Document:

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                                                               EXHIBIT 10.10(d)
                                PLEDGE AGREEMENT

                  This PLEDGE AGREEMENT ("AGREEMENT"), dated as of August 23,
2000, is hereby made by A. Jay Meyerson, an individual residing at
[XXXADDRESS DELETED FOR PRIVACYXX] (the "PLEDGOR"), to Aames Financial
Corporation, a Delaware corporation ("AAMES").

                  WHEREAS, on the date hereof, the Pledgor is purchasing
shares of Aames' Series D Convertible Preferred Stock, par value $0.001 per
share ("SERIES D PREFERRED STOCK"), pursuant to a Management Investment
Agreement, dated the date hereof, between Pledgor and Aames (the "MANAGEMENT
INVESTMENT AGREEMENT"); and

                  WHEREAS, as part of the transactions contemplated by the
Management Investment Agreement, the Pledgor is executing and delivering to
Aames a Secured Promissory Note dated as of the date hereof in favor of Aames
(the "AAMES NOTE") as part of the purchase price for the Series D Preferred
Stock, and in accordance with the terms and conditions set forth herein,
pledging the Series D Preferred Stock, together with any shares of Aames'
common stock, par value $0.001 per share that may be acquired upon conversion
of the Series D Preferred Stock (the "UNDERLYING COMMON SHARES, and, together
with the shares of Series D Preferred Stock, the "PLEDGED SHARES").

                  NOW, THEREFORE, in consideration of the premises and the
mutual covenants contained in this Agreement, and in order to induce Aames to
accept the Aames Note, the Pledgor hereby agrees as follows:

                  SECTION 1.  PLEDGE. The Pledgor hereby pledges to Aames,
and grants to Aames a security interest in, the following (the "PLEDGED
COLLATERAL"):

                  (i)  the Pledged Shares and the certificates representing
the Pledged Shares, and all dividends, cash, instruments and other property
of any character whatsoever (including, without limitation, shares of Common
Stock) from time to time received, receivable or otherwise distributed or
distributable in respect of or in exchange for any or all of the Pledged
Shares; and

                  (ii) all proceeds of any and all of the foregoing collateral
(including, without limitation, proceeds that constitute property of the types
described above).

                  SECTION 2.  SECURITY FOR OBLIGATIONS. This Agreement
secures the payment of all obligations, whether for principal, interest,
fees, expenses or otherwise, now or hereafter existing,

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of the Pledgor under the Aames Note and under this Agreement (all such
obligations of the Pledgor being the "OBLIGATIONS"). Without limiting the
generality of the foregoing, this Agreement secures the payment of all
amounts which constitute part of the Obligations and would be owed by the
Pledgor to Aames under the Aames Note or this Agreement but for the fact that
they are unenforceable or not allowable due to the existence of a bankruptcy,
reorganization or similar proceeding involving the Pledgor.

                  SECTION 3.  DELIVERY OF PLEDGED COLLATERAL. All
certificates or instruments representing or evidencing the Pledged Collateral
shall be delivered to and held by or on behalf of Aames pursuant hereto and
shall be in suitable form for transfer by delivery, or shall be accompanied
by duly executed instruments of transfer or assignment in blank, all in form
and substance satisfactory to Aames. Aames shall have the right, at any time
in its discretion and without notice to the Pledgor, to transfer to or to
have registered in the name of Aames or any of its nominees any or all of the
Pledged Collateral, subject only to the revocable rights specified in Section
6(a). For the better perfection of Aames's rights in and to the Pledged
Collateral, the Pledgor shall forthwith, upon the pledge of any Pledged
Collateral hereunder, cause such Pledged Collateral to be registered in the
name of Aames or such nominee or nominees of Aames as Aames shall direct,
subject only to the revocable rights specified in Section 6(a). In addition,
Aames shall have the right at any time to exchange certificates or
instruments representing or evidencing Pledged Collateral for certificates or
instruments of smaller or larger denominations.

                  SECTION 4.  REPRESENTATIONS AND WARRANTIES. The Pledgor
represents and warrants as follows:

                  (a)  Neither the execution nor the delivery by the Pledgor
         of this Agreement nor the consummation by the Pledgor of the
         transactions contemplated hereby, nor compliance with nor fulfillment
         by the Pledgor of the terms and provisions hereof, will conflict with
         or result in a breach of the terms, conditions or provisions of or
         constitute a default under any lease, contract, instrument, mortgage,
         deed of trust, trust deed or deed to secure debt evidencing or securing
         indebtedness for borrowed money, financing lease, law, rule,
         regulation, judgment, order, award, decree or other restriction of any
         kind to which the Pledgor is a party or by which he is bound.

                  (b)  This Agreement has been duly executed and delivered
         by the Pledgor and is the legal, valid and binding

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         obligation of the Pledgor, enforceable against the Pledgor in
         accordance with its terms.

                  (c)  There is no action, lawsuit, claim, counterclaim,
         proceeding, or investigation (or group of related actions, lawsuits,
         claims, proceedings or investigations) pending or, to the knowledge of
         the Pledgor, threatened, relating to or challenging the Pledgor's
         obligations under this Agreement or the pledge of the Pledged
         Collateral hereunder.

                  (d)  The Pledgor is the legal and beneficial owner of the
         Pledged Collateral free and clear of any lien, security interest,
         option or other charge or encumbrance except for the security interest
         created by this Agreement.

                  (e)  The pledge of the Pledged Shares pursuant to this
         Agreement creates a valid and perfected first priority security
         interest in the Pledged Collateral, securing the payment of the
         Obligations.

                  (f)  No consent of any other person or entity and no
         authorization, approval, or other action by, and no notice to or filing
         with, any governmental authority or regulatory body is required (i) for
         the pledge by the Pledgor of the Pledged Collateral pursuant to this
         Agreement or for the execution, delivery or performance of this
         Agreement by the Pledgor, (ii) for the perfection or maintenance of the
         security interest created hereby (including the first priority nature
         of such security interest) or (iii) for the exercise by Aames of the
         voting or other rights provided for in this Agreement or the remedies
         in respect of the Pledged Collateral pursuant to this Agreement (except
         as may be required in connection with any disposition of any portion of
         the Pledged Collateral by laws affecting the offering and sale of
         securities generally).

                  (g)  There are no conditions precedent to the
         effectiveness of the Pledgor's obligations under this Agreement that
         have not been satisfied or waived.

                  SECTION 5.  FURTHER ASSURANCES. (a) The Pledgor agrees that
at any time and from time to time, at the expense of the Pledgor, the Pledgor
will promptly execute and deliver all further instruments and documents, and
take all further action, that may be necessary or desirable, or that Aames
may reasonably request, in order to perfect and protect any security interest
granted or purported to be granted hereby or to enable Aames to exercise and
enforce its rights and remedies hereunder with respect to any Pledged
Collateral.

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                  (b)  The Pledgor hereby authorizes Aames to file one or
         more financing or continuation statements, and amendments thereto,
         relating to all or any part of the Pledged Collateral, without the
         signature of the Pledgor, where required by law to perfect a security
         interest. A photocopy or other reproduction of this Agreement or any
         financing statement covering the Pledged Collateral or any part thereof
         shall be sufficient as a financing statement where permitted by law.

                  SECTION 6.  VOTING RIGHTS; DIVIDENDS, ETC. (a) so long as
no Event of Default (as defined in the Aames Note) or event which, with the
giving of notice or the lapse of time, or both, would become such an Event of
Default shall have occurred and be continuing:

                  (i)  The Pledgor shall be entitled to exercise or refrain from
         exercising any and all voting and other consensual rights pertaining to
         the Pledged Collateral or any part thereof for any purpose not
         inconsistent with the terms of this Agreement or the Aames Note;
         PROVIDED, HOWEVER, that the Pledgor shall not exercise or refrain from
         exercising any such right if, in Aames's judgment, such action would
         have a material adverse effect on the value of the Pledged Collateral
         or any part thereof.

                  (ii)  The Pledgor shall be entitled to any and all dividends
         paid in respect of the Pledged Collateral; PROVIDED, HOWEVER, that any
         and all dividends paid or payable other than in cash in respect of, and
         instruments and other property received, receivable or otherwise
         distributed in respect of or in exchange for, any Pledged Collateral,
         shall be, and shall be forthwith delivered to Aames to hold as, Pledged
         Collateral and shall, if received by the Pledgor, be received in trust
         for the benefit of Aames, be segregated from the other property or
         funds of the Pledgor, and be forthwith delivered to Aames as Pledged
         Collateral in the same form as so received (with any necessary
         endorsement or assignment); and PROVIDED, FURTHER, that the after tax
         amount of any cash dividends, proceeds, or other distributions paid in
         respect of the Pledged Collateral shall be applied as an immediate
         prepayment in respect of the Aames Note, with such prepayments to be
         applied first to the payment of all interest accrued on, and then to
         the payment of unpaid principal of, the Aames Note.

                  (iii) Aames shall execute and deliver (or cause to be executed
         and delivered) to the Pledgor all such proxies and other instruments as
         the Pledgor may reasonably request for the purpose of enabling the
         Pledgor to exercise the voting and other rights which it is entitled to
         exercise

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         pursuant to paragraph (i) above and to receive the dividends which it
         is authorized to receive and retain pursuant to paragraph (ii) above.

                  (b)   Upon the occurrence and during the continuance of an
Event of Default or an event which, with the giving of notice or the lapse of
time, or both, would become an Event of Default:

                  (i)   All rights of the Pledgor (x) to exercise or refrain
         from exercising the voting and other consensual rights which it
         would otherwise be entitled to exercise pursuant to Section 6(a)(i)
         shall, upon notice to the Pledgor by Aames, cease and (y) to receive
         the dividends payments which it would otherwise be authorized to
         receive and retain pursuant to Section 6(a)(ii) shall automatically
         cease, and all such rights shall thereupon become vested in Aames
         (or its designee), who shall thereupon have the sole right to
         exercise or refrain from exercising such voting and other consensual
         rights and to receive and hold as Pledged Collateral such dividends.

                  (ii)  All dividends which are received by the Pledgor contrary
         to the provisions of paragraph (i) of this Section 6(b) shall be
         received in trust for the benefit of Aames, shall be segregated from
         other funds of the Pledgor and shall be forthwith paid over to Aames as
         Pledged Collateral in the same form as so received (with any necessary
         endorsement).

                  SECTION 7.  TRANSFERS AND OTHER LIENS. The Pledgor agrees
that it will not (i) sell, assign (by operation of law or otherwise) or
otherwise dispose of, or grant any option with respect to, any of the Pledged
Collateral or (ii) create or permit to exist any lien, security interest,
option or other charge or encumbrance upon or with respect to any of the
Pledged Collateral, except for the security interest under this Agreement and
except for any such sale the proceeds from which are used to repay all unpaid
principal of, and accrued interest on, the Aames Note (with such proceeds
first being applied to accrued interest and then to principal).

                  SECTION 8.  APPOINTMENT OF ATTORNEY-IN-FACT. The Pledgor
hereby appoints Aames Financial Corporation the Pledgor's attorney-in-fact,
with full authority in the place and stead of the Pledgor and in the name of
the Pledgor or otherwise, from time to time in Aames's discretion to take any
action and to execute any instrument that Aames may deem necessary or
advisable to accomplish the purposes of this Agreement (subject to the rights
of the Pledgor under Section 6), including, without limitation, to receive,
indorse and collect all instruments made

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payable to the Pledgor representing any dividend or other distribution in
respect of the Pledged Collateral or any part thereof and to give full
discharge for the same.

                  SECTION 9.  AAMES MAY PERFORM. If the Pledgor fails to
perform any agreement contained herein and does not cure such failure within
10 days after its receipt of written notice from Aames, Aames may itself
perform, or cause performance of, such agreement, and the expenses of Aames
incurred in connection therewith shall be payable by the Pledgor under
Section 12.

                  SECTION 10. AAMES' DUTIES. The powers conferred on Aames
hereunder are solely to protect its interest in the Pledged Collateral and
shall not impose any duty upon it to exercise any such powers. Except for the
safe custody of any Pledged Collateral in its possession and the accounting
for moneys actually received by it hereunder, Aames shall have no duty as to
any Pledged Collateral as to ascertaining or taking action with respect to
calls, conversions, exchanges, maturities, tenders or other matters relative
to any Pledged Collateral, whether or not Aames has or is deemed to have
knowledge of such matters, or as to the taking of any necessary steps to
preserve rights against any parties or any other rights pertaining to any
Pledged Collateral. Aames shall be deemed to have exercised reasonable care
in the custody and preservation of any Pledged Collateral in its possession
if such Pledged Collateral is accorded treatment substantially equal to that
which Aames accords its own property.

                  SECTION 11. REMEDIES UPON DEFAULT. If any Event of Default
shall have occurred and be continuing:

                  (a)   Aames may exercise in respect of the Pledged
         Collateral, in addition to other rights and remedies provided for
         herein or otherwise available to it, all the rights and remedies of a
         secured party on default under the Uniform Commercial Code in effect in
         the State of Delaware at that time (the "Code") (whether or not the
         Code applies to the affected Collateral), and may also, without notice
         except as specified below, sell the Pledged Collateral or any part
         thereof in one or more parcels at public or private sale, at any
         exchange or broker's board or elsewhere, for cash, on credit or for
         future delivery, and upon such other terms as Aames may deem
         commercially reasonable. The Pledgor agrees that, to the extent notice
         of sale shall be required by law, at least ten days' notice to the
         Pledgor of the time and place of any public sale or the time after
         which any private sale is to be made shall constitute reasonable
         notification. Aames shall not be obligated to make any sale of Pledged
         Collateral regardless of notice of sale having been given. Aames may
         adjourn any public or

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         private sale from time to time by announcement at the time and place
         fixed therefor, and such sale may, without further notice, be made at
         the time and place to which it was so adjourned.

                  (b)   Any cash held by Aames as Pledged Collateral and all
         cash proceeds received by Aames in respect of any sale of, collection
         from or other realization upon all or any part of the Pledged
         Collateral may, in the discretion of Aames, be held by Aames as
         collateral for, and/or then or at any time thereafter be applied (after
         payment of any amounts payable to Aames pursuant to Section 12) in
         whole or in part by Aames against, all or any part of the Obligations
         in such order as Aames shall elect. Any surplus of such cash or cash
         proceeds held by Aames and remaining after payment in full of all the
         Obligations shall be paid over to the Pledgor or to whomsoever may be
         lawfully entitled to receive such surplus.

                  SECTION 12. EXPENSES. The Pledgor will upon demand pay to
Aames the amount of any and all reasonable expenses, including the reasonable
fees and expenses of its counsel and of any experts and agents, which Aames
may incur in connection with (i) the exercise or enforcement of any of the
rights of Aames hereunder or (ii) the failure by the Pledgor to perform or
observe any of the provisions hereof.

                  SECTION 13. SECURITY INTEREST ABSOLUTE. The obligations of
the Pledgor under this Agreement are independent of the Obligations, and a
separate action or actions may be brought and prosecuted against the Pledgor
to enforce this Agreement. All rights of Aames and security interests
hereunder, and all obligations of the Pledgor hereunder, shall be absolute
and unconditional irrespective of:

                  (i)   any lack of validity or enforceability of the Aames Note
         any other agreement or instrument relating thereto;

                  (ii)  any change in the time, manner or place of payment
         of, or in any other term of, all or any of the obligations, or any
         other amendment or waiver of or any consent to any departure from
         the Aames Note;

                  (iii) any taking, exchange, release or nonperfection of any
         other collateral, or any taking, release or amendment or waiver of or
         consent to departure from any guaranty, for all or any of the
         Obligations;

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                  (iv)  any manner of application of collateral, or proceeds
         thereof, to all or any of the Obligations, or any manner of sale or
         other disposition of any collateral for all or any of the Obligations
         or any other assets of the Pledgor;

                  (v)   any other circumstance which might otherwise
         constitute a defense available to, or a discharge of, the Pledgor.

                  SECTION 14. AMENDMENTS, ETC. No amendment or waiver of any
provision of this Agreement shall in any event be effective unless the same
shall be in writing and signed by the parties hereto, and no consent to any
departure by one party herefrom, shall in any event be effective unless the
same shall be in writing and signed by the other party, and then such waiver
or consent shall be effective only in the specific instance and for the
specific purpose for which given.

                  SECTION 15. NOTICES, ETC. All notices and other
communications provided for hereunder shall be in writing (including
telecopier, telegraphic or telex communication) and sent by express courier,
telecopied, telegraphed, telexed or hand-delivered, if to the Pledgor, at his
address first set forth above; and, if to Aames, at its address at 2
California Plaza, 350 South Grand Avenue, Los Angeles, CA 90071, Attention:
Cary Thompson; or, as to each party, at such other address as shall be
designated by such party in a written notice to the other party. All such
notices and communications shall, when sent by express courier, be effective
three days after being sent, when telecopied, telegraphed, telexed or
hand-delivered, be effective when telecopied, delivered to the telegraph
company, confirmed by telex answerback or delivered, respectively.

                  SECTION 16. CONTINUING SECURITY INTEREST; ASSIGNMENTS UNDER
AAMES NOTE. This Agreement shall create a continuing security interest in the
Pledged Collateral and shall (i) remain in full force and effect until the
payment in full of the Obligations and all other amounts payable under this
Agreement, (ii) be binding upon the Pledgor, its successors and assigns and
(iii) inure to the benefit of, and be enforceable by, Aames and its
successors, transferees and assigns. Without limiting the generality of the
foregoing clause (iii), Aames may assign or otherwise transfer all or any
portion of its rights and obligations under the Aames Note to any other
person or entity, and such other person or entity shall thereupon become
vested with all the benefits in respect thereof granted to Aames herein or
otherwise. Upon the payment in full of the Obligations and all other amounts
payable under this Agreement, the security interest granted hereby shall
terminate and all rights to the

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Pledged Collateral shall revert to the Pledgor. Upon any such termination,
Aames will, at the Pledgor's expense, return to the Pledgor such of the
Pledged Collateral as shall not have been sold or otherwise applied pursuant
to the terms hereof and execute and deliver to the Pledgor such documents as
the Pledgor shall reasonably request to evidence such termination.

                  SECTION 17. GOVERNING LAW; TERMS. THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
DELAWARE EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE SECURITY
INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR
PLEDGED COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE
STATE OF DELAWARE. Unless otherwise defined herein or in the Aames Note,
terms defined in Article 9 of the Code are used herein as therein defined.

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                  IN WITNESS WHEREOF, the Pledgor has caused this Agreement
to be duly executed and delivered by its officer thereunto duly authorized as
of the date first above written.

                                             /s/ A. Jay Meyerson
                                             -----------------------------
                                             Pledgor

ACKNOWLEDGED AND AGREED:

AAMES FINANCIAL CORPORATION

By:      /s/ John F. Madden, Jr.
   -------------------------------------
    Name:   John F. Madden, Jr.
    Title:  Senior Vice President and
            General Counsel

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                                                               EXHIBIT 10.11(a)

                       MANAGEMENT INVESTMENT AGREEMENT

                  MANAGEMENT INVESTMENT AGREEMENT (this "AGREEMENT") dated as of
October 1, 1999, between Aames Financial Corporation, a Delaware corporation
(the "COMPANY"), and William Cook, an individual residing at [XXXADDRESS DELETED
FOR PRIVACYXXX] (the "MANAGEMENT INVESTOR").

                  WHEREAS, the Management Investor is a senior management
employee of the Company; and

                  WHEREAS, the Management Investor desires to purchase from the
Company, and the Company desires to sell to the Management Investor, shares of
the Company's Series C Convertible Preferred Stock, par value $0.001 per share
("SERIES C PREFERRED STOCK)," under the terms and conditions set forth in this
Agreement.

                  NOW THEREFORE, in consideration of the premises and the mutual
covenants contained in this Agreement, and other good and valuable
consideration, the sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:

                  SECTION 1.  SALE AND DELIVERY.

                  (a)      Upon the terms and subject to the conditions set
forth herein, and in reliance upon the representations and warranties of the
Management Investor hereinafter set forth, the Company shall issue, sell and
deliver to the Management Investor, and the Management Investor shall purchase
from the Company, 300,000 shares of Series C Preferred Stock (such shares of
Series C Preferred Stock are referred to collectively herein as the "SHARES") at
the price per share equal to $1.00.

                  (b)      The purchase price for the Shares being purchased by
the Management Investor shall be paid by delivery by the Management Investor to
the Company of (i) $150,000 (the "Closing Payment") and (ii) a 6.5% recourse
promissory note having an original principal amount equal to the total purchase
price of the Shares minus the Closing Payment (the "NOTE"), which Note is
attached hereto as EXHIBIT A.

                  (c)      The purchase and sale of Shares shall occur at the
time and place specified by the Company for such closing, which shall be not
more than 60 days after the date hereof (the "CLOSING DATE"), and at the closing
of such purchase and sale of Shares:

<PAGE>

                  (i)      the Company shall deliver to the Management Investor
         certificates representing the Shares (the "Certificates"), duly
         endorsed for transfer, transferring to the Management Investor good and
         marketable title to such Shares, free and clear of all liens and
         encumbrances; and

                  (ii)     the Management Investor shall deliver to the
         Company:
                           (A) the Closing Payment;

                           (B) the Note; and

                           (C) a pledge agreement (the "PLEDGE AGREEMENT")
                  attached hereto as EXHIBIT B, pursuant to which Pledge
                  Agreement, among other things, the Management Investor's
                  obligations under the Note shall be secured by the
                  following: (i) a pledge of (a) the Shares, (b) the shares
                  of Common Stock that may be acquired upon conversion of the
                  Shares (the "UNDERLYING COMMON SHARES"), and (c) certain
                  other collateral described therein; and (ii) delivery of
                  the Certificates.

                  SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE MANAGEMENT
INVESTOR. The Management Investor hereby represents and warrants to the
Company as follows:

                  (a)      The Shares (and the Underlying Common Shares) to be
purchased by such Management Investor will be acquired for investment for the
Management Investor's own account and not with a view to the resale or
distribution of any part thereof, except in compliance with the provisions of
the Securities Act of 1933, as amended (the "SECURITIES ACT"), or an exemption
therefrom, and in compliance with the terms of this Agreement. The Management
Investor is a senior management employee of the Company and is fully familiar
with the business of the Company and with the risks associated with the purchase
of the Shares pursuant to this Agreement. The Management Investor is an
accredited investor as defined under Rule 501(a) under the Securities Act.

                  (b)      The Management Investor understands that the Shares
and the Underlying Common Shares are characterized as "restricted securities"
under the federal securities laws inasmuch as they are being acquired from the
Company in a transaction not involving a public offering and that under such
laws and applicable regulations such Shares (and the Underlying Common Shares)
may be resold without registration under the Securities Act only in certain
limited circumstances.

                  (c)      The Management Investor further agrees that each
certificate representing the Shares (and the Underlying Common

<PAGE>

Shares) shall be stamped or otherwise imprinted with a legend substantially
in the following form:

                  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE
                  TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS SUCH SECURITIES
                  HAVE BEEN REGISTERED UNDER ACT OR AN EXEMPTION FROM
                  REGISTRATION IS AVAILABLE.

                  THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
                  RESTRICTIONS ON TRANSFER AND TO THE OTHER TERMS SET FORTH IN
                  THAT CERTAIN MANAGEMENT INVESTMENT AGREEMENT, DATED AS OF
                  OCTOBER 1, 1999, AND BY A CERTAIN RELATED PLEDGE AGREEMENT,
                  BETWEEN THE COMPANY AND William Cook, A COPY OF WHICH
                  AGREEMENTS HAVE BEEN FILED WITH THE SECRETARY OF THE COMPANY
                  AND ARE AVAILABLE UPON REQUEST."

                  SECTION 3. RESTRICTIONS ON TRANSFER OF SHARES. For a period
commencing on the Closing Date and ending on the fifth anniversary of the
Closing Date, the Management Investor may not sell, transfer, assign, pledge,
hypothecate or otherwise dispose of (each, a "TRANSFER") any of the Shares
(or the Underlying Common Shares), without the prior express written consent
of the Company, PROVIDED, HOWEVER, that the foregoing restriction on transfer
shall not apply (i) if Capital Z Financial Services Fund II. L.P. ("CAPITAL
Z") Beneficially Owns (as defined in the Purchase Agreement referred to
below) less than (A) fifty percent (50%) of the number of shares of Senior
Preferred Stock (as defined in the Purchase Agreement referred to below)
purchased by Capital Z on the Initial Closing Date (as defined in the
Purchase Agreement referred to below) (the "ORIGINAL PREFERRED SHARES") or
(B) if any Original Preferred Shares shall thereafter have been converted
into Common Stock, fifty percent (50%) of the sum of (x) the aggregate number
of shares Common Stock owned by Capital Z as a result of such conversion(s)
plus (y) the aggregate number of shares Common Stock into which any remaining
Original Preferred Shares owned by Capital Z may be converted (determined
without regard to any limitations on conversion of such shares prior to the
Recapitalization (as defined in the Purchase Agreement referred to below)),
in each case subject to adjustment for splits, combinations,
reclassifications and similar events; (ii) if the Management Investor dies,
retires, is terminated by the Company, or terminates his employment with the
Company, subject to the provisions of Section 4 hereof; or (iii) a Change of
Control (as defined in the New Option Plan (as such term is defined in the
Purchase Agreement referred to below)) has occurred, but only if

<PAGE>

a Capital Z Realization Event (as defined in the New Option Plan) has also
occurred on or prior to such Change of Control, and PROVIDED, FURTHER, that
notwithstanding the foregoing restriction on transfer, the Management
Investor may transfer, during the twelve-month period ending on the first
anniversary of the Closing Date and during each succeeding twelve-month
period, up to 25% of the total number of Underlying Common Shares (whether
structured as a transfer of Shares, Underlying Shares or a combination
thereof) acquired hereunder (subject to adjustment for splits, combinations,
reclassifications and similar events), it being further agreed that the
Management Investor may request the Company's Board of Directors to allow the
Management Investor to transfer Shares (or Underlying Common Shares) in
excess of the 25% limitation described in this proviso if extraordinary
liquidity needs have arisen with respect to the Management Investor, and, in
such event, the Company (through its Board of Directors) will consider such
request in good faith and will not unreasonably withhold its consent to a
waiver of such limitation. The "Purchase Agreement" referred to herein shall
mean the Preferred Stock Purchase Agreement by and between the Company and
Capital Z, dated as of December 23, 1998, as the same may be amended or
modified.

                  SECTION 4.  COMPANY'S OPTION TO PURCHASE SHARES.

                  (a)      In the event of the death or retirement from, or
termination of employment for any reason with, the Company of the Management
Investor (a "TERMINATION DATE"), the Company shall have the option, but not the
obligation, to purchase all, or any portion, of the Shares (and any Underlying
Common Shares that may have been acquired upon conversion of the Shares) then
owned by the Management Investor at the Fair Market Value (as hereinafter
defined) per Share and/or Underlying Common Share on the Business Day
immediately prior to the date on which the Company exercises its option to
purchase in accordance with the this Section 4. The Company may exercise the
foregoing option at any time within 30 days after the Termination Date, by
written notice to the Management Investor, or his legal representative in the
case of death, stating a date and time for consummation of the purchase no less
than 10 nor more than 30 days after giving of such notice. "Fair Market Value"
per Share or per Underlying Common Share, as of any particular date, shall mean
(a) in the case of a Share, the product obtained by multiplying (I) the Formula
Number (as defined in the Certificate of Designations for the Series C Preferred
Stock) in effect as of such date by (II) the Current Market Price (as

<PAGE>

defined in the Certificate of Designations for the Series C Preferred Stock)
for the period of 15 consecutive Trading Days (as defined in the Certificate
of Designations for the Series C Preferred Stock) prior to such date, or (b)
in the case of an Underlying Share, the Current Market Price for the period
of 15 consecutive Trading Days prior to such date.

                  (b)      At the closing of the purchase of Shares (and any
Underlying Common Shares) by the Company pursuant to Section 4(a), the
Management Investor will deliver the Shares (and any Underlying Common Shares)
to the Company against payment by the Company to the Management Investor of the
purchase price for such Shares (and any Underlying Common Shares). Such purchase
price shall be paid in cash, PROVIDED that if any principal or accrued but
unpaid interest is then outstanding under the Note, the cash portion of the
purchase price shall be reduced by the amount of such outstanding principal and
accrued interest on the Note (with such reduction being applied first to any
accrued interest and then to principal), and, if no principal or accrued
interest is then remaining on the Note, the Note shall be canceled.

                  SECTION 5. FURTHER ASSURANCES. The Management Investor shall,
upon request of the Company, execute and deliver any additional documents and
take such further actions as may reasonably be deemed by the Company to be
necessary or desirable to carry out the provisions hereof.

                  SECTION 6. NOTICES. All notices, requests, claims, demands and
other communications under this Agreement shall be sufficiently given if sent by
registered or certified mail, postage prepaid, or overnight air courier service,
or telecopy or facsimile transmission (with hard copy to follow) to the parties
at the following addresses (or at such other address for a party as shall be
specified by like notice): (i) if to the Company, to Aames Financial
Corporation, 2 California Plaza, 350 South Grand Avenue, Los Angeles, California
90071, Attention: General Counsel, telecopy number (323) 210-5026; and (ii) if
to the Management Investor, to the address set forth for the Management Investor
in the preamble to this Agreement or by telecopy to_________________.

                  SECTION 7. HEADINGS. The headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

                  SECTION 8. COUNTERPARTS; EFFECTIVENESS. This Agreement may be
executed in two or more counterparts, all of

<PAGE>

which shall be considered one and the same agreement and shall become
effective when one or more counterparts have been signed by each of the
Company and the Management Investor and delivered to the Company and the
Management Investor.

                  SECTION 9. ENTIRE AGREEMENT. This Agreement (including the
documents and instruments referred to herein) constitutes the entire agreement,
and supersedes all prior agreements and understandings, both written and oral,
among the parties with respect to the subject matter hereof.

                  SECTION 10. GOVERNING LAW. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of Delaware, without
regard to any applicable conflicts of law principles of such State.

                  SECTION 11. SUCCESSORS AND ASSIGNS. Neither this Agreement nor
any of the rights, interests or obligations under this Agreement shall be
assigned, in whole or in part, by operation of law or otherwise, by any of the
parties without the prior written consent of the other parties. Any assignment
in violation of the foregoing shall be void.

                  SECTION 12. ENFORCEMENT. Each party agrees that irreparable
damage would occur and that the other party hereto would not have any adequate
remedy at law in the event that any of the provisions of this Agreement were not
performed in accordance with their specific terms or were otherwise breached. It
is accordingly agreed that each party shall be entitled to an injunction or
injunctions to prevent breaches by the other party hereto of this Agreement and
to enforce specifically the terms and provisions of this Agreement in any court
of the United States located in the State of Delaware or in Delaware State
court, this being in addition to any other remedy to which they are entitled at
law or in equity. In addition, each of the parties hereto (i) consents to submit
such party to the personal jurisdiction of any Federal court located in the
State of Delaware or any Delaware State court in the event any dispute arises
out of this Agreement or any of the transactions contemplated hereby, (ii)
agrees that such party will not attempt to deny or defeat such personal
jurisdiction by motion or other request for leave from any such court and (iii)
agrees that such party will not bring any action relating to this Agreement or
any of the transactions contemplated hereby in any court other than a Federal
court sitting in the State of Delaware of in Delaware State court.

<PAGE>

                  SECTION 13. SEVERABILITY. If any term or provision hereof, or
the application thereof to any circumstance, shall, to any extent, be held by a
court of competent jurisdiction to be invalid or unenforceable with respect to
such jurisdiction, and only to such extent, and the remainder of the terms and
provisions hereof, and the application thereof to any other circumstance, shall
remain in full force and effect, shall not in any way be affected, impaired or
invalidated, and shall be enforced to the fullest extent permitted by law, and
the parties hereto shall reasonably negotiate in good faith a substitute term or
provision that comes as close as possible to the invalidated or unenforceable
term or provision, and that puts each party in a position as nearly comparable
as possible to the position each such party would have been in but for the
finding of invalidity or unenforceability, while remaining valid and
enforceable.

                  SECTION 14. AMENDMENT; MODIFICATION; WAIVER. No amendment,
modification or waiver in respect of this Agreement shall be effective against
any party unless it shall be in writing and signed by such party.

                  SECTION 15. EXPENSES. The Company and the Management Investor
shall each bear their own legal fees and other costs and expenses with respect
to the negotiation, execution and delivery of this Agreement and consummation of
the transactions contemplated hereby.

<PAGE>

                  IN WITNESS WHEREOF, the Company and the Management Investor
have caused this Agreement to be duly executed and delivered as of the date
first written above.

                                       AAMES FINANCIAL CORPORATION

                                       By:    /s/ DAVID A. SKLAR
                                              ------------------------
                                       Name:  David A. Sklar
                                       Title: Executive Vice President

                                       MANAGEMENT INVESTOR:

                                              /s/ WILLIAM COOK
                                       -------------------------------

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