Document:

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                                                                   Exhibit 10.36

                                   Fred Kudish
                         171 Madison Avenue, Suite 1333
                            New York, New York 10016

                                                                  March 12, 2003

Ventures-National Incorporated
dba Titan General Holdings, Inc.
1855 Norman Avenue
Santa Clara, California  95054-2029

Attention:  James E. Patty
            Chief Executive Officer

Gentlemen:

         We are  pleased  to set forth the terms of the  retention  of Mr.  Fred
Kudish.  ("Consultant")  by  Ventures-National  Incorporated  dba Titan  General
Holdings,  Inc.,  a Utah  corporation  (collectively  with its  affiliates,  the
"Company").

         1.  Consultant  will  assist the  Company as a  nonexclusive  financial
advisor and agent in connection  with the financial  development of the Company.
In connection with Consultant's  activities on the Company's behalf,  Consultant
will familiarize  itself with the business,  operations,  properties,  financial
condition and prospects of the Company.  In connection with Consultant's role as
the Company's financial advisor, Consultant would expect its services to include
proposing structures for, and analyzing financial  transactions  contemplated by
the Company and such other  related  services as may be mutually  agreed upon by
Consultant and the Company.

         2. In connection with Consultant's  activities on the Company's behalf,
the Company will cooperate with Consultant and will furnish  Consultant with all
information and data concerning the Company (the "Information") which Consultant
deems  appropriate  and will  provide  Consultant  with access to the  Company's
officers, directors, employees,  independent accountants, and legal counsel. The
Company   represents  and  warrants  that  all  Information  made  available  to
Consultant  by the Company will, at all times during the period of engagement of
Consultant hereunder,  be complete and correct in all material respects and will
not contain any untrue  statement of a material fact or omit to state a material
fact  necessary in order to make the  statements  therein not  misleading in the
light of the  circumstances  under which such  statements  are made. The Company
further  represents  and  warrants  that  any  projections  provided  by  it  to
Consultant  will  have  been  prepared  in good  faith  and will be  based  upon
assumptions which, in light of the circumstances  under which they are made, are
reasonable.  The Company acknowledges and agrees that, in rendering its services
hereunder,  Consultant  will be using and  relying  on the  Information  without
independent  verification  thereof by  Consultant  or  independent  appraisal by
Consultant  of  any  of  the  Company's  assets.   Consultant  does  not

<PAGE>
Titan General Holdings, Inc.
March 12, 2003
Page 2

assume  responsibility  regarding the Company. Any advice rendered by Consultant
pursuant  to this  Agreement  may not be  disclosed  publicly  without our prior
written consent.

         3.  In  consideration  of  Consultant's   services   pursuant  to  this
Agreement,  Consultant  shall be entitled to receive,  and the Company agrees to
pay  Consultant,  120,000 shares of common stock,  par value $.001 per share, of
the Company.

         4. The Company  agrees to indemnify  Consultant in accordance  with the
indemnification  provisions (the "Indemnification  Provisions") attached to this
Agreement,  which Indemnification  Provisions are incorporated herein and made a
part hereof.

         5. Either party hereto may terminate this Agreement at any time upon 30
days' prior written notice, without liability or continuing  obligation,  except
as set forth in the following  sentence.  Neither  termination of this Agreement
nor  completion of the  assignment  contemplated  hereby shall  affect:  (i) any
compensation  earned by Consultant up to the date of  termination or completion,
as the case may be, (ii) the reimbursement of expenses incurred by Consultant up
to the  date of  termination  or  completion,  as the  case  may be,  (iii)  the
provisions  of  Paragraphs 3 through 7 of this  Agreement  and (iv) the attached
Indemnification  Provisions  which are incorporated  herein,  all of which shall
remain operative and in full force and effect.

         6. The validity and  interpretation of this Agreement shall be governed
by the law of the  State of New York  applicable  to  agreements  made and to be
fully performed therein.

         7.  The  benefits  of this  Agreement  shall  inure  to the  respective
successors  and assigns of the  parties  hereto and of the  indemnified  parties
hereunder  and  their  successors  and  assigns  and  representatives,  and  the
obligations  and  liabilities  assumed in this  Agreement by the parties  hereto
shall be binding upon their respective successors and assigns.

         8.  For  the  convenience  of  the  parties   hereto,   any  number  of
counterparts of this Agreement may be executed by the parties hereto.  Each such
counterpart shall be, and shall be deemed to be, an original instrument, but all
such  counterparts  taken together shall  constitute one and the same Agreement.
This  Agreement may not be modified or amended  except in writing  signed by the
parties hereto.

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Titan General Holdings, Inc.
March 12, 2003
Page 3

         If the foregoing  correctly sets forth our  Agreement,  please sign the
enclosed copy of this letter in the space provided and return it to us.

                                            Very truly yours,

                                            Fred Kudish.

                                            /s/ Fred Kudish
                                            ---------------------------------
                                            Fred Kudish

Confirmed and Agreed to:
this 12th day of March, 2003

VENTURES-NATIONAL INCORPORATED
DBA TITAN GENERAL HOLDINGS, INC.

By: /s/ James E. Patty
    -----------------------------------
        James E. Patty
        Chief Executive Officer

<PAGE>
Titan General Holdings, Inc.
March 12, 2003
Page 4

                           INDEMNIFICATION PROVISIONS

         Ventures-National Incorporated dba Titan General Holdings, Inc., a Utah
corporation (the "Company"),  agrees to indemnify and hold harmless Fred Kudish.
("Consultant")  against  any  and  all  losses,  claims,  damages,  obligations,
penalties,  judgments,  awards, liabilities,  costs, expenses, and disbursements
(and any and all actions,  suits,  proceedings,  and  investigations  in respect
thereof and any and all legal and other costs,  expenses,  and  disbursements in
giving  testimony  or  furnishing   documents  in  response  to  a  subpoena  or
otherwise),   including,   without   limitation   the   costs,   expenses,   and
disbursements,  as and when incurred, of investigating,  preparing, or defending
any  such  action,  suit,  proceeding,  or  investigation  (whether  or  not  in
connection  with  litigation  in  which  Consultant  is a  party),  directly  or
indirectly, caused by, relating to, based upon, arising out of, or in connection
with Consultant's acting for the Company, including, without limitation, any act
or  omission  by  Consultant  in  connection  with  its  acceptance  of  or  the
performance or  non-performance  of its obligations  under the letter  agreement
dated March 12, 2003, between  Consultant and the Company,  as it may be amended
from time to time (the "Agreement"); provided, however, such indemnity agreement
shall not apply to any  portion of any such  loss,  claim,  damage,  obligation,
penalty, judgment, award, liability, cost, expense,or disbursement to the extent
it is  found  in a final  judgment  by a court of  competent  jurisdiction  (not
subject to further  appeal) to have  resulted  primarily  and directly  from the
gross  negligence or willful  misconduct of Consultant.  The Company also agrees
that Consultant  shall not have any liability  (whether  direct or indirect,  in
contract or tort or  otherwise)  to the Company  for or in  connection  with the
engagement of Consultant,  except to the extent that any such liability is found
in a final judgment by a court of competent jurisdiction (not subject to further
appeal) to have resulted primarily and directly from Consultant gross negligence
or willful misconduct.

         These Indemnification  Provisions shall be in addition to any liability
which the Company may otherwise  have to  Consultant or the persons  indemnified
below in this  sentence and shall extend to the  following:  Consultant  and his
affiliated  entities.  All  references to  Consultant  in these  Indemnification
Provisions shall be understood to include any and all of the foregoing.

<PAGE>
Titan General Holdings, Inc.
March 12, 2003
Page 5

         If any action, suit, proceeding,  or investigation is commenced,  as to
which Consultant proposes to demand indemnification, it shall notify the Company
with reasonable promptness; provided, however, that any failure by Consultant to
notify the Company shall not relieve the Company from its obligations hereunder,
except to the extent that his or its defenses  have been  materially  prejudiced
thereby.  Consultant shall have the right to retain counsel of its own choice to
represent it, and the Company shall pay the fees, expenses, and disbursements of
such counsel; and such counsel shall, to extent consistent with its professional
responsibilities,  cooperate with the Company and any counsel  designated by the
Company.  The Company  shall be liable for any  settlement  of any claim against
Consultant made with the Company's  written consent,  which consent shall not be
unreasonably  withheld. The Company shall not, without the prior written consent
of Consultant, settle or compromise any claim, or permit a default or consent to
the  entry  of  any  judgment  in  respect  thereof,   unless  such  settlement,
compromise, or consent includes, as an unconditional term thereof, the giving by
the claimant to  Consultant  of an  unconditional  release from all liability in
respect of such claim.

         In order to provide for just and equitable contribution, if a claim for
indemnification pursuant to these Indemnification  Provisions is made, but it is
found in a final judgment by a court of competent  jurisdiction  (not subject to
further appeal) that such indemnification may not be enforced in such case, even
though the express  provisions hereof provide for  indemnification in such case,
then the Company,  on the one hand,  and  Consultant,  on the other hand,  shall
contribute to the losses, claims, damages,  obligations,  penalties,  judgments,
awards, liabilities, costs, expenses, and disbursements to which the indemnified
persons may be subject in accordance with the relative  benefits received by the
Company,  on the one  hand,  and  Consultant,  on the other  hand,  and also the
relative  fault of the Company,  on the one hand,  and  Consultant  on the other
hand, in connection  with the  statements,  acts, or omissions which resulted in
such  losses,  claims,  damages,  obligations,   penalties,  judgments,  awards,
liabilities,  costs,  expenses,  or  disbursements  and the  relevant  equitable
considerations shall also be considered. No person found liable for a fraudulent
misrepresentation  shall be entitled to  contribution  from any person who is no
also found liable for such  fraudulent  misrepresentation.  Notwithstanding  the
foregoing,  Consultant shall not be obligated to contribute any amount hereunder
that exceeds the amount of fees  previously  received by Consultant  pursuant to
the Agreement.

         Neither  termination  nor  completion  of the  engagement of Consultant
referred to above shall affect these Indemnification Provisions which shall then
remain operative and in full force and effect.<PAGE>

                                                                   Exhibit 10.37

                             PHOENIX INVESTORS, LLC

                                                                  March 15, 2003

Ventures-National Incorporated
Dba Titan General Holdings, Inc.
44358 Old Warm Springs Blvd
Fremont CA 94538

Attention:        JP Patty
                  CEO

Dear JP:

         We  are  pleased  to  set  forth  the  terms  to  the  Agreement   (the
"Agreement")  between  Phoenix  Investors,  LLC  (hereinafter  "PHOENIX"  or the
"Consultant") and  Ventures-National  Incorporated  (hereinafter  referred to in
this Agreement  collectively as the "Company").  All capitalized terms used, but
not otherwise  defined,  herein shall have the respective  definitions  assigned
thereto in the Titan Agreement.

1        PHOENIX  will  assist  the  Company  as  the  Company's   non-exclusive
         consultant in connection with the following proposed activities:

         (a)      providing  advice  as to the  structure  of  debt  and  equity
                  financing of the Company;

         (b)      assisting the Company in the  identification  and selection of
                  appropriate  members of  management,  Board of Directors,  and
                  advisory board members;

         (c)      otherwise  assisting  the Company with  advancing its business
                  objectives,  including  analyzing the  Company's  business and
                  capital structure models; and

         (d)      Assisting in the management of the daily  business  affairs of
                  the Company as needed from time to time.

2)       In connection with PHOENIX's  activities on the Company's  behalf,  the
         Company will cooperate  with PHOENIX and will furnish  PHOENIX with all
         information and data concerning the Company,  any Transaction,  and, to
         the extent available to the Company (the  "Information")  which PHOENIX
         deems appropriate and will provide PHOENIX with access to the Company's
         officers,  directors,  employees,  independent  accountants,  and legal
         counsel.  To the extent that the  Company  has access to the  officers,
         directors, employees, independent accountants, and legal counsel of the
         Target, it will provide such access to PHOENIX.  The Company represents
         and warrants that all  Information (a) made available to PHOENIX by the
         Company or (b) contained in any filing by the Company with any court or
         governmental  regulatory agency,  commission,  or instrumentality  with
         respect to any Transaction  will, at all times during the period of the
         engagement  of  PHOENIX  hereunder,  be  complete  and  correct  in all
         material  respects  and will not  contain  any  untrue  statement  of a
         material  fact or omit to state a material  fact  necessary in order to
         make  the  statements  therein  not  misleading.  The  Company  further
         represents and warrants that any projections  provided by it to PHOENIX
         will  have  been  prepared  in  good  faith  and  will  be  based  upon
         assumptions,  which, in light of the

<PAGE>
PHOENIX Investors, LLC
March 15, 2003
Page 2

         circumstances  under which they are made, are  reasonable.  The Company
         acknowledges  and agrees  that,  in rendering  its services  hereunder,
         PHOENIX will be using and relying on the Information  (and  information
         available  from public  sources and other  sources  deemed  reliable by
         PHOENIX)  without  independent   verification  thereof  by  PHOENIX  or
         independent appraisal by PHOENIX of any of the Company or the Company's
         assets or of the Target or the Target's assets. PHOENIX does not assume
         responsibility  for the accuracy or  completeness of the Information or
         any  other  information  regarding  the  Target,  the  Company,  or any
         Transaction.  Any advice rendered by PHOENIX pursuant to this Agreement
         may not be disclosed publicly without PHOENIX's prior written consent.

3)       In  consideration of our services  pursuant to this Agreement,  PHOENIX
         shall be  entitled to  receive,  and the Company  agrees to pay PHOENIX
         aggregate fees as follows:

         (a)      Consultant's  fees as follows:  (i) cash in an amount equal to
                  $18,000  per month  for a period  of one year  (the  "Period")
                  beginning  April 1, 2003 and  automatically  renewable for six
                  month Periods thereafter unless any party hereto shall deliver
                  to the other notice of termination within 60 days prior to the
                  termination  of the  Period  (or  the  Period  as  theretofore
                  extended).

         (b)      Warrants to purchase 200,000  (two-hundred-thousand) shares of
                  common stock.  Said Warrants shall be issued to PHOENIX within
                  thirty days of signing this  Agreement and shall be considered
                  due in full upon the signing of this Agreement.

         (c)      Such  Warrants  shall  be  exercisable  at a  price  of  $2.00
                  (two-dollar)  per  share of  common  stock and for a period of
                  five  years  commencing  on the date of this  Agreement.  Such
                  Warrants  shall provide for  adjustment of the exercise  price
                  thereof  and the  number of shares of Common  Stock  issueable
                  upon the exercise  thereof in the event of (i) the declaration
                  of dividends on the outstanding Common Stock payable in shares
                  of its capital  stock;  (ii)  subdivision  of the  outstanding
                  Common Stock;  (iii)  combination  of the  outstanding  Common
                  Stock into a smaller number of shares; or (iv) issuance of any
                  shares of its capital stock by  reclassification of the Common
                  Stock (including any such  reclassification in connection with
                  a  consolidation  or  merger  in  which  the  Company  is  the
                  continuing  corporation).  Such  Warrants  shall  also  have a
                  cashless  exercise  provision  or  a  net-issuance   provision
                  attached to each  exercise of the  Warrants  and the choice of
                  the provision described herein shall be made by PHOENIX.

         (d)      All consultant  fees described in section `(a)' above shall be
                  due on the first of the  current  month and paid to PHOENIX no
                  later than the fifth of said month.  In addition,  the balance
                  of each Period (one year for the  initial  Period  [April 2003
                  thru March  2004] and six months for each  subsequent  Period)
                  shall be due in full in the event that the Company  terminates
                  PHOENIX for any reason during said period.

         (e)      In  the  event  that  the  Company  fails  to pay  PHOENIX  as
                  described  herein for a period in excess of forty days without
                  PHOENIX's  written  permission,  then  PHOENIX  shall have the
                  right  to use any  means  necessary  including  filing  a lien
                  against the Company or any of its subsidiaries and the Company
                  shall be responsible for the cost of any means taken to obtain
                  the  consideration  due PHOENIX  under this  Agreement  or any
                  other PHOENIX  Agreement with the Company.  In the event that,
                  for any reason,  the Company  shall fail to pay to PHOENIX all
                  or any  portion  of the  compensation  otherwise  due  thereto
                  pursuant  to this  Agreement,  interest  shall  accrue on such
                  amount  and  shall  be  payable  on  the  unpaid  balance  due
                  hereunder  from the  date  such  amount  was due  through  and
                  including the date actually received by PHOENIX at the rate of
                  interest  equal to two points  over the prime rate of interest
                  as  determined  by  Citibank,  N.A.  in New  York,  New  York,
                  computed on a daily basis and adjusted as announced  from time
                  to time.

<PAGE>
PHOENIX Investors, LLC
March 15, 2003
Page 3

         (f)      It is understood that  significant  work has already been done
                  by  PHOENIX  in  arrears  to this  Agreement  and,  therefore,
                  considered  additional  efforts  to  be  covered  through  the
                  consideration described herein.

         All  monetary  fees  shall be made  payable  to the  order  of  Phoenix
Investors,  LLC and  mailed to 1818 North  Farwell  Avenue  Milwaukee  Wisconsin
53202.

         In addition to the fees  described  in  paragraph 3 above,  the Company
agrees to promptly reimburse PHOENIX upon request for all out-of-pocket expenses
incurred by PHOENIX  (including fees and disbursements of counsel,  and of other
consultants and advisors  retained by PHOENIX which are approved by the Company)
in connection  with the matters  contemplated by this Agreement or in collection
of consideration described herein.

4)   The  Company   agrees  to  indemnify   PHOENIX  in   accordance   with  the
     indemnification  provisions (the "Indemnification  Provisions") attached to
     this Agreement,  which  Indemnification  Provisions are incorporated herein
     and made a part hereof.

5)   The term of this Agreement  shall commence on the date hereof and expire as
     described in section 3(a) herein.  Notwithstanding  the  foregoing,  either
     party  hereto  may  terminate  this  Agreement  at any time upon sixty days
     written  notice,  without  liability  or expenses  incurred  or  continuing
     obligation,  except as otherwise set forth herein.  Neither  termination of
     this Agreement nor completion of the assignment  contemplated  hereby shall
     affect:  (i) any  compensation  earned by PHOENIX or any other finder up to
     the  date of  termination  or  completion,  as the  case  may be,  (ii) any
     compensation to be earned by PHOENIX or any other finder after  termination
     pursuant  to  paragraph  3 hereof,  (iii)  the  reimbursement  of  expenses
     incurred by PHOENIX or any other  finder up to the date of  termination  or
     completion,  as the case may be, (iv) the  provisions of Sections 3 through
     11,  inclusive,  of this  Agreement,  and (v) the attached  Indemnification
     Provisions  which  are  incorporated  herein,  all of  which  shall  remain
     operative and in full force and effect.

6)   The validity and  interpretation of this Agreement shall be governed by the
     law of the State of New York  applicable to agreements made and to be fully
     performed therein,  without reference to conflicts of laws. The Company and
     PHOENIX irrevocably submit to the jurisdiction of any court of the State of
     New York  located in New York City,  new York for the  purpose of any suit,
     action,  or other proceeding  arising out of this Agreement,  or any of the
     agreements  or  transactions  contemplated  hereby,  which is brought by or
     against the Company,  and (i) hereby  irrevocably agrees that all claims in
     respect of any such suit, action, or proceeding may be heard and determined
     in any such court and (ii) to the extent that the Company has acquired,  or
     hereafter may acquire any immunity from  jurisdiction of such court or from
     any legal process therein, the Company hereby waives, to the fullest extent
     permitted by law, such immunity.  The Company hereby waives, and agrees not
     to assert in any such suit,  action,  or  proceeding,  in each case, to the
     fullest extent  permitted by applicable law, any claim that (a) the Company
     is not personally  subject to the  jurisdiction of any such court,  (b) the
     Company  is immune  from any legal  process  (whether  through  service  or
     notice,  attachment  prior to  judgment,  attachment  in aid of  execution,
     execution, or otherwise) with respect to the Company's property, or (c) any
     such suit, action, or proceeding is brought in an inconvenient forum.

<PAGE>
PHOENIX Investors, LLC
March 15, 2003
Page 4

7)   Each  such  counterpart  shall be,  and shall be deemed to be, an  original
     instrument,  but all such counterparts  taken together shall constitute one
     and the same  Agreement.  This  Agreement  may not be  modified  or amended
     except in writing signed by the parties hereto.

8)   The Consultant may disclose any  Confidential  Information that is required
     to be disclosed by law, government  regulation,  or court or administrative
     order or process.  If disclosure is required,  the Consultant will give the
     Company  advance notice so that the Company may seek a protective  order or
     take other action reasonable under of the  circumstances.  The Company also
     understands  the  Consultant  must  release  all  types of  information  in
     performance  of the duties for the Company and requests to be informed upon
     request for a list of which confidential information has been dispersed.

9)   Upon termination of this Agreement,  the Consultant will promptly return to
     the Company at the  Company's  cost and  request or destroy  all  materials
     containing Confidential  Information,  including, but not limited to, data,
     records,  reports,  and other  property  furnished  by the  Company  to the
     Consultant.

10)  Each  of  the  parties  hereto  represents  and  warrants  that  execution,
     delivery,  or  performance  of this  Agreement  does not conflict  with, or
     violate  the terms of,  any  other  agreement  to which it is a party or by
     which it is bound.

11)  Any notice  provided under this Agreement  shall be in writing and shall be
     deemed to have been effectively  given when delivered  personally,  sent by
     private  express  mail  service  (such  as  Federal  Express),  or  sent by
     registered or certified mail (return receipt  requested) to the address set
     forth  herein  (or to such  other  address  as any party has  furnished  in
     writing to the other parties).

12)  The  invalidity or  unenforceability  of any  particular  provision of this
     Agreement   or  portion   thereof   shall  not  affect  the   validity   or
     enforceability  of any other provision  thereof or portion thereof.  If any
     provision  of  this  Agreement  is  adjudicated  to  be so  broad  as to be
     unenforceable,  it  shall  be  interpreted  to  be  only  as  broad  as  is
     enforceable.

13)  The benefits of this Agreement shall inure to the respective successors and
     assigns of the parties hereto and of the indemnified  parties hereunder and
     their successors and assigns and  representatives,  and the obligations and
     liabilities  assumed  in this  Agreement  by the  parties  hereto  shall be
     binding upon their respective successors and assigns.

14)  For the  convenience  of the parties,  any number of  counterparts  of this
     Agreement  may be  executed by the parties  hereto.  Each such  counterpart
     shall be,  and shall be deemed to be, an  original  instrument,  but all of
     such  counterparts  taken  together  shall  constitute  one  and  the  same
     Agreement. This Agreement may not be modified or amended, except in writing
     signed by the parties hereto.

15)  This Agreement shall not detract or lessen or otherwise affect any previous
     Agreement   between  PHOENIX  and  the  Company  or  its   subsidiaries  or
     predecessors unless specifically  mentioned herein. This Agreement is meant
     to add to the  terms and  duties of  PHOENIX's  other  Agreements  with the
     Company as described herein.

<PAGE>

PHOENIX Investors, LLC
March 15, 2003
Page 5

         If the foregoing  correctly sets forth our  Agreement,  please sign the
enclosed copy of this letter in the space provided and return it to us.

                                             Very truly yours,

                                             Phoenix Investors, LLC

                                             By: /s/ David M. Marks
                                                 ------------------------------
                                                 Name:  David M. Marks
                                                 Title:  Managing Director

Confirmed and Agreed to
this 15 day of  March, 2003:

VENTURES-NATIONAL INCORPORATED

By: /s/ James E. Patty
    -------------------------------
    Name:  James E. Patty
    Title:  President and CEO

<PAGE>
PHOENIX Investors, LLC
March 15, 2003
Page 6

                           INDEMNIFICATION PROVISIONS

         The Company (as such term is defined in the  Agreement (as such term is
defined  below)) agrees to indemnify and hold harmless  PHOENIX  against any and
all  losses,  claims,  damages,  obligations,   penalties,   judgments,  awards,
liabilities,  costs,  expenses,  and  disbursements  (and  all  actions,  suits,
proceedings,  and  investigations  in respect  thereof  and any and all legal or
other costs,  expenses,  and  disbursements  in giving  testimony or  furnishing
documents  in  response  to  a  subpoena  or  otherwise),   including,   without
limitation,  the costs,  expenses,  and disbursements,  as and when incurred, of
investigating,   preparing,  or  defending  any  such  action,   proceeding,  or
investigation  (whether or not in connection with litigation in which PHOENIX is
a party),  directly or indirectly,  caused by, relating to, based upon,  arising
out of, or in connection with (a) PHOENIX's  acting for the Company,  including,
without  limitation,  any act or  omission  by  PHOENIX in  connection  with its
acceptance of or the performance or  non-performance  of its  obligations  under
this agreement,  dated march 15, 2003 between  PHOENIX and the Company,  as such
agreement  may be  amended  from  time to  time  (the  "Agreement"),  or (b) any
Transaction (as such term is defined in the Agreement);  provided, however, such
indemnity  shall not  apply to any  portion  of any such  loss,  claim,  damage,
obligation,  penalty, judgment, award, liability, cost, expense, or disbursement
to  the  extent  it is  found  in a  final  judgment  by a  court  of  competent
jurisdiction  (not subject to further  appeal) to have  resulted  primarily  and
directly from the gross negligence or willful misconduct of PHOENIX. The Company
also  agrees  that  PHOENIX  shall  not have any  liability  (whether  direct or
indirect in contract or tort or  otherwise)  to the Company for or in connection
with the engagement of PHOENIX,  except to the extent that any such liability is
found in a final judgment by a court of competent  jurisdiction  (not to subject
to further appeal) to have resulted  primarily and directly from PHOENIX's gross
negligence or willful misconduct.

         These Indemnification  Provisions shall be in addition to any liability
which the Company may otherwise have to PHOENIX or the persons indemnified below
in this  sentence and shall extend to the  following:  PHOENIX,  its  affiliated
entities,  directors,  officers,  employees,  counsel,  agents,  and controlling
persons (within the meaning of the federal  securities  laws). All references to
PHOENIX in these  Indemnification  Provisions shall be deemed to include any and
all of the foregoing.

         If any action,  suit,  proceeding,  or investigation is commenced as to
which PHOENIX  proposed to demand  indemnification,  it shall notify the Company
with reasonable  promptness;  provided,  however, that any failure by PHOENIX to
notify the Company shall not relieve the Company from its obligations hereunder.
PHOENIX  shall have the right to retain  counsel of its own choice to  represent
it, and the Company  shall pay the fees,  expenses,  and  disbursements  of such
counsel;  and such counsel shall, to the extent consistent with its professional
responsibilities,  cooperate with the Company and any counsel  designated by the
Company.  The Company  shall be liable for any  settlement  of any claim against
PHOENIX made with its written  consent,  which consent shall not be unreasonably
withheld.  The Company shall not,  without the prior written consent of PHOENIX,
settle or compromise  any claim,  or permit a default or consent to the entry of
any judgment in respect thereof, unless such settlement,  compromise, or consent
includes,  as an  unconditional  term  thereof,  the giving by the  claimant  to
PHOENIX of an unconditional release from all liability in respect of such claim.

         In order to provide for just and equitable contribution, if a claim for
indemnification pursuant to these Indemnification  Provisions is made, but it is
found in a final judgment by a court of competent  jurisdiction  (not subject to
further appeal) that such indemnification may not be enforced in such case, even
though the express  provisions hereof provide for  indemnification in such case,
then the  Company,  on the one  hand,  and  PHOENIX,  on the other  hand,  shall
contribute to the losses, claims, damages,  obligations,  penalties,  judgments,
awards, liabilities, costs, expenses, and disbursements to which the

<PAGE>

indemnified  persons may be subject in  accordance  with the  relative  benefits
received by the Company,  on the one hand,  and PHOENIX,  on the other hand,  in
connection  with the  statements,  acts,  or  omissions  which  resulted in such
losses, claims, damages, obligations, penalties, judgments, awards, liabilities,
costs,  expenses,  and disbursements and the relevant  equitable  considerations
shall  also  be   considered.   No  person   found   liable  for  a   fraudulent
misrepresentation  shall be entitled to contribution  from any person who is not
also found liable for such  fraudulent  misrepresentation.  Notwithstanding  the
foregoing,  PHOENIX  shall not be obligated to contribute  any amount  hereunder
that exceeds the amount of fees previously  received by PHOENIX  pursuant to the
Agreement.

         Neither  termination  nor  completion  of  the  engagement  of  PHOENIX
referred to above shall affect  these  Indemnification  Provisions,  which shall
then remain operative and in full force and effect.

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