Document:

Consulting Agreement

 Exhibit 10.34
 CONSULTING AGREEMENT
 This Consulting Agreement (the
“Agreement”), effective as of August 23, 2001 is entered into by and between Mobile P.E.T. Systems Inc., a Delaware corporation (herein referred to as the “Company”) and AMERICAN FINANCIAL COMMUNICATIONS, INC., a California
corporation (herein referred to as the “Consultant”).
 RECITALS
 WHEREAS, Company is a
publicly-held corporation with its common stock traded on the OTCBB Market; and
 WHEREAS, Company desires to engage the services of Consultant to represent the company in investors’
communications and public relations with existing shareholders, brokers, dealers and other investment professionals as to the Company’s current and proposed activities, and to consult with management concerning such Company activities;

NOW THEREFORE, in consideration of the promises and the mutual covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:
 1.  Term of Consultancy.  Company hereby agrees to retain the Consultant to act in a consulting capacity to the Company, and the Consultant hereby agrees to provide services to the Company commencing once this
contract have been executed and ending on August 23, 2002.
 2.  Duties of Consultant.  The Consultant agrees that it will generally provide the following specified consulting
services:
       (a) Consult and assist the Company in developing and implementing appropriate plans and means for presenting the Company and its business plans, strategy and
personnel to the financial community, establishing an image for the Company in the financial community, and creating the foundation for subsequent financial public relations efforts;
 
     (b) Introduce the Company to the financial community;
       (c) With the cooperation of the Company, maintain an awareness during the term of
this Agreement of the Company’s plans, strategy and personnel, as they may evolve during such period, and consult and assist the Company in communicating appropriate information regarding such plans, strategy and personnel to the financial
community;
       (d) Assist and consult the Company with respect to its (i) relations with stockholders, (ii) relations with brokers, dealers, analysts and other investment
professionals, and (iii) financial public relations generally; 
       (e) Perform the functions generally assigned to stockholder relations and public relations departments
in major corporations, including responding to telephone and written inquiries (which may be referred to the Consultant by the Company); preparing press releases for the Company with the Company’s involvement and approval of press releases,
reports and other communications with or to shareholders, the investment community and the general public; consulting with respect to the timing, form, distribution and other matters related to such
releases, reports and communications; and, at the Company’s request and subject to the Company’s securing its own rights to the use of its names, marks, and logos, consulting with respect to corporate symbols, logos, names, the
presentation of such symbols, logos and names, and other matters relating to corporate image;
 1.

       (f) Upon the Company’s direction and approval, disseminate information regarding the Company to shareholders, brokers, dealers, other
investment community professionals and the general investing public;
       (g) Upon the Company’s approval, conduct meetings, in person or by telephone, with brokers,
dealers, analysts and other investment professionals to communicate with them regarding the Company’s plans, goals and activities, and assist the Company in preparing for press conferences and other forums involving the media, investment
professionals and the general investment public;
       (h) At the Company’s request, review business plans, strategies, mission statements budgets, proposed transactions
and other plans for the purpose of advising the Company of the public relations implications thereof; and,
       (i) Otherwise perform as the Company’s consultant for
public relations and relations with financial professionals.
 3.  Allocation of Time and Energies.  The Consultant hereby promises to perform and discharge faithfully the
responsibilities which may be assigned to the Consultant from time to time by the officers and duly authorized representatives of the Company in connection with the conduct of its financial and public relations and communications activities, so long
as such activities are in compliance with applicable securities laws and regulations. Consultant and staff shall diligently and thoroughly provide the consulting services required hereunder. Although no specific hours-per-day requirement will be
required, Consultant and the Company agree that Consultant will perform the duties set forth herein above in a diligent and professional manner. The parties acknowledge and agree that a disproportionately large amount of the effort to be expended
and the costs to be incurred by the Consultant and the benefits to be received by the Company are expected to occur within or shortly after the first two months of the effectiveness of this Agreement. It is explicitly understood that
Consultant’s performance of its duties hereunder will in no way be measured by the price of the Company’s common stock, nor the trading volume of the Company’s common stock. It is also understood that the Company is entering into this
Agreement with American Financial Communications, Inc. (“AFC”), a corporation and not any individual member of AFC, and, as such, Consultant will not be deemed to have breached this Agreement if any member, officer or director of AFC
leaves the firm or dies or becomes physically unable to perform any meaningful activities during the term of the Agreement, provided the Consultant otherwise performs its obligations under this Agreement.
 2.
  

 4.  Remuneration.  As full and complete compensation for services described in this Agreement, the Company shall compensate AFC as follows:
      4.1 (a) For undertaking this engagement and for other good and valuable consideration, the Company agrees to issue and deliver to the
Consultant a “Commencement Bonus” payable in the form of 2,500,000 shares of the Company’s Common Stock (“Common Stock”). This Commencement Bonus shall be issued to the Consultant immediately following execution of this
Agreement and shall, when issued and delivered to Consultant, be fully paid and non-assessable. The Company understands and agrees that Consultant has foregone significant opportunities to accept this engagement and that the Company derives
substantial benefit from the execution of this Agreement and the ability to announce its relationship with Consultant. The 2,500,000 shares of Common Stock issued as a Commencement Bonus, therefore, constitute
payment for Consultant’s agreement to consult to the Company and are a nonrefundable, non-apportionable, and non-ratable retainer; such shares of common stock are not a prepayment for future services. If the Company decides to terminate this
Agreement prior to August 23, 2002 for any reason whatsoever, it is agreed and understood that Consultant will not be requested or demanded by the Company to return any of the shares of Common Stock paid to it as Commencement Bonus hereunder.
Further, if and in the event the Company is acquired in whole or in part, during the term of this agreement, it is agreed and understood Consultant will not be requested or demanded by the Company to return any of the 2,500,000 shares of Common
stock paid to it hereunder. It is further agreed that if at any time during the term of this agreement, the Company or substantially all of the Company’s assets are merged with or acquired by another entity, or some other change occurs in the
legal entity that constitutes the Company, the Consultant shall retain and will not be requested by the Company to return any of the 2,500,000 shares. The Company further agrees that all shares issued to Consultant hereunder shall carry
“piggyback registration rights” whereby such shares will be included in the next registration statement filed by the company. The Company further agrees that it will file a registration statement in which the Consultant is permitted to
participate no later than August 23,2002.Consultant agrees that it will not sell or transfer during the terms of this Agreement any of the 2,500,000 of Company stock issued to Consultant 
           (b)The Company will issue to Consultant (or nominee) 200,000 options at $1.00 available for the term of four years and fully vested for conversion to registered
common shares upon receipt of cash.
       4.2 With each transfer of shares of Common Stock to be issued pursuant to this Agreement (collectively, the “Shares”),
Company shall cause to be issued a certificate representing the Common Stock and a written opinion of counsel for the Company stating that said shares are validly issued, fully paid and non-assessable and that the issuance and eventual transfer of
them to Consultant has been duly authorized by the Company. Company warrants that all Shares issued to Consultant pursuant to this Agreement shall have been validly issued, fully paid and non-assessable and that the issuance and any transfer of them
to Consultant shall have been duly authorized by the Company’s board of directors.
 3.

      4.3 Consultant acknowledges that the shares of Common Stock to be issued pursuant to this Agreement (collectively, the “Shares”) have not
been registered under the Securities Act of 1933, and accordingly are “restricted securities” within the meaning of Rule 144 of the Act. As such, the Shares may not be resold or transferred unless the Company has received an opinion of
counsel reasonably satisfactory to the Company that such resale or transfer is exempt from the registration requirements of that Act. 
      4.4  In connection with the
acquisition of Shares hereunder, the Consultant represents and warrants to the Company, to the best of its/his knowledge, as follows:
      (a)  Consultant acknowledges that the Consultant has been afforded the opportunity to ask questions of and receive answers from duly authorized officers or other representatives of the Company concerning an
investment in the Shares, and any additional information which the Consultant has requested.
      (b)  Consultant grants all
voting rights to the 2,500,000 to the President and CEO of the Company during ownership.
      (c)  Consultant’s investment in restricted securities is reasonable in relation to
the Consultant’s net worth, which is in excess of ten (10) times the Consultant’s cost basis in the Shares. Consultant has had experience in investments in restricted and publicly traded securities, and Consultant has had experience in
investments in speculative securities and other investments which involve the risk of loss of investment. Consultant acknowledges that an investment in the Shares is speculative and involves the risk of loss. Consultant has the requisite knowledge
to assess the relative merits and risks of this investment without the necessity of relying upon other advisors, and Consultant can afford the risk of loss of his entire investment in the Shares. Consultant is (i) an accredited investor, as that
term is defined in Regulation D promulgated under the Securities Act of 1933, and (ii) a purchaser described in Section 25102 (f) (2) of the California Corporate Securities Law of 1968, as amended.
      (d)  Consultant is acquiring the Shares for the Consultant’s own account for long-term investment and not with a view toward resale or distribution thereof except in accordance with applicable securities
laws.
      5. Financing “Finder’s Fee”.  It is understood that in the event Consultant introduces Company, or its nominees, to a lender or
equity purchaser, not already having a preexisting relationship with the Company, with whom Company, or its nominees, ultimately finances or causes the completion of such financing, Company agrees to compensate Consultant for such services with a
“finder’s fee” in the amount of 2.5% of total gross funding provided by such lender or equity purchaser, such fee to be payable in cash. This 2.5% will be in addition to any fees payable by Company to any other intermediary, if any,
which shall be the subject of separate agreements, negotiated between Company and such other intermediary. It is also understood that in the event Consultant introduces Company, or its nominees, to an acquisition candidate, either directly or
indirectly through another intermediary, not already having a preexisting relationship with the Company, which Company, or its nominees, ultimately acquires or causes the completion of such acquisition, Company agrees to compensate Consultant for
such services with a “finder’s fee” in the amount of 2% of total gross consideration provided by such acquisition, such fee to be payable in cash. This 2% will be in addition to any fees payable by Company to any other intermediary.
It is specifically understood that Consultant is not and does not hold itself out be a Broker/Dealer, but is rather merely a “Finder” in reference to the Company procuring financing sources and acquisition candidates. Any obligation to pay
a “Finder’s Fee” hereunder shall survive the merging, acquisition, or other change in the form of entity of the Company and to the extent it remains unfulfilled shall be assigned and transferred to any successor to the Company.
 4.

       5.1  It is further understood that Company, and not Consultant, is responsible to perform any and all due diligence on such lender,
equity purchaser or acquisition candidate introduced to it by Consultant under this Agreement, prior to Company receiving funds or closing on any acquisition. However, Consultant will not introduce any parties to Company about which Consultant has
any prior knowledge of questionable, unethical or illicit activities.
       5.2  Company agrees that said compensation to Consultant shall be paid in full at the time
said financing or acquisition is closed, such compensation to be transferred by Company to Consultant within seven (7) business days of the execution of the financing of acquisition closing document. Payment of said compensation, shall be a
condition precedent to the closing of such financing or acquisition, and Company shall execute any and all documents necessary to effect said compensation.
 
     5.3  As further consideration to Consultant, Company, or its nominees, agrees to pay with respect to any financing or acquisition candidate provided directly or indirectly to the Company by any lender or
equity purchaser covered by this Section 5 during the period of one year from the close of the term of this Agreement, a fee to Consultant equal to that outlined in Section 5 herein.
 
     5.4  Consultant will notify Company of introductions it makes for potential sources of financing or acquisitions in a timely manner (within approximately 3 days of introduction) via facsimile memo. If Company has a
preexisting relationship with such nominee and believes such party should be excluded from this Agreement, then Company will notify Consultant immediately within twenty-four (24) hours of Consultant’s facsimile to Company of such circumstance
via facsimile memo.
      6.  Non-Assignability of Services.  Consultant’s services under this contract are offered to Company only and may not be
assigned by Company to ant entity with which Company merges or which acquires the Company or substantially all of its assets. In the event of such merger or acquisition, all compensation to Consultant herein under the schedules set forth herein
shall remain due and payable, and any compensation received by the Consultant may be retained in the entirety by Consultant, all without any reduction or pro-rating and shall be considered and remain fully paid and non-assessable. Notwithstanding
the non-assignability of Consultant’s services, Company shall assure that in the event of any merger, acquisition, or similar change of form of entity, that its successor entity shall agree to complete all obligations to Consultant, including
the provision and transfer of all compensation herein, and the preservation of the value thereof consistent with the rights granted to Consultant by the Company herein, and to Shareholders.
 5.

      7. Expenses.  Consultant agrees to pay for all its expenses (phone, mailing, labor, etc.), other than extraordinary items (travel
required by/or specifically requested by the Company, luncheons or dinners to large groups of investment professionals, mass faxing to a sizable percentage of the Company’s constituents, investor conference calls, print advertisements in
publications, etc.) approved by the Company prior to its incurring an obligation for reimbursement.
      8.  Indemnification.  The Company warrants and
represents that all oral communications, written documents or materials furnished to Consultant by the Company with respect to financial affairs, operations, profitability and strategic planning of the Company are accurate and Consultant may rely
upon the accuracy thereof without independent investigation. The Company will protect, indemnify and hold harmless Consultant against any claims or litigation including any damages, liability, cost and reasonable attorney’s fees as incurred
with respect thereto resulting from Consultant’s communication or dissemination of any said information, documents or materials excluding any such claims or litigation resulting from Consultant’s communication or dissemination of
information not provided or authorized by the Company. 
      9.  Representations.  Consultant
represents that it is not required to maintain any licenses and registrations under federal or any state regulations necessary to perform the services set forth herein. Consultant acknowledges that, to the best of its knowledge, the performance of
the services set forth under this Agreement will not violate any rule or provision of any regulatory agency having jurisdiction over Consultant. Consultant acknowledges that, to the best of its knowledge,
Consultant and its officers and directors are not the subject of any investigation, claim, decree or judgment involving any violation of the SEC or securities laws. Consultant further acknowledges that it is not a securities Broker Dealer or a
registered investment advisor. Company acknowledges that, to the best of its knowledge, that it has not violated any rule or provision of any regulatory agency having jurisdiction over the Company. Company acknowledges that, to the best of its
knowledge, Company is not the subject of any investigation, claim, decree or judgment involving any violation of the SEC or securities laws.
      10.  Legal
Representation.  The Company acknowledges that it has been represented by independent legal counsel in the preparation of this Agreement. Consultant represents that it has consulted with independent legal counsel and/or tax, financial and
business advisors, to the extent the Consultant deemed necessary.
      Status as Independent Contractor. 
Consultant’s engagement pursuant to this Agreement shall be as independent contractor, and not as an employee, officer or other agent of the Company. Neither party to this Agreement shall represent or hold itself out to be the employer or
employee of the other. Consultant further acknowledges the consideration provided hereinabove is a gross amount of consideration and that the Company will not withhold from such consideration any amounts as to income taxes, social security payments
or any other payroll taxes. All such income taxes and other such payment shall be made or provided for by Consultant and the Company shall have no responsibility or duties regarding such matters. Neither the Company nor the Consultant possesses the
authority to bind each other in any agreements without the express written consent of the entity to be bound.
 6.

       12.  Attorney’s Fee.  If any legal action or any arbitration or other proceeding is brought for the enforcement or
interpretation of this Agreement, or because of an alleged dispute, breach, default or misrepresentation in connection with or related to this Agreement, the successful or prevailing party shall be entitled to recover reasonable attorneys’ fees
and other costs in connection with that action or proceeding, in addition to any other relief to which it or they may be entitled.
      13.  Waiver.  The
waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach by such other party.
      14.  Choice of Law, Jurisdiction and Venue.  This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of California. The parties agree that San Francisco County, CA.
will be the venue of any dispute and will have jurisdiction over all parties. 
      15.  Arbitration.  Any controversy or claim arising out of or relating to
this Agreement, or the alleged breach thereof, or relating to Consultant’s activities or remuneration under this Agreement, shall be settled by binding arbitration in California, in accordance with the applicable rules of the American
Arbitration Association, and judgment on the award rendered by the arbitrator(s) shall be binding on the parties and may be entered in any court having jurisdiction as provided by Paragraph 14 herein. The provisions of Title 9 of Part 3 of the
California Code of Civil Procedure, including section 1283.05, and successor statutes, permitting expanded discovery proceedings shall be applicable to all disputes that are arbitrated under this paragraph.
      16.  Complete Agreement.  This Agreement contains the entire agreement of the parties relating to the subject matter hereof. This Agreement and its terms may not be changed orally
but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought.
 AGREED TO:

	“Company”	 	 Mobile P.E.T. Systems, I.N.C.
 
	 	 	 
	Date:	 	By: /s/ Paul J. Crowe
                               
	 	 	Paul J. Crowe, President 
	 	 	 
	 	 	 
	“Consultant”	 	AMERICAN FINANCIAL COMMUNICATIONS, INC.
	 	 	 
	Date:	 	By: /s/ Richard S. Carpenter                     
	 	 	Richard S. Carpenter, CEO
	 	 	 
	 	 	 

  
 
  
  
  
  
  
  
 7.<PAGE>

                                                                    Exhibit 10.1

                               EXECUTIVE AGREEMENT

      THIS EMPLOYMENT AGREEMENT ("Agreement") is made and entered into as of the
l4th day of April, 2000 by and between GLOBALEURONET GROUP, INC., a Delaware
corporation with its principal office at 11601 Wilshire Boulevard, Suite 500,
Los Angeles, California 90025 (the "Company") and Christopher D. Jennings (the
"Executive") whose address is 154 South Layton Drive, Los Angeles, California
90049.

                                    RECITALS

      1. The Company and the Executive desire that the Executive serve as
Co-Chief Executive Officer, a Director and member of the Investment Committee of
the Company.

      2. The Executive possesses intimate knowledge of the business and affairs
of the Company.

      3. The Board of Directors (the "Board") of the Company recognizes that the
Executive's contribution to the growth and success of the Company will be
substantial and desires to assure the Company of the Executive's continued
employment in an executive capacity and to compensate him therefore.

      4. The Board has determined that this Agreement will reinforce and
encourage the Executive's continued attention and dedication to the Company.

      5. The Executive is willing to make his services available to the Company
on the terms and conditions hereinafter set forth.

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreement set forth herein, the parties hereby agree as follows:

      1. Employment.

            1.1 Employment and Term. The Executive shall continue to serve the
Company, on the terms and conditions set forth herein, for the period (the
"Term") effective as of April 17, 2000 (the "Commencement Date") and expiring on
the one year anniversary of the completion of each six month period following
the Commencement Date, unless sooner terminated as hereinafter set forth;
provided, however, that the Term of this Agreement shall automatically be
extended under the same terms and conditions as set forth herein unless the
Company or the Executive gives written notice to the other ninety (90) days
prior to the any anniversary of the Commencement Date of its or his intention to
terminate this Agreement.

            1.2 Duties of Executive. The Executive shall report to the Company's
Board of Directors. Executive shall devote substantially all his productive
time, ability, and attention to the Company's business during the term of this
Agreement. In his capacity as Co-Chief Executive Officer, Executive shall, in
conjunction with the Company's other Co-Chief Executive Officer, be primarily
responsible for the day-to-day supervision and control of the business and the
employees of
<PAGE>

the Company. Executive shall do and perform all services, acts, or things
necessary or advisable to discharge his duties under this Agreement, and such
other duties which may, from time to time, be prescribed by the Company through
its Board of Directors. In particular, Executive shall be a member of the
Company's Investment Committee, which shall be the mechanism for approving the
Company's investments. Furthermore, Executive agrees to cooperate with and work
to the best of his ability with Company's management team, which includes the
Board of Directors and the officers and other employees, to continually improve
the Company's reputation in its industry for performance. During his
employment, the Executive will not engage in any other business activities,
regardless of whether such activity is pursued for profits. gains, or other
pecuniary advantage. However, nothing in this Agreement shall prevent the
Executive from passively investing in business activities so long as such
investments require no active participation by the Executive, or serving on
Boards of Directors so long as such service is disclosed to and approved by the
Chairman.

            1.3 D & 0 Insurance. The Company will use its best efforts to obtain
Directors and Officers insurance coverage at the earliest practical opportunity.

      2. Compensation.

            2.1 Base Salary. During the Term and any extension of the Term
pursuant to paragraph 1.1, the Executive shall receive a base salary at the
annual rate of $250,000 (the "Base Salary"). The Base Salary shall be payable in
substantially equal installments consistent with the Company's normal payroll
schedule, subject to applicable withholding and other taxes. Notwithstanding the
above, at the discretion of the Board of Directors of the Company, the Base
Salary may be increased, but shall not be decreased, on each anniversary of the
Commencement Date during the Term and any extension of the Term.

            2.2 Bonus. The Executive shall be entitled to receive annual bonuses
as shall be determined in the sole and absolute discretion of the Board or its
Compensation Committee.

            2.3 Employee Benefit Plans. Executive shall be entitled, during the
specified period of this Agreement, in addition to those benefits specially
addressed below, to participate equally with other employees of a similar rank
in any retirement, pension, profit-sharing, insurance, or other plans which may
now be in effect or which may be adopted by Company. The benefit plans shall be
with such underwriters and shall contain such provisions as Company, in its sole
discretion, may determine from time to time. Company may delete coverages and
otherwise amend and change the type and quantity of benefit plans it provides in
its sole discretion.

            2.4 Stock Options. Stock Grants, SARs, Pension, 401-K and other
similar programs. The Executive will participate in all non-cash compensation
arrangements established or to be established by the Company. Employee's level
of participation will no less than that level of participation granted or
allowed to the other Co-Chief Executive Officer of the Company.

            Specifically with respect to the Stock Option Plan (the "Plan")
discussed in the Company's Offering Memorandum dated February 24, 2000, the
Executive will be granted options for 250,000 shares to be granted under the
Plan. The exercise price will be Five Dollars ($5.00), the granted options will
be exercisable for five years (5) from thc date of the grant, the

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<PAGE>

date of the grant will be the Executive's first day of employment with the
Company and the options will vest 50% on the date of grant and 50% on the first
anniversary of the date of execution of this Agreement by both the Executive and
the Company.

            2.5 Participation in Carried Interest. Employees participation in
the percentage of profits in investments made that is to be allocated to Company
employees (the "Carried Interest") will be no less than the greater of 22.222%
of such Carried Interest (i.e.-5% of the investment profits) or that amount
allowed to the other Co-Chief Executive Officer of the Company, and greater than
that allowed to any other employee of the Company except the Chairman.

      3. Expense Reimbursement and Other Benefits.

            3.1 Expense Reimbursement. During the Term, the Company, upon the
submission of supporting documentation by the Executive, and in accordance with
Company policies for its executives, shall reimburse the Executive for all
expenses actually paid or incurred by the Executive in the course of and
pursuant to the business of the Company, including expenses for travel,
entertainment, computer allowance, and such other expenses as approved by the
Company.

            3.2 Other Benefits. The Company shall obtain or shall continue in
force comprehensive major medical and hospitalization insurance coverage, either
group or individual, for the Executive and his dependents which insurance the
Company shall keep in effect at its sole expense throughout the Term. The
insurance to be provided by the Company shall be on terms as determined by the
Board.

            3.3 Working Facilities. The Company shall furnish the Executive with
an office, an executive assistant and such other facilities and services
suitable to his position and adequate for the performance of his duties
hereunder.

      4. Termination.

            4.1 Termination for Cause. Notwithstanding anything contained in
this Agreement to the contrary, this Agreement may be terminated by the Company
for Cause. As used in this Agreement "Cause" shall only mean (i) subject to the
following sentences, any action or omission of the Executive which constitutes a
willful and material breach of this Agreement which is not cured or as to which
diligent attempts to cure have not commenced within 20 business days after
receipt by Executive of notice of same, (ii) fraud, embezzlement or
misappropriation as against the Company, or (iii) the conviction (from which no
appeal can be taken) of Executive for any criminal act which is a felony. Upon
any determination by the Board that Cause exists under clause (i) of the
preceding sentence, the Company shall cause a special meeting of the Board to be
called and held at a time mutually convenient to the Board and Executive, but in
no event later than 10 business days after Executive's receipt of the notice
contemplated by clause (i). Executive shall have the right to appear before such
special meeting of the Board with legal counsel of his choosing to refute any
determination of Cause specified in such notice, and any termination of
Executive's employment by reason of such Cause determination shall not be
effective until Executive is afforded such opportunity to appear. Any
termination for Cause pursuant to this Paragraph 4.1 shall be made in writing to
Executive, which notice shall set forth in detail all acts or omissions upon
which the Company is relying for such termination. The Company shall have no
further liability hereunder (other than for reimbursement for reasonable
business expenses incurred prior to the date of

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<PAGE>

termination, subject, however to the provisions of Paragraph 3.1 hereof). In
addition, upon any termination pursuant to this paragraph 4.1, the Executive
hereby agrees to resign his position as a member of the Boards of Directors of
the Company and any subsidiary.

            4.2 Disabilitv. Notwithstanding anything to the contrary contained
in this Agreement if, during the term hereof the Executive suffers a disability
(as defined below) the Company shall, subject to the provisions of Paragraph 4.3
hereof, continue to pay Executive the compensation provided in Paragraphs 2.1
and 3.2 hereof during the period of his disability, provided, however, that, in
the event Executive is disabled for a period of more than 180 days in any 12
month period (the "Disability Period"), the Company may, at its election, within
90 days from the end of the Disability Period, terminate this agreement. In the
event of such termination, (a) payment of the Executive's Base Salary at the
rate prevailing on the date of termination of the Executive and fringe benefits
(to the extent permissible by applicable law) shall be continued for a period of
12 months after such termination. As used in this Agreement, the term
"disability" shall mean the complete inability of Executive to perform his
duties under this Agreement as determined by an independent physician selected
with the approval of the Company and the Executive. Except as provided above,
the Company shall have no further liability hereunder (other than for
reimbursement for reasonable business expenses incurred prior to the date of
termination subject, however, to the provisions of Paragraph 3.1 hereof).

            4.3 Death. In the event of the death of Executive during the Term of
this Agreement, the Company shall pay to Executive's legal representative any
unpaid Base Salary accrued through the date of his death.

            4.4 Termination Without Cause. The Company can terminate this
Agreement without cause at anytime upon 90 day's written notice to Executive,
provided Executive is paid his Base Salary as then in effect in substantially
equal installments consistent with the Company's normal payroll schedule,
subject to applicable withholding and other taxes, for a period of one year from
the effective date of termination (i.e. 90 days after receipt or notice).

            5. Full Settlement. The Company's obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense or other claim, right or action which the Company may have against the
Executive or others. In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement.

      6. Restrictive Covenants.

            6.1 Agreement Not to Use or Disclose Confidential/Proprietary
Information. During the Term and thereafter, the Executive promises and agrees
that he will not disclose or utilize any confidential or proprietary information
acquired during the course of service with the Company and/or its related
business entities. The Executive shall not divulge, communicate, use to the
detriment of the Company or for the benefit of any other person or persons, or
misuse in any way, any confidential or proprietary information pertaining to the
business of the Company. Any confidential or proprietary information or data now
or hereafter acquired by the Executive with respect to the business of the
Company (which shall include, but not be limited to, information concerning the
Company's financial condition, prospects, technology, customers,

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<PAGE>

suppliers, methods of doing business and promotion of the Company's products and
services) shall be deemed a valuable, special and unique asset of the Company
that is received by the Executive in confidence and as a fiduciary. For purposes
of this Agreement "Confidential and Proprietary Information" means information
disclosed to the Executive as a consequence of or through his employment by the
Company (including information conceived, originated, discovered or developed by
the Executive) prior to or after the date hereof and not generally known or in
the public domain, about the Company or its business. This paragraph 6.1 is
effective regardless of the reason for the termination of the Agreement and
regardless of whether the Agreement is terminated by the Executive, the Company
or by its own terms. This restrictive covenant may be assigned to and enforced
by any of the Company's assignees or successors.

            6.2 Competition. During the Term and for a period of one year
thereafter, Executive shall not, directly or indirectly engage in or have any
interest in, directly or indirectly, any sole proprietorship, partnership,
corporation, business or any other person or entity (whether as an employee,
officer, director, partner, agent, security holder, creditor, consultant or
otherwise) that, directly or indirectly, engages primarily in the development,
marketing, distribution, underwriting or sale of products and services
competitive with the Company s and/or any subsidiary's products and services in
any and all States in which the Company and/or any subsidiary conducts its
business during the Term or at the time Executive's employment with the Company
is terminated (the "Territory"); provided, however, that Executive may hold
Company securities and/or acquire, solely as an investment, shares of capital
stock or other equity securities of any publicly traded corporation, so long as
Executive does not control, acquire a controlling interest in, or become a
member of a group which exercises direct or indirect control of, more than five
percent of any class of capital stock of such publicly traded corporation, and
provided further that the Company pays the Executive's Base Salary as then in
effect for this one year period in substantially equal installments consistent
with the Company's normal payroll schedule, subject to applicable withholding
and other taxes.

            6.3 Nonsolicitation of Employees. During the Term and for a period
of one year thereafter, Executive shall not directly or indirectly, for himself
or for any other person, firm, corporation, partnership, association or other
entity, attempt to employ or enter into any contractual arrangement with any
employee or former employee of the Company, provided the company satisfies its
obligations under paragraph 6.2 herein.

            6.4 Books and Records. All books, records, accounts and similar
repositories of Confidential and Proprietary Information of the Company, whether
prepared by the Executive or otherwise coming into the Executive's possession
shall be the exclusive property of the Company and shall be returned immediately
to the Company on termination of this Agreement or on the Board's request at any
time.

            7. Injunction. It is recognized and hereby acknowledged by the
parties hereto that a breach by the Executive of any of the covenants contained
in Paragraph 6 of this Agreement will cause irreparable harm and damage to the
Company, the monetary amount of which may be virtually impossible to ascertain.
As a result, the Executive recognizes and hereby acknowledges that the Company
shall be entitled to an injunction from any court of competent jurisdiction
enjoining and restraining any violation of any or all of the covenants contained
in Paragraph 6 of this Agreement by the Executive or any of his affiliates,
associates, partners or agents, either

                                       5
<PAGE>

directly or indirectly, and that such right to injunction shall be cumulative
and in addition to whatever other remedies the Company may possess.

      8. Consolidation. Merger or Sale of Assets. Nothing in this Agreement
shall preclude the Company from consolidating or merging into or with, or
transferring all or substantially all of its assets to, another corporation that
assumes this Agreement and all obligations of the Company hereunder, in writing.
Upon such consolidation, merger, or transfer of assets and assumption, the term
"the Company" as used herein, shall mean such other corporation and this
Agreement shall continue in full force and effect.

      9. Binding Effect. Except as herein otherwise provided, this Agreement
shall inure to the benefit of and shall be binding upon the parties hereto,
their personal representatives, successors, heirs and assigns.

      10. Terminology. All personal pronouns used in this Agreement, whether
used in the masculine, feminine or neuter gender, shall include all other
genders; the singular shall include the plural and vice versa. Titles of
paragraphs are for convenience only, and neither limit nor amplify the
provisions of the Agreement itself.

      11. Further Assurances. At any time, and from time to time, each party
will take such action as may be reasonably requested by the other party to carry
out the intent and purposes of this Agreement.

      12. Entire Agreement. This Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof. It
supersedes all prior negotiations, letters and understandings relating to the
subject matter hereof.

      13. Amendment This Agreement may not be amended, supplemented or modified
in whole or in pail except by an instrument in writing signed by the party or
parties against whom enforcement of any such amendment, supplement or
modification is sought.

      14. Assignment. This Agreement may not be assigned by any party hereto
without the prior written consent of the other party and except as provided in
Paragraph 8 hereof.

      15. Choice of Law. This Agreement will be interpreted, construed and
enforced in accordance with the laws of the State of Florida, without giving
effect to the application of the principles pertaining to conflicts of laws.

      16. Effect of Waiver. The failure of any party at any time or times to
require performance of any provision of this Agreement will in no manner affect
the right to enforce the same. The waiver by any party of any breach of any
provision of this Agreement will not be construed to be a waiver by any such
party of any succeeding breach of that provision or a waiver by such party of
any breach of any other provision.

      17. Construction. The parties hereto and their respective legal counsel
participated in the preparation of this Agreement; therefore, this Agreement
shall be construed neither against nor in favor of any of the parties hereto,
but rather in accordance with the fair meaning thereof.

                                       6
<PAGE>

      18. Severability. The invalidity, illegality or unenforceability of any
provision or provisions of this Agreement will not affect any other provision of
this Agreement, which will remain in full force and effect, nor will the
invalidity, illegality or unenforceability of a portion of any provision of this
Agreement affect the balance of such provision. In the event that any one or
more of the provisions contained in this Agreement or any portion thereof shall
for any reason be held to be invalid, illegal or unenforceable in any respect,
this Agreement shall be reformed, construed and enforced as if such invalid,
illegal or unenforceable provision had never been contained herein.

      19. Enforcement. Should it become necessary for any party to institute
legal action to enforce the terms and conditions of this Agreement, the
successful party will be awarded reasonable attorneys' fees at all trial and
appellate levels, expenses and costs. Any suit, action or proceeding with
respect to this Agreement shall be brought in the state courts of California
located within the County of Los Angeles. The parties hereto hereby accept the
exclusive jurisdiction of those courts for the purpose of any such suit, action
or proceeding.

      20. Survival. All covenants, agreement, representations and warranties
made herein or otherwise made in writing by any party pursuant hereto shall
survive the execution and delivery of this Agreement and the termination of the
employment of the Executive.

      21. No Third-Party Beneficiaries. No person shall be deemed to possess any
third-party beneficiary right pursuant to this Agreement. It is the intent of
the parties hereto that no direct benefit to any third party is intended or
implied by the execution of this Agreement.

      22. Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed an original.

      23. Notice. Any notice required or permitted to be delivered hereunder
shall be deemed to be delivered when sent by facsimile with receipt confirmed or
when deposited in the United States mail, postage prepaid, registered or
certified mail, return receipt requested, or by overnight courier, addressed to
the parties at the addresses first stated herein, or to such other address as
either party hereto shall from time to time designate to the other party by
notice in writing as provided herein.

      IN WITNESS WHEREOF, this Agreement has been duly signed by the parties
hereto on the day and year first above written.

GLOBALEURONET GROUP, INC.

BY:   /s/ Christopher D. Jennings
      ------------------------------------------------

      ------------------------------------------------
          Christopher D. Jennings
<PAGE>

                        AMENDMENT TO EXECUTIVE AGREEMENT

      This Amendment to EXECUTIVE AGREEMENT (the "Amendment") dated as of
December 15, 2000 (the "Amendment Date"), is entered into by and between
GlobalEuronet Group, a Delaware corporation (the "Company"), and Christopher D.
Jennings, an individual (the "Executive" and the Company each a "Party" and
collectively, the "Parties").

                              W I T N E S S E T H:

      WHEREAS, the Parties hereto are parties to that certain Executive
Agreement between the Company and the Executive dated as of April 14, 2000 (the
"Agreement"); and

      WHEREAS, Paragraph 13 of the Agreement provides that the Agreement may be
amended by an instrument duly executed by the Parties;

      WHEREAS, the Parties intend to continue and strengthen the Executive's
employment status with the Company; and

      WHEREAS, the Parties hereto desire to amend the Agreement to add such
terms and conditions as set forth below.

      NOW, THEREFORE, the Parties hereby agree as follows:

      Section 1. Definitions. Capitalized terms used and not otherwise defined
in this Amendment shall have the meanings as described thereto in the Agreement.

      Section 2. Amendment to Section 1. Paragraph 1.1 of the Agreement is
hereby deleted and replaced in its entirety with the following:

      "Employment and Term. The Executive shall continue to serve the Company,
on terms and conditions set forth herein, for the period of two (2) years (the
'Term') effective as of April 17, 2000 (the 'Commencement Date'), unless sooner
terminated as hereinafter set forth; provided, however, that the Term shall
automatically be renewed and extended under the same terms and conditions on
each anniversary of the Commencement Date unless the Company or the Executive
gives written notice to the other of its or his intention to terminate this
Agreement ninety (90) days prior to the expiration of the Term as set forth
above."

      Section 3. Amendment to Section 3. Section 3 of the Agreement entitled
"Expense Reimbursement and Other Benefits" is hereby amended to add Paragraph
3.4 as follows:

      "Indemnification. Executive shall, in addition to any other legal or
contractual rights to indemnification provided by the Company, be provided
coverage under all indemnification policies and director and officer liability
policies maintained by the Company for its senior executives."
<PAGE>

      Section 4. Amendment to Section 4. Paragraph 4.4 of the Agreement is
hereby deleted and replaced in its entirety with the following:

      "Termination Without Cause. The Company can terminate this Agreement
without cause at any time upon 90-day's written notice to Executive, provided
that the Company shall pay to Executive or his representatives:

      (i) all Base Salary compensation as is due pursuant to Section 2.1 herein,
prorated through the date of termination of employment (the 'Termination Date');

      (ii) a lump sum payment of an amount equal to two (2) years of Executive's
then-current Base Salary;

      (iii) payment of COBRA medical insurance coverage for Executive and his
immediate family for eighteen (18) months following the Termination Date;

      (iv) immediate vesting of all of Executive's stock options to purchase
equity interests in the Company;

      (v) immediate vesting of all pension benefits;

      (vi) all expense reimbursements due and owing Executive through the
Termination date under Paragraph 3.1 herein, including reimbursements for
reasonable and necessary business expenses incurred prior to the Termination
Date, as long as Executive submits a written accounting of such expenses in
accordance with Section 3.1 herein within forty-five (45) days of the
Termination Date.

      (vii) Executive shall maintain his then-existing percentage interest in
the Company's Equity Incentive Compensation Plan."

      Section 5. Amendment to Section 4. Section 4 of the Agreement entitled
"Termination" is hereby amended to add Paragraph 4.5 as follows:

      "Termination By Executive For Good Reason. Executive may terminate
employment for 'good reason' at any time upon written notice to the Company if
the Company takes any of the following actions without the express written
consent of Executive: (i) a reduction in the Executive's Base Salary or the
benefits set forth above, and the reduction is not part of a general reduction
in executives' compensation; (ii) the relocation of the Company's headquarters
to a location more than twenty five (25) miles from the Company's current
headquarters at 11601 Wilshire Blvd., Los Angeles, California; (iii) the
assignment of Executive to a lower position in the organization in terms of his
title, responsibility, authority or status unless agreed to in writing by
Executive; or (iv) a Change of Control of the Company, as defined in Exhibit A
attached hereto.

      "In the event of termination pursuant to this Paragraph 4.5, the Company
shall pay to Executive or his representatives:
<PAGE>

      (a) all Base Salary compensation as is due pursuant to Section 2.1 herein,
prorated through the Termination Date;

      (b) a lump sum payment of an amount equal to two (2) years of Executive's
then-current Base Salary;

      (c) payment of COBRA medical insurance coverage for Executive and his
immediate family for eighteen (18) months following the Termination Date;

      (d) immediate vesting of all of Executive's stock options to purchase
equity interests in the Company;

      (e) immediate vesting of all pension benefits

      (f) all expense reimbursements due and owing Executive through the
Termination date under Paragraph 3.1 herein, including reimbursements for
reasonable and necessary business expenses incurred prior to the Termination
Date, as long as Executive submits a written accounting of such expenses in
accordance with Section 3.1 herein within forty-five (45) days of the
Termination Date.

      (g) Executive shall maintain his then-existing percentage interest in the
Company's Equity Incentive Compensation Plan."

      Section 6. Amendment to Section 4. Section 4 of the Agreement entitled
"Termination" is hereby amended to add Paragraph 4.6 as follows:

      "Excise Tax Gross-Up. In the event any of the payments hereunder shall
become subject to the excise tax imposed under Section 4999 of the Internal
Revenue Code of 1986, as amended (the 'Code'), or any similar or successor
provision of federal, state, or local law, the Company shall pay to Executive
such additional amounts as may be necessary to fully offset the tax effects of
such excise tax or taxes, in accordance with procedures as may be mutually
agreed upon by the parties. In addition, the Company shall be responsible for
any and all fees and expenses incurred by Executive in connection with any audit
by the Internal Revenue Service claiming additional tax pursuant to Section 4999
of the Code."

      Section 7. Amendment to Section 4. Section 4 of the Agreement entitled
"Termination" is hereby amended to add Paragraph 4.7 as follows:

      "No Mitigation; No Offset. The parties hereto agree that Executive shall
not be required to mitigate damages in respect of any termination benefit or
payment due under this Agreement or in respect of any damage award as a result
of the Company's breach of this Agreement, nor shall any such benefit or award
be offset by any future compensation or income received by Executive from any
other source. The Company shall not have the right to offset against its
obligations hereunder or against any such damage award any amounts payable by
Executive to Company for any reason."
<PAGE>

      Section 8. Amendment to Exhibits. The Agreement is hereby amended to add
Exhibit A as follows:

                               "CHANGE OF CONTROL

      "A 'Change of Control' as used in the Executive Agreement of which this
Exhibit is a part shall mean any of the following:

      (1) any 'person,' as such term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") (other than the
Company or its Affiliate), is or becomes the "beneficial owner" (as defined in
Rule 1 3d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing fifty percent (50%) or more of the combined voting
power of the Company's then outstanding securities; or

      (2) in the event that the individuals who on the Amendment Date constitute
the Board of Directors, and any new director whose election by the Board or
nomination for election by the Company's stockholders was approved by a vote of
at least a majority of the Board then still in office who either were members of
the Board on the Amendment Date or whose election or nomination for election was
previously so approved, cease for any reason to constitute at least a majority
thereof; or

      (3) the stockholders of the Company approve a merger or consolidation of
the Company with or the sale of the Company to any other entity and, in
connection with such merger, consolidation or sale; individuals who constitute
the Board immediately prior to the time any agreement to effect such merger or
consolidation is entered into fail for any reason to constitute at least a
majority of the board of directors of the surviving corporation following the
consummation of such merger or consolidation; or

      (4) the stockholders of the Company approve a plan of complete liquidation
of the Company or an agreement for the sale or disposition by the Company of all
or substantially all of the Company's assets to an entity not controlled by the
Company."

      Section 9. Continuing Agreement. Except as specifically amended hereby,
all of the terms of the Agreement shall remain and continue in full force and
effect and are hereby confirmed in all respects.

      Section 10. Counterparts. This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

      Section 11. Miscellaneous. Each section of the Agreement from and
including Section 8 through Section 23 including, but not limited to, Section 9
("Binding Effect"), Section 15 ("Choice of Law"), Section 18 ("Severability")
and Section 19 ("Enforcement"), is herein incorporated by this reference.
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first above written.

                                  GLOBALEURONET GROUP, INC.

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

                                  By:
                                     ------------------------------------------
                                  Name:  Christopher D. Jennings

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