Document:

<PAGE>   1
                                                                   EXHIBIT 10.16

                CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT

         THIS CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT ("Amendment"),
dated effective as of February 28, 2001 (the "Amendment Date"), is among
INTERVOICE-BRITE, INC. (formerly InterVoice, Inc.; "Parent"), BRITE VOICE
SYSTEMS, INC. (successor by merger to InterVoice Acquisition Subsidiary III,
Inc.; "Borrower"), BANK OF AMERICA, NATIONAL ASSOCIATION (successor by merger to
Bank of America National Trust and Savings Association) in its capacity as
administrative agent ("Agent"), and the Lenders party hereto.

                                    RECITALS:

         A. Parent, Borrower, Agent, and the Lenders have entered into that
certain Credit Agreement dated as of June 1, 1999 (as amended, the "Credit
Agreement"). Borrower has requested that certain provisions of the Credit
Agreement be amended in certain respects.

         B. Parent and Borrower have informed Agent and the Lenders of Parent's
proposal to obtain long term financing from a lender to be determined by Parent
(the "Mortgage Lender") with respect to Parent's real property and related
assets which are defined as the "Mortgaged Property" or "Collateral" in that
certain Deed of Trust, Assignment of Rents and Leases, Security Agreement, and
Financing Statement, dated effective as of June 1, 1999, executed and delivered
by Parent in favor of Agent located in Collin County, Texas (the Mortgaged
Property"). Parent and Borrower have requested that the Lenders consent to
Parent incurring such Funded Debt, and granting a Lien to the Mortgage Lender
(collectively, the "Mortgage Transaction").

         C. In order to facilitate the financing described in Recital B
preceding, Parent and Borrower have requested that the Lenders consent to
Agent's subordination of its Lien on Parent's real property located in Collin
County, Texas in exchange for a prepayment of the Term Loans equal to the net
cash proceeds of such financing.

         D. Subject to satisfaction of the conditions set forth herein, Agent
and the Lenders are willing to amend the Credit Agreement and consent to Parent
entering into the financing transactions described in Recital B and Recital C
preceding, each as specifically provided herein.

         NOW, THEREFORE, BE IT RESOLVED, THAT, in consideration of the premises
herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

                                    ARTICLE 1

                                   Definitions

         Section 1.1 Definitions. Capitalized terms used in this Amendment, to
the extent not otherwise defined herein, shall have the same meanings as in the
Credit Agreement, as amended hereby.

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 1

<PAGE>   2

                                    ARTICLE 2

                                     Consent

         Section 2.1 Consent to Mortgage Transaction. Notwithstanding anything
in the Agreement to the contrary, including Section 11.1 and Section 11.2 of the
Agreement, Agent and the Lenders hereby confirm their consent to the Mortgage
Transaction upon the terms and conditions following:

                  (a) The aggregate amount of Funded Debt incurred by Parent in
         connection with the Mortgage Transaction shall not exceed the fair
         market value of the Mortgaged Property.

                  (b) The cash proceeds received by Parent in connection with
         the Mortgage Transaction, net of reasonable out-of-pocket professional
         fees and expenses, survey costs, title insurance premiums, required
         escrow deposits, loan underwriting, arrangement or similar fees, and
         other customary fees and expenses attributable to and actually incurred
         and paid in connection with the Mortgage Transaction, shall be
         delivered to Agent on the Business Day following the date of the
         Mortgage Transaction and be applied to the Term Loans in the inverse
         order of maturity of the remaining installments of principal of the
         Term Loans.

                  (c) Parent may grant to the Mortgage Lender a Lien on the
         Mortgaged Property (excluding any such property which constitutes
         equipment which is not attached to, used in the operation of, or used
         in or necessary to the complete and proper planning, development, use,
         occupancy, or operation of the Land (as defined in the Deed of Trust)
         or the Improvements (as defined in the Deed of Trust) or acquired for
         use or installation in or on the Land or the Improvements) and an
         assignment of rents and leases with respect thereto, to secure the
         Funded Debt permitted pursuant to this Section 2.1. Agent shall retain
         a Lien on the Mortgaged Property, junior in priority to the Mortgage
         Lender, but otherwise on terms and pursuant to documents in form and
         substance reasonably satisfactory to Agent and subject to the
         requirements of the lender or lenders party to the Mortgage
         Transaction.

                                    ARTICLE 3

                                    Amendment

         Section 3.1 Amendment to Section 1.1. Effective as of the Amendment
Date, the definition of "Fixed Charge Coverage Ratio" in Section 1.1 of the
Credit Agreement is hereby amended and restated to read in its entirety as
follows:

                  "Fixed Charge Coverage Ratio" means, for any period and
         determined on a consolidated basis for Parent and its Subsidiaries, the
         ratio of (a) EBITDA for such period minus the sum of (i) Capital
         Expenditures, to the extent paid during such period, plus (ii) the
         provision for income and franchise taxes during such period, excluding
         the provision for any such franchise and income taxes in connection
         with any non-recurring gains or charges of a type referenced in clause
         (e), clause (f),

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 2

<PAGE>   3

         clause (g), and clause (h) of the definition of EBITDA, to (b) the sum
         of (i) Interest Expense for such period, plus (ii) scheduled payments
         of principal of Funded Debt for such period.

         Section 3.2 Amendment to Section 4.2. Effective as of the Amendment
Date, Section 4.2 of the Credit Agreement is hereby amended and restated to read
in its entirety as follows:

                  Section 4.2 Determinations of Margins and Commitment Fee Rate.
         Effective as of February 28, 2001 until the first Margin Adjustment
         Date thereafter, the margins identified in Section 4.1 and the
         Commitment Fee Rate shall be as follows: (a) the Base Rate Margin shall
         be one and one-quarter percent (1.25%); (b) the Libor Rate Margin shall
         be two and one-half percent (2.50%); and the Commitment Fee Rate shall
         be one-half percent (0.50%). Upon delivery of the certificate required
         pursuant to Section 10.1(d) after the end of each Fiscal Quarter
         commencing with such certificate delivered for the Fiscal Quarter
         ending February 28, 2001, the Base Rate Margin, the Libor Rate Margin,
         and the Commitment Fee Rate shall automatically be adjusted to the fee
         or rate, as applicable, corresponding to the Leverage Ratio of Parent
         set forth in the following table, such automatic adjustment to take
         effect as of the date that is three (3) Business Days after the date on
         which Agent receives such certificate (the "Margin Adjustment Date").

<TABLE>
<CAPTION>
                                          BASE RATE          LIBOR RATE     COMMITMENT
          LEVERAGE RATIO                   MARGIN              MARGIN        FEE RATE
          --------------                  ---------          ----------     ----------

<S>                                        <C>                 <C>           <C>
Greater than or equal to 0.75 to            1.25%               2.50%         0.50%
1.00

Less than 0.75 to 1.00                      1.00%               2.25%         0.50%
</TABLE>

         If Borrower fails to deliver such certificate with respect to any
         Fiscal Quarter which sets forth the Leverage Ratio within the period of
         time required by Section 10.1(d): (y) the Base Rate Margin shall
         automatically be adjusted to one and one-quarter percent (1.25%), and
         (z) the Libor Rate Margin (for Interest Periods commencing after the
         applicable Adjustment Date) shall automatically be adjusted to two and
         one-half percent (2.50%). The automatic adjustments provided for in the
         preceding sentence shall remain in effect until subsequently adjusted
         prospectively in accordance herewith upon delivery of the required
         certificate.

         Section 3.3 Amendment to Section 12.2. Effective as of the Amendment
Date, Section 12.2 of the Credit Agreement is hereby amended and restated to
read in its entirety as follows:

                  Section 12.2 Fixed Charge Coverage Ratio. Beginning with the
         Fiscal Quarter ending February 28, 2001 and continuing on the last day
         of each Fiscal Quarter thereafter, Parent shall not permit the Fixed
         Charge Coverage Ratio calculated as of the last day of each such Fiscal
         Quarter, for the preceding four (4)

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 3

<PAGE>   4

         Fiscal Quarters then ending, to be less than the ratio set forth below
         opposite the applicable period below:

<TABLE>
<CAPTION>
Period End                                                Fixed Charge Coverage Ratio
----------                                                ---------------------------

<S>                                                       <C>
Fiscal Quarters ending February 28, 2001 and                       1.00 to 1.00
May 31, 2001

Fiscal Quarter ending August 31, 2001                              1.10 to 1.00

Fiscal Quarters ending November 30, 2001 and                       1.25 to 1.00
thereafter
</TABLE>

         Section 3.4 Amendment to Section 12.4. Effective as of the Amendment
Date, Section 12.4 of the Credit Agreement is hereby amended and restated to
read in its entirety as follows:

                  Section 12.4 Capital Expenditures. Parent shall not permit the
         aggregate amount of all Capital Expenditures of Parent and its
         Subsidiaries made during any Fiscal Year to exceed $10,000,000.

                                    ARTICLE 4

                                   Conditions

         Section 4.1 Conditions Precedent. The effectiveness of this Amendment
is subject to the satisfaction of the following conditions precedent:

                  (a) the representations and warranties contained herein and in
         all other Loan Documents, as amended hereby, shall be true and correct
         in all material respects as of the date hereof as if made on the date
         hereof, except for such representations and warranties limited by their
         terms to a specific date;

                  (b) no Default or Event of Default shall be in existence;

                  (c) Borrower and the Required Lenders shall have delivered to
         Agent an executed original copy of this Amendment;

                  (d) Borrower shall have paid to Agent all fees, costs, and
         expenses owed to and/or incurred by each of Agent and each such Lender
         arising in connection with the Credit Agreement or this Amendment,
         including, without limitation, the reasonable fees, costs, and expenses
         of Agent's legal counsel, Jenkens & Gilchrist, a Professional
         Corporation;

                  (e) In consideration of the amendments contained herein,
         Borrower shall have paid to Agent on the Amendment Date, for the
         benefit of each Lender providing to Agent its

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 4

<PAGE>   5

         signature page hereto on or before 5:00 p.m. (Dallas, Texas time) March
         6, 2001, a fee in an amount equal to one-quarter percent (0.25%) of
         each such Lender's outstanding Term Loans and Revolving Commitment; and

                  (f) all proceedings taken in connection with the transactions
         contemplated by this Amendment and all documentation and other legal
         matters incident thereto shall be satisfactory to (i) Agent, (ii) the
         Lenders, and (iii) Agent's legal counsel, Jenkens & Gilchrist, a
         Professional Corporation.

                                    ARTICLE 5

                  Ratifications, Representations and Warranties

         Section 5.1 Ratifications. The terms and provisions set forth in this
Amendment shall modify and supersede all inconsistent terms and provisions set
forth in the Credit Agreement and, except as expressly modified and superseded
by this Amendment, the terms and provisions of the Credit Agreement and the
other Loan Documents are ratified and confirmed and shall continue in full force
and effect. Parent, Borrower, Agent, and the Lenders agree that the Credit
Agreement as amended hereby and the other Loan Documents shall continue to be
legal, valid, binding, and enforceable in accordance with their respective
terms.

         Section 5.2 Representations and Warranties. Each of Parent and Borrower
hereby represents and warrants to Agent and the Lenders that (a) the execution,
delivery, and performance of this Amendment and any and all other Loan Documents
executed and/or delivered in connection herewith have been authorized by all
requisite action on the part of Parent and Borrower and will not violate the
articles of incorporation or bylaws of Parent or Borrower, (b) the
representations and warranties contained in the Credit Agreement, as amended
hereby, and any other Loan Document are true and correct on and as of the date
hereof as though made on and as of the date hereof (except to the extent that
such representations and warranties were expressly, in the Credit Agreement,
made only in reference to a specific date), (c) after giving effect to this
Amendment, no Default or Event of Default has occurred and is continuing, and
(d) each of Parent and Borrower is in full compliance with all covenants and
agreements contained in the Credit Agreement, as amended hereby, and the other
Loan Documents.

                                    ARTICLE 6

                                  Miscellaneous

         Section 6.1 Survival of Representations and Warranties. All
representations and warranties made in this Amendment or any other Loan Document
including any Loan Document furnished in connection with this Amendment shall
survive the execution and delivery of this Amendment and the other Loan
Documents, and no investigation by Agent or any Lender shall affect the
representations and warranties or the right of Agent or any Lender to rely upon
them.

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 5

<PAGE>   6

         Section 6.2 Reference to Credit Agreement. Each of the Loan Documents,
including the Credit Agreement and any and all other agreements, documents, or
instruments now or hereafter executed and delivered pursuant to the terms hereof
or pursuant to the terms of the Credit Agreement as amended hereby, are hereby
amended so that any reference in such Loan Documents to the Credit Agreement
shall mean a reference to the Credit Agreement as amended hereby.

         Section 6.3 Severability. Any provision of this Amendment held by a
court of competent jurisdiction to be invalid or unenforceable shall not impair
or invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision so held to be invalid or unenforceable.

         Section 6.4 Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND THE APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA.

         Section 6.5 Successors and Assigns. This Amendment is binding upon and
shall inure to the benefit of Parent, Borrower, Agent, and the Lenders and their
respective successors and assigns, except neither Parent nor Borrower may assign
or transfer any of its respective rights or obligations hereunder without the
prior written consent of the Lenders.

         Section 6.6 Counterparts. This Amendment maybe executed in one or more
counterparts, and on telecopy counterparts each of which when so executed shall
be deemed to be an original, but all of which when taken together shall
constitute one and the same agreement.

         Section 6.7 Effect of Amendment. No consent or waiver, express or
implied, by Agent or any Lender to or for any breach of or deviation from any
covenant, condition, or duty by Parent, Borrower, or any other Loan Party shall
be deemed a consent or waiver to or of any other breach of the same or any other
covenant, condition, or duty.

         Section 6.8 Headings. The headings, captions, and arrangements used in
this Amendment are for convenience only and shall not affect the interpretation
of this Amendment.

         Section 6.9 Entire Agreement. THIS AMENDMENT AND ALL OTHER INSTRUMENTS,
DOCUMENTS, AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THIS
AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND
SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND
UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND MAY NOT
BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL
AGREEMENTS AMONG THE PARTIES HERETO.

                  [remainder of page intentionally left blank]

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 6

<PAGE>   7

         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment effective as of the date first written above.

                                   BORROWER:

                                   BRITE VOICE SYSTEMS, INC. (successor
                                   by merger to InterVoice Acquisition
                                   Subsidiary III, Inc.)

                                   By:  /s/ ROB-ROY J. GRAHAM
                                      ------------------------------------------
                                   Name:    Rob-Roy J. Graham
                                        ----------------------------------------
                                   Title:   Chief Financial Officer
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 7

<PAGE>   8

                                   PARENT:

                                   INTERVOICE-BRITE, INC. (formerly
                                   InterVoice, Inc.)

                                   By:  /s/ ROB-ROY J. GRAHAM
                                      ------------------------------------------
                                   Name:    Rob-Roy J. Graham
                                        ----------------------------------------
                                   Title:   Chief Financial Officer
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 8

<PAGE>   9

                                   AGENT and ISSUING BANK:

                                   BANK OF AMERICA, NATIONAL ASSOCIATION
                                   (successor by merger to Bank of America
                                   National Trust and Savings Association),
                                   as Agent

                                   By:  /s/ FRED L. THORNE
                                      ------------------------------------------
                                   Name:    Fred L. Thorne
                                        ----------------------------------------
                                   Title:   Managing Director
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 9

<PAGE>   10

                                   LENDERS:

                                   BANK OF AMERICA, NATIONAL ASSOCIATION
                                   (successor by merger to Bank of America
                                   National Trust and Savings Association)

                                   By:  /s/ FRED L. THORNE
                                      ------------------------------------------
                                   Name:    Fred L. Thorne
                                        ----------------------------------------
                                   Title:   Managing Director
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 10

<PAGE>   11

                                   BANK ONE, TEXAS, N.A.

                                   By:  /s/ TIMOTHY A. SMITH
                                      ------------------------------------------
                                   Name:    Timothy A. Smith
                                        ----------------------------------------
                                   Title:   Vice President
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 11

<PAGE>   12

                                   U.S. BANK NATIONAL ASSOCIATION

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 12

<PAGE>   13

                                   FLEET NATIONAL BANK

                                   By:  /s/ DEBRA DELVECCHO
                                      ------------------------------------------
                                   Name:    Debra DelVeccho
                                        ----------------------------------------
                                   Title:   Director
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 13

<PAGE>   14

                                   IBM CREDIT CORPORATION

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 14

<PAGE>   15

                                   UNION BANK OF CALIFORNIA, N.A.

                                   By:  /s/ JAMES B. GOUDY
                                      ------------------------------------------
                                   Name:    James B. Goudy
                                        ----------------------------------------
                                   Title:   Vice President
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 15

<PAGE>   16

                                   THE BANK OF NOVA SCOTIA

                                   By:  /s/ F.C.H. ASHBY
                                      ------------------------------------------
                                   Name:    F.C.H. Ashby
                                        ----------------------------------------
                                   Title:   Senior Manager, Loan Operations
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 16

<PAGE>   17

                                   BANKBOSTON, N.A.

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 17

<PAGE>   18

                                   BANK AUSTRIA CREDITANSTALT
                                   CORPORATE FINANCE, INC.

                                   By:  /s/ J.R. SEAY
                                      ------------------------------------------
                                   Name:    J.R. Seay
                                        ----------------------------------------
                                   Title:   Vice President
                                         ---------------------------------------

                                   By:  /s/ CLIFFORD L. WELLS
                                      ------------------------------------------
                                   Name:    Clifford L. Wells
                                        ----------------------------------------
                                   Title:   Senior Vice President
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 18

<PAGE>   19

                                   COMERICA BANK

                                   By:  /s/ T. BANCROFT MATTEI
                                      ------------------------------------------
                                   Name:    T. Bancroft Mattei
                                        ----------------------------------------
                                   Title:   Account Officer
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 19

<PAGE>   20

           REAFFIRMATION OF GUARANTY AND PLEDGE AND SECURITY AGREEMENT

           Each of the undersigned hereby (a) consents to the execution and
delivery of the First Amendment to Credit Agreement to which this Reaffirmation
of Guaranty and Pledge and Security Agreement is attached (the "Amendment") by
the parties thereto, (b) that the Amendment shall not limit or diminish the
obligations of each of the undersigned under their certain Loan Documents
delivered in connection with the Credit Agreement, executed or joined in by each
of the undersigned and delivered to Agent, (c) reaffirms its obligations under
each of such Loan Documents, and (d) agrees that each of such Loan Documents
remains in full force and effect and is hereby ratified and confirmed.

Dated effective as of March 6, 2001.

                                   INTERVOICE GP, INC.

                                   By:  /s/ ROB-ROY J. GRAHAM
                                      ------------------------------------------
                                   Name:    Rob-Roy J. Graham
                                        ----------------------------------------
                                   Title:   Chief Financial Officer
                                         ---------------------------------------

                                   INTERVOICE LP, INC.

                                   By:  /s/ ROB-ROY J. GRAHAM
                                      ------------------------------------------
                                   Name:    Rob-Roy J. Graham
                                        ----------------------------------------
                                   Title:   Chief Financial Officer
                                         ---------------------------------------

                                   INTERVOICE ACQUISITION
                                   SUBSIDIARY, INC.

                                   By:  /s/ ROB-ROY J. GRAHAM
                                      ------------------------------------------
                                   Name:    Rob-Roy J. Graham
                                        ----------------------------------------
                                   Title:   Chief Financial Officer
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 20

<PAGE>   21

                                   INTERVOICE ACQUISITION
                                   SUBSIDIARY II, INC.

                                   By:  /s/ ROB-ROY J. GRAHAM
                                      ------------------------------------------
                                   Name:    Rob-Roy J. Graham
                                        ----------------------------------------
                                   Title:   Chief Financial Officer
                                         ---------------------------------------

                                   INTERVOICE LIMITED PARTNERSHIP

                                   By: InterVoice GP, Inc.

                                   By:  /s/ ROB-ROY J. GRAHAM
                                      ------------------------------------------
                                   Name:    Rob-Roy J. Graham
                                        ----------------------------------------
                                   Title:   Chief Financial Officer
                                         ---------------------------------------

                                   BVSI, INC.

                                   By:  /s/ ROB-ROY J. GRAHAM
                                      ------------------------------------------
                                   Name:    Rob-Roy J. Graham
                                        ----------------------------------------
                                   Title:   Chief Financial Officer
                                         ---------------------------------------

                                   BVS INVESTCO, INC.

                                   By:  /s/ ROB-ROY J. GRAHAM
                                      ------------------------------------------
                                   Name:    Rob-Roy J. Graham
                                        ----------------------------------------
                                   Title:   Chief Financial Officer
                                         ---------------------------------------

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT - Page 21<PAGE>   1

                                                                  EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT ("Agreement") is made as of the 8th day of
March, 2001, by and between First Capital Bank of Arizona, an Arizona
corporation ("Company"), and Harold F. Mosanko ("Employee").

         1. EMPLOYMENT. Company hereby agrees to employ Employee, and Employee
hereby agrees to be employed by Company, as Chairman of the Board of the Company
and in such other or different executive capacities as may be determined from
time to time by the Board of Directors of Company.

         2. RESPONSIBILITIES OF EMPLOYMENT. During the term of his employment,
Employee:

               (a) shall diligently and faithfully serve Company in the
capacities described above, and shall devote his best efforts and entire
business time, services and attention to the advancement of Company's interests;

               (b) shall not, without the prior written consent of the Board of
Directors of Company (i) be employed by any other person or (ii) engage in any
other business, directly or indirectly, as a sole proprietor, a member of a
partnership or limited liability company, as a director, officer, or shareholder
of a corporation not affiliated with Company, or as a consultant or otherwise,
whether for compensation or otherwise, which could reasonably be expected to or
does interfere with Employee's performance of his duties hereunder or which
business is in competition in any way with the business then being conducted by
Company; provided, however, that the provisions of this subparagraph (b) shall
not prohibit Employee's ownership of stock in any publicly owned corporation so
long as Employee's ownership, directly and indirectly, when aggregated with the
direct and indirect ownership of all members of Employee's family, does not
exceed one percent (1%) of the total outstanding stock of such publicly owned
corporation, measured by reference to either market value or voting power;

               (c) shall diligently and faithfully carry out the policies,
programs and directions of the Board of Directors of Company;

               (d) shall fully cooperate with such other officers of the Company
as may be elected or appointed by the Board of Directors of Company; and

               (e) shall report to the Chairman and Chief Executive Officer of
the Company's parent, Colorado Business Bankshares, Inc. ("COBZ").

<PAGE>   2

         3. COMPENSATION. Company will compensate Employee for his services
during the term of this Agreement and his employment hereunder as follows:

               (a) Basic Compensation. Company shall pay to Employee as basic
compensation the sum of One Hundred Thirty Thousand and 08/100 Dollars
($130,000.08) per year, payable in equal monthly installments. Employee's basic
compensation may be increased from time to time in the sole discretion of
Company's Board of Directors.

               (b) Benefits. Employee shall be entitled to participate in all
benefit plans from time to time provided executive employees of Company,
including, without limitation, health, accident, hospitalization and life
insurance programs.

               (c) Reimbursement of Expenses. Employee shall be entitled to
reimbursement of ordinary and necessary out-of-pocket expenses reasonably
incurred by him on behalf of Company in the course of performing his duties
hereunder, subject to his furnishing appropriate documentation relative to such
expenses in form and substance satisfactory to Company and subject to the
Company's expense reimbursement policies as in effect from time to time.

               (d) Vacations. Employee shall be entitled to four weeks paid
vacation each year, subject to Company's general vacation policy.

               (e) Stock Option. COBZ has an incentive stock option plan for key
employees of COBZ and its subsidiaries. Employee shall be eligible to
participate in that plan.

         4. TERM AND TERMINATION.

               (a) Term. The term of this Agreement shall be four years
beginning on the date hereof, unless sooner terminated as provided herein. This
Agreement and Employee's employment by Company will automatically terminate at
the end of that term.

               (b) Termination. Notwithstanding Paragraph 4(a), this Agreement
and Employee's employment with the Company can be terminated by either party at
any time as provided in this Paragraph 4(b). Upon termination of this Agreement
by Company, by Employee or upon the death or disability of Employee, the rights
and obligations of Employee and the Company shall be as follows:

                  (i) Termination by Employee. In the event Employee terminates
his employment hereunder, other than pursuant to Paragraph 4(b)(iv) or (v), this
Agreement shall immediately terminate without any further obligation on the part
of Company, except that (A) Company shall pay to Employee such compensation
pursuant to Paragraph 3 hereof as may be accrued and unpaid on the date of
termination of employment and (B) if such termination occurs after the first
anniversary of the date of this Agreement, Company shall be obligated to pay
Employee the severance benefits set forth in Paragraph 4(c) hereof, except that
the period specified in clause (x) of Paragraph 4(c)(i) shall be one year rather
than two years.

                                       2
<PAGE>   3

                  (ii) Termination by Company for Cause. If Employee's
employment hereunder is terminated by Company for cause, this Agreement shall
immediately terminate without any further obligation on the part of Company,
except that Company shall pay to Employee such compensation pursuant to
Paragraph 3 hereof as may be accrued and unpaid on the date of such termination
of employment. For purposes of this Agreement, "cause" shall mean willful
failure or neglect of Employee to perform his duties as prescribed herein, the
conviction of a felony, theft, embezzlement or improper use of corporate funds
by Employee, self dealing detrimental to Company, any attempt to obtain any
personal profit from any transaction in which Company has an interest or any
breach of the terms of Paragraphs 6 or 7 of this Agreement by Employee.

                  (iii) Termination by Company for Other Reasons. Company shall
have the right at any time to terminate Employee' s employment hereunder for any
reason by giving him written notice of termination specifying the effective date
of the termination. If Employee's employment hereunder is terminated by Company
other than for cause, Company shall be obligated to pay Employee the severance
benefits set forth in Paragraph 4( c) hereof.

                  (iv) Termination by Employee Upon Constructive Discharge. If
Employee is constructively discharged, he may terminate this Agreement and his
employment hereunder by delivering written notice to Company no later than
thirty (30) days after the date of the constructive discharge. Such notice shall
specify the effective date of the termination, which shall be no sooner than 30
days after the notice is received by Company, and shall describe in reasonable
detail the facts alleged to constitute the constructive discharge. If a
constructive discharge has occurred, and Company fails to eliminate the
conditions constituting a constructive discharge within 30 days after its
receipt of such notice from Employee, the termination shall be effective upon
the date specified in such notice. If this Agreement is terminated by Employee
pursuant to this Paragraph 4(b)(iv), Company shall be obligated to pay Employee,
in addition to such compensation pursuant to Paragraph 3 hereof as may be
accrued and unpaid on the date of termination of employment, the severance
benefits set forth in Paragraph 4(c) hereof. For purposes of the foregoing,
"constructive discharge" means the occurrence of any one or more of the
following without Employee's consent: (A) Employee is removed from all of the
offices described in Paragraph 1 hereof without cause; (B) Company fails to
provide Employee the authority or resources that he reasonably needs to
competently perform the duties of his office; (C) Company decreases Employee's
basic compensation below that specified in Paragraph 3(a); or (D) Company
transfers Employee to a location outside the Phoenix, Arizona metropolitan area.

                  (v) Termination by Employee Upon Change of Control. If
Employee terminates his employment hereunder within one year after a Change of
Control occurs, this Agreement shall terminate on the effective date of such
termination of employment as specified in a written notice from Employee, which
shall not be less than 30 days after such notice is received by Company. If
Employee so terminates, Company shall be obligated to pay Employee, in addition
to such compensation pursuant to Paragraph 3 hereof as may be accrued and unpaid
on the date of termination of employment, the severance benefits set forth in
Paragraph 4(c) hereof. For purposes of this Paragraph 4(b)(v), a "Change of
Control" will be deemed to have

                                       3
<PAGE>   4

occurred if: a) any person (as such term is defined in Section 13(d) or 14(d) of
the Securities Exchange Act of 1934, as amended (the "1934 Act")), other than a
person who is a shareholder of COBZ or Company as of the date of this Agreement,
acquires beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the 1934 Act) of fifty percent (50%) or more of the combined voting power
of the then outstanding voting securities of COBZ or Company; or b) the
individuals who were members of COBZ's Board of Directors as of the date of this
Agreement (the "Current Board Members") cease for any reason to constitute a
majority of the Board of Directors of COBZ or its successor; provided, however,
that if the election or the nomination for election of any new director of COBZ
or its successor is approved by a vote of a majority of the individuals who are
Current Board Members, such new director shall, for the purposes of this
paragraph, be considered a Current Board Member; or c) COBZ's or Company's
stockholders approve (1) a merger or consolidation of COBZ or Company and the
stockholders of COBZ or Company immediately before such merger or consolidation
do not, immediately after such merger or consolidation, own, directly or
indirectly, more than fifty percent (50%) of the combined voting power of the
then outstanding voting securities of the entity resulting from such merger or
consolidation in substantially the same proportion as their ownership of the
combined voting power of the outstanding securities of COBZ or Company
immediately before such merger or consolidation; or (2) a complete liquidation
or dissolution or an agreement for the sale or other disposition of all or
substantially all of the assets of COBZ or Company. Notwithstanding the
foregoing, a Change of Control will not be deemed to have occurred: a) solely
because fifty percent (50%)or more of the combined voting power of the then
outstanding voting securities of COBZ are acquired by (1) a trustee or other
fiduciary holding securities under one or more employee benefit plans maintained
for employees of COBZ or its subsidiaries, or (2) any person pursuant to the
will or trust of any existing stockholder of COBZ, or who is a member of the
immediate family of such stockholder, or (3) any corporation which, immediately
prior to such acquisition, is owned directly or indirectly by the stockholders
in the same proportion as their ownership of stock immediately prior to such
acquisition; or b) if Employee agrees in writing to waive a particular Change of
Control for the purposes of this Agreement.

                  (vi) Termination Upon Employee's Disability. In the event
Employee's employment is terminated by Company due to Employee's disability,
Company shall be obligated to pay Employee the severance benefits set forth in
Paragraph 4 ( c) hereof. For purposes of the foregoing, "disability" shall mean
Employee's inability due to illness or other physical or mental disability to
perform the essential functions of his position, with or without reasonable
accommodation, for a period exceeding any medical leave allowed by Company
policies or mandated by applicable law, and any action to be taken hereunder
based on disability shall not be effective until the expiration of such medical
leave.

                  (vii) Termination Upon Employee's Death. In the event that
Employee dies while employed by Company, then Company shall he obligated to pay
Employee's estate the severance benefits set forth in Paragraph 4(c) hereof.

                  (viii) Continuing Obligations of Employee. Notwithstanding
anything to the contrary contained herein, termination of this Agreement or
Employee's employment hereunder, for whatsoever reason or for no reason at all,
by Employee or otherwise, shall not be

                                       4
<PAGE>   5

deemed in any way to affect Employee's obligations under Paragraphs 6 and 7 of
this Agreement, with respect to which he shall remain bound.

                  (ix) Company's Right to Accelerate Effective Date. In any case
in which this Agreement provides that a termination by Employee shall become
effective not less than a specified number of days following notice of
termination, the Company may accelerate the effective date of termination by
notice to Employee.

               (c) Severance Benefits. Provided Employee is in compliance with
Paragraph 4(b)(viii) hereof, in the circumstances provided in Paragraphs
4(b)(i), (iii), (iv), (v), (vi) and (vii), Company will pay or provide the
following severance benefits to Employee in lieu of any separation payments
otherwise provided upon termination of employment under any other severance pay
or similar plan or policy of Company:

                  (i) Company shall continue to pay Employee his basic
compensation under Paragraph 3(a) at the rate in effect immediately prior to
Employee's termination for a period equal to the shorter of (x) two years
following the termination (except as provided in Paragraph 4(b)(i)(B)) or (y)
the remainder of the four-year term specified in Paragraph 4(a);

                  (ii) Until Employee's 65th birthday, Company will continue to
provide, at Company's expense, medical and dental insurance to Employee and
Employee's dependents under the plans, if any, from time to time maintained by
Company for its executive employees and in which Employee was participating at
the time of the termination, subject to the same co-payment and other
obligations that are applicable to other executive employees, to the extent that
such continued participation is allowed by the terms of the plans. If such
continued participation is not allowed by the terms of the plans (or under
COBZ's plans pursuant to Paragraph 9), and Employee elects to continue coverage
through the plans (or through COBZ's plans) pursuant to COBRA, Company shall
reimburse Employee for the premiums paid by Employee pursuant to COBRA for as
long as such COBRA rights continue or, if less, until his 65th birthday. If
Employee's eligibility for participation under the plans (and COBZ's plans),
both directly and through COBRA, ends before his 65th birthday, Company shall
continue to pay Employee until his 65th birthday the amount that he would be
required to pay under COBRA to continue coverage under the plans if he were
still eligible to do so. All amounts paid by the Company to Employee (rather
than directly to an insuror for coverage under a plan) under this Paragraph
4(c)(ii) shall be increased by Employee's estimated federal and state income tax
liability on such payment, based on the highest applicable marginal federal and
state income tax rates, so that the after-tax amount available to Employee
equals the amount of the payment due hereunder. This provision shall not
obligate Company (or COBZ) to continue unchanged any employee benefit plan that
it would otherwise amend or discontinue and Employee's right to participate in
such plans is subject to the Company's (or COBZ's) absolute right to amend or
discontinue any plan at any time. Employee's right to participate in Company's
plans hereunder shall terminate at such time as reasonably equivalent coverage
becomes available to Employee from a subsequent employer.

                                       5
<PAGE>   6

                  (iii) Except as provided in Paragraph 4(c)(ii), Company will
be obligated to make all payments that become due to Employee under this
Paragraph 4(c) whether or not he obtains other employment following termination.

                  (iv) Company may elect to defer any payments that may become
due to Employee under this Paragraph 4 ( c) if, at the time the payments become
due, Company or the Bank is not in compliance with any regulatory-mandated
minimum capital requirements or if making the payments would cause Company's or
the Bank's capital to fall below such minimum capital requirements. In this
event, Company will resume making the payments as soon as it can do so without
violating such minimum capital requirements.

                  (v) Notwithstanding any other provision of this Agreement, the
obligation of the Company to make any payment under this Paragraph 4(c) is
subject to the express condition that Employee shall execute an agreement
waiving and releasing any and all legal and equitable claims (under statute,
regulation or common law) against the Company, its subsidiaries and affiliated
businesses, and their respective directors, officers, employees, agents or
attorneys, and their respective buyers, successors, heirs and assigns, in form
and content acceptable to the Company, pursuant to legal procedures to make the
agreement fully and completely enforceable as to the waiver and release of all
such claims. If the Employee does not execute an agreement and follow legal
procedures as required by this Paragraph 4(c)(v), the Company shall have no
obligation to pay any amount under this Paragraph 4(c).

         5. SALE OR REORGANIZATION OF COMPANY. This Agreement shall not restrict
the sale, transfer, consolidation, liquidation, reorganization or disposition of
the assets of Company.

         6. RESTRICTIVE COVENANT. It is mutually recognized and agreed that the
services to be rendered pursuant to this Agreement by Employee are special,
unique and of extraordinary character. Therefore, as a condition to Company's
obligations hereunder, Employee agrees that without Company's prior written
consent, during the term of this Agreement and for a period ending on the fourth
anniversary of the date of termination of his employment hereunder, regardless
of cause, he will not in any manner, directly or indirectly, solicit or induce
any employee or agent of Company or COBZ to terminate employment with Company or
COBZ, as the case may be, or solicit or induce any customer of Company or COBZ
to become a customer of any person, firm, partnership, corporation, trust or
other entity that owns, controls or is a bank, savings and loan association,
credit union or similar financial institution. Furthermore, Employee will at no
time during or subsequent to the term of his employment by Company make any
statements or take any actions which could reasonably be expected to damage the
reputation or business of Company or COBZ. It is further recognized and agreed
that irreparable injury will result to Company or COBZ, its businesses and
property in the event of a breach of this covenant by Employee, that damages
covered by such breach would be difficult if not impossible to ascertain, and
that any remedy at law for any breach by Employee of this covenant will be
inadequate, and Company or COBZ shall be entitled to temporary and permanent
injunctive relief without the necessity of proving actual damage to Company or
COBZ by reason of any such breach. In addition, in the event of a breach of this
covenant by Employee,

                                       6
<PAGE>   7

Company or COBZ shall also be entitled to recover reasonable costs and
attorneys' fees incurred in connection with the enforcement of its rights
hereunder. Whenever used herein, Company shall be deemed to include any
successors or any other person or entity which may hereafter acquire the
business of Company or COBZ. The foregoing notwithstanding, should the assets of
Company he disposed of in such a manner that no purchaser thereof has acquired a
going business, then Employee shall not be bound by the covenants expressed in
this paragraph.

         7. TRADE SECRETS AND CONFIDENTIAL INFORMATION. Employee hereby
covenants and agrees that he will not, except as may be required in connection
with his employment under this Agreement, directly or indirectly, use or
disclose to any other person, firm or corporation, whether during or subsequent
to the term of his employment by Company, irrespective of the time, manner or
cause of the termination of his employment, any information of a proprietary or
confidential nature belonging to Company, or which could be reasonably expected
to have an adverse effect on Company, its businesses, property or financial
condition, including but not limited to records, data, documents, processes,
specifications, methods of operation, techniques and know-how, plans, policies,
customer lists, the names and addresses of suppliers or representatives,
investigations or other matters of any kind or description relating to the
products, services, suppliers, customers, sales or businesses of Company. All
records, files, documents, equipment and the like relating to Company's
businesses which Employee shall prepare, use or observe shall be and remain the
sole property of Company, and upon termination of this Agreement or his
employment hereunder for any reason, Employee shall return to the possession of
Company any items of that nature and any copies thereof which he may have in his
possession.

         8. INDEMNITY.

                  (a) Indemnification. Company will indemnify Employee (and,
upon his death, his heirs, executors and administrators) to the fullest extent
permitted by law against all expenses, including reasonable attorneys' fees,
court and investigative costs, judgments, fines and amounts paid in settlement
(collectively, "Expenses") reasonably incurred by him in connection with or
arising out of any pending, threatened or completed action, suit or proceeding
in which he may become involved by reason of his having been an officer of
Company. The indemnification rights provided for herein are not exclusive and
will supplement any rights to indemnification that Employee may have under any
applicable bylaw or charter provision of Company, or any resolution of Company,
or any applicable statute.

                  (b) Advancement of Expenses. In the event that Employee
becomes a party, or is threatened to be made a party, to any pending, threatened
or completed action, suit or proceeding for which Company is permitted or
required to indemnify him under this Agreement, any applicable bylaw or charter
provision of Company, any resolution of Company, or any applicable statute,
Company will, to the fullest extent permitted by law, advance all Expenses
incurred by Employee in connection with the investigation, defense, settlement
or appeal of any threatened, pending or completed action, suit or proceeding,
subject to receipt by Company of a written undertaking from Employee to
reimburse Company for all Expenses actually paid by Company to or on behalf of
Employee in the event it shall be ultimately determined that

                                       7
<PAGE>   8

Company cannot lawfully indemnify Employee for such Expenses, and to assign to
Company all rights of Employee to indemnification under any policy of directors,
and officers, liability insurance to the extent of the amount of Expenses
actually paid by Company to or on behalf of Employee.

                  (c) Litigation. Unless precluded by an actual or potential
conflict of interest, Company will have the right to control the defense of any
claim covered by this Section 8, using counsel selected by Company and
reasonably satisfactory to Employee. In the event that a conflict of interest
prevents Company from defending the claim, Employee shall do so at Company's
expense with counsel reasonably satisfactory to Company, but Company shall be
entitled to participate in the defense. Company shall not settle any claim
defended by it unless the settlement includes an unconditional release of
Employee from liability thereon or unless Employee consents to the settlement,
which consent shall not be unreasonably withheld or delayed. Employee shall not
settle any claim defended by Employee without the consent of Company, which
consent shall not be unreasonably withheld or delayed. If Company wishes to
accept any settlement offer with respect to a claim and Employee refuses to
consent, Company shall not be obligated to indemnify Employee beyond the amount
of the settlement so offered. Each party shall promptly notify the other party
of, and at all times keep the other informed with respect to, any claim covered
by this Section 8.

         9. APPOINTMENT AS A DIRECTOR OF COBZ. Upon the execution of this
Agreement, Employee has been appointed as a director of COBZ in the class of
directors whose term expires at the 2001 annual meeting of COBZ's shareholders.
At that annual meeting, COBZ agrees to nominate Employee for re-election as a
director to serve a term of three years, whether or not this Agreement has
previously been terminated. If Company is unable to provide medical and dental
insurance to Employee during any period that it is required to do so under
Paragraph 4(c), and if Employee is then a director of COBZ, COBZ will provide
such insurance to Employee in his capacity as a director, to the extent
permissible under its insurance plans as then in effect. COBZ shall have no
liability to Employee if he is not re-elected at the 2001 annual meeting. COBZ
is a signatory to this Agreement solely for the purposes of this Paragraph 9.

         10. ARBITRATION. Any disputes arising out of this Agreement or
connected with Employee's employment shall be submitted by Employee and Company
to arbitration by the American Arbitration Association or its successor, and the
determination of the American Arbitration Association or its successor shall be
final and absolute; provided, however, that Company shall be entitled to apply
to any court of competent jurisdiction for temporary or permanent injunctive
relief or other equitable relief to enforce Paragraph 6 or 7. The arbitrator
shall be governed by the duly promulgated rules and regulations of the American
Arbitration Association or its successor, and the pertinent provisions of the
laws of the State of Arizona relating to arbitration. The decision of the
arbitrator may be entered as a judgment in any court of competent jurisdiction.

         11. INTERPRETATION. This Agreement shall be construed in accordance
with the internal laws of the State of Arizona. The titles of the paragraphs
have been inserted as a matter

                                       8
<PAGE>   9

of convenience of reference only and shall not be construed to control or affect
the meaning or construction of this Agreement.

         12. SEVERABILITY. In the event that any portion of this Agreement is
found to be in violation of or conflict with any federal or state law, the
parties agree that said portion shall be modified only to the extent necessary
to enable it to comply with such law.

         13. ASSIGNMENT. This Agreement shall not be assignable by Employee, but
shall be binding upon and inure to the benefit of the successors and assigns of
Company.

         14. NOTICES. All notices or other communications in connection with
this Agreement shall be in writing and shall be deemed to have been duly given
when delivered, sent by professional courier or mailed first class, postage
prepaid and addressed as follows:

                  (i)      If to Company, addressed to:

                           First Capital Bank of Arizona
                           2700 North Central Avenue
                           Phoenix, AZ 85004
                           Attn: Chairman of the Board

                  with a copy to:

                           Colorado Business Bankshares, Inc.
                           821 - 17th Street
                           Denver, Colorado 80202
                           Attn: Steven Bangert

                  (ii)     If to Employee, addressed to:

                           Harold F. Mosanko
                           23743 N. 113th Way
                           Scottsdale, AZ 85255

or such other address or addressed to the attention of such other person or
persons as either of the parties may notify the other in accordance with the
provisions of this paragraph.

         15. ENTIRE AGREEMENT. This Agreement is the entire agreement and
understanding of the parties hereto with respect to the subject matter hereof
and supersedes any and all prior and contemporaneous negotiations,
understandings and agreements with regard to the subject matter hereof, whether
oral or written. No representation, inducement, agreement, promise or
understanding altering, modifying, taking from or adding to the terms and
conditions hereof shall have any force or effect unless the same is in writing
and validly executed by the parties hereto.

                                       9
<PAGE>   10

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

                                        First Capital Bank of Arizona

                                        By: /s/ Steven Bangert
                                           ------------------------------------

                                         /s/ Harold F. Mosanko
                                        ---------------------------------------
                                        Harold F. Mosanko

                                        Solely for the purposes of Paragraph 9:
                                        Colorado Business Bankshares, Inc.

                                        By:  /s/ Steven Bangert
                                           ------------------------------------

                                       10

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