Document:

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                       COGNITRONICS CORPORATION
               DIRECTORS' STOCK OPTION PLAN, AS AMENDED

1.   PURPOSE

The Director' Stock Option Plan  (the  "Plan")  is intended  to
provide  incentives to non-employee directors and officers of
Cognitronics Corporation (the "Company") by more closely aligning
their compensation with stockholder value.

2.   ADMINISTRATION

The  Plan shall be administered by the Company's Board of Directors.

The Board  shall have authority,  subject  to  the terms  of the
Plan, to interpret the  Plan and  make  all  determinations necessary
or  advisable  for  its administration.   The Board may consult with
legal  counsel, who  may  be  counsel  to the Company, and shall  not
incur  any liability for any action taken in good faith in reliance
upon the advice  of  counsel.

3.   ELIGIBILITY

All outside directors and officers (individually "Participants",
collectively "Participants") shall be eligible to participate  in the
Plan. An outside director or officer means a director or officer who
is neither an employee of the Company nor of any subsidiary of the
Company.

4.   STOCK

The  stock as to which options may be granted shall  be the
Company's  common stock, par value $.20 per  share  ("Common Stock").
When options are exercised the Company may either  issue unissued
Common Stock or transfer issued Common Stock held in its treasury.
The total number of shares of Common Stock which may be sold  to
Participants under the Plan pursuant to options shall  not exceed
52,500  shares. If an option expires,  or  is  otherwise terminated
prior  to its exercise, the Common Stock  covered  by such  option
immediately  prior  to  such  expiration  or  other termination shall
continue to be available under the Plan.

5.   AWARDING OF OPTIONS

Options shall be awarded to Participants as follows:

     (a)   Upon the Effective Date, an option to purchase 3,000
     shares of Common Stock.

     (b)   On each August 1 subsequent to the Effective Date, an
     option to purchase 3,000 shares of Common Stock.

The  "Date of Award" of an option shall be  the date on which the
option is awarded under the Plan. The award of  any option to any
Participant shall neither entitle such Participant to, nor disqualify
him from, participation in any  other plan which provides for the
issuance of Common Stock.
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6.   TERMS AND CONDITIONS OF OPTIONS

Options  shall  be  evidenced by  instruments  in  form approved by
the Board. Such instruments shall conform to  the following terms and
conditions:

     (a)   Option  price.   The option price  per  share of Common
     Stock shall be the Fair Market Value of a share of Common Stock
     on the Date of Award.. "Fair Market Value"  shall  be  the
     closing  price  of  the Common Stock  recorded  on  the American
     Stock Exchange on the Date of Award or, if the Common Stock is
     not traded on such date, on the last trading day prior thereto.

     (b)   Term and exercise of options.  Each option  shall expire
     no later than the fifth anniversary of its  Date  of  Grant and
     shall become exercisable on the date one year after the Date of
     Grant.  The Board may waive any exercise conditions or
     accelerate the exercisability of the option at any time.  After
     becoming exercisable, each option shall remain exercisable until
     its expiration or  termination.  An option may be exercised from
     time to time, in whole or part, up to the total number of shares
     with respect to which it is then exercisable. Payment of  the
     purchase price will be made in such manner  as  the Board may
     provide in the option, which may include cash (including cash
     equivalents) or any  other manner  permitted by law as
     determined by the  Committee or any combination of the
     foregoing.

     (c)  Termination of Participant.  If a Participant ceases, other
     than by reason of death or retirement, to be a director or
     officer of the Company, all options awarded to him and
     exercisable  on the date of he ceases to be a director or
     officer shall terminate on the earlier of such options'
     expiration  or three months after the day he ceases to be a
     director or officer or as otherwise determined by the Committee.
     Any option not exercisable on the date of such termination shall
     lapse and be thenceforth unexercisable.

     (d)   Retirement of Participant.  If a Participant retires, all
     options held by him on the date of his retirement shall become
     exercisable on the date of his retirement and  shall terminate
     on the earlier of such option's expiration or the first
     anniversary of the day of his retirement.

     (e)   Death  of Participant.  If a Participant dies, his options
     may be exercised, to the extent of the  number of shares with
     respect to which he could have exercised on the date of his
     death,  by  his estate, personal representative or beneficiary
     who acquires the option by will or by the laws of descent and
     distribution, at any time prior to the earlier of such option's
     expiration or the first anniversary of the  Participant's death.
     On the earlier of such dates, the option shall terminate.

     (f)   Assignability.  No option shall be assignable or
     transferable by the Participant except by will or  by laws of
     descent and distribution, and during the lifetime of the
     Participant the option shall be exercisable only by him.  At the
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     request of a Participant, shares of Common Stock purchased on
     exercise of an option may be issued or transferred in the name
     of the Participant and another person jointly with the right of
     survivorship.

     (g)   Other provisions.  Instruments evidencing options may
     contain such other provisions, not inconsistent with the Plan,
     as the Board deems advisable, including a requirement  that a
     Participant represent to  the  Company in writing, when an
     option is awarded, or when he receives  shares on its exercise,
     that he is accepting such option, or  receiving  such shares
     (unless they are then  covered  by  a Securities Act of 1933
     registration statement), for his  own account for investment
     only.  All certificates representing shares issued under the
     Plan may bear a legend deemed  appropriate  by  the Committee to
     confirm an exemption from the registration requirements of the
     Securities Act of 1933.

7.   CAPITAL ADJUSTMENTS

In the event of any merger, reorganization, consolidation, sale of
substantially all assets, recapitalization, stock dividend, stock
split, spin-off, distribution of assets or other change in corporate
structure affecting the Common Stock such that an adjustment is
determined by the Board to be appropriate, the Board shall, in such a
manner as it may deem equitable in its sole discretion, substitute or
adjust any or all of (i) the aggregate number and kind of shares
reserved for issuance under the Plan, (ii) the number and kind of
shares as to which awards may be granted to any individual in any
fiscal year, (iii) the number and kind of shares subject to
outstanding awards, and (iv) the exercise price of outstanding stock
options; provided, however, that no such adjustment shall increase
the aggregate value of any outstanding award.

In addition, upon the dissolution or liquidation of the Company or
upon any reorganization, merger, or consolidation as a result of
which the Company is not the surviving corporation (or survives as a
wholly-owned subsidiary of another corporation), or upon a sale of
substantially all the assets of the Company, the Board may take such
action as it in its discretion deems appropriate to (i) accelerate
the time when stock options may be exercised, (ii) cash out such
stock options at or immediately prior to the date of such event, or
(iii) provide for the assumption of outstanding stock options by
surviving, successor or transferee corporations.

The Board's determination as to which adjustments shall be made and
the extent thereof shall be final, binding and conclusive.

8.  CHANGE OF CONTROL

Notwithstanding the provisions of Section 6(b) hereof, in the event
of a Change in Control, as hereinafter defined, all options held by a
Participant shall become exercisable on the date of the Change in
Control.

"Change in Control" means an event in which:

     (a)   the stockholders of the Company approve (i) any
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     consolidation or merger of the Company or any of its
     subsidiaries where the stockholders of the Company, immediately
     prior to the consolidation or merger, would not, immediately
     after the consolidation or merger, beneficially own, directly or
     indirectly, shares representing in the aggregate more than 50%
     of all votes to which all stockholders of the corporation
     issuing cash or securities in the consolidation or merger (or of
     its ultimate parent corporation, if any) would be entitled under
     ordinary circumstances to vote in an election of directors or
     where the members of the Board, immediately prior to the
     consolidation or merger, would not, immediately after the
     consolidation or merger, constitute a majority of the Board of
     Directors of the corporation issuing cash or securities in the
     consolidation or merger (or of its ultimate parent corporation,
     if any), (ii) any sale, lease, exchange or other transfer (in
     one transaction or a series of transactions contemplated or
     arranged by any person as a single plan) of all or substantially
     all of the assets of the Company or (iii) any plan or proposal
     for the liquidation or dissolution of the Company;

     (b)   persons who, as of the effective date hereof, constitute
     the entire Board (as of the date hereof the "Incumbent
     Directors") cease for any reason to constitute at least a
     majority of the Board, provided, however, that any person
     becoming a director subsequent to the date hereof whose
     election, or nomination for election by the Company's
     shareholders, is approved by a vote of at least a majority of
     the then Incumbent Directors (other than an election or
     nomination of a person whose assumption of office is the result
     of an actual or threatened election contest relating to the
     election of directors of the Company, as such terms are used in
     Rule 14a-11 under the Securities Exchange Act of 1934, as
     amended from time to time (the "Exchange Act")), shall be
     considered an Incumbent Director; or

     (c)   any "person", as such term is used in Sections 13(d) and
     14(d) of the Exchange Act (other than the Company, any of its
     subsidiaries, any employee benefit plan of the Company or any of
     its subsidiaries or any entity organized, appointed or
     established by the Company for or pursuant to the terms of such
     plan), together with all "affiliates" and "associates" (as such
     terms are defined in Rule 12b-2 under the Exchange Act) of such
     person, becomes the "beneficial  owner" or "beneficial owners"
     (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
     directly or indirectly, of securities of the Company
     representing in the aggregate 20% or more of either (i) the then
     outstanding shares of Common Stock or (ii) the combined voting
     power of all then outstanding securities of the Company having
     the right under ordinary circumstances to vote in an election of
     directors to the Board ("Voting Securities") (in either such
     case other than as a result of acquisitions of such securities
     directly from the Company).

Notwithstanding the foregoing, a "Change in Control" will not have
occurred for  purposes of clause (c) solely as the result of an
acquisition of securities by the Company which,  by reducing the
number of shares of Common Stock or other Voting Securities
outstanding, increases (i) the proportionate number of shares of
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Common Stock beneficially owned by any person to 20% or more of the
shares of Common Stock then outstanding or (ii) the proportionate
voting power represented by the Voting Securities beneficially owned
by any person to 20% or more of the combined voting power of all then
outstanding Voting Securities; provided, however, that if any person
referred to in clause (i) or (ii) of this sentence thereafter becomes
the beneficial owner of any additional shares of Common Stock or
other Voting Securities (other than pursuant to a stock split, stock
dividend or similar transaction), then a "Change in Control" will
have occurred for purposes of clause (c).

9.   TERM; AMENDMENT OF PLAN

The Board or the Committee may discontinue the Plan at any time and
may amend it from time to time.  No amendment or discontinuation of
the Plan shall adversely affect any outstanding award without  the
Participant's written consent. Amendments may  be  made without
stockholder approval except as required to satisfy applicable law or
stock exchange requirements.

10.  EFFECTIVE DATE

The Plan is  in accordance with a Resolution of the Board duly
adopted and approved by unanimous written consent on September 17,
1998 (the "Effective Date") and a Resolution of Stockholders on May
13, 1999 and amended by a Resolution of Stockholders on May 11, 2000.

11.  NEW YORK STATE LAW

The Terms of the Plan shall be governed by the laws  of the State of
New York.EMPLOYMENT AGREEMENT

     This Employment Agreement (the "Agreement"), which is made and entered into
effective as of February 25, 2000 (the "Effective  Date"),  by and between Louis
J. Rampino (the  "Executive")  and Fremont General  Corporation (the "Company"),
amends and supercedes  that Employment  Agreement  entered into February 8, 1996
(the  "Effective  Date") and  extended as of  February  8, 1999 (the  "Extension
Date").

                                 R E C I T A L S

     A. The Company and the  Executive  desire to enter into this  Agreement  in
order to provide additional  financial security and benefits to the Executive in
recognition of past services and to encourage  Executive to continue  employment
with the Company.

     B. To accomplish  the foregoing  objectives,  the Board of Directors of the
Company (the "Board") has directed the Company, upon execution of this Agreement
by the Executive, to agree to the terms provided herein.

     C. Certain capitalized terms used in the Agreement are defined in Section 7
below.

     In  consideration  of  the  mutual  covenants  herein  contained,   and  in
consideration  of the  continuing  employment  of Executive by the Company,  the
parties agree as follows:

     1.   DUTIES AND SCOPE OF EMPLOYMENT.

          (a)  POSITION.  The Company shall employ the Executive in the position
of President and Chief Operating Officer, with such duties, responsibilities and
compensation as in effect as of the Effective Date; provided,  however, that the
Board shall have the right to revise such responsibilities and compensation from
time to time as the  Board  may  deem  necessary  or  appropriate.  If any  such
revision constitutes "Involuntary Termination" (as defined in Section 7(d)), the
Executive  shall be entitled to benefits upon such  Involuntary  Termination  as
provided under this Agreement.

          (b) OBLIGATIONS.  The Executive shall devote his full business efforts
and time to the Company and its subsidiaries.  The foregoing, however, shall not
preclude the Executive  from engaging in such  activities and services as do not
interfere or conflict with his responsibilities to the Company.

     2.   EMPLOYMENT PERIOD. The "Employment Period" commenced as of February 8,
1996 (the "Effective Date") and was automatically extended pursuant to the terms
of the Agreement on February 8, 1999 (the "Extension Date"). Commencing February
25, 2000, the term of this Agreement is a rolling  thirty-six (36) months,  such
that on each  day of  employment,  the  Executive  has  thirty-six  (36)  months
remaining on this employment contract. Either party may terminate this Agreement
by giving written notice to the other party.  In the event notice of termination
of  this  Agreement  is  given  by the  Company  such  notice  shall  constitute
Involuntary Termination and the provisions of Section 4 shall apply.

     3.   COMPENSATION AND BENEFITS.

          (a)  BASE  COMPENSATION.  The  Company  shall  pay  the  Executive  as
compensation  for  services  a base  salary  as of  the  effective  date  at the
annualized rate of $550,000. Such salary shall be reviewed at least annually and
may be increased from time to time. Such salary may be decreased, subject to the
provisions of subsection  7(e)(ii) of this Agreement.  Such salary shall be paid
periodically in accordance with normal Company payroll.  The annual compensation
specified in this Section 3(a), as adjusted from time to time, is referred to in
this Agreement as "Base Compensation".

          (b) BONUS.  Beginning  with the Company's  current fiscal year and for
each fiscal year  thereafter  during the term of this  Agreement,  the Executive
shall be eligible to participate in any bonus plan or arrangement  maintained by
the Company of general applicability to other key executives of the Company.

          (c) EXECUTIVE BENEFITS. The Executive shall be eligible to participate
in the employee benefit plans and executive  compensation programs maintained by
the Company of general  applicability  to other key  executives  of the Company,
including  (without  limitation)  retirement  plans,  savings or  profit-sharing
plans,  deferred compensation plans,  supplemental  retirement or excess-benefit
plans, stock option, restricted stock programs,  incentive or other bonus plans,
life, disability, health, accident and other insurance programs, paid vacations,
and similar plans or programs,  subject in each case to the generally applicable
terms and conditions of the plan or program in question and to the determination
of the Board or any committee administering such plan or program.

     4. BENEFITS UPON TERMINATION.

          (a) If the Executive's employment  terminates,  the Executive shall be
entitled to benefits as follows:

               (i)   INVOLUNTARY   TERMINATION;   DISABILITY;   DEATH.   If  the
Executive's  employment terminates as a result of Involuntary  Termination other
than for "Cause" or if the  Executive's  employment  terminates as the result of
Disability  or  Death,  then  the  Company  shall  pay  the  Executive  (or  the
Executive's  beneficiary or representative)  within ten (10) business days after
the  Termination  Date,  a lump sum amount equal to Thirty Six (36) months' Base
Compensation of the Executive at the time of such Termination.  In addition, the
Executive  shall be entitled to the payment of an amount  equal to the  "Target"
bonus  amount of any bonus  plan(s)  then in effect of which the  Executive is a
participant.  Such payment shall  likewise be made within ten (10) business days
of the Termination Date.

               (ii)  VOLUNTARY  RESIGNATION;   TERMINATION  FOR  CAUSE.  If  the
Executive's  employment  terminates  by  reason  of  the  Executive's  voluntary
resignation,  (and is not an  Involuntary  Termination),  or if the Executive is
terminated  for  Cause,  then the  Executive  shall not be  entitled  to receive
severance or other benefits except for those (if any) as may then be established
(and applicable) under the Company's  then-existing severance and benefits plans
and policies at the time of such termination.

          (b) BENEFITS; MISCELLANEOUS. In the event the Executive is entitled to
benefits  pursuant  to  subsection  4  (a)(i)  (other  than as a  result  of the
Executive's  death),  then in  addition  to such  benefits,  the  Company  shall
continue  to  provide  the  Executive,  for  thirty-six  (36)  months  after the
Termination  Date,  welfare  benefits  or such  comparable  alternative  welfare
benefits as the Company may, in its  discretion,  determine to be  sufficient to
satisfy  its  obligations  to the  Executive  under this  Agreement  (including,
without limitation, medical, prescription,  dental, disability, individual life,
group life,  accidental  death and travel accident plans and programs) which are
at least as favorable as the most favorable  plans of the Company  applicable to
other  peer   executives  and  their  families  as  of  the   Termination   Date
Notwithstanding  the  foregoing,  if the Executive is covered under any medical,
life, or disability  insurance plan(s) provided by a subsequent  employer,  then
the amount of coverage required to be provided by the Company hereunder shall be
reduced by the amount of coverage provided by the subsequent employer's medical,
life or disability  insurance plan(s). The Executive's rights under this Section
4(b) shall be in addition to, and not in lieu of, any  continuation  coverage or
conversion  rights the Executive may have pursuant to applicable law,  including
without  limitation,  continuation  coverage  required  by Section  4980B of the
Internal Revenue Code.

          (c) In addition,  (i) the Company  shall pay the  Executive any unpaid
base  salary due for periods  prior to the  Termination  Date;  (ii) the Company
shall pay the  Executive  all of the  Executive's  accrued  and unused  vacation
through the Termination  Date; and (iii) following  submission of proper expense
reports by the  Executive,  the Company  shall  reimburse  the Executive for all
expenses reasonably and necessarily incurred by the Executive in connection with
the business of the Company prior to  termination.  These payments shall be made
promptly upon termination and within the period of time mandated by law.

          (d) OPTION AND RESTRICTED STOCK ACCELERATED  VESTING. In the event the
Executive is entitled to severance benefits pursuant to subsection 4(a)(i),  the
unvested  portion of any stock  option or  restricted  stock held by, or for the
benefit of, the Executive  shall  automatically  be accelerated in full so as to
become completely vested and/or unrestricted.

          (e) OPTION  BONUS.  In the event the Executive is entitled to benefits
pursuant to Section 4 (a)(i),  then, in addition to the benefits provided above,
the Company  shall also pay the Executive a cash bonus in an amount equal to the
aggregate option exercise price attributable to the Executive's then outstanding
Company  stock  options.  Such bonus shall be paid in a lump sum within ten (10)
business days after the Termination Date.

          (f) There shall be no duplication  of the benefits  provided for under
Paragraphs  4 and 5 of this  Agreement.  The  benefits  provided  for under this
Paragraph 4 are not payable in the event the  benefits  under  Paragraph 5 below
have been paid;  conversely,  the benefits under  Paragraph 5 below shall not be
payable in the event the benefits hereunder have been paid.

     5. BENEFITS UPON A COMPANY EVENT. Upon the ccurrence of a Company Event (as
defined),  the Company shall pay to the Executive  within ten (10) business days
thereof the following benefits:

          (a) A lump sum  amount  equal to  thirty-six  (36)  months of the Base
Compensation of the Executive at the time of the Company Event;

          (b) In addition,  a lump sum amount equal to the "Target Bonus" amount
of any bonus plan then in effect in which the Executive is a participant;

          (c) In addition, the continuation of all benefits described in Section
4(b) above; shall continue for thirty-six (36) months.

          (d) In  addition,  the  unrestricted  portion  of any stock  option or
restricted stock held by or for the benefit of the Executive shall automatically
be accelerated in full so as to become fully vested and/or unrestricted.

          (e)  Further,  the Option Bonus  provided for in Paragraph  4(d) shall
likewise be paid by the  Company  within ten (10)  business  days of the Company
Event.

          (f) There shall be no duplication  of the benefits  provided for under
Paragraphs  4 and 5 of this  Agreement.  The  benefits  provided  for under this
Paragraph 5 are not payable in the event the  benefits  under  Paragraph 4 above
have been paid;  conversely,  the benefits under  Paragraph 4 above shall not be
payable in the event the benefits under this Paragraph 5 have been paid.

     6.   LIMITATION ON  PAYMENTS.  Notwithstanding  anything  to  the  contrary
contained  herein,  in the event it shall be determined  that any payment by the
Company to or for the  benefit of the  Executive,  whether  paid or payable  but
determined without regard to any additional payments required under this Section
6 (a  "Payment),  would be subject to the excise tax imposed by Section  4999 of
the Internal  Revenue Code of 1986, as amended (the "Code"),  or any  comparable
federal, state, or local excise tax (such excise tax, together with any interest
and penalties,  are  hereinafter  collectively  referred to as the "Excise Tax",
then the  Executive  shall be  entitled  to  receive  an  additional  payment (a
"Gross-Up  Payment")  in such an  amount  that  after the  payment  of all taxes
(including, without limitation, any interest and penalties on such taxes and the
Excise Tax) on the payment and on the  Gross-Up  Payment,  the  Executive  shall
retain an amount equal to the Payment minus all applicable taxes on the Payment.
The intent of the parties is that the Company shall be solely  responsible  for,
and shall pay, any Excise Tax on the Payment and Gross-Up Payment and any income
and employment taxes  (including,  without  limitation,  penalties and interest)
imposed on any Gross-Up Payment,  as well as any loss of tax deduction caused by
the Gross-Up Payment. All determinations required to be made under this Section,
including without limitation, whether and when a Gross-Up Payment is required in
the amount of such  Gross-Up  Payment  and the  assumptions  to be  utilized  in
arriving  at such  determinations,  shall  be made  by a  nationally  recognized
accounting  firm  that is the  Company's  outside  auditor  at the  time of such
determinations,  which firm must be reasonably  acceptable to the Executive (the
"Accounting  Firm"). All fees and expenses of the Accounting Firm shall be borne
solely by the Company.

     7.   DEFINITION OF TERMS. The following terms referred to in this Agreement
shall have the following meanings:

          (a) CAUSE. "Cause" shall mean (i) a willful act of personal dishonesty
knowingly taken by the Executive in connection with his  responsibilities  as an
employee and intended to result in his substantial personal  enrichment,  (ii) a
willful and knowing act by the Executive which constitutes gross misconduct,  or
any refusal by the Executive to comply with a reasonable directive of the Board,
(iii)  a  willful  breach  by the  Executive  of a  material  provision  of this
Agreement, or (iv) a material and willful violation of a federal or state law or
regulation applicable to the business of the Company. No act, or failure to act,
by the Executive shall be considered "willful" unless (1) committed without good
faith and  without  a  reasonable  belief  that the act or  omission  was in the
Company's  best  interest;  and (2) the  Executive  has been given notice of the
offending  conduct and given a  reasonable  opportunity  to cure,  if  possible.
Termination  for  Cause  shall not be deemed  to have  occurred  unless,  by the
affirmative vote of all of the members of the Board (excluding the Executive, if
applicable),  at a meeting  called and held for that purpose  (after  reasonable
notice to the  Executive  and his counsel  after  allowing the Executive and his
counsel to be heard before the Board,  a resolution  is adopted  finding that in
the good faith opinion of such Board members the Executive was guilty of conduct
set forth in (i), (ii), (iii), or (iv) and specifying the particulars thereof.

          (b) COMPANY EVENT. "Company Event" shall mean the occurrence of any of
the following events:

               (i) Any  "person"  or "group"  (as such term is used in  Sections
13(d)  and 14(d) of the  Securities  Exchange  Act of 1934,  as  amended)  is or
becomes  the  "beneficial  owner" (as  defined  in Rule  13d-3  under said Act),
directly or indirectly,  but excluding any  acquisition by any employee  benefit
plan or benefit  plan trust  sponsored  by or  maintained  by the  Company,  and
excluding any acquisition  directly by the Company, of securities of the Company
representing 30% or more of the total voting power  represented by the Company's
then outstanding voting securities; or

               (ii) A change  in the  composition  of the  Board of the  Company
occurring within a two-year  period,  as a result of which fewer than a majority
of the directors  are  Incumbent  Directors.  "Incumbent  Directors"  shall mean
directors who either (A) are directors of the Company as of the date hereof,  or
(B) are elected, or nominated for election, to the Board of the Company with the
affirmative votes of at least a majority of the Incumbent  Directors at the time
of such  election  or  nomination  (but shall not  include an  individual  whose
election or  nomination  is in  connection  with an actual or  threatened  proxy
contest relating to the election of directors of the Company); or

               (iii)  The  stockholders  of the  Company  approve  a  merger  or
consolidation of the Company with any other corporation,  other than a merger or
consolidation  which  would  result  in the  voting  securities  of the  Company
outstanding  immediately  prior  thereto  continuing  to  represent  (either  by
remaining  outstanding  or by being  converted  into  voting  securities  of the
surviving  entity)  more than  fifty  percent  (50%) of the total  voting  power
represented  by the voting  securities of the Company or such  surviving  entity
outstanding immediately after such merger or consolidation,  or the stockholders
of the  Company  approve a plan of  complete  liquidation  of the  Company or an
agreement for the sale or disposition by the Company of all or substantially all
the Company's assets (other than to a subsidiary or subsidiaries); or

               (iv) James A.  McIntyre,  while serving as Chairman of the Board,
has a conservator of his person appointed or dies.

          (c) DISABILITY. "Disability" shall mean that the Executive has been or
will be unable to perform his duties under this Agreement for a period of six or
more months due to illness, accident or other physical or mental incapacity.

          (d) INVOLUNTARY TERMINATION. "Involuntary Termination" shall mean:

               (i) The  continued  assignment  to Executive of any duties or the
continued  significant  change  in the  Executive's  duties,  either of which is
substantially inconsistent with the Executive's duties immediately prior to such
assignment or change for a period of 30 days after notice thereof from Executive
to the Chief  Executive  Officer of the  Company or the Board  setting  forth in
reasonable  detail the respects in which Executive  believes such assignments or
duties are significantly inconsistent with the Executive's prior duties;

               (ii) a reduction in Executive's Base Compensation, other than any
such  reduction  which is part of,  and  generally  consistent  with,  a general
reduction  of officer  salaries,  except that in no event shall the  Executive's
Base  Compensation  be reduced below the rate set forth in Section 3(a) above as
of the Effective Date;

               (iii) a material reduction by the Company in the kind or level of
employee  benefits  (other than salary and bonus) to which Executive is entitled
immediately  prior to such  reduction with the result that  Executive's  overall
benefits package (other than salary and bonus) is  substantially  reduced (other
than any such reduction applicable to officers of the Company generally);

               (iv)  the  relocation  of  Executive's  principal  place  for the
rendering  of the services to be provided by him  hereunder  to a location  more
than fifty  (50) miles from the  present  location  of the  principal  executive
office of the Company;

               (v) any purported  termination of the  Executive's  employment by
the Company other than for Cause;

               (vi) the failure of the Company to obtain the  assumption of this
Agreement by any successors contemplated in Section 8 below; or

               (vii)  any  material  breach  by  the  Company  of  any  material
provision of this Agreement which continues uncured for 30 days following notice
thereof;  provided  that  none of the  foregoing  shall  constitute  Involuntary
Termination to the extent Executive has agreed thereto

               (viii)  any  notice by the  Company  to the  Executive  that this
Agreement shall be terminated.

          (e)  TERMINATION  DATE.  "Termination  Date:  shall  mean  (i)  if the
Executive's employment is terminated by the Company for Disability,  thirty (30)
days after notice of  termination  is given to the Executive  (provided that the
Executive shall not have returned to the  performance of the Executive's  duties
on a  full-time  basis  during  such  thirty  (30)  day  period),  (ii)  if  the
Executive's  employment  or this  Agreement is terminated by the Company for any
reason,  the date on which a notice of  termination  is  given,  or (iii) if the
Agreement  is  terminated  by the  Executive,  the date on which  the  Executive
delivers the notice of termination to the Company.

     8. SUCCESSORS.

          (a) COMPANY'S SUCCESSORS. Any successor to the Company (whether direct
or indirect and whether by purchase, lease, merger,  consolidation,  liquidation
or  otherwise) to all or  substantially  all of the  Company's  business  and/or
assets shall assume the obligations  under this Agreement and agree expressly to
perform the obligations  under this Agreement in the same manner and to the same
extent as the  Company  would be  required to perform  such  obligations  in the
absence  of a  succession.  For all  purposes  under  this  Agreement,  the term
"Company"  shall include any successor to the Company's  business  and/or assets
which  executes  and  delivers  the  assumption   agreement  described  in  this
subsection  (a) or  which  becomes  bound  by the  terms  of this  Agreement  by
operation of law.

          (b) EXECUTIVE'S SUCCESSORS. The terms of this Agreement and all rights
of the Executive hereunder shall inure to the benefit of, and be enforceable by,
the Executive's personal or legal  representatives,  executors,  administrators,
successors, heirs, distributees, devisees and legatees.

     9. NOTICE.

          (a) GENERAL. Notices and all other communications contemplated by this
Agreement  shall be in writing  and shall be deemed to have been duly given when
personally delivered or when mailed by U.S. registered or certified mail, return
receipt  requested and postage  prepaid.  In the case of the  Executive,  mailed
notices  shall be addressed to him at the home  address  which he most  recently
communicated  to the  Company in  writing.  In the case of the  Company,  mailed
notices shall be addressed to its corporate headquarters,  and all notices shall
be directed to the attention of its Secretary.

          (b) NOTICE OF TERMINATION. Any termination by the Company for Cause or
by the  Executive  as a result  of a  voluntary  resignation  or an  Involuntary
Termination  shall be communicated by a notice or termination to the other party
hereto given in accordance with Section 9 of this  Agreement.  Such notice shall
indicate the specific termination provision in this Agreement relied upon, shall
set forth in reasonable detail the facts and circumstances  claimed to provide a
basis for  termination  under the provision so indicated,  and shall specify the
termination  date (which shall be not more than 30 days after the giving of such
notice).  The  failure  by the  Executive  to  include in the notice any fact or
circumstance which contributes to a showing of Involuntary Termination shall not
waive any right of the  Executive  hereunder  or  preclude  the  Executive  from
asserting such fact or circumstance in enforcing his rights hereunder.

     10.  ARBITRATION.  At the option of either  party,  any and all disputes or
controversies  whether of law or fact and of any nature whatsoever  arising from
or respecting  this  Agreement  shall be decided by  arbitration by the American
Arbitration  Association  in accordance  with the rules and  regulations of that
Association.

     The arbitrator  shall be selected as follows:  In the event the Company and
the Executive  agree on one arbitrator,  the  arbitration  shall be conducted by
such  arbitrator.  In the event the Company and the Executive do not agree,  the
Company  and  the  Executive  shall  each  select  one  independent,   qualified
arbitrator  and  the  two   arbitrators  so  selected  shall  select  the  third
arbitrator.  The  Company  reserves  the  right  to  object  to  any  individual
arbitrator who shall be employed by or affiliated with a competing organization.

     Arbitration  shall  take  place in Los  Angeles,  California,  or any other
location  mutually  agreeable  to the parties.  At the request of either  party,
arbitration  proceedings  will be conducted in the utmost secrecy;  in such case
all documents,  testimony and records shall be received, heard and maintained by
the arbitrators in secrecy under seal,  available for the inspection only of the
Company or the Executive  and their  respective  attorneys and their  respective
experts  who  shall  agree  in  advance  and in  writing  to  receive  all  such
information  confidentially  and to maintain such  information  in secrecy until
such information shall become generally known. The arbitrator,  who shall act by
majority  vote,  shall be able to  decree  any and all  relief  of an  equitable
nature,  including  but not limited to such  relief as a  temporary  restraining
order,  a  temporary  and/or a permanent  injunction,  and shall also be able to
award damages,  with or without an accounting and costs,  provided that punitive
damages shall not be awarded. The decree of judgment of an award rendered by the
arbitrators may be entered in any court having jurisdiction thereof.

     Reasonable  notice of the time and place of  arbitration  shall be given to
all persons,  other than the parties, as shall be required by law, in which case
such persons or those authorized  representatives shall have the right to attend
and/or  participate  in all the  arbitration  hearings in such manner as the law
shall require.

     11.  MISCELLANEOUS PROVISIONS.

          (a) NO DUTY TO  MITIGATE.  The  Executive  shall  not be  required  to
mitigate the amount of any payment contemplated by this Agreement, nor shall any
such payment be reduced by any earnings  that the Executive may receive from any
other source.

          (b) WAIVER.  No provision of this Agreement shall be modified,  waived
or  discharged  unless the  modification,  waiver or  discharge  is agreed to in
writing and signed by the Executive and by an authorized  officer of the Company
(other than the  Executive).  No waiver by either  party of any breach of, or of
compliance with, any condition or provision of this Agreement by the other party
shall be considered a waiver of any other  condition or provision or of the same
condition or provision at another time.

          (c) WHOLE AGREEMENT. No agreements,  representations or understandings
(whether oral or written and whether express or implied) which are not expressly
set forth in this  Agreement have been made or entered into by either party with
respect to the subject matter hereof.

          (d) CHOICE OF LAW.  The  validity,  interpretation,  construction  and
performance  of this  Agreement  shall be  governed  by the laws of the State of
California.

          (e) SEVERABILITY.  The invalidity or unenforceability of any provision
or provisions of this Agreement shall not affect the validity or  enforceability
of any other provision hereof, which shall remain in full force and effect.

          (f) NO ASSIGNMENT OF BENEFITS. The rights of any person to payments or
benefits under this Agreement shall not be made subject to option or assignment,
either by voluntary or involuntary  assignment or by operation of law, including
(without  limitation)  bankruptcy,  garnishment,  attachment or other creditor's
process, and any action in violation of this subsection (f) shall be void.

          (g)  EMPLOYMENT  TAXES.  All payments made pursuant to this  Agreement
will be subject to withholding of applicable income and employment taxes.

          (h)  ASSIGNMENT  BY COMPANY.  The Company may assign its rights  under
this  Agreement to an  affiliate,  and an affiliate  may assign its rights under
this Agreement to another affiliate of the Company or to the Company;  provided,
however,  that no  assignment  shall be made if the net worth of the assignee is
less than the net worth of the Company at the time of assignment. In the case of
any such assignment, the term "Company" when used in a section of this Agreement
shall mean the corporation that actually employs the Executive.

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

     IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the
case of the Company by its duly authorized officer, as of the day and year first
above written.

COMPANY                                FREMONT GENERAL CORPORATION

                                       /s/  JAMES A. MCINTYRE
                                       ---------------------------
                                       By:  James A. McIntyre
                                       Title:  Chairman of the Board and
                                               Chief Executive Officer

EXECUTIVE                              LOUIS J. RAMPINO

                                       /s/   LOUIS J. RAMPINO
                                       ----------------------------

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