Document:

Letter from FINOVA to Richard A. Ross dated August 17, 2004.

 Exhibit 10.P.5 
  
 August 17, 2004 
  
 Richard A. Ross 
 Scottsdale 
  
 It is my pleasure to confirm your promotion to SVP-Chief Financial Officer & Treasurer,
effective August 16, 2004. 
  

	•	 	Your title and grade will be SVP-Chief Financial Officer & Treasurer, Grade I. 

  

	•	 	Your monthly salary will be $16,666.67, which if annualized equals $200,000, an increase of 2.56%. 

  

	•	 	You are eligible to participate in the Annual Bonus Plan. Your range of bonus opportunities under this plan is from 0% to 200% of your base salary with a midpoint of 100%. The Plan
has been specifically designed to be discretionary in nature.  

  

	•	 	You are eligible to participate in the following three executive benefits programs: 

  

	 	•	 	Financial Counseling  

  
 The Company will reimburse you up to $8,000 each calendar year for costs incurred by you in connection with financial counseling for yourself and/or your
spouse. The advice is to be provided by a licensed financial advisor of your choosing. This service includes but is not restricted to tax preparation. 
  

	 	•	 	Exec-U-Care Medical Reimbursement Program  

  
 The Exec-U-Care program is used to pay for medical, dental or vision services not covered by The FINOVA Group plans up to a total of $5,000 each calendar
year. Co-payments, deductibles and any out of pocket costs associated with dental and doctor’s visits are covered benefits under this program. 
  
 To be eligible for this plan, I will provide you with an enrollment form which you must complete and return to me. Coverage does not commence until you
have received confirmation of acceptance. Some exclusions and limitations apply, which will be listed when you receive your enrollment form. 
  

	 	•	 	Executive Physical  

  
 The Company will reimburse you up to $3,200 for one executive physical each year. This can be arranged either through your primary care physician or at a
medical facility of your choosing. Typically these types of physicals include: a comprehensive physical exam, associated laboratory work as authorized by the examining physician, audiogram, glaucoma screening, resting electrocardiogram, chest x-ray,
treadmill stress test and associated laboratory work, as applicable. 
  

	•	 	Nothing in this letter is intended nor should not be construed as a contract guaranteeing employment for any specific duration or on specific terms, but rather serves as an outline
of employment terms. 

  
 If you have any questions, please call me
at 480-636-6675. 
  
 Sincerely, 
  

	
	 /s/ Susan DeFelice

	 Susan DeFelice

	 Director HR & BenefitsLetter From FINOVA  to Glenn E. Gray dated March 15, 2005.

 Exhibit 10.P.6 
  

					
	 	 	 	  	

	March 15, 2005	 	 	  	 
	 	 	 	  	THE FINOVA GROUP INC.
	 	 	 	  	4800 N. SCOTTSDALE ROAD
	 	 	 	  	SCOTTSDALE, AZ 85251-7623
			
	 	 	 	  	TEL 480-636-4800/ 800 7FINOVA
	 	 	 	  	INTERNET www.finova.com

  
 Dear Glenn Gray, 
  
 This letter restates your severance benefits. 
  
 Base Severance 
  

	1)	Base severance - in the event you are involuntarily terminated for reasons other than cause or performance, you will be eligible to receive severance pay in a lump sum, less
applicable taxes, equal to 78 weeks of base salary. As of this writing your severance date is tentatively set for 6/30/2005. If this does not change due to business needs, your base severance would be 78.00 weeks. 

  
 Additional Severance 
  

	2)	In recognition of your contribution during 2003, in addition to the base severance pay detailed in (1) above, you were given another 35.70 weeks of severance.

  

	3)	In recognition of your contribution during 2004, in addition to the base severance pay detailed in (1) and the additional severance detailed in (2) above, you have been awarded
another 35.69 weeks of severance. 

  
 You may have
the opportunity to be awarded additional severance weeks for future years. Those awards are discretionary and based upon the criticality of your position and your performance. 
  
 The total of your base and additional severance weeks may exceed the 78-week maximum stated in (1) above. 
  
 Funding for the payment of severance is secured in the FINOVA Severance Trust. 
  
 Since the task of liquidating the portfolio cannot be forecast precisely, it is difficult to
predict our staffing needs, but every effort will be made to give you at least 30 days notice of your termination date. 
  
 COBRA 
  
 The Company will pay COBRA premiums for medical, dental and vision on your behalf for a period of 18 months. You must be a participant in the Plans at the time you are terminated and enroll in COBRA by sending the
enrollment material to FINOVA Human Resources to receive these benefits. The additional severance weeks granted to you for 2003 and 2004 in items (2) and (3) above will not be eligible for Company paid COBRA premiums nor will any additional weeks
granted in the future through that program. If your severance date remains as tentatively scheduled at 6/30/2005, you would be entitled to 18.00 months of company paid medical, dental and vision. 
  
 Career Continuation Counseling 
  
 You will also receive executive career-planning services to help you obtain future
employment. Our outplacement vendor at this time is Lee Hecht Harrison. You are entitled to their 12-month Executive Grade “C” program. Additional details about the program benefits will be communicated to you at the time of your
severance. 
  
 Other Severance Benefits 
  
 Financial/Estate Planning 
  
 You are eligible for financial/estate planning services for up to 12 months from your
termination date. The Company will reimburse you up to $15,000 for the costs incurred by you and/or your spouse in connection with financial counseling. The advice is to be provided by a licensed financial advisor of your choosing. This service
includes, but is not restricted to tax preparation. 

 Exec-U-Care 
  
 You are eligible to continue your Exec-U-Care services for 12 months from your termination date. The Exec-U-Care program is used to pay for medical, dental or vision
services not covered by the group health plans each calendar year. Co-payments, deductibles and any out of pocket costs associated with dental and doctor visits are covered benefits under this program. Exclusions and limitations of the program are
in the enrollment information you already have. 
  
 Executive Physical Exam
Benefit 
  
 You are eligible to be reimbursed for one annual physical within
12 months after your termination date. The physical can be arranged either through your primary care physician or at a medical facility of your choosing. The physical include a comprehensive physical exam, associated laboratory work, audiogram,
glaucoma screening, resting electrocardiogram, chest x-ray, treadmill stress test and associated laboratory work, as applicable. 
  
 Age and Service Benefits 
  
 Due to the termination of the Pension Plan on December 31, 2004, you may be eligible to receive additional severance in connection with the Age and Service Benefits to be
paid under the 401K Savings Plan. We will provide additional information on those awards, if applicable, at a later date. 
  
 Resignations and Terminations for Cause or Performance 
  
 If you voluntarily resign or are terminated for cause or performance at any time, you are not eligible to receive severance benefits. 
  
 Nothing in this letter forms a contract of employment for any specific duration or on any
specific terms, and FINOVA retains the right to terminate your employment at any time. 
  
 This letter is subject to the terms of applicable policies and the specific plans relating to the matters noted above, such as FINOVA’s Severance Pay Plan, Enhanced Severance Plans, the Annual Bonus Plans and the Employee Severance and
Bonus Trusts, which are incorporated by reference. If those policies or plans conflict with this letter, the terms most beneficial to the employee shall control. 
  
 If you have any questions, please feel free to call me at 480-636-6544. 
  
 Sincerely, 
 /s/ Susan DeFelice 

  
 Susan DeFelice 
 Vice President – HR & Benefits 
  
 Employee Acceptance 
  
 In signing below you are agreeing to the terms of this letter. You are also acknowledging your understanding that you are not able to voluntarily terminate employment and still receive any severance payment.

  
 /s/ Glenn Gray 

 Glenn Gray 
  
 Date: March 15, 2005Letter from FINOVA to Richard Leiberman dated March 15, 2005.

 Exhibit 10.P.7 
  

					
	 	 	 	  	

	March 15, 2005	 	 	  	 
	 	 	 	  	THE FINOVA GROUP INC.
	 	 	 	  	4800 N. SCOTTSDALE ROAD
	 	 	 	  	SCOTTSDALE, AZ 85251-7623
			
	 	 	 	  	TEL 480-636-4800/ 800 7FINOVA
	 	 	 	  	INTERNET www.finova.com

  
 Dear Richard Lieberman, 
  
 This letter restates your severance benefits. 
  
 Base Severance 
  

	1)	Base severance - in the event you are involuntarily terminated for reasons other than cause or performance, you will be eligible to receive severance pay in a lump sum, less
applicable taxes, equal to 4 weeks for each full year of service prorated for partial years with a minimum of 52 weeks and a maximum of 78 weeks of base salary. As of this writing your severance date is tentatively set for 6/30/2005. If this does
not change due to business needs, your base severance would be 52.0 weeks. 

  
 Additional Severance 
  

	2)	In recognition of your contribution during 2003, in addition to the base severance pay detailed in (1) above, you were given another 19.27 weeks of severance.

  

	3)	In recognition of your contribution during 2004, in addition to the base severance pay detailed in (1) and the additional severance detailed in (2) above, you have been awarded
another 18.65 weeks of severance. 

  
 You may have
the opportunity to be awarded additional severance weeks for future years. Those awards are discretionary and based upon the criticality of your position and your performance. 
  

	4)	Your base severance will also be increased by $26,032, in partial consideration for having previously changed from the Tier II to the Tier III Senior Management Severance Plan.

  
 The total of your base and additional severance weeks may exceed
the 78-week maximum stated in (1) above. 
  
 Funding for the payment of severance
is secured in the FINOVA Severance Trust. 
  
 Since the task of liquidating the
portfolio cannot be forecast precisely, it is difficult to predict our staffing needs, but every effort will be made to give you at least 30 days notice of your termination date. 
  
 COBRA 
  
 The Company will pay COBRA premiums for medical, dental and vision on your behalf for a period of time equal to the number of weeks of your base severance pay (item (1)
above), rounded to the next whole month with a minimum of 12 months up to a maximum of 18 months. You must be a participant in the Plans at the time you are terminated and enroll in COBRA by sending the enrollment material to FINOVA Human Resources
to receive these benefits. The additional severance weeks granted to you for 2003 and 2004 in items (2) and (3) above will not be eligible for Company paid COBRA premiums nor will any additional weeks granted in the future through that program. If
your severance date remains as tentatively scheduled at 6/30/2005, you would be entitled to 12.00 months of company paid medical. 
  
 Career Continuation Counseling 
  
 You will also receive executive career-planning services to help you obtain future employment. Our outplacement vendor at this time is Lee Hecht Harrison. You are
entitled to their 12-month program. Additional details about the program benefits will be communicated to you at the time of your severance. 

 Other Severance Benefits 
  
 Financial/Estate Planning 
  
 You are eligible for financial/estate planning services for up to 12 months from your termination date. The Company will reimburse you up to $8,000 for the costs incurred
by you and/or your spouse in connection with financial counseling. The advice is to be provided by a licensed financial advisor of your choosing. This service includes, but is not restricted to tax preparation. 
  
 Exec-U-Care 
  
 You are eligible to continue your Exec-U-Care services for 12 months from your termination date. The Exec-U-Care program is used to pay for
medical, dental or vision services not covered by the group health plans up to a total of $5,000 each calendar year. Co-payments, deductibles and any out of pocket costs associated with dental and doctor visits are covered benefits under this
program. Exclusions and limitations of the program are in the enrollment information you already have. 
  
 Executive Physical Exam Benefit 
  
 You
are eligible to be reimbursed up to $3,200 for one annual physical during the calendar year of your termination and one annual physical during the calendar year following your termination date. The physical can be arranged either through your
primary care physician or at a medical facility of your choosing. The physical include a comprehensive physical exam, associated laboratory work, audiogram, glaucoma screening, resting electrocardiogram, chest x-ray, treadmill stress test and
associated laboratory work, as applicable. 
  
 Age and Service Benefits

  
 Due to the terminations of the Pension Plan on December 31, 2004, you may
be eligible to receive additional severance in connection with the Age and Service Benefits to be paid under the 401K Savings Plan. We will provide additional information on those awards, if applicable, at a later date. 
  
 Resignations and Terminations for Cause or Performance 
  
 If you voluntarily resign or are terminated for cause or performance at any time, you are
not eligible to receive severance benefits. 
  
 Nothing in this letter
forms a contract of employment for any specific duration or on any specific terms, and FINOVA retains the right to terminate your employment at any time. 
  
 This letter is subject to the terms of applicable policies and the specific plans relating to the matters noted above, such as FINOVA’s Severance Pay Plan, Enhanced
Severance Plans, the Annual Bonus Plans and the Employee Severance and Bonus Trusts, which are incorporated by reference. If those policies or plans conflict with this letter, the terms most beneficial to the employee shall control. 
  
 If you have any questions, please feel free to call me at 480-636-6544. 
  
 Sincerely, 
 /s/ Susan DeFelice 

  
 Susan DeFelice 
 Vice President – HR & Benefits 
  
 Employee Acceptance 
  
 In signing below you are agreeing to the terms of this letter. You are also acknowledging your understanding that you are not able to
voluntarily terminate employment and still receive any severance payment. 
  
 /s/
Richard Lieberman 

 Richard Lieberman 
  
 Date: March 21, 2005

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