Document:

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                                                                   Exhibit 10.31
                         [Gruntal & Co. LLC Letterhead]

November 15, 2001

STRICTLY PRIVATE
----------------
AND CONFIDENTIAL
----------------

Richard Adamany
President & CEO
Empyrean Bioscience, Inc.
23800 Commerce Park, Suite A
Cleveland, OH  44122

Dear Mr. Adamany:

This is to acknowledge and confirm the terms of our corporate finance
representation agreement (the "Agreement") as follows:

1.       Empyrean Bioscience, Inc. (the "Company") hereby engages Gruntal & Co.,
         LLC ("Gruntal"), and Gruntal hereby agrees to render services to the
         Company, as its corporate finance advisor and investment banker on the
         terms and for the services specified herein.

         Gruntal agrees to provide general financial advice to the Company and
         exclusively undertake transaction(s) with specific corporate and/or
         institutional targets, as listed in Addendum I, which the Company and
         Gruntal mutually agree upon to perform investment banking services,
         including but not limited to public or private offerings of debt or
         equity securities, acquisitions, mergers or the partial or complete
         sale of the stock or assets of the Company or any of its divisions or
         subsidiaries, joint ventures, strategic alliances or any other
         financing transaction(s) and the preparation of any fairness opinions
         required with respect to the Company in connection with any
         transaction(s) or other matter. Gruntal retains the right to add
         additional corporate and institutional targets to Addendum I, with the
         prior written consent of the Company.

         Gruntal agrees to work with the Company in attempting to consummate
         transactions for which the Company engages Gruntal. In that regard and
         upon the Company's request, Gruntal will endeavor to:

         A.       Assist the Company in its due diligence review of any investor
                  or company and other matters, if any, pertinent to a
                  transaction.

         B.       Assist in structuring and negotiating the transaction.

         C.       Undertake certain investigations and reviews with regard to
                  the possible rendering of an opinion as to the fairness, from
                  a financial point of view, of the consideration to be received
                  by the shareholders of the Company in a transaction where such
                  an opinion is required.

     2.  The term of this engagement (the "Engagement Period") shall be for a
         period of six months commencing with the execution of this Agreement by
         the Company (the "Effective Date").

     3.  The Company agrees to issue to Gruntal warrants to acquire a total of
         500,000 shares of the Company's Common Stock. The issuance of these
         warrants shall occur in two installments: (i) upon the signing of this
         Agreement, the Company agrees to issue to Gruntal warrants to acquire
         250,000 shares of the Company's Common Stock at an exercise price equal
         to the closing price as of the day of execution of this Agreement, and
         (ii) on February 15, 2002, the Company agrees to issue to Gruntal
         additional warrants to acquire 250,000 shares of the Company's Common
         Stock

                                       1
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         at an exercise price equal to the closing price as of the day of
         execution of this Agreement. The warrants will be exercisable at any
         time before the fifth anniversary of the date of execution of this
         Agreement. The warrants shall, among other things: (i) be transferable
         to officers, directors and employees of Gruntal, (ii) permit exercise
         on a cashless basis, and (iii) contain such other terms as are
         customarily included in warrants of this type. The Company will
         register the shares issuable upon exercise of the Warrants.

     4.  In the event a sale of the Company is completed or a definitive
         agreement for the sale of the Company is entered into during the term
         of this Agreement or within 18 months following termination of this
         Agreement, with a third party or third parties introduced to the
         Company by Gruntal, the Company agrees to pay Gruntal a cash fee (the
         "Success Fee") at closing equal to 5% of the total consideration
         ("Transaction Value") when paid to or received by either the Acquiror
         or its shareholders, whether in cash or any other form of payment, up
         to a total Transaction Value of $10 million; an additional 2-1/2% of
         Transaction Value paid to or received by the Target in excess of $10
         million and up to $20 million; and an additional 1.25% of Transaction
         Value when paid to or received by the Target over $20 million.
         Transaction Value shall include, but not be limited to, cash, stock,
         notes, options, warrants, convertible securities, property, goods or
         services contributed, the net value of current assets not sold,
         dividends or any other distributions paid to stockholders at the time
         of, or immediately preceding, the sale, payments for agreements not to
         compete, consulting or employment agreements, contingent payments,
         earn-outs or installment payments when received by or paid to the
         Acquiror and/or its or their shareholders, plus any indebtedness that
         is assumed or refinanced. Any securities issued in connection with a
         sale for purposes of calculating the Transaction Value shall be valued
         at fair market value in the case of equity securities, and at face
         value or principal amount, in the case of debt securities. In no event,
         however, will the Success Fee as determined by this paragraph 4 be less
         than $500,000 with respect to a sale. The Company also agrees to share
         with Gruntal one-half of any breakup fee negotiated between the Company
         and the Acquiror.

     5.  In the event a Financing Transaction is completed or a definitive
         commitment relating thereto is entered into during the term of this
         Agreement, or within 12 months following the termination of this
         Agreement with a third party or third parties introduced to the Company
         by Gruntal, the Company shall pay Gruntal a fee (the "Financing Fee")
         equal to 8% of the aggregate gross proceeds of any equity capital
         issued by the Company (both common and preferred), 3% of the aggregate
         gross proceeds of any subordinated debt financing issued by the Company
         and 1.5% of the aggregate proceeds of any bank financing issued by the
         Company. Furthermore, should Gruntal arrange private equity financing,
         issued by the Company, the Company shall pay Gruntal an additional fee
         in the form of five year warrants to purchase 10% of the number of
         shares sold or of the amount of equity financing arranged at the same
         price as the equity financing arranged.

     6.  In the event that the Company asks Gruntal to render a Fairness Opinion
         ("Opinion") as to the fairness of the consideration paid in a sale to
         the acquiror's shareholders, Gruntal shall be paid a fee of no less
         than $250,000 at the time Gruntal renders the Opinion. The nature and
         scope of Gruntal's study for the purpose of delivering the Opinion
         shall be such as it considers appropriate. The form of Gruntal's
         Opinion shall be such as it considers appropriate and may state in
         substance, among other things, that it is given in reliance on the
         accuracy and completeness of the Information furnished to us. It is
         understood that the Opinion may be included in its entirety in any
         proxy statement or other document distributed to shareholders of the
         Acquiror in connection with a sale. However, no summary of or excerpt
         from Gruntal's Opinion may be used, and no public reference (other than
         as provided in the preceding sentence) to Gruntal's Opinion may be made
         except with our prior approval, which shall not be unreasonably
         withheld.

     7.  Any fees not paid when due will accrue interest to the extent permitted
         by applicable law, at a rate of 12% per year and the Company will be
         responsible for all legal fees incurred by Gruntal in collecting such
         fees.

                                       2
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     8.  The Company will reimburse Gruntal for reasonable out-of-pocket
         expenses incurred in connection with its representation and services
         hereunder (including without limitation fees and disbursements of
         counsel and all travel, lodging, meal and other out-of-pocket
         expenses). Such expenses shall not exceed $10,000 without the prior
         written consent of the Company, which shall not be unreasonably
         withheld. Reimbursement for out-of-pocket expenses shall be paid by the
         Company within ten (10) days of receipt of invoice from Gruntal. The
         Company's obligation to Gruntal for reimbursement of out-of-pocket
         expenses will survive any cancellation of this Agreement.

     9.  Indemnification is incorporated by reference to Addendum II.

     10. The benefits of this Agreement shall inure to the parties hereto and
         their respective successors and assigns, and the obligations and
         liabilities assumed in this Agreement shall be binding upon the parties
         hereto and their respective successors and assigns. Notwithstanding
         anything contained herein to the contrary, the Company shall not assign
         to an unaffiliated third party any of its rights or obligations
         hereunder without the express written consent of Gruntal.

     11. Any dispute between the parties to this Agreement shall be settled by
         arbitration before the facilities of the New York Stock Exchange, Inc.
         or the National Association of Securities Dealers, Inc. in the City of
         New York and will be conducted pursuant to applicable federal laws, the
         laws of the State of New York, without regard to conflicts of laws, and
         the rules of the selected arbitral facility. The parties understand
         that the award of the arbitrators, or of a majority of them, will be
         final and that a judgement upon any award rendered may be entered in
         any court having jurisdiction.

     12. Either the Company or Gruntal may terminate this Agreement at any time
         after 30 days from the date of acceptance of the Agreement. In the
         event of such termination, the Company shall pay Gruntal fees earned
         through the date of such termination ("Termination Date") as well as
         afterwards pursuant to any provision of Sections 3, 4, 5 or 6 hereof,
         together with all expense reimbursements due under the terms of Section
         8. All such fees and reimbursements due to Gruntal pursuant to the
         immediately preceding sentence shall be paid to Gruntal on or before
         the Termination Date (in the event such fees and reimbursements are
         earned or owed as of the Termination Date) or upon the closing any
         transaction or any applicable portion thereof (in the event such fees
         are due pursuant to the terms of Sections 3, 4, 5 or 6 above).
         Notwithstanding anything expressed or implied herein to the contrary,
         the terms and provisions of Sections 3, 4, 5, 7, 8, 9, 10 and 11 shall
         survive the termination of this Agreement for any reason. Any
         termination of this Agreement shall not affect the Company's obligation
         to indemnify Gruntal and certain related entities as provided in
         Addendum II.

     13. All notices provided hereunder shall be given in writing and either
         delivered personally or by overnight courier service or sent by
         certified mail, return receipt requested, if to Gruntal, to One Liberty
         Plaza, 17th Floor, New York, New York 10006-1487, Attention: Mr. Andrew
         Sadosky; and if to the Company, to Empyrean Bioscience, Inc. 23800
         Commerce Park Road, Suite A, Cleveland, Ohio 44122, Attn: Mr. Richard
         Adamany.

     14. The Company represents and warrants to Gruntal that Richard Adamany is
         the Chief Executive Officer of the Company and is authorized on behalf
         of the Company to execute the Agreement and to consummate the potential
         transaction(s) described herein, and the execution of this Agreement
         will not conflict with or breach the certificate or articles of
         incorporation or by-laws of the Company or any agreement to which the
         Company is a party.

     15. The Agreement sets forth the entire understanding of the parties
         relating to the subject matter hereof, and supersedes and cancels any
         prior communications, understandings and agreements between the
         parties. This Agreement cannot be modified, or changed, nor can any of
         its provisions be waived, except by written agreement signed by all
         parties.

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Please confirm that the foregoing is in accordance with your understanding by
signing and returning this letter to Gruntal and keeping a duplicate for your
files. This Agreement shall be effective after your acceptance below and its
receipt by Gruntal at its address set forth on this letter.

Very truly yours,

GRUNTAL & CO., L.L.C.

Andrew M. Sadosky
Managing Director

Agreed and accepted to as of
the 19th day of November, 2001.

EMPYREAN BIOSCIENCE, INC.

By:
    -------------------------
        Richard Adamany
        President & CEO

                                       4
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                                   Addendum I
                                   ----------

                                       5
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                          Addendum II - Indemnification
                          -----------------------------

         The Company hereby agrees to indemnify and hold harmless Gruntal and
its affiliates, and the respective directors, officers, partners, controlling
persons (within the meaning of Section 15 of the Securities Act of 1933 or
Section 20 of the Securities Exchange Act of 1934), agents, counsel and
employees of Gruntal or any of its affiliates (Gruntal and each such other
person or entity being referred to individually as an "Indemnified Person" and,
collectively, as "Indemnified Persons"), to the full extent lawful, from and
against any and all claims, liabilities, losses, damages, penalties, judgments,
awards and expenses incurred by any Indemnified Person (including fees and
disbursements of counsel, which counsel shall be selected by Gruntal) which (A)
relate to or arise out of (i) actions taken or omitted to be taken (including
any untrue statements made or alleged to have been made or any statements
omitted or alleged to have been omitted, whether in connection with the
Information or any other oral or written statements) by the Company, its
affiliates, directors, employees or agents, or (ii) actions taken or omitted to
be taken by an Indemnified Person with the Company's consent or in conformity
with its instructions or its actions or omissions, or (B) otherwise relate to or
arise out of Gruntal's activities on the Company's behalf in connection with the
engagement. In addition, the Company will reimburse Gruntal and any other
Indemnified Person for all costs and expenses, including counsel fees and
disbursements, as they are incurred, in connection with investigating, preparing
and defending any action, formal or informal claims, investigation, inquiry or
other proceeding, whether or not in connection with pending or threatened
litigation, caused by or arising out of or in connection with Gruntal acting
pursuant to the letter of intent whether or not Gruntal or any Indemnified
Person is named as a party thereto and whether or not any liability results
therefrom. The Company will not, however, be responsible for any claim,
liabilities, losses, damages or expenses pursuant to clause (B) of the preceding
sentence which are finally judicially determined by a court of competent
jurisdiction (not subject to further review) to have resulted primarily from
Gruntal's willful misconduct or gross negligence. The Company also agrees that
neither Gruntal nor any other Indemnified Person shall have any liability to the
Company for or in connection with such engagement except for any such liability
for claims, liabilities, losses, damages, or expenses incurred by the Company
which is finally judicially determined to have resulted primarily from Gruntal's
willful misconduct or gross negligence.

         In order to provide for just and equitable contribution, if a claim for
indemnification is made pursuant to these provisions but it is found in a final
judgment by a court of competent jurisdiction (not subject to further appeal)
that such indemnification is not available for any reason even though the
express provisions hereof provide for indemnification in such case, then the
Company, on the one hand, and Gruntal on the other hand, shall contribute to
such claim, liability, loss, damage or expense for which such indemnification or
reimbursement is held unavailable in such proportion as is appropriate to
reflect the relative benefits to the Company, on the one hand, and Gruntal on
the other hand, in connection with the actions contemplated by the engagement,
subject to the limitation that in any event the aggregate contribution of
Gruntal and all Indemnified Persons to all losses, claims, damages, liabilities
and expenses to which contribution is available hereunder shall not exceed the
amount of fees actually received by Gruntal pursuant to the Engagement Letter.

         The foregoing right to indemnity and contribution shall be in addition
to any rights that Gruntal or any other indemnified Person may have at common
law or otherwise and shall remain in full force and effect following the
completion or any termination of Gruntal's engagement and shall be binding on
and inure to the benefit of the successors, assigns, heirs and personal
representatives of the company and Gruntal and any other Indemnified Party. The
Company hereby consents to personal jurisdiction and to service and venue in any
court in which any claim which is subject to this is brought against Gruntal or
any other Indemnified Person and in any court in which Gruntal or another
indemnified Person brings such a claim against the Company. Neither termination
nor completion of the engagement of Gruntal referred to above shall affect these
provisions, which shall remain operative and in full force and effect.

                                       6<PAGE>
                                                                  EXHIBIT 10.45

                        EMPLOYMENT SEVERANCE AGREEMENT,
                   SETTLEMENT AGREEMENT AND GENERAL RELEASE
                   ----------------------------------------

     This Employment Severance Agreement, Settlement Agreement, and General
Release ("Agreement") is made and entered into by and between H. Wayne Snavely
("Employee") and Imperial Credit Industries, Inc. (the "Employer").

     Employee has been an employee of Employer and his active employment with
Employer has ended effective August 1, 2001 (the "Termination Date"),
notwithstanding that Employee and Employer had entered into that certain
Employment and Non-Competition Agreement dated as of January 1, 1997 (the
"Employment Agreement"). Employee and Employer desire to settle fully and
finally any differences between them, including, but not limited to, any
differences that might arise out of Employee's employment with Employer, and the
termination thereof. Employee and Employer agree that this Agreement and the
related Agreement for Consulting Services between the parties of even date
herewith, provided that Employer fully discharge its obligations to Employee
under this Agreement and the Agreement for Consulting Services, shall supersede
both the Employment Agreement and that certain Termination Protection Agreement
executed by Employee and Employer on January 29, 1999. In consideration of the
mutual covenants and conditions contained herein, the parties agree as follows:

     1.   General Construction
          --------------------

          This Agreement shall not in any way be construed as an admission by
the parties that either has acted wrongfully or performed inadequately during
the period of Employee's employment.

     2.   Termination of Employment
          -------------------------

          Employee represents, understands and agrees that his active employment
with Employer has ended on the Termination Date. Employee will not otherwise
seek or demand employment with Employer or any of its subsidiaries. Employee's
resignation from Employer's Board of Directors and from all of Employer's
subsidiary boards, officer positions and committees shall be effective on the
Termination Date. Employee and Employer represent that neither has filed and
neither will file any complaints, charges or lawsuits with any governmental
agency, court, arbitration or other forum related to the termination of
Employee's employment.

     3.   Compensation and Severance Consideration
          -----------------------------------------

                                      -1-

<PAGE>

          (a)  Employer shall pay Employee for all accrued but unused vacation
days through July 31, 2001, such payment to be made promptly after that date.
Employee shall be entitled to all benefits as are set forth in Paragraph 4
below, from the Termination Date through July 31, 2005. Effective July 31, 2005,
all such benefits of employment shall cease.

          (b)  Employer shall issue to Employee promptly one million three
hundred thousand (1,300,000) shares of Employer's common stock.

          (c)  Employer shall pay Employee promptly his account balance pursuant
to Section 7.2 of the DEC Plan (as defined below).

          (d)  Employer hereby grants Employee, for a one year period commencing
on the Termination Date, the right (option) to purchase all shares of preferred
stock of Multi-Ag Media L.L.C., currently held by and registered in the name of
Employer, for a purchase price equal to the then current book value of said
shares.

          (e)  Employer shall extend until July 31, 2005 the exercise period
within which Employee may exercise 917,053 common stock option shares granted to
Employee in January 1992, one-half of which are exercisable at a price of $0.885
per share and one-half of which are exercisable at a price of $1.40 per share.

          (f)  Employer shall extend until July 31, 2005, the exercise period
within which Employee may exercise one million (1,000,000) common stock option
shares granted to Employee in July 2001 under Employer's Long-Term Stock
Incentive Plan at an exercise price of $1.25 per share.

     4.   Medical Coverage; Other Benefits
          --------------------------------

          (a)  Without limiting the materiality of other paragraphs of this
Agreement, it is agreed that the provisions of this Paragraph 4 are a material
part of this Agreement.

          (b)  Employer agrees to maintain Employee on an Employer health care
plan through July 31, 2005, under the same terms applicable to existing
employees of Employer.

          (c)  Employer may elect to change the health care and other welfare
benefit plans offered to all Employer's employees and, in such event, Employee
agrees to accept the level of coverage offered to all existing employees at his
level.

          (d)  Employee's benefit period under COBRA shall begin on July 31,
2005.

          (e)  Employee's eligibility to participate in ICII's Deferred
Executive Compensation Plan ("DEC") and the ICII 401(k) Plan shall cease upon
Employee's Termination Date.

                                      -2-

<PAGE>

          (f)  All unexercised grants of ICII common stock options previously
issued to Employee under Employee's 1992 and 1996 Stock Option Plans shall
continue to vest, be exercisable and expire in accordance with each such option
grant's original vesting schedule until July 31, 2005, after which date all such
unexercised stock option grants shall immediately expire.

          (g)  Employee and Employer agree to cooperate fully with one another
in implementing the provisions of Paragraphs 3 and 4. Specifically, Employee
agrees not to exercise any of the above-referenced Employer common stock
       ---
options, or to purchase any of Employer's outstanding common stock in the open
market, if such exercise and/or purchase would increase the number of shares of
Employer's common stock attributable to Employee so as to breach Employee's
representation in Paragraph 6 below as of the date of such exercise and/or
purchase, without obtaining the prior written approval of Employer.

     5.   Confidentiality
          ---------------

          Except for disclosures required by law, both parties represent and
agree that they will keep the terms, payment amounts and existence of the
Agreement completely confidential, and that they will not hereafter disclose any
information concerning this Agreement to anyone other than the Employee's
spouse, prospective employers and professional advisors of Employee and
representatives, employees, agents and regulatory authorities of Employer, who,
if told such matters, will be informed of this confidentiality clause, except as
required by legal process. Employer agrees that its contractual obligations to
Employee shall not be reduced or eliminated as a result of opposition, if any,
expressed by regulatory authorities.

     6.   Representation
          --------------

          Employee and Employer represent and agree that (i) they fully
understand their right to discuss all aspects of this Agreement with their
respective attorneys if they desire, (ii) they each have carefully read and
fully understand all of the provisions of this Agreement and (iii) they are
voluntarily entering into this Agreement. Employee represents and warrants that
as a result of the issuance of shares pursuant to this Agreement neither (i)
Employee (after application of all of the rules that can increase shareholders
ownership of Employer under Section 382 of the Internal Revenue Code of 1986, as
amended (the "Code")), nor (ii) any party related to Employee within the meaning
of Section 382(l)(3)(A) of the Code, nor (iii) any entity of which Employee is
deemed to be a member under Treasury Regulation Section 1.382-3(a)(l), shall be
considered a 5% owner of Employer within the meaning of Section 382 of the Code.

     7.   General Release
          ---------------

          As a material inducement to Employer's decision to enter into this
Agreement, Employee hereby irrevocably and unconditionally releases, acquits and
forever discharges the Employer and its owners, stockholders, predecessors,
successors, assigns, agents, directors, officers, employees, representatives,
attorneys, divisions, subsidiaries, affiliates (and agents, directors, officers,
employees, representatives and attorneys of such parent companies, divisions,
subsidiaries and affiliates), and all persons acting by, through, under or in
concert with any of

                                      -3-

<PAGE>

them, or any of them, from any and all charges, complaints, claims, liabilities,
obligations, promises, agreements, controversies, damages, actions, causes of
action, suits, rights, demands, costs, losses, debts and expenses (including
attorneys' fees and costs actually incurred) of any nature whatsoever, known or
unknown, suspected or unsuspected, including, but not limited to rights under
federal, state or local laws which Employee now has, owns or holds, or claims to
have, own or hold, or which Employee at any time heretofore had, owned or held,
or claimed to have, own or hold, or which Employee at any time hereinafter may
have, own or hold, or claim to have, own or hold against Employer or any of the
other parties, including any claims for compensation or benefits that could be
asserted under the Employment Agreement, but not including claims arising out of
the breach of this Agreement.

          Employee expressly waives and relinquishes all rights and benefits
afforded by Section 1542 of the Civil Code of the State of California, and does
so understanding and acknowledging the significance of such specific waiver of
Section 1542. Section 1542 of the Civil Code of the State of California states
as follows:

          "A general release does not extend to claims which the creditor does
          not know or suspect to exist in his favor at the time of executing the
          release, which if known by him must have materially affected his
          settlement with the debtor."

          Thus, notwithstanding the provisions of Section 1542, and for the
purpose of implementing a full and complete release and discharge of the
parties, Employee expressly acknowledges that this Agreement is intended to
include in its effect, without limitation, all claims which Employee does not
know or suspect to exist in his favor at the time of execution hereof, and this
Agreement contemplates the extinguishment of all such claim or claims, except
any claim arising out of the breach of this Agreement and Employee's Agreement
for Consulting Services.

     8.   Indemnification and Director's and Officer's Liability Insurance
          ----------------------------------------------------------------

          Employee shall, after the Termination Date, retain all rights to
indemnification, defense and advancement of expenses under applicable law, under
Employer's Articles of Incorporation, By-Laws, corporate resolutions and other
governing documents, as they may be amended or restated from time to time. In
addition, Employer shall seek to maintain Directors' and Officers' liability
insurance on behalf of Employee.

     9.   Nondisparagement, Cooperation and Support
          ------------------------------------------

          (a)  Employee agrees not to make any disparaging remarks about
Employer, its subsidiaries or affiliates, or any of its or their officers,
directors and employees. Employee further agrees to observe fully the provisions
of the Agreement for Consulting Services, including the non-competition and
confidentiality provisions of Article IV thereof.

                                      -4-

<PAGE>

          (b)  Employee represents and agrees that he will not voluntarily
provide testimony, documents, information or any other material to any party or
their counsel involved in litigation against Employer or threatened litigation
against Employer. If requested by any party or their counsel to provide such
testimony, documents, information or other materials, Employee agrees to notify
the Office of the General Counsel of Employer, in writing, within forty-eight
(48) hours of such a request. Such written notification shall be made to Irwin
L. Gubman, Esq., 23550 Hawthorne Blvd., Suite 210, Torrance, CA 90505.

          (c)  If served with a valid subpoena or other valid formal process,
Employee agrees to meet with counsel designated by Employer to prepare for his
testimony, production of documents, information or other materials. Employee
agrees that he will cooperate with counsel designated by Employer for such
purposes. Employer will reimburse Employee for any documented lost salary or
other documented and reasonable out-of-pocket expenses connected with such
cooperation. If Employee provides testimony, documents, information or other
materials in response to a valid subpoena or other valid formal judicial
process, Employee agrees to provide only truthful and accurate testimony in any
proceeding involving Employer.

     10.  Revocation
          ----------

          Employee has a period of seven (7) days following the execution of
this Agreement by all parties hereto to revoke this Agreement by providing
written notice of such revocation to Irwin L. Gubman, ICII's General Counsel.
This Agreement shall not become effective or enforceable until this seven (7)
day revocation period has expired without Employee having exercised Employee's
right of revocation.

     11.  Federal Age Discrimination in Employment Act
          --------------------------------------------

          Employee fully understands, acknowledges and agrees that among the
claims Employee is waiving, releasing and forever discharging by the execution
of this Agreement are all claims arising under the Federal Age Discrimination in
Employment Act of 1967, 29 U.S.C. section 621 et seq. Employee further fully
                                              -- ---
understands, acknowledges and agrees that Employee:

          (a)  Has been given at least twenty-one (21) days within which to
consider this Agreement before executing it.

          (b)  Has carefully read and fully understands all of the terms and
provisions of this Agreement.

          (c)  Is, by the execution of this Agreement, waiving, releasing and
forever discharging Employer from all claims that Employee has or may have
against the Employer, including but not limited to any claims of age
discrimination.

          (d)  Knowingly and voluntarily agrees to all of the terms and
provisions of this Agreement.

                                      -5-

<PAGE>

          (e)  Knowingly and voluntarily intends to be legally bound by all of
the terms and provisions of this Agreement.

          (f)  Was previously advised, and is hereby further advised, in writing
to consult with an attorney of Employee's choice before executing this
Agreement.

          (g)  Has a period of seven (7) days following the execution of this
Agreement by all parties hereto to revoke this Agreement by providing written
notice of such revocation to Irwin L. Gubman and was previously advised, and is
hereby further advised, in writing that this Agreement shall not become
effective or enforceable until this seven (7) day revocation period has expired
without Employee having exercised Employee's right of revocation.

          (h)  Understands that any claims under the Federal Age Discrimination
in Employment Act of 1967, 29 U.S.C. section 621 et seq., that may arise after
                                                 -- ---
the date this Agreement is executed by all parties hereto are not waived.

               If Employee does not revoke this Agreement within the seven (7)
day revocation period, Employee agrees to mail to Mr. Gubman the original of a
letter Employee has executed confirming Employee has not exercised Employee's
right to revoke. Promptly after receipt of said letter as executed by Employee,
Employer agrees to implement Paragraph 3 of this Agreement.

     12.  General Provisions
          ------------------

          (a)  The provisions of this Agreement are severable, and if any part
of it is found to be unenforceable, the other paragraphs shall remain fully
valid and enforceable. This Agreement shall survive the termination of any
arrangements contained herein.

          (b)  The terms of this Agreement shall inure to the benefit of and be
binding upon the parties and their successors, agents, heirs, parent companies,
subsidiaries and assigns.

          (c)  Any controversy or claim arising out of or relating to this
Agreement or the breach thereof (including the arbitrability of any controversy
or claim), shall be settled by arbitration in the City of Los Angeles in
accordance with the laws of the State of California by one arbitrator. If the
parties cannot agree on the appointment of an arbitrator, then the arbitrator
shall be appointed by the American Arbitration Association. The arbitration
shall be conducted in accordance with the rules of the American Arbitration
Association, except with respect to the selection of an arbitrator which shall
be as provided in this Paragraph 11. The cost of any arbitration proceeding
hereunder shall be borne equally by the Employer and the Employee. The award of
the arbitrator shall be binding upon the parties. Judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction
thereof.

                                      -6-

<PAGE>

          If it shall be necessary or desirable for the Employee to retain legal
counsel and incur other costs and expenses in connection with the enforcement of
any or all of his rights under this Agreement, and provided that the Employee
substantially prevails in the enforcement of such rights, the Employer shall pay
(or the Employee shall be entitled to recover from the Employer, as the case may
be) the Employee's reasonable attorneys' fees and costs and expenses in
connection with the enforcement of his rights including the enforcement of any
arbitration award.

     (d)  This Agreement and any amendment or supplement hereto may be executed
in several counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

     (e)  This Agreement contains the entire agreement between the parties
hereto with respect to the subject matter hereof and supersedes any prior
agreement, negotiations and other dealings between the parties. This Agreement
may only be amended in writing by a written amendment signed by both the
Employer and Employee.

  THIS AGREEMENT is executed by or on behalf of the parties as of the date set
forth after each party's signature.

______________________________
Name: H. Wayne Snavely
Date:

IMPERIAL CREDIT INDUSTRIES, INC.

By:________________________________
Date:

                                      -7-

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