Document:

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Exhibit 10.1

April 18, 2005

Philip G. Kupperman
19706 Bay Cove Drive
Boca Raton, Florida 33434

Dear Phil:

         This letter agreement confirms that Wilshire Enterprises, Inc.
("Wilshire") and you mutually have agreed to terminate your engagement by
Wilshire to perform the Consulting Services described in the letter agreement
between Wilshire and you dated June 14, 2004 ("Consulting Letter") and sets
forth our agreements regarding such termination. Capitalized terms used in this
letter agreement and not defined herein, will have the meanings described in the
Consulting Letter.

1. Termination of Consulting Services. By our mutual agreement, your engagement
to perform the Consulting Services and the Consulting Period shall terminate
today, April 13, 2005 ("Termination Date"). By accepting this letter agreement,
you acknowledge that (except as otherwise provided herein) you have received all
payments and benefits to which you are entitled under the Consulting Letter and
that Wilshire has no further obligations to you under the Consulting Letter or
otherwise.

2. General Release of Company. In consideration of the Payment (as defined
below) and other good and valuable consideration, by accepting this letter you
hereby release, waive, discharge and give up any and all Claims (as defined on
Exhibit A attached hereto) that you may have against the Company (as defined on
Exhibit A attached hereto) arising on or prior to the date that you accept this
letter agreement. This releases all Claims including those of which you are not
aware and those not mentioned in this letter agreement. You specifically release
any and all Claims arising out of your former employment with Wilshire and
separation therefrom, as well as your engagement to perform the Consulting
Services and the termination thereof.

3. General Release of You. In consideration of your acceptance of this letter
agreement, Wilshire releases, waives, discharges and gives up any and all
Wilshire Claims (as defined on Exhibit A attached hereto) that Wilshire may have
against you, arising on or prior to the date of this letter agreement. This
releases all Wilshire Claims including those of which Wilshire is not aware and
those not mentioned in this letter agreement up to the date of this letter
agreement. Notwithstanding the foregoing, nothing herein shall be deemed to
release you from any of your acts or omissions involving or arising from fraud
or from your obligations under the Employment Agreement that survived the
termination of your employment (including, without limitation, Sections 2.6,
4.3(b), (c) and (d), and 6 through 26).

4. Representations; Covenant Not to Sue. Wilshire and, by accepting this letter,
you, hereby represent and warrant to the other that neither has: (A) filed,
caused, or permitted to be filed any pending proceeding (nor lodged a complaint
with any governmental or quasi-governmental authority) against the other, nor
agreed to do any of the foregoing; (B) assigned, transferred, sold, encumbered,
pledged, hypothecated, mortgaged, distributed, or otherwise disposed of or
conveyed to any third party any right, Claim or Wilshire Claim, as applicable,
against the other that has been released in this letter agreement; and (C)
directly or indirectly assisted any third party in filing, causing, or assisting
to be filed, any Claim or Wilshire Claim, as applicable, against the other. In
addition, neither Wilshire nor you shall encourage or solicit or voluntarily
assist or participate in any way in the filing, reporting, or prosecution by
itself or any third party of a proceeding, Claim, or Wilshire Claim,(as
applicable) against the other based upon or relating to any Claim or Wilshire
Claim, as applicable, released by in this letter agreement.

                                      -4-
<PAGE>

5. Payment In consideration of your acceptance of this letter agreement,
Wilshire shall provide to you a lump sum payment ("Payment") in the amount of
$40,625, representing payment of the Consulting Fees through December 31, 2005.
The Payment shall be made to you within 5 business days after your acceptance of
this letter agreement. You will receive a 1099 with respect to the Payment.

6. Exercise of Options/Purchase of Acquired Shares. By accepting this letter
agreement, you hereby agree to exercise the Options (as defined on Exhibit A
attached hereto), at the applicable exercise prices (which shall be equivalent
to an aggregate exercise cost of $1,005,500), within 5 business days following
your acceptance of this letter agreement. Following your exercise of the
Options, Wilshire hereby agrees to purchase from you, and, by accepting this
letter, you hereby agree to sell and transfer to Wilshire, free and clear of all
liens, claims and encumbrances, all of your right, title and interest in and to
the Acquired Shares, for an aggregate payment of $2,100,000 (less applicable
withholdings and deductions), which payment represents a purchase price per
Acquired Share equal to $7. You will be required to sign the enclosed stock
power in blank (representing your sale and transfer to Wilshire of the Acquired
Shares) and deliver the signed stock power to Wilshire simultaneously with your
return of this letter agreement (countersigned by you). By accepting this letter
agreement, you further agree to execute all other documents reasonably requested
by Wilshire to effectuate and/or confirm your sale and transfer to Wilshire of
the Acquired Shares

7. Binding Agreement; Governing Law. Wilshire and you, together with our
respective successors and assigns, shall be bound by this letter agreement. This
letter agreement and all matters arising directly or indirectly herefrom shall
be governed under the laws of the State of New Jersey, without reference to
choice of law rules. Wilshire and you consent to the sole jurisdiction of the
federal and state courts of New Jersey. WILSHIRE AND, BY ACCEPTING THIS LETTER
AGREEMENT, YOU HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY.

8. Opportunity for Review. By accepting this letter agreement, you represent and
warrant to Wilshire that you (a) have had a sufficient opportunity to review
this letter agreement, (b) have read and understood this letter agreement, (c)
have entered into this letter agreement on your own free will and volition, (d)
understand that you are responsible for your own attorney's fees and costs, and
(e) have had the opportunity to review this letter agreement with counsel.

Kindly sign your name at the end of this letter agreement to signify your
understanding and acceptance of these terms. This letter agreement,
countersigned by you, together with the enclosed stock power signed by you, must
be returned to Wilshire on or before April 19, 2005.

                                                Very truly yours,

                                                Wilshire Enterprises, Inc.

                                                By:  /s/ Seth H. Ugelow
                                                     ------------------

                                      -5-

<PAGE>

Agreed and accepted this 19 day of April, 2005

/s/ Philip G. Kupperman
-----------------------
Philip G. Kupperman

                                      -6-

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                                    Exhibit A

                               Certain Definitions

"Acquired Shares" means the 300,000 shares of common stock of Wilshire acquired
by you in connection with your exercise of the Options.

"Claims" means any and all actions, charges, controversies, demands, causes of
action, suits, rights, and/or claims whatsoever for debts, sums of money, wages,
salary, consulting fees, expense reimbursement, severance pay, termination fees,
commissions, bonuses, unvested stock options, vacation pay, sick pay, fees and
costs, attorneys fees, losses, penalties, damages, including damages for pain
and suffering and emotional harm, arising, directly or indirectly, out of any
promise, agreement (including without limitation the Employment Agreement and
the Consulting Letter), offer letter, contract, understanding, common law, tort,
the laws, statutes, and/or regulations of the State of New Jersey, the State of
Florida or any other state and the United States, including, but not limited to,
federal and state wage and hour laws, federal and state whistleblower laws,
Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the
Equal Pay Act, the Americans with Disabilities Act, the Family and Medical Leave
Act, the Employment Retirement Income Security Act (excluding COBRA), the
Vietnam Era Veterans Readjustment Assistance Act, the Fair Credit Reporting Act,
the Fair Labor Standards Act, the Age Discrimination in Employment Act ("ADEA"),
OSHA, the Sarbanes-Oxley Act of 2002, the New Jersey Law Against Discrimination,
the New Jersey Family Leave Act, the New Jersey Civil Rights Act, the New Jersey
Conscientious Employee Protection Act, the Florida Civil Rights Act of 1992, the
Florida Human Rights Act, the Florida Occupational Safety and Health Act, and
the Florida Whistleblower's Act, as each may be amended from time to time,
whether arising directly or indirectly from any act or omission, whether
intentional or unintentional.

"Company" means Wilshire, together with its affiliates and subsidiaries and
their respective officers, directors, employees, shareholders, members,
partners, plan administrators, attorneys and agents, as well as any
predecessors, future successors or assigns or estates of any of the foregoing.

"Options" means the following options to purchase shares of Wilshire's common
stock granted to you pursuant to the Wilshire 1995 Stock Option and Incentive
Plan:

         Option Grant Date    #of Options    Option Exercise Price
         -----------------    -----------    ---------------------
         7/15/02                250,000               $3.32
         1/2/03                  50,000               $3.51

"Wilshire Claims" means any and all actions, charges, controversies, demands,
causes of action, suits, rights, and/or claims whatsoever that Wilshire may have
against you arising out of: (A) your former employment with Wilshire or
termination therefrom, your engagement to perform the Consulting Services or the
termination thereof, or the circumstances related the foregoing; or (B) by
reason of any other matter, cause, or thing whatsoever from the date of your
initial employment with Wilshire to the date of this letter agreement, whether
arising directly or indirectly from any act or omission, whether intentional or
unintentional.

                                      -7-Exhibit 10.18

                              EMPLOYMENT AGREEMENT

This Employment Agreement (the "Employment  Agreement") is made and entered into
as of June 1, 2004, by and between JB OXFORD HOLDINGS,  INC., a Utah corporation
(together with its  wholly-owned  subsidiaries JB Oxford & Company  ("JBOC") and
National Clearing Corp. hereinafter called the "Company"); and BARRY S. FISCHER,
an individual residing in the State of California ("Executive").

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

      WHEREAS,  Executive is a principal  officer of the Company and an integral
part of its management;

      WHEREAS, the Company is experiencing  financial  difficulties and is under
investigation by the Securities and Exchange  Commission and other  authorities;
and

      WHEREAS,  the Company  desires to sell  substantially  all of the customer
accounts of JBOC to a third party (the "Transaction");

      WHEREAS,  the  Company  wishes to assure  both  itself  of  continuity  of
management to maintain the  Company's  and JBOC's  business and customer base in
order to  facilitate  the  Transaction  and provide a transition  and  necessary
business support following the closing of the Transaction; and

      WHEREAS,  Executive  has  agreed to  continue  providing  services  to the
Company and JBOC upon the terms and subject to the  conditions set forth in this
Agreement;

AGREEMENT

      1. Recitals.  The  statements  contained in the recitals of fact set forth
above are true and correct and by this reference are  incorporated in and made a
part of this Agreement.

      2. Purpose and Intent. The Board of Directors of the Company (the "Board")
recognizes  that the uncertainty  and questions  which  necessarily  arise among
management prior to a transaction of the type  contemplated  creates anxiety and
concern,  and may  result in the  departure  or  distraction  of key  management
personnel to the  detriment of the Company and its  shareholders  in this period
when their  undivided  attention  and  commitment  to the best  interests of the
Company and its shareholders are particularly important. Accordingly, the Board,
through  the  action  of  its  Compensation   Committee,   has  determined  that
appropriate  steps  should be taken to reinforce  and  encourage  the  continued
attention  and  dedication  of members of the  Company's  management,  including
Executive,  to  their  assigned  duties  without  distraction  in  the  face  of
potentially disturbing circumstances arising from the Transaction.

                                       1
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      3. Term of  Agreement.  This  Agreement  shall be  effective as of June 1,
2004,  and shall remain in effect for a period of one (1) year  thereafter  (the
"Term").  After the end of the Term,  this  Agreement  shall continue until such
time as either party gives written notice of termination to the other party.

      4. Capacity and Duties. Executive is and shall be employed in the capacity
of  General  Counsel  and  Secretary  of the  Company  and shall have such other
duties,  responsibilities  and authorities,  including as an officer of JBOC and
NCC,  as are  assigned  to him by the Chief  Executive  Officer or the boards of
directors  of the  respective  companies,  so long as  such  additional  duties,
responsibilities  and authorities are consistent with  Executive's  position and
level of  authority as General  Counsel and  Secretary.  Executive  shall report
directly to the Chief Executive  Officer of the Company.  Subject to the control
and general  directions  of the Chief  Executive  Officer of the Company and the
general  policies  and  guidelines  established  by  the  respective  boards  of
directors,  and except as  otherwise  herein  provided,  Executive  shall devote
substantially  all of his business  time,  best efforts and attention to promote
and advance the business of the Company and to perform diligently and faithfully
all the duties, responsibilities and obligations of Executive to be performed by
him under this Agreement.

      5.  Place of  Employment.  Executive's  principal  place of work  shall be
located at the principal offices of the Company and JBOC in Southern California.

      6. Compensation.  During the employment  period,  subject to all the terms
and  conditions  of this  Agreement and as  compensation  for all services to be
rendered by Executive under this Agreement,  the Company shall pay to or provide
Executive with the following:

            (a) Base  Salary.  The Company  shall pay to Executive a base annual
      salary at the rate of Two Hundred Fifty Thousand Dollars ($250,000.00) per
      year,  payable at such  intervals (at least  monthly) as salaries are paid
      generally to other executive officers of the Company.  On January 1, 2005,
      and annually thereafter,  Executive's base annual salary shall be reviewed
      by the Board and may be  increased  (but  shall  not be  decreased)  to an
      amount determined in good faith by the Board, based upon a complete review
      of Executive's  performance under this Agreement during the prior year and
      the  growth  and  profitability  of the  Company,  which  review  shall be
      communicated in writing to Executive.

            (b) Cash Bonus.  The  Executive  may,  but shall not be entitled to,
      receive such additional compensation as the Board, in its sole discretion,
      may determine.

            (c) Benefits.  The Company shall continue to provide  Executive with
      his  current,  or  comparable,  benefits  and such other  benefits as made
      generally available to executive officers and other significant  employees
      of the Company.

                                       2
<PAGE>

TERMINATION OF EMPLOYMENT

      7. Compensation Following Termination.

      (a) If  the  Company  terminates  Executive  without  Cause  or  Executive
terminates  his  employment  For Good Reason during the Term,  the Company shall
continue  to  make  monthly  payments  to  Executive  at  the  current  rate  of
compensation through the end of the Term.

      (b) If  the  Company  terminates  Executive  without  Cause  or  Executive
terminates  his employment For Good Reason at any time after the end of the Term
and prior to June 1, 2006, the Company shall  continue to make monthly  payments
to Executive at the current  rate of  compensation  for a period of one (1) year
following the date of termination of employment.

      (c)  Except  as  otherwise  provided  in  Section  8 below,  if  Executive
terminates  his  employment  at any time after June 1, 2006,  the Company  shall
continue  to  make  monthly  payments  to  Executive  at  the  current  rate  of
compensation  for a period of one (1) year  following the date of termination of
employment.

      (d) For purposes of this Section 7, the  following  additional  provisions
regarding payment of compensation to Executive shall apply:

            (i)  Compensation  "at the  current  rate"  means (x) Base Salary as
      provided  in  Section 3 above at the then  current  rate,  (y) any  unpaid
      Company  matching  contribution  to Executive's  accounts in the Company's
      401(k) plan, and (z) any unpaid Company target or discretionary bonus with
      respect to the Company's  fiscal year ended prior to the termination  date
      to the extent the bonus has not been paid to Executive or  contributed  to
      Executive's accounts in the Company's 401(k) plan.

            (ii) Unless not permitted  under the  applicable  stock option plan,
      all previously granted but unvested and/or unexercised  options to acquire
      shares of the Company's  common stock which are outstanding on the date of
      the  termination  shall  become  immediately  vested and may be  exercised
      through the end of the  post-termination  compensation payment period. All
      of the stock option  agreements  between  Executive and the Company hereby
      shall be deemed to be amended to modify any provisions  inconsistent  with
      the vesting and extended exercise period terms herein stated.

            (iii) Unless not permitted  under the  applicable  benefit plan, all
      shares of restricted  stock  previously  issued to the Executive under any
      Company  employee  benefit  plan  shall  immediately  vest on the  date of
      termination,  and all forfeiture  provisions relating to, and restrictions
      upon transfer of, such shares shall lapse. All of the Company's restricted
      share agreements  between Executive and the Company hereby shall be deemed
      to be amended to modify any provisions  inconsistent  with the vesting and
      extended exercise period terms herein stated.

            (iv) All  medical,  dental,  life,  disability  and  hospitalization
      benefits for  Executive  and his family then in effect shall be continued,
      at  the  Company's  expense,  through  the  end  of  the  post-termination
      compensation payment period.

                                       3
<PAGE>

      (e) Executive  shall not be required to mitigate the amount of any payment
provided for in this  Agreement by seeking other  employment  or otherwise,  nor
shall the amount of any payment or benefit  provided  for in this  Agreement  be
reduced by any amounts  earned or accrued  through the date of termination or by
any  amounts to which  Executive  shall be  entitled  by law (nor shall  payment
hereunder  be deemed in lieu of such  amounts),  by any  compensation  earned by
Executive  as a result of  employment  by  another  employer,  or by  retirement
benefits after the date of termination or voluntary termination, or otherwise.

      (f) Anything to the contrary notwithstanding,  all payments required to be
made by the Company hereunder to Executive or his estate or beneficiaries  shall
be subject to the withholding of such amounts, if any, relating to tax and other
payroll  deductions as the Company may reasonably  determine it should  withhold
pursuant  to any  applicable  law or  regulation.  In lieu of  withholding  such
amounts,  the  Company  may  accept  other  provisions  to the  end  that it has
sufficient  funds to pay all taxes  required by law to be withheld in respect of
any or all of such payments.

      8. Compensation Following For Cause Termination,  Death or Disability.  If
Executive's  employment  with the Company shall be terminated by the Company (i)
For Cause,  (ii) on account of an accident or illness  which  renders  Executive
unable,  for a period of at least six (6)  consecutive  months,  to perform  the
essential  functions of his job  notwithstanding  the  provision  of  reasonable
accommodation by the Company  ("Disability"),  or (iii) by reason of Executive's
death,  the Company  shall pay to Executive a lump sum payment,  within  fifteen
(15) days  following  the date of such  termination,  in an amount  equal to all
amounts earned or accrued  through the date of such  termination but not paid as
of the date of such  termination,  including (A) base salary,  (B) reimbursement
for  reasonable  and necessary  expenses  incurred by Executive on behalf of the
Company during the period ending on date of such termination, (C) the sum of (i)
the  unpaid  Company  matching  contribution  to  Executive's  accounts  in  the
Company's 401(k) plan, and (ii) the unpaid Company target or discretionary bonus
with respect to the Company's fiscal year ended prior to the termination date to
the  extent  the  bonus  has  not  been  paid to  Executive  or  contributed  to
Executive's  accounts in the  Company's  401(k) plan;  provided,  however,  that
Executive  shall not entitled to any bonus in the case of a  termination  by the
Company For Cause.

      9.  Definition  of "With Good  Reason".  The  termination  of  Executive's
employment by the Executive shall be deemed "With Good Reason" if:

      (a) the Company violates the  compensation  provisions of Section 6 above,
or changes his title without his prior express written approval;

      (b) without  Executive's  express written  consent,  the Company  requires
Executive to be based  anywhere other than the Southern  California,  except for
required travel on the Company's business;

      (c) the Company fails to obtain the assumption of the  performance of this
Agreement by any successor of the Company; or

      (d) any purported  termination of Executive's  employment For Cause by the
Company that does not comply with the terms of Section 10 below.

                                       4
<PAGE>

      10. Definition of "For Cause".  The termination of Executive's  employment
by the Company shall be deemed "For Cause" if:

      (a) it  results  from the  willful  and  continued  failure  by  Executive
substantially to perform his reasonably  assigned  employment  duties or regular
failure to follow the  specific  directives  of the Board (in either  case other
than a failure resulting from Executive's  incapacity due to Disability),  after
written demand for substantial  performance,  that  specifically  identifies the
manner in which the Company believes  Executive has not substantially  performed
his duties, is delivered by the Company to Executive; or

      (b)  Executive   willfully  engages  in  misconduct  which  is  materially
injurious to the Company, monetarily or otherwise.

      For purposes of this  Section,  no act, or failure to act, on  Executive's
part shall be  considered  "willful"  unless done, or omitted to be done, by him
intentionally,  and without a reasonable  belief that his action or omission was
in the best interest of the Company.  Notwithstanding  the foregoing,  Executive
shall not be deemed to have been  terminated  For Cause under  subsection (a) or
(b) without (i) reasonable advance written notice to Executive setting forth the
reasons for the Company's  intention to terminate  For Cause,  (ii) a reasonable
opportunity for Executive to cure any such breach during the 30-day period after
Executive's  receipt of such notice,  (iii) and an opportunity at any reasonable
time during the 30-day  period after  Executive's  receipt of such  notice,  for
Executive, together with his counsel, to be heard before the Board.

PROPRIETARY INFORMATION; NO SOLICITATION

      11.  Proprietary  Information  and Inventions.  Executive  understands and
acknowledges that the Company possesses and will continue to possess information
that has been created,  discovered,  or developed by, or otherwise  become known
to, the Company (including, without limitation, information created, discovered,
developed or made known to by  Executive  during the period of or arising out of
my  employment by the Company) or in which  property  rights have been or may be
assigned or otherwise conveyed to the Company,  which information has commercial
value in the  business  in which the  Company is  engaged  and is treated by the
Company  as  confidential.   Except  as  otherwise  herein  provided,  all  such
information is hereinafter called "Proprietary Information", which term, as used
herein,  shall also  include,  but shall not be  limited  to,  data,  functional
specifications, computer programs, know-how, research, technology, improvements,
developments,  designs,  marketing plans,  strategies,  forecasts, new products,
unpublished financial statements,  budgets, projections,  licenses,  franchises,
prices,  costs,  and  customer,  supplier and potential  acquisition  candidates
lists.

      Notwithstanding  anything contained in this Agreement to the contrary, the
term "Proprietary Information" shall not include (i) information which is in the
public domain,  (ii) information which is published or otherwise becomes part of
the  public  domain  through  no fault of  Executive,  (iii)  information  which
Executive  can  demonstrate  was  in  Executive's  possession  at  the  time  of
disclosure and was not acquired by Executive  directly or indirectly from any of
the Company on a confidential basis, (iv) information which becomes available to
Executive  on a  non-confidential  basis  from a  source  other  than any of the
Company and which source, to the best of Executive's knowledge,  did not acquire
the  information  on a  confidential  basis or (v)  information  required  to be
disclosed by any federal or state law, rule or  regulation or by any  applicable
judgment,  order or decree or any court or  governmental  body or agency  having
jurisdiction in the premises.

                                       5
<PAGE>

      All Proprietary  Information shall be the sole property of the Company and
their respective assigns.  Executive assigns to the Company any rights Executive
may have or acquire in such Proprietary  Information.  At all times, both during
Executive's employment by the Company and after its termination, Executive shall
keep  in  strictest  confidence  and  trust  all  Proprietary  Information,  and
Executive  shall not use or disclose  any  Proprietary  Information  without the
written  consent of the  Company,  except as may be  necessary  in the  ordinary
course of performing Executive's duties as an Executive of the Company.

      12.  Surrender  of  Documents.  Executive  shall,  at the  request  of the
Company,  promptly  surrender  to the  Company or its  nominee  any  Proprietary
Information  or  document,  memorandum,  record,  letter  or other  paper in his
possession or under his control  relating to the operation,  business or affairs
of the Company.

      13. Restrictive Covenant. The Company currently,  through its subsidiaries
JBOC and NCC, is a registered  broker-dealer  offering  discount and  electronic
brokerage  services  to the  investing  public and  clearing  services  to other
broker-dealers.  The Company  may  continue  these  activities  or pursue  other
business  activities  in the  future.  The  activities  of the  Company  and its
subsidiaries,  as  conducted at or within one year prior to the  termination  of
Executive's   employment  under  this  Agreement,   and  any  future  activities
reasonably  related  thereto which are  contemplated  by the Company  and/or its
subsidiaries at Executive's  termination of employment  identified in writing by
the  Company  to  Executive  at the date of such  termination,  are  hereinafter
referred to as the "Business Activities"). Executive acknowledges and recognizes
Executive's  possession of Proprietary  Information  and the highly  competitive
nature  of  the  business  of the  Company  and,  accordingly,  agrees  that  in
consideration  of the premises  contained  herein Executive will not, during the
period of Executive's employment by the Company and for a period of one (1) year
following his  termination of employment,  engage in any Business  Activities in
the United States in competition with the Business  Activities of the Company or
induce  employees of the Company to terminate their  employment with the Company
for  purposes of providing  services  for others  engaged in the same or similar
Business Activities.

      14. Remedies.  Executive acknowledges and agrees that the Company's remedy
at law for a breach or a threatened  breach of the provisions of Sections 11, 12
and 13 herein would be inadequate, and in recognition of this fact, in the event
of a breach or threatened  breach by Executive of any of such provisions of this
Agreement,  it is agreed that the Company shall be entitled to, equitable relief
in the form of specific performance,  a temporary restraining order, a temporary
or  permanent  injunction  or any  other  equitable  remedy  which  may  then be
available,  without posting bond or other security.  Executive acknowledges that
the granting of a temporary  injunction,  a temporary restraining order or other
permanent injunction merely prohibiting  Executive from engaging in any Business
Activities  would not be an adequate remedy upon breach or threatened  breach of
this  Agreement,  and  consequently  agrees upon any such  breach or  threatened
breach to the granting of injunctive relief prohibiting  Executive from engaging
in any activities  prohibited by this Agreement.  No remedy herein  conferred is
intended to be  exclusive  of any other  remedy,  and each and every such remedy
shall be cumulative and shall be in addition to any other remedy given hereunder
now or hereinafter existing at law or in equity or by statute or otherwise.

                                       6
<PAGE>

INDEMNIFICATION

      15. Actions Other than by the Company.  In the event Executive was or is a
party,  or is threatened to be made a party,  to any  proceeding  (other than an
action  by or in the right of the  Company)  by reason of the fact that he is or
was an agent of the Company,  the Company shall indemnify him against  expenses,
judgments, fines, settlements and other amounts actually and reasonably incurred
in connection  with such proceeding if he acted in good faith and in a manner he
reasonably  believed  to be in, or not  opposed  to,  the best  interest  of the
Company and, in the case of a criminal  proceeding,  had no reasonable  cause to
believe his conduct was unlawful. The termination of any proceeding by judgment,
order,  settlement,  conviction,  or  upon  a plea  of  nolo  contendere  or its
equivalent shall not, of itself, create a presumption that Executive did not act
in good faith and in a manner  which he  reasonably  believed  to be in the best
interest of the Company or that Executive had  reasonable  cause to believe that
his conduct was lawful. No  indemnification  shall be made under this Section 15
in  connection  with any other  proceeding  charging that  Executive  derived an
improper  personal  benefit,  whether or not  involving  action in his  official
capacity, in which proceeding he is adjudged liable on the basis that he derived
an improper personal benefit.

      16.  Actions by the  Company.  In the event  Executive  is a party,  or is
threatened to be made a party, to any threatened, pending or completed action by
or in the right of the  Company to procure a judgment  in its favor by reason of
the fact that he is or was an agent of the Company,  the Company shall indemnify
him against expenses actually and reasonably  incurred by him in connection with
the defense or settlement of that action if Executive  acted in good faith, in a
manner that he  believed  to be in, or not opposed to, the best  interest of the
Company  and, in the case of a criminal  proceeding,  that he had no  reasonable
cause to believe that his conduct was unlawful. No indemnification shall be made
under this  Section  16 in  respect  of any  claim,  issue or matter as to which
Executive  shall have been adjudged to be liable to the Company  unless and only
to the extent that the court in which that action was  brought  shall  determine
upon application that, in view of all the  circumstances of the case,  Executive
is fairly and reasonably  entitled to indemnification for the expenses which the
court shall determine.

      17. Successful Defense by Executive. To the extent that Executive has been
successful on the merits in defense of any proceeding referred to in Sections 15
or 16 herein,  or in defense of any claim,  issue or matter  therein,  Executive
shall be indemnified against expenses actually and reasonably incurred by him in
connection therewith.

      18.  Required  Approval.  Except as  provided  in Section  17 herein,  any
indemnification  under  this  Agreement  shall  be made by the  Company  only if
authorized  in the specific  case on a  determination  that  indemnification  of
Executive  is  proper in the  circumstances  because  he has met the  applicable
standard  of conduct  set forth in  Section  15 or Section 16 herein,  by: (a) a
majority  vote of a quorum  consisting  of Directors  who are not parties to the
proceeding;  (b) a majority vote of the stockholders of the votes entitled to be
cast by holders of qualified  shares present in person or by proxy at a meeting;
(c) special legal  counsel;  or (d) the court in which the  proceeding is or was
pending,  on  application  made by the Company or  Executive  or the attorney or
other person rendering  services in connection with the defense,  whether or not
such  application  by  Executive,  attorney  or other  person is  opposed by the
Company.

                                       7
<PAGE>

      19. Advancement of Expenses. Expenses incurred in defending any proceeding
may be advanced by the Company before the final disposition of the proceeding on
receipt of (i) a written  affirmation of  Executive's  good faith belief that he
has met the applicable standard of conduct described in Section 15 or Section 16
herein,  and (ii) an  undertaking by him or on his behalf to repay the amount of
the advance unless it shall be determined  ultimately  that he is entitled to be
indemnified as authorized  herein.  A  determination  must also be made that the
facts  then  known  to  those  making  the  determination   would  not  preclude
indemnification.

      20. Other  Indemnification  Rights.  Nothing  contained in this  Agreement
shall affect any right to  indemnification to which Executive may be entitled by
the  General   Company  Law  of  Utah,   the  Company's   amended   articles  of
incorporation, its amended bylaws, contract or otherwise.

      21.  Limitations.  No  indemnification or advance shall be made under this
Agreement,  except as provided in Section 15 or Section 16, in any  circumstance
where it appears:  (a) that it would be  inconsistent  with a  provision  of the
Articles of Incorporation,  a resolution of the stockholders, or an agreement in
effect at the time of the accrual of the alleged cause of action asserted in the
proceeding in which the expenses were incurred or other amounts were paid, which
prohibits  or  otherwise  limits  indemnification;  or  (b)  that  it  would  be
inconsistent  with any  condition  expressly  imposed by a court in  approving a
settlement.

      22.  Insurance.  Upon and in the event of a determination  by the Board to
purchase  liability  insurance for its Directors or officers,  the Company shall
purchase and maintain  insurance  on behalf of Executive  against any  liability
asserted  against or  incurred by him as a Director or officer of the Company or
arising  out of his  status as such  whether or not the  Company  would have the
power to  indemnify  him against that  liability  under the  provisions  of this
Agreement.

      23.  Certain  Definitions.  In addition  to the words and terms  elsewhere
defined in this Agreement,  certain capitalized words and terms used in Sections
15 through 22 of this  Agreement  shall have the  meanings  given to them by the
definitions  and  descriptions  in this  Section  23 unless  the  context or use
indicates another or different meaning or intent,  and such definitions shall be
equally  applicable  to  both  the  singular  and  plural  forms  of  any of the
capitalized  words and terms herein  defined.  The following words and terms are
defined terms under this Agreement:

      (a) "Company" means JB Oxford Holdings,  Inc.  ("JBOH"),  its wholly-owned
subsidiaries JB Oxford & Company ("JBOC") and National  Clearing Corp.  ("NCC"),
and any other domestic or foreign corporation, partnership, joint venture, trust
or other enterprise for which Executive is or was a director, officer, employee,
or  agent  at the  request  of  JBOH,  JBOC,  NCC or  any of  their  predecessor
companies.

      (b) "proceeding" means any threatened,  pending or completed action,  suit
or proceeding,  whether civil,  criminal,  administrative,  or investigative and
whether formal or informal.

                                       8
<PAGE>

      (c)  "expenses"  include,  without  limitation,  attorneys'  fees  and any
expenses of establishing a right to indemnification  under Section 15 or Section
16 of this Agreement.

      MISCELLANEOUS

      24.  Intent.  This  Agreement  is made by the  Company  in order to induce
Executive to remain in the Company's employ,  with the Company's  acknowledgment
and intent that it will be relied upon by Executive, and in consideration of the
services to be performed by Executive from time to time hereafter.

      25.  Governing Law. This Agreement  shall be governed by and construed and
interpreted in accordance  with the laws of the State of California.  Any action
brought by a party to this Agreement  shall be brought and maintained in a court
of competent jurisdiction in Los Angeles County in the State of California.

      26. Successors and Assigns.

      (a) The Company shall 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 to assume  expressly  and agree in
writing to  perform  this  Agreement.  Failure  of the  Company  to obtain  such
assumption and agreement prior to the effectiveness of any such succession shall
be a breach of this  Agreement and shall require the Company to pay to Executive
compensation  from the  Company  in the  same  amount  and on the same  terms as
Executive would be entitled hereunder in the event of a Termination, except that
for  purposes  of  implementing  the  foregoing,  the  date on  which  any  such
succession  becomes  effective shall be deemed to be the date on which Executive
shall receive such  compensation  from the Company.  As used in this  Agreement,
"Company"  shall mean the Company as herein above  defined and any  successor to
its business and/or assets as aforesaid which assumes and agrees to perform this
Agreement by operation of law or otherwise.

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

      27. Notices.  Except as otherwise  expressly  provided herein, any notice,
demand or payment required or permitted to be given or paid shall be deemed duly
given or paid only if  personally  delivered  or sent by United  States mail and
shall be deemed to have been given when  personally  delivered or three (3) days
after having been deposited in the United States mail,  certified  mail,  return
receipt  requested,  properly  addressed  with postage  prepaid.  All notices or
demands shall be effective only if given in writing. For the purpose hereof, the
addresses of the parties  hereto (until  notice of a change  thereof is given as
provided in this Section 10(d)), shall be as follows:

            The Company                    JB Oxford Holdings, Inc.
            and JBOC:                      JB Oxford & Company
                                           9665 Wilshire Boulevard, Suite 300
                                           Beverly Hills, California
                                           Attention:  Chief Executive Officer

                                       9
<PAGE>

                With a copy to:            Shumaker, Loop & Kendrick, LLP
                                           101 E. Kennedy Boulevard, Suite 2800
                                           Tampa, Florida  33602
                                           Attention:  W. Thompson Thorn, III

            Executive:                     Barry S. Fischer
                                           3015 Three Springs Drive
                                           Westlake Village, CA  91361

      28.  Severability.  The provisions of this Agreement shall be severable in
the event that any of the provisions  hereof  (including any provision  within a
single  section,  paragraph  or  sentence)  is  held  by a  court  of  competent
jurisdiction to be invalid, void or otherwise  unenforceable in any respect, and
the validity and enforceability of any such provision in every other respect and
of the  remaining  provisions  hereof shall not be in any way impaired and shall
remain enforceable to the fullest extent permitted by law.

      29.  Entirety.  This  Agreement  constitutes  the entire  agreement of the
parties with respect to the subject  matter hereof and  supersedes  any prior or
contemporaneous  agreement  or  understandings  relating to the  subject  matter
hereof.

      30.  Non-Exclusivity of Rights. Nothing in this Agreement shall prevent or
limit  Executive's  continuing or future  participation  in any benefit,  bonus,
incentive  or other plan or program  provided  by the  Company  (except  for any
severance or termination  policies,  plans, programs or practices) and for which
Executive may qualify, nor shall anything in this Agreement limit or reduce such
rights as Executive may qualify,  nor shall anything in this Agreement  limit or
reduce such rights as  Executive  may have under any other  agreements  with the
Company  (except for any severance or termination  agreement).  Amounts that are
vested  benefits or that  Executive is otherwise  entitled to receive  under any
plan or program of the Company shall be payable in accordance  with such plan or
program, except as explicitly modified by this Agreement.

      31. Amendment.  This Agreement may be amended only by a written instrument
signed by the Company and  Executive,  which makes  specific  reference  to this
Agreement.

      IN WITNESS WHEREOF, the undersigned have executed or caused to be executed
this Agreement as of the date first above written.

JB OXFORD HOLDINGS, INC.                    "EXECUTIVE"

By:         /s/ Christopher L. Jarratt          /s/ Barry S. Fischer
         ------------------------------      -----------------------------
         Chief Executive Officer             BARRY S. FISCHER

                                       10

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