Document:

<PAGE>
                                                                   EXHIBIT 10.28

                          EXECUTIVE SEVERANCE AGREEMENT

         This Executive Severance Agreement ("Agreement") is entered into by and
between _________________ ("Employee" or "You") and GAINSCO Service Corp. (the
"Company"), a wholly owned subsidiary of GAINSCO, INC. ("GAINSCO") (Employee and
the Company are sometimes referred to collectively as the "Parties"). The
purpose of the Agreement is to provide Employee with a severance benefit should
his employment end with GAINSCO or any of its direct and indirect subsidiaries
(collectively, the "GAINSCO Companies") prior to the Expiration Date (as
hereinafter defined) under the circumstances described below and to obtain a
release of claims that may have arisen during his employment.

1.       This Agreement shall become effective and enforceable on the day that
         it is executed (the "Effective Date") by each of the Parties and shall
         continue in effect through June 30, 2004 (the "Expiration Date");
         provided, however, that commencing on June 30, 2004 and each June 30
         thereafter, the Expiration Date shall automatically be extended for one
         additional year unless, not later than the September 30 immediately
         preceding such June 30, the Company has given notice that it does not
         wish to extend this Agreement and, provided, further, in no event shall
         the term of this Agreement extend beyond the date Employee attains
         sixty-five years of age. The Parties understand and agree that this
         Agreement does not supercede any severance agreement or employment
         agreement Employee may have with any of the GAINSCO Companies,
         including the Change in Control Agreement between Employee and GAINSCO
         dated October 5, 2001 (the "CIC Agreement").

2.       Subject to the terms and during the term of this Agreement, the Company
         will pay Employee, in one lump sum payment, less the usual deductions
         for federal payroll taxes and benefits, a total payment equal to one
         year's base salary at Employee's compensation rate as of the date that
         Employee's employment with the Company ends, less any money any of the
         GAINSCO Companies accrued for the benefit of Employee under the CIC
         Agreement but not under any other severance agreement between any of
         the GAINSCO Companies and Employee (the "Executive Severance Payment").
         Employee shall be eligible to receive the Executive Severance Payment,
         provided that:

         a.       Prior to the Expiration Date, Employee's employment has not
                  been terminated by death, disability or retirement; AND

         b.       Prior to the Expiration Date, Employee does not terminate his
                  employment with the Company without "Good Reason" as defined
                  in paragraph 3; AND

         c.       Prior to the Expiration Date, Employee has not been terminated
                  for "Cause" as defined in paragraph 4; AND

                                       1
<PAGE>

         d.       Employee executes, and does not revoke, a Separation and
                  Release Agreement in the form attached hereto as Attachment 1
                  after the end of his employment with the Company.

         If Employee is eligible, the Company shall mail, in accordance with the
         procedures set forth in section 11 of this Agreement, the Executive
         Severance Payment to Employee within fifteen business days of the
         Employee's execution of the Separation and Release Agreement attached
         hereto as Attachment 1, provided that the Separation and Release
         Agreement has not been revoked.

3.       For purposes of this Agreement, "Good Reason" shall mean the occurrence
         of any of the following without your consent and the continuance
         thereof for thirty (30) days after receipt by the Company of written
         notice from you specifying the facts establishing the occurrence:

         a.       the assignment to you of a job title that is inconsistent with
                  that of an officer of any of the GAINSCO Companies;

         b.       a material reduction by the Company in your annual base salary
                  as in effect immediately prior to the execution of this
                  Agreement;

         c.       the relocation of the Company's principal executive offices to
                  a location outside of the Dallas/Fort Worth, Texas metroplex
                  coupled with the failure by the Company to reimburse you for
                  reasonable relocation expenses; or

         d.       the failure by the GAINSCO Companies to pay to you any portion
                  of your current compensation after the same shall have become
                  due and payable.

4.       For purposes of this Agreement, termination by GAINSCO of your
         employment for "Cause" shall mean termination upon:

         a.       the failure by you to perform your assigned duties with any
                  GAINSCO Company, other than any such failure resulting from
                  your incapacity due to physical or mental illness or any such
                  actual or anticipated failure after you have given notice to
                  the Company that you are entitled to terminate your employment
                  for Good Reason pursuant to paragraph 3;

         b.       your malfeasance, gross negligence or recklessness in the
                  performance of your duties or responsibilities;

         c.       the engaging by you in conduct which is either intentionally,
                  or demonstrably and materially, injurious to any GAINSCO
                  Company, monetarily or otherwise;

                                       2
<PAGE>

         d.       failure by you to obey written directions of the Chief
                  Executive Officer of GAINSCO;

         e.       your conviction of a felony or a crime involving moral
                  turpitude;

         f.       you cease to be eligible to hold your position with any
                  GAINSCO Company as a result of any statute or rule, regulation
                  or interpretation of or by any regulatory agency or other
                  governmental or public authority; or

         g.       your fraud upon any GAINSCO Company.

5.       Employee agrees to hold confidential and not to disclose to anyone any
         confidential information gained in the course of Employee's employment
         with any GAINSCO Company including, but not limited to, information
         concerning the financial affairs, business plans, proprietary
         statistics, pricing, and customer information of any GAINSCO Company.
         Employee agrees to abide by and keep in force any confidentiality
         provisions of any agreement between Employee and any of the GAINSCO
         Companies. Employee further agrees to hold confidential, and not to
         disclose to anyone, the contents of this Agreement, including its terms
         and any monetary consideration provided herein, except as required by
         lawful subpoena or for purposes of enforcing this Agreement or for tax
         advice.

6.       Employee agrees that presently his annualized base salary is
         $________________________ (__________________________ THOUSAND DOLLARS
         AND ________ CENTS).

7.       For a period commencing upon the Effective Date and ending two years
         after the termination of Employee's employment with the Company,
         Employee agrees that he will not solicit any person who is an employee
         or independent contractor of any GAINSCO Company or its successors to
         terminate any relationship such person may have with any GAINSCO
         Company or its successors. Employee hereby represents and warrants that
         he has not entered into any agreement, understanding or arrangement
         with any employee or independent contractor of any GAINSCO Company or
         its successors pertaining either to any business in which Employee has
         participated or plans to participate.

8.       If deemed necessary by the Company, Employee agrees to render to the
         Company his full and complete cooperation in any investigation,
         proceeding, litigation or other legal proceeding. The Company agrees
         that it will provide reasonable compensation to compensate Employee for
         his time and expense associated with such cooperation. EMPLOYEE AND THE
         COMPANY AGREE THAT ANY WRITTEN OR ORAL STATEMENT OR TESTIMONY GIVEN BY
         EMPLOYEE SHALL BE TRUTHFUL.

9.       Employee understands and agrees that if any provision of this Agreement
         is held to be unenforceable, such provision shall be severed from the
         other remaining provisions of this Agreement and it shall not affect
         the validity or unenforceability of the remaining provisions.

                                       3
<PAGE>

10.      The laws of the State of Texas shall govern the validity of this
         Agreement, the construction of its terms, and the interpretation of the
         rights and duties of the parties hereto. The Parties agree that venue
         for all disputes SHALL be in Tarrant County, Texas. The Parties further
         agree and acknowledge that they are subject to personal jurisdiction in
         Tarrant County, Texas.

11.      All communications required or allowed under this Agreement to the
         Company shall be in writing and shall be to:

                                           PRESIDENT
                                           GAINSCO SERVICE CORP.
                                           500 COMMERCE STREET
                                           FORT WORTH, TEXAS 76102

         All communications required or allowed under this Agreement to Employee
         shall be in writing and shall be to Employee's last address on file
         with the Company. Employee understands and agrees that if his address
         changes, he shall be responsible for informing the Company of his new
         address in writing within one week of the change of address. If
         Employee fails to comply with this provision, he shall be deemed to
         have received any communication sent to him by the Company or its
         representatives at Employee's last address on file with the Company.

12.      No waiver of any of the terms of this Agreement shall be valid unless
         in writing and signed by all Parties to this Agreement. No waiver or
         default of any term of this Agreement shall be deemed a waiver of any
         subsequent breach or default of the same or similar nature. This
         Agreement may not be changed except by writing signed by the Parties.

13.      The parties agree that this Agreement may be executed in multiple
         originals.

         EXECUTED on the _____________ day of _____________, 2002.

                                          --------------------------------------
                                          (Name of Employee)

                                          GAINSCO Service Corp.

                                          By:
                                              ----------------------------------

                                          Its:
                                               ---------------------------------

                                       4
<PAGE>

                  ATTACHMENT 1 TO EXECUTIVE SEVERANCE AGREEMENT

                    SEPARATION AND RELEASE AGREEMENT BETWEEN
                 _____________________ AND GAINSCO SERVICE CORP.

         This Separation and Release Agreement ("the Release Agreement") is made
and entered into by and between ____________________________ (hereafter
"Employee" or "You") and GAINSCO Service Corp (hereafter the "Company"). The
Company and Employee are sometimes referred to collectively as the "Parties".

                                   WITNESSETH:

         WHEREAS, Employee and the Company agree that Employee was separated
from his employment with the Company on __________________________; and

         WHEREAS, Employee and the Company understand that this Release
Agreement does not effect a waiver or release of rights or claims that may arise
from events occurring after the Employee executes this Release Agreement; and

         WHEREAS, Employee and the Company expressly agree and understand that
the consideration for Employee's waiver of rights or claims is the Executive
Severance Payment referred to in paragraph 2 of the Executive Severance
Agreement, of which this Release Agreement is attached as Attachment 1. The
Parties agree that the Executive Severance Payment is a sum of money exceeding
that to which Employee is otherwise entitled; and

         WHEREAS, the Company desires to settle fully and finally any and all
differences that may Employee may have with it; and

         NOW, THEREFORE, in consideration of the premises and mutual promises
herein contained, it is agreed as follows:

1.       The Parties understand and agree that neither the making of this
         Release Agreement nor the fulfillment of any condition or obligation of
         this Release Agreement constitutes an admission of any liability or
         wrongdoing on the part of the other or any Released Party. All
         liability by either party to the other has been and is expressly
         denied.

2.       Employee Acknowledgments.

         a.       You have been advised by the Company to consult with the
                  attorney of Your choice prior to signing this Release
                  Agreement.

         b.       You have been given a period of at least twenty-one (21) days
                  within which to consider this Release Agreement.

                                       1
<PAGE>

         c.       You would not be entitled to receive the Executive Severance
                  Payment described in paragraph 2 of the Executive Severance
                  Agreement being offered to You but for Your signing this
                  Release Agreement

         d.       You may revoke this Release Agreement within seven (7) days
                  after the date You sign it by providing written notice of the
                  revocation to the Company no later than the seventh day after
                  You sign it. The Company must receive written notice of
                  revocation no later than 5:00 p.m. on the seventh day after
                  you sign the Release Agreement. You may mail written notice of
                  revocation to:

                                         PRESIDENT
                                         GAINSCO SERVICE CORP.
                                         500 COMMERCE STREET
                                         FORT WORTH, TEXAS 76102

         Alternatively, You may fax the written notice of revocation to the
         Company, Attention: President, at (817) 338-1454.

3.       It is further expressly agreed by the Parties that this Release
         Agreement shall become effective and enforceable on the tenth day after
         it is executed (the "Release Agreement Effective Date") by each of the
         parties if it is not revoked in accordance with paragraph 2(d) of the
         Release Agreement.

4.       Employee represents that he has carefully read and fully understands
         all the provisions of this Release Agreement, that he is competent to
         execute this Release Agreement, and that he is knowingly voluntarily
         entering into this Release Agreement of his own free will and accord,
         without reliance upon any statement or representation of any person or
         parties released, or their representatives, concerning the nature and
         extent of the damages or legal liability therefore.

5.       Employee represents and acknowledges that in executing this Release
         Agreement, he does not rely and has not relied upon any representation
         or statement made by the Company or any of its agents, representatives
         or attorneys with regard to the subject matter, basis or effect of this
         Release Agreement or otherwise, other than the representations
         contained in this Release Agreement.

6.       After Employee executes this Release Agreement, the Company shall mail
         the Executive Severance Payment to Employee within fifteen business
         days provided that Employee is eligible to receive the Executive
         Severance Payment under the terms of the Executive Severance Agreement.

7.       As a material inducement to the Company to enter into this Release
         Agreement, Employee does hereby agree to indemnify and save harmless
         Company of and from all claims for any

                                       2
<PAGE>

         unpaid federal income taxes, state and federal payroll taxes,
         applicable state and federal withholding tax obligations, penalties or
         interest arising out of this Release Agreement.

8.       Employee's health insurance and all other Company benefits will
         terminate according to the terms of the plans. This provision is not,
         however, intended to waive Employee's rights under the Consolidated
         Omnibus Budget Reconciliation Act of 1985, as amended. ("COBRA") The
         Company will provide the COBRA notice under which Employee may exercise
         his option in connection with continuation of coverage.

9.       The Parties to this Release Agreement understand that to the extent
         Employee may have vested rights pursuant to the Company's group health
         insurance plans, group life insurance plans, and the 401(k) plan, such
         rights are excluded from the scope of this Release Agreement and are
         not terminated or released by it.

10.      As a material inducement to the Company to enter into this Release
         Agreement and subject to the terms of this paragraph, Employee hereby
         irrevocably and unconditionally releases, acquits and forever
         discharges the Company and each of the Company and its parent, owners,
         stockholders, predecessors, successors, assigns, agents, directors,
         officers, employees, representatives, attorneys, divisions,
         subsidiaries, affiliates and all persons acting by, through, under or
         in concert with any of them, (collectively "Releasees"), from any and
         all charges, complaints, claims, liabilities, obligations, promises,
         agreements, controversies, damages, actions, causes of action, suits,
         rights, demands, costs, losses, debts and expenses (including
         attorneys' fees and costs actually incurred), of any nature whatsoever,
         known or unknown ("Claim" or "Claims") which Employee now has, owns,
         holds, or which Employee at any time heretofore had, owned, or held
         against each of the Releasees, including, but not limited to: (a) all
         Claims under the AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, as
         amended; (b) all Claims under Title VII of the Civil Rights Act of
         1964, as amended; (c) all Claims under the Employee Retirement Income
         Security Act of 1974, as amended; (d) all Claims arising under the
         Americans With Disabilities Act of 1990, as amended; (e) all Claims
         arising under the Family and Medical Leave Act of 1993, as amended; (f)
         all Claims related to Employee's employment with the Company; (g) all
         Claims of unlawful discrimination based on age, sex, race, religion,
         national origin, handicap, disability, equal pay, sexual orientation or
         otherwise; (h) all Claims of wrongful discharge, breach of an implied
         or express employment contract, negligent or intentional infliction of
         emotional distress, libel, defamation, breach of privacy, fraud, breach
         of any implied covenant of good faith and fair dealing and any other
         federal, state, or local common law or statutory claims, whether in
         tort or in contract; (i) all Claims related to unpaid wages, salary,
         overtime compensation, bonuses, severance pay, vacation pay or other
         compensation or benefits arising out of Employee's employment with the
         Company; and (j) all claims arising under any federal, state or local
         regulation, law, code or statute.

                                       3
<PAGE>

11.      As a material inducement to the Company to enter into this Release
         Agreement, Employee represents that he has filed no lawsuits against
         the Company and, if he has filed any lawsuits against the Company, he
         will notify the Company of such lawsuits and cause them to be dismissed
         with prejudice.

12.      It is understood and agreed that the release of liability described in
         this Release Agreement is a material provision of this Release
         Agreement. Accordingly, Employee covenants and promises not to sue or
         otherwise pursue legal action against the Company, other than for
         breach of this Release Agreement, and further covenants and promises to
         indemnify and defend the Company from any and all such claims, demands
         and causes of action, including the payment of reasonable costs and
         attorneys' fees relating to any claim, demand, or causes of action
         brought by him. Employee agrees that should any legal action be pursued
         on his behalf by any person or other entity against the Company
         regarding the claims released in this Release Agreement, Employee will
         not accept recovery from such action, but will assign such recovery to
         the Company and agrees to indemnify the Company against such claims and
         assessment of damages.

13.      IT IS RECOGNIZED AND UNDERSTOOD BY THE PARTIES HERETO THAT THE
         EMPLOYEES OF THE COMPANY ARE AN INTEGRAL PART OF THE COMPANY AND THAT
         IT IS EXTREMELY IMPORTANT FOR THE COMPANY TO USE ITS MAXIMUM EFFORTS TO
         PREVENT THE LOSS OF SUCH EMPLOYEES. IT IS THEREFORE UNDERSTOOD AND
         AGREED BY THE PARTIES THAT, BECAUSE OF THE NATURE OF THE BUSINESS OF
         THE COMPANY, IT IS NECESSARY TO AFFORD FAIR PROTECTION TO THE COMPANY
         FROM THE LOSS OF ANY SUCH EMPLOYEES. CONSEQUENTLY, AS MATERIAL
         INDUCEMENT TO THE COMPANY TO PAY EMPLOYEE THE EXECUTIVE SEVERANCE
         PAYMENT, EMPLOYEE COVENANTS AND AGREES THAT FOR A PERIOD COMMENCING ON
         THE EFFECTIVE DATE AND ENDING TWO (2) YEARS AFTER THE RELEASE AGREEMENT
         EFFECTIVE DATE, EMPLOYEE SHALL NOT, DIRECTLY OR INDIRECTLY, HIRE OR
         ENGAGE OR ATTEMPT TO HIRE OR ENGAGE ANY INDIVIDUAL WHO SHALL HAVE BEEN
         AN EMPLOYEE, DIRECT SELLER, OR SUBCONTRACTOR OF THE COMPANY, ITS
         PARENT, ITS AFFILIATES OR ITS SUBSIDIARIES AT ANY TIME DURING THE TWO
         (2) YEAR PERIOD PRIOR TO THE EFFECTIVE DATE, WHETHER FOR OR ON BEHALF
         OF EMPLOYEE OR FOR ANY ENTITY IN WHICH EMPLOYEE SHALL HAVE A DIRECT OR
         INDIRECT INTEREST (OR ANY SUBSIDIARY OR AFFILIATE OF ANY SUCH ENTITY),
         WHETHER AS A PROPRIETOR, PARTNER, CO-VENTURER, FINANCIER, INVESTOR,
         STOCKHOLDER, DIRECTOR, OFFICER, EMPLOYER, EMPLOYEE, SERVANT, AGENT,
         REPRESENTATIVE OR OTHERWISE. FURTHER, EMPLOYEE COVENANTS AND AGREES
         THAT FOR A PERIOD COMMENCING ON THE EFFECTIVE DATE AND ENDING TWO (2)
         YEARS AFTER THE RELEASE AGREEMENT EFFECTIVE DATE, EMPLOYEE SHALL NOT,
         DIRECTLY OR INDIRECTLY, OR THROUGH ANY OTHER PERSON, FIRM, OR
         CORPORATION, OR IN ANY CAPACITY AS DESCRIBED IN THIS PARAGRAPH ABOVE,
         INDUCE, OR ATTEMPT TO INDUCE OR INFLUENCE ANY EMPLOYEE, DIRECT SELLER,
         OR SUBCONTRACTOR OF THE COMPANY, ITS PARENT, ITS SUBSIDIARIES OR
         AFFILIATES TO TERMINATE EMPLOYMENT OR RELATIONSHIP WITH THE COMPANY,
         ITS PARENT, ITS SUBSIDIARIES OR AFFILIATES WHEN THE COMPANY OR ITS
         PARENT, AFFILIATES OR SUBSIDIARIES DESIRES TO RETAIN THAT EMPLOYEE'S,
         DIRECT SELLER'S OR SUBCONTRACTOR'S SERVICES. NOTHING

                                       4
<PAGE>

         IN THIS PARAGRAPH SHALL BE CONSTRUED TO PREVENT EMPLOYEE FROM WORKING
         FOR A DIRECT COMPETITOR OF THE COMPANY.

15.      Employee acknowledges and agrees that he had access to certain
         confidential information, trade secrets and proprietary data of the
         Company, its parent, its subsidiaries, its affiliates by virtue of
         Employee's employment with the Company, and Employee's participation in
         the Company's activities and business. As a further material inducement
         to the Company to pay Employee the Executive Severance Payment,
         Employee agrees to maintain the secrecy of all confidential information
         (as hereinafter defined) and agrees not to disclose such confidential
         information to any person(s), employer(s), partnership(s),
         corporation(s) or other entity of any nature whatsoever, and agrees to
         maintain such confidential information in the strictest confidence and
         trust. "Confidential information" means, in whatever form (tangible or
         intangible, including electronic data recorded or retrieved by any
         means), any and all trade secrets, confidential knowledge, proprietary
         data, and information owned by the Company and its parent, affiliates,
         or subsidiaries, furnished by the Company and its parent, affiliates or
         subsidiaries to Employee, or developed by the Company, its parent or
         any affiliate, subsidiaries, agent, contractor, or employee of the
         Company and which relates to the business or activities of the Company
         including technical specifications, diagrams, flow charts, methods,
         processes, procedures, discoveries, concepts, calculations, techniques,
         formula, systems, production plans, designs, research and development
         plans, marketing plans, business plans, business opportunities, cost
         and pricing data, customer records and lists, general chemical,
         engineering, manufacturing, financial and marketing know-how,
         copyrightable works and applications for registrations thereof, pending
         applications for letters patent of the United States and foreign
         countries, and any such that are issued, granted or published, in
         common law, state and federal rights relating to and under any
         trademarks, trade names or service marks (and also including any of the
         foregoing provided to Employee by or on behalf of the Company, its
         parent, subsidiaries, or affiliates prior to the Effective Date), but
         expressly excluding information which (1) was available to the public
         prior to the time of disclosure to, or discovery of production by
         Employee; (2) becomes available to the public through no act or
         omission of Employee; or (3) becomes available to Employee through or
         from a third party who is not under any obligation of confidentiality
         to the Company. Employee hereby expressly acknowledges and agrees that
         if Employee shall seek to disclose, divulge, reveal, report, publish,
         transfer or use, for any purpose whatsoever, any Confidential
         Information, Employee shall bear the burden of proving that any such
         information has become publicly available such that the actions of
         Employee do not constitute a breach of any obligation of Employee
         hereunder. Employee may disclose confidential information if required
         to disclose such information by law or court order, but before doing so
         Employee must provide notice to the Company with regard to such
         potential disclosure.

16.      EMPLOYEE HAS CAREFULLY READ AND CONSIDERED THE PROVISIONS OF THIS
         RELEASE AGREEMENT AND, HAVING DONE SO, AGREES THAT

                                       5
<PAGE>

         THE RESTRICTIONS SET FORTH HEREIN ARE REASONABLE AND ARE REASONABLY
         REQUIRED FOR THE PROTECTION OF THE BUSINESS INTERESTS AND GOODWILL OF
         THE COMPANY AND ITS BUSINESS, OFFICERS, DIRECTORS AND EMPLOYEES.
         EMPLOYEE FURTHER AGREES THAT THE RESTRICTIONS SET FORTH IN THIS RELEASE
         AGREEMENT ARE NOT TO IMPAIR EMPLOYEE'S ABILITY TO SECURE EMPLOYMENT
         WITHIN THE FIELD OR FIELDS OF EMPLOYEE'S CHOICE, INCLUDING THOSE AREAS
         IN WHICH EMPLOYEE IS, IS TO BE, OR HAS BEEN EMPLOYED BY THE COMPANY BUT
         INSTEAD TO PROTECT THE CONFIDENTIALITY OF ITS CONFIDENTIAL INFORMATION
         AND TRADE SECRETS AND LEGITIMATE BUSINESS INTERESTS.

17.      Employee and the Company promise and agree that they will not damage,
         or attempt to damage, the business reputation or goodwill of the other.

18.      Employee agrees that in all future litigation involving the Company for
         which the Company requests Employee's cooperation that he will fully
         cooperate with the Company. In return for his cooperation, Company
         agrees to pay Employee for all the reasonable costs incurred by
         Employee due to his cooperation.

19.      If Employee or the Company determine that the other has breached this
         Release Agreement, the non-breaching party will notify the party in
         breach of that fact in writing and the party in breach will be afforded
         ten (10) days to cure the breach.

20.      Employee acknowledges that by the date Employee executes this Release
         Agreement, he will return to the Company any and all property of the
         Company, such as (but not limited to) marketing plans and related
         information, product development plans and related information, trade
         secret information, pricing information, vendor information, financial
         information, telephone lists, computer software and hardware, keys,
         credit cards, vehicles, telephones, and office equipment.

21.      Any action, claim, arbitration or other legal proceedings brought to
         enforce the Release Agreement or otherwise concerning this Release
         Agreement SHALL be brought in a court of competent jurisdiction in
         Tarrant County, Texas. It is intended that the provisions of this
         Release Agreement shall be enforced to the fullest extent permissible
         under the laws and public policies of the state of Texas or any other
         jurisdiction in which enforcement of this Release Agreement is sought
         in the event that the choice of forum provision in this Release
         Agreement is found invalid.

22.      The provisions of this Release Agreement shall be construed in
         accordance with the laws of the State of Texas without regard to its
         conflicts of law principles. In the event any term or condition or
         provision of this Release Agreement shall be determined to be invalid,
         illegal or unenforceable by a court of competent jurisdiction, the
         remaining terms, conditions and

                                       6
<PAGE>

         provisions of this Release Agreement shall remain in full force and
         effect to the extent permitted by law.

23.      No waiver of any of the terms of this Release Agreement shall be valid
         unless in writing and signed by all Parties to this Release Agreement.
         No waiver or default of any term of this Release Agreement shall be
         deemed a waiver of any subsequent breach or default of the same or
         similar nature. This Release Agreement may not be changed except by
         writing signed by the Parties.

24.      The paragraph numbering and ordering in this Release Agreement is
         provided for convenience only and will not affect its construction or
         interpretation. Unless otherwise expressly provided, the word
         "including" does not limit the preceding or following words or terms.

25.      This Release Agreement shall be binding upon Employee and upon
         Employee's heirs, administrators, representatives, executors, trustees,
         successors and assigns, and shall inure to the benefit of Releasees and
         each of them, and to their heirs, administrators, representatives,
         executors, trustees, successors, and assigns.

26.      For the same aforesaid consideration, it is further expressly agreed
         and understood that the Parties will promptly execute any and all
         documents that are necessary and appropriate to effectuate the terms of
         this Release Agreement.

27.      For the same aforesaid consideration, it is expressly agreed and
         understood that the contents of this Release Agreement, including its
         terms, any monetary consideration paid therein, and the parties
         thereto, shall not be disclosed, released or communicated to any person
         (except their attorneys, spouses, and tax consultants), including
         natural persons, corporations, partnerships, limited partnerships,
         joint ventures, sole proprietorships or other business entities, except
         for the purpose of enforcing this Release Agreement or any provision
         therein or pursuant to a lawful subpoena. Each party agrees to give
         reasonable notice to the other in the event disclosure of this Release
         Agreement is sought by subpoena or otherwise.

28.      The parties agree that the Release Agreement may be executed in
         multiple originals.

         EXECUTED on the _____________ day of _____________, 2002.

                                   ---------------------------------------------

                                   GAINSCO, SERVICE CORP.

                                   By:
                                      ------------------------------------------

                                   Its:
                                       -----------------------------------------

                                       7<PAGE>
                                                                   EXHIBIT 10.29

"*" denotes confidential information omitted from this Exhibit and filed
separately with the Securities and Exchange Commission.

June 28, 2002

GAINSCO, INC.
500 Commerce Street
Fort Worth, TX  76102

Attention:  Mr. Glenn Anderson

Dear Mr. Anderson,

         We are pleased to provide you with a proposal regarding a transaction
pursuant to which * (together with its subsidiaries, "*") would acquire National
Specialty Lines, Inc., DLT Insurance Adjusters, Inc. and Lalande Financial
Group, Inc. (collectively, the "Companies") from GAINSCO, INC. (the "Seller").
This letter and the term sheet attached hereto as Annex I (the "Term Sheet") are
intended to set forth the basis under which * is prepared to conduct due
diligence and further pursue a possible Transaction.

         The terms contained in the Term Sheet are intended only to describe the
proposed Transaction and are not intended to create any obligation on the part
of *, the Seller or the Companies. Accordingly, this letter, if agreed to by the
Seller and the Companies, does not constitute a binding commitment, nor an offer
by any of the parties to enter into a binding commitment, with respect to the
Transaction. A binding commitment with respect to the Transaction will result
only from the execution and delivery of definitive agreements and related
documents, setting forth such terms and such additional understandings as the
parties may develop in the course of further negotiations, and in each case
subject to the conditions expressed therein.

         Prior to the execution of definitive agreements, * and its affiliates
will complete its due diligence examination of the Companies and related
matters. In connection with such due diligence review, the Seller and the
Companies will ensure that *, its affiliates and each of their representatives
are provided with such access to the Companies' management, facilities, books,
records, workpapers and other information as *, its affiliates and their
representatives may reasonably request, and the Seller and the Companies will
ensure that *, its affiliates and their representatives will be entitled, upon
reasonable notice, to contact and communicate with the customers and other
persons that have business relationships with the Companies, subject to this
letter and to the existing Confidentiality Acknowledgement dated March 4, 2002
between * and Seller (the "Confidentiality Agreement").

<PAGE>

         The goal of * and Seller is to sign a definitive agreement by August
30, 2002. In consideration for *'s continued pursuit of the Transaction and its
commitment of significant resources and incurrence of substantial expense in
connection therewith, until August 30, 2002, neither the Seller nor the
Companies, nor their officers, directors, employees, advisors, agents,
representatives, affiliates, security holders, or anyone acting on behalf of the
Seller, the Companies or such persons (collectively, the "Representatives"),
shall, directly or indirectly, solicit, initiate or engage in discussions or
negotiations with, or provide any nonpublic information to, any third person
(other than *, its affiliates and their representatives) concerning any merger,
consolidation, liquidation, dissolution, sale of substantially all assets,
purchase or sale of shares of capital stock, issuance of long-term debt
securities or other business combination transaction involving the Companies;
provided that the foregoing shall not restrict the placement of insurance risks
or other operational matters in the ordinary course of the Companies business.
The Seller, the Companies and the Representatives shall immediately terminate
all discussions and negotiations with any person (other than *, its affiliates
or their representatives) concerning any such transaction. The Seller and the
Companies shall notify all of their Representatives of the requirements of this
paragraph and ensure the compliance thereof by the Representatives. The term
"person" as used herein shall be interpreted broadly and shall include, without
limitation, any individual, corporation, partnership, limited liability company,
trust, estate, business trust, incorporated or unincorporated association, joint
venture, joint stock company, government (or an agency or political subdivision
thereof) or other entity of any kind.

         Except as required by law, without the prior written consent of *,
neither the Seller nor the Companies, nor any of their Representatives, shall
disclose to any person or entity (other than regulatory agencies) the nature of
the Transaction or any of the terms, conditions or other facts regarding the
Transaction, including the status thereof. The Seller and the Companies shall
notify all of their Representatives of the requirements of this paragraph and
ensure the compliance thereof by the Representatives.

         This letter, together with the Confidentiality Agreement constitutes
the entire agreement among the parties regarding the subject matter hereof.

                                     * * * *

<PAGE>

         If you are interested in proceeding with the above described
Transaction on the terms set forth herein and in the Term Sheet, please sign in
the space provided below and return to us an executed copy of this letter,
whereupon the applicable undertakings set forth in the third through sixth
paragraphs of this letter shall become our binding agreement.

                                              Sincerely,

                                              *

                                              By:
                                                  ------------------------------
                                                  Name: *
                                                  Title: CEO/President

ACCEPTED AND APPROVED, on behalf of itself and, as applicable, its security
holders and subsidiaries, as of the date hereof:

GAINSCO, INC.

By:
   --------------------------------------
      Name:
      Title:

National Specialty Lines, Inc.

By:
   --------------------------------------
      Name:
      Title:

DLT Insurance Adjusters, Inc.

By:
   --------------------------------------
      Name:
      Title:

Lalande Financial Group, Inc.

By:
   --------------------------------------
      Name:
      Title:

<PAGE>

                                                                         ANNEX I

                                       *'S
                                 ACQUISITION OF
        NATIONAL SPECIALTY LINES, INC., DLT INSURANCE ADJUSTERS, INC. AND
                         LALANDE FINANCIAL GROUP, INC.

                                   Summary of
                                      Terms

                                  June 28, 2002

TRANSACTION.............................    (A) * (together with its
                                            subsidiaries, "*") would acquire all
                                            of the - outstanding capital stock
                                            of National Specialty Lines, Inc.
                                            ("NSL"), DLT Insurance Adjusters,
                                            Inc. ("DLT"), and Lalande Financial
                                            Group, Inc. ("LFG") (collectively,
                                            the "Companies") from GAINSCO, INC.
                                            (the "Seller") for a purchase price
                                            equal to *% of direct premiums
                                            earned (not including any premiums
                                            earned as identified in B below) by
                                            * (or its affiliates) on automobile
                                            business produced by NSL during a
                                            period of * years from the closing
                                            date, payable quarterly and subject
                                            to an aggregate maximum of $*.

                                            (B) * would provide an underwriting
                                            market that upon closing would
                                            assume on fair market terms the
                                            unearned premium reserves of the
                                            Seller's subsidiary (MGA Insurance
                                            Company, Inc. "MGA Insurance
                                            Company") relating to the
                                            non-standard automobile business
                                            produced and serviced by the
                                            Company.

                                            (C) The value of net assets less
                                            liabilities of NSL and DLT,
                                            including fixed assets, would be
                                            reviewed by * and Seller during due
                                            diligence to mutually agree on a
                                            closing transfer value in addition
                                            to the above.

                                            (D) * would provide agreed upon
                                            services after closing to MGA
                                            Insurance Company through NSL and
                                            DLT for the runoffs of MGA Insurance
                                            Company policies and of MGA
                                            Insurance Company claims. Terms
                                            mutually acceptable to each party
                                            for providing run-off service will
                                            be determined during due diligence
                                            review.

                                            (E) Following additional review, the
                                            parties may use an alternative
                                            structure for the Transaction if it
                                            is determined that such structure is
                                            more efficient for accounting, tax
                                            or other purposes, provided that the

<PAGE>

                                            substance of the terms and
                                            conditions set forth herein would
                                            not be altered.

                                            (F) * and Seller would mutually
                                            agree to an insurance transition
                                            strategy, to be effective with the
                                            closing date, to transition new and
                                            renewal business produced by the
                                            Companies to *.

NON-COMPETE REQUIREMENTS.................   In consideration of the transactions
                                            contemplated hereby, the Seller
                                            would be subject to non-compete
                                            arrangements (the "Non-Compete
                                            Requirements"), which would survive
                                            the Closing for five years. The
                                            Non-Compete Requirements would
                                            provide, among other things, that
                                            (1) the Seller would not at any time
                                            interfere with or otherwise disrupt
                                            the relationship between the
                                            Companies and any current employee,
                                            agent, client or customer of the
                                            Companies, and (2) the Seller would
                                            not, for itself, or on behalf of any
                                            entity, compete in any manner with
                                            the business of the Companies as
                                            conducted by the Companies prior to
                                            the Closing.

CONDITIONS TO CLOSING....................   The obligations of * to complete the
                                            Transaction would be subject to the
                                            satisfaction of those conditions
                                            customarily contained in
                                            transactions of this type,
                                            including, among others, (1)
                                            obtaining all requisite regulatory
                                            approvals and required consents and
                                            approvals from third parties, (2)
                                            the cancellation and retirement of
                                            all securities of the Companies
                                            which may be exercisable or
                                            exchangeable for or convertible into
                                            shares of the capital stock of the
                                            Companies, including all warrants
                                            and stock options, and the
                                            termination of any existing stock
                                            incentive arrangements and
                                            stockholders agreements, (3) the
                                            repayment in full of all long-term
                                            indebtedness of the Companies (if
                                            any), (4) entering into the
                                            arrangements described above under
                                            the caption "Non-Compete
                                            Requirements," (5) obtaining
                                            satisfactory assurance that the
                                            status of the Companies' licenses,
                                            as appropriate will be sufficient to
                                            conduct their business after the
                                            Closing, (6) entering into
                                            arrangements satisfactory to * and
                                            Seller with the employees of the
                                            Companies (it is understood by the
                                            parties that, following additional
                                            due diligence, * and the Seller
                                            would agree upon a minimum number of
                                            employees of the Companies who would
                                            be retained for an agreed upon time
                                            period), (7) if requested by *, the
                                            termination of existing reinsurance
                                            arrangements of MGA Insurance
                                            Company as such arrangements relate
                                            to the business produced by the
                                            Companies on terms satisfactory to
                                            *, (8) obtaining the approval of the
                                            Board of Directors of * (or a
                                            committee thereof), (9) the
                                            non-occurrence

                                       9
<PAGE>

                                            of any material adverse change in
                                            the business or financial condition
                                            of the Companies, (10) the accuracy
                                            of the representations and
                                            warranties made by the Sellers in
                                            connection with the Transaction as
                                            of the Closing (11) the completion,
                                            to its full satisfaction, of *'s due
                                            diligence examination of the
                                            Companies and related matters, (12)
                                            execution of mutually agreed upon
                                            service contracts with *, NSL and
                                            DLT for the runoffs of MGA Insurance
                                            Company policies and claims, and
                                            (13) obtaining the approval of the
                                            Board of Directors of Seller. Due
                                            diligence requests, Board approvals
                                            and similar matters would be
                                            accomplished in the period prior to
                                            the execution of a definitive
                                            agreement and would not remain
                                            therein as closing conditions.

REPRESENTATIONS, COVENANTS AND
    INDEMNIFICATION......................   (A) The Seller would make
                                            representations, warranties and
                                            covenants to * as are required by *.
                                            The Seller would also provide * with
                                            an appropriate indemnity for
                                            damages, if any, * incurs as a
                                            result of a breach of a
                                            representation, warranty, covenant
                                            or agreement of the Seller.

                                            (B) * would make representations,
                                            warranties and covenants to Seller
                                            as are required by Seller. * would
                                            also provide Seller with an
                                            appropriate indemnity for damages,
                                            if any, Seller incurs as a result of
                                            a breach of a representation,
                                            warranty, covenant or agreement of
                                            *.

TRANSACTION COSTS........................   Each party would bear its own costs,
                                            fees and expenses incurred in
                                            connection with the Transaction.

                                     * * * *

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}]]