iii)    The Executive agrees and acknowledges that all of
         such Confidential Information, in any form, and copies and extracts
         thereof are and shall remain the sole and exclusive property of the
         Company, and the Executive shall on request return to the Company the
         originals and all copies of any such information provided to or
         acquired by the Executive in connection with her association with the
         AAC Operating Companies or the Company, and shall return to the Company
         all files, correspondence and/or other communications received,
         maintained and/or originated by the Executive during the course of such
         association.

                  (c)      NO INTERFERENCE. During the Restricted Period, the
         Executive shall not, without the prior written approval of Investors,
         directly or indirectly through any other Person (i) induce or attempt
         to induce any employee of the Company to leave the employ of the
         Company, or in any way interfere with the relationship between the
         Company and its subsidiaries and any employee thereof, (ii) hire any
         Person who was an employee of the Company or any of its subsidiaries
         within twelve months after such Person's employment with the Company
         and its subsidiaries was terminated for any reason, (iii) induce or
         attempt to induce any supplier of Charged Off Accounts or other
         business relation of the Company or any of its subsidiaries to cease
         doing business with the Company or its subsidiaries, or in any way
         interfere with the relationship between any such supplier or business
         relation and the Company and its subsidiaries or (iv) acquire Charged
         Off Accounts from any Person that was a seller of Charged Off Accounts
         to the Company or its subsidiaries during the twelve (12) month period
         immediately preceding the date of termination of the Restricted Period;
         provided that (A) the Company may, at its option, extend the Restricted
         Period for up to one additional year by continuing to pay to the
         Executive on the regular payment dates the Executive's regular
         installments of Regular Base Salary as in effect on the day immediately
         preceding the date of termination and (B) this Section 7(c) shall not
         prohibit including the Executive's involvement in Arco Iris and FMC of
         Brasil, two Brazilian entities, in a manner consistent with Rufus H.
         Reitzel, Jr.'s and Nathaniel F. Bradley IV's current involvement.

                  (d)      INVENTIONS. The Executive hereby sells, transfers and
         assigns to the Company or to any person or entity designated by the
         Company all of the entire right, title and interest of the Executive in
         and to all inventions, ideas, disclosures and improvements, whether
         patented or unpatented, and copyrightable material, made or conceived
         by the Executive, solely or jointly, or in whole or in part, during her
         employment (including employment prior to the date hereof) by the
         Company which are not generally known to the public or recognized as
         standard practice and which (i) relate to methods, apparatus, designs,
         products, processes or devices sold, leased, used or under construction
         or development by the Company or any subsidiary and (ii) arise (wholly
         or partly) from the efforts of the Executive during her employment with
         the Company (an "Invention"). The Executive shall communicate promptly
         and disclose to the Company, in such form as the Company requests, all
         information, details and data pertaining to any such Inventions; and,
         whether during the Restricted Period or thereafter, the Executive shall
         execute and deliver to the Company such form of transfers and
         assignments and

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         such other papers and documents as reasonably may be required of the
         Executive to permit the Company or any person or entity designated by
         the Company to file and prosecute the patent applications and, as to
         copyrightable material, to obtain a copyright thereon. The Company
         shall pay all costs incident to the execution and delivery of such
         transfers, assignments and other documents. Any invention by the
         Executive within six months following the termination of her employment
         hereunder shall be deemed to fall within the provisions of this Section
         7(d) unless the Executive bears the burden of proof of showing that the
         Invention was first conceived and made following such termination.

         8.       DEDUCTIONS FROM COMPENSATION. The Executive agrees that the
Company shall be entitled to deduct and withhold from any compensation payable
to the Executive hereunder (i) any taxes in respect of the Executive that the
Company is required to deduct and withhold under federal, state or local law
whether arising from compensation hereunder or otherwise and (ii) any other
amounts lawfully due from the Executive as determined in good faith by the
Company and/or the Board of Directors. In the event that the Executive is no
longer employed by the Company at a time when the Company otherwise would be
entitled to deduct and withhold any amount pursuant to the preceding sentence,
the Executive shall remit such amount to the Company within five days after the
receipt of notice from the Company specifying such amount or otherwise in
accordance with the Executive's obligations with respect thereto.

         9.       TERMINATION BENEFITS. If the Executive's employment with the
Company is terminated pursuant to Section 6(d) hereof, the Executive shall be
entitled to receive as her sole and exclusive remedy the termination benefits
provided under this Section 9.

                  (a)      COMPENSATION-REGULAR BASE SALARY AND BONUS. In lieu
         of notice, if any, required under applicable law which may be in force
         from time to time, for a period of two (2) years after the Section 6(d)
         Termination Date, (i) the Executive shall be paid periodically,
         according to the Company's payroll policy, her Regular Base Salary at
         the rate in effect on the Section 6(d) Termination Date and (ii) the
         Executive shall be paid the pro rata portion of the Bonus, if any, due
         to the Executive in accordance with Section 3(b) as if her employment
         had continued until the second anniversary of the Section 6(d)
         Termination Date; provided that the Company, in its sole discretion,
         may elect to pay the Executive's Regular Base Salary for up to one
         additional year for the purpose of extending the term of the
         Executive's covenants set forth in Sections 7(a) and 7(c). The
         Executive shall not be entitled to any further notice, severance pay,
         pay in lieu of notice or any compensation whatsoever, except any
         amounts owning under this Agreement. The Executive agrees that the
         foregoing notice is deemed conclusively to be reasonable notice of
         termination at common law and the Executive is not entitled to any
         additional notice or pay in lieu of notice or severance pay. The
         Executive acknowledges that the Company has drawn her attention to the
         provisions contained herein prior to executing this Agreement.

                  (b)      WELFARE BENEFITS, ETC. The Company shall pay the
         costs necessary to continue the Executive's participation pursuant to
         COBRA for a period of 18 months

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         following the Section 6(d) Termination Date (including dependent
         coverage) in any life, disability, group health and dental benefit
         plans provided by the Company, in effect immediately prior to the
         Section 6(d) Termination Date, and thereafter the Company shall pay the
         cost of providing comparable benefits until the effective date of a
         Control Transfer or Initial Public Offering (as those terms are defined
         in the Company's Amended and Restated Limited Liability Company
         Agreement as it exists on the date hereof. Following the Section 6(d)
         Termination Date, the Company shall not be obligated to (i) provide
         business accident insurance covering the Executive and (ii) make
         contributions in respect of the Executive to any qualified retirement
         and pension plans or profit sharing plans.

         10.      INJUNCTIVE RELIEF. Without intending to limit the remedies
available to the Company, the Executive acknowledges that a breach of any of the
covenants contained in Section 7 hereof may result in material irreparable
injury to the Company or its affiliates for which there is no adequate remedy at
law, that it will not be possible to measure damages for such injuries precisely
and that, in the event of such a breach or threat thereof, the Company shall be
entitled to obtain a temporary restraining order and/or a preliminary or
permanent injunction restraining the Executive from engaging in activities
prohibited by Section 7 hereof or such other relief as may be required to
specifically enforce any of the covenants in Section 7 hereof. The Executive
hereby agrees and consents that such injunctive relief may be sought in any
state or federal court of record in Cook County, Illinois, or in the state in
which such violation may occur, or in any other court having jurisdiction, at
the election of the Company.

         11.      EXTENSION OF RESTRICTED PERIODS. In addition to the remedies
the Company may seek and obtain pursuant to Section 10 of this Agreement, the
restricted periods set forth therein shall be extended by any and all periods
during which the Executive shall be found by a court to have been in violation
of the covenants contained in Section 7 hereof.

         12.      SUCCESSORS; BINDING AGREEMENT. This Agreement is personal to
the Executive and, without the prior written consent of the Company, shall not
be assignable by the Executive otherwise than by will, the laws of descent and
distribution or the terms of a revocable trust of which the Executive is the
grantor. This Agreement shall inure to the benefit of and be enforceable by the
Executive's legal representatives. This Agreement shall inure to the benefit of
and be binding upon the Company and its successors and assigns.

         13.      WAIVER AND MODIFICATION. Any waiver, alteration or
modification of any of the terms of this Agreement shall be valid only if made
in writing and signed by the parties hereto; provided that any such waiver,
alteration or modification is consented to on the Company's behalf by the Board
of Directors. No waiver by either of the parties hereto of their rights
hereunder shall be deemed to constitute a waiver with respect to any subsequent
occurrences or transactions hereunder unless such waiver specifically states
that it is to be construed as a continuing waiver.

         14.      SEVERABILITY. The Executive acknowledges and agrees that the
covenants set

                                       10
<PAGE>

forth in Section 7 hereof are reasonable and valid in geographical and temporal
scope and in all other respects. If any of such covenants or such other
provisions of this Agreement are found to be invalid or unenforceable by a final
determination of a court of competent jurisdiction (i) the remaining terms and
provisions hereof shall be unimpaired and (ii) the invalid or unenforceable term
or provision shall be deemed replaced by a term or provision that is valid and
enforceable and that comes closest to expressing the intention of the invalid or
unenforceable term or provision.

         15.      SUBMISSION TO JURISDICTION; VENUE.

                  (a)      ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
         AGREEMENT OR ANY TRANSACTIONS CONTEMPLATED HEREBY SHALL BE BROUGHT IN
         THE COURTS OF THE COMMONWEALTH OF VIRGINIA OR THE STATE OF MICHIGAN OR
         IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF
         VIRGINIA SITTING IN RICHMOND, VIRGINIA, OR THE UNITED STATES DISTRICT
         COURT FOR THE EASTERN DISTRICT OF MICHIGAN SITTING IN DETROIT,
         MICHIGAN, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE
         PARTIES HEREBY ACCEPTS FOR HIMSELF, HERSELF OR ITSELF AND IN RESPECT OF
         HIS, HER OR ITS PROPERTY GENERALLY AND UNCONDITIONALLY, THE
         NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES
         IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE
         AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY MAILING
         COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO
         SUCH PARTY AT HIS, HER OR ITS ADDRESS AS PROVIDED IN SECTION 18 HEREOF.
         NOTHING IN THIS PARAGRAPH (a) SHALL AFFECT THE RIGHT OF ANY PARTY TO
         SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL
         PROCEEDINGS IN ANY OTHER JURISDICTION.

                  (b)      EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTIONS
         WHICH HE, SHE OR IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF
         ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN
         CONNECTION WITH THIS AGREEMENT BROUGHT IN THE COURTS REFERRED TO IN
         PARAGRAPH (a) OF THIS SECTION 15 AND HEREBY FURTHER IRREVOCABLY WAIVES
         AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY ACTION OR
         PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
         INCONVENIENT FORUM.

                  (c)      WITHOUT LIMITING THE GENERALITY OF THE FOREGOING,
         EACH OF THE PARTIES TO THIS AGREEMENT AGREES THAT, AT THE TIME OF ANY
         SUCH ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY
         TRANSACTIONS CONTEMPLATED HEREBY, EACH OF

                                       11
<PAGE>

         THE PARTIES WILL EXECUTE SUCH INSTRUMENTS AND OTHER DOCUMENTS AS MAY BE
         NECESSARY TO CONSENT TO AND WAIVE ANY OBJECTION TO VENUE AND
         JURISDICTION IN THE COURTS IDENTIFIED IN SUBSECTIONS (a) AND (b) ABOVE.

         16.      WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT
ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

         17.      BLUE PENCILLING. In the event that, notwithstanding the first
sentence of Section 14 hereof, any of the provisions of Section 7 relating to
the geographic or temporal scope of the covenants contained therein or the
nature of the business restricted thereby shall be declared by a court of
competent jurisdiction to exceed the maximum restrictiveness such court deems
enforceable, such provision shall be deemed to be replaced herein by the maximum
restriction deemed enforceable by such court.

         18.      NOTICES. All notices required to be given hereunder shall be
in writing and shall be deemed to have been given if (i) delivered personally or
by documented courier or delivery service, (ii) transmitted by facsimile or
(iii) mailed by registered or certified mail (return receipt requested and
postage prepaid) to the following listed persons at the addresses and facsimile
numbers specified below, or to such other persons, addresses or facsimile
numbers as a party entitled to notice shall give, in the manner hereinabove
described, to the others entitled to notice:

In the case of the Company:

                           Asset Acceptance Holdings LLC
                           6985 Miller Road
                           Warren, Michigan 48902
                           Attention: Nathaniel F. Bradley IV
                           Facsimile No.: 586-446-7832

         with copies to:

                           Quad-C Management, Inc.
                           230 East High Street
                           Charlottesville, Virginia 22902
                           Attention:  Anthony R. Ignaczak
                           Facsimile No.: 434-979-1145

                                       12
<PAGE>

         and to:

                           McGuireWoods LLP
                           One James Center
                           Richmond, Virginia 23219
                           Attention:  Leslie A. Grandis
                           Facsimile No.: 804-775-1061

In the case of the Executive:

                           Heather K. Reitzel
                           83 Shadow Lane
                           Lakeland, Florida 33813
                           Facsimile No.:  863-648-0166

         with a copy to:

                           Dykema Gossett PLLC
                           400 Renaissance Center
                           Detroit, Michigan 48243
                           Attention: J. Michael Bernard, Esq.
                           Facsimile No.: 313-568-6832

Notice pursuant hereto shall be deemed given (i) if delivered personally, when
so delivered, (ii) if given by facsimile, when transmitted to the facsimile
number set forth above, when so transmitted if transmitted during normal
business hours at the location to which it is transmitted or upon the opening of
business on the next Business Day if transmitted other than during normal
business hours at the location to which it is transmitted and (iii) if given by
mail, on the third business day following the day on which it was posted.

         19.      CAPTIONS AND PARAGRAPH HEADINGS. Captions and section headings
herein are for convenience only, are not a part hereof and shall not be used in
construing this Agreement.

         20.      ENTIRE AGREEMENT. This Agreement, including the Schedules
hereto, constitutes the entire understanding and agreement of the parties hereto
regarding the employment of the Executive, and supersedes all prior agreements
and understandings between the parties.

         21.      COUNTERPARTS. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but all of which taken together shall
constitute one and the same instrument.

                                       13
<PAGE>

         22.      ACKNOWLEDGMENT AND INDEPENDENT LEGAL ADVICE. The Executive
acknowledges that she has read and understands this Agreement and that the
Company has advised her that the foregoing alters and supersedes her common law
rights. The Executive acknowledges that the Company has advised her to seek
legal advice prior to executing this Agreement.

         23.      GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the domestic laws of the State of Michigan, without
giving effect to any choice of law or conflict of law provision or rule (whether
of the State of Michigan or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Michigan.

                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.

                         ASSET ACCCEPTANCE HOLDINGS LLC

                                            By: /s/ Anthony R. Ignaczak
                                                -----------------------------
                                                Name: Anthony R. Ignaczak
                                                Title: Vice President

                                            /s/ Heather K. Reitzel
                                            ---------------------------------
                                            Heather K. Reitzel

                                       14
<PAGE>
                                    FORM OF
                                 AMENDMENT NO. 1
                                       TO
                              EMPLOYMENT AGREEMENT

         This AMENDMENT NO.1 TO EMPLOYMENT AGREEMENT ("Amendment No. 1"), dated
as of January __, 2004, is made between ASSET ACCEPTANCE HOLDINGS LLC, a
Delaware limited liability company (the Company") and HEATHER K. REITZEL (the
"Executive").

                                    RECITALS

         1. Prior to the date hereof, the parties hereto entered into that
certain Employment Agreement, dated September 30, 2002 (the "Employment
Agreement"). Capitalized terms not otherwise defined herein shall have the
respective meanings set forth in the Employment Agreement.

         2. The parties hereto desire to amend the Employment Agreement in the
manner set forth below.

                                    AGREEMENT

         NOW THEREFORE, in consideration of these premises and subject to the
terms and conditions contained herein and for other consideration provided
herein, the parties agree as follows:

         A. Compensation; Benefits. Section 3 of the Employment Agreement is
hereby amended by the addition of a new Section 3(f) to read as follows:

                  (f) After the Executive's retirement from the Company, the
                  Company will arrange and pay for insurance coverage for the
                  Executive, for her lifetime, with respect to any medical or
                  hospitalization expenses incurred by her (to the extent such
                  expenses are not eligible for coverage under Medicare, or any
                  similar supplemental or successor government program), or in
                  lieu thereof or combination therewith will reimburse the
                  Executive for all such expenses incurred; provided, however,
                  that such coverage and/or reimbursement may be comparable in
                  scope to, and subject to a maximum lifetime dollar limit that
                  is consistent with, the coverage provided under the Company's
                  health insurance plan for active employees that provides the
                  highest level of available benefits, as is in effect from time
                  to time. To the extent that such coverage or reimbursement is
                  deemed to be taxable to the Executive, the Company will pay to
                  her such additional amount as is required to offset the amount
                  of any tax which is payable with respect to both the coverage
                  or reimbursement and the additional amount paid to offset the
                  tax.

<PAGE>

         B. Termination. Section 6(f) of the Employment Agreement is hereby
amended and restated in its entirety as follows:

                  (f) Notwithstanding anything in this Section 6 to the
                  contrary, the provisions of Sections 3(f), 7 and 8 shall
                  survive termination of this Agreement.

         C. Miscellaneous.

                  (1) Effective Date. This Amendment No. 1 shall be effective as
of the closing of the initial public offering described in the Registration
Statement on Form S-1 (Registration No. 333-109987), as amended, filed with the
Securities and Exchange Commission by Asset Acceptance Capital Corp.

                  (2) Continuation of Employment Agreement. Except as expressly
modified or amended hereby, all of the terms and conditions of the Employment
Agreement shall continue and remain in full force and effect.

                  (3) Counterparts. This Amendment No. 1 may be executed in any
number of counterparts, each of which shall be treated as an original but all of
which, collectively, shall constitute a single instrument.

                  (4) Governing Law. This Amendment No. 1 shall be governed by
and construed in accordance with the domestic laws of the State of Michigan,
without giving effect to any choice or conflict of law provision or rule
(whether of the State of Michigan or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of
Michigan.

                  (5) Cooperation. In case at any time after the date hereof any
further action is necessary to carry out the purposes of this Amendment No. 1,
each of the parties hereto will take such further action (including the
execution and delivery of such further instruments and documents) as the other
party or parties reasonably may request, all at the sole cost and expense of the
requesting party or parties.

                    [Signatures Appear on the Following Page]

<PAGE>

         In WITNESS WHEREOF, the parties hereto have duly executed this
Amendment No. 1 as of the day and year first above written.

                               ASSET ACCEPTANCE HOLDINGS LLC

                               By:
                                  ----------------------------------
                                        Nathaniel F. Bradley IV,
                                        President and Chief Executive Officer

                               -------------------------------------
                               HEATHER K. REITZEL<PAGE>
                                                                     EXHIBIT 4.2

                             STEEL TECHNOLOGIES INC.

   NUMBER                                                  SHARES

COMMON STOCK                                            COMMON STOCK
                                                      CUSIP 858147 10 1
                                             SEE REVERSE FOR CERTAIN DEFINITIONS
           INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF KENTUCKY

This Certifies that
                                    SPECIMEN

is the owner of

   FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, NO PAR VALUE, OF

                             STEEL TECHNOLOGIES INC.

transferable on the books of the Corporation by the holder hereof in person or
by duly authorized attorney upon surrender of this certificate properly
endorsed. This certificate is not valid unless countersigned by the Transfer
Agent.

         Witness the facsimile seal of the Corporation and the facsimile
signatures of its duly authorized officers.

Dated:
       John M. Baumann            [Corporate Seal]    Michael J. Carroll
                     SECRETARY                                        PRESIDENT

<PAGE>

The Corporation is authorized to issue shares of more than one class. The
Corporation will furnish to any shareholder upon request and without charge, a
full statement of the designations, preferences, limitations and relative rights
of the shares of each class authorized to be issued.

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

TEN COM  -as tenants in common          UNIF GIFT MIN ACT  -____Custodian____
TEN ENT  -as tenants by the entireties                     (Cust)      (Minor)
JT TEN   -as joint tenants with right of                    under Uniform Gifts
         survivorship and not as                            to Minors Act_______
         tenants in common                                               (State)

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

     For value received, _______________ hereby sell, assign and  transfer unto
   PLEASE INSERT SOCIAL SECURITY OR OTHER
       IDENTIFYING NUMBER OF ASSIGNEE
[_____________________________]________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________

________________________________________________________________________ shares
of the capital stock represented by the within certificate, and do hereby
irrevocably constitute and appoint

______________________________________________________________________ Attorney
to transfer the said stock on the books of the within named corporation with
full power of substitution in the premises.

Dated: __________________________

AFFIX MEDALLION SIGNATURE           X
GUARANTEE IMPRINT BELOW               ------------------------------------------
                                                  (SIGNATURE)

                                    X
                                      ------------------------------------------
                                                  (SIGNATURE)

                                    --------------------------------------------
                                    ABOVE SIGNATURE(S) TO THIS ASSIGNMENT MUST
                                    CORRESPOND WITH THE NAME AS WRITTEN UPON THE
                                    FACE OF THE CERTIFICATE IN EVERY PARTICULAR,
                                    WITHOUT ALTERATION OR ENLARGEMENT, OR ANY
                                    CHANGE WHATEVER.

                                    THE SIGNATURE(S) MUST BE GUARANTEED BY AN
                                    ELIGIBLE GUARANTOR INSTITUTION SUCH AS A
                                    SECURITIES BROKER/DEALER, COMMERCIAL BANK &
                                    TRUST COMPANY, SAVINGS AND LOAN ASSOCIATION
                                    OR A CREDIT UNION PARTICIPATING IN A
                                    MEDALLION PROGRAM APPROVED BY THE SECURITIES
                                    TRANSFER ASSOCIATION, INC.

<PAGE>

This certificate also evidences and entitles the holder hereof to certain Rights
as set forth in the Rights Agreement dated as of April 24, 1998, as may be
amended from time to time (the "Rights Agreement") between Steel Technologies
Inc. (the "Company") and National City Bank, as Successor Rights Agent (the
"Rights Agent"), the terms of which are hereby incorporated herein by reference
and a copy of which is on file at the principal offices of the Company. Under
certain circumstances, as set forth in the Rights Agreement, such Rights will be
evidenced by separate certificates and will no longer be evidenced by this
certificate. The Company will mail to the holder of this certificate a copy of
the Rights Agreement, and any amendments thereto, as in effect on the date of
mailing, without charge promptly after receipt of a written request therefore.
Under certain circumstances set forth in the Rights Agreement, Rights issued to
or held by any Person who is, was or becomes an Acquiring Person or any
Affiliate thereof (as such terms are defined in the Rights Agreement) whether
currently held by or on behalf of such Person or by any subsequent holder, may
become null and void.

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