Document:

Prepared by MerrillDirect

Exhibit 10.23.

Officer Compensation Continuation Agreement

REPUBLIC BANCORP, INC

REPUBLIC BANK & TRUST COMPANY

OFFICER COMPENSATION
CONTINUATION AGREEMENT

             This
Agreement  dated as of the 15th
day of June, 2001 (the "Agreement") is made by and between
Republic Bancorp, Inc., a Kentucky corporation (the "Company"), and
Kevin Sipes (the "Executive"), who is presently Chief Financial
Officer of Republic Bank & Trust Company (the "Bank") in
consideration of the mutual covenants herein contained and in further consideration
of services performed and to be performed by the Executive for the Company
and/or its subsidiaries.  As of the date
of this Agreement, Bank is a wholly-owned subsidiary of the Company.  The Bank joins in this Agreement to further
accomplish the terms and objectives of this Agreement.

Recitals

             A.         The Company considers the establishment
and maintenance of sound and vital management of the Company and its
subsidiaries to be essential to protecting and enhancing the best interests of
the Company and its shareholders.

             B.          The Company recognizes that, as is the
case with many bank holding companies, the possibility of a change of control
may exist.  Such possibility, and the
uncertainty and questions which it may raise among management of the Company
and its subsidiaries may result in the departure or distraction of key members
of management to the detriment of the Company's shareholders.

             C.          The Company's Board of Directors has
determined that appropriate steps should be taken to encourage key members of
management of the Company and its subsidiaries, such as the Executive, to
remain in the employ of the Company and/or its subsidiaries and perform their
assigned duties without distraction in the face of potentially disturbing
circumstances arising from the possibility of a change of control of the
Company.

             NOW,
THEREFORE, in consideration of the foregoing and of the covenants herein
contained, the parties hereto agree as follows:

Section 1 — Definitions

For purposes of this Agreement, the following words and terms shall
have the following meanings:

             1.1        Termination by the Bank of the
Executive's employment for "Cause"
shall mean termination upon (A) the willful and continued failure by the
Executive substantially to perform the Executive's duties with the Bank (other
than any such failure resulting from Disability or temporary incapacity due to
physical or mental illness), after a written demand for substantial performance
is delivered to the Executive by the Board of Directors of the Bank (the "Bank
Board"), which demand specifically identifies the manner in which the Bank
Board believes that the Executive has not substantially performed his duties;
or (B) the willful engaging by the Executive in gross misconduct materially and
demonstrably injurious to the Bank or the Company.  For purposes of this definition, no act, or failure to act, on
the Executive's part shall be considered "willful" unless done, or
omitted to be done, by the Executive not in good faith and without reasonable
belief that the Executive's action or omission was in the best interests of the
Bank or the Company.

             1.2        A "Change
in Control" of the Company shall mean (i) an event or series of
events which have the effect of any "person" as such term is
used in Section 13(d) and 14(d) of the Exchange Act, becoming the
"beneficial owner" as defined in Rule 13d-3 under the Exchange
Act, directly or indi­rectly, of securities of the Company or the Bank repre­senting
a greater percentage of the combined voting power of the Company's or Bank's then
outstanding stock, than the Trager Family Members as a group; (ii) an
event or series of events which have the effect of decreasing the Trager Family
Members' percentage ownership of the combined voting power of the Company's or
Bank's then outstanding stock to less than 25%;  (ii) any person (including the Company or the Bank) publicly
announces an intention to take or to con­sider taking actions which have
consummated would constitute a Change in Con­trol, or (iii) the Company
Board adopts a resolu­tion to the effect that a Potential Change in Control for
purposes of this Plan has occurred.  For
purposes of this paragraph, "Trager Family Member" shall mean Bernard
M. Trager, Jean S. Trager and any of their lineal descendants, and any
corporation, partnership, limited liability company or trust the majority
owners or beneficiaries of which are directly or indirectly through another
entity Bernard M. Trager, Jean S. Trager, or one or more of their lineal
descendants.

             1.3        "Compensation"
shall mean the Executive's annual base salary at the greater of (A) the highest
rate in effect at any time during the twelve months immediately preceding the
applicable Date of Termination, or (B) the rate in effect immediately prior to
the applicable Change in Control.

             1.4        "Contract
Period" shall mean the period defined in Section 2 hereof.

             1.5        "Date
of Termination" shall mean (A) if the Executive's employment is
terminated for Good Reason, as defined below, the date specified in the Notice
of Termination, as defined in this Section 1.8 below; and (B) if the
Executive's employment is terminated for any other reason, the date on which a
Notice of Termination is given; provided that, if within 30 days after
any Notice of Termination is given, the party receiving such Notice of
Termination notifies the other party that a dispute exists concerning the
termination, the Date of Termination shall be the date on which the dispute is
finally determined, either by mutual written agreement of the parties, by a
binding and final arbitration award or by a final judgment, order or decree of
a court of competent jurisdiction (the time for appeal therefrom having expired
and no appeal having been perfected).

             1.6        "Disability"
shall mean a physical or mental incapacity of the Executive which entitles the
Executive to benefits under any long-term disability plan or wage continuation
plan applicable to him and maintained by the Company as in effect immediately
prior to the applicable Change in Control.

             1.7        "Good Reason" shall mean:

                           (a)         Without the Executive's express written
consent, the assignment to Executive of any duties inconsistent with, or the
reduction of powers or functions associated with, his positions, duties,
responsibilities and status with the Company immediately prior to a Change in
Control, or any removal of Executive from, or any failure to reelect Executive
to, any positions or offices Executive held immediately prior to a Potential
Change in Control, except in connection with the termination of Executive's
employment at death, for Cause or on account of Retirement or Disability
pursuant to the requirements of this Agreement;

                           (b)

                                        (i) the
failure by the Company to continue in effect any employee welfare or pension
benefit plans within the meaning of Sections 3(1) and 3(2) of the Employee
Retirement Income Security Act of 1974 (the "Plans"), in which
Executive was participating immediately prior to a Potential Change in Control
(or substitute plans, programs or arrangements providing Executive with
substantially similar benefits),

                                        (ii)
the taking of any action, or the failure to take any action, by the Company
which could (A) adversely affect Executive's participation in, or materially
reduce Executive's benefits under, any of the Plans, (B) materially adversely
affect the basis for computing benefits under any of the Plans, or (C) deprive
Executive of any material fringe benefit enjoyed by Executive immediately prior
to a Potential Change in Control, or (iii) the failure by the Company to
provide Executive with the number of paid vacation days to which Executive was
entitled immediately prior to a Potential Change in Control in accordance with
the Company's vacation policy applicable to Executive then in effect;

except, in each case, in connection with the termination of Executive's
employment at death, for Cause or on account of Retirement or Disability
pursuant to the requirements of this Agreement;

                           (c)         the failure by the Company to obtain an
assumption of the obligations of the Company under this Agreement by any successor
to the Company;

                           (d)        a reduction by the Bank in the
Executive's base salary as in effect on the date hereof or as the same may be
increased from time to time, except as part of an across-the-board reduction of
base salaries applicable to all salaried employees of the Bank, provided the
reduction (or series of reductions) does not exceed 5% of the Executive's base
salary prior to such change;

                           (e)         the relocation of the Bank's principal
executive offices to a location outside the metropolitan Louisville area; or
the Company's requiring the Executive to be based anywhere other than in the
metropolitan Louisville area, except for required travel on the Bank's business
to an extent substantially consistent with similarly situated executives'
business travel obligations;

                           (f)         any purported termination of the
Executive's employment during the contract period which is not effected
pursuant to a Notice of Termination satisfying the requirements of Section 3
below; and for purposes of this Agreement, no such purported termination shall
be effective.

             1.8        A "Notice
of Termination" shall mean a notice, from the Bank or from the
Executive, which shall indicate the specific termination provision in this
Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's
employment under the provision so indicated.

             1.9        "Plans"
shall have the meaning given in Section 1.7(b).

             1.10      Any reference to "Subsidiaries" of the Company
shall include those subsidiaries owned by the Company directly or owned by the
Company indirectly through another company which is wholly-owned by the
Company.

Section 2 — Application
of Agreement

             This Agreement shall
apply only to termination of employment of the Executive during a period (the
"Contract Period") commencing on the date immediately preceding the
date of a Change in Control and terminating on the second anniversary of the
date of that Change in Control; provided, however, that each such Change in
Control occurs during the period commencing as of January 1, 2001 and
terminating at midnight on December 31, 2004 or as further extended pursuant to
the following sentence.  At midnight on
December 31, 2004, and on each annual anniversary of that time and date
thereafter, such latter period shall be automatically extended for two
additional years, unless on or before such anniversary the Company notifies the
Executive in writing that it elects not to extend such period.  There is one Contract Period for each Change
in Control and there may be multiple Change(s) in Control.  With respect to a termination pursuant to
Section 3.2 only, the Contract Period shall also include the period from and
after a Potential Change in Control.  If
a Potential Change in Control occurs but a Change in Control does not follow
within one year of the Potential Change in Control, the Contract Period shall
expire on the one year anniversary of the Potential Change in Control.

Section 3 — Termination

             3.1        Procedure for Termination.      Any termination by the Bank or by the
Executive, pursuant to this Agreement, shall be communicated by Notice of
Termination to the other parties hereto. 
The Executive shall not be deemed to have been terminated for Cause
unless and until there shall have been delivered to the Executive a copy of a
resolution duly adopted by the affirmative vote of not less than 51% of the
entire membership of the Board of Directors of the Company (the "Company
Board") at a meeting of the Company Board called and held for that purpose
(after reasonable notice to the Executive and an opportunity for the Executive,
together with his counsel, to be heard before the Company Board), finding that
in the good faith opinion of the Company Board, the Executive was guilty of
conduct set forth in Section 1.1 and specifying the particulars thereof in
detail.

             3.2        Termination for Cause or Before
Contract Period.  Upon a termination
of the Executive's employment for Cause during the Contract Period, the
Executive shall have no right to receive any compensation or benefits
hereunder.  Upon a termination of the
Executive's employment without Cause during the Contract Period, the Executive
shall be entitled to receive the benefits provided in Section 3.4 hereof.  This Agreement shall not apply to, and the
Executive shall have no right to receive any compensation or benefits hereunder
in connection with, any termination of the Executive's employment by the
Company other than during a Contract Period, and Executive shall remain an
"at will" employee until a Contract Period begins.

             3.3        Termination for Good Reason.  During the Contract Period, the Executive
shall be entitled to terminate his employment with the Company and, if such
termination is for Good Reason, to receive the benefits provided in Section 3.4
hereof.  The Executive shall give the
Company Notice of Termination of his employment pursuant to this Section 3.3,
and termination of the Executive's employment shall be effective five business
days after the Executive gives notice thereof to the Company.  This Agreement shall not apply to, and the
Executive shall have no right to receive any compensation or benefits hereunder
in connection with, any termination of the Executive's employment by the Executive
other than during a Contract Period. 
This Agreement shall not apply to, and the Executive shall have no right
to receive any compensation or benefits hereunder in connection with, a
termination of the Executive's employment on account of the Executive's death,
whether or not during the Contract Period.

             3.4        Compensation Upon Termination.  If during a Contract Period the Executive's
employment shall be terminated by the Bank other than pursuant to death or for
Cause, or if the Executive shall terminate his employment for Good Reason, then
the Company shall pay, or the Company shall cause the Bank to pay, to the
Executive as severance compensation in a lump sum (discounted to present value
using the interest rate applicable to a three year certificate of deposit at
Republic Bank & Trust Company) on the fifth day following the Date of
Termination:

(1)         the unpaid balance of the Executive's full base salary
through the Date of Termination at the rate in effect at the time Notice of
Termination is given; and

(2)         an amount equal to the Executive's Compensation, divided
by 12 and multiplied by the lesser of (i) the number of
months remaining in the Contract Period at the Date of Termination, and (ii) 24
(such multiple hereafter referred to as the "Payment Period").

             In addition to the
severance benefits set forth in (1) and (2) of this Section 3.4, the Company
shall, or the Company shall cause the Bank to:

(3)         pay all legal fees and expenses incurred by the Executive
resulting from termination (including all such fees and expenses, if any,
incurred in contesting any such termination or in seeking to obtain or enforce
any right or benefit provided by this Agreement);

(4)         maintain in full force and effect, for the continued benefit
of the Executive for the shorter of (1) until the Executive's death (provided
that benefits payable to his beneficiaries shall not terminate upon his death),
or (2) with respect to any particular Plan, the date he is afforded a
comparable benefit at a comparable cost to the Executive by a subsequent
employer, or (3) the Payment Period, all Plans in which Executive was entitled
to participate immediately prior to the Change of Control (unless Plans
generally available to employees of the Bank have been modified since the
Change in Control in which case the Plans to be continued shall be those in
effect at the Date of Termination, at the level most comparable to that
available to the Executive at the Change in Control).  In the event that the Executive's participation in any Plan of
the Company is prohibited, the Company shall arrange to provide the Executive
with benefits substantially similar to those which the Executive is entitled to
receive under Plan, for such period.  At
the end of the period of coverage, the Executive shall have the option to have
assigned to him at no cost and with no apportionment of prepaid premiums, any
assignable insurance policy owned by the Bank or the Company relating
specifically to the Executive; and

(5)         cause all stock options and stock appreciation rights and/or
the rights held by the Executive with respect to stock in the Company,
immediately prior to the termination, if not otherwise presently exercisable,
to become presently exercisable.

             3.5        Disability.            
         If during the Contract
Period, the Executive's employment shall be terminated, either by the Bank orby
the Executive, due to the Executive's Disability, the Company shall pay the
Executive as severance compensation the same benefits as set forth in Section
3.4(1)-(5).

             3.6        No
Mitigation.              The Executive
shall not be required to mitigate the amount of any payment provided for in
this Section 3 by seeking other employment or otherwise, nor shall the amount
of any payment provided for in this Section 3 be reduced by any compensation
earned by the Executive as the result of employment by another employer after
the Date of Termination, or otherwise.

Section 4 — Miscellaneous

             4.1        Successors Shall Assume.       The Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Company or the
Bank, by agreement in form and substance satisfactory to the Executive,
expressly to assume and agree to perform this Agreement in the same manner and
to the same extent that the Company or the Bank would be required to perform if
no such succession had taken place. 
Failure of the Company to obtain such agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and
shall entitled the Executive to compensation from the Company in the same
amount and on the same terms as the Executive would be entitled hereunder if
the Executive terminated the Executive's employment for Good Reason, except
that for purposes of implementing the foregoing, the date on which any such
succession becomes effective shall be deemed the Date of Termination.  As used in this Agreement,
"Company" shall mean the Company as defined in the preamble hereto
and any successor to its business and/or assets as aforesaid or which otherwise
becomes bound by all the terms and provisions of this Agreement by operation of
law.  As used in this Agreement,
"Bank" shall mean the Bank as defined in the preamble hereto and any
successor to its business and/or assets as aforesaid or which otherwise becomes
bound by all the terms and provisions of this Agreement by operation of law.

             4.2        Binding Effect.              This Agreement shall inure to the
benefit of and be enforceable by the Executive's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees.  If the Executive
should die while any amounts would still be payable to the Executive hereunder
if the Executive had continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement
to the Executive's devisee, legatee, or other designee or, if there be no such
designee, to the Executive's estate.

             4.3        Reduction of Amounts Payable.          In no event shall any amount payable
under any provision of this Agreement equal or exceed an amount which would
cause the Company to forfeit, pursuant to Section 280G(a) of the Internal
Revenue Code of 1986, as amended, its deduction for any or all such amounts
payable.  Pursuant to this Section 4.3,
the Company's Compensation Committee has the power to reduce severance benefits
payable under this Agreement, if such benefits alone or in conjunction with
termination benefits provided under any other Company plan or program, would
cause the Company to forfeit otherwise deductible payments; provided, however
that no benefits payable under this Agreement shall be reduced pursuant to this
Section 4.3 to less than $1.00 below the amount of benefits which the Company
can properly deduct under Section 280G(a) of the Internal Revenue Code of 1986,
as amended.

             4.4        Notice.              Any notice or request required or permitted to be given
under this Agreement shall be in writing and shall be deemed sufficiently given
for all purposes if mailed by certified mail, postage prepaid and return
receipt requested, addressed to the intended recipient at

                           (a)         the addresses set forth below:

                                        (i)          If to the Company:

                                                     Republic
Bancorp, Inc.

                                                     601
W. Market St.

                                                     Louisville,
Kentucky 40202

All notices to the Company shall be directed to the attention of the Chief
Executive Officer of the Company with a copy to the Secretary of the Company
and to the Secretary of the Bank.

                                        (ii)         If to the Bank:

                                                     Republic
Bank & Trust Company

                                                     601
W. Market Street

                                                     Louisville,
Kentucky 40202

All notices to the Bank shall be directed to the attention of the Secretary of
the Bank with a copy to the Secretary of the Company.

                                        (iii)        If to the Executive:

                                                     Kevin
Sipes

                                                     Republic
Bancorp

                                                     601
West Market Street

                                                     Louisville,
KY  40202

                           (b)        Such other address as any of the parties
shall specify by written notice to the other parties of this Agreement.

             4.5        Payment Obligations Absolute.  The Company's obligation to pay the
Executive the amounts provided for hereunder shall be absolute and
unconditional and shall not be affected by any circumstances, including,
without limitation, any set-off, counterclaim, recoupment, defense or other
right which the Company may have against him or anyone else, except with
respect to tax withholding required pursuant to Section 4.11.  All amounts payable by the Company hereunder
shall be paid without notice or demand. 
Except as expressly provided herein, the Company waives all rights which
it may now have or may hereafter have conferred upon it, by statute or
otherwise, to amend, terminate, cancel or rescind this Agreement in whole or in
part.  Each and every payment made
hereunder by the Company shall be final and the Company shall not seek to
recover all or any part of such payment from the Executive or from whomsoever
may be entitled thereto, for any reason whatsoever.

             4.6        Modifications and Waivers.    No provisions of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing and signed by the Executive and such officer as may be
specifically designated by the Board of Directors of the Company.  No waiver by either party hereto at any time
of any breach by the other party hereto of, or compliance with, any condition
or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same
or any prior or subsequent time.

             4.7        Entire Agreement.        No agreements or representations, oral
or otherwise, express or implied, with respect to the subject matter hereof
have been made by either party which are not set forth expressly in this
Agreement.

             4.8        Governing Law.            The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of
the Commonwealth of Kentucky.

             4.9        Validity.            The invalidity or unenforceability of any provisions of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

             4.10      Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

             4.11      Payroll and Withholding Taxes.  The Company may withhold from any amounts
payable to the Executive hereunder all federal, state, city or other taxes that
the Company may reasonably determine are required to be withheld pursuant to
any applicable law or regulation.

             IN WITNESS WHEREOF
the parties hereto have executed this Agreement, as of the day and year first
above written.

	 	 	REPUBLIC BANCORP, INC.
	 	 	 
	/s/ Kevin Sipes	 	 
	

	 	By	/s/ Steve Trager
	Executive	 	 	

	 	 	Title:	President
	 	 	 	

	 	 	Date:	6/22/01
	 	 	 	

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	REPUBLIC BANK &
  TRUST COMPANY
	 	 	 
	 	 	 
	 	 	By	/s/ Steve Trager
	 	 	 	

	 	 	Title:	CEO
	 	 	 	

	 	 	Date:	6/22/01Prepared by MerrillDirect

I.C.H. CORPORATION

SECOND AMENDED AND RESTATED
EMPLOYMENT AGREEMENT

JOHN A. BICKS

             THIS
SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT
("Agreement") is effective as of the 15th day of May,
2001, by and between I.C.H. Corporation ("ICH"), a Delaware corporation
with offices at 9255 Towne Centre Drive, Suite 600, San Diego, CA 92121, and
its subsidiaries, Sybra, Inc., a Michigan corporation ("Sybra"), and
Care Financial Corp., a Delaware corporation ("Care"), and
collectively, with ICH and Sybra, the "Companies"), each with offices
at c/o I.C.H. Corporation, 9255 Towne Centre Drive, Suite 600, San Diego,
California 92121 and John A. Bicks, an individual residing at 1070 Park Avenue,
New York, New York 10128 (the "Executive").

             WHEREAS,
Executive has served as Co-Chief Executive Officer and Co-Chairman of the Board
of Directors of ICH (the “ICH Board”) and in similar capacities for each of the
other Companies pursuant to his prior employment agreement with ICH and the
other Companies dated as of June 15, 2000 (the "Prior Agreement") and
through such service, has acquired special and unique knowledge, abilities and
expertise; and

             WHEREAS,
ICH desires to continue to employ Executive as its Co-Chief Executive Officer
and to have Executive serve as Co-Chairman of the ICH Board and the other
Companies desire to continue to employ Executive in similar capacities and the
Companies desire to employ Executive in such capacities with any future
subsidiaries of the Companies and wish to be assured of his continued services
on the terms and conditions hereinafter set forth; and

             WHEREAS,
Executive desires to be employed by ICH as its Co-Chief Executive Officer and
to serve as Co-Chairman of the ICH Board, and by the other Companies and any
future subsidiaries of the Companies in similar capacities and to perform and
to serve the Companies on the terms and conditions hereinafter set forth.

             NOW, THEREFORE, in consideration of the
premises and of the mutual promises, agreements and covenants set forth herein,
the parties hereto agree as follows:

             1.          Employment.

                           (a)         Duties.  The Companies hereby agree to employ
Executive, and Executive hereby accepts such employment as the Co-Chief
Executive Officer of ICH and agrees to serve as Co-Chairman of the ICH Board
and as Co-Chief Executive Officer and Co-Chairman of the Board of Directors of
each of the other Companies.  In his
role as Co-Chief Executive Officer of ICH and the other Companies, Executive
shall be responsible for duties of a supervisory or managerial nature as may be
directed from time to time by the ICH Board and each other respective Board of
Directors, provided, that such duties are reasonable and customary for an
Co-Chief Executive Officer.  Executive
agrees that he shall, during the term of this Agreement, except during
reasonable vacation periods, periods of illness and the like, devote
substantially all his business time, attention and ability to his duties and
responsibilities hereunder; provided, however, that nothing
contained herein shall be construed to prohibit or restrict Executive from (i)
serving as a director of any corporation, with or without compensation
therefor; (ii) serving in various capacities in community, civic, religious or
charitable organizations or trade associations or leagues; or (iii) attending
to personal business; provided, however,  that no such service or activity permitted
in this Section 1(a) shall materially interfere with the performance by
Executive of his duties hereunder. 
Executive shall report directly to the ICH Board and each other Board of
Directors.

                           (b)        Term.

                                        (i)          Except as otherwise provided in this
Agreement to the contrary, the terms and conditions of this Agreement shall be
and remain in effect during the period of employment (the "Employment
Period") established under this Section 1(b).  The initial Employment Period shall be for a term commencing on
the date of this Agreement and ending on the third anniversary of the date of
this Agreement; provided, however, that commencing on the first day after the
date of this Agreement and on each day thereafter, the Employment Period shall
be extended for one additional day so that a constant three (3) year Employment
Period shall be in effect, unless (A) ICH (on its behalf and on behalf of the
other Companies) or Executive elects not to extend the term of this Agreement
by giving written notice to the other party in accordance with Sections 4(b)
and 11 hereof, in which case, the term of this Agreement shall become fixed and
shall end on the third anniversary of the date of such written notice
("Notice of Non-Renewal"), or (B) Executive’s employment terminates
hereunder.

                                        (ii)         Notwithstanding anything contained
herein to the contrary, (A) Executive’s employment with the Companies may be
terminated by ICH (on its behalf and on behalf of the other Companies) or
Executive during the Employment Period, subject to the terms and conditions of
this Agreement; and (B) nothing in this Agreement shall mandate or prohibit a
continuation of Executive’s employment following the expiration of the
Employment Period upon such terms and conditions as the ICH Board and Executive
may mutually agree.

                                        (iii)
       If Executive’s employment with the
Companies is terminated, for purposes of this Agreement, the term
"Unexpired Employment Period" shall mean the period commencing on the
date of such termination and ending on the last day of the Employment Period.

 

                           (c)         Location/Travel.  Executive shall work at ICH's offices in New
York, New York.  Executive shall not be
required to relocate from the New York City area during the Employment Period.

             2.          Compensation.  Subject to the provisions of Section 7
hereof, the Companies shall each be responsible and have joint and several
liability for all compensation and benefits owed to Executive under this
Agreement.  A reference to an ICH plan,
program, obligation or commitment shall also be considered an obligation or
commitment of each of the other Companies but shall not result in duplicate
benefits being paid or provided to Executive.

                           (a)         Salary.  Executive shall receive an annual base
salary of Three Hundred Thousand Dollars ($300,000).  The annual base salary payable to Executive pursuant to this
Section 2(a), which may be increased but not decreased by the ICH Board or the
Compensation Committee of the ICH Board , shall be hereinafter referred to as
the "Annual Base Salary" (it being understood that if and when such
Annual Base Salary is increased, it may not be subsequently decreased below
such new Annual Base Salary).

                           (b)        Annual Bonus.

                                        (i)
         Executive shall be entitled to
receive an annual cash bonus, hereinafter referred to as the "Annual
Bonus," based upon the performance of ICH and Executive as determined by
the ICH Board.  The target Annual Bonus
payable to Executive for each fiscal year shall be an amount equal to at least
forty percent (40%) of Executive’s Annual Base Salary for such year.

                                        (ii)         Executive’s Annual Bonus shall be paid
to Executive no later than forty five (45) days following the end of the period
for which the bonus is being paid.

                           (c)         Reimbursement of Business Expenses.  ICH shall reimburse Executive for all
reasonable out-of-pocket expenses incurred by him during the Employment Period,
including, but not limited to, all reasonable travel and entertainment
expenses.  Executive may only obtain
reimbursement under this Section 2(c) upon submission of such receipts and
records as may be required under the reimbursement policies established by ICH.

                           (d)        Additional Benefits; General Rights.  During the Employment Period, Executive shall
be entitled to:

                                        (i)          participate in all employee stock
option, pension, savings, and other similar benefit plans of ICH and/or such
other plans or programs of the other Companies as ICH may designate from time
to time;

                                        (ii)
        participate in all welfare plans
established by ICH such as life insurance, medical, dental, disability, and
business travel accident plans and programs and/or such other plan or programs
of the other Companies as ICH may designate from time to time.  In addition, ICH shall reimburse Executive
for (i) any premium costs Executive may incur with respect to the health
insurance plan currently maintained by ICH (and which may be maintained by ICH
from time to time) in which Executive (and his spouse and children)
participates and (ii) for all other medical and dental expenses not covered by
any medical or dental plan in which Executive (and his spouse and children)
participates, including, without limitation, deductibles and out of pocket
expenses;

                                        (iii)
       reimbursement from ICH for any
premium costs associated with the life insurance policy in the face amount of
Two Million Dollars ($2,000,000) issued by Security Connecticut Life Insurance
Company and currently owned by Executive; provided, that such reimbursement
shall not exceed Seventy-Five Hundred Dollars ($7,500) per year;

                                        (iv)
      a minimum Four Hundred Dollars
($400) per month parking/transportation allowance;

                                        (v)        four (4) weeks paid vacation per year;
and

                                        (vi)       any other benefits provided by ICH to its
executive officers.

                           (e)         Withholding.  ICH and/or the other Companies, as the case
may be, shall deduct from all compensation paid to Executive under this
Agreement, any Federal, State or city withholding taxes, social security
contributions and any other amounts which may be required to be deducted or
withheld by the Companies pursuant to Federal, State or city laws, rules or
regulations.

             3.          Option Grant.

                           (a)         (i)          Executive
has received options issued pursuant to ICH’s 1997 Employee Stock Option Plan,
as amended (the "Stock Option Plan") as follows:

	Herein
  Referred 

  To As	Grant
  Date	 	Number
  of Shares 

  Granted	 	Exercise
  Price/Share

  ($)	 	Vesting
	1998 Options	March
  12, 1998	 	60,000	 	3.4375	 	25
  % installments on March 12, 1998, January 1, 1999, January 1, 2000 and January
  1, 2001
	 	September
  1, 1998	 	10,000	 	4.00	 	25
  % installments on September 1, 1998, January 1, 1999, January 1, 2000 and
  January 1, 2001
	1999 Options	February
  15, 1999	 	10,000	 	5.625	 	25
  % installments on February 15, 1999, January 1, 2000, January 1, 2001 and
  January 1, 2002
	 	May
  7, 1999	 	35,000	 	12.25	 	25
  % installments on May 7, 1999, January 1, 2000, January 1, 2001 and January
  1, 2002
	2000 Options	June
  29, 2000	 	35,000	 	5.06	 	50
  % on the grant date and 25 installments on January 1, 2001 and January 1,
  2002

The terms and conditions of each option
grant set forth above are memorialized in 
written option grant agreements between ICH and Executive dated the
dates thereof.  Such 1998 Options, 1999
Options and 2000 Options plus any additional options granted to Executive in
the future (collectively referred to herein as the "Options") shall
expire on the tenth anniversary of each respective grant date.

                                        (ii)         The Options were and are intended to
qualify as incentive stock options within the meaning of Section 422(b) of the
Internal Revenue Code of 1986, as amended (the "Code"); provided,
however, that to the extent that any Options do not satisfy the
requirements of Section 422(b) of the Code either at the time of grant or
before or after exercise, including, without limitation, upon disposition of
the underlying stock acquired by the exercise of Options prior to the requisite
holding period, they shall be treated as non-qualified stock options.

                           (b)        In the event that Executive incurs
taxable income as a result of any or all of his Options being treated as
non-qualified options (i.e. Options have been exercised and the
requirements of Section 422(b) of the Code have not been or are no longer met)
(the "Taxable Event") as soon as practicable after a determination by
ICH and Executive that the Options are non-qualified and a Taxable Event has
occurred, ICH shall make an additional single sum cash payment to Executive in
an amount equal to thirty percent (30%) of Executive’s taxable income resulting
from the Taxable Event.  Such payment
shall only be made in the event Executive’s employment with ICH has not
terminated for Cause within the meaning of Section 4(a)(i) of this Agreement.

                           (c)
        Notwithstanding any provisions in
an Option grant agreement to the contrary, upon termination of his employment
for any reason, Executive shall have the right to exercise his Options at any
time through the tenth anniversary of the grant date of such Options.  Executive understands that the effect of
exercising any incentive stock options on a day that is more than ninety (90)
days after the date of termination of employment (or, in the case of a
termination of employment on account of death or disability, on a day that is
more than one (1) year after the date of such termination) shall be to cause
such incentive stock options to be treated as non-qualified stock options.

                           (d)        In the event ICH issues additional
shares of Common Stock and/or any class of stock convertible into Common Stock
and/or any other security convertible into Common Stock (including, without
limitation, options and warrants which may be granted to individuals or
entities other than employees and directors but excluding (i) the exercise of
any currently outstanding options or warrants, (ii) any future grants of
options, but only to the extent such grants relate to shares of Common Stock
currently authorized to be granted under the Stock Option Plan or the ICH 1997
Director Stock Option Plan (collectively, the "Option Plans") (i.e.
any options that may be granted by virtue of an increase in the number of
shares of Common Stock currently authorized under the Option Plans shall not be
excluded) and (iii) the exercise of any of such options) at any time during the
Employment Period and prior to Executive’s termination of employment and in
connection with a public or private equity offering or in connection with an
acquisition (the "Issuance"), Executive shall be granted additional
stock options and/or provided with a loan to purchase Common Stock, as determined
by the ICH Board, in an amount equal to three and one-half percent (3.5%) of
the number of shares issued pursuant to such Issuance.  The foregoing notwithstanding, in the event
ICH repurchases any shares of Common Stock, stock convertible into shares of
Common Stock and/or any other security convertible into shares of Common Stock,
the anti-dilution provisions set forth in this Section 3(d) shall not apply
until an equal number of such shares of Common Stock, stock convertible into
shares of Common Stock and/or other securities convertible into shares of
Common Stock are first reissued by ICH. 
In addition, equitable adjustments shall be made to such anti-dilution
provisions in the event ICH effectuates a stock split, reverse stock split,
stock dividend or other recapitalization transaction.

                           (e)         To the extent any Options are not
vested upon a "Change in Control" of ICH, such unvested Options shall
become fully vested and immediately exercisable upon a "Change in
Control" of ICH (whether or not such Change in Control is approved of by
the Continuing Directors of ICH (as defined in the Rights Agreement between ICH
and Mid-America Bank of Louisville and Trust Company dated as of February 19,
1997 and amended as of February 10, 1998)). 
A "Change in Control" of ICH shall be deemed to have occurred
upon the happening of any of the following events:

                                        (i)  approval by the ICH Board or stockholders of
ICH of a transaction that would result in the reorganization, merger, or
consolidation of ICH with one or more other "Persons" within the
meaning of Sections 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934
("Exchange Act"), other than a transaction following which:

                                                     (A)  at least seventy-one percent (71%) of the
equity ownership interests of the entity resulting from such transaction are
beneficially owned (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) in substantially the same relative proportions by Persons who,
immediately prior to such transaction, beneficially owned (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) at least seventy-one percent
(71%) of the outstanding equity ownership interests in ICH; and

                                                     (B)  at least seventy-one percent (71%) of the
securities entitled to vote generally in the election of directors of the
entity resulting from such transaction are beneficially owned (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) in substantially the
same relative proportions by Persons who, immediately prior to such transaction,
beneficially owned (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) at least seventy-one percent (71%) of the securities entitled to
vote generally in the election of directors of ICH;

                                        (ii)  the acquisition of all or substantially all
of the assets of ICH or Sybra;

                                        (iii)  a complete liquidation or dissolution of ICH
or Sybra, or approval by the stockholders of ICH or Sybra of a plan for such
liquidation or dissolution of ICH or Sybra, respectively;

                                        (iv)  the occurrence of any event in the nature of
an event described in this Section 3(e) if, immediately following such event,
at least seventy-five percent (75%) of the members of the ICH Board do not
belong to any of the following groups:

                                                     (A)  individuals who were members of the ICH
Board on the date of this Agreement; or

                                                     (B)  individuals who first became members of the
ICH Board after the date of this Agreement either:

(I)  upon election to serve as a member of the
ICH Board by affirmative vote of three-quarters of the members of such ICH
Board, or of a nominating committee thereof, in office at the time of such
first election; or

(II)  upon election by the stockholders of ICH to
serve as a member of the ICH Board, but only if nominated for election by
affirmative vote of three-quarters of the members of the ICH Board, or of a
nominating committee thereof, in office at the time of such first nomination;
provided, however, that such individual's election or nomination did not result
from an actual or threatened election contest (within the meaning of Rule
14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or
threatened solicitation of proxies or consents (within the meaning of Rule
14a-11 of Regulation 14A promulgated under the Exchange Act) other than by or
on behalf of the ICH Board.

(v)  in a single transaction or a series of
related transactions, one or more other Persons, other than an employee benefit
plan sponsored by ICH, becomes the "beneficial owner," as such term
is used in Section 13 of the Exchange Act, of shares of Common Stock of ICH
(including newly issued shares) which equal thirty percent (30%) or more of the
issued and outstanding shares of Common Stock of ICH prior to such person or
persons becoming such a "beneficial owner."

             (f)         In the event of a conflict between the
terms of any Option grant agreement or the Stock Option Plan and this
Agreement, the terms of this Agreement shall control.

4.          Termination of Employment; Events
of Termination.

                           (a)         Executive’s employment hereunder may be
terminated during the Employment Period under the following circumstances:

(i)  Cause.  Executive’s employment hereunder shall terminate for
"Cause" ten days after the date that any of the Companies shall have
given Executive notice of the termination of his employment for
"Cause".  For purposes of this
Agreement, "Cause" shall mean (A) the commission by Executive of
fraud, embezzlement or an act of serious, criminal moral turpitude against any
of the Companies; (B) the commission of an act by Executive constituting
material financial dishonesty against any of the Companies; or (C) Executive's
gross neglect in carrying out his material duties and responsibilities under
this Agreement which has a material adverse effect on any of the Companies and
which is not cured within thirty (30) days subsequent to written notice from
any of the Companies to Executive of such breach.

(ii)  Death.  Executive’s employment hereunder shall terminate upon his death.

(iii)  Disability.  Executive’s employment hereunder shall terminate ten days after
the date on which any of the Companies shall have given Executive notice of the
termination of his employment by reason of his physical or mental incapacity or
disability on a permanent basis.  For
purposes of this Agreement, Executive shall be deemed to be physically or
mentally incapacitated or disabled on a permanent basis if the ICH Board
determines he is unable to perform his duties hereunder for a period exceeding
six (6) months in any twelve (12) month period.

(iv)
 Good Reason.  Executive shall have the right to terminate
his employment for "Good Reason." 
This Agreement shall terminate effective immediately on the date
Executive shall have given the ICH Board notice of the termination of his
employment with the Companies for "Good Reason."  For purposes of this Agreement, "Good
Reason" shall mean (A) any material and substantial breach of this
Agreement by any of the Companies, (B) a diminution of Executive’s
responsibilities, loss of title or position in which Executive currently
serves, failure to reelect Executive to the ICH Board or the Board of Directors
of any of the other Companies or reappoint Executive Co-Chairman of the ICH
Board or Co-Chairman of the Board of Directors of any of the other Companies,
but not including the loss of responsibilities and title associated with any of
the Companies other than ICH or Sybra upon the sale of the stock or
substantially all of the assets of such other Company, (C) a Change in Control
occurs and Executive voluntarily quits at any time within the six (6) month
period on or immediately following the Change in Control, (D) ICH issues a
Notice of Non-Renewal to Executive, (E) a reduction in Executive’s Annual Base
Salary or a material reduction in other benefits (except for bonuses or similar
discretionary payments) as in effect at the time in question, or any other
failure by the Companies to comply with Sections 2 and 3, hereof, (F) the
relocation of Executive’s office outside the New York City area, or (G) this
Agreement is not assumed by a successor to ICH.

(v)  Without Cause.  The Companies shall have the right to
terminate Executive’s employment hereunder without Cause subject to the terms
and conditions of this Agreement.  In
such event, this Agreement shall terminate, effective immediately upon the date
on which any of the Companies shall have given Executive notice of the
termination of his employment for reasons other than for Cause or due to
Executive’s Disability.

(vi)  Without Good Reason.  Executive shall have the right to terminate
his employment hereunder without Good Reason subject to the terms and
conditions of this Agreement.  This
Agreement shall terminate, effective immediately upon the date as of which
Executive shall have given the ICH Board notice of the termination of his
employment without Good Reason.

(b)        Notice of Termination.  Any termination of Executive's employment by
any of the Companies or any such termination by Executive (other than on
account of death) shall be communicated by written Notice of Termination to the
other party hereto.  For purposes of
this Agreement, a "Notice of Termination" shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of Executive's employment under the provision
so indicated.  In the event of the
termination of Executive’s employment on account of death, written Notice of
Termination shall be deemed to have been provided on the date of death.

 

             5.          Payments Upon Termination.

                           (a)         Without Cause, for Good Reason,
Death or Disability.  If Executive's
employment is terminated by any of the Companies without Cause (pursuant to
Section 4(a)(v)), by Executive for Good Reason (pursuant to Section 4(a)(iv)),
due to death of Executive (pursuant to Section 4(a)(ii)), or by any of the
Companies due to Executive’s Disability (pursuant to Section 4(a)(iii)),
Executive, or in the case of Executive’s Death or Disability, Executive’s legal
representative estate or beneficiaries, as the case may be, shall be entitled
to receive from the Companies (i) a lump sum payment in an aggregate amount
equal to three (3) times the sum of (A) then current Annual Base Salary and (B)
the average of all bonuses, including, without limitation, Executive's Annual
Bonus, earned by or paid to Executive during the two (2) immediately preceding
full fiscal years of employment ending prior to the date of termination (the
"Severance Payment"); (ii) any bonuses which have been earned but not
been paid prior to such termination ("Prior Bonus Payment") and (iii)
reimbursement of expenses incurred prior to date of termination (the
"Expense Reimbursement").  The
aforesaid amounts shall be payable in cash without discount for early payment,
at the option of Executive, either in full immediately upon such termination or
monthly over the Unexpired Employment Period (the "Payment
Election").  In addition, (x) Executive's
fringe benefits specified in Section 2 shall continue through the end of the
Unexpired Employment Period, provided, however, that such benefits which may
not continue pursuant to law, such as participation in a qualified pension
plan, shall terminate on the date of termination and further provided, that
Executive shall be entitled to COBRA continuation coverage and to continue the
applicable life insurance policies thereafter, at his cost ("Fringe
Benefit Continuation); and (y) all outstanding Options which are not vested as
of the date of termination, if any, shall upon such date of termination vest
and become immediately exercisable in accordance with the terms of the Option
grant agreements and this Agreement ("Vested Options").

                           In
the event Executive terminates his employment within the six month period on or
immediately following a Change in Control which constitutes a termination for
Good Reason under this Agreement pursuant to Section 4(a)(iv)(C), Executive
shall be entitled to receive from the Companies an additional lump sum cash
payment in an amount sufficient to pay any excise taxes which may be imposed on
Executive pursuant to Section 4999 of the Code (or any successor provisions)
plus any excise or income tax liability on the gross up payment itself so that
on a net after tax basis Executive shall be in the same position as if the
excise tax under Section 4999 of the Code (or any successor provisions) had not
been imposed.

                           In the event Executive
is terminated by any of the Companies without Cause or due to Executive’s
Disability, or Executive terminates his employment with the Companies for Good
Reason, Executive shall have no duty to mitigate the amount of the payment
received pursuant to this Section 5(a), it being understood that Executive's
acceptance of other employment shall not reduce ICH’s or the other Companies’
obligations hereunder.

                           (b)        Termination With Cause or Voluntary
Quit.  If any of the Companies
terminates Executive's employment for Cause (pursuant to Section 4(a)(i)) or in
the event Executive voluntarily terminates his employment without Good Reason
(pursuant to Section 4(a)(vi)) ("Voluntary Quit"), Executive shall be
entitled to his Annual Base Salary through the date of the termination of such
employment and Executive shall be entitled to any bonuses which have been
earned but not paid prior to such termination. 
Executive shall not be entitled to any other bonuses.  Executive's additional benefits specified in
Section 2 shall terminate at the time of such termination.  Additionally, Executive shall be entitled to
all Options that have vested as of the date of such termination.  All outstanding Options, if any, which have
not vested as of date of such termination shall be forfeited, and if the
termination is for Cause, no further payments pursuant to Section 3(b) shall be
made to Executive.

                           (c)         Termination by any of the Companies
Upon Change in Control.  If any of
the Companies terminates Executive’s employment for any reason in connection
with a Change in Control which is not approved by the Continuing Directors of
ICH, Executive shall receive from the Companies in one lump sum, payable on the
consummation of the Change in Control an amount equal to the Severance Payment,
the Prior Bonus Payment and the Expense Reimbursement.  The aforesaid amount shall be payable in
cash without discount for early payment on the consummation of such Change in
Control.  Executive shall be entitled to
his Vested Options and Executive (and his spouse and children) shall be
entitled to Fringe Benefit Continuation. 
In addition to the aforesaid cash payment, the Companies shall pay
Executive, on the consummation of the Change in Control, in one lump sum, a
cash payment  in an amount sufficient to
pay any excise taxes which may be imposed on Executive pursuant to Section 4999
of the Code (or any successor provisions) plus any excise or income tax
liability on the gross up payment itself so that on a net after tax basis
Executive shall be the same as if the excise tax under Section 4999 of the Code
(or any successor provisions) had not been imposed.

                           In
the event Executive is terminated by any of the Companies in connection with a
Change in Control which is not approved by the Continuing Directors of ICH,
Executive shall have no duty to mitigate the amount of the payment received
pursuant to this Section 5(c), it being understood that Executive's acceptance
of other employment shall not reduce the Companies obligations hereunder.

                           (d)        Vesting Trust.  At Executive’s option, the Companies shall
establish a vesting trust into which the Companies shall, to the extent
economically feasible, contribute and/or pledge assets to secure their
severance obligations to Executive under this Agreement.

             6.          Successors and Assigns.

                           (a)         This Agreement shall be binding upon
and inure to the benefit of ICH, its successors and assigns.  ICH shall require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all its assets to expressly assume and agree to perform this
Agreement in the same manner and to the same extent ICH would be required to
perform if no such succession had taken place.

 

                           (b)         Executive agrees that this Agreement is
personal to him and may not be assigned by him other than by the laws of
descent and distribution.  This
Agreement shall inure to the benefit of and be enforceable by Executive's legal
representative.

             7.          Joint and Several Liability.

                           (a)         No Duplication of Payments.  The Companies shall be jointly and severally
liable for any amounts payable to Executive under this Agreement.  In no event shall any amount payable
pursuant to this Agreement be paid by ICH and any other Company, or any two or
more Companies and Executive shall not be entitled to receive duplicate
benefits or payments under any of the provisions of this Agreement.

                           (b)        New Subsidiaries.  Any subsidiary of the Companies that is
formed or acquired on or after the date hereof shall be required to become a
signatory to this Agreement and shall become jointly and severally liable with
the Companies for the obligations hereunder.

                           (c)         Sale of Subsidiaries.  Other than with respect to the joint and
several obligations of each subsidiary pursuant to Section 5 hereof, upon the
sale of the stock or substantially all of the assets of any subsidiary of ICH,
which is approved by the ICH Board, such subsidiary shall be automatically
released from its obligations hereunder and shall not be considered as having
any continuing liability for the obligations hereunder, and Executive shall be
released from his obligations to such subsidiary hereunder.

             8.          Governing Law.  This Agreement shall be construed in
accordance with, and its validity, interpretation, performance and enforcement
shall be governed by, the laws of the State of New York without regard to
conflicts of law principles thereof.
Each of the parties hereto hereby (a) irrevocably and unconditionally submits
to the non-exclusive jurisdiction of any New York State or Federal court
sitting in New York County, New York in any action or proceeding arising out of
or relating to this Agreement, (b) irrevocably waives, to the fullest extent it
may effectively do so, the defense of an inconvenient forum to the maintenance
of such action or proceeding, and (c) irrevocably and unconditionally consents
to the service of any and all process in any such action or proceeding by the
mailing of copies of such process by certified mail to such party and its
counsel at their respective addresses specified in Section 11 hereof.

             9.          Entire Agreement.

                           (a)
        This instrument contains the entire
understanding and agreement among the parties relating to the subject matter
hereof, except as otherwise referred to herein, and supersedes all other prior
agreements and undertakings, both written and oral, among the parties with
respect to the subject matter hereof. 
The parties recognize that the Prior Agreement has been amended and
restated in its entirety by this Agreement and the terms of the Prior Agreement
are of no further force and effect.

                           (b)        Neither this Agreement nor any
provisions hereof may be waived or modified, except by an agreement in writing
signed by the party(ies) against whom enforcement of any waiver or modification
is sought.

             10.        Provisions Severable.   In case any one or more of the provisions
of this Agreement shall be invalid, illegal or unenforceable in any respect, or
to any extent, the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or impaired
thereby.

             11.
       Notices.  Any notice required or permitted to be given
under the provisions of this Agreement shall be in writing and delivered by
courier or personal delivery, facsimile transmission (to be followed promptly
by written confirmation mailed by certified mail as provided below) or mailed
by certified mail, return receipt requested, postage prepaid, addressed as
follows:

             If
to ICH or any of the other Companies:

                           ICH
Corporation

                           9255 Towne
Centre Drive

                           Suite 600

                           San Diego,
California  92121

                           Attention:
Board of Directors

                           Facsimile
Number:  (858) 638-2083

             With
a copy to:

                           Christopher
J. Sues, Esq.

                           Pryor Cashman
Sherman & Flynn LLP

                           410 Park Avenue

                           New York, New
York 10022

                           Facsimile
Number:  (212) 326-0806

             If
to Executive:

                           John
A. Bicks, Esq.

                           1070 Park
Avenue

                           New York, New
York  10128

                           Facsimile
Number:  (212) 876-2908

If delivered personally, by courier or
facsimile transmission (confirmed as aforesaid and provided written
confirmation and receipt is obtained by the sender), the date on which a notice
is delivered or transmitted shall be the date on which such delivery is
made.  Notices given by mail as
aforesaid shall be effective and deemed received upon the date of actual
receipt or upon the third business day subsequent to deposit in the U.S. mail,
whichever is earlier.  Either party
hereto may change its or his address specified for notices herein by
designating a new address by notice in accordance with this Section 11.

             12.        Counterparts.  This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and both of which taken
together shall constitute one and the same agreement.

 

THE REMAINDER OF THIS PAGE IS
INTENTIONALLY LEFT BLANK.

 

             IN WITNESS WHEREOF,
the Companies and Executive have executed this Agreement as of the date first
above written.

	EXECUTIVE	 	ICH
  CORPORATION
	/s/ John A. Bicks	 	/s/ Robert H. Drechsler
	

	 	

	John
  A. Bicks	 	Name:
  Robert H. Drechsler
	 	 	Title:
  Co-Chairman and CEO
	 	 	 
	 	 	SYBRA,
  INC.
	 	 	/s/
  Robert H. Drechsler
	 	 	

	 	 	Name:
  Robert H. Drechsler
	 	 	Title:
  Co-Chairman and CEO
	 	 	 
	 	 	 
	 	 	LYON’S
  OF CALIFORNIA, INC.
	 	 	/s/
  Robert H. Drechsler
	 	 	

	 	 	Name:
  Robert H. Drechsler
	 	 	Title:
  Co-Chairman and CEO
	 	 	 
	 	 	 
	 	 	CARE
  FINANCIAL CORP.
	 	 	/s/
  Robert H. Drechsler
	 	 	

	 	 	Name:
  Robert H. Drechsler
	 	 	Title:
  Co-Chairman and CEO

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