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                                                                    EXHIBIT 10.7

THIS EMPLOYMENT AGREEMENT IS THE SAME FOR NANCY N. KING.

                                EDWARD R. POOLEY
                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (this "Agreement"), is made and entered into
as of October 1, 2002 (the "Effective Date"), by and between ST. JOSEPH CAPITAL
CORPORATION, a Delaware corporation (the "Employer"), and EDWARD R. POOLEY (the
"Executive").

                                    RECITALS

         A. The Employer wishes to continue to employ the Executive as the
Senior Vice President, Chief Financial Officer and Secretary of the Company and
the Senior Vice President, Chief Financial Officer, Secretary of the Board of
Directors and Cashier of St. Joseph Capital Bank, the Employer's subsidiary
Indiana state bank (the "Bank"), for a specified term and the Executive is
willing to continue such employment upon the terms and conditions hereinafter
set forth.

         B. The Employer owns all of the issued and outstanding capital stock of
the Bank.

         C. The Employer recognizes that circumstances may arise in which a
change of control of the Employer through acquisition or otherwise may occur
thereby causing uncertainty of employment without regard to the competence or
past contributions of the Executive which uncertainty may result in the loss of
valuable services of the Executive and the Employer and the Executive wish to
provide reasonable security to the Executive against changes in the employment
relationship in the event of any such change of control.

         NOW, THEREFORE, in consideration of the premises and of the covenants
and agreements hereinafter contained, it is covenanted and agreed by and between
the parties hereto as follows:

                                   AGREEMENTS

         SECTION 1. POSITION AND DUTIES. The Employer hereby employs the
Executive as the Senior Vice President, Chief Financial Officer and Secretary of
the Company and Senior Vice President, Chief Financial Officer, Secretary of the
Board of Directors and Cashier of the Bank or in such other senior executive
capacity or capacities as shall be mutually agreed between the Employer and the
Executive. During the period of the Executive's employment hereunder, the
Executive shall devote his best efforts and full business time, energy, skills
and attention to the business and affairs of the Employer. The Executive's
duties and authority shall consist of and include all duties and authority
customarily performed and held by persons holding equivalent positions with
business organizations similar in nature and size to the Employer, as such
duties and authority are reasonably defined, modified and delegated from time to
time by the Board of Directors of the Employer (the "Board"). The Executive
shall have the powers necessary to perform the duties assigned to him and shall
be provided such supporting services, staff, secretarial and other assistance,
office space and accoutrements as shall be reasonably necessary and appropriate
in the light of such assigned duties.

         SECTION 2. COMPENSATION. As compensation for the services to be
provided by the Executive hereunder, the Executive shall receive the following
compensation, expense reimbursement and other benefits:

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                  (a) BASE COMPENSATION. The Executive shall receive an
aggregate annual minimum base salary at the rate of Ninety Nine Thousand Dollars
($99,000) payable in installments in accordance with the regular payroll
schedule of the Employer. Such base salary shall be subject to review annually
commencing in 2003 and shall be maintained or increased during the term of this
Agreement in accordance with the Employer's established management compensation
policies and plans.

                  (b) REIMBURSEMENT OF EXPENSES. The Executive shall be
reimbursed, upon submission of appropriate vouchers and supporting
documentation, for all travel, entertainment and other out-of-pocket expenses
reasonably and necessarily incurred by the Executive in the performance of his
duties hereunder and shall be entitled to attend seminars, conferences and
meetings relating to the business of the Employer consistent with the Employer's
established policies in that regard.

                  (c) OTHER BENEFITS. The Executive shall be entitled to all
benefits specifically established for him and, when and to the extent he is
eligible therefor, to participate in all plans and benefits generally accorded
to senior executives of the Employer, including, but not limited to, pension,
profit-sharing, supplemental retirement, incentive compensation, bonus,
disability income, split-dollar life insurance, group life, medical and
hospitalization insurance, and similar or comparable plans, and also to
perquisites extended to similarly situated senior executives, provided, however,
that such plans, benefits and perquisites shall be no less than those made
available to all other employees of the Employer.

                  (d) VACATIONS. The Executive shall be entitled to an annual
vacation in accordance with the vacation policy of the Employer which vacation
shall be taken at a time or times mutually agreeable to the Employer and the
Executive; provided, however, that the Executive shall be entitled to at least
twenty (20) days of paid vacation annually.

                  (e) WITHHOLDING. The Employer shall be entitled to withhold
from amounts payable to the Executive hereunder, any federal, state or local
withholding or other taxes or charges which it is from time to time required to
withhold. The Employer shall be entitled to rely upon the opinion of its legal
counsel with regard to any question concerning the amount or requirement of any
such withholding.

         SECTION 3. CONFIDENTIALITY AND LOYALTY. The Executive acknowledges that
during the course of his employment he may produce and have access to material,
records, data, trade secrets and information not generally available to the
public regarding the Employer and its Affiliates (collectively, "Confidential
Information"). Accordingly, during and subsequent to termination of this
Agreement, the Executive shall hold in confidence and not directly or indirectly
disclose, use, copy or make lists of any such Confidential Information, except
to the extent that such information is or thereafter becomes lawfully available
from public sources, or such disclosure is authorized in writing by the
Employer, required by a law or any competent administrative agency or judicial
authority, or otherwise as reasonably necessary or appropriate in connection
with the performance by the Executive of his duties hereunder. All records,
files, documents and other materials or copies thereof relating to the business
of the Employer and its Affiliates which the Executive shall prepare or use,
shall be and remain the sole property of the Employer, shall not be removed from
the premises of the Employer or its Affiliates, as the case may be, without the
written consent of the Employer's President, except as reasonably necessary or
appropriate in connection with the performance by the Executive of his duties
hereunder, and shall be promptly returned to the Employer upon termination of
the Executive's employment hereunder. The Executive agrees to abide by the
reasonable policies of the Employer, as in effect from time to time, respecting
avoidance of interests conflicting with those of the Employer and its
Affiliates. For purposes of this Agreement, "Affiliate" means with respect to a
specified entity, any individual or entity that directly or indirectly controls,
is directly or indirectly controlled by, or is directly or indirectly under
common control with such specified entity, including, but not limited to, the
Bank.

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         SECTION 4. TERM AND TERMINATION.

                  (a) TERM. The Executive's employment hereunder shall be for a
term of one (1) year commencing on the Effective Date, and shall automatically
extend for one (1) additional year on each subsequent anniversary of the
Effective Date, unless terminated by either party effective as of the last day
of the then current one-year period by written notice to that effect delivered
to the other not less than thirty (30) days prior to the anniversary of such
Effective Date.

                  (b) TERMINATION WITHOUT CAUSE. Either the Employer or the
Executive may terminate this Agreement and the Executive's employment hereunder
for any reason by delivering written notice of termination to the other party no
less than thirty (30) days before the effective date of termination, which date
will be specified in the notice of termination. If the Executive voluntarily
terminates his employment under this Agreement other than pursuant to Section
4(d) (Constructive Discharge) or Section 4(h) (Termination Upon Change of
Control), then the Employer shall only be required to pay the Executive such
base salary as shall have accrued through the effective date of such termination
and none of the Employer or any of its Affiliates (including the Bank) shall
have any further obligations to the Executive.

                  (c) PREMATURE TERMINATION.

                           (i) In the event of the termination of this Agreement
by the Employer prior to the last day of the then current term for any reason
other than a termination in accordance with the provisions of Section 4(e)
(Termination for Cause), then notwithstanding any mitigation of damages by the
Executive, the Employer shall pay the Executive the sum of: (A) the amount of
the Executive's annual base salary then payable to the Executive; plus (B) the
value of any bonus or incentive payments the Executive would have received had
he remained employed (based upon the aggregate bonus and/or incentive payment
the Executive received during the Employer's most recently ended fiscal year);
plus (C) the amount of the contributions that would have been made or credited
by the Employer under all employee retirement plans for the benefit of the
Executive (based upon the aggregate contributions made or credited by the
Employer under all employee retirement plans for the benefit of the Executive
for the most recently ended fiscal year of the Employer). In addition, the
Employer shall continue to provide coverage for the Executive under any health,
life and disability insurance programs maintained by the Employer, for twelve
(12) months; provided, however, that the continued payment of these amounts by
the Employer shall not offset or diminish any compensation or benefits accrued
as of the date of termination.

                           (ii) Payment to the Executive will be made on a
monthly basis over the twelve (12) month period immediately following the
Executive's termination of employment. At the election of the Employer, payments
may be made in a lump sum. Such payments shall not be reduced in the event the
Executive obtains other employment following the termination of employment by
the Employer.

                           (iii) If the Employer is not in compliance with its
minimum capital requirements or if the payments required under subsection (i)
above would cause the Employer's capital to be reduced below its minimum capital
requirements, such payments shall be deferred until such time as the Employer is
in capital compliance.

                  (d) CONSTRUCTIVE DISCHARGE. If at any time during the term of
this Agreement, except in connection with a termination pursuant to Section 4(e)
(Termination for Cause), the Executive is Constructively Discharged (as
hereinafter defined), then the Executive shall have the right, by written notice
given to the Employer not later than ninety (90) days after such Constructive
Discharge, to terminate his services hereunder, effective as of thirty (30) days
after the date of such notice, and the Executive shall have no rights or
obligations under this Agreement other than as provided in this Section 4(d),
Section 3 (Confidentiality and Loyalty) and Section 5 (Non-Competition
Covenant). In such event, the Executive shall be entitled to a lump sum payment
of compensation and benefits and continuation of the health, life and disability
insurance as if such termination of his employment were pursuant to Section 4(c)
(Premature Termination), provided, however, that if the Executive is
Constructively Discharged, after or

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in connection with, a Change of Control of the Employer, as provided in Section
4(h) (Termination Upon Change of Control), then the Executive shall be entitled
to elect to receive the compensation provided for in Section 4(h) in lieu of the
benefits provided for in this Section 4(d).

For purposes of this Agreement, the Executive shall be "Constructively
Discharged" upon the occurrence of any one of the following events:

                           (i) The Executive is not re-elected or is removed
from the positions with the Employer set forth in Section 1 (Position and
Duties), other than as a result of the Executive's election or appointment to
positions of equal or superior scope and responsibility; or

                           (ii) The Executive shall fail to be vested by the
Employer with the powers, authority and support services of any of said offices;
or

                           (iii) The Employer shall notify the Executive that
the employment term of the Executive will not be extended or further extended,
as set forth in Section 4(a) (Term); or

                           (iv) The Employer changes the primary employment
location of the Executive to a place that is more than fifty (50) miles from the
primary employment location as of the Effective Date of this Agreement; or

                           (v) The Employer otherwise commits a material breach
of its obligations under this Agreement.

                  (e) TERMINATION FOR CAUSE. This Agreement may be terminated
for cause as hereinafter defined. "Cause" shall mean: (i) the Executive's death;
(ii) the Executive's Permanent Disability, which shall mean the Executive's
inability, as a result of physical or mental incapacity, substantially to
perform his duties hereunder for a period of six (6) consecutive months; (iii) a
material violation by the Executive of any applicable material law or regulation
respecting the business of the Employer; (iv) the Executive being found guilty
of a felony or an act of dishonesty in connection with the performance of his
duties as an officer of the Employer, or which disqualifies the Executive from
serving as an officer or director of the Employer; (v) the willful or negligent
failure of the Executive to perform his duties hereunder in any material
respect; or (vi) the Executive engages in one or more violations of Employer's
policies or procedures or directives of the Board and that have a material
adverse effect on the Employer; or (vii) the Executive is removed or suspended
from banking pursuant to Section 8(e) of the Federal Deposit Insurance Act, as
amended (the "FDIA"), or any other applicable state or federal law. The
Executive shall be entitled to at least thirty (30) days' prior written notice
of the Employer's intention to terminate his employment for any cause (except
the Executive's death) specifying the grounds for such termination, a reasonable
opportunity to cure any conduct or act, if curable, alleged as grounds for such
termination, and a reasonable opportunity to present to the Board his position
regarding any dispute relating to the existence of such cause. In the event of a
dispute regarding the Executive's Permanent Disability, each of the Executive
and the Employer shall choose a physician who together will choose a third
physician to make a final determination thereof. Upon a termination of the
Executive's employment with the Employer for Cause, the Executive shall be
entitled to receive from the Employer only such payments as are due and owing to
the Executive as of the effective date of such termination. If the Executive's
employment is terminated pursuant to this Section, then the Employer shall only
be required to pay the Executive such base salary as shall have accrued through
the effective date of such termination and neither the Employer nor any of its
Affiliates shall have any further obligations to the Executive.

                  (f) PAYMENTS UPON DEATH. In the event payments are due and
owing under this Agreement at the death of the Executive, payment shall be made
to such beneficiary as the Executive may designate in writing, or failing such
designation, to the executor of his estate, in full settlement and satisfaction
of all claims and demands on behalf of the Executive.

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                  (g) PAYMENTS PRIOR TO PERMANENT DISABILITY. The Executive
shall be entitled to the compensation and benefits provided for under this
Agreement for any period during the term of this Agreement and prior to the
establishment of the Executive's Disability during which the Executive is unable
to work due to a physical or mental infirmity. Notwithstanding anything
contained in this Agreement to the contrary, until the date specified in a
notice of termination relating to the Executive's Disability, the Executive
shall be entitled to return to his positions with the Employer as set forth in
this Agreement in which event no Disability of the Executive will be deemed to
have occurred.

                  (h) TERMINATION UPON CHANGE OF CONTROL.

                           (i) In the event of a Change of Control (as defined
below) of the Employer and the termination of the Executive's employment under
either A or B below, the Executive shall be entitled to receive in lieu of any
other payments provided for in this Agreement a lump sum payment equal to one
and a half (1.5) times the sum of: (1) his base salary then payable; (2) the
value of any bonus or incentive payments the Executive would have received had
he remained employed (based upon the aggregate bonus and/or incentive payment
the Executive received during the Employer's most recently ended fiscal year);
and (3) the value of the contributions that would have been made or credited by
the Employer under all employee retirement plans for the benefit of the
Executive (based upon the aggregate contributions made or credited by the
Employer under all employee retirement plans for the benefit of the Executive
for the most recently ended fiscal year of the Employer). The Employer shall
also continue to provide coverage for the Executive under any health, life and
disability insurance programs for one (1) year following such termination.
Payments under this paragraph shall be subject to the limits of Section
4(h)(iii). The following shall constitute termination of the Executive's
employment within the meaning of this Section 4(h):

                                    A. The Executive terminates his employment
under this Agreement by a written notice to that effect delivered to the Board
within the one (1) year period immediately following the Change of Control.

                                    B. This Agreement is terminated by the
Employer or its successor within either the six (6) month period immediately
preceding the Change of Control or the one (1) year period immediately following
the Change of Control.

                           (ii) For purposes of this Section, the term "Change
of Control" shall mean the following:

                                    A. The consummation of the acquisition by
any person (as such term is defined in Section 13(d) or 14(d) of the Securities
Exchange Act of 1934, as amended (the "1934 Act")) of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the 1934 Act) of
thirty-three percent (33%) or more of the combined voting power of the then
outstanding voting securities of the Employer; or

                                    B. The individuals who, as of the date of
this Agreement, are members of the Board cease for any reason to constitute a
majority of the Board, unless the election, or nomination for election by the
stockholders, of any new director was approved by a vote of a majority of the
Board, and such new director shall, for purposes of this Agreement, be
considered as a member of the Board; or

                                    C. Approval by stockholders of: (1) a merger
or consolidation to which the Employer is a party if the stockholders
immediately before such merger or consolidation do not, as a result of such
merger or consolidation, own, directly or indirectly, more than sixty-seven
percent (67%) of the combined voting power of the then outstanding voting
securities of the entity resulting from such merger or consolidation in
substantially the same proportion as their ownership of the combined voting
power of the Employer's voting securities outstanding immediately before such
merger or consolidation;

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or (2) a complete liquidation or dissolution or an agreement for the sale or
other disposition of all or substantially all of the assets of the Employer.

Notwithstanding the foregoing, a Change of Control shall not be deemed to occur
solely because fifty-one percent (51%) or more of the combined voting power of
the Employer's then outstanding securities is acquired by: (1) a trustee or
other fiduciary holding securities under one or more employee benefit plans
maintained for employees of the entity; or (2) any corporation which,
immediately prior to such acquisition, is owned directly or indirectly by the
stockholders in the same proportion as their ownership of stock immediately
prior to such acquisition.

                           (iii) It is the intention of the Employer and the
Executive that no portion of any payment under this Agreement, or payments to or
for the benefit of the Executive under any other agreement or plan, be deemed to
be an "Excess Parachute Payment" as defined in Section 280G of the Internal
Revenue Code of 1986, as amended (the "Code"), or its successors. It is agreed
that the present value of and payments to or for the benefit of the Executive in
the nature of compensation, receipt of which is contingent on the Change of
Control of the Employer, and to which Section 280G of the Code applies (in the
aggregate "Total Payments") shall not exceed an amount equal to one dollar less
than the maximum amount which the Employer may pay without loss of deduction
under Section 280G(a) of the Code. Present value for purposes of this Agreement
shall be calculated in accordance with Section 280G(d)(4) of the Code. Within
ninety (90) days following the earlier of (A) the giving of the notice of
termination or (B) the giving of notice by the Employer to the Executive of its
belief that there is a payment or benefit due the Executive which will result in
an excess parachute payment as defined in Section 280G of the Code, the
Executive and the Employer, at the Employer's expense, shall obtain the opinion
of such legal counsel and certified public accountants as the Executive may
choose (notwithstanding the fact that such persons have acted or may also be
acting as the legal counsel or certified public accountants for the Employer),
which opinions need not be unqualified, which sets forth (A) the amount of the
includable compensation of the Executive for the base period, as determined
under Section 280G of the Code, (B) the present value of Total Payments and (C)
the amount and present value of any excess parachute payments. In the event that
such opinions determine that there would be an excess parachute payment, the
payment hereunder or any other payment determined by such counsel to be
includable in Total Payments shall be modified, reduced or eliminated as
specified by the Executive in writing delivered to the Employer within sixty
(60) days of his receipt of such opinions or, if the Executive fails to so
notify the Employer, then as the Employer shall reasonably determine, so that
under the bases of calculation set forth in such opinions there will be no
excess parachute payment. The provisions of this subsection, including the
calculations, notices and opinions provided for herein shall be based upon the
conclusive presumption that (A) the compensation and benefits provided for in
Section 2 (Compensation) and (B) any other compensation earned by the Executive
pursuant to the Employer's compensation programs which would have been paid in
any event, are reasonable compensation for services rendered, even though the
timing of such payment is triggered by the Change of Control; provided, however,
that in the event such legal counsel so requests in connection with the opinion
required by this subsection, the Executive and the Employer shall obtain, at the
Employer's expense, and the legal counsel may rely on in providing the opinion,
the advice of a firm of recognized executive compensation consultants as to the
reasonableness of any item of compensation to be received by the Executive. In
the event that the provisions of Sections 280G and 4999 of the Code are repealed
without succession, this subsection shall be of no further force or effect.

                  (i) REGULATORY SUSPENSION AND TERMINATION.

                           (i) If the Executive is suspended from office and/or
temporarily prohibited from participating in the conduct of the Employer's
affairs by a notice served under Section 8(e)(3) (12 U.S.C. Section 1818(e)(3))
or 8(g) (12 U.S.C. Section 1818(g)) of the FDIA, the Employer's obligations
under this contract shall be suspended as of the date of service, unless stayed
by appropriate proceedings. If the charges in the notice are dismissed, the
Employer may in its discretion (A) pay the Executive all or part of

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the compensation withheld while their contract obligations were suspended and
(B) reinstate (in whole or in part) any of the obligations which were suspended.

                           (ii) If the Executive is removed and/or permanently
prohibited from participating in the conduct of the Employer's affairs by an
order issued under Section 8(e) (12 U.S.C. Section 1818(e)) or 8(g) (12 U.S.C.
Section 1818(g)) of the FDIA, all obligations of the Employer under this
contract shall terminate as of the effective date of the order, but vested
rights of the contracting parties shall not be affected.

                           (iii) If the Employer is in default as defined in
Section 3(x) (12 U.S.C. Section 1813(x)(1)) of the FDIA, all obligations of the
Employer under this contract shall terminate as of the date of default, but this
paragraph shall not affect any vested rights of the contracting parties.

                           (iv) All obligations of the Employer under this
contract shall be terminated, except to the extent determined that continuation
of the contract is necessary for the continued operation of the institution by
the Federal Deposit Insurance Corporation (the "FDIC"), at the time the FDIC
enters into an agreement to provide assistance to or on behalf of the Employer
under the authority contained in Section 13(c) (12 U.S.C. Section 1823(c)) of
the FDIA, or when the Employer is determined by the FDIC to be in an unsafe or
unsound condition. Any rights of the parties that have already vested, however,
shall not be affected by such action.

         SECTION 5. NON-COMPETITION COVENANT.

                  (a) RESTRICTIVE COVENANT. The Employer and the Executive have
jointly reviewed the customer lists and operations of the Employer and have
agreed that the primary service area of the Employer's lending and deposit
taking functions in which the Employer has and will actively participate extends
separately to an area which encompasses a fifty (50) mile radius from the main
office of the Employer (the "Restrictive Area"). Therefore, as an essential
ingredient of and in consideration of this Agreement and the payment of the
amounts described in Section 2 (Compensation), the Executive hereby agrees that,
except with the express prior written consent of the Employer, for a period of
one (1) year after the termination of the Executive's employment with the
Employer (the "Restrictive Period"), he will not directly or indirectly compete
with the business of the Employer, including, but not by way of limitation, by
directly or indirectly owning, managing, operating, controlling, financing, or
by directly or indirectly serving as an employee, officer or director of or
consultant to, or by soliciting or inducing, or attempting to solicit or induce,
any employee or agent of the Employer to terminate employment with the Employer
and become employed by any person, firm, partnership, corporation, trust or
other entity which owns or operates, a bank, savings and loan association,
credit union or similar financial institution (a "Financial Institution") within
the Restrictive Area (the "Restrictive Covenant"). If the Executive violates the
Restrictive Covenant and the Employer brings legal action for injunctive or
other relief, the Employer shall not, as a result of the time involved in
obtaining such relief, be deprived of the benefit of the full period of the
Restrictive Covenant. Accordingly, the Restrictive Covenant shall be deemed to
have the duration specified in this Section 5(a) computed from the date the
relief is granted but reduced by the time between the period when the
Restrictive Period began to run and the date of the first violation of the
Restrictive Covenant by the Executive. In the event that a successor assumes and
agrees to perform this Agreement, this Restrictive Covenant shall continue to
apply only to the main office of the Employer as it existed immediately before
such assumption and shall not apply to any of the successor's other offices. The
foregoing Restrictive Covenant shall not prohibit the Executive from owning
directly or indirectly capital stock or similar securities which are listed on a
securities exchange or quoted on the Nasdaq Stock Market which do not represent
more than five percent (5%) of the outstanding capital stock of any Financial
Institution.

         (b) REMEDIES FOR BREACH OF RESTRICTIVE COVENANT. The Executive
acknowledges that the restrictions contained in Section 3 (Confidentiality and
Loyalty) and Section 5(a) (Restrictive

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Covenant) of this Agreement are reasonable and necessary for the protection of
the legitimate business interests of the Employer, that any violation of these
restrictions would cause substantial injury to the Employer and such interests,
that the Employer would not have entered into this Agreement with the Executive
without receiving the additional consideration offered by the Executive in
binding himself to these restrictions and that such restrictions were a material
inducement to the Employer to enter into this Agreement. In the event of any
violation or threatened violation of these restrictions, the Employer, in
addition to and not in limitation of, any other rights, remedies or damages
available to the Employer under this Agreement or otherwise at law or in equity,
shall be entitled to preliminary and permanent injunctive relief to prevent or
restrain any such violation by the Executive and any and all persons directly or
indirectly acting for or with him, as the case may be.

         SECTION 6. INTERCORPORATE TRANSFERS. If the Executive shall be
voluntarily transferred to an affiliate of the Employer, such transfer shall not
be deemed to terminate or modify this Agreement and the employing corporation to
which the Executive shall have been transferred shall, for all purposes of this
Agreement, be construed as standing in the same place and stead as the Employer
as of the date of such transfer. For purposes of this Agreement, an affiliate of
the Employer shall mean any corporation directly or indirectly controlling,
controlled by, or under common control with the Employer.

         SECTION 7. INTEREST IN ASSETS. Neither the Executive nor his estate
shall acquire hereunder any rights in funds or assets of the Employer, otherwise
than by and through the actual payment of amounts payable hereunder; nor shall
the Executive or his estate have any power to transfer, assign, anticipate,
hypothecate or otherwise encumber in advance any of said payments; nor shall any
of such payments be subject to seizure for the payment of any debt, judgment,
alimony, separate maintenance or be transferable by operation of law in the
event of bankruptcy, insolvency or otherwise of the Executive.

         SECTION 8. INDEMNIFICATION.

                  (a) INSURANCE. The Employer shall provide the Executive
(including his heirs, personal representatives, executors and administrators)
for the term of this Agreement with coverage under a standard directors' and
officers' liability insurance policy at its expense.

                  (b) HOLD HARMLESS. In addition to the insurance coverage
provided for in paragraph (a) of this Section, the Employer shall hold harmless
and indemnify the Executive (and his heirs, executors and administrators) to the
fullest extent permitted under applicable law against all expenses and
liabilities reasonably incurred by him in connection with or arising out of any
action, suit or proceeding in which he may be involved by reason of his having
been an officer of the Employer (whether or not he continues to be an officer at
the time of incurring such expenses or liabilities), such expenses and
liabilities to include, but not be limited to, judgments, court costs and
attorneys' fees and the cost of reasonable settlements.

                  (c) ADVANCEMENT OF EXPENSES. In the event the Executive
becomes a party, or is threatened to be made a party, to any action, suit or
proceeding for which the Employer has agreed to provide insurance coverage or
indemnification under this Section, the Employer shall, to the full extent
permitted under applicable law, advance all expenses (including reasonable
attorneys' fees), judgments, fines and amounts paid in settlement (collectively
"Expenses") incurred by the Executive in connection with the investigation,
defense, settlement, or appeal of any threatened, pending or completed action,
suit or proceeding, subject to receipt by the Employer of a written undertaking
from the Executive: (i) to reimburse the Employer for all Expenses actually paid
by the Employer to or on behalf of the Executive in the event it shall be
ultimately determined that the Executive is not entitled to indemnification by
the Employer for such Expenses; and (ii) to assign to the Employer all rights of
the Executive to indemnification, under any policy of directors' and officers'
liability insurance or otherwise, to the extent of the amount of Expenses
actually paid by the Employer to or on behalf of the Executive.

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         SECTION 9. GENERAL PROVISIONS.

                  (a) SUCCESSORS; ASSIGNMENT. This Agreement shall be binding
upon and inure to the benefit of the Executive, the Employer and his and its
respective personal representatives, successors and assigns, and any successor
or assign of the Employer shall be deemed the "Employer" hereunder. The Employer
shall require any successor to all or substantially all of the business and/or
assets of the Employer, whether directly or indirectly, by purchase, merger,
consolidation, acquisition of stock, or otherwise, by an agreement in form and
substance satisfactory to the Executive, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent as the Employer
would be required to perform if no such succession had taken place.

                  (b) ENTIRE AGREEMENT; MODIFICATIONS. This Agreement
constitutes the entire agreement between the parties respecting the subject
matter hereof, and supersedes all prior negotiations, undertakings, agreements
and arrangements with respect thereto, whether written or oral. Except as
otherwise explicitly provided herein, this Agreement may not be amended or
modified except by written agreement signed by the Executive and the Employer.

                  (c) ENFORCEMENT AND GOVERNING LAW. The provisions of this
Agreement shall be regarded as divisible and separate; if any of said provisions
should be declared invalid or unenforceable by a court of competent
jurisdiction, the validity and enforceability of the remaining provisions shall
not be affected thereby. This Agreement shall be construed and the legal
relations of the parties hereto shall be determined in accordance with the laws
of the State of Indiana without reference to the law regarding conflicts of law.

                  (d) ARBITRATION. Any dispute or controversy arising under or
in connection with this Agreement shall be settled exclusively by arbitration,
conducted before a panel of three arbitrators sitting in a location selected by
the Executive within twenty-five (25) miles from the location of the main office
of the Employer, in accordance with the rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrator's award in
any court having jurisdiction; provided, however, that the Executive shall be
entitled to seek specific performance of his right to be paid through the date
of termination during the pendency of any dispute or controversy arising under
or in connection with this Agreement.

                  (e) LEGAL FEES. All reasonable legal fees paid or incurred by
the Executive pursuant to any dispute or question of interpretation relating to
this Agreement shall be paid or reimbursed by the Employer if the Executive is
successful on the merits pursuant to a legal judgment, arbitration or
settlement.

                  (f) WAIVER. No waiver by either party at any time of any
breach by the other party of, or compliance with, any condition or provision of
this Agreement to be performed by the other party, shall be deemed a waiver of
any similar or dissimilar provisions or conditions at the same time or any prior
or subsequent time.

                  (g) NOTICES. Notices pursuant to this Agreement shall be in
writing and shall be deemed given when received; and, if mailed, shall be mailed
by United States registered or certified mail, return receipt requested, postage
prepaid; and if to the Employer, addressed to the principal headquarters of the
Employer, attention: Chairman; or, if to the Executive, to the address set forth
below the Executive's signature on this Agreement, or to such other address as
the party to be notified shall have given to the other.

                                       9
<PAGE>

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

ST. JOSEPH CAPITAL CORPORATION                  EDWARD R. POOLEY

By:  /s/ John W. Rosenthal                      /s/ Edward R. Pooley
     ----------------------------               ---------------------------
     John W. Rosenthal                          50600 Pine Row Court
     Chief Executive Officer and                Granger, IN  46530
     Chairman of the Board

                                       10<PAGE>
                                  EXHIBIT 10.5

                              EMPLOYMENT AGREEMENT

      Quotesmith.com, Inc., a Delaware corporation (the "Company") and Hao Chang
("Executive") enter into this Employment Agreement as of JANUARY 23, 2001 (the
"Agreement"), effective as of Monday, February 12, 2001 (the "Effective Date").

      WHEREAS, both the Executive and the Company are willing to enter into this
Agreement upon the terms and conditions herein set forth;

      NOW THEREFORE, in consideration of the mutual covenants and agreements set
forth in this Agreement, and for good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Company and Executive
hereby covenant and agree as follows:

      16.   TERM OF EMPLOYMENT.

      The Company shall employ Executive, and Executive shall be employed by the
Company for the period that begins effective as of February 12, 2001 and ends on
December 31, 2002 or such earlier date as Executive's employment terminates
under Section 4 of this Agreement (the "Employment Term"). After expiration of
the initial term, as set forth herein, the Employment Term shall automatically
be renewed each January 1 for successive one-year terms unless the Company or
Executive delivers written notice to the other party at least sixty (60) days
preceding the expiration of the initial term or any one-year extension date of
the intention not to extend the term of this Agreement.

      17.   PERFORMANCE OF DUTIES.

      Executive shall have the title of Senior Vice President, Chief Information
Officer. Executive will report to the Company's President and Chief Executive
Officer, or such other officer as the Board of Directors may direct. Executive
will have such powers and perform such duties as are normally incident to the
position of Vice President as provided in the Company's by-laws and in
accordance with applicable law. Executive will discharge his duties subject to
and in observance of such reasonable rules, regulations, policies, directions
and restrictions as may be established from time to time by the Company.

      Throughout the Employment Term, Executive shall devote substantially his
full business time, attention, knowledge and skills, faithfully, diligently and
to the best of his ability, to the active performance of his duties and
responsibilities hereunder, and do such traveling as may reasonably be required
in connection with the performance of such duties and responsibilities.

      3.    COMPENSATION.

      (a) BASE SALARY. For services rendered by Executive to the Company during
the Employment Term the Company will pay Executive an annual base salary payable
in monthly or more frequent installments, in accordance with the usual payroll
practice of the Company in an amount equal to $135,000 (the "Base Salary"), less
income tax withholdings and other normal employee deductions. The Base Salary
shall not be decreased during the Employment Term but may, at the sole
discretion of the Company, from time to time be increased by an amount which the
Company deems appropriate.

      (b) BONUS. At the reasonable determination and sole discretion of the
Board, the Executive shall be eligible to receive periodic performance-based
bonuses based upon the factors reasonably chosen by the Board, including,
without limitation, the profitability of the Company and performance of, or
contribution by, Executive with respect thereto. Such bonus shall be payable
within ninety (90) days after the end of the fiscal year in which it (they) is
(are) earned.

      (c) VACATION. After a period of 90 days of continuous, full-time service
and continuing throughout the Employment Term, Executive will be entitled to
take, at such times as are mutually convenient to Executive and the Company, a
total of three (3) weeks of paid vacation annually in accordance with the
Company's policy.

      (d) FRINGE BENEFITS. The Company shall make available to Executive,
throughout the Employment Term, such benefits and perquisites as are generally
provided by the Company to its executive employees. Executive shall be eligible
to participate in and receive coverage and benefits under all group insurance,
stock ownership and other employee benefit plans, programs and arrangements of
the Company which are hereafter adopted by the Company for the benefit of its
senior

                                       1
<PAGE>
executive employees, subject to and on a basis consistent with the terms,
conditions and overall administration of such plans, programs and arrangements.

      (e) BUSINESS EXPENSES. The Company shall reimburse Executive for the
reasonable and necessary business expenses incurred by Executive in connection
with the performance of his employment duties during the Employment Term. Such
expenses shall include, but are not limited to, all expenses of travel and
living expenses while away from home on business or at the request of and in the
service of the Company, provided that such expenses are incurred and accounted
for in accordance with the policies and procedures established by the Company.
Reimbursement shall be made upon the presentation by Executive to the Company of
reasonably detailed statements of such expenses.

      4.    TERMINATION.

      (a) WITH OR WITHOUT CAUSE FOR ANY REASON OR NO REASON. This Employment
Agreement may be terminated at any time at the option of the Company or the
Executive with or without cause for any reason or no reason. As used in this
Agreement, the term "Cause" means: (i) executive's conviction of, or plea of
nolo contendere to, a felony; (ii) Executive's breach of any legal duty of
loyalty to the Company, misappropriation of the Company's funds, or dishonest,
fraudulent, illegal or unethical business conduct; (iii) Executive's failure to
satisfactorily perform his duties under this Agreement, which failure continues
after notice from the Company and a reasonable cure period; (iv) Executive's
breach of any obligations provided in this Agreement; (v) Executive's illegal
use of controlled substances, (vi) any material breach of this Agreement by the
Executive (other than one identified above) which shall continue after notice
from the Company and a reasonable cure period. Termination for Cause shall be
effective immediately for those events described in subparagraphs (i), (ii),
(iv), and (v). Termination for Cause shall be effective immediately upon the
giving of notice by the Company to Executive of the continuance of Executive's
failure to perform or comply with respect to the items described in subparagraph
(iii) above or the continuance of a breach described in subparagraph (vi) above.
In the event that the Executive is purportedly terminated for cause and a court,
arbitrator, or other tribunal having jurisdiction determines that Cause was not
present, then such purported termination for Cause shall be deemed a termination
without Cause pursuant to this section

      (b) DEATH. This Employment Agreement shall terminate automatically
effective upon the death of Executive.

      (c) DISABILITY. This Employment Agreement shall terminate automatically
effective upon Notice of Termination to Executive (or such later date as may be
specified in such notice) following a determination by the Board of Directors
that the Executive is unable to perform, onsite, the essential functions of his
employment position due to a disability of Executive that cannot be reasonably
accommodated by the Company.

      (d) TERMINATION BY EXECUTIVE. Executive may terminate the Employment Term
upon written Notice of Termination to the Company delivered to the Company
president at least 60 days before the effective date of such termination.

      (e) NOTICE OF TERMINATION. Any termination of the Employment Term by the
Company or by Executive (other than termination upon Executive's death) shall be
communicated by written Notice of Termination to the other party hereto. For
purposes of this Agreement, a "Notice of Termination" shall mean a written
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 of the Employment Term under the
section so indicated.

      (f) TERMINATION DISPUTES. If, within 15 days after any Notice of
Termination is given, the party receiving such Notice of Termination notifies
the other party that a dispute exists concerning the termination, the Date of
Termination shall be the date on which the dispute is finally determined, either
by mutual written agreement of the parties, by a binding and final arbitration
award or by a final judgment, order or decree of a court of competent
jurisdiction (the time for appeal therefrom having expired and no appeal having
been perfected).

      5.    SEVERANCE BENEFITS.

      (a) TERMINATION WITH OR WITHOUT CAUSE FOR ANY REASON OR NO REASON. If the
Employment Agreement is terminated with cause by the Company or terminated by
Executive for any reason or no reason, the Company shall have no further
liability, financial or otherwise, under this Agreement except to pay Executive
(i) the value of any accrued salary or other compensation due to Executive as of
the effective date of such termination, and (ii) any benefit payable under the
employee benefit plans, programs and arrangements of the Company in which
Executive is a participant on the date of delivery of the Notice of Termination.
If the Employment Agreement is terminated without cause by the Company for any
reason or no reason, the Company shall pay Executive (i) six (6) months of Base
Salary under Section 3(a) of this Agreement, (ii) the value of any accrued
salary or other compensation due to Executive as of the effective date of such
termination, and (iii) any benefit payable under the employee benefit plans,
programs and arrangements of the Company in which Executive is a participant on
the date of delivery of the Notice of Termination for a period of six (6)
months.

                                       2
<PAGE>
      (b) COMPENSATION UPON DEATH. If the Employment Term is terminated by the
death of the Executive, the Company shall have no further liability under this
Agreement except to pay Executive (i) the value of any accrued salary, or other
compensation due to Executive as of the date of the Executive's death, and (ii)
any benefit payable under all employee benefit plans, programs and arrangements
of the Company in which Executive is a participant on the date of his death.

      (c) COMPENSATION UPON DISABILITY. If the Employment Term is terminated by
the Company due to Executive's disability, the Company shall have no further
liability under this Agreement except to pay Executive (i) the value of any
accrued salary or other compensation due to Executive as of the effective date
of such termination, and (ii) any benefit payable under the employee benefit
plans, programs and arrangements of the Company in which Executive is a
participant on the date of delivery of the Notice of Termination, provided,
however, that in the event Executive is paid disability benefits under any
disability benefit plan of the Company in which he participates, any salary
payments made to Executive during such period shall be reduced by the sum of
such amounts.

      16.   CONFIDENTIAL INFORMATION.

      (a) DISCLOSURE AND USE. Executive shall not disclose or use at any time,
either during or after Executive's employment with the Company or any other
direct or indirect subsidiary of the Company (collectively referred to herein as
the "Company"), any trade secrets or other confidential information, whether
patentable or not, of the Company, including but not limited to, technical or
non-technical data, a formula, pattern, compilation, program, device, method,
technique, drawing, process, financial data, or list of actual or potential
customers or suppliers, of which Executive is or becomes informed or aware
during his employment, whether or not developed by Executive, except (i) as may
be required for Executive to perform his employment duties with the Company;
(ii) to the extent such information has been disclosed to Executive by a third
party who is not subject to restriction on the dissemination of such information
or becomes generally available to the public other than as a result of a
disclosure by a party who is not subject to restriction on the dissemination of
such information; (iii) information which must be disclosed as a result of a
subpoena or other legal process, after the Company has had the opportunity to
request a suitable protective order for such information, or (iv) unless
Executive shall first secure the Company's prior written authorization. This
covenant shall survive the termination of Executive's employment with the
Company, and shall remain in effect and be enforceable against Executive for so
long as any such Company secret or confidential information retains economic
value, whether actual or potential, from not being generally known to other
persons who can obtain economic value from its disclosure or use. Executive
shall execute such reasonable further agreements of Executive's obligations to
the Company concerning non-disclosure of Company trade secrets and confidential
information as the Company may require from time to time.

      (b) RETURN OF MATERIALS. Upon termination of the Employment Term,
Executive (or in the event of termination due to Executive's death, his estate
or devisee, legatee or other designee, as applicable) shall promptly deliver to
the Company all assets of the Company, including materials of a secret or
confidential nature relating to the Company's business, which are in the
possession or under the control of Executive.

      17.   INVENTIONS AND DISCOVERIES.

      Executive hereby assigns to the Company all of his rights, title and
interest in and to all inventions, discoveries, processes, designs and other
intellectual property, including without limitation, copyrights, patents,
trademarks and trade names (hereinafter referred to collectively as the
"Inventions"), and all improvements on existing Inventions made or discovered by
Executive during the Employment Term. Promptly upon the development or making of
any such Invention or improvement thereon, Executive shall disclose the same to
the Company and shall execute and deliver to the Company such reasonable
documents as the Company may request to confirm the assignment of Executive's
rights therein and, if requested by the Company, shall assist the Company in
applying for copyrights and trademark protection and in applying for and
prosecuting any patents which may be available for said Invention or
improvement. The Company acknowledges and hereby notifies Executive that this
section 6 does not apply to an Invention for which no equipment, supplies,
facility or trade secret information of the Company was used and which was
developed entirely on Executive's own time, unless (a) the Invention relates to
(i) the business of the Company, or (ii) the Company's actual or demonstrably
anticipated research or development, or (b) the Invention results from any work
performed by Executive for the Company.

      8.    RESTRICTIVE COVENANTS.

      (a) RESTRICTION ON COMPETITION. During the Employment Term and for a
two-year period following the Employment Term, Executive shall not, without the
prior written authorization of the Board of Directors of the Company, directly
or indirectly render services of a business, professional or commercial nature
(whether for compensation or otherwise) to any person or entity directly
competitive or severely adverse to the Company's business welfare or engage in
any activity whether alone, as a partner, or as an officer, director, employee,
consultant, independent contractor, or

                                       3
<PAGE>
stockholder in any other corporation, person, or entity which is directly
competitive with or severely adverse to the Company's business welfare. Such
competitive person or entity shall include, but not be limited to, any person or
firm directly or indirectly engaged in the insurance agency or brokerage
business or the business of providing automation services of any kind to
insurance agents or brokers. This section 8(a) shall not, however, prohibit
Executive from being employed by an insurance company or investing in the
publicly traded securities issued by any such competitive or adverse
corporation, provided the holdings thereof by Executive do not constitute more
that two percent of any one class of such securities.

      (b) RESTRICTION ON EMPLOYEE SOLICITATION. During the Employment Term and
for a two-year period following the Employment Term, Executive shall not employ
or attempt to employ or assist anyone else to employ any person who is at such
time, or at any time during the preceding year was, an employee of or consultant
to the Company, provided that this clause shall not restrict Executive from
employing a third party vendor who supplies generic services to the industry. As
used in this section 8, the verb "employ" shall include its variations, for
example, retain, engage or conduct business with; the term the "Company" shall
include subsidiaries or affiliates, if any, of the Company.

      (c) REASONABLE SCOPE AND TIME. The parties acknowledge that the time,
scope, and other provisions of this Agreement have been specifically negotiated
by the parties and agree that all such provisions are reasonable under the
circumstances and are given as an integral and essential part of Executive's
employment hereunder. In the event that any covenant contained in this Agreement
is determined by any court of competent jurisdiction to be unenforceable by
reason of its extending for too great a period of time or by reason of its being
too extensive in any other respect, it shall be interpreted to extend only over
the maximum period of time for which it may be enforceable and to the maximum
intent in all other respects as to which it may be enforceable, all as
determined by such court in such action.

      16.   SEVERABILITY.

      If any provision of this Agreement is held invalid or unenforceable,
either in its entirety or by virtue of its scope or application to given
circumstances, such provision shall thereupon be deemed (i) modified only to the
extent necessary to render it valid, or (ii) not applicable to given
circumstances, or (iii) excised from this Agreement, as the situation may
require, and this Agreement shall be construed and enforced as if such provision
had been included herein as so modified in scope or application, or had not been
included herein, as the case may be.

      17.   ARBITRATION OF DISPUTES.

      Any controversy or claim arising out of or relating to this Agreement, or
the breach of this Agreement, (other than a controversy arising out of or
relating to Sections 4, 5, 6, 7 or 8 hereof), shall be settled by arbitration in
Chicago, Illinois, conducted in accordance with the American Arbitration
Association Commercial Arbitration Rules and the Supplementary procedures for
Large, Complex Disputes, by an independent arbitrator. Either the Company or
Executive may institute such arbitration proceeding by giving written notice to
the other party. The decision of the arbitrator shall be final and binding upon
both parties hereto. Judgment upon the award rendered by the arbitrator may be
entered in any court having jurisdiction thereof.

      18.   ENFORCEMENT.

      Executive hereby acknowledges that the Company would suffer irreparable
injury if the provisions of sections 6, 7, and 8 herein, which shall survive the
termination of this Agreement, were breached and that the Company's remedies at
law would be inadequate in the event of such breach or threatened breach.
Accordingly, Executive hereby agrees that any such breach or threatened breach
may, in addition to any and all other available remedies (including those
remedies provided in section 10), be preliminarily and permanently enjoined in a
court of law or equity by the Company without bond.

      19.   LEGAL FEES AND EXPENSES.

      In the event of litigation or arbitration under this Agreement, the
prevailing party shall be entitled, in addition to such other relief as may be
granted, to its attorneys' fees and costs incurred by reason of such litigation
or arbitration.

      13.   GENERAL PROVISIONS.

      (a) NOTICES. Any notice, request, demand or other communication required
or permitted to be given hereunder shall be in writing and personally delivered
or sent by registered or certified mail, return receipt requested, or by a
facsimile, telegram or telex followed by a confirmation letter sent by
registered or certified mail, return receipt requested, addressed as follows:

      To the Company:   Quotesmith.com, Inc.

                                       4
<PAGE>
                        8205 South Cass Avenue, Suite 102, Darien, IL 60561
                        Attention:  President
                        Fax:  (630) 515-0276

      To Executive:     Mr. Hao Chang
                        4551 Hatch Lane, Lisle, IL  60532

Either the Company or Executive may, at any time, by notice to the other,
designate another address for service of notice on such party. When the letter,
facsimile, telegram or telex is dispatched as provided for above, the notice
shall be deemed to be made when the addressee receives the letter, facsimile,
telegram or telex, or within three days after it is sent, whichever is earlier.

      (b) AMENDMENTS. Neither this Agreement nor any of the terms or conditions
hereof may be waived, amended or modified except by means of a written
instrument duly executed by the party to be charged therewith.

      (c) CAPTIONS AND HEADINGS. The captions and section headings used in this
Agreement are for convenience of reference only, and shall not affect the
construction or interpretation of this Agreement or any of the provisions
hereof.

      (d) GOVERNING LAW. This Agreement, and all matters or disputes relating to
the validity, construction, performance or enforcement hereof, shall be
governed, construed and controlled by and under the laws of the State of
Illinois without regard to principles of conflicts of law.

      (e) SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, personal representatives, successors and permitted
assigns.

      (f) COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original hereof, but all of
which together shall constitute one and the same instrument.

      (g) ENTIRE AGREEMENT. Except as otherwise set forth or referred to in this
Agreement, this Agreement constitutes the sole and entire agreement and
understanding between the parties hereto as to the subject matter hereof, and
supersedes all prior discussions, agreements and understandings of every kind
and nature between them as to such subject matter.

      (h) RELIANCE BY THIRD PARTIES. This Agreement is intended for the sole and
exclusive benefit of the parties hereto and their respective heirs, executors,
administrators, personal representatives, successors and permitted assigns, and
no other person or entity shall have any right to rely on this Agreement or to
claim or derive any benefit therefrom absent the express written consent of the
party to be charged with such reliance or benefit.

14. EFFECTIVE DATE.

      This Agreement shall be effective on the Effective Date.

      15.   POSITION TITLE AND JOB DESCRIPTION

      It is agreed and understood between the Company and the Executive that the
following Position and Job Description were extensively discussed prior to the
execution of this Employment Agreement and that both the Company and the
Executive acknowledge and agree as to the mutual expectations, responsibilities
and obligations as depicted below:

                                       5
<PAGE>
<TABLE>
<CAPTION>
QUOTESMITH.COM, INC.                                                                         CONFIDENTIAL
--------------------                                                                -------------------------------
<S>                                                                                 <C>               <C>
POSITION TITLE AND DESCRIPTION:                                                          DATE:          REV. DATE:

SENIOR VICE PRESIDENT, CHIEF INFORMATION OFFICER                                    JAN. 9, 2001      JAN. 12. 2001
</TABLE>

EXECUTIVE SUMMARY: Overall responsibility for all electronic information systems
operations including Internet operations, legacy system operations, telephonic
equipment operations, computer operations, web programming and applications,
technical support, systems analysis, systems support, maintenance, growth
planning and programming. Establishes technical priorities, standards, and
procedures, as well as budgeting and planning associated with IS and Internet
Operations. Ensures sufficient systems capacity for organizational needs.
Reports to COO or CEO. Public speaking, PowerPoint presentations, article
published are expected.

Must maintain active status and public demeanor as COO or CEO in-waiting at all
times.

ONSITE TIME COMMITMENT: 7:30 A.M. - 5:30 P.M.
                        50 hrs. per week minimum onsite first year plus
                        -1/2 day Saturdays first 6 months.

ESSENTIAL DUTIES:

16.   Manage and execute timely completion of technical projects as determined
      by senior management.

-     Responsible for management, supervision and training of all IS personnel.

-     Researches, evaluates, plans and implements new information systems,
      computer hardware and networks as required for on-going operations and
      long range needs.

-     Develops, maintains, and provides support for Quotesmith.com website,
      including integrity and security of company Web site.

-     Responsible for administration of all Internet domains and addresses
      maintained by the Company.

-     Manages day to day operation of computer systems and IS function.

-     Assists other departments in the selection and usage of system
      applications and personal computers appropriate to their needs.

-     Manages day-to-day operation of website/Ensures that all Internet
      standards are met.

-     Responsible for budget planning and spending for IS department.

-     Responsible for integrity and security of company information stored in
      system and on internal and external networks.

QUALIFICATIONS:

-     Proven communication, organizational, leadership and general management
      skills.

      -     Excellent general management and project management skills.

-     Masters degree required. CLU and/or CPCU designations (or active student
      status in either program) required.

-     5 years working knowledge experience life and property & casualty
      insurance industry, particular emphasis on brokerage and and/or
      underwriting functions.

-     Possess project and people management experience in large-scale data
      processing and transactional processing projects, electronic publishing,
      image processing, or operation of WWW servers.

-     Must have 10 or more years experience managing an IS department, with
      hands-on web design, real-time transaction systems and programming
      experience.

-     Broad knowledge of hardware, networking, internet programming and software
      options for an IS system.

COMPENSATION PACKAGE:

      -     $135,000 base salary first year

      -     Plus...Specific Project Completion Cash Bonuses:

            -     TBD on project basis with COO and CEO, est. $30k first year.

      -     Plus... 150,000 stock options granted at closing market price on
            first day at work:

            -     Exercise 50k end of 12 mos., 50k end of 2nd 12 mos., 50k end
                  of 36th mos. All stock options terminate immediately upon
                  Employment Agreement termination for any reason or no reason

      -     Paid vacation: 3 weeks per 12 months of service, OK after 3 months
            of initial service.

      16.   ACKNOWLEDGEMENT.

                                       6
<PAGE>
EXECUTIVE ACKNOWLEDGES THAT HE HAS READ, UNDERSTOOD AND ACCEPTS THE PROVISIONS
OF THIS AGREEMENT, WHICH IS THE ENTIRE AGREEMENT BETWEEN THE EXECUTIVE AND THE
COMPANY. EXECUTIVE ALSO ACKNOWLEDGES THAT HE HAS HAD THE OPPORTUNITY TO AND HAS
REVIEWED THE TERMS AND CONDITIONS OF THIS AGREEMENT WITH COMPETENT COUNSEL.

      IN WITNESS WHEREOF, the parties have executed this Employment Agreement as
of the date written above.

For QUOTESMITH.COM, INC.            For EXECUTIVE

By:      /s/ Robert S. Bland                 By:      /s/ Hao Chang
-------------------------------------        -----------------------------------
Robert S. Bland                              Hao Chang
President and Chief Executive Officer        Senior Vice President and Chief
                                             Information Officer

Date:    January 23, 2001                    Date:    January 23, 2001
-------------------------------------        -----------------------------------

                                       7

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