Document:

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                                                                   Exhibit 10.17

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

$400,000.00                                                     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
Richard L. Goble and the Richard L. Goble First Revocable Trust (collectively,
the "Payee"), or registered assigns, at 282 Snowfields Run, Lake Mary, Florida
32746, 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 Four Hundred Thousand Dollars ($400,000.00), 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 $11,111.11 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 the Gagne
Indebtedness (as defined in that certain Stock Purchase Agreement, dated of even
date herewith, by and among the Gagne First Revocable Trust, Kevin M. Gagne and
Richard L. Goble) 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 Gagne Indebtedness. The 50% payment shall be divided by the
Maker between the Payee and the payee of the Gagne Indebtedness proportional to
the then outstanding principal amount of this Note and the Gagne 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 Gagne 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 Gagne Indebtedness. The payment shall be
divided by the Maker

                                       2

                                                                   Maker:_______
<PAGE>

between the Payee and the payee of the Gagne Indebtedness proportional to the
then outstanding principal amount of this Note and the Gagne 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, any indebtedness by its terms is expressly subordinated to the
indebtedness evidenced hereunder and the Gagne Indebtedness. The Maker agrees
that it will not make any payment of principal with respect to the Gagne
Indebtedness unless simultaneously the Maker pays to the Payee a proportionate
payment of principal under this Note. 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

                                       3

                                                                   Maker:_______
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Maker such proceeding or petition shall have continued undismissed and unvacated
for 90 days; or

         (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.

                                       4

                                                                   Maker:_______
<PAGE>

         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/ KEVIN M. GAGNE
                                           -------------------------------------
                                               Kevin M. Gagne
                                               Chief Executive Officer

                                       5

                                                                   Maker:_______<PAGE>
                                                                   Exhibit 10.18

                            STOCK PURCHASE AGREEMENT

         THIS STOCK PURCHASE AGREEMENT, dated as of November 6, 2003 (this
"Agreement"), by and between the Gagne First Revocable Trust (the
"Shareholder"), Kevin M. Gagne ("Gagne") and Richard L. Goble ("Goble").

         WHEREAS, the Shareholder is the record and beneficial owner of 50
shares (the "G&G Shares") of common stock, $100.00 par value (the "Common
Stock"), of G & G Holdings, Inc., a Florida corporation (the "Company");

         WHEREAS, the Shareholder desires to sell and Goble desires to purchase
all of the Shares, all on the terms set forth in this Agreement and the
agreements referred to herein; and

         WHEREAS, the Company owns a building (the "Property") located at 1385
West State Road 434, Longwood, Florida 32750.

         NOW, THEREFORE, in consideration of the foregoing premises and the
respective representations, warranties, covenants, agreements and conditions
hereinafter set forth, and intending to be legally bound hereby, the parties
hereto agree as follows:

1.       THE GOBLE STOCK PURCHASE.

         1.1. PURCHASE AND SALE OF GOBLE SHARES. Simultaneously with the
execution of this Agreement and subject to, and on the terms and conditions of,
this Agreement, Goble will purchase from the Shareholder and the Shareholder
will sell, transfer, convey, assign and deliver to Goble all of the G&G Shares
owned by the Shareholder free and clear of all liens, claims, restrictions and
encumbrances of any kind whatsoever.

         1.2. PURCHASE PRICE FOR THE SHARES. Goble shall purchase the G&G Shares
for the aggregate consideration of (a) Two Hundred and Fifty Thousand Dollars
($250,000) in cash, which shall be paid to the Shareholder, by wire transfer to
an account previously designated by the Shareholder, (b) 5,100 shares
(collectively, the "Empire Shares") of common stock, $0.01 par value, of Empire
Financial Holding Company, a Florida corporation ("Empire Financial"), (c) a
promissory note in the principal amount of Five Hundred Thousand Dollars
($500,000) (the "Gagne Indebtedness"), (d) 100,000 shares of convertible
preferred stock, $.01 par value, of Empire Financial and (e) an additional
amount of cash equal to one half of the cash in all accounts of the Company less
one half of all accrued and unpaid expenses incurred by the Company in the
ordinary course of business. Prior to the execution of this Agreement, Gagne has
delivered a report which sets forth a summary of the deposits made into the
Company's account since May 1, 2003, a summary of all expenses actually paid by
the Company since May 1, 2003, a summary of all accrued and unpaid expenses
incurred by the Company and the balance in any Company accounts maintained by
the Company with Empire Financial Holding Company or any of its subsidiaries
(collectively, the "Company Report").

         1.3. CLOSING. The closing of the purchase of the G&G and Empire Shares
shall occur at the offices of Greenberg Traurig, P.A., 450 South Orange Avenue,
Orlando, Florida 32801, on

                                       1

Shareholder:________              Gagne:________                  Goble:________

<PAGE>

the date hereof. Simultaneously with the execution hereof and in connection with
the purchase of the G&G and Empire Shares, the following shall occur:

                  (a) The Shareholder will deliver to Goble a certificate or
certificates, as the case may be, representing the G&G Shares, duly endorsed,
accompanied by any necessary transfer stamps, and otherwise in form for transfer
to the Company free and clear of all liens, claims, restrictions and
encumbrances of any kind whatsoever.

                  (b) Goble will pay to the Shareholder the cash consideration
for the G&G Shares described in Section 1.2.

                  (c) Goble will cause the Company to deliver to the Shareholder
a certificate or certificates, as the case may be, representing the Empire
Shares, duly endorsed, accompanied by any necessary transfer stamps, and
otherwise in form for transfer to the Shareholder, free and clear of all liens,
claims, restrictions and encumbrances of any kind whatsoever.

2.       REPRESENTATIONS AND WARRANTIES.

         2.1. REPRESENTATIONS AND WARRANTIES OF GAGNE AND THE SHAREHOLDER. The
Shareholder and Gagne hereby represents and warrants to Goble as follows:

                  (a) CORPORATE POWER. The Shareholder has the requisite trust
power and authority to enter into this Agreement and consummate the transactions
contemplated hereby.

                  (b) AUTHORITY. This Agreement and the transactions
contemplated hereby have been authorized by all necessary trust action of the
Shareholder and is a valid and binding agreement of the Shareholder enforceable
against the Shareholder in accordance with its terms.

                  (c) NO DEFAULTS. The execution, delivery and performance of
this Agreement and the consummation of the transactions contemplated hereby by
the Company, do not and will not constitute a breach or violation of, or a
default under, the trust agreement of the Shareholder.

                  (d) COMPANY REPORT. To the knowledge of Gagne, the Company
Report is true and correct in all material respects.

                  (e) BASE RENT AND ADDITIONAL RENT. The Company has received
payment in full of the base rent and the additional rent for the each of the
months May, June and July, 2003 from Empire Financial Holding Company pursuant
to the applicable lease agreements.

                  (f) COMPANY EXPENSES. To the knowledge of Gagne, the Company
is not past due in the payment of any expenses incurred by the Company.

                  (g) IMPROVEMENTS; LIENS. Gagne has not approved or authorized
any improvements, alterations or repairs to the Property since May 1, 2003 and
has not employed any contractor, subcontractor, laborer or materialman, or other
party who has any right to a mechanic's lien against the Property or any part
thereof.

                  (h) POSSESSION. Gagne has not authorized any party to possess,
or claim

                                       2

Shareholder:________              Gagne:________                  Goble:________

<PAGE>

possession to, the Property or any part thereof, other than those who
properly entered into leases with the Company and has not and will not execute
any instrument or document that could adversely affect the title to the Property
or create a lien or encumbrance upon the Property.

         2.2. REPRESENTATIONS AND WARRANTIES OF GOBLE. Goble represents and
warrants to the Shareholder that this Agreement is a legal, valid and binding
obligation of Goble, enforceable against Goble in accordance with its terms.

3.       MISCELLANEOUS.

         3.1. NO ASSIGNMENT. Except as provided herein, the parties hereby
represent and warrant to each other that they have not made any sale,
assignment, transfer, conveyance or other disposition of any of their actual or
potential claims, actions, cross-claims, counterclaims, defenses and causes of
action against each other and that they are authorized to execute, deliver and
perform under this Agreement.

         3.2. SURVIVAL AND TERMINATION. All representations and warranties
contained herein or made in writing by any party in connection herewith will
survive the execution and delivery of this Agreement for a period of three
months.

         3.3. TIME IS OF THE ESSENCE. Time is of the essence.

         3.4. VENUE. Sole and exclusive venue for enforcement of this Agreement
and any subsequent court proceedings thereon or relating thereto shall be in the
trial courts in and for Seminole County, Florida.

         3.5. WAIVER. The failure of any party to declare any default
immediately upon occurrence thereof, or delay in taking any action in connection
therewith, shall not waive such default, but the parties hereto shall have the
right to declare any such default at any time. No waiver by any party of a
default by another party shall be implied, and no express waiver by any party
shall affect any default other than the default specified in such waiver and
then only for the time and extension stated therein. No waiver of any term,
provision, condition or covenant of this Agreement by any party shall be deemed
to imply or constitute a further waiver by any party of any other term,
provision, condition or covenant of this Agreement. Notwithstanding any
applicable law, the terms of this Section and the other provisions of this
Agreement may not be waived by any prior, contemporaneous, concurrent, or
subsequent course of dealing, course of conduct or trade practice.

         3.6. ARMS-LENGTH AGREEMENT. The parties hereto mutually acknowledge and
agree that this Agreement and the matters memorialized herein have been fully
negotiated with the assistance of counsel at arms-length. The parties further
stipulate and agree that (a) the choice of law, venue and jurisdiction clauses
contained in this Agreement are reasonable, (b) neither party had overwhelming
bargaining power and (c) all parties were represented by counsel of their choice
and were fully advised concerning this Agreement.

         3.7. ENTIRE AGREEMENT. The parties are not relying upon any prior,
contemporaneous, or concurrent oral, tacit, or written representation,
statement, letter agreement, understanding,

                                       3

Shareholder:________              Gagne:________                  Goble:________

<PAGE>

side-deal, inducement, warranty, or utterance as an inducement to enter into
this Agreement. This written Agreement constitutes the entire understanding of
the parties with respect to the disposition of the matters contained herein and
all oral, tacit, or written representations, side-deals, conversations,
inducements, understandings, warranties, utterances or agreements made prior to,
contemporaneously with, and/or concurrently with the execution and delivery of
this Agreement are merged into this written document and are of no further force
and effect.

         3.8. MODIFICATIONS. No change, modification or waiver of any provision
of this Agreement shall be valid or binding unless it is in writing and signed
by all parties to this Agreement. Notwithstanding any applicable law, the terms
of this Section and all other provisions of this Agreement may not be waived by
any prior, contemporaneous, concurrent, or subsequent course of dealing, course
of conduct, trade practice or attempted modification.

         3.9. SUCCESSORS AND PARTIES IN INTEREST. This Agreement is binding upon
all parties and, as applicable, its or his respective officers, directors,
shareholders, affiliates, parent companies, subsidiaries, related entities,
employees, representatives, legal representatives, assigns, transferees,
predecessors, heirs, partners, principals, attorneys and agents.

         3.10. CONSTRUCTION. This Agreement was negotiated and prepared jointly
by the parties hereto and their respective legal counsel. The provisions of this
Agreement shall be construed according to their fair meaning and neither for nor
against any party hereto irrespective of which party caused such provisions to
be drafted. The headings in this Agreement are only for convenience and cannot
be used in interpretation.

         3.11. ATTORNEYS' FEES. In any proceeding to enforce or concerning this
Agreement, 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.

         3.12. CHOICE OF LAW. This Agreement shall be construed in accordance
with the laws of the State of Florida, and any dispute arising out of, connected
with, related to, or incidental to the relationship between the parties in
connection with this Agreement, whether arising in tort, contract, equity or
otherwise, shall be resolved in accordance with the internal laws (as opposed to
the conflicts of laws provisions) and decisions of the State of Florida.

         3.13. SEVERABILITY. Wherever possible, each portion of this Agreement
shall be interpreted in such a manner as to be valid, effective and enforceable
under the applicable law. If any portion of this Agreement is held to be
invalid, illegal, against public policy or unethical by a court of competent
jurisdiction or other regulatory or administrative authority, under the terms
hereof, such provision shall be severed therefrom and such invalidity shall not
affect any other portion of this Agreement, the balance of which shall remain
in, and have its intended, full force and effect.

         3.14. NOTICES. All notices permitted under this Agreement shall be sent
to:

                                       4

Shareholder:________              Gagne:________                  Goble:________

<PAGE>

                  FOR GOBLE:               282 Snowfields Run
                                           Lake Mary, Florida 32746
                                           Facsimile: 407.805.0900

                  WITH A COPY TO:          Lee & Amtzis, P.L.
                                           5550 Glades Road, Suite 401
                                           Boca Raton, Florida  33431
                                           Attn: Eric Lee, Esq.
                                           Facsimile: 561.981.9980

                  FOR GAGNE AND THE        1911 Lake Markham Preserve Trail
                  SHAREHOLDER:             Sanford, Florida 32771
                                           Facsimile: 407.682.1664

                  WITH A COPY TO:          Fisher, Rushmer, Werrenrath, Dickson,
                                           Talley & Dunlap, P.A.
                                           20 North Orange Avenue, Suite 1500
                                           Orlando, Florida  32802
                                           Attn:  James M. Talley, Esq.
                                           Facsimile: 407.422-1080

or such other addresses which the parties may designate in writing from time to
time.

         3.15. COUNTERPARTS. If the parties deem it expedient, this Agreement
may be executed in counterparts with each counterpart being of equal dignity.

         3.16. FURTHER DOCUMENTS. In the event that further documents are
required or permitted to be executed in order to effectuate the purposes of this
Agreement, then each of the Shareholder and Goble hereby covenant and agree that
they shall execute such documents within three business days of receipt of such
request, together with a copy of the proposed documents.

         3.17. MUTUAL SIGNATURE. The parties expressly acknowledge and agree
that this Agreement is not binding on any party unless and until it has been
signed by all parties in the spaces provided below or in counterparts.

         3.18. LEGALITY. The parties represent, warrant and covenant that they
know of no reason why this Agreement is in violation of any federal, state, or
local statute, regulation, rule or ordinance.

         3.19. JURY TRIAL. AS A MATERIAL INDUCEMENT TO ENTER INTO THIS
AGREEMENT, THE PARTIES HEREBY WAIVE ANY RIGHT TO A JURY TRIAL OR

                                       5

Shareholder:________              Gagne:________                  Goble:________
<PAGE>

TO HAVE A JURY PARTICIPATE IN RESOLVING A DISPUTE, WHETHER SOUNDING IN TORT,
CONTRACT, EQUITY, OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATED TO OR
INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS
AGREEMENT.

         IN WITNESS WHEREOF, the parties hereto have executed this Stock
Purchase Agreement on the date first set forth above.

                                       GAGNE FIRST REVOCABLE TRUST, a
                                       revocable living trust

                                       By: /s/ KEVIN M. GAGNE
                                           -------------------------------------
                                           Kevin M. Gagne
                                           Trustee

                                       KEVIN M. GAGNE, an individual

                                       /s/ KEVIN M. GAGNE
                                       -----------------------------------------
                                           Kevin M. Gagne

                                       RICHARD L. GOBLE, an individual

                                       /s/ RICHARD L. GOBLE
                                       -----------------------------------------
                                           Richard L. Goble

                                       6

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