Document:

Exhibit 10(s) Letter agreement, dated March 23, 2007, between DCAP Group, Inc.
      and Jack Seibald as representative

    AMENDMENT
      NO. 2 TO SECURED SUBORDINATED

    PROMISSORY
      NOTES AND WARRANTS

    

    DCAP
      GROUP, INC.

    1158
      Broadway

    Hewlett,
      New York 11558

    

    March
      23,
      2007

    

    Jack
      Seibald as representative and attorney-in-

    fact
      for
      the holders of the Secured Subordinated

    Promissory
      Notes of DCAP Group, Inc., dated

    July
      10,
      2003, in the outstanding aggregate

    principal
      amount of $1,384,615.39 as set forth

    on
      Schedule A attached hereto

    1336
      Boxwood Drive West

    Hewlett
      Harbor, NY 11557

    

    Dear
      Jack:

    

    Reference
      is made to the Secured Subordinated Promissory Notes of DCAP Group, Inc. (the
      “Company”), dated July 10, 2003, in the outstanding aggregate principal amount
      of $1,384,615.39 (collectively, the “Notes”) and held by the persons and
      entities set forth on Schedule A attached hereto (collectively, the
“Noteholders”).

    

    Reference
      is also made to the Warrants issued by the Company, dated July 10, 2003, to
      the
      Noteholders for the purchase of an aggregate of 90,000 shares of Common Stock
      of
      the Company (collectively, the “Warrants”).

    

    All
      capitalized terms used and not defined herein shall have the meanings ascribed
      thereto in the Notes.

    

    The
      parties agree that, in consideration of the extension hereby of the outside
      date
      by which the Warrants may be exercised from 5:00 P.M., Eastern Time, on
      September 30, 2007 to 5:00 P.M., Eastern Time, on September 30, 2008, the
      Maturity Date for each of the Notes is hereby extended from September 30, 2007
      to September 30, 2008. Except as amended hereby, the Notes and the Warrants
      shall continue in full force and effect in accordance with their respective
      terms.

    

    Very
      truly yours,

    

    DCAP
      GROUP, INC.

    

    By:
      ___________________     

    Barry
      B.
      Goldstein, President

    Agreed:

    

    ____________________________

    Jack
      Seibald, as representative and attorney-in-

    fact
      for
      the holders of the Secured Subordinated

    Promissory
      Notes of DCAP Group, Inc., dated 

    July
      10,
      2003, in the outstanding aggregate principal amount

    of
      $1,384,615.39 as set forth on Schedule A attached hereto

    
      
        
           

        

        
        

      

      
        
        

        
        

      

      
        
        

        
        

      

    

    SCHEDULE
      A

    

    

    

    
      	
               

               

              Name

            	 	 	
              
              

              Outstanding
                Principal

              Amount
                of Note

            	 	 	
              Number
                of Shares

              of
                Common Stock

              Subject
                to Warrant

            	 
	 	 	 	 	 	 	 	 
	
              IRA
                FBO Stewart R. Spector, 

              Pershing
                LLC Custodian

            	 	
              
              

              $

            	
              
              

              461,538.49

            	 	 	
              
              

              30,000

            	 
	
               

              IRA
                FBO Jack D. Seibald, 

              Pershing
                LLC Custodian

            	 	
              
              

              $

            	
              
              

              288,461.54

            	 	 	
              
              

              18,750

            	 
	
               

              J.M.J
                Realty Company

            	 	
              $

            	
              230,769.23

            	 	 	
              15,000

            	 
	
               

              Sanders
                Opportunity Fund (Inst.), LP

            	 	
              $

            	
              166,153.85

            	 	 	
              10,800

            	 
	
               

              Take-Two
                Capital LP

            	 	
              $

            	
              115,384.61

            	 	 	
              7,500

            	 
	
               

              Sanders
                Opportunity Fund, LP

            	 	
              $

            	
              64,615.39

            	 	 	
              4,200

            	 
	
               

              Michael
                Rosen and Catherine Rosen

            	 	
              $

            	
              57,692.31

            	 	 	
              3,750Employment Agreement - H. Miller

    

      Exhibit
        10.1

      

      EMPLOYMENT
        AGREEMENT

      

      

      AGREEMENT
        (“Agreement”) made as of the 29th
        day of
        March, 2007 by and between DELTA FINANCIAL CORPORATION, a Delaware corporation
        (the “Corporation”), and Hugh Miller (the “Executive”).

      

      W
        I T
        N E S S E T H:

      

      In
        consideration of the representations, warranties and conditions contained
        herein, the parties hereto agree as follows:

      

      1. Position
        and Responsibilities.

      

      1.1. The
        Executive shall serve in an executive capacity as Chief Executive Officer
        and
        President of the Corporation. In such capacity, the Executive shall report
        to
        and be subject to the direction of the Board of Directors of the Corporation.
        The Executive shall perform such functions and undertake such responsibilities
        as are customarily associated with such capacity. The Executive shall hold
        such
        directorships and executive officerships in the Corporation and any subsidiary
        to which, from time to time, he may be elected or appointed during the term
        of
        this Agreement. 

      

      1.2. The
        Executive shall devote his full time and best efforts to the business and
        affairs of the Corporation and to the promotion of its interests.

      

      1.3. The
        principal executive offices of the Corporation shall be maintained in Long
        Island, New York and the Executive shall not be required to relocate outside
        of
        Long Island, New York without his consent. 

      

      2. Term
        of Employment.

      

      2.1. The
        term
        of employment shall be five years, commencing with the date hereof, unless
        sooner terminated as provided in this Agreement. The initial term of employment
        and any extension thereof is herein referred to as the “Term.” 

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      2.2. Notwithstanding
        the provisions of Section 2.1 hereof and subject to the terms of this Agreement,
        (a) the Corporation shall have the right, on written notice to the Executive
        (setting forth with reasonable specificity, in the event of a termination
        which
        the Corporation asserts to be for Cause, the event(s) or circumstance(s)
        that
        constitute Cause) to terminate the Executive’s employment with or without Cause,
        such termination to be effective as of the date specified in the notice;
        but in
        no event earlier than 30 days from the date of the notice in the event the
        Executive’s employment is terminated by the Corporation without Cause and (b)
        the Executive shall have the right, on written notice to the Corporation
        (setting forth with reasonable specificity, in the event of a resignation
        which
        the Executive asserts to be for Good Reason, the event(s) or circumstance(s)
        that constitute Good Reason), to resign with or without Good Reason, in
        accordance with Sections 2.6(a) and (b) hereof. 

      

      2.3. No
        later
        than one year prior to the end of the Term (including any previous extension
        of
        the Term under this Section 2.3), the Corporation and the Executive shall
        meet
        to discuss the terms and conditions of an extension of the Term of this
        Agreement or entering into a new employment agreement at the end of the Term.
        If
        the Term of this Agreement shall not be extended by the Corporation (and
        the
        Executive and the Corporation shall not have entered into a new employment
        agreement) for at least one year under fair and reasonable terms, having
        due
        regard for industry employment practices relating to executives of corporations
        of the size and character of the Corporation, then, upon the Executive’s
        termination of employment, the Corporation shall pay as severance pay to
        the
        Executive an amount equal to (i) annual salary at the rate in effect as of
        the
        Executive’s date of termination, plus (ii) the aggregate annual bonus (including
        any Performance Bonus and Discretionary Bonus) paid or payable to the Executive
        for the three calendar years prior to the date of termination divided by
        3 (the
“Applicable Bonus”). All such payments shall be made within fifteen days of such
        termination. In addition, following such termination, the Corporation shall
        provide the Executive benefit coverage continuation to the same extent and
        subject to the same conditions as provided in Section 2.5 hereof; provided
        further, that the Executive shall only be entitled to such health and welfare
        benefits as long as he is in compliance with the provisions of Section 5
        below,
        to the extent applicable. Health benefits otherwise receivable by the Executive
        pursuant to this Section 2.3 shall be reduced to the extent comparable benefits
        are actually available to the Executive during such period from a subsequent
        employer.

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      2.4. For
        purposes of this Agreement, the term “Cause” shall mean any of the following
        actions or failure to act by the Executive: 

      

      (a)
        failure to comply with any of the material terms of this Agreement, which
        shall
        not be cured within 30 days after the Executive’s receipt of written notice from
        the Board of Directors; 

      

      (b)
        engagement in gross misconduct injurious to the Corporation or an affiliate
        of
        the Corporation, which shall not be cured within 30 days after the Executive’s
        receipt of written notice from the Board of Directors; 

      

      (c)
        knowing and willful neglect or refusal to attend to the material duties
        reasonably assigned to him by the Board of Directors, which shall not be
        cured
        within 30 days after the Executive’s receipt of written notice from the Board of
        Directors; 

      

      (d)
        intentional misappropriation of property of the Corporation or an affiliate
        of
        the Corporation to the Executive’s own use; 

      

      (e)
        the
        commission by the Executive of an act of embezzlement; 

      

      (f)
        Executive’s conviction for a felony or if criminal penalties are imposed on
        Executive relating to any individual income taxes due and owing by Executive;
        or

      

      (g)
        Executive’s engaging in any activity, which would constitute a material conflict
        of interest with the Corporation which shall not be cured within 30 days
        after
        the Executive’s receipt of written notice from the Board of Directors;

      

      If
        the
        Executive’s termination is based on any event(s) or circumstance(s) set forth in
        subsections (a), (b), (c) or (g) above and such event cannot be cured within
        30
        days due to the nature of the breach, the cure period shall then be extended
        for
        a reasonable period of time; provided, however, the Executive undertakes
        and
        continues in good faith to cure the same. In the event the Executive’s
        termination is based on any event(s) or circumstance(s) set forth in subsections
        (a), (b), (c), (d), (e) or (g), the Executive shall have 10 days after the
        date
        written notice has been given to the Executive in which to address the Board
        regarding any such alleged act or failure to act.

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      2.5. If
        the
        Executive’s employment with the Corporation shall be terminated (a) by the
        Corporation, other than for Cause or as a result of the Executive’s death or
        Incapacity or (b) by the Executive for Good Reason, then (i) the Corporation
        shall pay to the Executive as severance an amount equal to the product of
        (1)
        the lesser of (A) the remaining Term (in whole years and fractions rounded
        to
        the next highest one-twelfth) plus 1 or (B) 3, multiplied by (2) the sum
        of the
        Executive’s annual salary at the rate in effect as of the termination plus the
        Applicable Bonus, such payment to be made within fifteen days of the Executive’s
        date of termination, and (ii) effective upon the date of termination, all
        stock
        options and restricted stock held by or for the Executive beneficially (in
        trust
        or otherwise) including, without limitation, all stock options and restricted
        stock granted under 2005 Stock Plan or any similar plan, as may be established
        at the Corporations’ discretion, shall vest, and in the case of stock options
        shall become immediately exercisable and shall remain exercisable by the
        Executive (or his estate in the event of his death) for one year following
        such
        termination. In addition, (i) for the five year period following the Executive’s
        date of termination, the Corporation shall provide the Executive (and, if
        applicable, his spouse and eligible dependents) health and welfare coverage
        as
        are generally available to other senior executives of the Corporation or
        its
        subsidiaries on the same basis and at the same cost as such benefits are
        provided to such other senior executives and (ii) after such five year period,
        the Executive (and, if applicable, his spouse and eligible dependents) shall
        have the option to elect to participate in health and welfare coverage as
        are
        generally available to other senior executives of the Corporation or its
        subsidiaries at the Executive’s full expense; provided, however, that the
        Executive shall only be entitled to such payments and benefits as long as
        he is
        in compliance with the provisions of Section 5 below, to the extent applicable.
        Health benefits otherwise receivable pursuant to this Section 2.5 shall be
        reduced to the extent comparable benefits are actually available to the
        Executive during such period from a subsequent employer. 

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      2.6. (a)
        The
        Executive shall have the right to resign without Good Reason at any time
        effective 30 days after delivery of written notice of such resignation to
        the
        Corporation. 

      

            
        (b) The Executive shall, subject to the cure periods in this Section 2.6(b),
        have the right within 30 days of the occurrence of a Good Reason event, to
        resign for Good Reason. Such resignation must be upon at least 30 days’ prior
        written notice of termination to the Corporation and be in accordance with
        Section 2.2. For purposes of this Agreement, “Good Reason” shall mean any of the
        following:

      

      (i)
        the
        Corporation materially changes the Executive’s duties and responsibilities to a
        level materially below those normally associated with the position held by
        the
        Executive on the date hereof;

       

                                     
        (ii) a reduction by the Corporation of the Executive’s base salary as then in
        effect, without the Executive’s written consent;

      

      (iii)
        a
        relocation or an actual change in the Executive’s place of employment outside of
        Long Island, New York without Executive’s prior consent;

      

      (iv)
        failure of the Corporation to continue to maintain the same medical coverage
        for
        the Executive as are made available to other senior executives of the
        Corporation;

      

      (v)
        any
        material breach by the Corporation of any provision of this Agreement;
        or

      

      (vi)
        any
        failure by the Corporation to obtain the assumption of this Agreement by
        any
        successor entity.

      

      Notwithstanding
        the above, the Corporation shall have 30 days following the delivery of the
        written notice to cure such event(s) or circumstance(s); provided, further,
        that
        if such events cannot be reasonably cured within 30 days but the Corporation
        commences reasonable steps within said 30 day period to cure such breach
        and
        diligently continues such steps thereafter, the cure period shall be extended
        for an additional 30 day period.

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      3. Compensation.

      

        3.1.        
          (a)
          The Corporation shall pay or cause Delta Funding Corporation to pay to
          the
          Executive for the services to be rendered by the Executive hereunder a
          salary at
          the rate of $600,000 per annum. The salary shall be payable in equal
          installments in accordance with the Corporation’s normal payroll practices. Such
          salary will be reviewed at least annually and may be increased (but not
          decreased) by the Board of Directors of the Corporation in such amount
          as
          determined in its sole discretion. 

         

      

      (b)
        In
        addition, the Compensation Committee of the Board of Directors (the
“Compensation Committee”) shall, at the beginning of each year, determine
        whether the Executive will be eligible for a performance based bonus (the
        “Performance Bonus”) for such year. The Performance Bonus shall be based on the
        achievement of objective performance targets and such other factors as
        determined by the Compensation Committee at the beginning of each year to
        which
        such Performance Bonus relates in accordance with Section 162(m) of the Internal
        Revenue Code (the “Code”) and shall be based on the Corporation’s actual
        performance relative to its financial and operational objectives for any
        particular period, and the performance of the Executive. The Performance
        Bonus,
        if any, may be paid in cash, in shares of the Corporation’s common stock, par
        value $.01 per share (the "Common Stock") or in any combination of cash and
        shares of Common Stock, as determined in the discretion of the Compensation
        Committee. It being understood that whether the Executive shall be eligible
        for
        the award of any such bonus for any given year shall be in the sole discretion
        of the Compensation Committee and that the amount thereof, if any, may vary
        depending upon actual performance of the Corporation and the
        Executive.

      

      (c)
        In
        addition to the Performance Bonus, the Corporation may pay the Executive,
        at the
        Board of Directors’ (or Compensation Committee’s) discretion, additional cash
        bonuses (the “Discretionary Bonus”). Nothing set forth in this Section 3.1(c)
        shall, however, obligate the Corporation to pay any Discretionary Bonus
        described in this Section 3.1(c) to the Executive, it being understood that
        any
        such bonus shall be in the sole discretion of the Board of Directors (or
        Compensation Committee) and that the amount thereof, if any, may vary depending
        upon actual performance of the Corporation and the Executive as determined
        in
        the discretion of the Board.

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      (d)
        On
        the date of this Agreement, the Executive shall be granted 72,500 shares
        of
        restricted stock of Delta Financial Corporation's Common Stock, par value
        $0.01
        per share, pursuant to Delta Financial Corporation's 2005 Stock Incentive
        Plan
        (the "2005 Stock Plan"). Except as otherwise provided in this Agreement,
        the
        foregoing restricted stock shall vest 25% per year commencing on the date
        of
        grant and each of the next three anniversaries of the date of grant and be
        subject to the terms of the 2005 Stock Plan.

      

      3.2. The
        Executive shall be entitled to participate in, and receive benefits from,
        any
        insurance, medical, disability, incentive compensation (including additional
        grants of non-qualified stock options or other equity awards under any of
        the
        Corporation’s stock option and equity plans, as determined by the Corporation)
        or other employee benefit plan, if any are adopted, of the Corporation or
        any
        subsidiary which may be in effect at any time during the course of his
        employment by the Corporation and which shall be generally available to the
        Executive on terms no less favorable than to other senior executives of the
        Corporation or its subsidiaries, unless such participation would, in the
        discretion of the Compensation Committee, be duplicative of the Executive’s
        bonus entitlements under Section 3.1. 

      

      3.3. The
        Corporation agrees to reimburse the Executive for all reasonable and necessary
        business expenses incurred by him on behalf of the Corporation in the course
        of
        his duties hereunder upon the presentation by the Executive of appropriate
        vouchers therefor. 

      

      3.4. The
        Executive will be entitled each year of this Agreement to a paid vacation
        of
        five weeks, no more than half of which can be carried forward to future
        years.

      

      3.5. The
        Corporation agrees to obtain life insurance for the Executive in an amount
        of at
        least $2,000,000, with the Executive to have the right to name the
        beneficiary(ies) thereof. Upon termination of this Agreement, the Executive
        shall have the right to cause the Corporation to assign such life insurance
        policy to the Executive or his designee at no cost to the Executive, except
        that
        Executive shall pay the Corporation an amount equal to the cash surrender
        value
        of the policy, if any, and Executive shall be responsible for any premiums
        due
        thereon after the balance of the Term of this Agreement.

      

      
        
           

        

        
          7

          
            

          

        

        
           
                              
          3.6. Upon
          termination of this Agreement for any reason, whether by the Corporation
          with or
          without Cause, by the Executive with or without Good Reason or due to death
          or
          Incapacity of the Executive, the Executive (or his estate) shall be entitled
          to
          any unpaid base salary earned or accrued through the date of termination,
          any
          accrued but unused vacation benefit, and any reimbursement for business
          expenses
          owed to the Executive by the Corporation. In addition, in the event of
          the
          Executive’s termination by the Corporation without Cause, by the Executive with
          Good Reason or due to death or Incapacity of the Executive, the Executive
          (or
          his estate) shall also be entitled to a pro-rata Performance Bonus (determined
          based on actual performance as of the Executive’s date of termination).

      

      

      3.7. The
        Executive shall not be required to mitigate damages or the amount of any
        payment
        provided to him under this Agreement by seeking other employment or
        otherwise.

      

      4. Incapacity;
        Death.
        

      

      4.1. If,
        during the period of employment hereunder, the Board reasonably determines
        that
        the Executive has failed for a period of 120 consecutive days, or for shorter
        periods aggregating more than 120 days during any twelve month period, to
        render
        the services contemplated hereunder because of illness or other incapacity
        (“Incapacity”), then the Corporation, at its option, may terminate the term of
        employment hereunder, upon not less than 30 days written notice from the
        Corporation to the Executive; provided, however,
        that no
        such termination will be effective if prior to the 30th
        day
        after giving such notice, the Executive’s illness or incapacity shall have
        terminated and he shall be physically and mentally able to perform the services
        required hereunder. 

      

      4.2. In
        the
        event of the death of the Executive during the term hereof, the employment
        hereunder shall terminate on the date of death of the Executive.

      

      4.3. The
        Corporation (or its designee) shall have the right to obtain for its benefit
        an
        appropriate life insurance policy on the life of the Executive, naming the
        Corporation (or its designee) as the beneficiary. If requested by the
        Corporation, the Executive agrees to cooperate with the Corporation in obtaining
        such policy. 

      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      4.4. In
        the
        event the employment of Executive is terminated by the Corporation as the
        result
        of the death or Incapacity of the Executive, the Corporation agrees to make
        a
        payment to the Executive (or his estate) within 15 days of such termination
        in
        an amount equal to the Executive’s annual salary in effect as of the date of
        such termination plus the Applicable Bonus, less the amount of employer-paid
        disability insurance received by Executive under a disability benefit plan
        maintained by the Corporation (or any of its subsidiaries). In addition,
        if
        termination occurs as a result of Executive’s Incapacity, the Corporation will
        continue to pay for a period of time equal to the remaining Term of this
        Agreement the premiums on the $2,000,000 of life insurance policies presently
        maintained by the Corporation on Executive’s life for the benefit of Executive’s
        designated beneficiary(ies). Further, (i) for the five year period following
        the
        Executive’s date of termination, the Corporation shall provide the Executive
        (and, if applicable, his spouse and eligible dependents) health and welfare
        coverage as are generally available to other senior executives of the
        Corporation or its subsidiaries on the same basis and at the same cost as
        such
        benefits are provided to such other senior executives and (ii) after such
        five
        year period, the Executive (and, if applicable, his spouse and eligible
        dependents) shall have the option to participate in health and welfare coverage
        as are generally available to other senior executives of the Corporation
        or its
        subsidiaries at the Executive’s full expense; provided, however, that the
        Executive shall only be entitled to such payments and benefits as long as
        he is
        in compliance with the provisions of Section 5 below, to the extent applicable.
        

      

      4.5
         If
        the
        Executive’s employment with the Corporation shall be terminated by the
        Corporation due to death or Incapacity of the Executive, then, effective
        upon
        the date of termination, all stock options and restricted stock held by or
        for
        the Executive beneficially (in trust or otherwise) including, without
        limitation, all stock options and restricted stock granted under the 2005
        Stock
        Plan or any similar plan, as may be established at the Corporation’s discretion,
        shall vest, and in the case of stock options shall become immediately
        exercisable and shall remain exercisable by the Executive or his estate for
        one
        year following such termination. 

      

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      5. Other
        Activities During Employment; Non-Competition; Solicitation.

      

      5.1. The
        Executive shall not, during the Term of this Agreement, undertake or engage
        in
        other employment, occupation or business enterprise. Subject to compliance
        with
        the provisions of this Agreement, the Executive may engage in reasonable
        activities with respect to personal investments of the Executive.

      

      5.2. During
        the Term of this Agreement, and for a period of one year after the Executive
        leaves the employ of the Corporation, in the event that, before a Change
        in
        Control, (a) the Corporation terminates the Executive’s employment with the
        Corporation with or without Cause, (b) the Executive terminates his employment
        with or without Good Reason or (c) the Term of this Agreement (as it may
        have
        previously been extended under Section 2.3) is not extended in accordance
        with
        Section 2.3, then:

      

      (a)
        Neither the Executive nor any entity in which he may be interested as a partner,
        trustee, director, officer, employee, shareholder, option holder, lender
        of
        money, guarantor or consultant, shall be engaged directly or indirectly in
        any
        business engaged in by the Corporation, or any subsidiary, in any area where
        the
        Corporation, or any subsidiary, conducts such business at any time during
        this
        Agreement; provided however, that the foregoing shall not be deemed to prevent
        the Executive from investing in securities if such class of securities in
        which
        the investment is so made is listed on a national securities exchange or
        is
        issued by a company registered under Section 12(g) of the Securities Exchange
        Act of 1934 (“Exchange Act”), so long as such investment holdings do not, in the
        aggregate, constitute more than 5% of the voting stock of any company’s
        securities; and 

      

      (b)
        The
        Executive shall not solicit (or assist or encourage the solicitation of)
        any
        employee of the Corporation or any of its subsidiaries or affiliates to work
        for
        Executive or for any business, firm, corporation or other entity in which
        the
        Executive, directly or indirectly, in any capacity described in Section 5.2
        hereof, participates or engages (or expects to participate or engage) or
        has (or
        expects to have) a financial interest or management position. 

      

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      5.3. The
        Executive shall not at any time during this Agreement or after the termination
        hereof directly or indirectly divulge, furnish, use, publish or make accessible
        to any person or entity any Confidential Information other than in the
        performance of his duties hereunder. Notwithstanding the foregoing, the
        Executive shall be authorized to disclose confidential information (a) as
        may be
        required by law or legal process after providing the Corporation with prior
        written notice and an opportunity to respond to such disclosure (unless such
        notice is prohibited by law), (b) in any criminal proceeding against him
        after
        providing the Corporation with prior written notice and an opportunity to
        seek
        protection for such confidential information and (c) with the prior written
        consent of the Corporation. Any records of Confidential Information prepared
        by
        the Executive or which come into Executive’s possession during this Agreement
        (including, but not limited to, electronic data or information) are and remain
        the property of the Corporation and upon termination of Executive’s employment
        all such records and copies thereof shall be either left with or returned
        to the
        Corporation. 

      

      5.4. The
        term
“Confidential Information” shall mean information disclosed to the Executive or
        known, learned, created or observed by him as a consequence of or through
        his
        employment by the Corporation, not generally known in the relevant trade
        or
        industry, about the Corporation’s or any of its subsidiaries’ or affiliates’
business activities, services and processes, including but not limited to
        information concerning advertising, sales promotion, publicity, sales data,
        research, finances, accounting, methods, processes, business plans, broker
        or
        correspondent lists and records and potential broker or correspondent lists
        and
        records.

      

      5.5 Upon
        Executive’s termination of employment for any reason, the Executive shall
        promptly surrender and deliver to the Corporation all property of the Company
        and all documents, correspondence and any other information, of any type
        whatsoever, from the Corporation or any of its agents, servants, employees,
        suppliers, and existing or potential customers, that came into the Executive’s
        possession by any means whatsoever, during the course of the Executive’s
        employment.

      

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      6. Change
        in Control.

      

      6.1. For
        purposes hereof, a “Change in Control” shall be deemed to have occurred if (a)
        during any period of 12 months, individuals who at the beginning of such
        period
        constitute the Board of Directors of the Corporation cease for any reason
        to
        constitute a majority thereof unless the election, or the nomination for
        the
        election by the Corporation’s stockholders of each new director was approved by
        a vote of at least a majority of the directors then still in office who were
        directors at the beginning of the period, (b) a person or group of persons
        acting in concert (as defined in Section 13 (a) of the Exchange Act), other
        than
        one or more members of the Miller Family (hereinafter defined), acquires
        beneficial ownership, within the meaning of Rule 13 (d) (3) of the Rules
        and
        Regulations of the United States Securities and Exchange Commission promulgated
        pursuant to the Exchange Act, of a number of voting shares of the Corporation
        which constitutes 50% or more of the Corporation’s outstanding voting shares,
        (c) the Corporation is merged, consolidated or reorganized into or with another
        corporation or another legal entity and, as a result of such merger,
        consolidation or reorganization, less than 50% of the combined voting power
        of
        the then-outstanding securities of such corporation or entity immediately
        after
        such transaction is held in the aggregate by the holders of the combined
        voting
        power of the securities of the Corporation entitled to vote generally in
        the
        election of directors of the Corporation immediately prior to such transaction,
        or (d) the Corporation undergoes a liquidation or dissolution or, in one
        or more
        transactions occurring within a consecutive 12-month period, sells all or
        substantially all of the assets of the Corporation. 

      

           
For
        purposes of this Agreement, the term “Miller Family” shall mean Hugh Miller,
        Marc E. Miller, Sidney Miller and Lee Miller, any of their respective spouses
        or
        lineal descendants, or any trust the beneficial interests of which are held
        by
        such persons.

      

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      6.2. If,
        on or
        after a Change in Control, as defined under Section 6, the Executive’s
        employment with the Corporation is terminated by the Corporation without
        Cause,
        or the Executive terminates his employment with the Corporation for Good
        Reason
        (as defined in Section 2.6), in each case within a 24 month period following
        a
        Change in Control (each a “Change in Control Termination”), the Executive shall
        be entitled to the following severance compensation and benefits in lieu
        of any
        payments which would otherwise be payable under Section 2.5:

      

      (a)
        within 15 days of the date of the Change in Control Termination (the “Change in
        Control Termination Date”), the Corporation shall pay the Executive all amounts
        of earned or accrued compensation through the Executive’s termination date,
        including reasonable business expenses;

      

      (b)
        within 15 days of the Change in Control Termination Date, the Corporation
        shall
        pay the Executive as severance and in lieu of any further compensation for
        periods subsequent to the Change in Control Termination Date an amount equal
        to
        the product of (1) 3, multiplied by (2) the sum of the Executive’s annual salary
        at the rate in effect as of the termination plus the Applicable Bonus; and
        

      

      (c)
        the
        Corporation shall continue on behalf of the Executive and his dependents
        and
        beneficiaries the life insurance, disability, medical, dental, prescription
        drug
        and hospitalization coverages and benefits provided to the Executive immediately
        prior to the Change in Control Termination Date or, if greater, the coverages
        and benefits generally provided at any time thereafter by the Corporation
        to its
        senior officers for the remaining Term of this Agreement following the Change
        in
        Control Termination Date. Health benefits otherwise receivable by the Executive
        pursuant to this Section 6.2 shall be reduced to the extent comparable benefits
        are actually available to the Executive during such period from a subsequent
        employer.

      

      6.3. Executive
        shall not be required to mitigate the amount of any payment provided for
        in this
        Section 6 by seeking employment or otherwise. 

      

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      6.4. Upon
        the
        occurrence of a Change in Control, all stock options and restricted stock
        held
        by or for the Executive beneficially (in trust or otherwise), including without
        limitation, all stock options and restricted stock granted under the 2005
        Stock
        Plan or any similar plan, as may be established at the Corporation’s discretion,
        shall vest, and in the case of stock options shall become immediately
        exercisable on the date of the Change in Control and shall remain exercisable
        by
        the Executive until the termination date stated in the related stock option
        certificates. 

      

      6.5. In
        the
        event that any payment or benefit received or to be received by the Executive
        in
        connection with a Change in Control of the Corporation or the termination
        of the
        Executive’s employment (whether pursuant to the terms of this Agreement or any
        other plan, arrangement or agreement with the Corporation, any person whose
        actions result in a Change in Control or any person affiliated with the
        corporation or such person) (collectively the “Total Payments”) would not be
        deductible (in whole or in part) as a result of Section 280G of the Code,
        by the
        Corporation, an affiliate or other person making such payment or providing
        such
        benefit, the payments or benefits shall be so reduced until no portion of
        the
        Total Payments is not deductible. The Executive shall be entitled to elect
        which
        payments or benefits shall be so reduced. For purposes of this limitation,
        (1)
        no portion of the Total Payments, the receipt or enjoyment of which the
        Executive shall have effectively waived in writing prior to the date of payment
        shall be taken into account, (2) no portion of the Total Payments shall be
        taken
        into account which in the opinion of tax counsel selected by the Corporation
        and
        acceptable to the Executive does not constitute a “parachute payment” within the
        meaning of Section 280G (b) (2) of the Code (and the regulations thereunder),
        and (3) the value of any noncash benefit or deferred payment or benefit included
        in the Total Payments shall be determined by the Corporation’s independent
        auditors in accordance with the principles of Sections 280(d) (3) and (4)
        of the
        Code (and the regulations thereunder).

      

      7. Payment.
        Notwithstanding anything in this Agreement to the contrary, if at the time
        any
        severance payments are due and payable under this Agreement the Executive
        is a
“specified employee” (as such term is defined in Section 409A of the Code, and
        the regulations thereunder (“Section 409A”)) and the Corporation reasonably
        determines that the payment is not exempt from Section 409A, payment of such
        severance (plus interest at the Corporation’s then applicable short term
        borrowing rate) shall be made on the first day following the sixth month
        anniversary of the Executive’s “separation from service” (as defined in Section
        409A) with the Corporation (or such other time as specified by Section 409A).
        

      

      
        
           

        

        
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      8. Assignment.
        The
        Corporation shall require any successor or assign to all or substantially
        all
        the assets of the Corporation (whether by merger or by acquisition of stock,
        assets or otherwise) prior to consummation of any transaction therewith,
        to
        expressly assume and agree to perform in writing this Agreement in the same
        manner and to the same extent that the Corporation would be required to perform
        it if no such succession or assignment had taken place. This Agreement shall
        inure to the benefit of and be binding upon the Corporation, its successors
        and
        assigns, and upon the Executive and his heirs, executors, administrators
        and
        legal representatives. This Agreement shall not be assignable by the Executive.
        

      

      9. No
        Third Party Beneficiaries.
        This
        Agreement does not create, and shall not be construed as creating, any rights
        enforceable by any person not a party to this Agreement, except as provided
        in
        Section 8 hereof. 

      

      10. Headings.
        The
        headings of the sections hereof are inserted for convenience only and shall
        not
        be deemed to constitute a part hereof nor to affect the meaning thereof.
        

      

      11. Interpretation.
        In case
        any one or more of the provisions contained in this Agreement shall, for
        any
        reason, be held to be invalid, illegal or unenforceable in any respect, such
        invalidity, illegality or unenforceability shall not affect any other provisions
        of this Agreement, and this Agreement shall be construed as if such invalid,
        illegal or unenforceable provision had never been contained herein. If,
        moreover, any one or more of the provisions contained in this Agreement shall
        for any reason be held by a court of competent jurisdiction to be unenforceable
        because it is excessively broad as to duration, geographical scope, activity
        or
        subject, it shall be construed by limiting and reducing it, so as to be
        enforceable to the extent compatible with the applicable law as it shall
        then
        appear.

      

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      12. Notices.
        All
        notices under this Agreement shall be in writing and shall be deemed to have
        been given at the time when mailed by registered or certified mail, addressed
        to
        the address below stated party to which notice is given, or to such changed
        address as such party may have fixed by notice given as set forth herein:
        

      

      To
        the
        Corporation:

      

      Delta
        Financial Corporation

      1000
        Woodbury Road 

      Suite
        200

      Woodbury,
        New York 11797

      Attn:
        General Counsel

      

      and

      

      To
        the
        Executive:

      

       

      

      Hugh
        Miller

      80
        Coves Run

      Oyster
        Bay Cove, NY 11797

      

      provided,
        however, that any notice of change of address shall be effective only upon
        receipt. 

      

      13. Waivers.
        If
        either party should waive any breach of any provision of this Agreement,
        he or
        it shall not thereby be deemed to have waived any preceding or succeeding
        breach
        of the same or any other provision of this Agreement.

      

      14. Complete
        Agreement; Amendments.
        The
        foregoing is the entire agreement of the parties with respect to the subject
        matter hereof and may not be amended, supplemented, canceled or discharged
        except by written instrument executed by both parties hereto.

      

      15. Equitable
        Remedies.
        The
        Executive acknowledges that he has been employed for his unique talents and
        that
        his leaving the employ of the Corporation would seriously hamper the business
        of
        the Corporation and that the Corporation will suffer irreparable damage if
        any
        provisions of Section 5 hereof are not performed strictly in accordance with
        their terms or are otherwise breached. The Executive hereby expressly agrees
        that the Corporation shall be entitled as a matter of right to injunctive
        or
        other equitable relief, in addition to all other remedies permitted by law,
        to
        prevent a breach or violation by the Executive and to secure enforcement
        of the
        provisions of Section 5. Resort to such equitable relief, however, shall
        not
        constitute a waiver or any other rights or remedies, which the Corporation
        may
        have. 

      

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      16. Governing
        Law.
        This
        Agreement is to be governed by and construed in accordance with the laws
        of the
        State of New York, without giving effect to principles of conflicts of law.
        

      

      17. Tax
        Withholding.
        The
        Corporation may withhold from any amounts payable under this Agreement such
        federal, state and local income and employment taxes as the Corporation shall
        determine are required to be withheld pursuant to any applicable law or
        regulation.

      

      18. Section
        409A.
        It is
        the Corporation’s and the Executive’s intention that any compensation under this
        Agreement avoid additional tax under Section 409A to the extent applicable.
        If
        either party believes, at any time, that any compensation or benefits provided
        for under this Agreement is subject to but does not comply with Section 409A,
        it
        will promptly advise the other party and both parties will negotiate reasonably
        and in good faith to amend the terms of this Agreement such that it does
        comply
        (or is exempt from) Section 409A and that amendment will have the most limited
        possible economic effect on the Executive and the Corporation. 

      

      19. Survival.
        The
        provisions of Sections 2.5, 3.2, 4.4 and 5 and any other provisions of this
        Agreement that by their meaning are intended to survive shall survive
        termination of this Agreement or termination of the employment of the Executive
        for any reason.

      

      [Signature
        Page Immediately Follows]

      
        
           

           

        

        
          17

          
            

          

        

        
           

        

      

       

                IN
        WITNESS WHEREOF, the parties
        hereto have executed this Agreement as the
        date
        first above written. 

      

                  DELTA
        FINANCIAL
        CORPORATION

                  By:
/s/
        RICHARD BLASS  

                  Name:
        Richard
        Blass

                  Title:
        Executive Vice
        President

      

      

                  /s/
        HUGH
        MILLER   

                  HUGH
        MILLER

       

       

       

       

      
        
           

        

        
          18

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