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                                                             EXHIBIT 10.10(b)

                    FINANCED MANAGEMENT INVESTMENT AGREEMENT

                  This FINANCED MANAGEMENT INVESTMENT AGREEMENT (this
"AGREEMENT") dated as of August 4, 2000, is hereby made between Aames
Financial Corporation, a Delaware corporation (the "COMPANY"), and A. Jay
Meyerson, an individual residing at [XXXADDRESS DELETED FOR PRIVACYXXX] (the
"MANAGEMENT INVESTOR").

                  WHEREAS, the Management Investor is a senior management
employee of the Company; and

                  WHEREAS, the Management Investor entered into a Management
Investment Agreement with the Company, dated October 25, 1999 (the "Original
Management Investment Agreement"), to purchase from the Company, shares of
the Company's Series C Convertible Preferred Stock, par value $0.001 per
share ("SERIES C PREFERRED STOCK); and

                  WHEREAS, the Management Investor and the Company desire to
amend the Original Management Investment Agreement to sell to the Management
Investor, shares of the Company's Series D Convertible Preferred Stock, par
value $0.001 per share ("SERIES D PREFERRED STOCK"), under the terms and
conditions set forth in this Agreement and in that certain Non-Financed
Management Agreement entered into on this day between the Management Investor
and the Company whereby the Management Investor will purchase additional
Shares of Series D Preferred Stock (the "Non-Financed Management Investment
Agreement").

                  NOW THEREFORE, in consideration of the premises and the
mutual covenants contained in this Agreement, and other good and valuable
consideration, the sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:

                  SECTION 1.  SALE AND DELIVERY.

                  (a)  Upon the terms and subject to the conditions set forth
herein, and in reliance upon the representations and warranties of the
Management Investor hereinafter set forth, the Company shall issue, sell and
deliver to the Management Investor, and the Management Investor shall
purchase from the Company, 294,117 shares of Series D Preferred Stock (such
shares of Series D Preferred Stock are referred to collectively herein as the
"SHARES") at the price per share equal to $0.85.

                  (b)  The purchase price for the Shares being purchased by
the Management Investor shall be paid by delivery by the

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Management Investor to the Company of (i) $294.12 (the "Closing Payment") and
(ii)a 6.5% recourse promissory note having an original principal amount equal
to the total purchase price of the Shares minus the Closing Payment (the
"NOTE"), which Note is attached hereto as EXHIBIT A.

                  (c)  The purchase and sale of Shares shall occur at the
time and place specified by the Company for such closing, which shall be not
more than 60 days after the date hereof (the "CLOSING DATE"), and at the
closing of such purchase and sale of Shares:

                  (i)  the Company shall deliver to the Management Investor
         certificates representing the Shares (the "Certificates"), duly
         endorsed for transfer, transferring to the Management Investor good and
         marketable title to such Shares, free and clear of all liens and
         encumbrances; and

                  (ii) the Management Investor shall deliver to the Company:

                       (A)  the Closing Payment;

                       (B)  the Note; and

                       (C) a pledge agreement (the "PLEDGE AGREEMENT")
                  attached hereto as EXHIBIT B, pursuant to which Pledge
                  Agreement, among other things, the Management Investor's
                  obligations under the Note shall be secured by the following:
                  (i) a pledge of (a) the Shares, (b) the shares of Common Stock
                  that may be acquired upon conversion of the Shares (the
                  "UNDERLYING COMMON SHARES"), and (c) certain other collateral
                  described therein; and (ii) delivery of the Certificates.

                  SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE MANAGEMENT
INVESTOR. The Management Investor hereby represents and warrants to the
Company as follows:

                  (a)  The Shares (and the Underlying Common Shares) to be
purchased by such Management Investor will be acquired for investment for the
Management Investor's own account and not with a view to the resale or
distribution of any part thereof, except in compliance with the provisions of
the Securities Act of 1933, as amended (the "SECURITIES ACT"), or an
exemption therefrom, and in compliance with the terms of this Agreement. The
Management Investor is a senior management employee of the Company and is
fully familiar with the business of the Company and with the risks associated
with the purchase of the Shares pursuant to this

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Agreement. The Management Investor is an accredited investor as defined under
Rule 501(a) under the Securities Act.

                  (b)  The Management Investor understands that the Shares
and the Underlying Common Shares are characterized as "restricted securities"
under the federal securities laws inasmuch as they are being acquired from
the Company in a transaction not involving a public offering and that under
such laws and applicable regulations such Shares (and the Underlying Common
Shares) may be resold without registration under the Securities Act only in
certain limited circumstances.

                  (c)  The Management Investor further agrees that each
certificate representing the Shares (and the Underlying Common Shares) shall
be stamped or otherwise imprinted with a legend substantially in the
following form:

                  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE
                  TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS SUCH SECURITIES
                  HAVE BEEN REGISTERED UNDER ACT OR AN EXEMPTION FROM
                  REGISTRATION IS AVAILABLE.

                  THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
                  RESTRICTIONS ON TRANSFER AND TO THE OTHER TERMS SET FORTH IN
                  THAT CERTAIN FINANCED MANAGEMENT INVESTMENT AGREEMENT, DATED
                  AS OF august 4, 2000, AND BY A CERTAIN RELATED PLEDGE
                  AGREEMENT, BETWEEN THE COMPANY AND A. JAY MEYERSON, A COPY OF
                  WHICH AGREEMENTS HAVE BEEN FILED WITH THE SECRETARY OF THE
                  COMPANY AND ARE AVAILABLE UPON REQUEST."

                  SECTION 3.  RESTRICTIONS ON TRANSFER OF SHARES. For a
period commencing on the Closing Date and ending on the fifth anniversary of
the Closing Date, the Management Investor may not sell, transfer, assign,
pledge, hypothecate or otherwise dispose of (each, a "TRANSFER") any of the
Shares (or the Underlying Common Shares), without the prior express written
consent of the Company, PROVIDED, HOWEVER, that the foregoing restriction on
transfer shall not apply (i) if Capital Z Financial Services Fund II. L.P.
("CAPITAL Z") Beneficially Owns (as defined in the Purchase Agreement
referred to below) less than (A) fifty percent (50%) of the number of shares
of Senior Preferred Stock (as defined in the Purchase Agreement referred to
below) purchased by Capital Z on the Initial Closing Date (as defined in the
Purchase Agreement referred to below) (the "ORIGINAL PREFERRED SHARES") or
(B) if any Original Preferred Shares shall thereafter have been converted
into Common Stock, fifty percent (50%) of the sum of (x) the aggregate number
of shares Common Stock owned by Capital Z as a result of such conversion(s)
plus (y) the aggregate number

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of shares Common Stock into which any remaining Original Preferred Shares
owned by Capital Z may be converted (determined without regard to any
limitations on conversion of such shares prior to the Recapitalization (as
defined in the Purchase Agreement referred to below)), in each case subject
to adjustment for splits, combinations, reclassifications and similar events;
(ii) if the Management Investor dies, retires, is terminated by the Company,
or terminates his employment with the Company, subject to the provisions of
Section 4 hereof; or (iii) a Change of Control (as defined in the New Option
Plan (as such term is defined in the Purchase Agreement referred to below))
has occurred, but only if a Capital Z Realization Event (as defined in the
New Option Plan) has also occurred on or prior to such Change of Control, and
PROVIDED, FURTHER, that notwithstanding the foregoing restriction on
transfer, the Management Investor may transfer, during the twelve-month
period ending on the first anniversary of the Closing Date and during each
succeeding twelve-month period, up to 25% of the total number of Underlying
Common Shares (whether structured as a transfer of Shares, Underlying Shares
or a combination thereof) acquired hereunder (subject to adjustment for
splits, combinations, reclassifications and similar events), it being further
agreed that the Management Investor may request the Company's Board of
Directors to allow the Management Investor to transfer Shares (or Underlying
Common Shares) in excess of the 25% limitation described in this proviso if
extraordinary liquidity needs have arisen with respect to the Management
Investor, and, in such event, the Company (through its Board of Directors)
will consider such request in good faith and will not unreasonably withhold
its consent to a waiver of such limitation. The "Purchase Agreement" referred
to herein shall mean the Preferred Stock Purchase Agreement by and between
the Company and Capital Z, dated as of December 23, 1998, as the same may be
amended or modified.

                  SECTION 4.  COMPANY'S OPTION TO PURCHASE SHARES.

                  (a)  In the event of the death or retirement from, or
termination of employment for any reason with, the Company of the Management
Investor (a "TERMINATION DATE"), the Company shall have the option, but not
the obligation, to purchase all, or any portion, of the Shares (and any
Underlying Common Shares that may have been acquired upon conversion of the
Shares) then owned by the Management Investor at the Fair Market Value (as
hereinafter defined) per Share and/or Underlying Common Share on the Business
Day immediately prior to the date on which the Company exercises its option
to purchase in accordance with the this Section 4. The Company may exercise
the foregoing option at any time within 30 days after the Termination Date,
by written notice to the Management Investor, or his legal representative in
the case of death, stating a date and time for consummation of the purchase

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no less than 10 nor more than 30 days after giving of such notice. "Fair
Market Value" per Share or per Underlying Common Share, as of any particular
date, shall mean (a) in the case of a Share, the product obtained by
multiplying (I) the Formula Number (as defined in the Certificate of
Designations for the Series D Preferred Stock) in effect as of such date by
(II) the Current Market Price (as defined in the Certificate of Designations
for the Series D Preferred Stock) for the period of 15 consecutive Trading
Days (as defined in the Certificate of Designations for the Series D
Preferred Stock) prior to such date, or (b) in the case of an Underlying
Share, the Current Market Price for the period of 15 consecutive Trading Days
prior to such date.

                  (b)  At the closing of the purchase of Shares (and any
Underlying Common Shares) by the Company pursuant to Section 4(a), the
Management Investor will deliver the Shares (and any Underlying Common
Shares) to the Company against payment by the Company to the Management
Investor of the purchase price for such Shares (and any Underlying Common
Shares). Such purchase price shall be paid in cash, PROVIDED that if any
principal or accrued but unpaid interest is then outstanding under the Note,
the cash portion of the purchase price shall be reduced by the amount of such
outstanding principal and accrued interest on the Note (with such reduction
being applied first to any accrued interest and then to principal), and, if
no principal or accrued interest is then remaining on the Note, the Note
shall be canceled.

                  SECTION 5.  FURTHER ASSURANCES. The Management Investor
shall, upon request of the Company, execute and deliver any additional
documents and take such further actions as may reasonably be deemed by the
Company to be necessary or desirable to carry out the provisions hereof.

                  SECTION 6.  NOTICES. All notices, requests, claims, demands
and other communications under this Agreement shall be sufficiently given if
sent by registered or certified mail, postage prepaid, or overnight air
courier service, or telecopy or facsimile transmission (with hard copy to
follow) to the parties at the following addresses (or at such other address
for a party as shall be specified by like notice): (i) if to the Company, to
Aames Financial Corporation, 2 California Plaza, 350 South Grand Avenue, Los
Angeles, California 90071, Attention: General Counsel, telecopy number (323)
210-5026; and (ii) if to the Management Investor, to the address set forth
for the Management Investor in the preamble to this Agreement.

                  SECTION 7.  HEADINGS. The headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

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                  SECTION 8.  COUNTERPARTS; EFFECTIVENESS. This Agreement may
be executed in two or more counterparts, all of which shall be considered one
and the same agreement and shall become effective when one or more
counterparts have been signed by each of the Company and the Management
Investor and delivered to the Company and the Management Investor.

                  SECTION 9.  ENTIRE AGREEMENT. This Agreement (including the
documents and instruments referred to herein) constitutes the entire
agreement, and supersedes all prior agreements and understandings, both
written and oral, among the parties with respect to the subject matter hereof.

                  SECTION 10. GOVERNING LAW. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of Delaware,
without regard to any applicable conflicts of law principles of such State.

                  SECTION 11. SUCCESSORS AND ASSIGNS. Neither this Agreement
nor any of the rights, interests or obligations under this Agreement shall be
assigned, in whole or in part, by operation of law or otherwise, by any of
the parties without the prior written consent of the other parties. Any
assignment in violation of the foregoing shall be void.

                  SECTION 12. ENFORCEMENT. Each party agrees that irreparable
damage would occur and that the other party hereto would not have any
adequate remedy at law in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were
otherwise breached. It is accordingly agreed that each party shall be
entitled to an injunction or injunctions to prevent breaches by the other
party hereto of this Agreement and to enforce specifically the terms and
provisions of this Agreement in any court of the United States located in the
State of Delaware or in Delaware State court, this being in addition to any
other remedy to which they are entitled at law or in equity. In addition,
each of the parties hereto (i) consents to submit such party to the personal
jurisdiction of any Federal court located in the State of Delaware or any
Delaware State court in the event any dispute arises out of this Agreement or
any of the transactions contemplated hereby, (ii) agrees that such party will
not attempt to deny or defeat such personal jurisdiction by motion or other
request for leave from any such court and (iii) agrees that such party will
not bring any action relating to this Agreement or any of the transactions
contemplated hereby in any court other than a Federal court sitting in the
State of Delaware of in Delaware State court.

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                  SECTION 13. SEVERABILITY. If any term or provision hereof,
or the application thereof to any circumstance, shall, to any extent, be held
by a court of competent jurisdiction to be invalid or unenforceable with
respect to such jurisdiction, and only to such extent, and the remainder of
the terms and provisions hereof, and the application thereof to any other
circumstance, shall remain in full force and effect, shall not in any way be
affected, impaired or invalidated, and shall be enforced to the fullest
extent permitted by law, and the parties hereto shall reasonably negotiate in
good faith a substitute term or provision that comes as close as possible to
the invalidated or unenforceable term or provision, and that puts each party
in a position as nearly comparable as possible to the position each such
party would have been in but for the finding of invalidity or
unenforceability, while remaining valid and enforceable.

                  SECTION 14. AMENDMENT; MODIFICATION; WAIVER. No amendment,
modification or waiver in respect of this Agreement shall be effective
against any party unless it shall be in writing and signed by such party.

                  SECTION 15. EXPENSES. The Company and the Management
Investor shall each bear their own legal fees and other costs and expenses
with respect to the negotiation, execution and delivery of this Agreement and
consummation of the transactions contemplated hereby.

                                    -7-

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                  IN WITNESS WHEREOF, the Company and the Management Investor
have caused this Agreement to be duly executed and delivered as of the date
first written above.

                                       AAMES FINANCIAL CORPORATION

                                       By:    /s/ John F. Madden, Jr.
                                            -----------------------------
                                       Name:  John F. Madden, Jr.
                                       Title: Senior Vice President and
                                                General Counsel

                                       MANAGEMENT INVESTOR:

                                            /s/ A. Jay Meyerson
                                       ----------------------------------

                                    -8-<PAGE>

                                                           EXHIBIT 10.10(b)

                             SECURED PROMISSORY NOTE

$249,705.33                                                    August 23, 2000
 ----------

         FOR VALUE RECEIVED, A. Jay Meyerson (the "Maker"), hereby promises to
pay to the order of Aames Financial Corporation, a Delaware corporation
("Aames"), 2 California Plaza, 350 South Grand Avenue, Los Angeles, CA 90071
or such address as Aames shall have given to the Maker, the principal sum of
TWO HUNDRED AND FIFTY THOUSAND DOLLARS and 00/100 ($250,000.00), plus
interest, which shall accrue from the date hereof, on the unpaid principal
balance of this Note at such address, at the rate of 6.5% per annum (computed
on the basis of a 360-day year) until the principal amount hereof has been
repaid in full, on August 4, 2005.

         The Maker shall have the option to prepay the principal amount and
accrued interest on this Note, in whole or in part, at any time, without
payment of premium or penalty. During the period in which this Note is
outstanding, the Maker shall make an annual mandatory prepayment against the
outstanding principal balance of, and accrued interest on, this Note an
amount equal to 25% of the aggregate cash bonuses (if any) paid to Maker in
respect of the fiscal year ended immediately prior to such payment date, net
of income taxes payable thereon, such payments to be made within two business
days after receipt of the cash bonus paid at the end of such fiscal year and
to be applied FIRST, against any accrued and unpaid interest on this Note and
THEN, to the outstanding principal balance of this Note. In addition, upon
receipt by the Maker of any proceeds from the transfer of the securities
pledged under the Pledge Agreement (as defined below) or dividends, interest
payments or other distributions of cash in respect of such pledged
securities, the Maker shall make an immediate prepayment in respect of the
Note in an amount equal to the after tax amount of such proceeds, dividends,
payments or distributions, with such prepayments to be applied first to the
payment of all interest accrued on, and then to the payment of unpaid
principal of, this Note.

         Payments of principal and interest shall be made in such currency of
the United States as at the time of payment shall be legal tender for the
payment of public and private debts.

<PAGE>

         Aames and the Maker have entered into a pledge agreement dated the
date hereof (the "PLEDGE AGREEMENT") providing, among other things, for the
securing of this Note by a pledge of the Pledged Collateral (as defined in
the Pledge Agreement).

If any of the following events (each, an "EVENT OF DEFAULT") shall occur:

         (a)   the Maker shall default in the payment of any part of the
     principal or interest on this Note when the same shall become due and
     payable, whether at maturity, by acceleration or otherwise and such default
     continues for more than 10 days after receipt of notice from Aames;

         (b)   the Maker's employment with Aames shall have ceased for any
     reason whatsoever or for no reason, whether such cessation is voluntary or
     involuntary, and regardless of whether the Maker may claim such cessation
     of employment constitutes a wrongful termination of employment; provided,
     however, that if Maker's employment is terminated by the Maker for Good
     Reason (as defined in the Employment Agreement) or by Aames without Cause
     (as defined in the Employment Agreement), the holder's rights to declare
     the principal and interest accrued, solely in respect of such event, shall
     be deferred for one (1) year from the date of such termination;

        (c)    the Maker shall (i) become insolvent or be unable, or admit in
     writing his inability, to pay his debts as they mature; (ii) make a general
     assignment for the benefit of creditors; (iii) be adjudicated as bankrupt
     or insolvent or file a voluntary petition in bankruptcy; (iv) file a
     petition or an answer seeking an arrangement with creditors to take
     advantage of any insolvency law; or (v) file an answer admitting to the
     material obligations or consent to, or default in answering, or fail to
     have dismissed within 60 days after the filing thereof, a petition filed
     against him in any bankruptcy or insolvency proceeding; or

        (d)    any breach of the Maker's obligations under the Pledge Agreement
     shall have occurred and be continuing or any representation or warranty
     made thereunder shall be false in any material respect,

         then, the holder of this Note may at any time by written notice to the
Maker, declare the entire unpaid principal of and the interest accrued on this
Note through the date of such Event of Default to be forthwith due and payable,
without other notices

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or demands of any kind, all of which are hereby waived by the Maker.

         The Maker agrees to pay to the holder hereof all expenses incurred
by such holder, including reasonable attorneys' fees, in enforcing and
collecting this Note.

         The Maker hereby forever waives presentment, demand, presentment for
payment, protest, notice of protest, notice of dishonor of this Note and all
other demands and notices in connection with the delivery, acceptance,
performance and enforcement of this Note.

         This Note shall be paid without deduction by reason of any set-off,
defense or counterclaim of the Maker.

         This Note shall be governed by and construed in accordance with the
laws of the State of New York, without giving effect to conflicts of law
principles thereof, shall be binding upon the heirs or legal representatives
of the Maker and shall inure to the benefits of the successors and assigns of
Aames.

                                                    /s/ A. Jay Meyerson
                                               -------------------------------
                                                   A. Jay Meyerson

                                    -3-

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