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                                                                   Exhibit 10(l)
                                 PROMISSORY NOTE

$412,500.00                                                  As of July 20, 1999

         FOR VALUE RECEIVED, the undersigned, JOSEPH JOHN WORTMAN ("Maker"),
hereby promises to pay to the order of MOBILE AMERICA CORPORATION ("Payee"), a
Florida corporation, at the office of the Payee at 10475-110 Fortune Parkway,
Jacksonville, Florida 32256, or such other place as the holder may designate in
writing, the sum of Four Hundred Twelve Thousand Five Hundred and No/100 Dollars
($412,500.00) or such lesser amount as may be outstanding from time to time.
This Note will bear interest at eight percent (8.0%). Interest on this Note
shall be computed on the basis of a 360-day year and shall be due and payable on
the last day of December each year, beginning December 31, 1999, except as may
be provided otherwise below.

         Nothing contained herein shall entitle the holder of this Note to
demand or collect interest or charges in the nature of interest in excess of
that permitted by law and if any such excess is collected, it shall be promptly
paid to the Maker together with interest thereon at the highest lawful rate in
effect at the time of such overcharge.

         All obligations of Maker hereunder are secured by the Management Stock
Pledge Agreement encumbering shares of common stock of Mobile America
Corporation ("Shares") purchased by Maker (the "Stock Pledge"). The Shares have
been issued by Holder to Maker under the Mobile America Corporation Incentive
Plan.

         The entire principal, together with all accrued but unpaid interest,
shall be due and payable on the earlier of (i) the fifth (5th) year anniversary
of the date of this Note, (ii) termination of Maker's employment or (iii) on the
date on which there are no remaining Shares subject to the Stock Pledge. This
Note may be prepaid in whole or in part without penalty at any time. Any partial
prepayment shall be applied first against accrued but unpaid interest, and then
against outstanding principal. After maturity, whether normal maturity or upon
acceleration, the unpaid principal balance of this Note and, to the extent
permitted by law, any accrued but unpaid interest thereon, shall accrue interest
until paid in full at the lesser of five percent (5%) per annum in excess of the
stated rate or the highest rate permitted by law.

         If default be made in the payment of any amounts required to be paid
under this Note for more than fifteen (15) days after notice of default or if
there exists any event of default under the Stock Pledge, then the holder hereof
may, at its option, declare the entire principal balance and accrued interest to
be immediately due and payable without notice, time being of the essence.

         The Maker and all endorsers and guarantors of this Note, now or
hereafter becoming liable hereon, waive demand, presentment, protest and notice
of protest and dishonor and all other notices or requirements which might
otherwise be necessary to bind them.

         If the Maker defaults under this Note, it shall be obligated to pay all
costs, including reasonable attorneys' fees, incurred by the holder in pursuing
its remedies hereunder and under any instrument securing this Note, including
costs and fees on appeal and in insolvency proceedings.

         This Note shall be governed by the laws of Florida.

                                          /s/ Joseph John Wortman
                                          -------------------------------
                                                   JOSEPH JOHN WORTMAN

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                                                                  Exhibit 10(m)

                        MANAGEMENT STOCK PLEDGE AGREEMENT

                                                       Date: As of July 20, 1999

JOSEPH JOHN WORTMAN (the "Debtor") and MOBILE AMERICA CORPORATION, a Florida
corporation (the "Secured Party"), agree as follows:

         1        SECURITY INTEREST. In consideration of a loan to the Debtor
         from the Secured Party to enable the Debtor to purchase shares of the
         Secured Party's Common Stock pursuant to the Debtor's Employment
         Agreement with Secured Party dated as of the date hereof, the Debtor
         hereby pledges to the Secured Party and gives the Secured Party a
         continuing and unconditional security interest (the "Security
         Interest") in the following described property and in all increases and
         profits therefrom, in all substitutions therefor and in all proceeds
         thereof in any form (the "Collateral"): 150,000 shares of Common Stock
         of Mobile America Corporation purchased from the issuer in a private
         offering. The Debtor has deposited with, and the Secured Party hereby
         acknowledges receipt of, stock certificates for the Collateral,
         together with stock powers endorsed in blank by the Debtor.

         2        INDEBTEDNESS SECURED. This Agreement and the Security Interest
         created by it secure payment of all obligations of any kind owing by
         the Debtor to the Secured Party (the "Indebtedness") pursuant to a
         Promissory Note of even date herewith executed pursuant thereto by the
         Debtor in favor of the Secured Party (the "Note"). The Note, this
         Agreement and any other documents executed in connection therewith are
         referred to collectively as the "Transaction Documents."

         3        WARRANTIES OF DEBTOR. Debtor represents and warrants and, so
         long as the Indebtedness remains unpaid, shall be deemed continuously
         to represent and warrant that (a) each item constituting Collateral is
         genuine and in all respects what it purports to be; (b) Debtor is the
         owner of the Collateral free of all security interests or other
         encumbrances except the Security Interest; and (c) Debtor is authorized
         to enter into this Security Agreement.

         4        IRREVOCABLE PROXY. The Debtor irrevocably constitutes and
         appoints the Secured Party, as the Debtor's Proxy with full power to
         (a) attend all meetings of shareholders of the issuer of the Collateral
         (the "Company") held after the date of this Agreement and to vote the
         Collateral at those meetings in such manner as the Secured Party shall
         in its sole discretion deem appropriate; (b) to consent in the sole
         discretion of the Secured Party to any action by or concerning the
         Company for which the consent of the shareholders of the Company is or
         may be necessary or appropriate; and (c) without limitation to do all
         things which the Debtor could do as a shareholder of the Company,
         giving to the Secured Party full power of substitution and revocation.
         Notwithstanding the foregoing, the Debtor alone shall have the rights
         under this paragraph and the Secured Party may not exercise those
         rights so long as no Event of Default has occurred. The proxy contained
         in this paragraph shall terminate when this Security Agreement
         terminates as provided in Paragraph 10. The Debtor hereby revokes all
         proxies heretofore given to any person or persons and agrees not to
         give any other proxies in derogation of this proxy so long as this
         Security Agreement is in force.

         5        COVENANTS OF DEBTOR. So long as this Agreement has not been
         terminated as provided in Paragraph 10, the Debtor (a) will defend the
         Collateral against the claims of all persons; (b) will keep the
         Collateral free from all security interests or other encumbrances
         except the Security Interest; (c) will not assign, sell, transfer,
         deliver or otherwise dispose of the Collateral or any interest therein
         or attempt to do the same without the prior written consent of the
         Secured Party; (d) will notify the Secured Party promptly in writing of
         any change in the Debtor's address, name or identity specified above;
         and (e) will

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         pay taxes, assessments and other charges of every nature which may be
         levied or assessed against the Collateral.

         6        INCOME AND COLLATERAL. Any cash dividends paid by the Company
         with respect to the Collateral shall be automatically credited against
         amounts then due under the Indebtedness, but any dividends in excess of
         amounts then due under the Indebtedness shall be paid to the Debtor and
         shall not be applied to prepay the Indebtedness unless the Debtor
         directs otherwise.

         7        INCREASES, PROFITS OR DISTRIBUTIONS.

                  a)       Whether or not an Event of Default has occurred, the
                  Debtor authorizes the Secured Party (i) to receive any
                  increase in or stock dividends on the Collateral (other than
                  cash dividends) and any distribution upon the dissolution and
                  liquidation of the issuer of any Collateral; (ii) to surrender
                  such Collateral or any part thereof in exchange therefor; and
                  (iii) to hold the receipt from any such distribution or
                  increase as part of the Collateral.

                  b)       If the Debtor receives any such increase, profits or
                  distribution, the Debtor will deliver such receipts promptly
                  to the Secured Party to be held by the Secured Party as
                  provided in this paragraph.

         8        DEFAULT.

                  a)       Any of the following events or conditions shall
                  constitute an "Event of Default" hereunder: (i) non-payment of
                  any Indebtedness when due for more than 15 days after notice
                  of default, or failure by the Debtor to perform any
                  obligations under this Agreement or any other Transaction
                  Document after written notice of default and a reasonable
                  opportunity to cure; (ii) filing by the Debtor of a petition
                  in bankruptcy or for reorganization under any bankruptcy,
                  reorganization, compromise arrangement, insolvency,
                  readjustment or debt dissolution, liquidation or similar law
                  of any jurisdiction; (iii) the making of a general assignment
                  by the Debtor for the benefit of creditors; or (iv) filing
                  against the Debtor of any petition in bankruptcy or for
                  reorganization or for the appointment of a receiver, trustee,
                  custodian or similar official for the Debtor or for any of the
                  Debtor's assets as to which the Debtor by any act indicates
                  its approval therefor or consent or acquiescence therein, or
                  entry of an order approving such petition or such appointment
                  which remains unstayed and in effect for more than 30 days.

                  b)       The Secured Party may declare all or any part of the
                  Indebtedness to be immediately due without notice upon the
                  happening of any Event of Default.

                  c)       Upon the happening of any Event of Default, the
                  Secured Party's rights with respect to the Collateral shall be
                  those of a secured party under the Uniform Commercial Code and
                  under any other applicable law from time to time in effect.
                  The Secured Party shall also have any additional rights
                  granted herein and any other agreement now or hereafter in
                  effect between the Debtor and the Secured Party. If requested
                  by the Secured Party, the Debtor will assemble the Collateral
                  and make it available to the Secured Party at a place to be
                  designated by the Secured Party.

                  d)       The Debtor agrees that any notice by the Secured
                  Party of the sale or disposition of Collateral or any other
                  intended action hereunder whether required by the Uniform
                  Commercial Code or otherwise, shall constitute reasonable
                  notice to the Debtor if the notice is mailed by certified
                  mail, postage prepaid, at least fifteen days before the action
                  to the Debtor's address as specified in this Agreement or to
                  any other address which the Debtor has specified in writing to
                  the Secured Party as the address to which notices shall be
                  given to the Debtor.

                  e)       The Debtor shall be liable for any deficiency in the
                  event that disposition of the Collateral does not satisfy the
                  Indebtedness in full.

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         9        MISCELLANEOUS.

                  a)       In the event of any litigation arising out of or
                  relating to this Agreement, the prevailing party shall be
                  entitled to reasonable attorney's fees and expenses from the
                  losing party, whether incurred before or at trial, on appeal
                  or in insolvency proceedings.

                  b)       The Debtor appoints the Secured Party as the Debtor's
                  attorney-in-fact to perform all acts which the Secured Party
                  deems appropriate to perfect and continue the Security
                  Interest, to protect and preserve the Collateral and to
                  indorse and transfer all or any part of the Collateral.

                  c)       Upon the Debtor's failure to perform any of its
                  duties hereunder, the Secured Party may, but it shall not be
                  obligated to, perform any of such duties and the Debtor shall
                  forthwith upon demand reimburse the Secured Party for any
                  expense incurred by the Secured Party in so doing.

                  d)       No delay or omission by the Secured Party in
                  exercising any right hereunder or with respect to any
                  Indebtedness shall operate as a waiver of that or any other
                  right and no single right, and no single or partial exercise
                  of any right shall preclude the Secured Party from any other
                  or further exercise of that right or the exercise of any other
                  right or remedy. The Secured Party may cure any default by the
                  Debtor in any reasonable manner without waiving the default so
                  cured and without waiving any other prior or subsequent
                  default by the Debtor. All rights and remedies of the Secured
                  Party under this Agreement and under the Uniform Commercial
                  Code shall be deemed cumulative.

                  e)       The terms "Secured Party" and "Debtor" as used in
                  this Agreement include the heirs, personal representatives and
                  successors or assigns of those parties.

                  f)       This Agreement may not be modified or amended nor
                  shall any provision of it be waived except by in writing
                  signed by the Debtor and by an authorized officer of the
                  Secured Party.

                  g)       This Agreement shall be construed under the Uniform
                  Commercial Code of Florida and any other applicable Florida
                  laws in effect from time to time.

                  h)       This Agreement is a continuing agreement which shall
                  remain in force until all the Indebtedness shall be paid in
                  full.

         10       WAIVER. The Debtor hereby waives any rights Debtor may have to
                  notice and a hearing before possession or sale of collateral
                  is effected by Secured Party by self-help, repletion,
                  attachment or otherwise.

                                           /s/ Joseph John Wortman
                                           ------------------------------
                                           JOSEPH JOHN WORTMAN

                                                                   Debtor

                                                 MOBILE AMERICA CORPORATION

                                                 By
                                                   -----------------------------
                                                   Its:
                                                       -------------------------

                                                               Secured Party

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