Document:

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                                                                   Exhibit 10.19

                                                                   Maker:_______

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN
CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION
MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR
AN OPINION OF COUNSEL OF THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED.

                                 PROMISSORY NOTE

$500,000.00                                                     November 6, 2003
                                                               Longwood, Florida

         FOR VALUE RECEIVED, the undersigned, Empire Financial Holding Company,
a Florida corporation (the "Maker"), hereby promises to pay to the order of
Kevin M. Gagne and the Gagne First Revocable Trust (collectively, the "Payee"),
or registered assigns, at 1911 Lake Markham Preserve Trail, Sanford, Florida
32771, or at such other address as the Payee may from time to time designate in
writing to the Maker, in lawful money of the United States of America, the
principal sum of Five Hundred Thousand Dollars ($500,000.00), together with
simple interest thereon at the annual rate of six percent (6%) through December
31, 2004 and nine percent (9%) thereafter commencing on the date hereof.

         1. PAYMENTS. Accrued interest on this Note shall be due and payable in
arrears to Payee in monthly installments on the first day of each calendar month
until this Note is repaid in full. The principal amount of this Note shall be
payable in monthly installments on the first day of each calendar month until
this Note is repaid in full in the amount of $13,888.89 per installment. The
first interest payment and monthly principal payment shall be due and payable on
December 1, 2003 and the first monthly principal payment shall be pro rotated
for the period from the date hereof through December 1, 2003. The Maker shall
continue to make installment payments in accordance with the terms hereof until
the earlier of (i) full repayment of this Note,

                                                                   Maker:_______
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or (ii) November 15, 2006, at which time any remaining balance payable under
this Note shall become due in full.

         Notwithstanding the foregoing, in the event that the Maker receives any
proceeds from the issuance of any equity security (other than in connection with
the exercise of stock options) or in connection with the incurrence of any
indebtedness for money borrowed (excluding indebtedness incurred by the Maker in
connection with margin loans to customers), then the Maker shall be obligated to
make principal payments to both the Payee and to the payee of that certain
Promissory Note executed by the Maker in favor of Richard L. Goble and the Goble
First Revocable Trust, dated 5/13/1999, in the aggregate principal amount of
$400,000 (the "Goble Indebtedness"), simultaneously with the receipt of such
proceeds in an aggregate amount equal to 50% of the net proceeds (after the
payment of all expenses incurred by Maker in connection with such issuance of
any equity security or the incurrence of such indebtedness for borrowed money)
actually received by the Maker up to the amount of any remaining balance payable
under this Note and the Goble Indebtedness. The 50% payment shall be divided by
the Maker between the Payee and the payee of the Goble Indebtedness proportional
to the then outstanding principal amount of this Note and the Goble
Indebtedness.

         In addition, notwithstanding the foregoing, in the event that the Maker
receives any proceeds from the sale, assignment or transfer of its customer
accounts, then the Maker shall be obligated to make principal payments to both
the Payee and to the payee of the Goble Indebtedness simultaneously with the
receipt of such proceeds in an aggregate amount equal to the net proceeds (after
the payment of all expenses incurred by Maker in connection with such
transaction) actually received by the Maker up to the amount of any remaining
balance payable under this Note and the Goble Indebtedness. The payment shall be
divided by the Maker

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                                                                   Maker:_______
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between the Payee and the payee of the Goble Indebtedness proportional to the
then outstanding principal amount of this Note and the Goble Indebtedness.

         2. PERMITTED LIENS AND INDEBTEDNESS. The Maker shall not incur without
the express written consent of Payee, any indebtedness for money borrowed,
excluding indebtedness incurred by the Maker in connection with margin loans to
customers, and any indebtedness by its terms is expressly subordinated to the
indebtedness evidenced hereunder and the Gagne Indebtedness. Additionally, no
liens shall be permitted on any of the Maker's property or assets material to
its business other than liens arising in the ordinary course of the Maker's
business.

         3. PREPAYMENTS. This Note may be prepaid, in whole or in part, at any
time without premium or penalty.

         4. DEFAULT; REMEDIES UPON DEFAULT.

         (a) DEFAULT. The occurrence of any one or more of the following events
shall constitute an event of default (each an "Event of Default") hereunder:

         (i) if the Maker makes an assignment for the benefit of creditors;

         (ii) if there shall be filed by the Maker or against the Maker (except
by the Payee) any petition for any relief under the bankruptcy laws of the
United States now or hereafter in effect or any proceeding shall be commenced
(except by the Payee) with respect to Maker under any insolvency, readjustment
of debt, reorganization, dissolution, liquidation or similar law or statute of
any jurisdiction now or hereafter in effect (whether at law or in equity),
provided that in the case of any involuntary filing or the commencement of any
involuntary proceeding against Maker such proceeding or petition shall have
continued undismissed and unvacated for 90 days; or

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                                                                   Maker:_______
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         (iii) if the Maker shall fail for any reason to make any payment of
principal and interest hereunder when due; provided, however, that Maker shall
have five business days to make such payment after Payee provides written notice
to the Maker that such payment was not received by the Payee.

         (b) REMEDIES UPON DEFAULT. If any Event of Default shall occur for any
reason, then and in any such event, in addition to all rights and remedies of
the Payee under applicable law or otherwise, all such rights and remedies being
cumulative, not exclusive and enforceable alternatively, successively and
concurrently, the Payee may, at its option, declare any or all amounts owing
under this Note to be due and payable, whereupon the then unpaid balance hereof,
together with all accrued and unpaid interest thereon, shall forthwith become
due and payable and the annual interest rate payable on this Note shall be
increased from the date of the Event of Default to twelve percent (12%).

         5. ATTORNEYS' FEES. In any proceeding to enforce or concerning this
Note, in addition to any other relief that the prevailing party may be entitled
to, the prevailing party shall be entitled to recover their attorneys' fees and
costs incurred at the trial and appellate levels, including, without limitation,
any attorneys' fees and costs incurred in litigating the entitlement to and
amount of such attorneys' fees and costs.

         6. OTHER PAYMENTS. Notwithstanding any other provision of this Note,
the Payee agrees that the Maker shall have the right to set-off any payment
owing to the Payee to the extent of any and all payments or other obligations
due to but not yet received by the Maker from the Payee.

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                                                                   Maker:_______
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         7. NOTICE. The Maker hereby severally waives demand, protest,
presentment and notice of maturity, non-payment or protest and any and all
requirements necessary to hold the Maker liable as a Maker of this Note.

         8. WAIVER. The waiver by the Payee of the Maker's prompt and complete
performance of, or default under, any provision of this Note shall not operate
nor be construed as a waiver of any subsequent breach or default and the failure
by the Payee to exercise any right or remedy which it may possess hereunder and
shall not operate nor be construed as a bar to the exercise of any such right or
remedy upon the occurrence of any subsequent breach or default.

         9. GOVERNING LAW. This Note shall be governed by, and construed in
accordance with, the laws of the State of Florida.

         10. AMENDMENTS. This Note may not be modified or amended, except by a
written instrument executed by the Maker and the Payee.

         IN WITNESS WHEREOF, the undersigned has executed this Note as of the
date first written above.

                                       EMPIRE FINANCIAL HOLDING COMPANY

                                       By: /s/ DONALD A. WOJNOWSKI JR.
                                           -------------------------------------
                                               Donald A. Wojnowski Jr.
                                               President

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                                                                   Maker:_______<PAGE>
                                                                   Exhibit 10.20

                           CERTIFICATE OF DESIGNATION,
                             PREFERENCES AND RIGHTS
                     OF SERIES A CONVERTIBLE PREFERRED STOCK
                                       OF
                        EMPIRE FINANCIAL HOLDING COMPANY

         RESOLVED, that pursuant to the authority vested in the Board of
Directors of this Company (the "Board") in accordance with the provisions of its
Articles of Incorporation, a series of Preferred Stock of the Company be and it
hereby is created, and that the designation and amount thereof and the voting
powers, preferences and relative, participating, optional and other special
rights of the shares of such series, and the qualifications, limitations or
restrictions thereof are as follows:

         1. NUMBER AND DESIGNATION.

         The designation of the series of preferred stock, $.01 par value per
share, of the Company authorized by this resolution shall be "Series A
Convertible Preferred Stock" (the "Series A Stock"). The maximum number of
shares of Series A Stock authorized by this resolution shall be 10,000.

         2. RANK.

         The Series A Stock shall, with respect to rights on liquidation,
winding up and dissolution, rank prior to all classes of Common Stock, $.01 par
value per share, of the Company (the "Common Stock"). All equity securities of
the Company to which the Series A Stock ranks prior (whether upon liquidation,
dissolution, winding up or otherwise), including the Common Stock, are
collectively referred to herein as the "Junior Securities." All equity
securities of the Company to which the Series A Stock ranks junior (whether upon
liquidation, dissolution, winding up or otherwise) are collectively referred to
herein as the "Senior Securities." All equity securities of the Company with
which the Series A Stock ranks on parity (whether upon liquidation, dissolution,
winding up or otherwise) are collectively referred to herein as the "Parity
Securities." The Series A Stock shall be subject to the creation of Junior
Securities, Senior Securities and Parity Securities; provided, that no Senior
Securities shall be issued without the prior approval of at least a majority in
interest of the outstanding Series A Stock, voting as a class.

         3. VOTING.

         (a) The holders of shares of Series A Stock (the "Preferred
Stockholders") shall not be entitled to vote.

         4. DIVIDENDS.

         (a) SERIES A DIVIDENDS.

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                  (i) The holders of the Series A Stock shall be entitled to
         receive, from funds legally available therefor, cumulative dividends
         (the "Series A Dividends") at the annual rate per share of nine percent
         (9%) of the Series A Issue Price.

                  (ii) The Series A Dividends shall accrue from day to day,
         whether or not declared by the Board, and shall be payable in cash on
         the last business day of April and October, but only when and if
         declared by the Board, in its sole discretion.

                  (iii) Each such dividend shall be paid to the holders of
         record of shares of the Series A Stock as they appear on the stock
         register of the Company on a record date as shall be fixed by the
         Board.

         (b) COMMON AND JUNIOR STOCK DIVIDENDS. No dividends shall be declared
or paid on shares of Common Stock or on any shares of capital stock ranking
junior to the Series A Stock with respect to the right to receive dividends
until all accrued and unpaid Series A Dividends shall have been declared and
paid in full.

         5. LIQUIDATION.

         (a) LIQUIDATION PREFERENCE. Upon any liquidation, dissolution or
winding up of the Company, whether voluntary or involuntary, the holders of
shares of Series A Stock shall be entitled to be paid $30.00 per share of Series
A Stock (as adjusted for any stock dividends, combinations, splits or similar
events on the Series A Stock) (the "Series A Issue Price"), plus a cash amount
equal to all accrued and unpaid dividends on such share of Series A Stock (the
"Series A Liquidation Preference"), before any distribution or payment shall be
made upon the Common Stock or any other capital stock of the Company ranking on
liquidation junior to the Series A Stock.

         (b) INSUFFICIENT ASSETS. If, upon any liquidation, dissolution or
winding up of the Company, the assets of the Company available for distribution
shall be insufficient to permit the payment in full of the Series A Liquidation
Preference, then all of the assets that shall be available for distribution
shall be distributed ratably among the holders of the Series A Stock.

         (c) COMMON AND JUNIOR STOCK LIQUIDATION. If the Series A Liquidation
Preference shall have been paid in full, the holders of Common Stock and any
other class or series of the Company's capital stock ranking on liquidation
junior to the Series A Stock shall be entitled to receive all remaining assets
of the Company according to their respective rights and preferences.

         6. CONVERSION.

         (a) CONVERSION. Each share of Series A Stock, at the option of the
holder thereof, shall be convertible, at any time and from time to time, into
such number of fully paid and non-assessable shares of Common Stock as shall be
determined by dividing the Series A Issue Price by the Series A Conversion Price
(determined as hereinafter provided) in effect on the date of conversion. The
Series A Conversion Price in effect on the date of the filing of this Articles
of Incorporation shall be $2.00; provided, that such Series A Conversion

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Price shall be subject to adjustment as provided herein. Accrued and unpaid
Series A Dividends shall be paid upon conversion from funds legally available
therefor.

         (b) PROCEDURE FOR CONVERSION. Upon election to convert, the holder of
shares of Series A Stock shall surrender the certificate or certificates
representing the Series A Stock being converted, duly assigned or endorsed for
transfer to the Company, at the principal executive office of the Company or the
offices of the transfer agent for such shares. Such shares shall be deemed to be
converted immediately prior to the close of business on the date of such
surrender, and the person or persons entitled to receive the Common Stock
issuable upon such conversion shall be treated for all purposes as the record
holder or holders of such Common Stock at such time. Upon surrender of a
certificate or certificates representing shares of Series A Stock for
conversion, the Company shall, as soon as practicable, issue and deliver to the
holder thereof or to such holder's designee, at the address designated by such
holder, a certificate or certificates for the number of shares of Common Stock
issuable upon conversion, together with all accrued and unpaid Series A
Dividends thereon. If less than all the shares of Series A Stock represented by
a certificate shall be converted into shares of Common Stock, the Company shall
issue a new certificate in the amount of the shares not so converted.

         (c) FRACTIONAL SHARES. The Company shall not deliver any fractional
shares of Common Stock upon conversion of shares of Series A Stock, but in lieu
thereof shall make a cash payment in respect thereof equal to the fair market
value of such fraction (as determined in good faith by the Board).

         (d) RESERVATION OF COMMON STOCK. The Company shall at all times reserve
and keep available out of its authorized but unissued shares of Common Stock
such number of shares of Common Stock as shall from time to time be sufficient
to effect the conversion of all shares of Series A Stock then outstanding.

         (e) ADJUSTMENTS TO SERIES A CONVERSION PRICE. The Series A Conversion
Price and the number of shares of Common Stock issuable upon conversion of
shares of Series A Stock shall be adjusted from time to time as follows:

                  (i) If, at any time, the Company shall subdivide the
         outstanding shares of Common Stock into a greater number of shares, the
         Series A Conversion Price in effect immediately prior to such
         subdivision shall be proportionately reduced. If, at any time, the
         outstanding shares of Common Stock shall be combined into a smaller
         number of shares, the Series A Conversion Price in effect immediately
         prior to such combination shall be proportionately increased. Such
         adjustment shall be effective on the date on which such corporate
         action shall become effective.

                  (ii) If, at any time, the Company shall pay a dividend or make
         a distribution on any class or series of capital stock of the Company
         (other than the Series A Stock) in (A) shares of Common Stock, (B)
         rights to subscribe for, or any rights or options to purchase, Common
         Stock or any other securities convertible into or exchangeable for
         Common Stock or (C) securities convertible into or exchangeable for
         Common Stock, then the Series A Conversion Price in effect immediately
         prior to such event, or, if determined, the record date therefor, shall
         be reduced by multiplying such Series A Conversion Price by a fraction,
         the numerator

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         of which shall be the number of shares of Common Stock theretofore
         outstanding and the denominator of which shall be the sum of (x) the
         number of shares of Common Stock theretofore outstanding and (y) the
         total number of shares of Common Stock issued or issuable in connection
         with such dividend or distribution. Such adjustment shall become
         effective as of the earlier of the record date or effective date for
         such dividend or distribution.

                  (iii) If the Common Stock issuable upon the conversion of the
         Series A Stock shall be changed into the same or a different number of
         shares of any class or classes of stock, whether by capital
         reorganization, reclassification or otherwise (other than a subdivision
         or combination of shares provided for in Section 6(e)(i), a stock
         dividend provided for in Section 6(e)(ii) or a consolidation, merger or
         sale of assets provided for in Section 6(e)(iv) hereof), then, in each
         such event, the holder of each share of Series A Stock shall have the
         right thereafter to convert such share into the kind and amount of
         shares of stock or other securities or property receivable by holders
         of Common Stock upon such reorganization, reclassification or other
         change on the basis of the number of shares of Common Stock into which
         such shares of Series A Stock might have been converted immediately
         prior to such reorganization, reclassification or change. Such
         adjustment shall be made successively whenever any such event shall
         occur as described herein.

                  (iv) In the event of any consolidation or merger of the
         Company or the sale of all or substantially all of the assets of the
         Company, then, and in such event, each share of Series A Stock shall
         thereafter be convertible into the kind and amount of shares of stock
         or other securities or property to which a holder of the number of
         shares of Common Stock deliverable upon conversion of such Series A
         Stock would have been entitled immediately prior to such consolidation,
         merger or sale. In such case, appropriate adjustment (as determined in
         good faith by the Board) shall be made in the application of the
         provisions set forth in this Section 6 with respect to the rights
         thereafter of the holders of the Series A Stock so that the provisions
         set forth in this Section 6 shall thereafter be applicable, as nearly
         as reasonably may be, in relation to any shares of stock or other
         securities or property thereafter deliverable upon the conversion of
         the Series A Stock. Such adjustment shall be made successively whenever
         any such event shall occur as described herein.

                  (v) If, at any time, the Company shall pay or make any
         dividends or other distributions (including, without limitation, any
         evidences of indebtedness, shares of capital stock of any class or
         series or other securities or assets) on the Common Stock, other than
         dividends or distributions referred to in Section 6(e)(ii), then, and
         in each such case, the Series A Conversion Price in effect immediately
         prior to such event, or if determined, the record date therefor, shall
         be adjusted so that the holder of any shares of Series A Stock
         thereafter surrendered for conversion shall be entitled to receive such
         dividends or other distributions which such holder would have owned or
         have been entitled to receive after the occurrence of any of the
         above-mentioned events if such shares of Series A Stock had been
         surrendered for conversion immediately prior to the happening of such
         event or, if determined, the record date therefor. Such adjustment
         shall become effective as of the earlier of the record date or
         effective date of the event.

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         (f) NO IMPAIRMENT. The Company shall not, by amendment of its Articles
of Incorporation or through any reorganization, recapitalization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms to be observed or performed hereunder by the Company, but shall
at all times in good faith assist in the carrying out of all of the provisions
of this Section 6 and in the taking of all such action as shall be necessary or
appropriate in order to protect the rights of the holders of Series A Stock
against impairment.

         (g) NOTICES OF ADJUSTMENTS. Upon the occurrence of each adjustment of
the Series A Conversion Price, the Company, at its expense, shall promptly
compute such adjustment in accordance with the terms hereof and prepare and
furnish to each holder of shares of Series A Stock a certificate, prepared by
the chief financial officer of the Company, showing (A) such adjustment or
readjustment and stating, in detail, the facts upon which such adjustment or
readjustment shall be based, (B) the Series A Conversion Price at the time in
effect and (C) the number of shares of Common Stock and the amount, if any, of
other securities or property which at the time would be received upon the
conversion of the shares of Series A Stock.

         (h) GENERAL MATTERS. The issuance of certificates for shares of Common
Stock upon conversion of shares of Series A Stock shall be made without charge
to the holders of such shares for any issuance tax in respect thereof or other
costs incurred by the Company in connection with such conversion and the related
issuance of such shares of Common Stock.

         (i) CLOSING OF BOOKS. The Company shall at no time close its transfer
books against the transfer of any shares of Series A Stock or of any shares of
Common Stock issued or issuable upon the conversion of any shares of Series A
Stock in any manner which shall interfere with the timely conversion of such
shares of Series A Stock, except as shall otherwise be required to comply with
applicable securities laws.

         7. REDEMPTION.

         Subject to earlier conversion, on November 1, 2008, shares of Series A
Stock may be redeemed by the Company, without the consent of the holders of the
Series A Stock, at any time and from time to time, by (i) paying to holders of
Series A Stock from funds legally available therefor a cash redemption price
equal to the Series A Issue Price plus any accrued and unpaid dividends on the
Series A Stock, or (ii) converting shares of Series A Stock to Common Stock at
the applicable conversion rate. Any such redemption (whether in whole or in
part) shall be effective as to all holders of shares of Series A Stock and shall
be pro rata based on the total number of outstanding shares of Series A Stock
with respect to redemptions of less than all of the outstanding shares.

         8. REPLACEMENT.

         Upon receipt of evidence reasonably satisfactory to the Company of the
ownership and the loss, theft, destruction or mutilation of any certificate
evidencing shares of Series A Stock, and in the case of any such loss, theft or
destruction, upon receipt of an unsecured indemnity from the holder reasonably
satisfactory to the Company or, in the case of such

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mutilation upon surrender of such certificate, the Company will (at its expense)
execute and deliver in lieu of such certificate a new certificate of like kind
representing the number of shares of Series A Stock represented by such lost,
stolen, destroyed or mutilated certificate and dated the date of such lost,
stolen, destroyed or mutilated certificate.

         9. PROVISIONS IN CONFLICT WITH APPLICABLE LAW.

         (a) The provisions of the Certificate of Designation are severable, and
if any one or more of such provisions are in conflict with any applicable law,
the conflicting provisions shall be deemed never to have constituted a part of
this Certificate of Designation even without any amendment of this Certificate
of Designation; provided, however, that such elimination of such conflicting
provisions shall not affect or impair any of the remaining provisions of this
Certificate of Designation or render invalid or improper any action taken or
omitted prior to such elimination of such conflicting provisions.

         (b) If any provision of this Certificate of Designation or any
application of such provision shall be held invalid or enforceable by any
federal or state court having jurisdiction, such holding shall not in any manner
affect or render invalid or unenforceable such provision in any other
jurisdiction, and the validity of the remaining provisions of this Certificate
of Designation shall not be affected. Other applications of such provision shall
be affected only to the extent necessary to comply with the determination of
such court.

         10. NOTICES.

         If (i) the Company shall pay any dividend or make any distribution upon
the Common Stock, (ii) the Company shall offer to the holders of the Common
Stock for subscription or purchase any shares of any class or series of capital
stock or any other rights or (iii) any capital reorganization of the Company,
reclassification of the capital stock of the Company, consolidation, merger or
other business combination of the Company with or into another corporation,
sale, lease or transfer of all or substantially all of the assets of the Company
or voluntary or involuntary dissolution, liquidation or winding up of the
Company shall be effected, then in each such case, the Company shall cause to be
mailed by certified mail to each holder of Series A Stock, at least 20 days
prior to the date specified in (i) or (ii) below, as the case may be, a notice
containing a brief description of the proposed action and stating the date on
which (x) a record date shall be established for the purpose of such dividend,
distribution or rights offering or (y) such reclassification, reorganization,
consolidation, merger, conveyance, sale, lease, transfer, dissolution,
liquidation or winding up shall take place and the date, if any, to be fixed as
of which the holders of Common Stock or other securities shall receive cash or
other property deliverable upon such reclassification, reorganization,
consolidation, merger, conveyance, sale, lease, transfer, dissolution,
liquidation or winding up.

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