Document:

Employment Agreement

    

      Exhibit
        10.1

      EMPLOYMENT
        AGREEMENT

      

      

      AGREEMENT
        made as of the 12th
        day of
        October, 2006 by and between DELTA FINANCIAL CORPORATION, a Delaware corporation
        (the “Corporation”), and Randall F. Michaels (the “Executive”).

      W
        I T
        N E S S E T H:

       

                     
        In consideration of the representations, warranties and conditions contained
        herein, the parties hereto agree as follows:

       

                
1.    Position
        and Responsibilities

      

                  1.1.     The
        Executive shall serve in an executive capacity as Executive Vice President
        of
        the Corporation. The Executive shall perform such functions and undertake
        such
        responsibilities as are customarily associated with such capacity. The Executive
        shall hold such directorships and executive officerships in the Corporation
        and
        any subsidiary to which, from time to time, he may be elected or appointed
        during the term of this Agreement.

      

                  1.2.
           The
        Executive shall devote his full time and best efforts to the business and
        affairs of the Corporation and to the promotion of its interests.

      

                  2.     
        Term
        of Employment

      

                  2.1    The
        term
        of employment shall be three years, commencing with the date hereof, unless
        sooner terminated as provided in this Agreement. The initial term of employment
        and any extension thereof is herein referred to as the “Term.” 

      

                  2.2.    Notwithstanding
        the provisions of Section 2.1 hereof, the Corporation shall have the right,
        on
        written notice to the Executive, to terminate the Executive’s employment for
        Reasonable Cause, such termination to be effective as of the date on which
        notice is given or as of such later date otherwise specified in the notice.
        

      

      
        
           

        

        
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                  2.3.    
        For
        purposes of this Agreement, the term “Reasonable Cause” shall mean any of the
        following actions by the Executive: (a) failure to comply with any of the
        material terms of this Agreement, which shall not be cured within 30 days
        after
        the Executive’s receipt of written notice from the Board of Directors or
        President of the Corporation; (b) engagement in gross misconduct injurious
        to
        the Corporation or an affiliate of the Corporation, which shall not be cured
        within 30 days after the Executive’s receipt of written notice from the Board of
        Directors or President of the Corporation; (c) knowing and willful neglect
        or
        refusal to attend to the material duties reasonably assigned to him by the
        Board
        of Directors, which shall not be cured within 30 days after the Executive’s
        receipt of written notice from the Board of Directors or the President of
        the
        Corporation; (d) intentional misappropriation of property of the Corporation
        or
        an affiliate of the Corporation to the Executive’s own use; (e) the commission
        by the Executive of an act of embezzlement; (f) Executive’s conviction for a
        felony or if criminal penalties are imposed on Executive relating to any
        individual income taxes due and owing by Executive; or (g) Executive’s engaging
        in any activity which would constitute a material conflict of interest with
        the
        Corporation which shall not be cured within 30 days after the Executive’s
        receipt of written notice from the Board of Directors or President of the
        Corporation. If the provisions contained in subsections (a), (b), (c) or
        (g)
        above cannot be cured within 30 days due to the nature of the breach, the
        cure
        period shall then be extended for a reasonable period of time; provided,
        however, the Executive undertakes and continues in good faith to cure the
        same.

      

                  2.4.    
        If
        the Executive’s employment with the Corporation shall be terminated prior to the
        expiration of the Term by the Corporation other than pursuant to Sections
        2.2,
        4.1 or 4.2 hereof, then the Corporation shall pay to the Executive as severance
        and amount equal to: (a) if such termination occurs within the first two
        years
        of the Term of this Agreement, the sum of (i) one year’s salary, less
        withholding and payroll taxes and (ii) twelve times the average commissions
        per
        month earned by the Executive pursuant to this Agreement over the six calendar
        months immediately preceding the date of termination, less withholding and
        payroll taxes, or (b) if such termination occurs after the second year of
        the
        Term of this Agreement, the sum of (i) the lesser of six month’s salary and the
        total salary due over the remaining Term, in each case less withholding and
        payroll taxes and (ii) six times the average commissions per month earned
        by the
        Executive pursuant to this Agreement over the six calendar months immediately
        preceding the date of termination, less withholding and payroll taxes. Any
        payments made under clause (a)(i) or (b)(i) of this Section 2.4 shall be
        based
        upon the Executive’s salary as it existed immediately prior to such termination,
        and any payments made under clause (a)(i), (a)(ii), (b)(i) or (b)(ii) of
        this
        Section 2.4 shall be paid in equal installments over the six months following
        any such termination; provided, however that the Executive shall only be
        entitled to such payments under either clause (a) or clause (b) of this Section
        2.4 as long as the Executive is in compliance with the provisions of
        Section 5 below.

      

      
        
           

        

        
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                 3.     
        Compensation

      

                  3.1.   
(a) The
        Corporation shall pay or cause Delta Funding Corporation to pay to the Executive
        for the services to be rendered by the Executive hereunder a salary at the
        rate
        of $225,000 per annum. The salary shall be payable in equal installments
        in
        accordance with the Corporation’s normal payroll practices. Such salary will be
        reviewed at least annually and shall be increased (but not decreased) by
        the
        Board of Directors of the Corporation in such amount as determined in its
        sole
        discretion.

      

                          
        (b) In
        addition to the salary, the Corporation will pay to the Executive commissions
        and bonuses as agreed to by the Executive and the Corporation in writing
        from
        time to time.

      

                          
        (c) In
        addition, the Corporation may also pay the Executive an annual bonus with
        respect to each fiscal year of the Corporation, either on an “ad hoc” basis or
        pursuant to a bonus plan or arrangement as may be established at the
        Corporation’s discretion for Executive Vice Presidents of this Corporation, of
        at least Fifty Thousand ($50,000) dollars for each year of this Agreement.
        Nothing herein contained shall, however, obligate the Corporation to pay
        any
        annual bonus to the Executive in any amount exceeding $50,000 per year, it
        being
        understood that any such bonus shall be in the sole discretion of the Board
        of
        Directors and that the amount thereof, if any, may vary depending upon actual
        performance of the Corporation and the Executive as determined at the
        discretion of the Board of Directors.

      

      
        
           

        

        
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        3.2.      In
        consideration of entering into this Agreement, the Executive shall be entitled
        to receive on the date hereof:

      

                          
        (a) a
        non-qualified stock option grant pursuant to the terms of Delta Financial
        Corporation’s 1996 Stock Option Plan to purchase 25,000 shares of Delta
        Financial Corporation Common Stock, par value $.01 per share (the “Common
        Stock”) at a price per share equal to the closing price of the Common Stock on
        the American Stock Exchange on the date hereof, which option shall have a
        term
        of seven years and shall vest 25% on the date of grant and 25% on each
        succeeding anniversary of the grant date thereafter; and

      

                          
        (b) a
        restricted stock grant pursuant to the terms of Delta Financial Corporation’s
        2005 Stock Incentive Plan for 25,000 shares of Delta Financial Corporation’s
        Common Stock, which stock grant shall 100% vest on the third anniversary
        date of grant.

      

                   
        3.3       The
        Corporation agrees to pay the Executive a car allowance of $1,000 per
        month.

      

                   
        3.4.       The
        Executive shall be entitled to participate in, and receive benefits from,
        any
        insurance, medical, disability, bonus, incentive compensation (including
        additional grants of restricted stock and/or non- qualified stock options
        under
        any of the Corporation's stock plans, as determined by the
        Corporation) or other employee benefit plan, if any are adopted, of the
        Corporation or any subsidiary which may be in effect at any time during the
        course of the Executive's employment by the Corporation and which shall be
        generally available to the Executive on terms no less favorable than to other
        senior executives of the Corporation or its subsidiaries. The Corporation
        agrees
        to reimburse Executive for all medical costs and expenses incurred by him
        which
        are not covered by the Corporation’s group medical plans, up to an aggregate
        maximum amount of $100,000 per annum, upon submission of appropriate and
        itemized documentation.

      

      
        
           

        

        
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        3.5.        Upon
        the
        occurrence of a Change in Control (as defined herein), all stock options
        and
        restricted stock held by the Executive beneficially (in trust or otherwise)
        and/or of record shall vest and become immediately exercisable on the date
        of
        the Change of Control.

      

                        
        For purposes hereof, a “Change in Control” shall be deemed to have occurred if
        (a) during any period of 12 months, individuals who at the beginning of such
        period constitute the Board of Directors of the Corporation cease for any
        reason
        to constitute a majority thereof unless the election, or the nomination for
        the
        election by the Corporation’s stockholders of each new director was approved by
        a vote of at least a majority of all of
        the
        directors then still in office who were directors at the beginning of the
        period, (b) a person or group of persons acting in concert (as defined in
        Section 13 (a) of the Securities Exchange Act of 1934, as amended (the “Exchange
        Act”), other than one or more members of the Miller Family (hereinafter
        defined), acquires beneficial ownership, within the meaning of Rule 13 (d)
        (3)
        of the Rules and Regulations of the United States Securities and Exchange
        Commission promulgated pursuant to the Exchange Act, of a number of voting
        shares of the Corporation which constitutes 35%
        or more
        of the Corporation’s outstanding voting shares,
        (c) the
Corporation
        is merged, consolidated or reorganized into or with another corporation or
        another legal entity and, as a result of such merger, consolidation or
        reorganization, less than 50% of the combined voting power of the
        then-outstanding securities of such corporation or entity immediately after
        such
        transaction is held in the aggregate by the holders of the combined voting
        power
        of the securities of the Corporation entitled to vote generally in the election
        of directors of the
        Corporation immediately prior to such transaction, or
        (d)
        the Corporation undergoes a liquidation or dissolution or, in one or more
        related transactions or one or more transactions
        occurring within a consecutive 12-month period, a sale of all or substantially
        all of the assets of the Corporation. No
        merger, consolidation or corporate reorganization in which the owners of
        the
        combined voting power of the Corporation’s then outstanding voting securities
        entitled to vote generally prior to said combination, own 50% or more of
        the
        resulting entity’s outstanding voting securities shall, by itself, be considered
        a Change in Control.

      

      
        
           

        

        
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        For
        purposes of this Agreement, the term “Miller Family” shall mean Hugh Miller,
        Marc E. Miller, Sidney A. Miller and Lee Miller, any of their respective
        spouses
        or lineal descendants, or any trust (a)
        the
        beneficial interests of which are directly or indirectly held
        by
        such persons or (b) of which any of such persons serves as a trustee.

      

                 3.6.      
        The
        Corporation agrees to reimburse the Executive for all reasonable and necessary
        business expenses incurred by the Executive on behalf of the Corporation
        in the
        course of the Executive's duties hereunder upon the presentation by the
        Executive of appropriate vouchers therefor. 

      

                
        3.7.       The
        Executive will be entitled each year of this Agreement to a paid vacation
        of
        four weeks. 

      

                
        3.8.       Upon
        termination of this Agreement for Reasonable Cause or due to the death or
        incapacity of the Executive (as defined in Section 4.1), the Executive shall
        be
        entitled to all unpaid compensation and benefits accrued to the date of
        termination. 

      

                
        3.9.       The
        Executive shall not be required to mitigate damages or the amount of any
        payment
        provided to him under this Agreement by seeking other employment or otherwise.
        

      

               
        3.10.      Nothing
        contained herein shall prohibit the Board of Directors of the Corporation,
        in its sole discretion, from increasing the compensation payable to the
        Executive pursuant to this Agreement and/or making available to the Executive
        other benefits in addition to those to which the Executive is entitled
        hereunder. 

       

                    
         
4.           Incapacity;
        Death

       

                     
        4.1          If, during the period
        of employment hereunder, because of illness or other incapacity, the Executive
        shall fail for a period of 90 consecutive days, or for shorter periods
        aggregating more than 90 days during any twelve month period, to render the
        services contemplated hereunder, then the Corporation, at its option, may
        terminate the term of employment hereunder, upon not less than 30 days written
        notice from the Corporation to the Executive, effective on the 30th day after
        giving of such notice; provided, however, that no such
        termination will be effective if prior to the 30th day after giving such
        notice,
        the Executive’s illness or incapacity shall have terminated and he shall be
        physically and mentally able to perform the services required hereunder and
        shall be performing such services. 

      

      
        
           

        

        
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        4.2       In
        the
        event of the death of the Executive during the term hereof, the employment
        hereunder shall terminate on the date of death of the Executive.

      

                     
        4.3.      The
        Corporation (or its designee) shall have the right to obtain for its benefit
        an
        appropriate life insurance policy on the life of the Executive, naming the
        Corporation (or its designee) as the beneficiary. If requested by the
        Corporation, the Executive agrees to cooperate with the Corporation in obtaining
        such policy. 

      

                     
        4.4.       In
        the
        event the employment of Executive is terminated by the Corporation as the
        result
        of the death or incapacity of the Executive, the Corporation agrees to continue
        to pay the Executive (or his estate) one year’s salary at his then rate of
        salary, less withholding and payroll taxes, plus twelve times the average
        commissions per month earned by the Executive pursuant to the Commission
        Agreement over the six calendar months immediately preceding the date of
        termination, less withholding and payroll taxes. Any payments made under
        this
        Section 4.4 shall be paid in equal installments over a period of one year
        after
        such termination.

       

      
        
           

        

        
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        5.         Other
        Activities During Employment; Non-Competition; Solicitation.

       

                    
        5.1.       The
        Executive shall not during the Term of this Agreement undertake or engage
        in
        other employment, occupation or business enterprise. Subject to compliance
        with
        the provisions of this Agreement, the Executive may engage in reasonable
        activities with respect to personal investments of the Executive.

      

                    
        5.2         During
        the Term of this Agreement, and for the Restricted Period (hereinafter defined),
        if any, neither the Executive nor any entity in which the
        Executive may be interested as a partner, trustee, director, officer,
        employee, shareholder, option holder, lender of money, guarantor or consultant,
        shall be engaged directly or indirectly in any business engaged in by the
        Corporation, or any subsidiary, in any area where the Corporation, or any
        subsidiary, conducts such business at any time during this Agreement; provided
        however, that the foregoing shall not be deemed to prevent the Executive
        from
        investing in securities if such class of securities in which the investment
        is
        so made is listed on a national securities exchange or is issued by a company
        registered under Section 12(g) of the Securities Exchange Act of 1934, so
        long
        as such investment holdings do not, in the aggregate, constitute more than
        5% of
        the voting stock of any company’s securities. For purposes of this Section 5.2,
        the term “Restricted Period” shall mean: in the event that the Corporation
        terminates the Executive pursuant to Section 2.2 of this Agreement or the
        Executive terminates his employment with the Corporation for any reason (i)
        during the first two years of the Term of this Agreement, a period of one
        year
        after the Executive leaves the employ of the Corporation, and (ii) if such
        termination occurs after the second year of the Term of this Agreement, then
        for
        the remaining Term of this Agreement. 

      

                   
        5.3.        The
        Executive shall not at any time during his employment with the Corporation,
        and
        for a period of one year after Executive leaves the Corporation’s employ for any
        reason, solicit (or assist or encourage the solicitation of) any employee
        of the
        Corporation or any of its subsidiaries or affiliates to work for Executive
        or
        for any business, firm corporation or other entity in which the Executive,
        directly or indirectly, in any capacity described in Section 5.2 hereof,
        participates or engages (or expects to participate or engage) or has (or
        expects
        to have) a financial interest or management position.

      

      
        
           

        

        
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        5.4.         The
        Executive shall not at any time during this Agreement or after the termination
        hereof directly or indirectly divulge, furnish, use, publish or make accessible
        to any person or entity any Confidential Information (as hereinafter defined).
        Any records of Confidential Information prepared by the Executive or which
        come
        into Executive’s possession during this Agreement are and remain the property of
        the Corporation and upon termination of Executive’s employment all such records
        and copies thereof shall be either left with or returned to the Corporation.
        

      

                  
        5.5.         The
        term
“Confidential Information” shall mean information disclosed to the Executive or
        known, learned, created or observed by the Executive as a consequence
        of or through the Executive's employment by the Corporation, not
        generally known in the relevant trade or industry, about the Corporation’s or
        any of its subsidiaries’ or affiliates’ business activities, services and
        processes, including but not limited to information concerning advertising,
        sales promotion, publicity, sales data, research, finances, accounting, methods,
        processes, business plans, broker or correspondent lists and records and
        potential broker or correspondent lists and records.

       

                   
        6.             
Assignment.
        The
        Corporation shall require any successor or assign to all or substantially
        all
        the assets of the Corporation (whether by merger or by acquisition of stock,
        assets or otherwise) prior to consummation of any transaction therewith,
        to
        expressly assume and agree to perform in writing this Agreement in the same
        manner and to the same extent that the Corporation would be required to perform
        it if no such succession or assignment had taken place. This Agreement shall
        inure to the benefit of and be binding upon the Corporation, its successors
        and
        assigns, and upon the Executive and his heirs, executors, administrators
        and
        legal representatives. This Agreement shall not be assignable by the
        Executive.

      

      
        
           

        

        
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        7.          No
        Third Party Beneficiaries.
        This
        Agreement does not create, and shall not be construed as creating, any rights
        enforceable by any person not a party to this Agreement, except as provided
        in
        Section 6 hereof. 

      

                   
        8.          Headings.
        The
        headings of the sections hereof are inserted for convenience only and shall
        not
        be deemed to constitute a part hereof nor to affect the meaning thereof.
        

      

                   
        9.          Interpretation.
        In case
        any one or more of the provisions contained in this Agreement
        shall, for any reason, be held to be invalid, illegal or unenforceable in
        any
        respect, such invalidity, illegality or unenforceability shall not affect
        any
        other provisions of this Agreement, and this Agreement shall be construed
        as if
        such invalid, illegal or unenforceable provision had never been contained
        herein. If, moreover, any one or more of the provisions contained in this
        Agreement shall for any reason be held by a court of competent jurisdiction
        to
        be unenforceable because it is excessively broad as to duration, geographical
        scope, activity or subject, it shall be construed by limiting and reducing
        it,
        so as to be enforceable to the extent compatible with the applicable law
        as it
        shall then appear.

       

                  
        10.         Notices.
        All
        notices under this Agreement shall be in writing and shall be deemed to have
        been given at the time when mailed by registered or certified mail, addressed
        to
        the address below stated party to which notice is given, or to such changed
        address as such party may have fixed by notice given as set forth
        herein:

       

      To
        the
        Corporation:

      Delta
        Financial Corporation

      1000
        Woodbury Road, Suite 200

      Woodbury,
        NY 11797

      Attn:
         General
        Counsel

      

      and

      

      To
        the
        Executive:

      Randall
        F. Michaels

                                     
        XXXXXXXXXXXX

                                     
        XXXXXXXXXXXX

       

      
        provided,
          however, that any notice of change of address shall be effective only upon
          receipt. 

      
        
           

        

        
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        11.      Waivers. 
If
        either party should waive any breach of any provision of this Agreement,
        that party shall not thereby be deemed to have waived any preceding or
        succeeding breach of the same or any other provision of this Agreement.

       

                    
        12.       Complete
        Agreement; Amendments.
        The
        foregoing is the entire agreement of the parties with respect to the subject
        matter hereof and may not be amended, supplemented, canceled or discharged
        except by written instrument executed by both parties hereto.

      

      13.     
        Equitable
        Remedies. 
        The
        Executive acknowledges that he has been employed for his unique talents and
        that
        his leaving the employ of the Corporation would seriously hamper the business
        of
        the Corporation and that the Corporation will suffer irreparable damage if
        any
        provisions of Section 5 hereof are not performed strictly in accordance with
        their terms or are otherwise breached. The Executive hereby expressly agrees
        that the Corporation shall be entitled as a matter of right to injunctive
        or
        other equitable relief, in addition to all other remedies permitted by law,
        to
        prevent a breach or violation by the Executive and to secure enforcement
        of the
        provisions of Section 5. Resort to such equitable relief, however, shall
        not
        constitute a waiver or any other rights or remedies, which the Corporation
        may
        have. 

      

                    
        14.      Governing
        Law.
        This
        Agreement is to be governed by and construed in accordance with the laws
        of the
        State of New York, without giving effect to principles of conflicts of law.
        

      
        
          
          

        

        
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      IN
        WITNESS WHEREOF, the parties hereto have executed this Agreement as the date
        first above written. 

       

       

                                                                                                     DELTA
        FINANCIAL CORPORATION

       

      

      By:
        _____________________________

      Name:
        Hugh Miller

      Title:
        President and CEO

      

      

      

      ________________________________

      RANDALL
        F. MICHAELS

      

      
        
           

        

        
          12EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into by and between
Park City Group, Inc., a Delaware corporation (the "Company") and Randall K.
Fields ("Employee"), effective July 1, 2005.

                                    Recitals:

         A.       Employee is employed by and provides sales and management
                  services to the Company.

         B.       This Agreement is made to protect the Company's legitimate and
                  legally protectible property and business interests.

         C.       This Agreement is entered into as a term and condition of
                  Employee's employment with the Company.

         D.       This Agreement amends and replaces that certain Employment
                  Agreement between the parties hereto dated July 1, 2003.

                                   Agreements:

         NOW, THEREFORE, in consideration of the mutual covenants and promises
contained in, and the mutual benefits to be derived from this Agreement, and for
other good and valuable consideration, the Company and Employee agree as
follows:

         1.       Employment.

         The Company hereby employs Employee, and Employee hereby accepts such
         employment, on the terms and conditions of this Agreement.

         2.       Term of the Employment.

         The employment of Employee by the Company will continue pursuant to the
         terms of this Agreement as of July 1, 2005 and end on the 30th day of
         June, 2008 (the "Initial Term"), unless sooner terminated pursuant to
         the terms hereof or extended at the sole discretion of the Company's
         Board of Directors. The Initial Term and any subsequent terms will
         automatically renew for additional one year periods unless, six months
         prior to the expiration of the then current term, either party gives
         notice to the other that the Agreement will not renew for an additional
         term. In the event of such written notice being timely provided by the
         Company, Employee shall not be required to perform any responsibilities
         or duties to the Company during the final two months of the
         then-existing term. In such event, the Company will remain obligated to
         Employee for all compensation and other benefits set forth herein and
         in any written modifications hereto.

         3.       Duties.

                  (a) General Duties. Employee shall be employed as the Sales
         Department Manager of the Company, and shall have such duties,
         responsibilities and obligations as are established by the Bylaws of
         the Company or are generally required of persons employed in similar
         positions.

                  (b) Performance. To the best of his ability and experience,
         Employee will at all times loyally and conscientiously perform all
         duties, and discharge all responsibilities and obligations, required of

<PAGE>

         and from him pursuant to the express and implicit terms hereof, and to
         the reasonable satisfaction of the Company. Employee shall devote as
         much of his time, energy, skill and attention to the business of the
         Company, and the Company shall be entitled to all of the benefits and
         profits arising from or incident to all such work, services, and advice
         of Employee rendered to the Company.

                  (c) Company Directorship. Employee shall be elected to the
         position of director and shall serve on the Company's Board of
         Directors during his term of employment as Chairman.

                  (d) Other Directorships and Businesses. During the term of his
         Employment, Employee may serve on the boards of directors or on
         advisory boards of other companies or engage in other business
         relationships, so long as such service does not interfere or conflict
         with the performance of Employee's duties hereunder, and provided
         further that Employee will not serve on the boards of directors or on
         advisory boards of companies which are direct competitors of the
         Company.

                  (e) Outside Activities. Nothing in this Agreement shall
         prohibit Employee from directing his personal investments or accepting
         speaking or presentation engagements in exchange for honoraria, or from
         rendering services to, or serving on boards of, charitable
         organizations, so long as such activities do not interfere or conflict
         with the performance of Employee's duties hereunder.

         4.       Compensation and Benefits.

                  (a) Salary. The Company shall pay to Employee an annual base
         salary of $50,000 ("Annual Base Salary"). The Annual Base Salary, which
         shall be pro-rated for any partial employment period, will be payable
         in equal bi-weekly installments or at such other intervals as may be
         established for the Company's customary payroll schedule, less all
         applicable federal, state and local income and employment tax
         withholdings required by law.

                  (b) Other Benefits. The Company acknowledges that the Employee
         conducts a considerable amount of business activities from Employee's
         personal residence. Accordingly, the Company shall pay the costs of
         maintaining a telephone line and system for business use, along with
         related costs, at the Employee's residence. In addition, the Company
         shall also provide the Employee with a computer and other equipment
         deemed necessary for the Employee to conduct necessary business
         activities from Employee's personal residence

                  The Company also acknowledges that the Employee's secretary
         performs limited personal accounting and other related services for the
         Employee. The Company hereby authorizes such activities so long as they
         do not interfere with Employee's secretary services to the Company.
         Should Employee retain someone else to perform personal accounting
         services, the Company shall bear the cost of such services.

                  (c) Benefit and Stock Option Plans. Employee shall be entitled
         to participate, to the extent of Employee's eligibility, in any
         employee benefit and stock option plans made available by the Company
         to its employees during the term of this Agreement. In addition, at no
         cost to Employee, Company will provide Employee, and his immediate
         family members , coverage under a health and dental insurance plan
         during the term of Employee's employment and any applicable COBRA
         coverage period.

                                       2
<PAGE>

                  (d) Vacations, Holidays, etc. Employee shall have four (4)
         weeks paid vacation and twelve (12) days sick leave during each year he
         is employed.

                  (e) Indemnification; D&O Insurance. The Company shall
         indemnify the Employee to the fullest extent of that which is available
         under Chapter 78 of the Nevada Revised Statutes, and shall provide
         director's and officer's insurance with such coverages, in such amounts
         and from such insurers as constitutes good practices by comparable
         companies in the same business as the Company. Such insurance shall
         provide defense and coverage obligations for any claim arising out of
         Employee's acts or omissions committed during the Initial Term or any
         subsequent term hereof, regardless of when such claims are asserted.

                  (f) Incentive Bonus. An incentive bonus, based upon the
         Company's achievement of performance goals shall be paid to Employee.
         The goals will be pre-determined each year by the Compensation
         Committee of the Board of Directors in discussion with Employee.

                  (g) Travel and Business Expense Reimbursement. The Company
         shall promptly reimburse Employee for all of his reasonable business
         expenses.

         5.       Proprietary Information.

                  (a) Obligation. Employee shall not disclose, publish,
         disseminate, reproduce, summarize, distribute, make available or use
         any Proprietary Information, except in pursuance of Employee's duties,
         responsibilities and obligations under this Agreement and for the
         benefit of the Company.

                  (b) Definition. As used in this Agreement, "Proprietary
         Information" means information that is (i) designated as
         "confidential," "proprietary" or both by the Company or should have
         been known to be "confidential" or "proprietary" to the Company from
         the nature of the information or the circumstances of its disclosure,
         and (ii) has economic value or affords commercial advantage to the
         Company because it is not generally known or readily ascertainable by
         proper means by other persons. By way of illustration, Proprietary
         Information includes but is not limited to information relating to the
         Company's products, services, business operations, business plans and
         financial affairs, and customers; any application, utility, algorithm,
         formula, pattern, compilation, program, device, method, technique,
         process, idea, concept, know-how, flow chart, drawing, standard,
         specification, or invention; and any tangible embodiment of Proprietary
         Information that may be provided to or generated by Employee.

                  (c) Return upon Termination. Upon the termination of this
         Agreement for any reason, and at any time prior thereto upon request by
         the Company, Employee shall return to the Company all tangible
         embodiments of any Proprietary Information in Employee's possession,
         including but not limited to, originals, copies, reproductions, notes,
         memoranda, abstracts, and summaries.

                  (d) Ownership. Any Proprietary Information developed or
         conceived by Employee during the term of this Agreement shall be and
         remain the sole property of the Company. Employee agrees promptly to
         communicate and disclose all such Proprietary Information to the
         Company and to execute and deliver to the Company any instruments
         deemed necessary by the Company to perfect the Company's rights in such
         Proprietary Information.

         6.       Termination of Employment.

                                       3
<PAGE>

                  (a) Additional Definitions. For purposes of this Agreement,
         the following terms shall have the meanings assigned below:

                           (i) "Cause" means (A) conviction of a crime involving
                  moral turpitude, or (B) a determination by the Board of
                  Directors of the Company in good faith that Employee [1] has
                  failed to substantially perform his duties in his then current
                  position, [2] has engaged in grossly negligent, dishonest or
                  unethical activity, or [3] has breached a fiduciary duty or a
                  covenant hereunder, including without limitation the
                  unauthorized disclosure of Company trade secrets or
                  confidential information, resulting in material loss or damage
                  to the Company.

                           (ii) "Change in Control of the Company" means a
                  change in control of a nature that would be required to be
                  reported in response to Item 6(e) of Schedule 14A of
                  Regulation 14A promulgated under the Securities Exchange Act
                  of 1934 (the "Exchange Act"), if the Company were subject to
                  such reporting requirements; provided that, without
                  limitation, such a change in control shall be deemed to have
                  occurred if any "person" (as such term is used in paragraph
                  13(d) and 14(d) of the Exchange Act) who on the date hereof is
                  not a director or officer of the Company, is or becomes the
                  "beneficial owner" (as defined in Rule 13d-3 under the
                  Exchange Act), directly or indirectly, of securities of the
                  Company representing 30% or more of the combined voting power
                  of the Company's then outstanding securities.

                           (iii) "Determination Date" means (A) if Employee's
                  employment is terminated by his death, the date of his death,
                  (B) if Employee's employment is terminated by reason of
                  Disability, thirty (30) days after Notice of Termination is
                  given, provided that Employee shall not have returned to the
                  performance of his duties during such thirty (30) day period,
                  (C) if Employee's employment is terminated by reason of a
                  Change in Control of the Company, the date specified in the
                  Notice of Termination, (D if Employee's employment is
                  terminated for Cause by reason of conviction of a crime
                  involving moral turpitude, the date on which a Notice of
                  Termination is given, or (E) if Employee's employment is
                  terminated for Cause for a reason other than specified in (D),
                  thirty (30) days after Notice of Termination is given,
                  provided that Employee shall not have cured the reason for
                  such Cause during such thirty (30) day period.

                           (iv) "Disability" means (A) Employee's inability, by
                  reason of physical or mental illness or other cause, to
                  perform Employee's duties hereunder on a full-time basis for a
                  period of twenty-six (26) consecutive weeks, or (B) in the
                  discretion of the Board of Directors, as such term is defined
                  in any disability insurance policy in effect at the Company
                  during the time in question.

                           (v) "Good Reason" means a failure by the Company to
                  comply with any material provision of this Agreement which has
                  not been cured within ten (10) days after notice of such
                  noncompliance has been given by Employee to the Company.

                           (vi) "Notice of Termination" means a notice which
                  shall indicate the specific termination provision in this
                  Agreement relied upon and shall set forth in reasonable detail
                  the facts and circumstances claimed to provide a basis for
                  termination under the provision so indicated. Any termination
                  of Employee's employment by the Company or by Employee (other
                  than termination pursuant to subsection 6(b) hereof) shall be
                  communicated by written Notice of Termination to the other
                  party hereto.

                                       4
<PAGE>

                  (b) Termination on Employee's Death. Employee's employment
         hereunder shall terminate upon Employee's death. Upon such termination,
         Employee's representative or estate shall be entitled to receive only
         the compensation, benefits and reimbursement earned or accrued by
         Employee under the terms of his employment prior to the Determination
         Date, but shall not be entitled to any further compensation, benefits,
         or reimbursement subsequent to such date.

                  (c) Termination By The Company for Employee's Disability.
         Employee's employment hereunder may be terminated without breach of
         this Agreement upon Employee's Disability, upon written Notice of
         Termination from the Company to Employee and Employee's failure to
         return to the performance of his duties as provided in Section
         6(a)(iii)(B) hereof. Employee shall receive full compensation,
         benefits, and reimbursement of expenses pursuant to the terms of his
         employment from the date Disability begins until the Determination Date
         specified in the Notice of Termination given under this section, or
         until Employee begins to receive disability benefits pursuant to a
         Company disability insurance policy, whichever occurs first.

                  (d) Termination By The Company For Cause. Employee's
         employment hereunder may be terminated without breach of this Agreement
         for Cause, upon written Notice of Termination from the Company to
         Employee and Employee's failure to cure such Cause as provided in
         Section 6(a)(iii)(E) hereof. If Employee's employment is terminated for
         Cause, the Company shall pay Employee his full Annual Base Salary
         accrued through the Determination Date, and the Company shall have no
         further obligation to Employee under this Agreement for other
         compensation or benefits accrued but unpaid prior to the Determination
         Date.

                  (e) Termination On Change of Control of the Company.
         Employee's employment hereunder may be terminated without breach of
         this Agreement at any time within twelve months following a Change in
         Control of the Company at the election of the Employee. If the
         Employee's employment pursuant to this Section 6(e) is terminated,
         Employee shall be entitled to receive the compensation, benefits and
         reimbursement earned or accrued by Employee under the terms of his
         employment prior to the Determination Date, including any incentive
         bonus. In addition, Employee shall receive as a severance payment the
         balance of Employee's compensation through the end of the then current
         term of this Agreement. Also, upon Employees termination in connection
         with this Section 6(e), Employee shall be entitled to an annual bonus
         for the remaining period of this contract equal to the bonus due to
         Employee for the immediately preceding fiscal year. Employee's
         employment hereunder may not be terminated by the Company following a
         Change in Control of the Company without it being a breach of this
         Agreement.

                  (f) Termination by Employee. Employee may terminate his
         employment hereunder for Good Reason or if his health should become
         impaired to an extent that makes his continued performance of his
         duties hereunder hazardous to his physical or mental health or his
         life, provided that Employee shall have furnished the Company with a
         written statement from a qualified doctor to such effect and, provided
         further, that, at the Company's request, Employee shall submit to an
         examination by a doctor selected by the Company and such doctor shall
         have concurred in the conclusion of Employee's doctor. If Employee
         shall terminate his employment pursuant to this Section 6(f), Employee
         shall be entitled to receive the following:

                           (i) the compensation, benefits and reimbursement
                  earned or accrued by Employee under the terms of his
                  employment prior to the Determination Date, including any
                  incentive bonus,

                                       5
<PAGE>

                           (ii) if Employee shall terminate his employment for
                  Good Reason consisting of the Company's material breach of
                  this Agreement, severance, including bonuses, as defined in
                  Section 6 (e) shall be due and payable to Employee.

         7.       Miscellaneous.

                  (a) Severability. If any provision of this Agreement is found
         to be unenforceable by a court of competent jurisdiction, the remaining
         provisions shall nevertheless remain in full force and effect.

                  (b) Notices. Any notice required or permitted hereunder to be
         given by either party shall be in writing and shall be delivered
         personally or sent by certified or registered mail, postage prepaid, or
         by private courier, or by facsimile or telegram to the party to the
         address the party may designate from time to time. A notice delivered
         personally shall be effective upon receipt. A notice sent by facsimile
         or telegram shall be effective 24 hours after the dispatch thereof. A
         notice delivered by mail or by private courier shall be effective on
         the 3rd day after the day of mailing. A copy of notices given hereunder
         will be delivered or sent to the following persons and addresses (or
         such other address as designated from time to time):

                  (c) Attorney's Fees. In the event of any action at law or
         equity to enforce or interpret the terms of this Agreement, the
         prevailing party shall be entitled to reasonable attorneys' fees and
         court costs in addition to any other relief to which such party may be
         entitled.

                  (d) Governing Law. This Agreement shall be interpreted,
         construed, governed and enforced according to the laws of the State of
         Utah. If any provision of this Agreement is determined by a court of
         law to be illegal or unenforceable, then such provision will be
         enforced to the maximum extent possible and the other provisions will
         remain in full force and effect.

                  (e) Successors and Assigns. The rights and obligations of the
         Company under this Agreement shall inure to the benefit of and shall be
         binding upon the successors and assigns of the Company. This Agreement
         is for the unique personal services of Employee, and Employee shall not
         be entitled to assign any of his rights or obligations hereunder.

                  (f) Entire Agreement. This Agreement constitutes the entire
         agreement between the parties with respect to the employment of
         Employee. This Agreement can be amended or modified only in a writing
         signed by Employee and an authorized representative of the Company.

                  (g) Signature by Facsimile and Counterpart. This Agreement may
         be executed in counterpart, and facsimile signatures are acceptable and
         binding on the parties hereto.

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

                                       6
<PAGE>

"Company"                                  "Employee"

PARK CITY GROUP, INC.,
a Delaware corporation

By: __________________________________     _____________________________________
Name: ________________________________     Name: Randall K. Fields
Title: _______________________________

                                       7

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