Document:

STOCK PURCHASE AGREEMENT

         THIS STOCK PURCHASE  AGREEMENT is made this 21 day of December 2000, by
and  between  Roger  Platten   (hereinafter   "Platten")   and  Unico   American
Corporation,  a Nevada corporation (hereinafter "Company"),  in reference to the
following facts:

         WHEREAS,  Platten is employed by Company as Vice  President and General
Counsel   pursuant  to  the  Employment   Agreement   dated  November  27,  1996
(hereinafter "Original Employment Agreement") and is a Director of the Company;

         WHEREAS, pursuant to the Original Employment Agreement,  Platten's term
of employment is until December 1, 2001;

         WHEREAS,  the Parties have agreed to terminate the Original  Employment
Agreement  and enter  into a New  Employment  Agreement,  which  New  Employment
Agreement ?is being executed concurrently herewith;

         WHEREAS, the parties hereto are concurrently  executing an Agreement to
Modify Employment and General Release of All Claims (the "Release");

         WHEREAS, Platten is the owner of Sixty Five Thousand (65,000) shares of
stock in the Company; and

         WHEREAS,  Platten  desires  to sell  to the  Company,  and the  Company
desires to purchase from Platten,  on the terms and conditions set forth herein,
Platten`s Sixty Five Thousand (65,000) shares of stock in the Company;

         THEREFORE,  for  valuable  consideration,  receipt  of which is  hereby
acknowledged, the Parties agree as follows:

         1.  Purchase of Stock.
             ------------------

         The Company hereby agrees to purchase from Platten,  and Platten hereby
agrees to sell to the Company,  Platten`s Sixty Five Thousand (65,000) shares of
stock in the Company at a price of $6.50 per share.

         2.  No Right of Revocation
             ----------------------

         The Release which is being executed concurrently herewith provides that
Platten  shall have a period of seven (7) days  following  the  execution of the
Release to revoke it and it shall not become effective or enforceable  until the
revocation  period has expired.  In the event that the Release is revoked within
the aforementioned seven (7) day period, then, at the option of the Company, the
Company may elect to purchase all or such part of Platten's  Sixty Five Thousand
(65,000) shares of stock in the Company as the Company so chooses.

                                       1
<PAGE>

         In the event  that the  Release is  revoked  within the  aforementioned
seven (7) day  period,  than the  aforementioned  election  to  purchase  by the
Company  shall  be in a  writing  to  Platten  notifying  him of  the  Company`s
election.  The writing is effective  only if it is  hand-delivered  or mailed to
Platten  within five (5)  business  days of the  Company's  receipt of notice of
Platten`s  revocation  of the Release.  If the writing is mailed to Platten,  it
shall be  addressed  to his last known home address and it shall be deemed to be
timely if it was deposited in the United  States mail,  by first class  postage,
within the aforementioned five (5) day period.

         In the event  that the  Release is  revoked  within the  aforementioned
seven (7) day period and the Company  does not timely give Platten the notice of
election to purchase as provided herein, than the Company will be deemed to have
elected to not purchase any of Platten's Sixty Five Thousand  (65,000) shares of
stock in the Company.  Platten does not have any right whatsoever to revoke this
Stock  Purchase  Agreement.  Whether or not the  Company  makes any  election as
provided  in this  Paragraph,  all other  terms  and  conditions  of this  Stock
Purchase Agreement shall remain in full force and effect.

         3.  Payment to Platten and Surrender of Stock Certificates.
             ------------------------------------------------------

         All of the  shares  of  stock  being  sold by  Platten  to the  Company
pursuant to this Stock  Purchase  Agreement  shall be  delivered to the Company,
free and clear of all liens and  encumbrances,  no later than March 21, 2001. If
Platten so desires, he may sell the stock and transfer the stock certificates to
the Company in increments of no less than Five  Thousand  (5,000)  shares at any
time during the  aforementioned  twelve (12) week  period,  except that the last
sale and transfer may be in less than a Five Thousand  (5,000) share  increment.
For each sale and transfer,  Platten and the Company shall attend a closing,  in
the offices of the Company at which:

                  a. The Company will pay Platten, by Company check,  the sum of
         Six Dollars and Fifty Cents ($6.50)for each share of Platten`s stock in
         the Company being sold to the Company; and

                  b.  Platten will surrender to the Company  stock  certificates
         evidencing  the number of shares of  his  stock  being purchased by the
         Company.

         4.  Failure to Deliver.
             -------------------

                   In the event that Platten  cannot or does not timely  deliver
all of  the  stock  certificates  to  the  Company  which  are  being  purchased
hereunder,  he will be  deemed  to be in  material  default  of this  agreement,
entitling  the Company to exercise any and all  remedies  available to it in law
and in equity, including but not limited to, damages and/or rescission.

         5.  General Release.
             ---------------

         Platten releases the Company as follows:

                                       2
<PAGE>

                  a. Except for the obligations specifically referred to in this
         Stock Purchase Agreement, the New Employment Agreement and the Release,
         Platten hereby knowingly and voluntarily waives, releases,  acquits and
         forever  discharges the Company,  and all of its  affiliates,  parents,
         subsidiaries  and  their  respective   agents,   officers,   directors,
         shareholders  and employees from any liability,  action,  suit,  claim,
         damages, judgment, known or unknown, liquidated or unliquidated,  fixed
         or  contingent,  express  or  implied,  which  he has  ever had or has,
         arising out of actions by the Company prior to the date of execution of
         this Stock Purchase Agreement.

                  b. Platten  further  agrees to expressly  waive and relinquish
         any of the rights and benefits that he might otherwise have or claim to
         have under the provisions of Section 1542 of the California Civil Code,
         which provides as follows:

                           "A general  release  does not extend to claims  which
                           the creditor does not know or suspect to exist in his
                           favor at the time of executing the release,  which if
                           known  by  him  must  have  materially  affected  his
                           settlement with the debtor."

                  c. The foregoing  waiver of the  provisions of Section 1542 of
         the  California  Civil Code was  separately  bargained for, and Platten
         expressly agrees that the releases contained herein shall be given full
         force and effect in accordance with each and all of the expressed terms
         and provisions relating to unknown and unsuspected claims,  demands and
         causes  of  action,  if any.  Platten  acknowledges  that  he may  have
         sustained  damages,  expenses and losses that are presently  unknown or
         not suspected, and that such damages,  expenses and losses, if any, may
         give rise to additional claims for damages,  expenses and losses in the
         future,  which are not now  anticipated by him.  Nevertheless,  Platten
         acknowledges that this Stock Purchase Agreement has been negotiated and
         agreed upon in light of this  realization and, being fully aware of the
         situation,  hereby  expressly  waives all rights that he may have under
         California Civil Code section 1542, as well as under any other state or
         federal statute or common law principle of similar effect.

         6.  Platten is hereby advised in this writing:

                  a.  To consult with an attorney prior to the execution of this
         Stock Purchase Agreement;

                  b.  To be represented by counsel in all  matters  relative  to
         the Stock Purchase Agreement, including this waiver; and

                  c.  To seek the advice of his counsel as  to  the legal effect
         of entering into the Stock Purchase Agreement.

                                       3
<PAGE>

                  Platten has  represented to the Company that he is an attorney
         and specifically waives his right to consult with counsel in connection
         with all matters relating to this Stock Purchase Agreement.

         7. No Transfers.  Platten hereby  warrants and represents  that (except
            ------------
for certain of the subject  shares  which are  presently  being held in a margin
account) he has not  heretofore  assigned,  transferred or encumbered any of the
shares of stock which are the subject of this Stock Purchase Agreement.  Platten
further  warrants  and  represents  that  all  of the  shares  which  are  being
surrendered to the Company  hereunder will be surrendered  free and clear of all
claims, liens, assignments and encumbrances.

         8. Legal  Action.  In any legal action or other  proceeding  brought to
            -------------
enforce or  interpret  any of the terms of this Stock  Purchase  Agreement,  the
prevailing  party shall be entitled to recover  reasonable  attorneys'  fees and
legal costs incurred in connection therewith.

         9. Time of the Essence.  Time is of the essence in this Stock  Purchase
            -------------------
Agreement with respect to all of the terms, provisions, covenants and conditions
contained herein, including specifically, but not limited to, the payment of any
monies or execution and delivery of any documents provided for herein.

         10. Drafting.  The  Parties  hereto  agree  that  this  Stock  Purchase
             --------
Agreement  has been  jointly  negotiated  and  drafted,  that  the  order of the
paragraphs has no significance,  and that the language hereof shall be construed
as a whole  according to its fair meaning and  interpretation,  and not strictly
for or against any of the Parties hereto.

         11. Cooperation.   Each party hereto agrees to take such further action
             -----------
and  execute  and  deliver  such  further  documents,  and to  give  oath  to or
acknowledge before a notary public any documents  reasonably deemed necessary or
convenient  by any  party to  implement  the  terms or  intent  hereof.  Without
limiting  the  generality  of the  foregoing,  in the  event  that  the  Company
exercises the option  referred to in paragraph 4c above,  Platten shall take any
and all actions  necessary to timely  deliver to the Company stock  certificates
evidencing the number of shares being  purchased by the Company.  The failure of
Platten to timely deliver the  aforementioned  stock certificates to the Company
shall be deemed a material breach of this Stock Purchase Agreement by Platten.

         12. Survival.   Notwithstanding  anything to the contrary  herein,  all
             --------
rights and obligations, representations and warranties created under or pursuant
to this Stock  Purchase  Agreement  shall  survive the execution and delivery of
this Stock Purchase Agreement,  the releases contained herein, and the documents
provided for herein.

         13. No  Admission  of  Liability.  This Stock  Purchase  Agreement is a
             ----------------------------
settlement  of  disputed  claims,  and each of the  Parties  hereto  agrees  and
acknowledges  that nothing  contained  herein shall  constitute  or be deemed an
admission of any fact or  liability  with  respect to any claim,  contention  or
cause of action that is the subject matter hereof.

                                       4
<PAGE>

         14. Entire Agreement.  This Stock Purchase  Agreement and the documents
             ----------------
incorporated  herein or  concurrently  executed  herewith  shall  constitute the
entire  agreement  between the Parties hereto with respect to the subject matter
hereof,  and shall supersede all prior agreements,  understandings,  warranties,
representations  and  negotiations  of any party herein  concerning  the subject
matter hereof.

         15. Binding  Effect.  This Stock Purchase Agreement  shall inure to the
benefit of and be binding upon the successors in interest of each of the Parties
hereto.

         16. Amendments.  This  Stock  Purchase  Agreement  may not be released,
             ----------
amended or modified in any manner whatsoever,  except in writing, signed by each
of the Parties hereto.

         17. Gender.  All references herein  to the  singular  or  plural  shall
             ------
be deemed  to refer to the other, as the  context requires,  and all  references
to the  masculine, feminine or neuter shall refer to all of such genders, unless
the context requires otherwise.

         18. Governing  Law.  This Stock Purchase  Agreement  shall be deemed to
             --------------
have been entered into and shall be construed and interpreted in accordance with
the laws of the State of California. Venue of any action arising from or related
to this Stock Purchase Agreement shall be in Los Angeles County, California.

         19. Counterparts.  This Stock Purchase Agreement may be executed in one
             ------------
or more separate counterparts,  each of which, when so executed, shall be deemed
an original and shall together  constitute one and the same instrument which may
be  sufficiently  evidenced by any one  counterpart,  and each of which shall be
fully  effective  against  all  persons  executing  the same and all  persons or
entities claiming under them.

         20.  Captions.  The  captions  of  this Stock  Purchase  Agreement  are
              --------
solely  for the  convenience of the Parties, do not compromise  any part of this
Stock  Purchase  Agreement,  and shall not be used to interpret or determine the
validity of any provision hereof.

         21. Authority.   Each party that is not a natural  person hereto hereby
             ---------
represents  and warrants that it has the power,  authority and capacity to enter
into and perform this Stock Purchase Agreement, and the person signing on behalf
of such party represents and warrants that he is duly authorized to so act.

         IN WITNESS WHEREOF,  this Stock Purchase  Agreement is entered into and
shall be effective as of the date first written above.

DATE:  December 21, 2000                            /s/  Roger Platten
                                                    ----------------------
                                                    Roger Platten

DATE:  December 21, 2000                            Unico American Corporation,
                                                    a Nevada corporation

                                                    By:   /s/  Erwin Cheldin
                                                          --------------------
                                                    Erwin  Cheldin, President

                                       5NEW EMPLOYMENT AGREEMENT

         THIS   AGREEMENT  is  entered  into  by  and  between  Unico   American
Corporation,  a Nevada corporation  ("Employer") and Roger Platten ("Employee"),
as follows:

         1.  EMPLOYMENT.   Employer  hereby  agrees  to  employ  Employee  as  a
             ----------
Consultant,  subject to the terms,  conditions and provisions of this Agreement.
Employee  hereby  accepts such  employment  and agrees to devote up to eight (8)
hours  per day,  as may be  needed,  and all of his  knowledge  and skill to his
employment  with  Employer.  In connection  with the rendition of such services,
Employee shall report to Cary L. Cheldin,  or to such other person or persons as
designated by Cary L. Cheldin or the Board of Directors of Employer and he shall
perform those services as assigned consistent with his position.

         2.  PERFORMANCE  OF SERVICES.  During the term of his  employment  with
             ------------------------
Employer,  Employee  shall  perform  no act or  fail to  perform  any  act,  the
performance  or  absence  of  which  is or will be  disloyal  to or in  material
derogation of the  interests of Employer or any affiliate of Employer  under any
circumstances.

         3. COMPENSATION.
            ------------

            a.  Base Salary.  During the term of his employment, Employee shall
                -----------
be paid as follows:

         (1) From the  commencement of the term of this Agreement until December
31, 2000,  Employee shall be paid gross base salary at the same rate that he was
being paid  immediately  prior to the  termination of the  Employment  Agreement
between Employee and Employer dated November 27, 1996;

         (2)  From  January  1,  2001  until  the  date of  termination  of this
Agreement,  Employee  shall be paid a gross base salary of Two Hundred  Thousand
Dollars ($200,000.00) per year.

            b.  Guaranteed  Bonus.  The only bonus to which Employee is entitled
                -----------------
or  will  be  paid  is  the  Guaranteed Bonus  referred to in Section 3a of the
Agreement To  Modify  Employment  and  General Release of  All Claims,  executed
concurrently herewith.

            c. Benefits.  During the term of his employment,  in addition to the
               --------
Guaranteed  Bonus and Base salary referred to above,  Employee shall be entitled
to whatever employee benefits,  if any, Employer elects to make available to its
employees,  provided  that Employee  meets all  qualifications  and  eligibility
requirements for employee benefits which Employer may periodically establish and
which apply generally to Employer's employees. Employer shall have no obligation
under this  Agreement to provide any employee  benefit to Employee that Employer
elects to discontinue or that Employer does not make generally  available to its
employees  or on  terms  more  favorable  than  those  generally  applicable  to
Employer's employees as periodically modified by Employer.  Further,  during the
term of this  Agreement,  Employee shall receive an automobile  allowance in the
sum of Two Hundred Fifty Dollars ($250.00) per month.

                                       1
<PAGE>

           d.  Continuing  Education.  During  the term of this  Agreement,  the
               ---------------------
Company will reimburse  employee for continuing legal education  expenses.  Such
expenses shall not include any expense for transportation,  lodging or meals and
shall be limited only to actual  registration  expenses not to exceed $50.00 per
accredited hour of continuing legal education, up to a maximum of $1000.00.

         4. PRIOR EMPLOYMENT AGREEMENT TERMINATED.
            -------------------------------------

         Employee  acknowledges and agrees that the Employment Agreement between
he and the Company  dated  November 27,  1996,  has been  terminated  and has no
further force or effect.

         5. TERM AND TERMINATION OF EMPLOYMENT.
            ----------------------------------

         a. Term.  Employee's  employment  shall  expire  on  December 31, 2001,
            ----
unless sooner terminated by mutual agreement  or pursuant  to the  provisions of
this section 5, hereinbelow.

         b. Termination for Cause.  Employer may terminate this Agreement at any
            ---------------------
time  without  notice for cause.  Cause of  termination  will be deemed to exist
under  the  following  circumstances:  Employee  commits  any  material  acts of
dishonesty;  discloses  confidential  information;  is guilty of carelessness or
misconduct;  neglects  his  duties  under  this  Agreement;  fails to follow the
specific  instructions of Employer;  fails to or is incapable of discharging his
duties;  acts in any way that has a direct,  substantial  and adverse  effect on
Employer's reputation; or other good cause exists for termination.

         c. Compensation Upon Termination.   Upon  the termination of Employee's
            -----------------------------
employment,  Employer  shall only be obligated  for  compensation  earned by the
Employee  through the date of  termination.  Thereafter,   all employee benefits
shall terminate.

         6. EMPLOYEE'S DUTY UPON TERMINATION. Upon the termination of employment
            --------------------------------
hereunder,  Employee  shall  forthwith  deliver  up to  Employer  all  lists  of
customers,  correspondence,  accounts, records and "confidential information" as
defined  hereinbelow  and any other documents or property made or held by him or
under his  control in  relation  to the  business  or affairs of Employer or any
subsidiary  or  affiliate  thereof,   and  no  copy  of  any  such  confidential
information or lists,  correspondence,  accounts, records, documents or property
shall be retained by him or given to any third party.

         7. UNFAIR ADVANTAGE.
            ----------------

         a. Confidentiality. In order that Employer shall receive and be able to
            ---------------
maintain the benefit of the goodwill, trade secrets and confidential information
that Employer enjoys in connection with its business,  and recognizing  that the
covenants  hereinafter set forth are not severable from such goodwill,  and that
trade secrets and  confidential  information are granted to Employer in order to
protect  the  same,  and in order to  otherwise  protect  Employer's  legitimate
business interests,  Employee agrees, during the term of this Agreement and upon
termination of his employment with Employer and for the periods indicated below,
that:

                                       2
<PAGE>

         (1) During the course of employment  with Employer,  Employee will have
access  to  and  gain  knowledge  of  certain  trade  secrets  and  confidential
information  relative to the business  affairs of Employer.  For the purposes of
the Agreement, "confidential information" shall mean any information relating to
the business of Employer or any  affiliate of Employer  that has not  previously
been publicly released by duly authorized  representatives of Employer and shall
include, but shall not be limited to, Employer information or information of any
affiliate of Employer  encompassed  in all drawings,  reports,  designs,  plans,
proposals, marketing and sales plans, training techniques,  financial data, cost
and pricing  information,  customer  information  including  customer  lists and
files,  and all  methods,  concepts  or ideas in or  reasonably  related  to the
business of Employer or affiliates of Employer.  Employee therefore acknowledges
and agrees that:

         (2) Confidential  information is both  confidential and a trade secret,
is not readily  accessible  to  competitors  of  Employer,  and shall be used by
Employee for the sole benefit of Employer.

         (3) The  confidential  information has been compiled through and by use
of Employer's  ingenuity,  time,  marketing and product development  strategies,
pricing,  policies, labor, expense,  investigation and long experience rendering
the  confidential  information  a valuable  asset of  Employer,  owned solely by
Employer, and is part of its goodwill.

         (4) Actual use or divulging to others for their use of the confidential
information in violation of the terms of this Agreement  would be unfair use, to
the Employer's extreme prejudice.

         (5)  Employee  agrees  to  regard  and  preserve  as  confidential  all
confidential information pertaining to the business of Employer or any affiliate
of Employer  that has been or may be  obtained by the  Employee in the course of
his employment with Employer,  whether he has such  information in his memory or
in  writing  or in other  physical  form.  Employee  will not,  without  written
authority  from  Employer,  use for his  benefit or  purposes,  nor  disclose to
others,  either  during  the term of his  employment  or  thereafter,  except as
required by the conditions of his  employment,  any  information  concerning the
business of Employer or any affiliate of Employer.

         (6) Employee agrees not to remove from the premises of Employer, except
as an  Employee  in  the  pursuit  of the  business  of  Employer  or any of its
affiliates,  or except as  specifically  permitted in writing by  Employer,  any
equipment or document  containing or reflecting any confidential  information of
Employer or any affiliate of Employer.

         b. Solicitation of Company  Employees.  Employee  recognizes and agrees
            ----------------------------------
that upon  termination of employment  with  Employer,  regardless of the reason,
cause or occasion for such  termination,  Employee  will not either  directly or
indirectly  for a  period  of  three  (3)  years  next  following  the  date  of
termination  (or if this period  shall be  unenforceable  by law,  then for such
periods  as shall be  enforceable)  employ or seek to employ  any  person who is
employed by  Employer,  nor shall he induce any such person to leave  employment
with Employer.

                                       3
<PAGE>

         c. Business Opportunities.   Employee agrees that during his employment
            ----------------------
hereunder he will not take any action that might divert from Employer
or any subsidiary or affiliate of Employer an  opportunity  that would be within
the scope of any of the present or future business thereof.

         d.  Breach.  In the  event of a breach  or  threatened  breach  of this
             ------
section 7, Employer shall be entitled to an injunction  restraining such breach;
but nothing  herein shall be construed as  prohibiting  Employer  from any other
remedy  as may be  provided  by law or in  equity,  together  with such real and
punitive  damages as may be available.  The remedies  herein shall be cumulative
one of the other and not  exclusive;  with the right of  Employer to pursue such
rights,  remedies  and  privileges  as it desires  and in such order as it might
elect.

         8. ASSIGNABILITY AND BINDING EFFECT.  This Agreement shall inure to the
            --------------------------------
benefit of and be binding upon  Employer  and Employee and their  successors and
assigns. The obligations of Employee may not be delegated,  and Employee may not
assign, transfer, pledge, encumber,  hypothecate or otherwise dispose of  any of
his rights hereunder without the prior written consent of Employer, and any such
attempted  delegation  or  disposition shall be null and void and without effect
and shall relieve Employer of any and all liability hereunder.

         9. MERGER OR CONSOLIDATION. In the event of the merger or consolidation
            -----------------------
of Employer with any corporation or corporations,  or of the sale by Employer of
a major  portion of its assets or of its business and goodwill,  this  Agreement
may be assigned  and  transferred  to such  successor in interest as an asset of
Employer upon such assignee assuming Employer's obligations hereunder.

         10. NO CONFLICTING AGREEMENTS. Employee represents and warrants that he
             -------------------------
is  not a  party  to  any  agreement,  contract  or  understanding,  whether  of
employment  or  otherwise,  that would in any way  restrict or prohibit him from
undertaking or performing employment in accordance with the terms and conditions
of this Agreement.

         11. GOVERNING LAW.  This Agreement  shall be subject to and governed by
             -------------
 the laws of California.  Venue of any action arising from  or  related  to this
 Agreement shall be in Los Angeles County, California.

         12. ENTIRE AGREEMENT.
             ----------------

         a. This Agreement  constitutes the entire agreement between the parties
and  contains  all of the  agreements  between the parties  with  respect to the
subject matter hereof and supersedes any and all other  agreements,  either oral
or in writing,  between the parties  hereto with  respect to the subject  matter
hereof.

         b. No change or  modification  of this Agreement  shall be valid unless
the same shall be in writing and signed by Employee and  Employer.  No waiver of
any provision of this  Agreement  shall be valid unless in writing and signed by
the party or person to be charged.

                                       4
<PAGE>

         13.  SEVERABILITY.   In case  any one or more of the provisions of this
              ------------
Agreement  shall  be  invalid,  illegal  or  unenforceable in any  respect,  the
validity,  legality and enforceability  of  the remaining  provisions  contained
herein shall not in any way be affected thereby.

         14. SECTION HEADINGS.  The section headings contained in this Agreement
             ----------------
are for reference  purposes only  and shall not affect in any way the meaning or
interpretation of this Agreement.

         15. NOTICES.  Any and all  notices  required  or  permitted  to be sent
             -------
hereunder  shall  be  personally  delivered or sent by certified  or  registered
mail,  return  receipt  requested,  with  postage  prepaid,  to the addresses as
follows:

If to Employer:                 Unico American Corporation
                                23251 Mulholland Drive
                                Woodland Hills, CA 91364-2732
                                Attn.: Cary L. Cheldin, Executive Vice President

If to Employee:                 Roger Platten
                                P.O. Box 8632
                                Calabasas, CA 91372

Any party may, upon written notice to the other,  change its address for receipt
of notices.

         16. INJUNCTIVE  RELIEF.  It is understood and agreed by and between the
             ------------------
parties hereto that the services to be rendered by the Employee  hereunder,  and
the rights and privileges granted to the Employer by the Employee hereunder, are
of a special, unique, extraordinary and intellectual character, which gives them
a  peculiar  value,  the  loss of  which  cannot  be  reasonably  or  adequately
compensated in damages in any action at law, and that a breach of this Agreement
will cause Employer great  irreparable  injury and damage.  The Employee  hereby
expressly  agrees that Employer shall be entitled to the remedies of injunction,
specific  performance  and other  equitable  relief  to  prevent a breach of the
Agreement by the Employee.  This provision shall not, however, be construed as a
waiver of any of the rights that Employer may have for damages or otherwise.

         17. ARBITRATION.
             -----------

               a. Arbitrable Claims. To the fullest extent permitted by law, all
                  -----------------
disputes  between  Employee  (and his  attorneys,  successors,  and assigns) and
Company  (and its  Affiliates,  shareholders,  directors,  officers,  employees,
agents, successors, attorneys, and assigns) relating in any manner whatsoever to
the employment or termination of Employee,  including,  without limitation,  all
disputes arising under this Agreement,  ("Arbitrable  Claims") shall be resolved
by  arbitration.  All persons and entities  specified in the preceding  sentence
(other than Company and Employee) shall be considered third-party  beneficiaries
of the rights and obligations created by this Section on Arbitration. Arbitrable
Claims shall include,  but are not limited to, contract

                                       5
<PAGE>

(express  or implied)  and  tort  claims  of  all  kinds,  as well as all claims
based on any federal,  state, or local law,  statute,  or regulation,  excepting
only  claims  under  applicable  workers'   compensation  law  and  unemployment
insurance  claims.  By way of example and not in  limitation  of the  foregoing,
Arbitrable  Claims shall  include (to the fullest  extent  permitted by law) any
claims  arising  under  Title  VII of the  Civil  Rights  Act of  1964,  the Age
Discrimination  in Employment Act, the Americans with  Disabilities Act, and the
California  Fair  Employment  and Housing  Act, as well as any claims  asserting
wrongful termination,  harassment, breach of contract, breach of the covenant of
good faith and fair dealing,  negligent or  intentional  infliction of emotional
distress, negligent or intentional  misrepresentation,  negligent or intentional
interference  with  contract  or  prospective  economic  advantage,  defamation,
invasion of privacy, and claims related to disability.

               b.  Procedure.  Arbitration  of  Arbitrable  Claims  shall  be in
                   ---------
accordance with the National Rules for the Resolution of Employment  Disputes of
the American Arbitration Association, in effect as of the date of this Agreement
or as amended  subsequently  thereto ("AAA Employment  Rules"),  as augmented in
this Agreement. Arbitration shall be initiated as provided by the AAA Employment
Rules,  although the written  notice to the other party  initiating  arbitration
shall also include a statement of the claim(s) asserted and the facts upon which
the claim(s) are based.  Arbitration shall be final and binding upon the parties
and shall be the exclusive  remedy for all Arbitrable  Claims.  Either party may
bring an action in court to  compel  arbitration  under  this  Agreement  and to
enforce an  arbitration  award.  Otherwise,  neither  party shall  initiate  nor
prosecute  any  lawsuit  or  administrative  action  in any way  related  to any
Arbitrable  Claim.  All  arbitration  hearings  under  this  Agreement  shall be
conducted in Los Angeles County,  California. The interpretation and enforcement
of this agreement to arbitrate  shall be governed by the California  Arbitration
Act.  THE  PARTIES  HEREBY  WAIVE ANY  RIGHTS  THEY MAY HAVE TO TRIAL BY JURY IN
REGARD TO ARBITRABLE CLAIMS,  INCLUDING WITHOUT LIMITATION ANY RIGHT TO TRIAL BY
JURY AS TO THE MAKING,  EXISTENCE,  VALIDITY, OR ENFORCEABILITY OF THE AGREEMENT
TO ARBITRATE.

              c. Arbitrator Selection.  All disputes involving Arbitrable Claims
                 --------------------
shall be decided by a single  arbitrator.  The  arbitrator  shall be selected by
mutual agreement of the parties within thirty (30) days of the effective date of
the  notice  initiating  the  arbitration.  If the  parties  cannot  agree on an
arbitrator,  then  the  complaining  party  shall  notify  the AAA  and  request
selection of an arbitrator in accordance with the AAA Employment Rules.

              d. Authority Of Arbitrator,  Discovery And  Arbitration  Fees. The
                 -----------------------
arbitrator  shall have  exclusive  authority to resolve all  Arbitrable  Claims,
including,  but not limited to, any claim that all or any part of this Agreement
is  void  or  unenforceable.  Parties  to  arbitration  proceedings  under  this
Agreement  shall have the right to conduct  discovery  utilizing  all  discovery
procedures  available  in  civil  actions  brought  in  the  Superior  Court  of
California. The arbitrator shall have authority to enforce all rights, remedies,
procedures,  duties,  liabilities and  obligations  arising under said discovery
procedures  and to impose all  sanctions and penalties as can be imposed in like
circumstances in a civil action brought in the Superior Court of California. The
arbitrator  shall issue a written  decision  and shall have  authority  to award
equitable relief,  money damages,

                                       6
<PAGE>

costs, and reasonable  attorney's fees to the greatest extent  permitted by law,
including, but not limited to, any remedy or relief available in a civil action.
The fees of the arbitrator and all expenses of the arbitration  shall be paid by
Company.  Each  party  shall  pay  his/its  own attorney's fees unless otherwise
provided by law.

         18. ATTORNEYS' FEES.   Should  any litigation be commenced  between the
             ----------------
parties  hereto or their  personal  representatives  to enforce any provision of
this  Agreement  or the rights and  duties of any  person in  relation  thereto,
including the right to arbitrate,  the prevailing party in such litigation shall
be entitled, in addition to such other relief as may be granted, to a reasonable
sum as and for their or his attorneys'  fees in such litigation or in a separate
action brought for that purpose.

         19. EMPLOYEE  ACKNOWLEDGMENT.  Employee  hereby  acknowledges  that  he
             ------------------------
has  read  this  Agreement  and understands  the  provisions  contained  herein.
Employee further acknowledges that he has been advised to seek independent legal
and tax advice with regard to the matters set forth herein.

         20. REVOCATION.   Concurrently  with  the  execution of this Agreement,
             ----------
Employee and Company have executed an Agreement to Modify Employment and General
Release of All Claims  ("Release").  Paragraph 6(g) of the Release provides that
Employee  "shall have a period of seven (7) days following the execution of this
[Release]  to  revoke  this  [Release]  and it shall  not  become  effective  or
enforceable until the revocation period has expired." In the event that Employee
revokes the Release  within the seven (7) day period  referred to therein,  this
New Employment Agreement shall be deemed to have been concurrently revoked.

DATED:  December 21, 2000         \s\Roger Platten
                                  -----------------
                                  Roger Platten, Employee

                                  UNICO AMERICAN CORPORATION

                                  By: /s/ Erwin Cheldin
                                  ---------------------
                                  Erwin Cheldin, President
                                  Employer

                                       7

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