Document:

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                                                                EXHIBIT 10.23(B)

                        INCENTIVE STOCK OPTION AGREEMENT

                                   Pursuant to

                    RESOURCE BANCSHARES MORTGAGE GROUP, INC.
                            OMNIBUS STOCK AWARD PLAN

         This Incentive Stock Option Agreement is entered into as of the 10th
day of January, 2000, between Resource Bancshares Mortgage Group, Inc., a
Delaware corporation (the "Company"), and Douglas K. Freeman (the "Optionee").

         1.       Definitions.

         Capitalized terms used in this Option Agreement but not defined herein
are used herein as defined in the Plan. In addition, throughout this Option
Agreement, the following terms shall have the meanings indicated:

                  (a) "Exercise Date" shall have the meaning indicated in
paragraph 3 hereof.

                  (b) "Option Period" shall mean the period commencing on the
date of this Option Agreement and ending at the close of the Company's business
ten years from the date hereof. Notwithstanding the previous sentence, in the
case of an Option granted to a 10% Stockholder, the Option Period shall mean the
period commencing on the date of this Option Agreement and ending at the close
of the Company's business five years from the date hereof.

                  (c) "Plan" shall mean the Resource Bancshares Mortgage Group,
Inc. Amended and Restated Omnibus Stock Award Plan.

                  (d) "Securities Act" shall mean the Securities Act of 1933, as
amended.

         2.       Award of Option.

         Effective upon the date hereof, and subject to the terms and conditions
set forth herein and in the Plan, the Company has awarded to the Optionee the
option to purchase from the Company, at an exercise price of $4.50 per share, up
to but not exceeding in the aggregate 100,000 shares of Common Stock. The
Company intends the exercise price to be at least 100% of the Fair Market Value
of the Shares of Common Stock subject to the Option as of the date of granting
the Option. In the case of an Option granted to a 10% Stockholder, the exercise
price of each share of Common Stock covered by the Option is at least 110% of
the Fair Market Value per share of Common Stock on the date of grant of the
Option. It is intended that this Option qualify to the extent possible as an
ISO. The Company shall have no liability if this Option shall not qualify as an
ISO, but this Option shall continue in full force and effect as an NQSO
notwithstanding such failure to so qualify.

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         3.       Exercise of Option.

                  (a) The Option shall be exercisable, in whole or in part, at
any time and from time to time during the Option Period, but not thereafter, to
the extent set forth in the schedule below.

                                                then the maximum percentage
                                                of the Option Shares that
                                                may be purchased through
if the Exercise Date is:                        such Exercise Date is:
------------------------                        ---------------------------

earlier than July 1, 2000,                                  20%

July 1, 2000 or thereafter,
but not later than December 31, 2000,                       40%

January 1, 2001 or thereafter,
but not later than June 30, 2001,                           60%

July 1, 2001 or thereafter,
but not later than December 30, 2001,                       80%

December 31, 2001 or thereafter,                           100%

The Exercise Dates contained herein are intended to comply with Code Section
422(d). In the event the aggregate Fair Market Value of the Common Stock with
respect to ISOs exercisable for the first time by Optionee during any calendar
year exceeds $100,000, the Optionee shall give notice promptly (as provided in
Section 6(e)) of such fact to the Company. The number of shares of Common Stock
subject to this Option and the per share exercise price under each outstanding
Option shall be adjusted, to the extent the Committee deems appropriate, as
provided in Section 4.1(e) of the Plan. Sections 4.1(e), 4.1(f), 4.1(g) and
4.1(i) of the Plan are incorporated in this Option Agreement by reference as if
fully set forth herein.

                  (b) Notwithstanding Section 3(a), the Option shall terminate
and may not be exercised if the Optionee ceases to be employed by the Company,
except: (1) that, if such Optionee's employment terminates for any reason other
than conduct that in the judgment of the Committee involves dishonesty or action
by the Optionee that is detrimental to the best interest of the Company, then
the Optionee may at any time within three months after termination of his or her
employment exercise his or her Option but only to the extent the Option was
exercisable by him or her on the date of termination of employment unless
termination of employment is due to retirement at or after the Optionee attains
age sixty-five, in which event the Option shall be exercisable with respect to
all Option Shares; (2) that, if such Optionee's employment terminates on account
of total and permanent disability, then the Optionee may at any time within one
year after termination of his or her employment exercise his or her Option with
respect to all Option Shares; and (3) that, if such Optionee dies while in the
employ of the Company, or within the three or twelve month period following
termination of his or her employment as described in clause (1) or

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(2) above, then his or her Option may be exercised at any time within twelve
months following his or her death by the person or persons to whom his or her
rights under the Option shall pass by will or by the laws of descent and
distribution with respect to all Option Shares.

                  (c) No less than 100 shares of Common Stock may be purchased
upon any one exercise of the Option granted hereby unless the number of shares
purchased at such time is the total number of shares in respect of which the
Option is then exercisable.

                  (d) Upon exercise of the Option, the Option exercise price
shall be payable in United States dollars, in cash (including by check) or
(unless the Committee otherwise prescribes) in shares of Common Stock owned by
the Optionee for a period exceeding six months, or in a combination of cash and
such Common Stock. If all or any portion of the Option exercise price is paid in
Common Stock owned by the Optionee, then that stock shall be valued at its Fair
Market Value as of the date the Option is exercised. The Option shall be deemed
to be exercised on the date (the "Exercise Date") that the Company receives full
payment of the exercise price for the number of shares for which the Option is
being exercised.

                  (e) During the lifetime of the Optionee, the Option shall be
exercisable only by the Optionee and shall not be assignable or transferable by
the Optionee and no person shall acquire any rights therein. The Option may be
transferred by will or the laws of descent and distribution.

         4.       Compliance with the Securities Act; No Registration Rights.

         Anything in this Option Agreement to the contrary notwithstanding, if,
at any time specified herein for the issuance of Option Shares, any law,
regulation or requirement of any governmental authority having jurisdiction in
the premises shall require the Company or the Optionee, in the judgment of the
Company, to take any action in connection with the shares then to be issued,
then the issuance of such shares shall be deferred until such action shall have
been taken. Nothing in this Option Agreement shall be construed to obligate the
Company at any time to file or maintain the effectiveness of a registration
statement under the Securities Act, or under the securities laws of any state or
other jurisdiction, or to take or cause to be taken any action that may be
necessary in order to provide an exemption from the registration requirements of
the Securities Act under Rule 144 or any other exemption with respect to the
Option Shares or otherwise for resale or other transfer by the Optionee (or by
the executor or administrator of the Optionee's estate or a person who acquired
the Option or any Option Shares or other rights by bequest or inheritance or by
reason of the death of the Optionee) as a result of the exercise of the Option
evidenced by this Option Agreement.

         5.       Resolution of Disputes.

         Any dispute or disagreement that arises under, or as a result of, or
pursuant to, this Option Agreement shall be determined by the Committee in its
absolute and uncontrolled discretion, and any such determination or other
determination by the Committee under or pursuant to this Option Agreement, and
any interpretation by the Committee of the terms of this Option Agreement, shall
be conclusive as to all persons affected thereby.

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         6.       Miscellaneous.

                  (a) Binding on Successors and Representatives. The parties
understand that this Option Agreement shall be binding not only upon themselves,
but also upon their heirs, executors, administrators, personal representatives,
successors and assigns (including any transferee of a party hereto); and the
parties agree, for themselves and their successors, assigns and representatives,
to execute any instrument that may be necessary or desirable legally to effect
such understanding.

                  (b) Entire Agreement; Relationship to Plan. The Optionee
acknowledges that he or she has received a copy of the Plan. This Option
Agreement, together with the Plan, constitutes the entire agreement of the
parties with respect to the Option and supersedes any previous agreement,
whether written or oral, with respect thereto. This Option Agreement has been
entered into in compliance with the terms of the Plan; to the extent that any
interpretive conflict may arise between the terms of this Option Agreement and
the terms of the Plan, the terms of the Plan shall control.

                  (c) Amendment. Neither this Option Agreement nor any of the
terms and conditions herein set forth may be altered or amended orally, and any
such alteration or amendment shall be effective only when reduced to writing and
signed by each of the parties or their respective successors or assigns.

                  (d) Construction of Terms. Any reference herein to the
singular or plural shall be construed as plural or singular whenever the context
requires.

                  (e) Notices. All notices and requests under this Option
Agreement shall be in writing and shall be deemed to have been given when
personally delivered or sent prepaid certified mail:

                           (i)  if to the Company, to the following address:

                                Resource Bancshares Mortgage Group, Inc.
                                7909 Parklane Road
                                Columbia, South Carolina 29223
                                Attention:  Chairman

         or to such other address as the Company shall designate by notice.

                           (ii) if to the Optionee, to the Optionee's
                                address appearing in the Company's records,
                                or to such other address as the Optionee
                                shall designate by notice.

                  (f) Governing Law; Submission to Jurisdiction. This Option
Agreement shall be governed by and construed in accordance with the laws of the
State of South Carolina. The parties hereby consent to the exclusive
jurisdiction and venue of the Court of Common Pleas in Richland County, South
Carolina for purposes of adjudicating any issue arising hereunder.

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                  (g) Severability. The invalidity or unenforceability of any
particular provision of this Option Agreement shall not affect the other
provisions hereof, and this Agreement shall be construed in all respects as if
such invalid or unenforceable provision was omitted.

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

                                       RESOURCE BANCSHARES MORTGAGE GROUP, INC.

                                       By: ____________________________________

                                       OPTIONEE:

                                       -----------------------------------(SEAL)
                                       Name: Douglas K. Freeman

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                                                                EXHIBIT 10.23(C)

                              EMPLOYMENT AGREEMENT

         AGREEMENT made as of January 10, 2000 between RESOURCE BANCSHARES
MORTGAGE GROUP, INC. ("RMBG") and Douglas K. Freeman ("Employee").

                                   WITNESSETH:

         WHEREAS, the parties hereto desire to provide for the Employee's
employment by RBMG.

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein, the parties agree as follows:

         1.       Employment.

                  RBMG agrees to employ the Employee and the Employee agrees to
enter into the employ of RMBG on the terms and conditions hereafter set forth.

         2.       Capacity and Duties.

                  The Employee shall be employed as the Chief Executive Officer
of RMBG. In addition, the Employee shall upon request serve as an officer and on
the Board of Directors of such subsidiaries as the Board of Directors of RBMG
may from time to time designate. The Employee shall perform his responsibilities
in accordance with the direction and supervision of the Board of Directors of
RBMG and he shall devote his full business time, skill, energies, business
judgment, knowledge and best efforts to the advancement of the best interests of
RBMG and the performance of such executive, administrative and operational
duties on behalf of RBMG and its subsidiaries, appropriate to the offices he
holds or shall hold hereunder, as the Board of Directors of RBMG may assign. The
requirement that the Employee devote his full business time shall not be
construed to prevent the Employee from making investments in stocks, bonds and
other types of personal property, both tangible and intangible, and real estate
or engaging in church, charitable, professional, or other community activities
or serving as a member of a board of directors which do not, singly or in the
aggregate, materially impair his ability to fulfill his responsibilities under
this Agreement; provided, however, that serving as a member of the board of
directors of a business enterprise shall require the prior approval of RBMG's
Board of Directors.

         3.       Term.

                  The term of the Employee's employment hereunder shall be for
the period commencing on January 10, 2000 (the "Commencement Date") and ending
on December 31, 2001, unless such term is terminated earlier by or pursuant to
Section 5.

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         4.       Compensation and Benefits.

                  (a) Salary. RBMG shall pay or cause to be paid to the
         Employee, as compensation for all of the services to be rendered by him
         hereunder during the term hereof, a salary of $500,000 per year ("Base
         Salary"), payable in accordance with the regular payroll practices of
         RBMG for executives, less such deductions or amounts as are required to
         be deducted or withheld by applicable laws or regulations and less such
         other deductions or amounts, if any, as are authorized by the Employee;
         provided, however, that the Employee shall receive his first paycheck
         on or about September 15, 2000 and it shall be in the gross amount of
         $341,666.67.

                  (b) Annual Bonus. The Employee's annual bonus opportunity will
         be $300,000. The amount of the bonus for 2000 will be determined based
         on achievement of specified goals which are to be defined on or before
         March 1, 2000.

                  (c) Expenses. To the extent not otherwise paid for by RBMG or
         one of its subsidiaries, RBMG will reimburse the Employee or cause the
         Employee to be reimbursed for reasonable expenses incurred in promoting
         RBMG's and its subsidiaries' businesses, including expenses for travel
         and entertainment, such reimbursement to be made promptly upon
         presentation of appropriate receipts or other substantiation.

                  (d) Plans. The Employee shall be entitled to participate in
         any and all employee benefit plans as may be in effect for executives
         of RBMG to the extent that he is eligible for participation therein and
         coverage thereunder. Such right of participation in any such plan and
         the degree or amount thereof shall be subject, however, to generally
         applicable RBMG policies and to action by RBMG's Board of Directors or
         any administrative or other committee or to any other administrative or
         managerial determination provided in or contemplated by such plan, it
         being agreed that this Agreement is not intended to impair the right of
         any committee or other group or person concerned with the
         administration of such plan to exercise in good faith the full
         discretion reposed in him or them by such plan.

                  (e) Vacation. The Employee shall be entitled to paid vacation
         during each year of this Agreement in accordance with the policies of
         RBMG with respect thereto applicable to officers with comparable duties
         and responsibilities. Unused vacation time in any year shall not be
         carried over to subsequent years and the Employee shall not be entitled
         under this Agreement to pay in lieu of unused vacation time.

                  (f) Withholding. The Employee acknowledges that certain
         payments provided for herein are subject to withholding and other
         taxes.

                  (g) Purchase of Stock. RBMG hereby sells, assigns and
         transfers to the Employee, and the Employee hereby purchases and
         accepts from RBMG, 100,000 shares of RBMG Common Stock at a price of
         $4.49 per share. The Employee shall pay for such shares by good check
         to be delivered to RBMG on or before January 12, 2000. The Employee
         agrees not to sell, transfer, pledge or otherwise encumber such shares
         prior to

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         January 1, 2002 unless there is a Change of Control (hereinafter
         defined) of RBMG or the Employee's employment with RBMG is terminated
         pursuant to Section 5(a) or Section 5(b) or by RBMG without "cause" as
         specified in Section 5(c).

                  (h) Omnibus Stock Award Plan. In consideration of the payment
         by the Employee to the Corporation of $1,000.00 and of the Employee's
         other covenants contained in this Agreement, RBMG hereby awards to the
         Employee 100,000 shares of RBMG Common Stock pursuant to RBMG's Omnibus
         Stock Award Plan, as amended (the "Plan"). Such shares shall be deemed
         to be unrestricted stock under the Plan. The Employee shall make an
         election under Section 83(b) of the Internal Revenue Code of 1986, as
         amended, with respect to such shares and shall be responsible for all
         taxes on the award of such shares. Within 10 days prior to making the
         Section 83(b) election, the Employee shall pay to RBMG the amount of
         any federal, state or local income tax withholding or other employment
         tax with respect to the shares. The determination of the amount of any
         federal, state or local income tax withholding or other employment tax
         due in such event shall be made by RBMG in accordance with applicable
         laws and regulations and shall be binding upon the Employee. Except as
         provided in the following sentence, the Employee agrees not to sell,
         transfer, pledge or otherwise encumber such shares prior to January 1,
         2002 unless there is a Change of Control of RBMG or the Employee's
         employment with RBMG is terminated pursuant to Section 5(a) or Section
         5(b) or by RBMG without "cause" as specified in Section 5(c). If the
         Employee's employment with RBMG ceases prior to December 31, 2001 for
         any reason other than as provided in Section 5(a), 5(b) or 5(d), the
         Employee shall sell, assign and transfer such shares to RBMG, and RBMG
         shall purchase and accept such shares from the Employee, for an amount
         equal to the federal and state income taxes paid by the Employee as a
         result of the award of such shares plus any taxes payable by the
         Employee and any reasonable costs and expenses of the Employee arising
         from RBMG's purchase of such shares.

                  (i) Stock Options. The Employee has been awarded an option to
         acquire one hundred thousand (100,000) shares of Common Stock of RBMG
         pursuant to the terms and conditions of the Incentive Stock Option
         Agreement between the Employee and RBMG dated as of the date of this
         Agreement.

                  (j) Provisions Relating to Common Stock. All stock
         certificates evidencing the shares referred to in Sections 4(g) and (h)
         shall bear the following legend:

                  The transfer or encumbrance of the shares of Common Stock
                  represented by this certificate is restricted under the terms
                  of an Employment Agreement dated January 10, 2000, a copy of
                  which Employment Agreement is on file at the principal office
                  of Resource Bancshares Mortgage Group, Inc.

         Notwithstanding the transfer restrictions and other provisions herein
         applicable to the shares of Common Stock referred to in Sections 4(g)
         and (h), the Employee shall have the entire beneficial interest of such
         shares and, subject to this Agreement, shall be entitled to

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         exercise the rights and privileges of a stockholder with respect to
         such shares, including the right to receive dividends and the right to
         vote such shares. The Employee hereby represents to RBMG that he is
         acquiring the shares for his own account and not with a view to the
         distribution thereof. The Employee agrees that none of the shares will
         be sold, transferred or otherwise disposed of unless (i) a registration
         statement under the Securities Act of 1933, as amended (the "Act"),
         shall at the time of disposition be effective with respect to such
         shares or (ii) RBMG shall have receive an opinion of counsel or other
         information and representations satisfactory to it to the effect that
         registration under the Act is not required, by reason of the
         application of Rule 144 or otherwise, for such sale, transfer or other
         disposition.

         5.       Termination.

                  Notwithstanding Section 3, the term of the Employee's
employment hereunder shall terminate on the first to occur of the (i)
termination date provided for under Section 3 or (ii) any of the events
described in the paragraphs of this Section 5.

                  (a) Death. In the event of the Employee's death, the
         Employee's employment shall terminate automatically, effective as of
         the date of death, and RBMG shall pay to his estate the Base Salary
         that otherwise would have been paid or accrued to the Employee pursuant
         to Section 4(a) up to the end of the fiscal quarter in which he died.

                  (b) Disability. If the Employee, due to physical or mental
         illness, shall be disabled to perform substantially all of his duties
         for a continuous period of three months (a "disability"), then either
         the Employee or RBMG may by notice terminate the Employee's employment
         under this Agreement effective as of a date 30 days after the date such
         notice is given. The Employee's Base Salary during the period prior to
         such termination shall be reduced by the amount of any disability or
         similar benefits to which he is entitled, notwithstanding anything
         contained elsewhere in this Agreement to the contrary.

                  (c) Termination for Cause. The Employee's employment may be
         terminated effective immediately by RBMG for "cause" by notice of
         termination to the Employee. "Cause" for such termination shall be
         limited to the following:

                           (i) Breach by the Employee in any material respect of
                  any of the material covenants contained in this Agreement,
                  which breach continues for 30 days following receipt of
                  written notice given by RBMG's Board of Directors specifying
                  the breach and requesting that the Employee correct the same;

                           (ii) Chronic and disabling use of alcohol or
                  controlled substances that materially inhibits the performance
                  of the Employee's duties under this Agreement for a period of
                  not less than three consecutive months;

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                           (iii) The Employee's conviction of either a felony
                  involving moral turpitude or any crime in connection with his
                  employment by RBMG which causes RBMG a substantial detriment;

                           (iv) Gross or willful neglect of the Employee's
                  duties; or

                           (v) Such conduct as results or as is likely to result
                  in substantial damage to the reputation of RBMG or any of the
                  affiliates of RBMG.

                  (d) Change of Control. RBMG and the Employee are entering into
         a Change of Control Agreement simultaneous with the execution of this
         Agreement. Such Change of Control Agreement permits the Employee to
         terminate his employment under certain circumstances. As used in this
         Agreement, the term "Change of Control" shall have the meaning ascribed
         thereto in the Change of Control Agreement.

                  (e) Compensation Upon Termination. Except as provided in
         Sections 5(a) and 5(b) and the Change of Control Agreement referred to
         in Section 5(d), all compensation to the Employee shall cease
         immediately on termination of the Employee's employment hereunder.

         6.       No Raid.

                  The Employee acknowledges that he has had and will have
extensive contacts with employees and customers of, and others having business
dealings with, RBMG. For the purposes of this Section and Sections 7, 8 and 9,
the term "RBMG" shall be deemed to include subsidiaries, parents and affiliates
of RBMG. Accordingly, the Employee covenants and agrees that during the term of
his employment and during the two-year period immediately thereafter he will not
(i) solicit any of the employees of RBMG who were employed by RBMG during the
time when the Employee was employed by RBMG to leave RBMG, (ii) interfere with
the relationship of RBMG with any such employees or (iii) personally target or
solicit to the detriment of RBMG any customers or others having business
dealings with RBMG in the business activities and endeavors in which the
Employee was involved. The Employee further covenants and agrees that during the
term of his employment and during the two-year period immediately thereafter he
will not make public statements in derogation of RBMG.

         7.       Blue Pencil.

                  The Employee acknowledges that the period of restriction
imposed by Section 6 is fair and reasonable and is reasonably required for the
protection of RBMG. If any part or parts of Section 6 shall be held to be
unenforceable or invalid, then the remaining parts thereof shall nevertheless
continue to be valid and enforceable as though the invalid portion or portions
were not a part hereof. If any of the provisions of Section 6 relating to the
period of restriction shall be deemed to exceed the maximum period of time which
a court of competent jurisdiction would deem enforceable, then the time shall,
for the purposes of Section 6, be deemed to be the maximum time period which a
court of competent jurisdiction would deem valid and enforceable in any state in
which such court of competent jurisdiction shall be convened.

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         8.       Confidentiality.

                  The Employee acknowledges that he has had and will have access
to certain information related to the business, operations, future plans and
customers of RBMG, the disclosure or use of which could cause RBMG substantial
losses and damages. Accordingly, the Employee covenants that during the term of
his employment with RBMG and for three years thereafter he will keep
confidential all information and documents furnished to him by or on behalf of
RBMG and not use the same to his advantage, except to the extent such
information or documents are or thereafter become lawfully obtainable from other
sources or are in the public domain through no fault on his part or as is
consented to in writing by RBMG. Upon termination of his employment, the
Employee shall return to RBMG all records, lists, files and documents which are
in his possession and which relate to RBMG.

         9.       Right to Injunctive Relief.

                  The Employee agrees and acknowledges that a violation of the
covenants contained in Sections 6 and 8 of this Agreement will cause irreparable
damage to RBMG, and that it is and will be impossible to estimate or determine
the damage that will be suffered by RBMG in the event of a breach by the
Employee of any such covenant. Therefore, the Employee further agrees that in
the event of any violation or threatened violation of such covenants, RBMG shall
be entitled as a matter of course to an injunction issued by any court of
competent jurisdiction restraining such violation or threatened violation by the
Employee, such right to an injunction to be cumulative and in addition to
whatever other remedies RBMG may have.

         10.      Representation by the Employee.

                  The Employee hereby represents and warrants to RBMG that the
execution of this Agreement and the performance of his duties and obligations
hereunder will not breach or be in conflict with any other agreement to which he
is a party or by which he is bound and that he is not now subject to any
covenant against competition or similar covenant that would affect the
performance of his duties hereunder.

         11.      No Assignment.

                  This Agreement is personal and shall in no way be subject to
assignment, except by RBMG incident to the sale of all or substantially all of
its business (whether by asset sale, stock sale or merger). Any attempt by one
party to assign this Agreement in any other circumstances without the prior
written consent of the other party shall be null and void.

         12.      Enforceability.

                  If any portion or provision of this Agreement shall to any
extent be declared illegal or unenforceable by a duly authorized court of
competent jurisdiction, then the remainder of this Agreement, or the application
of such portion or provision in circumstances other than

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those as to which it is so declared illegal or unenforceable, shall not be
affected thereby, and each portion and provision of this Agreement shall be
valid and enforceable to the fullest extent permitted by law.

         13.      Notices.

                  All notices and other communications required or permitted to
be given hereunder shall be given by delivering the same in hand or by mailing
the same by certified or registered mail, return receipt requested, postage
prepaid, as follows:

                  if to RBMG, to:

                           Resource Bancshares Mortgage Group, Inc.
                           7909 Parklane Road
                           Columbia, South Carolina  29202-7486
                           Attention: Corporate Secretary

                  if to the Employee, to:

                           Mr. Douglas K. Freeman
                           4934 Morven Road
                           Jacksonville, Florida 32210

                  (or to such other address as either party shall have furnished
to the other by like notice)

                  A notice shall be effective as of the date of such delivery or
mailing, as the case may be.

         14.      Entire Agreement.

                  This Agreement constitutes the only agreement and
understanding (other than the Change of Control Agreement referred to in Section
5(d), stock option agreements and employee benefit plans, indemnification
agreements and policies and practices applicable to RBMG's executive officers
generally, each of which shall, except as otherwise specifically provided in
this Agreement, be interpreted and construed independently of this Agreement)
between RBMG, on the one hand, and the Employee, on the other hand, in relation
to the subject of the Employee's employment by RBMG, and there are no promises,
representations, conditions, provisions or terms related thereto other than
those set forth herein. This Agreement supersedes all previous understandings,
agreements and representations, written or oral, between RBMG and the Employee
regarding the Employee's employment by RBMG.

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         15.      Governing Law.

                  This contract shall be construed under and be governed in all
respects by the internal laws, and not the laws pertaining to choice or
conflicts of laws, of the State of South Carolina.

         16.      Waiver;  Amendment.

                  No waiver in any instance by either party of any provision of
this Agreement shall be deemed a waiver by such party of such provision in any
other instance or a waiver of any other provision hereunder in any instance.
This Agreement cannot be amended, supplemented or otherwise modified except in a
writing signed by RBMG and the Employee.

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

                                       RESOURCE BANCSHARES MORTGAGE GROUP, INC.

                                       By:    __________________________________
                                       Name:  __________________________________
                                       Title: __________________________________

                                       EMPLOYEE:

                                       -----------------------------------------
                                                     Douglas K. Freeman

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