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                                                                    Exhibit 10.2

                           RESTRICTED STOCK AGREEMENT

      This Restricted Stock Agreement ("Agreement") dated to be effective as of
July 1, 2004 (the "Effective Date"), is by and between Ace Cash Express, Inc., a
Texas corporation (the "Company"), and Jay B. Shipowitz ("Grantee").

      WHEREAS, the Company and Grantee (the "Parties") are entering into an
Executive Employment Agreement dated as of the Effective Date (the "Employment
Agreement") that sets forth the terms of Grantee's employment with the Company;
and

      WHEREAS, the Employment Agreement contemplates (among other things) the
Parties' entering into this Agreement as part of Grantee's employment
compensation thereunder;

      NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
set forth in this Agreement, and intending to be legally bound hereby, Grantee
and the Company (collectively, the "Parties") hereby agree as follows:

      1.    Issuance of Restricted Stock. The Company hereby agrees to issue to
Grantee, and Grantee hereby agrees to purchase, 50,000 shares (the "Restricted
Shares") of Common Stock, at a purchase price of $0.01 per share (the "Purchase
Price Per Share"), in accordance with this Agreement and as a Restricted Stock
Award subject to the terms and conditions of the Ace Cash Express, Inc. 1997
Stock Incentive Plan (the "Plan"), which are incorporated herein, as an
incentive for Grantee's continued efforts on behalf of the Company as one of its
key employees. This Agreement is a Restricted Stock Agreement under the Plan,
and unless otherwise defined in this Agreement, the capitalized terms used in
this Agreement have the respective meanings assigned to them in the Plan. The
total purchase price for the Restricted Shares shall be paid by Grantee's
delivery to the Company, at the time of execution of this Agreement, of cash or
a check or any combination thereof.

      2.    Forfeiture and Repurchase. Upon any Forfeiture Cessation (as defined
below) of Grantee's employment, the Company shall have, on the date that
Grantee's employment ceases or terminates (the "Termination Date"), an
irrevocable, exclusive option (the "Forfeiture Repurchase Option"), for a period
of ninety (90) days from the Termination Date (the "Forfeiture Repurchase
Period"), to repurchase up to all of the Unvested Restricted Shares (as defined
below) at the original Purchase Price Per Share (the "Repurchase Price"). The
"Forfeiture Cessation" of Grantee's employment with the Company is any cessation
or termination of Grantee's employment under the Employment Agreement other than
a Vesting Cessation; and a "Vesting Cessation" is the cessation or termination
of Grantee's employment under the Employment Agreement (i) by the Company as a
termination without Cause or because of Grantee's Disability, in each case as
defined in and under the terms of the Employment Agreement, or (ii) because of
Executive's death. "Unvested Restricted Shares" are the Restricted Shares that
are subject to Forfeiture Restrictions (i.e., Restricted Shares that have not

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been released from the Forfeiture Repurchase Option). In addition, if Grantee
breaches any of the terms and conditions of this Agreement or the Plan, or any
rules and regulations of the Committee for this Agreement or the Plan, the
Company shall have a Forfeiture Repurchase Option to the same extent as if there
had been a Forfeiture Cessation, except that, for this purpose, the "Termination
Date" shall be the date of such breach, and the "Forfeiture Repurchase Period"
shall be a period of ninety (90) days from the date of the Committee's discovery
of such breach. The Forfeiture Repurchase Option shall be exercisable by written
notice delivered to Grantee before the expiration of the Forfeiture Repurchase
Period. The notice shall indicate the number of the Unvested Restricted Shares
to be repurchased and the date on which the repurchase is to be effected, such
date to be not later than fifteen (15) days after the expiration of the
Forfeiture Repurchase Period. On the date of the repurchase, the Company and/or
its assignee(s) shall pay to Grantee, at the Company's and/or each assignee's
option, in cash, by check of the Company and/or such assignee, by cancellation
of all or a portion of any indebtedness of Grantee to the Company or such
assignee, or a combination of the foregoing, an amount equal to the Repurchase
Price for each of the Unvested Restricted Shares that is to be repurchased from
Grantee. Upon such payment to Grantee or deposit of such amount into escrow for
the benefit of Grantee, the Company and/or its assignee(s) shall become the
legal and beneficial owner of the Unvested Restricted Shares being repurchased
and all rights and interests therein or related thereto, and the Company shall
have the right to transfer to its own name or to the names of its assignee(s)
the Unvested Restricted Shares being forfeited and repurchased without any
further action of Grantee. The Company may designate and assign one or more
other persons or entities (including any affiliates of the Company) to exercise
all or any part of the Forfeiture Repurchase Option. Grantee, by his acceptance
of the Restricted Stock Award granted under this Agreement, irrevocably grants
to the Company a power of attorney to transfer any and all Unvested Restricted
Shares that are forfeited and agrees to execute any documents requested by the
Company in connection with such forfeiture and transfer. Grantee shall have no
further right to or interest in any Unvested Restricted Shares that are so
forfeited and transferred. The Parties expressly agree that these provisions
governing the forfeiture and repurchase of the Unvested Restricted Shares shall
be specifically enforceable by the Company in a court of equity or law.

      3.    Lapse of Forfeiture Restrictions. Upon the termination or lapse of
Forfeiture Restrictions regarding any or all of the Restricted Shares (those
Restricted Shares no longer subject to Forfeiture Restrictions being "Vested
Restricted Shares") and upon the satisfaction of the Withholding Liability (as
defined below) corresponding to the Vested Restricted Shares in accordance with
Section 13(a), one or more stock certificates representing the Vested Restricted
Shares, free of Forfeiture Restrictions, shall be delivered to Grantee at
Grantee's request in accordance with this Agreement. The Forfeiture Restrictions
shall terminate or lapse, and certain or all (as described below) of the
Unvested Restricted Shares shall become Vested Restricted Shares, if there has
been no Forfeiture Cessation and no breach by Grantee as described in Section 2
before the date of vesting, as follows:

      (a)   A number of Unvested Restricted Shares equal to 15% of the total
number of Restricted Shares shall become Vested Restricted Shares as of the date
that is one month after the Effective Date.

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      (b)   A number of Unvested Restricted Shares equal to an additional 17% of
the total number of Restricted Shares shall become Vested Restricted Shares as
of July 1, 2005.

      (c)   A number of Unvested Restricted Shares equal to an additional 17% of
the total number of Restricted Shares shall become Vested Restricted Shares as
of July 1, 2006.

      (d)   A number of Unvested Restricted Shares equal to an additional 17% of
the total number of Restricted Shares shall become Vested Restricted Shares as
of July 1, 2007.

      (e)   A number of Unvested Restricted Shares equal to an additional 17% of
the total number of Restricted Shares shall become Vested Restricted Shares as
of July 1, 2008.

      (f)   All of the Unvested Restricted Shares shall become Vested Restricted
Shares as of July 1, 2009.

If the installment of vesting of the Restricted Shares set forth in any of
subsections (a) through (e) of this Section 3 would result in the vesting of a
fractional Restricted Share, such installment will result in the vesting of the
next higher Restricted Share, and the final installment (set forth in subsection
(e) of this Section 3) will result in the vesting of the balance of the
Restricted Shares.

In addition, (i) all of the Unvested Restricted Shares shall become Vested
Restricted Shares upon (A) a "Change of Control," as defined in Exhibit A
attached hereto, or (B) a Vesting Cessation, subject to the terms of the
Employment Agreement, and (ii) any or all of the Unvested Restricted Shares
shall become Vested Restricted Shares upon a decision by the Committee, in its
sole discretion and as of a date determined by the Committee, to vest those
Unvested Restricted Shares. As permitted by clause (ii) of the second paragraph
of Section 14 of the Plan, the immediately preceding clause (i)(A) of this
Section 3 is a partial exception to the general rule stated in that clause (ii)
of the second paragraph of Section 14 of the Plan. The immediately preceding
clause (i)(A) of this Section 3 refers to the only events, of the various events
described at the beginning of the second paragraph of Section 14 of the Plan, in
which the Forfeiture Restrictions shall terminate or lapse, unless the Committee
otherwise decides.

      4.    Representations of Grantee. Grantee represents and warrants to the
Company as follows:

      (a)   Grantee has received a copy of the Plan and has read and become
familiar with the terms and conditions of the Plan and agrees to be bound, and
to abide, by the Plan.

      (b)   Grantee has reviewed this Agreement, has had an opportunity to
obtain the advice of counsel before executing this Agreement, and fully
understands all of the terms and conditions of this Agreement and the Plan.

      (c)   Grantee hereby accepts the Restricted Stock Award granted by this
Agreement subject to all of the terms and conditions of this Agreement and the
Plan.

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      (d)   Grantee is fully aware of the lack of liquidity of the Restricted
Shares -- e.g., because of the restrictions on transferability of the Restricted
Shares held by the Escrow Holder (as defined below), Grantee may not be able to
sell or dispose of the Restricted Shares or use them as collateral for loans.

      5.    Certain Restrictions on Transfer. Except as provided in Section 2,
Grantee may not sell, transfer, pledge, exchange, hypothecate, or otherwise
dispose of (whether voluntarily, by operation of law, or otherwise) any or all
of the Unvested Restricted Shares, or any rights thereto or interests therein,
or any or all of the Vested Restricted Shares held by the Escrow Holder, or any
rights thereto or interests therein. Any transfer in violation of this Section 5
shall be void and without any force or effect and shall constitute a breach of
the terms and conditions of this Agreement and the Plan. Grantee also
understands that the Company is under no obligation to register, under any
applicable securities laws, any resale of any of the Restricted Shares that
become Vested Restricted Shares delivered to Grantee and that an exemption from
such registration requirements may not be available or may not permit Grantee to
resell or transfer any of such Vested Restricted Shares in the amounts or at the
times proposed by Grantee.

      6.    Dividend and Voting Rights. Subject to this Agreement, Grantee shall
have all of the rights of a shareholder with respect to the Restricted Shares,
including the Unvested Restricted Shares while they are held in escrow,
including the right to vote the Restricted Shares and to receive any and all
dividends and other distributions made with respect to the Restricted Shares.
Without limiting the preceding sentence, Grantee shall be entitled to receive
any cash dividends or other cash distributions paid or made by the Company with
respect to the Unvested Restricted Shares, without deposit into escrow, and any
other distributions of property with respect to the Unvested Restricted Shares
shall be deposited into escrow in accordance with Section 8(b). Upon any
forfeiture of Unvested Restricted Shares, Grantee shall have no further rights
with respect to those Unvested Restricted Shares, but the forfeiture of Unvested
Restricted Shares shall not invalidate any votes or consents made or executed by
Grantee with respect to those Unvested Restricted Shares before their forfeiture
or create any obligation to repay any cash dividend or other cash distribution
received with respect to those Unvested Restricted Shares before their
forfeiture.

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      7.    Escrow of Restricted Shares.

      (a)   To ensure the availability for delivery of Unvested Restricted
Shares upon forfeiture and repurchase in accordance with Section 2 and to ensure
satisfaction of the Withholding Liability regarding Vested Restricted Shares in
accordance with Section 13(a), Grantee shall, upon execution of this Agreement,
deliver and deposit with an escrow holder designated by the Company (the "Escrow
Holder") the share certificate(s) representing the Unvested Restricted Shares,
together with corresponding stock assignment(s), in the form attached hereto as
Exhibit B, duly endorsed in blank. The Unvested Restricted Shares and stock
assignment(s) shall be held by the Escrow Holder, pursuant to the Joint Escrow
Instructions of the Company and Grantee attached hereto as Exhibit C, until
either (i) those Unvested Restricted Shares are forfeited and repurchased in
accordance with Section 2 or (ii) the Forfeiture Restrictions terminate or lapse
regarding those Unvested Restricted Shares, which thereby become Vested
Restricted Shares, and the Withholding Liability regarding those Vested
Restricted Shares is satisfied.

      (b)   The Escrow Holder shall not be liable for any act that he or she may
do or omit to do with respect to holding the Restricted Shares and/or any other
property in escrow while acting in good faith and in the exercise of his or her
judgment.

      (c)   Upon the forfeiture and repurchase of all or any of the Unvested
Restricted Shares by the Company in accordance with Section 2, the Escrow
Holder, upon receipt of written notice from the Company, shall take all steps
necessary to accomplish the transfer of those Unvested Restricted Shares to the
Company and/or its assignee(s).

      (d)   Upon the termination or lapse of the Forfeiture Restrictions
regarding all or any of the Unvested Restricted Shares and upon the Company's
acknowledgment that the corresponding Withholding Liability is satisfied, the
Escrow Holder shall promptly deliver to Grantee the certificate(s) representing
those Vested Restricted Shares.

      8.    Capital Adjustments and Distributions.

      (a)   The number of the Restricted Shares and the Repurchase Price of each
of the Unvested Restricted Shares shall be adjusted in accordance with the
provisions of the first paragraph of Section 14 of the Plan.

      (b)   Any new, substituted, or additional securities or other property
(including any money paid other than as a regular cash dividend) that is, by
reason of any stock dividend, stock split, recapitalization, or other change in
the outstanding Common Stock, distributed on or with respect to, or exchanged
for, (i) the Unvested Restricted Shares shall immediately be subject to the
Forfeiture Restrictions, the forfeiture and repurchase provisions of Section 2,
and the escrow requirement of Section 7, all to the same extent as the Unvested
Restricted Shares on or with respect to which such distribution or exchange was
made, and (ii) the Vested Restricted Shares that are held by the Escrow Holder
shall immediately be subject to the escrow requirement of Section 7, to the same
extent as the Vested Restricted Shares on or with respect to which such
distribution or exchange was made. Appropriate adjustments, as determined by the
Committee,

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to reflect the distribution or exchange of such securities or other property
shall be made to the number of the Restricted Shares and to the Repurchase Price
of each of the Unvested Restricted Shares in order to reflect any such event;
except that the aggregate Repurchase Price for all of the Unvested Restricted
Shares shall remain unchanged.

      9.    Administration. The Committee shall interpret this Agreement and
shall prescribe such rules and regulations in connection with the operation of
this Agreement as the Committee determines (in good faith) to be advisable. The
Committee may rescind and amend its rules and regulations from time to time. The
good-faith interpretation by the Committee of any of the provisions of this
Agreement shall be final and binding upon the Parties.

      10.   Effect of Agreement. Neither the execution or effectiveness of this
Agreement nor any action of the Board or the Committee in connection with or
relating to this Agreement shall be deemed to give Grantee any rights except as
may be expressed in this Agreement. The existence of the Plan and this Agreement
shall not affect in any way the right of the Board, the Committee, or the
shareholders of the Company to make or authorize any adjustment,
recapitalization, reorganization, or other change in the Company's capital
structure or its business, any merger or consolidation or other transaction
involving the Company, any issuance of other shares of Common Stock or any other
securities of the Company (including bonds, debentures, or shares of preferred
stock ahead of or affecting the Common Stock or the rights thereof), the
dissolution or liquidation of the Company or any sale or transfer of all or any
part of the Company's assets or business, or any other corporate act or
proceeding by or for the Company. Nothing in the Plan or in this Agreement shall
confer upon Grantee any right with respect to the Grantee's employment with the
Company or affect or interfere in any way with the right of either the Company
or Grantee to terminate Grantee's employment; the Parties acknowledge and agree
that their respective rights and obligations regarding Grantee's employment or
the termination thereof are governed by the Employment Agreement.

      11.   Refusal to Transfer. The Company shall not be required to (i)
transfer on its books, or authorize the Company's transfer agent to transfer on
its books, any Unvested Restricted Shares, or any Vested Restricted Shares held
by the Escrow Holder pending satisfaction of the corresponding Withholding
Liability, purported to have been sold or otherwise transferred in violation of
any of the provisions of the Plan or this Agreement, or (ii) treat as owner of
such Unvested Restricted Shares, or accord the right to vote or to any dividends
or other distributions to, any purchaser or other transferee to whom or which
such Unvested Restricted Shares have been purported to be so transferred.

      12.   Legend. If the Company so determines, the share certificate(s)
representing the Unvested Restricted Shares, and any Vested Restricted Shares
held by the Escrow Holder pending satisfaction of the corresponding Withholding
Liability, may be endorsed with the following legend, in addition to any legend
required under applicable securities laws:

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO FORFEITURE AND
REPURCHASE AND TO CERTAIN RESTRICTIONS ON RESALE AND TRANSFER. NONE OF THE
SHARES MAY BE TRANSFERRED EXCEPT AS SET FORTH IN THAT CERTAIN RESTRICTED STOCK
AGREEMENT BETWEEN THE COMPANY AND THE

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ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE
PRINCIPAL OFFICE OF THE COMPANY.

      13.   Tax Matters.

      (a)   If the Company becomes obligated to withhold an amount on account of
any federal, state, or local tax imposed because of the grant or sale of the
Restricted Shares to Grantee under this Agreement or the termination or lapse of
the Forfeiture Restrictions regarding any of the Unvested Restricted Shares
under this Agreement, including any federal, state, or other income tax, any
FICA, or any disability insurance or employment tax, then Grantee shall pay that
amount (the "Withholding Liability") to the Company on or promptly after the
date of the event that imposes the obligation to withhold on the Company.
Payment of the Withholding Liability to the Company shall be made in cash, by
certified or cashier's check payable to the Company, or in any other form
acceptable to the Committee. Grantee hereby acknowledges and agrees that the
Company may withhold or offset the Withholding Liability from any compensation
or other amounts payable to Grantee from the Company if Grantee does not pay the
Withholding Liability to the Company, and Grantee agrees that the Company's
withholding and offset of any such amount, and the payment of it to the relevant
taxing authority or authorities, shall constitute full satisfaction of the
Company's obligation to pay any such compensation or other amounts to Grantee.
Further, unless the Committee otherwise determines, the Company's obligation to
deliver any Vested Restricted Shares, or any stock certificate or certificates
representing Vested Restricted Shares, to Grantee shall be subject to, and
conditioned upon, payment of the Withholding Liability. Accordingly, the Company
shall be entitled to cause the Escrow Holder to continue to hold the stock
certificate or certificates representing any Vested Restricted Shares until the
Withholding Liability corresponding to those Vested Restricted Shares has been
or is satisfied. The Company shall also be entitled to cause a sale or sales of
Vested Restricted Shares on behalf of Grantee pursuant to which all or a portion
of the proceeds are paid to the Company to satisfy the Withholding Liability and
all remaining proceeds (if any) are delivered to Grantee, and Grantee agrees to
take all such action as may be necessary or appropriate to effect such sales.

      (b)   Grantee has reviewed with his own tax advisor(s) the federal, state,
and local tax consequences of this acquisition of the Restricted Shares and the
other transactions contemplated by this Agreement. Grantee is relying solely on
such advisor(s) and not on any statements or representations of the Company or
any of its agents. Grantee understands and agrees that he, and not the Company,
shall be responsible for his own tax liability that may arise as a result of the
transactions contemplated by this Agreement. Grantee understands that Section 83
of the Internal Revenue Code (including any amendments and successor provisions
to section and any regulations promulgated under such section), taxes as
ordinary income the difference between the purchase price for the Restricted
Shares and the fair market value of the Restricted Shares as of the date any
restrictions on the Restricted Shares terminate or lapse. In this context,
"restriction" includes the Forfeiture Restrictions and the right of the Company
to repurchase Unvested Restricted Shares pursuant to Section 2. Grantee
understands that he may elect to be taxed at the time the Restricted Shares are
granted, rather than when and as the restrictions terminate or lapse (if ever),
by filing an election under Section 83(b) of the Internal Revenue Code with the
Internal Revenue Service within thirty (30) days from the Effective Date.

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GRANTEE ACKNOWLEDGES THAT IT IS HIS SOLE RESPONSIBILITY (AND NOT THE COMPANY'S)
TO FILE TIMELY THE ELECTION UNDER SECTION 83(b), EVEN IF GRANTEE REQUESTS THE
COMPANY OR ITS REPRESENTATIVES TO MAKE THAT FILING ON HIS BEHALF.

      14.   Entire Agreement; Governing Law. This Agreement and the Plan
constitute the entire agreement of the Parties with respect to the subject
matter hereof and supersede all prior undertakings and agreements of the Parties
with respect to the subject matter hereof. Nothing in the Plan or in this
Agreement (except as expressly provided herein) is intended to confer any rights
or remedies on any person other than the Parties. This Agreement is to be
construed in accordance with, enforced under, and governed by the laws of the
State of Texas.

      15.   Amendment; Waiver. The Committee may at any time or from time to
time amend this Agreement in any respect, except that no amendment that
adversely affects Grantee may be effected without a writing signed by the
Parties. Any provision of this Agreement for the benefit of the Company may be
waived by the Committee or the Board. Unless otherwise expressed in the waiver,
such a waiver in one instance or with respect to one provision of this Agreement
shall not be deemed to be a waiver in any other instance or with respect to any
other provision of this Agreement.

      16.   Effectiveness and Term. This Agreement is effective upon the
Effective Date, and it shall continue in effect until (i) the termination or
lapse of the Forfeiture Restrictions, and the satisfaction of all of the
corresponding Withholding Liability, regarding all of the Restricted Shares or
(ii) all of the Restricted Shares are transferred to the Company and/or its
assignee(s), unless sooner terminated by the Parties.

      17.   Interpretive Matters. Whenever required by the context, pronouns and
any variation thereof used in this Agreement shall be deemed to refer to the
masculine, feminine, or neuter, and the singular shall include the plural, and
vice versa. The term "include" or "including" does not denote or imply any
limitation. The term "business day" means any Monday through Friday other than
such a day on which banks are authorized to be closed in the State of Texas.
Each reference in this Agreement to a "Section" shall be deemed to be to a
section of this Agreement, unless otherwise stated. The captions and headings
used in this Agreement are inserted for convenience and shall not be deemed a
part of this Agreement for construction or interpretation.

      18.   Venue. Any suit, action, or proceeding arising out of or relating to
this Agreement shall be brought in the United States District Court for the
Northern District of Texas or in a Texas state court in Dallas County, Texas,
and the Parties shall submit to the jurisdiction of such court. Each of the
Parties irrevocably waives, to the fullest extent permitted by law, any
objection it or he may have to the laying of venue for any such suit, action, or
proceeding brought in such court. EACH OF THE PARTIES ALSO EXPRESSLY WAIVES ANY
RIGHT IT OR HE HAS OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION, OR
PROCEEDING.

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      19.   Severability and Reformation. If any provision of this Agreement is
held to be illegal, invalid, or unenforceable under present or future law, such
provision shall be fully severable and severed, and this Agreement shall be
construed and enforced as if such illegal, invalid, or unenforceable provision
were never a part hereof, and the remaining provisions of the Agreement shall
remain in full force and effect and shall not be affected by the illegal,
invalid, or unenforceable provision or its severance.

      20.   Notice. Any notice or other communication required or permitted
hereunder shall be given in writing and shall be deemed given, effective, and
received upon prepaid delivery in person or by courier, or upon the earlier of
delivery or the third business day after deposit in the United States mail if
sent by certified mail, with postage and fees prepaid, in any case addressed to
the other Party at its or his address as shown beneath its or his signature to
this Agreement, or to such other address as such Party may designate in writing
from time to time by notice to the other Party in accordance with this Section
20.

                                     ACE CASH EXPRESS, INC.

                                     By: /s/ WALTER E. EVANS
                                         -----------------------

                                         Address: 1231 Greenway Drive
                                                  Suite 600
                                                  Irving, Texas 75038

GRANTEE ACKNOWLEDGES AND AGREES THAT THE FORFEITURE RESTRICTIONS ON THE
RESTRICTED SHARES SHALL TERMINATE OR LAPSE, IF AT ALL, ONLY AS EXPRESSLY STATED
IN THIS AGREEMENT (NOT THROUGH THE GRANT OF THE RESTRICTED STOCK AWARD OR THE
ISSUANCE OF THE RESTRICTED SHARES). GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT
NOTHING IN THIS AGREEMENT OR THE PLAN SHALL CONFER UPON GRANTEE ANY RIGHT WITH
RESPECT TO CONTINUATION OF GRANTEE'S EMPLOYMENT OR TO ANY FUTURE AWARDS.

DATED:  August 23, 2004              SIGNED: /s/ JAY B. SHIPOWITZ
                                             ---------------------
                                             JAY B. SHIPOWITZ

                                             Address:
                                                     -----------------------
                                                     -----------------------
                                                     -----------------------

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                     Exhibit A to Restricted Stock Agreement

                               "CHANGE OF CONTROL"

The following are definitions of "Change of Control" and of various terms used
in the definition of "Change of Control".

"Change of Control" means the occurrence of any one or more of the following:

(i)   Any Person becomes an Acquiring Person, except as the result of (A) any
      acquisition of Voting Securities of the Company by the Company or (B) any
      acquisition of Voting Securities of the Company directly from the Company
      (as authorized by the Board).

(ii)  Individuals who constitute the Incumbent Board cease for any reason to
      constitute at least a majority of the Board; and for this purpose, any
      individual who becomes a member of the Board after the date of this
      Agreement whose election, or nomination for election by holders of the
      Company's Voting Securities, was approved by the vote of at least a
      majority of the individuals then constituting the Incumbent Board shall be
      considered a member of the Incumbent Board (except that any such
      individual whose initial election as director occurs as the result of an
      actual or threatened election contest, within the meaning of Rule 14a-11
      under the Exchange Act, or other actual or threatened solicitation of
      proxies or consents by or on behalf of a Person other than the Board shall
      not be so considered).

(iii) The consummation of a reorganization, merger, share exchange,
      consolidation, or sale or disposition of all or substantially all of the
      assets of the Company unless, in any case, the Persons who or which
      Beneficially Own the Voting Securities of the Company immediately before
      that transaction Beneficially Own, directly or indirectly, immediately
      after the transaction, at least 75% of the Voting Securities of the
      Company or any other corporation or other entity resulting from or
      surviving the transaction (including a corporation or other entity which,
      as the result of the transaction, owns all or substantially all of Voting
      Securities of the Company or all or substantially all of the Company's
      assets, either directly or indirectly through one or more subsidiaries) in
      substantially the same proportion as their respective ownership of the
      Voting Securities of the Company immediately before that transaction.

(iv)  The Company's shareholders approve a complete liquidation or dissolution
      of the Company.

"Acquiring Person" means any Person (other than an Excluded Person) who or
which, alone or together with all Affiliates and Associates of that Person, is
the Beneficial Owner of 25% or more of the Voting Securities of the Company then
outstanding.

"Affiliate" and "Associate" have the respective meanings ascribed to them in
Rule 12b-2 under the Exchange Act.

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"Beneficial Owner" means beneficial owner as defined in Rule 13d-3 under the
Exchange Act. ("Beneficially Owns" has the correlative meaning.) Any calculation
of the number of Voting Securities outstanding at any particular time, including
for purposes of determining the particular percentage of such outstanding Voting
Securities of which any Person is the Beneficial Owner, shall be made in
accordance with the last sentence of Rule 13d-3(d)(1)(i) under the Exchange Act.

"Board" means the Board of Directors of the Company.

"Company" means Ace Cash Express, Inc., a Texas corporation.

"Exchange Act" means the Securities Exchange Act of 1934, as amended from time
to time.

"Excluded Person" means:

(i)   Grantee or any group (within the meaning of Section 13(d)(3) of the
      Exchange Act) of which Grantee is a member;

(ii)  any Person that controls (as defined in Rule 12b-2 under the Exchange Act)
      the Company as of the date of the Agreement or any group of which any such
      Person is a member;

(iii) any employee-benefit plan, or related trust, sponsored or maintained by
      the Company or any of its subsidiaries, or any trustee or other fiduciary
      thereof; or

(iv)  any corporation or other entity owned directly or indirectly by the
      shareholders of the Company in substantially the same proportions as their
      ownership of the Voting Securities of the Company.

"Grantee" means Jay B. Shipowitz.

"Incumbent Board" means the members of the Board on the effective date of the
Agreement (subject, however, to clause (ii) of the definition of "Change of
Control").

"Person" means any individual, firm, corporation, partnership, limited liability
company, trust, or other entity, including any successor (by merger or
otherwise) of such entity.

"Voting Securities" means securities or other interests having by their terms
ordinary voting power to elect members of the board of directors of a
corporation or individuals serving similar functions for a noncorporate entity.

                                      A-2
<PAGE>

                     Exhibit B to Restricted Stock Agreement

                      ASSIGNMENT SEPARATE FROM CERTIFICATE

      FOR VALUE RECEIVED, I, _______________________, hereby sell, assign, and
transfer unto Ace Cash Express, Inc. (the "Company") or ____________________ a
total of ____________________ (________________) shares of the Company's Common
Stock standing in my name in the share transfer records of the Company
represented by Certificate No. ___ delivered herewith and do hereby irrevocably
constitute and appoint _________________________ as attorney-in-fact, with full
power of substitution, to transfer such shares in the share transfer records of
the Company.

______________________________
(Signature)

______________________________
(Printed name)

INSTRUCTIONS:

Please do not fill in any blanks other than the signature and printed name
lines. The purpose of this assignment is to enable the transfer of shares upon
forfeiture and repurchase under the Restricted Stock Agreement, without
requiring additional signatures on the part of Grantee.

                                      B-1
<PAGE>

                     Exhibit C to Restricted Stock Agreement

                            JOINT ESCROW INSTRUCTIONS

August 23, 2004

P. Sandra Landau
Ace Cash Express, Inc.
1231 Greenway Drive, Suite 600
Irving, TX 75038

Dear Sandra:

As Escrow Agent for both Ace Cash Express, Inc., a Texas corporation (the
"Company"), and Jay B. Shipowitz ("Grantee") of 50,000 restricted shares of
Common Stock, $0.01 par value per share, of the Company (the "Restricted
Shares") under that certain Restricted Stock Agreement between the Company and
Grantee dated as of this date (the "Agreement"), you are hereby authorized and
directed to hold the Restricted Shares, the stock certificate(s) evidencing the
Restricted Shares, and any other property and documents delivered to you
pursuant to the Agreement (all of which shall be part of the "Restricted Shares"
hereunder) in accordance with the following instructions:

1.    In the event any or all of the Restricted Shares are forfeited and to be
      repurchased by the Company and/or its assignee(s) under the Agreement, the
      Company shall give Grantee and you a written notice of forfeiture and
      repurchase which sets forth the number of the Restricted Shares to be
      forfeited and repurchased under the Agreement (the "Forfeited Shares"),
      the aggregate purchase price for the Forfeited Shares, and the time for
      the closing of the repurchase transaction at the principal office of the
      Company (the "Notice"). Grantee and the Company hereby irrevocably
      authorize and direct you to complete the transaction described in the
      Notice in accordance with the terms of the Notice.

2.    To complete the transaction described in the Notice, you are directed to
      (a) complete, as appropriate, the stock assignment(s) necessary for the
      transfer of Forfeited Shares as described in the Notice, and (b) deliver
      them, together with the certificate(s) evidencing the Forfeited Shares to
      be transferred, to the Company and/or its assignee(s), against the
      delivery to you of the aggregate purchase price for the Forfeited Shares.
      You are then directed to deliver to Grantee (i) the aggregate purchase
      price for the Forfeited Shares, (ii) the certificate(s) evidencing any of
      the Restricted Shares that are not Forfeited Shares ("Vested Restricted
      Shares") as to which the Company has acknowledged that the Withholding
      Liability (as defined in the Agreement) has been or is satisfied, and
      (iii) any other property to which Grantee is entitled under the Agreement.
      Unless otherwise then instructed by the Company, you shall continue to
      hold any then Vested Restricted Shares

                                      C-1
<PAGE>

      as to which the Company has not acknowledged to you that the Withholding
      Liability has been or is satisfied.

3.    Grantee irrevocably authorizes the Company to deposit with you any and all
      certificates evidencing the Restricted Shares and corresponding stock
      assignments, and any additions to and substitutions for the Restricted
      Shares as described in the Agreement, to be held by you hereunder. Grantee
      hereby irrevocably constitutes and appoints you as his attorney-in-fact
      and agent for the term of this escrow to execute, with respect to such
      Restricted Shares, all documents necessary or appropriate to make such
      Restricted Shares negotiable and to complete any transaction herein
      contemplated. Subject to the provisions of this paragraph 3, Grantee shall
      be entitled to exercise all rights and privileges of a shareholder of the
      Company with respect to the Restricted Shares while the Restricted Shares
      are held by you.

4.    Upon the termination or lapse of the Forfeiture Restrictions regarding any
      or all of the Restricted Shares under the Agreement, such that they become
      Vested Restricted Shares, and upon the Company's acknowledgment to you
      that the corresponding Withholding Liability has been or is satisfied, you
      shall deliver to Grantee one or more certificates representing those
      Vested Restricted Shares and any corresponding property to which Grantee
      is then entitled under the Agreement. Notwithstanding the termination or
      lapse of the Forfeiture Restrictions regarding any or all of the
      Restricted Shares under the Agreement, such that they become Vested
      Restricted Shares, you shall continue to hold the certificate or
      certificates representing those Vested Restricted Shares, and any
      corresponding property, hereunder until receipt of the Company's
      acknowledgment that the Withholding Liability corresponding to those
      Vested Restricted Shares has been or is satisfied (which, the Company and
      Grantee have agreed, may be effected at the Company's instruction through
      a sale or sales of Vested Restricted Shares on behalf of Grantee pursuant
      to which all or a portion of the proceeds are paid to the Company to
      satisfy the Withholding Liability and all remaining proceeds, if any, are
      delivered to Grantee).

5.    If, at the time of termination of this escrow (i.e., upon either (a) the
      termination or lapse of the Forfeiture Restrictions regarding all of the
      Restricted Shares and the satisfaction of all of the corresponding
      Withholding Liability, or (b) transfer of all of the Forfeited Shares to
      the Company and/or its assignee(s), in accordance with the Agreement), you
      should have in your possession any documents, securities, or other
      property belonging to Grantee, you shall deliver all of the same to the
      Grantee and shall be discharged of all further obligations hereunder.

6.    Your duties hereunder may be altered, amended, modified, or revoked only
      by a writing signed by all of the parties hereto.

7.    You shall be obligated only for the performance of such duties as are
      specifically set forth herein and may rely, and shall be protected in
      relying when acting or refraining from acting, on any instrument
      reasonably believed by you to be genuine and to have been signed or
      presented by the proper party or parties. You shall not be personally
      liable for any act you may do or omit to do hereunder as Escrow Agent or
      as attorney-in-fact

                                      C-2
<PAGE>

      for Grantee while acting in good faith, and any act done or omitted by you
      pursuant to the advice of your own attorneys shall be conclusive evidence
      of such good faith.

8.    You are hereby expressly authorized to disregard any and all warnings
      given by any of the other parties hereto or by any other person or entity,
      excepting only orders or process of courts of law, and are hereby
      expressly authorized to comply with and obey orders, judgments, or decrees
      of any court. In case you obey or comply with any such order, judgment, or
      decree, you shall not be liable to any of the other parties hereto or to
      any other person or entity by reason of such compliance, notwithstanding
      any such order, judgment, or decree being subsequently reversed, modified,
      annulled, set aside, vacated, or found to have been entered without
      jurisdiction.

9.    You shall not be liable in any respect on account of the identity,
      authorities, or rights of the parties executing or delivering, or
      purporting to execute or deliver, the Agreement or any documents or papers
      deposited or called for hereunder.

10.   You shall be entitled to employ such legal counsel and other experts as
      you may deem necessary properly to advise you in connection with your
      obligations hereunder, may rely upon the advice of such counsel, and may
      pay such counsel reasonable compensation therefor, for which you will be
      reimbursed by the Company.

11.   Your responsibilities as Escrow Agent hereunder shall terminate if you
      shall cease to be an officer, employee, or agent of the Company or if you
      shall resign by written notice to each other party hereto. In the event of
      any such termination, the Company shall appoint a successor Escrow Agent.

12.   If you reasonably require other or further instruments in connection with
      these Joint Escrow Instructions or any obligations in respect hereto, the
      necessary party or parties hereto shall join in furnishing such
      instruments.

13.   It is understood and agreed that should any dispute arise with respect to
      the delivery and/or ownership or right of possession of the Restricted
      Shares or any other property held by you hereunder, you are authorized and
      directed to retain in your possession, without liability to anyone, all or
      any part of such property until such dispute shall have been settled
      either by mutual written agreement of the parties concerned or by a final
      order, decree, or judgment of a court of competent jurisdiction after the
      time for appeal has expired and no appeal has been perfected, but you
      shall be under no duty whatsoever to institute or defend any such
      proceedings.

14.   Any notice required or permitted hereunder shall be given in writing and
      shall be given by personal or courier delivery or deposit in the United
      States mail, by registered or certified mail with postage and fees
      prepaid, addressed to each of the other parties thereunto entitled at the
      following addresses or at such other addresses as a party may designate by
      advance written notice to each of the other parties hereto:

          If to the Company:                     Ace Cash Express, Inc.
                                                 1231 Greenway Drive
                                                 Suite 600

                                      C-3
<PAGE>

                                                Irving, Texas 75038
                                                Attention:______________________

              If to Grantee:                    Jay B. Shipowitz
                                                ________________________
                                                ________________________
                                                ________________________

              If to the Escrow Agent:           P. Sandra Landau
                                                c/o 1231 Greenway Drive
                                                Suite 600
                                                Irving, Texas 75038

      Any notice so given by personal or courier delivery shall be deemed to
      have been duly given upon delivery, and any notice so given by United
      States mail shall be deemed to have been duly given upon the earlier of
      receipt by the addressee or the third business day after deposit in the
      mail.

15.   By signing these Joint Escrow Instructions, you become a party hereto only
      for the purpose of the Joint Escrow Instructions; you do not become a
      party to the Agreement.

16.   This instrument shall be binding upon and inure to the benefit of the
      parties hereto and their respective successors and permitted assigns.

17.   These Joint Escrow Instructions shall be governed by, and construed and
      enforced in accordance with, the laws of the State of Texas.

Very truly yours,

ACE CASH EXPRESS, INC.

By: /s/ WALTER E. EVANS
    ---------------------

GRANTEE:

/s/ JAY B. SHIPOWITZ
---------------------
JAY B. SHIPOWITZ

ESCROW AGENT:

/s/ P. SANDRA LANDAU
--------------------
P. SANDRA LANDAU

                                      C-4<PAGE>
                                                                    Exhibit 10.3

                 CHANGE-IN-CONTROL EXECUTIVE SEVERANCE AGREEMENT

This Change-in-Control Executive Severance Agreement (this "Agreement"), dated
and effective July 1, 2004, is between Ace Cash Express, Inc., a Texas
corporation (the "Company"), and Jay B. Shipowitz (the "Executive").

                              Statement of Purpose

The Company desires, for its continued success, to have the benefit of services
of experienced management personnel like the Executive. The Board of Directors
of the Company therefore believes that it is in the best interest of the Company
that, in the event of any prospective change in control of the Company, the
Executive be reasonably secure in his employment and position with the Company,
so that the Executive can exercise independent judgment as to the best interest
of the Company and its shareholders, without distraction by any personal
uncertainties or risks regarding the Executive's continued employment with the
Company created by the possibility of a change in control of the Company.
Therefore, the Company and the Executive entered into a Change-in-Control
Executive Severance Agreement dated August 20, 1998 (the "Previous Severance
Agreement"), to assure severance benefits to the Executive in connection with
certain terminations of employment upon or after a change in control of the
Company, and they now wish to amend and supersede the Previous Severance
Agreement (as previously amended) with this Agreement to effect the same
purpose.

                                    Agreement

In consideration of the statements made in the Statement of Purpose and the
mutual agreements set forth below, the Company and the Executive agree as
follows:

1.    Definitions and Interpretation. Various terms used in this Agreement are
      defined in Exhibit A; each of the defined terms used in this Agreement
      begins with a capital letter. Various interpretative matters for this
      Agreement are also set forth in Exhibit A. Exhibit A is an integral part
      of this Agreement and is incorporated in this Agreement by reference.

2.    Term of Agreement. This Agreement will continue in effect until the
      earlier of:

      (a)   The termination or cessation of the Executive's employment with the
            Company under the Employment Agreement, or the termination of the
            Employment Agreement, before a Change in Control.

      (b)   The Company's performance of all of its obligations, and the
            Executive's receipt of all of the payments and benefits to which he
            is entitled, under this Agreement after a Severance Payment Event.

3.    Severance Benefits. Upon a Severance Payment Event, in addition to any
      other

                                      -1-
<PAGE>

      severance or employment-termination compensation or benefits to which the
      Executive may be entitled from the Company or any Subsidiary under the
      terms of any Plan of which the Executive was a participant or a
      beneficiary immediately before the Severance Payment Event, the Company
      shall:

      (a)   Pay the Executive in cash, within five Business Days after the
            Severance Payment Event, all of his Base Salary and all other earned
            but unpaid cash compensation or entitlements due to the Executive
            through (and including) the date of the Severance Payment Event,
            including unused earned and accrued vacation pay and unreimbursed
            reimbursable business expenses.

      (b)   Make the Severance Payment in cash within five Business Days after
            the Severance Payment Event.

      (c)   Provide or arrange to provide the Executive (whether or not under
            any Welfare Benefit Plan then maintained), at the Company's sole
            expense and for the Benefit Continuation Period, Welfare Benefits
            that are substantially the same the Welfare Benefits provided to the
            Executive (and the Executive's dependents and beneficiaries)
            immediately before the Severance Payment Event, except that the
            Welfare Benefits to which the Executive is entitled under this
            subsection (c) will be subject to the Executive's compliance with
            Section 4 and will be reduced to the extent that comparable welfare
            benefits are received by the Executive from an employer other than
            the Company or any Subsidiary during the Benefit Continuation
            Period. (The fact that the cost of the participation by the
            Executive, or the Executive's dependents or beneficiaries, in any
            Welfare Benefit Plan was paid indirectly by the Company, as a
            reimbursement or a credit to the Executive, before the Severance
            Payment Event does not mean that the corresponding Welfare Benefits
            were not "provided to the Executive" by the Company for the purpose
            of this subsection (c).)

      In addition, each Stock Award outstanding immediately before the Severance
      Payment Event and not yet exercised or forfeited (as the case may be) will
      accelerate and become fully vested, exercisable, or nonforfeitable upon
      the Severance Payment Event, as though all requisite time had passed to
      vest the Stock Award or cause it to become exercisable or nonforfeitable.

4.    Nondisclosure and Noncompetition. As an inducement to the Company to enter
      into this Agreement, the Executive represents to and covenants with or in
      favor of the Company as follows:

      (a)   The Executive has acquired and will acquire during his employment
            with the Company knowledge or awareness of various Trade Secrets.
            All of the Trade Secrets are valuable, special, and unique assets of
            the Company, and the disclosure of any of them, or their use in any
            manner, other than on behalf of the Company would cause substantial
            injury, loss of profits, and loss of goodwill to the Company.

                                      -2-
<PAGE>

      (b)   During his employment with the Company and at all times thereafter,
            the Executive shall not, directly or indirectly, disclose or
            disseminate any Trade Secret to any other Person or lecture upon,
            publish articles concerning, or otherwise use or employ any Trade
            Secret, except (in any case) to the extent required in the course of
            his employment with the Company or by applicable law, rule, or
            regulation (including legal process). In addition, all Trade Secrets
            and materials containing Trade Secrets prepared or compiled by the
            Executive or furnished or made available to him during his
            employment with the Company are the sole and exclusive property of
            the Company, and none of those Trade Secrets or materials containing
            Trade Secrets may be retained by the Executive upon or following any
            termination of his employment with the Company.

      (c)   If the Executive's employment with the Company terminates (other
            than because of the Executive's death or Disability) upon or before
            the termination of this Agreement, the Executive shall not, at any
            time during the first year after that termination of employment
            anywhere in the Restricted Territory, directly or indirectly engage
            in any activity which, or any activity for any enterprise or entity
            a material part of the business of which, is competitive with the
            business conducted, or proposed during his employment with the
            Company to be conducted, by the Company. The activity prohibited by
            the preceding sentence includes any kind of ownership (other than
            ownership of securities of a publicly held entity of which the
            Executive owns less than 1% of a class of outstanding securities) in
            or of, or acting as a director, officer, agent, employee, or
            consultant of or for, any enterprise or entity referred to in the
            preceding sentence.

      (d)   The Executive acknowledges and agrees that the restrictions in this
            Section 4 are reasonable and not unduly burdensome to him under the
            circumstances.

      (e)   The Executive's compliance with this Section 4 and with the
            post-employment restrictive covenants in the Employment Agreement is
            a condition to the Company's obligation to continue to provide
            Welfare Benefits to the Executive under subsection (c) of Section 3
            and to make one or more Gross-Up Payments to the Executive under
            Section 5; the Company may refuse to continue providing those
            Welfare Benefits or to make all or any Gross-Up Payment if there is
            any such noncompliance, as reasonably determined by the Board. For
            the purpose of this Agreement only, the Company shall have the
            burden of proof regarding any question of the Executive's compliance
            or noncompliance with this Section 4 or to make all or any Gross-Up
            Payment.

5.    Excise Taxes.

      (a)   If all or any portion of the Total Severance Benefits, determined
            without regard to any additional payments required under this
            Section 5 (a "Payment"), would be subject to the Excise Tax, then
            the Executive shall be entitled to receive an additional payment
            ("Gross-Up Payment") in an amount such that after payment by the
            Executive of all taxes (including any interest or penalties imposed
            with respect to such taxes), including any income taxes (and any
            interest and penalties imposed with

                                      -3-
<PAGE>

            respect thereto) and Excise Tax, imposed upon the Gross-Up Payment,
            the Executive retains an amount of the Gross-Up Payment equal to the
            Excise Tax imposed upon the Payment, multiplied by the percentage
            set forth below corresponding to the Per Share Change-in-Control

<TABLE>
<CAPTION>
Price: Per Share Change-in-Control Price              Percentage
----------------------------------------              ----------
<S>                                                   <C>
Less than $33                                             0%

$33 to less than $39                                     25%

$39 to less than $45                                     50%

$45 to less than $51                                     75%

$51 or more                                             100%
</TABLE>

      (b)   Subject to subsection (c) of this Section 5, all determinations
            required to be made under this Section 5, including whether and when
            a Gross-Up Payment is required, the amount of any Gross-Up Payment,
            and the assumptions to be used in arriving at such determination,
            shall be made by the Accounting Firm, which shall be retained to
            provide detailed supporting calculations to the Parties within 15
            Business Days of the Accounting Firm's receipt of written notice
            from the Company or the Executive that there has been a Payment or
            such earlier time as is requested by the Company. All fees and
            expenses of the Accounting Firm shall be paid solely by the Company.
            Each determination by the Accounting Firm shall be binding upon the
            Parties. Any Gross-Up Payment determined to be due to the Executive
            shall be paid by the Company within five Business Days of the
            Company's receipt of the Accounting Firm's determination. As a
            result of the uncertainty in the application of Section 4999 of the
            Code at the time of the initial determination by the Accounting
            Firm, it is possible that Gross-Up Payments which will not have been
            made by the Company should have been made consistent with the
            calculations required to be made under this Section 5
            ("Underpayment"). If the Company exhausts its remedies under
            subsection (c) of this Section 5 and the Executive thereafter is
            required to make a payment of any Excise Tax, the Accounting Firm
            shall determine the amount of the Underpayment that has occurred,
            and any such Underpayment shall be promptly paid by the Company to
            or for the benefit of the Executive.

      (c)   The Executive shall Notify the Company of any claim by the Internal
            Revenue Service that, if successful, would require the payment by
            the Company of the Gross-Up Payment. That Notice shall be given as
            soon as practicable, but no later than ten Business Days, after the
            Executive is informed in writing of such claim and shall apprise the
            Company of the nature of such claim and the date on which such claim
            is requested to be paid or appealed. The Executive shall not pay any
            amount required by such claim before the expiration of the 30-day
            period following the date on which he gives such Notice (or such
            shorter period ending

                                      -4-
<PAGE>

            on the date that any payment of taxes with respect to such claim is
            due). If the Company Notifies the Executive before the expiration of
            such period that it desires to contest such claim, the Executive
            shall:

            (i)   give the Company any information reasonably requested by the
                  Company relating to such claim,

            (ii)  take such action in connection with contesting such claim as
                  the Company shall reasonably request in writing from time to
                  time, including accepting representation with respect to such
                  claim by counsel or accountants (or both) selected by the
                  Company and reasonably acceptable to the Executive,

            (iii) cooperate with the Company in good faith in order to
                  effectively contest such claim, and

            (iv)  permit the Company to participate in any proceedings relating
                  to such claim;

            provided, however, that the Company shall bear and pay directly all
            costs and expenses (including additional interest and penalties)
            incurred in connection with such contest and shall indemnify the
            Executive, on an after-tax basis, for any Excise Tax or income tax
            (including interest and penalties with respect thereto) imposed as a
            result of such representation and payment of costs and expenses.
            Without limiting the foregoing provisions of this subsection (c),
            the Company shall control all proceedings taken in connection with
            such contest and, at its sole option, may pursue or forgo any and
            all administrative appeals, proceedings, hearings, and conferences
            with the taxing authority in respect of such claim and may, at its
            sole option, direct the Executive either to pay the tax claimed and
            sue for a refund or to contest the claim in any permissible manner,
            and the Executive agrees to prosecute such contest to a
            determination before any administrative tribunal, in a court of
            initial jurisdiction, and in one or more appellate courts, as the
            Company shall determine; provided, however, that if the Company
            directs the Executive to pay such claim and sue for a refund, the
            Company shall advance the amount of such payment to the Executive,
            on an interest-free basis, and shall indemnify the Executive, on an
            after-tax basis, from any Excise Tax or income tax (including
            interest or penalties with respect thereto) imposed with respect to
            such advance or with respect to any imputed income with respect to
            such advance; and provided further, however, that any extension of
            the statute of limitations relating to payment of taxes for the
            taxable year of the Executive with respect to which such contested
            amount is claimed to be due is limited solely to such contested
            amount. Further, the Company's control of the contest shall be
            limited to issues with respect to which a Gross-Up Payment would be
            payable under this Section 5, and the Executive shall be entitled to
            settle or contest, as the case may be, any other issue raised by the
            Internal Revenue Service or any other taxing authority.

                                      -5-
<PAGE>

      (d)   If, after the Executive's receipt of an amount advanced by the
            Company under subsection (c) of this Section 5, the Executive
            becomes entitled to receive any refund with respect to such claim,
            the Executive shall (subject to the Company's complying with the
            requirements of subsection (c) of this Section 5) promptly pay to
            the Company the amount of such refund (together with any interest
            paid or credited thereon after taxes applicable thereto). If, after
            the Executive's receipt of an amount advanced by the Company under
            subsection (c) of this Section 5, a determination is made that the
            Executive is not entitled to any refund with respect to such claim
            and the Company does not notify the Executive in writing of its
            intent to contest such denial of refund within 30 days after such
            determination, then such advance shall be forgiven and shall not be
            required to be repaid and the amount of such advance shall offset,
            to the extent thereof, the amount of the Gross-Up Payment required
            to be paid.

6.    Executive's Legal Expenses. The Company shall pay the Executive an amount
      equal to the reasonable legal fees and other expenses incurred in good
      faith by him in obtaining or retaining payments and benefits under this
      Agreement, including all such fees and expenses (if any) in enforcing, in
      good faith, any right or benefit provided by this Agreement or in
      connection with the contest or defense of any tax audit or proceeding by
      the Internal Revenue Service to the extent that Section 4999 of the Code
      is alleged or claimed to apply to any payment or benefit provided under
      this Agreement. The Company will be obligated under the preceding sentence
      even if the Executive is not successful in any enforcement claim or
      counterclaim by him, or in any such tax contest or defense, so long as he
      acted in good faith. The Company shall make any payment required by this
      Section 6 within five Business Days after Notice from the Executive
      requesting payment and providing such evidence of the incurrence of those
      fees and expenses as the Company may reasonably request.

7.    No Mitigation. If a Severance Payment Event occurs, the Executive need not
      seek other employment or attempt in any way to reduce the amount of any
      payments or benefits to the Executive by the Company under this Agreement.
      The amount of the Severance Payment and, except as stated in subsection
      (c) of Section 3 and in subsection (e) of Section 4, any other severance
      benefit provided or to be provided to the Executive by the Company under
      Section 3 or under Section 5 shall not be reduced by any compensation
      earned by the Executive as the result of any other employment, consulting
      relationship, or other business activity.

8.    No Set-off. The Company's obligations under this Agreement are absolute
      and unconditional, and not subject to any set-off, counterclaim,
      recoupment, defense, or other right that the Company or any Subsidiary may
      have against the Executive, except as stated in subsection (c) of Section
      3 and in subsection (e) of Section 4.

9.    Tax Withholding. The Company shall withhold from any payments or benefits
      under this Agreement (whether or not otherwise acknowledged under this
      Agreement) all federal, state, local, or other taxes as may be legally
      required to be withheld.

10.   Employment Status. Nothing in this Agreement provides the Executive with
      any

                                      -6-
<PAGE>

      continued employment with the Company or any Subsidiary or shall interfere
      with the Company's right to terminate the Executive's employment at any
      time and for any (or no) reason (subject to the Company's obligations
      under the Employment Agreement).

11.   No Exclusivity. Nothing in this Agreement prevents or limits the
      Executive's participation in any Plan for which the Executive may qualify
      or shall impair any rights that the Executive may have under any other
      contract or agreement with the Company or any Subsidiary.

12.   Governing Law; Jurisdiction. All matters or issues relating to the
      interpretation, construction, validity, and enforcement of this Agreement
      shall be governed by the laws of Texas, without giving effect to any
      choice-of-law principle that would cause the application of the laws of
      any jurisdiction other than Texas. Jurisdiction and venue of any action or
      proceeding relating to this Agreement or any Dispute (to the extent
      arbitration is not required under Section 13) shall be exclusively in
      Dallas County, Texas.

13.   Arbitration. Except as provided in subsection (h) of this Section 13, any
      Dispute must be resolved by binding arbitration in accordance with the
      following:

      (a)   A Party may begin arbitration by filing a demand for arbitration in
            accordance with the Arbitration Rules and concurrently Notifying the
            other Party of that demand. If the Parties are unable to agree upon
            a panel of three arbitrators within ten days after the demand for
            arbitration was filed (and do not agree to an extension of that
            ten-day period), either Party may request the Dallas office of the
            American Arbitration Association to appoint the arbitrator or
            arbitrators necessary to complete the panel in accordance with the
            Arbitration Rules. Each arbitrator so appointed shall be deemed
            accepted by the Parties as part of the panel.

      (b)   The arbitration shall be conducted in the Dallas-Fort Worth, Texas
            metropolitan area at a place and time agreed upon by the Parties
            with the panel, or if the Parties cannot agree, as designated by the
            panel. The panel may, however, call and conduct hearings and
            meetings at such other places as the Parties may agree or as the
            panel may, on the motion of one Party, determine to be necessary to
            obtain significant testimony or evidence.

      (c)   The panel may authorize any and all forms of discovery upon a
            Party's showing of need that the requested discovery is likely to
            lead to material evidence needed to resolve the Dispute and is not
            excessive in scope, timing, or cost.

      (d)   The arbitration shall be subject to the Federal Arbitration Act and
            conducted in accordance with the Arbitration Rules to the extent
            that they do not conflict with this Section 13. The Parties and the
            panel may, however, agree to vary to provisions of this Section 13
            or the matters otherwise governed by the Arbitration Rules.

      (e)   The arbitration hearing shall be held within 30 days after the
            appointment of the panel. The panel's final decision or award shall
            be made within 30 days after the hearing. That final decision or
            award shall be made by unanimous or majority

                                      -7-
<PAGE>

            vote or consent of the arbitrators constituting the panel, and shall
            be deemed issued at the place of arbitration. The panel's final
            decision or award shall be based on this Agreement and applicable
            law; the panel may not act according to equity and conscience or
            apply the law merchant.

      (f)   The panel's final decision or award may include injunctive relief in
            response to any actual or impending breach of this Agreement or any
            other actual or impending action or omission of a Party under or in
            connection with this Agreement.

      (g)   The panel's final decision or award shall be final and binding upon
            the Parties, and judgment upon that decision or award may be entered
            in any court having jurisdiction. The Parties waive any right to
            apply or appeal to any court for relief from the preceding sentence
            or from any decision of the panel made before the final decision or
            award.

      (h)   Nothing in this Section 13 limits the right of either Party to apply
            to a court having jurisdiction to (i) enforce the agreement to
            arbitrate in accordance with this Section 13, (ii) seek provisional
            or temporary injunctive relief, in response to an actual or
            impending breach of the Agreement or otherwise so as to avoid a
            irrevocable damage or maintain the status quo, until a final
            arbitration decision or award is rendered or the Dispute is
            otherwise resolved, or (iii) challenge or vacate any final
            arbitration decision or award that does not comply with this Section
            13. In addition, nothing in this Section 13 prohibits the Parties
            from resolving any Dispute (in whole or in part) by agreement.

14.   Company's Successor. In addition to any obligations imposed by law upon
      any successor to the Company, the Company shall require any successor to
      all or substantially all of the Company's business or assets (whether
      direct or indirect and whether by purchase, reorganization, merger, share
      exchange, consolidation, or otherwise) to expressly assume and agree to
      perform the Company's obligations under this Agreement to the same extent,
      and in the same manner, as the Company would be required to perform if no
      such succession had occurred. This Agreement shall be binding upon, and
      inure to the benefit of, any successor to the Company.

15.   Executive's Successor. This Agreement shall inure to the benefit of, and
      be enforceable by, the Executive's personal or legal representatives,
      administrators, successors, executors, heirs, distributees, devisees, and
      legatees. If the Executive should die after a Severance Payment Event, but
      before any payment or benefit to which the Executive is entitled under
      this Agreement has been received by the Executive, all payments or
      benefits to which the Executive would have been entitled had he continued
      to live (other than any such Welfare Benefits that, by their terms,
      terminate upon the Executive's death) shall be made or provided in
      accordance with this Agreement to the representatives, executors, or
      administrators of the Executive's estate.

16.   Restricted Assignment. Except as expressly provided in Sections 14 and 15,
      neither Party may assign, transfer, or delegate this Agreement or any of
      its or his rights or

                                      -8-
<PAGE>

      obligations under this Agreement without the prior written consent of the
      other Party. Any attempted assignment, transfer, or delegation in
      violation of the preceding sentence shall be void and of no effect.

17.   Waiver and Amendment. No term or condition of this Agreement shall be
      deemed waived other than by a writing signed by the Party against whom or
      which enforcement of the waiver is sought. Without limiting the generality
      of the preceding sentence, a Party's failure to insist upon the other
      Party's strict compliance with any provision of this Agreement or to
      assert any right that a Party may have under this Agreement shall not be
      deemed a waiver of that provision or that right. Any written waiver shall
      operate only as to the specific term or condition waived under the
      specific circumstances and shall not constitute a waiver of that term or
      condition for the future or a waiver of any other term or condition. No
      amendment or modification of this Agreement shall be deemed effective
      unless stated in a writing signed by the Parties.

18.   Entire Agreement. This Agreement, including the Statement of Purpose,
      contains the Parties' entire agreement regarding the subject matter of
      this Agreement and supersedes all prior agreements and understandings
      between them regarding that subject matter, including the Previous
      Severance Agreement. The Parties have made no agreements, representations,
      or warranties regarding the subject matter of this Agreement that are not
      set forth in this Agreement.

19.   Notice. Each notice or other communication required or permitted under
      this Agreement shall be in writing and transmitted, delivered, or sent by
      personal delivery, prepaid courier or messenger service (whether overnight
      or same-day), prepaid telecopy or facsimile, or prepaid certified United
      States mail (with return receipt requested), addressed (in any case) to
      the other Party at the address or number for that Party set forth below
      that Party's signature on this Agreement, or at such other address or
      number as the recipient has designated by Notice to the other Party. Each
      notice or communication so transmitted, delivered, or sent:

      (a)   in person, by courier or messenger service, or by certified United
            States mail shall be deemed given, received, and effective on the
            date delivered to or refused by the intended recipient (with the
            return receipt, or the equivalent record of the courier or
            messenger, being deemed conclusive evidence of delivery or refusal),
            or

      (b)   by telecopy or facsimile shall be deemed given, received, and
            effective on the date of actual receipt (with the confirmation of
            transmission being deemed conclusive evidence of receipt, except
            where the intended recipient has promptly Notified the other Party
            that the transmission is illegible).

      Nevertheless, if the date of delivery or transmission is not a Business
      Day, or if the delivery or transmission is after 5:00 p.m. on a Business
      Day, the notice or other communication shall be deemed given, received,
      and effective on the next Business Day.

                                       -9-
<PAGE>

20.   Severability. If any provision of this Agreement is or becomes invalid or
      unenforceable, that provision (to the extent invalid or unenforceable)
      shall be deemed amended or reformed to the extent required to render it
      valid and enforceable, and the remainder of this Agreement shall be
      unaffected and shall continue in effect.

21.   Counterparts. This Agreement may be signed in counterparts, with the same
      effect as if both Parties had signed the same document. All counterparts
      shall be construed together to constitute one, and the same, document.

The Parties have signed this Agreement to be effective as of the date set forth
in the first paragraph.

Company:                                           Executive:

ACE CASH EXPRESS, INC.

By:   /s/ WALTER E. EVANS                      /s/ JAY B. SHIPOWITZ
  -----------------------                   -----------------------
                                                   JAY B. SHIPOWITZ

Address for Notice:                                Address for Notice:
1231 Greenway Drive                                ________________________
Suite 600                                          _____________, Texas ________
Irving, Texas 75038                                Telecopy no.  (___) _____-___
Telecopy no.  (972) 550-5150
Attention: Chairman of the Board

                                      -10-
<PAGE>

                                    EXHIBIT A

                                       TO

                 CHANGE-IN-CONTROL EXECUTIVE SEVERANCE AGREEMENT

DEFINED TERMS. In the Agreement, the following terms have the corresponding
meanings:

"Accounting Firm" means an independent certified public accounting firm selected
by the Company and reasonably acceptable to the Executive.

"Acquiring Person" means any Person (other than an Excluded Person) who or
which, alone or together with all Affiliates and Associates of that Person, is
the Beneficial Owner of 25% or more of the Voting Securities of the Company then
outstanding.

"Affiliate" and "Associate" have the respective meanings ascribed to them in
Rule 12b-2 under the Exchange Act.

"Agreement" means the Change-in-Control Executive Severance Agreement between
the Parties, as may hereafter be amended or supplemented, of which this Exhibit
A is a part.

"Arbitration Rules" means the Rules for Commercial Arbitration of the American
Arbitration Association in effect at the time of an arbitration of a Dispute.

"Base Salary" means the Executive's annual Base Salary under, and as defined in,
the Employment Agreement.

"Beneficial Owner" means beneficial owner as defined in Rule 13d-3 under the
Exchange Act. ("Beneficially Owns" has the correlative meaning.) Any calculation
of the number of Voting Securities outstanding at any particular time, including
for purposes of determining the particular percentage of such outstanding Voting
Securities of which any Person is the Beneficial Owner, shall be made in
accordance with the last sentence of Rule 13d-3(d)(1)(i) under the Exchange Act.

"Benefit Continuation Period" means 30 consecutive months after a Severance
Payment Event.

"Board" means the Board of Directors of the Company.

"Business Day" means any Monday through Friday, excluding any such day on which
banks are authorized to be closed in Texas.

"Cause" means:

(i)   the Executive's willful failure to substantially perform his employment
      duties to the

                                      A-11
<PAGE>

      Company, as such duties may exist from time to time, or comply with the
      written policies of the Company (other than any such failure resulting
      from Disability or the Executive's termination for Good Reason) which
      continues for a reasonable time after a Notice to the Executive from the
      Board that (A) identifies the manner in which the Board believes that the
      Executive has not substantially performed the Executive's duties or
      complied with written policies and (B) demands substantial performance or
      compliance within a specified reasonable time; or

(ii)  the Executive's willful engaging in conduct (including any illegal
      conduct) that is demonstrably and materially injurious to the Company or
      any Subsidiary, monetarily or otherwise.

For purposes of this definition, no act, or failure to act, by the Executive
shall be deemed "willful" unless done, or omitted to be done, by the Executive
not in good faith and without reasonable belief that the Executive's act, or
failure to act, was in the best interest of the Company and its Subsidiaries.
For the purpose of clause (i) of this definition, a "reasonable time" shall be a
time period determined by the Board, acting in good faith, to be sufficient
under normal circumstances to correct the deficient performance or compliance
described in the Notice to the Executive.

"Change in Control" means the occurrence of any one or more of the following:

(i)   Any Person becomes an Acquiring Person, except as the result of (A) any
      acquisition of Voting Securities of the Company by the Company or (B) any
      acquisition of Voting Securities of the Company directly from the Company
      (as authorized by the Board).

(ii)  Individuals who constitute the Incumbent Board cease for any reason to
      constitute at least a majority of the Board; and for this purpose, any
      individual who becomes a member of the Board after the date of this
      Agreement whose election, or nomination for election by holders of the
      Company's Voting Securities, was approved by the vote of at least a
      majority of the individuals then constituting the Incumbent Board shall be
      considered a member of the Incumbent Board (except that any such
      individual whose initial election as director occurs as the result of an
      actual or threatened election contest, within the meaning of Rule 14a-11
      under the Exchange Act, or other actual or threatened solicitation of
      proxies or consents by or on behalf of a Person other than the Board shall
      not be so considered).

(iii) The consummation of a reorganization, merger, share exchange,
      consolidation, or sale or disposition of all or substantially all of the
      assets of the Company unless, in any case, the Persons who or which
      Beneficially Own the Voting Securities of the Company immediately before
      that transaction Beneficially Own, directly or indirectly, immediately
      after the transaction, at least 75% of the Voting Securities of the
      Company or any other corporation or other entity resulting from or
      surviving the transaction (including a corporation or other entity which,
      as the result of the transaction, owns all or substantially all of Voting
      Securities of the Company or all or substantially all of the Company's
      assets, either directly or indirectly through one or more subsidiaries) in
      substantially the same

                                      A-12
<PAGE>

      proportion as their respective ownership of the Voting Securities of the
      Company immediately before that transaction.

(iv)  The Company's shareholders approve a complete liquidation or dissolution
      of the Company.

"Code" means the Internal Revenue Code of 1986, as amended from time to time.

"Common Stock" means the common stock, $0.01 par value per share, of the
Company.

"Company" means Ace Cash Express, Inc., a Texas corporation.

"Disability" means the Executive's Disability under, and as defined in, the
Employment Agreement.

"Dispute" means any dispute, disagreement, claim, or controversy arising in
connection with or relating to the Agreement or the validity, interpretation,
performance, breach, or termination of the Agreement.

"Employment Agreement" means the Executive Employment Agreement between the
Parties dated as of July 1, 2004, as may hereafter be amended or supplemented.

"Exchange Act" means the Securities Exchange Act of 1934, as amended from time
to time.

"Excise Tax" means the excise tax imposed by Section 4999 of the Code, with all
interest and penalties, if any, incurred with respect to such excise tax.

"Excluded Person" means:

(i)   the Executive or any group (within the meaning of Section 13(d)(3) of the
      Exchange Act) of which the Executive is a member;

(ii)  any Person that controls (as defined in Rule 12b-2 under the Exchange Act)
      the Company as of the date of the Agreement or any group of which any such
      Person is a member;

(iii) any employee-benefit plan, or related trust, sponsored or maintained by
      the Company or any of its Subsidiaries, or any trustee or other fiduciary
      thereof; or

(iv)  any corporation or other entity owned directly or indirectly by the
      shareholders of the Company in substantially the same proportions as their
      ownership of the Voting Securities of the Company.

"Executive" means Jay B. Shipowitz.

"Good Reason" means:

                                      A-13
<PAGE>

(i)   the assignment to the Executive of any duties inconsistent in any material
      respect with the Executive's position (which, in this definition, includes
      status, office, title, and reporting requirements), duties, or
      responsibilities as an officer of the Company or any Subsidiary, or any
      other material diminution in the Executive's position, authority, duties,
      or responsibilities from those in effect as of three months before a
      Change in Control, other than (in any case) an isolated and inadvertent
      action not taken in bad faith that is remedied by the Company promptly
      after Notice thereof to the Company by the Executive;

(ii)  the Company's requiring the Executive to be based at any office or
      location farther than 50 miles from the Executive's office or principal
      job location immediately before a Change in Control, except for required
      business travel to an extent substantially consistent with the Executive's
      travel obligations immediately before the Change in Control;

(iii) any failure to comply with and satisfy Section 14, if the Company's
      successor has received at least ten days' prior written notice from the
      Company or the Executive of the requirements of Section 14;

(iv)  a material reduction in the Executive's Base Salary from the highest
      amount in effect at any time within three months before a Change in
      Control;

(v)   the failure by the Company or any Subsidiary to continue to provide the
      Executive with compensation that is equal or comparable to the Executive's
      total compensation under the Employment Agreement as in effect immediately
      before the Change in Control, unless an equitable arrangement (embodied in
      an ongoing substitute or alternative Plan or arrangement) has been made
      with respect to that compensation or any component thereof, or the failure
      by the Company or any Subsidiary to continue the Executive's participation
      in any compensation Plan in which the Executive participates immediately
      before the Change in Control (or in any substitute or alternative Plan or
      arrangement) on a basis not materially less favorable to the Executive,
      both in terms of the amount of benefits provided and the level of the
      Executive's participation relative to other participants, than existed at
      any time within three months before the Change in Control; or

(vi)  the failure by the Company or any Subsidiary to continue to provide the
      Executive with benefits similar in all material respects to those enjoyed
      by the Executive under the Employment Agreement and under any Plan in
      which the Executive was participating at any time within three months
      before the Change in Control, the taking of action by the Company or any
      Subsidiary which would directly or indirectly materially reduce any of
      such benefits or deprive the Executive of any material fringe benefit
      enjoyed by the Executive at any time three months before the Change in
      Control, or the failure by the Company or any Subsidiary to provide the
      Executive with the number of paid vacation days to which the Executive is
      entitled on the basis of years of service with the Company and its
      Subsidiary in accordance with the Company's or a Subsidiary's normal
      vacation policy in effect at any time within three months before the
      Change in Control.

"Incumbent Board" means the members of the Board on the effective date of the
Agreement (subject, however, to clause (ii) of the definition of "Change in
Control").

                                      A-14
<PAGE>

"Notice" means a written communication complying with Section 19. ("Notify" has
the correlative meaning.)

"Parties" means, collectively, the Company and the Executive. ("Party" means
either the Company or the Executive.)

"Per Share Change-in-Control Price" means:

(i)   the closing price of a share of Common Stock on The Nasdaq Stock Market
      (or on a national securities exchange if the Common Stock is then so
      listed) upon the occurrence of an event described in clause (i), clause
      (ii), or clause (iv) of the definition of "Change in Control" or upon the
      occurrence of a sale or disposition of assets described in clause (iii) of
      the definition of "Change in Control," or

(ii)  the price per share at which the Common Stock is sold, exchanged, or
      transferred in a transaction, other than a sale or disposition of assets,
      described in clause (iii) of the definition of "Change in Control."

"Person" means any individual, firm, corporation, partnership, limited liability
company, trust, or other entity, including any successor (by merger or
otherwise) of such entity.

"Plan" means any bonus, incentive compensation, savings, retirement, stock
option, stock appreciation, stock ownership or purchase, pension, deferred
compensation, or Welfare Benefits plan, policy, practice, program, or
arrangement of (including any separate contract or agreement with) the Company
or any Subsidiary for its employees, but does not include the Employment
Agreement.

"Restricted Territory" means, collectively, Dallas County, Texas; each county
(or equivalent subdivision) of any state, district, or territory of the United
States of America as to which the Executive had supervisory responsibility for
the Company during his employment with the Company; and each county (or
equivalent territory) adjacent to any of the preceding counties (or equivalent
territories).

"Severance Payment" means an amount equal to two and one-half times the sum of:

(i)   the Executive's highest Base Salary in effect at any time within three
      months before the Change in Control;

(ii)  the highest amount of the annual automobile allowance payable to the
      Executive within three months before the Change in Control; and

(iii) an amount equal to the average of the annual bonuses or incentive cash
      compensation paid or payable to the Executive by the Company and any
      Subsidiary for the three fiscal years of the Company preceding the fiscal
      year in which the Change in Control occurs, but in any event no less than
      the Executive's targeted bonus or amount of incentive cash compensation
      for the fiscal year in which the Change in Control occurs (or if not yet

                                      A-15
<PAGE>

      determined for that fiscal year before the Change in Control occurs, the
      Executive's targeted bonus or amount of incentive compensation for the
      preceding fiscal year).

For clause (iii) of this definition: (a) the calculation of the average of the
annual bonuses or incentive cash compensation of the Executive shall include a
fiscal year during which the Executive was employed by the Company and a
participant in a bonus or incentive cash compensation Plan even if the Executive
did not earn any bonus or incentive cash compensation for that fiscal year; (b)
the bonus or incentive cash compensation paid or payable to the Executive for
only part of a fiscal year of the Company shall be annualized (on the same basis
as the one on which the bonus or compensation was prorated) for that fiscal year
to calculate the average; and (c) the "targeted" bonus or incentive cash
compensation for the fiscal year of the Company in which the Change in Control
occurs shall be the amount identified as a "target" by the Board (or its
compensation committee that administers the bonus or incentive cash compensation
Plan) for the Executive in accordance with the Employment Agreement.

"Severance Payment Event" means the occurrence of a Change in Control coincident
with or followed, at any time before the end of the 24th month immediately
following the month in which the Change in Control occurred, by the termination
of the Executive's employment with the Company for any reason other than (a) by
the Executive without Good Reason, (b) by the Company because of Disability or
for Cause, or (c) by the death of the Executive. Any transfer of the Executive's
employment from the Company to a Subsidiary, from a Subsidiary to the Company,
or from one Subsidiary to another Subsidiary is not a termination of the
Executive's employment by the Company for purposes of the Agreement (though any
such transfer might, depending on the circumstances, constitute or result in a
termination of employment by the Executive for Good Reason).

"Stock Award" means a stock option, stock appreciation right, restricted stock
grant, performance share plan, or any other agreement in which the Executive
has, or will (by the passage of time only, not based on the Executive's
performance) have, (a) an interest in capital stock of the Company or a right to
obtain capital stock or an interest in capital stock of the Company, or (b) an
interest or right the economic value of which depends solely on the performance
of the capital stock of the Company.

"Subsidiary" means a corporation or other entity, whether incorporated or
unincorporated, of which at least a majority of the Voting Securities is owned,
directly or indirectly, by the Company.

"Total Severance Benefits" means the Severance Payment; all other payments and
benefits received or to be received by the Executive under the Agreement; and
all payments, awards, distributions, and benefits (and accelerations of any
payment, award, distribution, or benefit), if any, to which the Executive may be
entitled, under any Plan or any other contract or agreement, upon or as the
result of a Change in Control or the termination of his employment with the
Company, or both.

"Trade Secrets" means any and all information and materials (in any medium) that
are proprietary to the Company or are treated as confidential by the Company as
part of or relating to

                                      A-16
<PAGE>

all or any portion of the Company's business, including information and
materials about the products and services offered, or the needs of customers
served, by the Company; compilations of information, records and specifications,
processes, programs, and systems of the Company; research of or for the Company;
and methods of doing business of the Company.

"Voting Securities" means securities or other interests having by their terms
ordinary voting power to elect members of the board of directors of a
corporation or individuals serving similar functions for a noncorporate entity.

"Welfare Benefits" means medical, prescription, dental, disability, employee
life, group life, accidental death, and travel accident insurance (whether
funded by insurance policy or self-insured by the Company or any Subsidiary)
provided or arranged by the Company or any Subsidiary to be provided to its
employees.

"Welfare Benefit Plan" means any Plan that provides any Welfare Benefits.

INTERPRETIVE MATTERS. In the interpretation of the Agreement, except where the
context otherwise requires:

(a)   "including" or "include" does not denote or imply any limitation;

(b)   "or" has the inclusive meaning "and/or";

(c)   the singular includes the plural, and visa a versa, and each gender
      includes each of the others;

(d)   captions or headings are only for reference and are not to be considered
      in interpreting the Agreement;

(e)   "Section" refers to a Section of the Agreement, unless otherwise stated in
      the Agreement;

(f)   "month" refers to a calendar month; and

(g)   a reference to any statute, rule, or regulation includes any amendment
      thereto or any statute, rule, or regulation enacted or promulgated in
      replacement thereof.

                                      A-17

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