Document:

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                                                                 Exhibit 10(iii)

                           2001 NON-EMPLOYEE DIRECTOR
                              STOCK OPTION PLAN OF
                             FANZ ENTERPRISES, INC.

         1. PURPOSE OF THE PLAN. This 2001 Non-Employee Director Stock Option
Plan of FanZ Enterprises, Inc. adopted on this _______ day of ______________,
2001, is intended to encourage directors of the Company who are not officers or
key employees of the Company or any of its Subsidiaries to acquire or increase
their ownership of common stock of the Company. The opportunity so provided is
intended to foster in participants an incentive to put forth maximum effort for
the continued success and growth of the Company and its Subsidiaries, to aid in
retaining individuals who put forth such efforts, and to assist in attracting
the best available individuals to the Company in the future.

         2. DEFINITIONS. When used herein, the following terms shall have the
meaning set forth below:

                  2.1 "BOARD" means the Board of Directors of FanZ Enterprises,
         Inc.

                  2.2 "CHANGE IN CONTROL" means a change in control of the
         Company as a result of the occurrence of any of the following events:

                  (a) any person (as such term is used in Sections 13(d) and
         14(d) of the Exchange Act) other than an Exempt Person (an "Acquiring
         Person") is or becomes the beneficial owner, directly or indirectly, of
         Shares of the Company representing more than fifty percent (50%) of the
         combined voting power of the Company's then outstanding voting
         securities, other than either in connection with an issuance of Shares
         or series of related issuances of Shares approved by the Board (which
         Board must include at least a majority who were Continuing Directors
         and which transaction or series of related transactions must have been
         approved by a majority of the Continuing Directors) or as the result of
         the reduction in the number of issued and outstanding Shares pursuant
         to a transaction or series of related transactions approved by the
         Board;

                  (b) there shall cease to be a majority of the Board comprised
         of Continuing Directors; or

                  (c) (i) the Members of the Company approve a merger or
         consolidation of the Company with any other entity, other than a merger
         or consolidation which would result in the voting securities of the
         Company outstanding immediately prior thereto continuing to represent
         more than fifty percent (50%) of the combined voting power of the
         voting securities of the Company or such surviving entity outstanding
         immediately after such merger or consolidation, or (ii) 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 the Company's assets (other than to a more
         than fifty percent (50%) subsidiary or other controlled person of the
         Company).

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                  2.3 "CODE" means the Internal Revenue Code of 1986, as in
         effect at the time of reference, or any successor revenue code which
         may hereafter be adopted in lieu thereof, and any reference to any
         specific provisions of the Code shall refer to the corresponding
         provisions of the Code as it may hereafter be amended or replaced.

                  2.4 "COMMITTEE" means the Compensation Committee of the Board
         or any other committee appointed by the Board which is invested by the
         Board with responsibility for the administration of the Plan.

                  2.5 "COMPANY" means FanZ Enterprises, Inc.

                  2.6 "CONTINUING DIRECTOR" means a director of the Company who
         is not an Acquiring Person or an affiliate or associate thereof or any
         of their representatives and who was either a director of the Company
         before any Person became an Acquiring Person or whose nomination or
         election to the Board was recommended or approved by a majority of the
         then Continuing Directors or by an Exempt Person.

                  2.7 "DIRECTORS" means directors who serve on the Board and who
         are not officers or key employees of the Company or any of its
         Subsidiaries.

                  2.8 "EFFECTIVE DATE" means the date of the closing of the
         Company's initial public offering of Shares pursuant to a registration
         statement under the Securities Act of 1933, as amended, which has been
         filed with, and declared effective by, the Securities and Exchange
         Committee.

                  2.9 "ERISA" means the Employee Retirement Income Security Act
         of 1974, as in effect at the time of reference, or any successor law
         which may hereafter be adopted in lieu thereof, and any reference to
         any specific provisions of ERISA shall refer to the corresponding
         provisions of ERISA as it may hereafter be amended or replaced.

                  2.10 "EXCHANGE ACT" means the Securities Exchange Act of 1934,
         as in effect at the time of reference, or any successor law which may
         hereafter be adopted in lieu thereof, and any reference to any specific
         provisions of the Exchange Act shall refer to the corresponding
         provisions of the Exchange Act as it may be amended or replaced.

                  2.11 "EXEMPT PERSON" means the Company, any Subsidiary
         thereof, any employee benefit plan of the Company or any Subsidiary
         thereof, any entity holding Shares for or pursuant to the terms of any
         such plan, and any stockholder as of the close of business on the date
         the Plan is adopted by the Board or any affiliate of any such
         stockholder.

                  2.12 "FAIR MARKET VALUE" means with respect to the Shares, the
         fair market value determined in good faith by the Committee, in its
         discretion, which determination may, but need not, be based on (i) the
         advice of an independent financial advisor (which may be the Company's
         regular outside auditors) or (ii) the last known price per Share paid
         by a purchaser in an arm's length transaction; provided, however, that
         if there shall

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         be a public market for the Shares, Fair Market Value shall mean (i) the
         closing price of the Shares on the principal stock exchange on which
         Shares are then traded or admitted to trading, on the last business day
         prior to the date on which the value is to be determined, (ii) if no
         sale takes place on such day on any such exchange, the average of the
         last reported closing bid and asked prices on such day as officially
         quoted on any such exchange, or (iii) if the Shares are not then listed
         or admitted to trading on any such exchange, the average of the last
         reported closing bid and asked prices on such day on the
         over-the-counter market. For purposes of (i) above, the National
         Association of Securities Dealers National Market System shall be
         deemed a principal stock exchange. If there shall be a public market
         for the Shares, and the foregoing references are unavailable or
         inapplicable, then the Fair Market Value shall be determined on the
         basis of the appropriate public market price indicator as determined by
         the Committee, in its sole discretion. Notwithstanding the foregoing,
         with respect to Options granted on, or as of, the date of the closing
         of the Company's initial public offering of Shares pursuant to a
         registration statement under the Securities Act of 1933, as amended,
         which has been filed with, and declared effective by, the Securities
         and Exchange Committee, Fair Market Value means the initial price at
         which Shares are sold in such offering.

                  2.13 "OPTION" means the right to purchase the number of Shares
         specified by the Plan at a price and for a term fixed by the Plan, and
         subject to such other limitations and restrictions as the Plan and the
         Committee imposes.

                  2.14 "OPTION AGREEMENT" means a written agreement in such form
         as may be, from time to time, hereafter approved by the Committee,
         which shall be duly executed by the Company and the Director and which
         shall set forth the terms and conditions of an Option under the Plan.

                  2.15 "PLAN" means the 2001 Non-Employee Director Stock Option
         Plan of FanZ Enterprises, Inc.

                  2.16 "QUALIFIED PUBLIC OFFERING" means the sale in an initial
         public offering registered under the Securities Act of 1933, as amended
         (the "Securities Act"), of the Common Stock of the Company consummated
         pursuant to a registration statement declared effective under the
         Securities Act, the gross proceeds of which to the Company are at least
         Ten Million Dollars ($10,000,000).

                  2.17 "REGULATION T" means Part 220, chapter II, title 12 of
         the Code of Federal Regulations, issued by the Board of Governors of
         the Federal Reserve System pursuant to the Exchange Act, as amended
         from time to time.

                  2.18 "RULE 16B-3" means Rule 16b-3 of the General Rules and
         Regulations of the Securities and Exchange Commission as in effect at
         the time of reference, or any successor rules or regulations which may
         hereafter be adopted in lieu thereof, and any reference to any specific
         provisions of Rule 16b-3 shall refer to the corresponding provisions of
         Rule 16b-3 as it may hereafter be amended or replaced.

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                  2.19 "SHARES" means shares of the common stock $.01 par value,
         of the Company or, if by reason of the adjustment provisions contained
         herein, any rights under an Option under the Plan pertain to any other
         security, such other security.

                  2.20 "SUBSIDIARY" or "SUBSIDIARIES" means any corporation or
         corporations other than the Company in an unbroken chain of
         corporations beginning with the Company if each of the corporations
         other than the last corporation in the unbroken chain owns stock
         possessing fifty percent (50%) or more of the total combined voting
         power of all classes of stock in one of the other corporations in such
         chain.

                  2.21 "SUCCESSOR" means (i) the legal representative of the
         estate of a deceased Director, (ii) the person or persons who shall
         acquire the right to exercise or receive an Option by bequest or
         inheritance or by reason of the death of the Director or (iii) the
         beneficiary or beneficiaries designated by the Director for any Option
         granted to the Director which is outstanding at the time of his death.

                  2.22 "TERM" means the period during which a particular Option
         may be exercised.

         3. STOCK SUBJECT TO THE PLAN. There will be reserved for use, upon the
exercise of Options to be granted from time to time under the Plan, an aggregate
number of shares equal to 1% of the issued and outstanding Shares upon
completion of a Qualified Public Offering, which Shares may be, in whole or in
part, as the Board shall from time to time determine, authorized but unissued
Shares, or issued Shares which shall have been reacquired by the Company. Any
Shares subject to issuance upon exercise of Options but which are not issued
because of a surrender, lapse, expiration or termination of any such Option
prior to issuance of the Shares shall once again be available for issuance in
satisfaction of Options.

         4. ADMINISTRATION OF THE PLAN. The Board shall be invested with the
responsibility for the administration of the Plan; provided, however, that the
Board may appoint a Committee provided, further, however, that at such time, if
ever, that the Company becomes subject to the Exchange Act, the Board shall
appoint a Committee, which shall consist of not less than two (2) outside
directors as defined in Treasury Regulation Section 1.162-27 who shall also
qualify as disinterested directors within the meaning of Rule 16b-3, which shall
be invested with the responsibility for the administration of the Plan; provided
further, however, that the failure to appoint a Committee satisfying the
foregoing requirement shall not affect the validity of any Options granted under
the Plan. Subject to the provisions of the Plan, the Committee shall have full
authority, in its discretion, to interpret the Plan, to prescribe, amend and
rescind rules and regulations relating to the Plan, and generally to interpret
and determine any and all matters whatsoever relating to the administration of
the Plan and the granting of Options hereunder. The Board may, from time to
time, appoint members to the Committee in substitution for or in addition to
members previously appointed and may fill vacancies, however caused, in the
Committee. The Committee shall select one of its members as its chairman and
shall hold its meetings at such times and places as it shall deem advisable. A
majority of its members shall constitute a quorum. Any action of the Committee
may be taken by a written instrument signed by all of the members, and any
action so taken shall be fully as effective as if it had been taken

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by a vote of a majority of the members at a meeting duly called and held. The
Committee shall make such rules and regulations for the conduct of its business
as it shall deem advisable and shall appoint a Secretary who shall keep minutes
of its meetings and records of all action taken in writing without a meeting. No
member of the Committee shall be liable, in the absence of bad faith, for any
act or omission with respect to his or her service on the Committee.

         5. GRANT OF OPTIONS.

                  5.1 EXISTING DIRECTORS. Each Director who is a Director on the
         Effective Date shall be granted an Option to purchase 100 Shares
         without further action by the Board or the Committee. On each two year
         anniversary of the Effective Date, each Director who (i) was a Director
         on the Effective Date and (ii) is still a Director on such anniversary
         date shall be granted an Option to purchase 100 Shares without further
         action by the Board or the Committee.

                  5.2 FUTURE DIRECTORS. Each Director who joins the Board after
         the Effective Date shall be granted an Option on the first day (the
         "Initial Grant Date") of his initial term on the Board to purchase 100
         Shares without further action by the Board or the Committee. On each
         two year anniversary of the Initial Grant Date of a Director who was
         not a Director on the Effective Date, if such Director is still a
         Director on such anniversary date, then such Director shall be granted
         an Option to purchase 100 Shares without further action of the Board or
         the Committee.

                  5.3 LIMITATIONS. If the number of Shares available to grant
         under the Plan on a scheduled date of grant is insufficient to make all
         automatic grants required to be made pursuant to the Plan on such date,
         then each eligible Director shall receive an Option to purchase a pro
         rata number of the remaining Shares available under the Plan; provided
         further, however, that if such proration results in fractional Shares,
         then such Option shall be rounded down to the nearest number of whole
         Shares.

         6. BASIC STOCK OPTION PROVISIONS.

                  6.1 OPTION PRICE. The option price per share of any Option
         granted under the Plan shall be the Fair Market Value of the Shares
         covered by the Option on the date the Option is granted.

                  6.2 TERMS OF OPTIONS.

                           (a) Options granted hereunder shall be exercisable
                  for a Term of ten (10) years from the date of grant thereof,
                  but shall be subject to earlier termination as hereinafter
                  provided.

                           (b) Except as otherwise provided in the Plan, prior
                  to its expiration or termination, any Option granted hereunder
                  may be exercised within the following time limitations:

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                                    (i) After one (1) year from the date of
                           grant, it may be exercised as to not more than
                           twenty-five percent (25%) of the Shares originally
                           subject to the Option.

                                    (ii) After two (2) years from the date of
                           grant, it may be exercised as to not more than an
                           aggregate of fifty percent (50%) of the Shares
                           originally subject to the Option.

                                    (iii) After three (3) years from the date of
                           grant, it may be exercised as to not more than an
                           aggregate of seventy-five percent (75%) of the Shares
                           originally subject to the Option.

                                    (iv) After four (4) years from the date of
                           grant, it may be exercised as to any part or all of
                           the Shares originally subject to the Option.

         6.3 TERMINATION OF DIRECTORSHIP. In the event a Director ceases to be a
member of the Board (other than by reason of death or disability), then (a) an
Option may be exercised by the Director (to the extent that the Director was
entitled to do so at the termination of his or her directorship) at any time
within three (3) months after he ceases to be a member of the Board, but not
beyond the Term of the Option, (b) the portion of the Option that has not vested
as of the date the Director ceases to be a member of the Board shall
automatically terminate as of the date he ceases to be a member of the Board and
(c) the vested portion of the Option shall automatically terminate upon the
expiration of the three (3) month period described above.

         6.4 DEATH OR DISABILITY OF DIRECTOR. If a Director dies or becomes
disabled while he is a member of the Board, or within three (3) months after the
date he ceases to be a member of the Board, then (a) an Option may be exercised
(to the extent the Director shall have been entitled to do so at the time of his
death or disability) in full, by his Successor, in the event of death, or by him
or his personal representative, as the case may be, in the event of disability,
at any time within one (1) year after his or her death or termination of
directorship by reason of disability, but not beyond the Term of the Option, (b)
the portion of the Option that has not vested as of the date of the Director's
death or the termination of his directorship by reason of disability shall
automatically terminate as of such date and (c) the vested portion of the Option
shall automatically terminate upon the expiration of the one (1) year period
described above.

         7. EXERCISE OF RIGHTS UNDER AWARDS.

                  7.1 NOTICE OF EXERCISE. A Director entitled to exercise an
         Option may do so by delivery of a written notice to that effect
         specifying the number of Shares with respect to which the Option is
         being exercised and any other information the Committee may require.
         The notice shall be accompanied by payment in full of the purchase
         price of any Shares to be purchased, which payment shall be made in
         cash or by certificates of Shares held for more than six (6) months,
         duly endorsed in blank, equal in value to the purchase price of the
         Shares to be purchased based on their Fair Market Value at the time of
         exercise or a combination thereof. No Shares shall be issued upon
         exercise of an Option

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         until full payment has been made therefor. All notices or requests
         provided for herein shall be delivered to the Company's President, or
         such other person as the Committee may designate. No fractional Shares
         shall be issued.

                  7.2 CASHLESS EXERCISE PROCEDURES. The Company, in its sole
         discretion, may establish procedures whereby a Director, subject to the
         requirements of Rule 16b-3, Regulation T, federal income tax laws, and
         other federal, state and local tax and securities laws, can exercise an
         Option or a portion thereof without making a direct payment of the
         option price to the Company. If the Company so elects to establish a
         cashless exercise program, the Company shall determine, in its sole
         discretion, and from time to time, such administrative procedures and
         policies as it deems appropriate and such procedures and policies shall
         be binding on any Director wishing to utilize the cashless exercise
         program.

         8. OTHER OPTION TERMS AND CONDITIONS. Each Option or each Option
Agreement evidencing the grant of an Option shall contain such other terms and
conditions not inconsistent herewith as shall be approved by the Committee.

         9. RIGHTS OF OPTION HOLDER. Subject to the provisions in Sections 14
and 17 of this Plan, the holder of an Option shall not have any of the rights of
a stockholder with respect to the Shares subject to purchase or receipt under
his Option, except to the extent that the holder has exercised the Option for
those Shares in accordance with the terms of the Option Agreement applicable to
such Option and paid the full exercise price for the purchased Shares to the
Company.

         10. NONTRANSFERABILITY OF OPTIONS. Unless otherwise determined by the
Committee and set forth in an Option Agreement, an Option shall not be
transferable, other than: (a) by will or the laws of descent and distribution or
pursuant to any beneficiary designation in effect for said Option at the time of
the holder's death, and an Option may be exercised, during the lifetime of the
holder of the Option, only by the holder, or in the event of death, the holder's
Successor, or in the event of disability, the holder's personal representative,
or (b) pursuant to a qualified domestic relation order, as defined in the Code
or ERISA or the rules thereunder.

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         11. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION. In the event of changes
in all of the outstanding Shares by reason of stock dividends, stock splits,
reclassifications, recapitalizations, mergers, consolidations, combinations,
exchanges of shares, separations, reorganizations or liquidations, or similar
events, or in the event of extraordinary cash or non-cash dividends being
declared with respect to the Shares, or similar transactions or events, the
number and class of Shares available under the Plan in the aggregate, the number
and class of Shares subject to Options theretofore granted, applicable purchase
prices and all other applicable provisions, shall, subject to the provisions of
the Plan, be equitably adjusted by the Committee (which adjustment may, but need
not, include payment to the holder of an Option, in cash or in shares, in an
amount equal to the difference between the price at which such Option may be
exercised and the then current fair market value of the Shares subject to such
Option) as equitably determined by the Committee in order to prevent the
diminution or enlargement of benefits thereunder. The foregoing adjustment and
the manner of application of the foregoing provisions shall be determined by the
Committee, in its sole discretion. Any such adjustment may provide for the
elimination of any fractional share which might otherwise become subject to an
Option.

         12. CHANGE IN CONTROL. Notwithstanding anything to the contrary herein
or in any Option Agreement, in the case of a Change in Control of the Company,
each Option granted under the Plan shall terminate upon the later of (i) the
thirtieth (30th) day after the date the Option holder receives written notice
from the Company of such Change in Control or (ii) the consummation of such
Change in Control, and an Option holder shall have the right, conditioned upon
the consummation of such Change in Control and subject to any other limitation
on exercise of an Option in effect on the date of exercise, to exercise any
Option in full, without regard to any vesting limitations, to the extent it
shall not have been previously exercised.

         13. FORMS OF OPTIONS. An Option shall be granted hereunder on the date
or dates specified in the Plan. Whenever the Plan provides for the receipt of an
Option by a Director, the Company's President or such other person as the
Committee shall appoint, shall forthwith send notice thereof to the Director, in
such form as the Committee shall approve, stating the number of Shares subject
to the Option, its Term, and the other terms and conditions thereof. The notice
shall be accompanied by a written Option Agreement, in such form as may from
time to time hereafter be approved by the Committee, which shall have been duly
executed by or on behalf of the Company. Execution by the Director to whom such
Option is granted of said Option Agreement in accordance with the provisions set
forth in this Plan shall be a condition precedent to the exercise of any Option.

         14. TAXES.

                  14.1 RIGHT TO WITHHOLD REQUIRED TAXES. The Company shall have
         the right to require a person entitled to receive Shares pursuant to
         the exercise of an Option under the Plan to pay the Company the amount
         of any taxes which the Company is or will be required to withhold, if
         any, with respect to such Shares before the certificate for such Shares
         is delivered pursuant to the Option. Furthermore, the Company may elect
         to deduct such taxes from any other amounts then payable in cash or in
         shares or from any other amounts payable any time thereafter to the
         Director.

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                  14.2 DIRECTOR ELECTION TO WITHHOLD SHARES. A Director may
         satisfy the withholding tax liability, if any, with respect to the
         exercise of an Option, by having the Company withhold Shares otherwise
         issuable upon exercise of the Option if such Director makes an election
         to do so which satisfies the requirements of Rule 16b-3.

         15. TERMINATION OF THE PLAN. The Plan shall terminate ten (10) years
from the date the Plan becomes effective, and an Option shall not be granted
under the Plan after that date although the terms of any Option may be amended
at any date prior to the end of its Term in accordance with the Plan. Any Option
outstanding at the time of termination of the Plan shall continue in full force
and effect according to the terms and conditions of the Option and this Plan.

         16. AMENDMENT OF THE PLAN. The Plan may be amended at any time and from
time to time by the Board, but no amendment without the approval of the
stockholders of the Company shall be made if stockholder approval under Rule
16b-3 would be required. Notwithstanding the discretionary authority granted to
the Committee in Section 4 of the Plan, no amendment of the Plan or any Option
granted under the Plan shall impair any of the rights of any holder, without the
holder's consent, under any Option theretofore granted under the Plan.

         17. DELIVERY OF SHARES ON EXERCISE. Delivery of certificates for Shares
pursuant to an Option exercise may be postponed by the Company for such period
as may be required for it with reasonable diligence to comply with any
applicable requirements of any federal, state or local law or regulation or any
administrative or quasi-administrative requirement applicable to the sale,
issuance, distribution or delivery of such Shares. The Committee may, in its
sole discretion, require a Director to furnish the Company with appropriate
representations and a written investment letter prior to the exercise of an
Option or the delivery of any Shares pursuant thereto.

         18. FEES AND COSTS. The Company shall pay all original issue taxes on
the exercise of any Option granted under the Plan and all other fees and
expenses necessarily incurred by the Company in connection therewith.

         19. EFFECTIVENESS OF THE PLAN. The Plan shall become effective on the
Effective Date.

         20. OTHER PROVISIONS. As used in the Plan, and in Option Agreements and
other documents prepared in implementation of the Plan, references to the
masculine pronoun shall be deemed to refer to the feminine or neuter, and
references in the singular or the plural shall refer to the plural or the
singular, as the identity of the person or persons or entity or entities being
referred to may require. The captions used in the Plan and in such Option
Agreements and other documents prepared in implementation of the Plan are for
convenience only and shall not affect the meaning of any provision hereof or
thereof.

         21. DELAWARE LAW TO GOVERN. This Plan shall be governed by and
construed in accordance with the laws of the State of Delaware.

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                                                                  Exhibit 10(iv)

                              EMPLOYMENT AGREEMENT

         EMPLOYMENT AGREEMENT, dated as of February 28, 2001, by and between
FanZ Enterprises, Inc. a Delaware Corporation (the "Company") and Michael J.
Wurtsbaugh (the "Employee").

                              W I T N E S S E T H:
                               - - - - - - - - - -

         WHEREAS, the Company owns and operates racing and merchandising
operating entities that will compete in National Association of Stock Car Racing
("NASCAR") sanctioned events;

         WHEREAS, this agreement is contingent upon the breaking of escrow for a
successful public offering of the Company in an amount of at least $10 million;

         NOW, THEREFORE, in consideration of the mutual covenants set forth
herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereby agree as follows:

         1. EMPLOYMENT. Upon the terms and subject to the conditions of this
Agreement, the Company hereby employs the Employee and the Employee hereby
accepts employment with the Company as its Chief Financial Officer ("CFO") and
in such other capacities as the parties may mutually agree.

         2. TERM OF EMPLOYMENT. The initial term of this Agreement (the "Initial
Term") shall commence on the day after escrow is broken on the Company's Initial
Public Offering in an amount of at least $10 million (the "Commencement Date")
and shall continue in effect through the third anniversary of the Commencement
Date (the "Termination Date"); PROVIDED, HOWEVER, that commencing on the
Termination Date and each anniversary thereafter, the term of this Agreement
shall automatically be extended for one (1) additional year (each an "Additional
Term" and collectively with the Initial Term, the "Term of this Agreement")
unless, (a) this Agreement is earlier terminated pursuant to Section 7, or (b)
not later than forty-five (45) days prior to the Termination Date or the end of
any Additional Term, as applicable, the Company or the Employee shall have given
written notice to the other that such party does not wish to extend the term of
this Agreement.

         3. DUTIES; EXTENT OF SERVICES.

         (a) DUTIES. During the Term of this Agreement, the Employee shall serve
as the CFO of the Company and shall perform the duties, undertake the
responsibilities and exercise the authority customarily performed, undertaken
and exercised by a person in such position in the business in which the Company
is engaged. The Employee shall report to and carry out the lawful directions of
the Board of Directors of the Company (the "Board") that are consistent with his
title and position. Subject to the vote of shareholders, the Employee shall
serve on the Board and the Board of Directors of all subsidiaries of the Company
as directed by the Company. The Employee shall report directly to the President
of the Company.

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         (b) EXTENT OF SERVICES. Except during illness and permitted vacation
periods, during the Term of this Agreement, the Employee shall: (i) devote his
full-time and attention to the business of the Company and its subsidiaries and
affiliates; (ii) use his best efforts to promote the interests of the Company;
and (iii) execute such duties not inconsistent with his position as may be
assigned to him by the Board from time to time.

         4. COMPENSATION.

In consideration of the services rendered by the Employee hereunder and provided
that the Employee has substantially performed all of his obligations provided
for herein, the Company will pay to the Employee a base salary (the "Base
Salary") at the rate of $175,000 per year, accruing on a daily basis based on
actual days employed. The Base Salary may not be reduced without the prior
consent of the Employee. Increases in the Employee's compensation above the Base
Salary will be in accordance with the Company's policies as determined from time
to time by the Board. For purposes of this Agreement, the Employee's Base
Salary, any bonuses payable to the Employee and any other compensation payable
by the Company to the Employee is hereafter referred to as "Salary". Employee's
Salary will be paid in accordance with the Company's normal payroll practices
and procedures for compensation of the type being paid.

         5. BONUS AND INCENTIVE COMPENSATION. In addition to the Base Salary,
the Employee shall be entitled to receive an annual or periodic incentive
compensation pursuant to the terms and conditions of the Company Bonus and
Incentive Compensation Plan. The Bonus and Incentive Compensation Plan will be
completed within ninety (90) days after the conclusion of the fund raising.

         6. OTHER EMPLOYEE BENEFITS.

         (a) During the Term of this Agreement, the Employee shall be entitled
to: (i) participate in all employee insurance and other fringe benefit programs,
including, without limitation, life, health, dental and accident insurance plans
and long term disability now or hereafter maintained by the Company for
executive or other salaried personnel for which the Employee is eligible; and
(ii) participate in a 401(k) plan with terms similar to those applicable to
executives of the Company.

(b) The Company, in accordance with Company procedures, shall pay all reasonable
and necessary documented travel and other business expenses incident to the
rendering of services by the Employee hereunder pursuant to the practices and
policies of the Company. If any such expenses are paid first by the Employee,
the Company shall reimburse him upon presentation of expense accounts and
appropriate documentation in accordance with customary procedures of the
Company.

         (c) The Company shall reimburse the Employee for reasonable moving
expenses in accordance with the Company policy, which will be created within
sixty (60) days after the Commencement Date.

         7. TERMINATION PROVISIONS.

                                       2
<PAGE>   3

         (a) EVENTS OF TERMINATION. The Term of this Agreement, the right of the
Employee to receive his Salary, and any and all other rights of Employee under
this Agreement, or otherwise as an employee of the Company, will terminate
(except as otherwise provided in this Section 7):

         (i) upon the death of the Employee (as provided in Section 7(d) below);

         (ii) upon the Disability of the Employee (as provided in Section 7(c)
below);

         (iii) for "Cause" (as provided in Section 7(b) below);

         (iv) at the end of the Initial Term, or any Additional Term (as
provided in Section 2(b) above);

         (v) by action of the Company without "Cause" (as provided in Section
7(e) below); or

         (vi) by action of the Employee (as provided in Section 7(f) below).

         (b) TERMINATION FOR CAUSE. The Board (upon a Majority vote, excluding
the Employee's vote) may terminate the Employee's employment for "Cause", as
hereinafter defined, at any time during the Term of this Agreement, effective
immediately upon written notice by the Company to the Employee. If the
Employee's employment is terminated for Cause, the Employee shall be entitled to
receive only the unpaid portion of Employee's Salary (but excluding any bonuses)
then in effect that has accrued to the date of termination. For purposes of this
Agreement, "Cause" shall mean: (i) dishonesty of the Employee that is materially
detrimental to the best interests of either the Company or any of its
subsidiaries or affiliated companies; (ii) Employee's gross negligence or
willful and continued failure to substantially perform duties pursuant to or
arising under or related to this Agreement after receiving written notice from
the Board outlining such deficiencies; (iii) the Employee's commission of fraud,
misrepresentation, theft or embezzlement relating to the Company's assets, (iv)
the Employee's intentional violation of any local, State, and/or Federal law
and/or regulation that materially impacts the Company; (v) willful violation of
Company policy resulting in material harm to the Company or any of its
subsidiaries or affiliates; or (vi) Employee's conviction of a felony or any
other crime involving moral turpitude or dishonesty. For the purposes of this
Agreement, no act or failure to act will be "willful" unless it is done, or
omitted to be done, in bad faith without reasonable belief that the action or
omission was in the best interest of the Company.

         (c) TERMINATION BY REASON OF DISABILITY. If at any time during the Term
of this Agreement, the Board reasonably determines that the Employee has been or
will be unable to perform his duties under this Agreement, as a result of
Disability (as defined herein), the Company may terminate the Employee's
employment upon thirty (30) days written notice to the Employee. If the
Employee's employment is terminated by reason of Disability, the Employee shall
be entitled to receive only the unpaid portion of any Salary accrued through the
date of such termination (including any unpaid bonus accrued through the date of
termination). For purposes

                                       3
<PAGE>   4

of this Agreement, the Employee will be deemed to have a "Disability" if, for
physical or mental reasons, the Employee is unable to perform his duties under
this Agreement for a period of 120 consecutive days, or 180 days during any
twelve (12) month period, as determined in accordance with this Section 7(c). A
medical doctor selected by written agreement of the Company and the Employee,
upon the request of either party, will determine the "Disability" of the
Employee. If the Company and the Employee cannot agree on a medical doctor, each
of them will select a medical doctor and the two medical doctors will select a
third medical doctor who will determine whether the Employee had a Disability.
The determination of the medical doctor selected under this Section 7(c) shall
be binding on both the Company and the Employee. The Employee must submit to a
reasonable number of examinations by, and cooperate with, the medical doctor
making the determination of Disability under this Section, and the Employee
hereby authorizes the disclosure and release to the Company of such
determination and all supporting medical records.

         (d) TERMINATION BY REASON OF DEATH. The Employee's employment hereunder
shall automatically terminate on the date of his death. If the Employee's
employment is so terminated by his death, the Employee's estate shall be
entitled to receive only the unpaid portion of the Salary through the date of
the Employee's death (including any accrued and unpaid bonuses as of the date of
the Employee's death).

         (e) TERMINATION WITHOUT CAUSE. The Board may terminate the Employee's
employment hereunder at any time for any reason without Cause in which case the
Employee shall be entitled to receive the then unpaid Salary that has accrued
through the effective date of the termination and severance equal to double the
annual Salary in effect at the time of such Termination, over a severance period
equal to one (1) year. All severance is to be paid in accordance with the
Company's normal payroll practice. If the Employee is terminated without cause,
the Employee will be eligible to continue his existing benefits, for the same
cost and expense to the Employee as in effect immediately prior to such
Termination, for the one (1) year severance period.

         (f) RESIGNATION. The Employee may at any time resign from his
employment.

             (i) Without reason, the Employee may resign from his employment
upon thirty (30) days written notice to the Company. In the event of such
resignation, the Employee shall be entitled to receive the unpaid portion of
Salary (excluding Bonuses) that has accrued through the date of his resignation.
If the Employee resigns, the Employee will be eligible to continue his health
benefits for the Term of this Agreement.

             (ii) With Good Reason, the Employee may resign from his employment.
In such instance the resignation shall be treated as a Termination Without Cause
and the Employee shall be entitled to receive the same severance, benefits and
conditions as outlined in Section 7(e) above. "Good Reason" shall mean that,
without the Employee's consent, the Company has:

                  A.       caused a material reduction in the Employee's title,
                           status, authority or responsibility with the Company;

                                       4
<PAGE>   5

                  B.       decreased the Employee's Base Salary; or

                  C.       permitted a Change of Control in the Company.

                  A "Change of Control" shall mean (i) the consummation of a
                  merger, consolidation or other corporate reorganization of the
                  Company with or into another entity in which more than 50% of
                  the combined voting power is transferred to an unaffiliated
                  entity or the securities of the surviving entity outstanding
                  immediately after such merger, consolidation or other
                  reorganization are owned by a person or persons who were not
                  stockholders of the Company immediately prior to such merger,
                  consolidation or reorganization; or (ii) the sale, transfer or
                  other disposition of all, or substantially all, of the
                  Company's assets. The transaction shall not constitute a
                  Change of Control if its sole purpose is to change the state
                  of incorporation, create a holding company that will be owned
                  in substantially the same proportions by the persons who held
                  the Company's securities immediately before such transaction
                  or for the estate planning purposes of the current owners of
                  the majority of the Company's stock.

         (g) BENEFITS. Unless otherwise noted to the contrary herein, the
Employee's accrual of, or participation in plans providing for, any benefits
(including vacation, holiday, sick leave, etc.) (collectively "Benefits") will
cease at the effective date of the termination of this Agreement, and the
Employee will be entitled to accrued Benefits pursuant to such plans only as
provided in such Plans.

         8. COVENANTS OF THE EMPLOYEE.

         (a) NON-COMPETITION. From the Commencement Date and until the first
anniversary of the date of the termination of the Employee's employment
hereunder, the Employee shall not, directly or indirectly, have a financial
interest in or render services to or on behalf of (whether as a director,
officer, employee, agent, consultant, partner, owner, independent contractor or
otherwise) any entity that competes with the Company, or personally engage in
any activity, which competes with the Company, or any of its subsidiaries or
affiliates, in the motorsports industry.

         (b) NON-SOLICITATION OF CLIENTS, SUPPLIERS, DISTRIBUTORS AND EMPLOYEES
OF THE COMPANY. From the Commencement Date until the second anniversary of the
date of the termination of this Agreement, the Employee shall not solicit, and
shall not assist any business or entity in soliciting, (1) any person or entity
who was a client, supplier, sponsor or distributor of the Company, or any of its
subsidiaries or affiliates, at any time prior to the date of such termination or
(2) for employment or employ any person (as an employee, consultant or
otherwise) who is on the date of termination, or who was at any time during the
six (6) months prior to the date of termination, employed in a professional or
managerial position by the Company or any of its subsidiaries or affiliates.

         (c) CONFIDENTIALITY. The Employee agrees and acknowledges that the
Confidential Information (as defined below) of the Company and its subsidiaries
and affiliates is

                                       5
<PAGE>   6

valuable, special and unique to their respective businesses; that such
businesses depend on such Confidential Information; and that the Company wishes
to protect such Confidential Information by keeping it confidential for the
exclusive use and benefit of the Company and its subsidiaries and affiliates.
Based on the foregoing, the Employee agrees to undertake the following
obligations with respect to such Confidential Information:

         (i) the Employee agrees to keep any and all Confidential Information in
trust for the exclusive use and benefit of the Company and its subsidiaries and
affiliates;

         (ii) the Employee agrees that, except as required by applicable law or
as authorized in writing by the Board, he will not at any time during or after
the termination of his employment hereunder, disclose to any third party,
directly or indirectly, any Confidential Information of the Company or any of
its subsidiaries or affiliates;

         (iii) the Employee agrees to take all reasonable steps necessary, or
reasonably requested by the Company, to ensure that all Confidential Information
is kept confidential for the exclusive use and benefit of the Company and its
subsidiaries and affiliates; and

         (iv) the Employee agrees that, upon termination of his employment
hereunder, or at any other time, the Company may in writing so request that he
promptly deliver to the Company all materials constituting Confidential
Information (including all copies thereof) that are in his possession or under
his control.

         The Employee further agrees that, if requested by the Company, to
return any Confidential Information pursuant to subparagraph (iv) above, he will
not make or retain any copy or extract from such materials.

         (d) For purposes of this SECTION 8, "Confidential Information" means
any and all information developed by or for the Company and any of its
subsidiaries or affiliates of which the Employee gains or has acquired knowledge
by reason of his employment with the Company that is (i) not generally known in
any industry in which the Company or any of its subsidiaries or affiliates is or
may become engaged or (ii) not otherwise publicly available (other than by a
breach by another person of its confidentiality obligations to the Company).
Subject to the foregoing, Confidential Information includes, but is not limited
to, any and all information developed by or for the Company or any of its
subsidiaries or affiliates concerning plans, marketing and sales methods,
customer lists, materials, processes, business forms, procedures, devices, plans
for development of products, services or expansion into new areas or markets,
internal operations, any trade secrets and proprietary information of any type
owned by the Company or any of its subsidiaries or affiliates, together with all
written, graphic and other materials relating to all or any part of the same.

         9. ASSIGNMENT. This Agreement shall be binding upon and shall inure to
the benefit of the Company and its successors and assigns. Neither this
Agreement nor any right or interest hereunder may be assigned by the Employee,
his beneficiaries, or legal representatives without the prior written consent of
the Board.

                                       6
<PAGE>   7

         10. NOTICES. All notices and other communications hereunder shall be in
writing and shall be deemed to have been given when delivered by hand, mailed by
first-class registered or certified mail, postage prepaid and return receipt
requested, or delivered by overnight courier addressed as follows:

                  (i)      If to the Company:

                           By Mail
                           FanZ Enterprises, Inc.
                           3020-I Prosperity Church Road
                           Suite 293
                           Charlotte, North Carolina 28269-7197
                           Attention: Frederick L. McDonald II

                           Or by fax

                           978/383-8296

                           Or by Electronic mail

                           fmcii@yahoo.com

                  (ii)     If to the Employee:

                           Michael J. Wurtsbaugh
                           121 Parkland Avenue
                           St. Louis, MO  63122

                           Or by fax

                           561/658-3212-

                           Or by Electronic mail

                           Wurts61@yahoo.com

or, in each case, at such other address as may from time to time be specified to
the other party in a notice similarly given.

         11. GOVERNING LAW; EXPENSES.

         (a) GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware without giving effect to the
conflicts of law principles thereof.

                                       7
<PAGE>   8

         (b) EXPENSES. All costs and expenses (including attorneys' fees)
incurred in connection with any claim, dispute or litigation pertaining to this
Agreement shall be paid by the party incurring such expenses, unless otherwise
determined by a court of law or arbitration.

         12. ENTIRE AGREEMENT. Except as provided in Section 18 of this
Agreement, this Agreement contains the entire agreement of the parties and their
affiliates relating to the subject matter hereof and supersedes all prior
agreements, representations, warranties and understandings, written or oral,
with respect thereto.

         13. SEVERABILITY. If any term or provision of this Agreement or the
application thereof to any person, property or circumstance shall, to any
extent, be invalid or unenforceable, the remainder of this Agreement, or the
application of such term or provision to persons, property or circumstances
other than those as to which it is invalid or unenforceable, shall not be
affected thereby, and each term and provision of this Agreement shall remain
valid and enforceable to the fullest extent permitted by law.

         14. REMEDIES.

         (a) INJUNCTIVE RELIEF. The Employee acknowledges and agrees that the
covenants and obligations of the Employee contained in SECTION 7 hereof relate
to special, unique and extraordinary matters and are reasonable and necessary to
protect the legitimate interests of the Company and its subsidiaries and
affiliates and that a breach of any of the terms of such covenants and
obligations may cause the Company irreparable injury for which adequate remedies
at law are not available. Therefore, the Employee agrees that the Company shall
be entitled to an injunction, restraining order, or other equitable relief from
any court of competent jurisdiction, restraining the Employee from any such
breach.

         (b) REMEDIES CUMULATIVE. The Company's rights and remedies under this
SECTION 14 are cumulative and are in addition to any other rights and remedies
the Company may have at law or in equity.

         15. WITHHOLDING TAXES. The Company may deduct any federal, state or
local withholding or other taxes from any payments to be made by the Company
hereunder in such amounts that the Company may reasonably determine are required
to deduct under applicable law.

         16. AMENDMENTS, MISCELLANEOUS, ETC. Neither this Agreement nor any term
hereof may be changed, waived, discharged or terminated except by an instrument
in writing signed by all parties to this Agreement.

         17. COUNTERPARTS. This Agreement may be executed in one or more
counterparts and shall be the valid and binding agreement of the parties when
such counterparts have been duly executed and delivered by each party hereto.

                                       8
<PAGE>   9

         18. INCORPORATION BY REFERENCE. The terms and conditions of that
"Option Agreement" dated February 28, 2001 by and among the parties hereto, are
hereby incorporated by reference and made a part of this agreement.

               [Remainder of this page intentionally left blank.]

                                       9
<PAGE>   10

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

                                       FanZ Enterprises, Inc.

                                       By: /s/ Frederick L. McDonald II
                                           ----------------------------
                                          Name:  Frederick L. McDonald II
                                          Title:  President

                                       /s/ Mr. Michael J. Wurtsbaugh
                                       -----------------------------
                                          Mr. Michael J. Wurtsbaugh

                                       10

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