Document:

<PAGE>

                                                                     EXHIBIT 4.2

                                 Amendment to
                    Stockholder Protection Rights Agreement
                    ---------------------------------------

     This Amendment to Stockholder Protection Rights Agreement ("Amendment"),
dated as of April 6, 2001, is by and between IVI Checkmate Corp., a Delaware
corporation (the "Company"), and First Union National Bank, as Rights Agent (the
"Rights Agent").  Capitalized terms not otherwise defined herein shall have the
meaning ascribed thereto in the Rights Agreement (as defined below).

                              W I T N E S S E T H:

     WHEREAS, the Company and the Rights Agent entered into that certain
Stockholder Protection Rights Agreement on September 16, 1998 (the "Rights
Agreement");

     WHEREAS, the Company is contemplating entering into an Agreement and Plan
of Merger (the "Merger Agreement") with Ingenico S.A., a societe anonyme
organized under the laws of France and its affiliate ("Ingenico"), pursuant to
which the Company shall be acquired by Ingenico (the "Merger");

     WHEREAS, Ingenico is an existing stockholder of the Company;

     WHEREAS, in connection with the transactions contemplated by the Merger
Agreement, the Company proposes to sell and Ingenico proposes to purchase (the
"Stock Purchase"), additional shares of the Company's Common Stock, $.01 par
value per share ("Common Stock");

     WHEREAS, the proposed Stock Purchase would cause Ingenico to become the
Beneficial Owner of greater than 15% of the Company's outstanding shares of
Common Stock, and as a result be deemed an Acquiring Person under the Rights
Agreement;

     WHEREAS, the Board of Directors of the Company has approved an exemption
from the operation of the Rights Agreement and definition of Acquiring Person
for Ingenico's proposed Stock Purchase, with the effect that Ingenico would be
exempted from and not deemed to be an Acquiring Person;

     WHEREAS, as of the date of this Amendment, no Flip-In Date or related
events have occurred;

     WHEREAS, the Company has provided to the Rights Agent a certificate
satisfying the requirements of Section 5.4 of the Rights Agreement.

     NOW, THEREFORE, in consideration of the mutual agreements, benefits and
covenants herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:
<PAGE>

     1.  Exemption/Amendment.  As permitted pursuant to Section 5.4 of the
         -------------------
Rights Agreement, the parties hereby amend the Rights Agreement as follows:

     (a) The definition of "Acquiring Person" in Section 1.1 of the Rights
Agreement is amended and restated in its entirety as follows:

     "Acquiring Person" shall mean any Person who is a Beneficial Owner of 15%
or more of the outstanding shares of Common Stock; provided, however, that the
term "Acquiring Person" shall not include any Person (i) who is the Beneficial
Owner of 15% or more of the outstanding shares of Common Stock on the date of
this Agreement or who shall become the Beneficial Owner of 15% or more of the
outstanding shares of Common Stock solely as a result of an acquisition by the
Company or IVI Checkmate Ltd., as the case may be, of shares of Common Stock or
Exchangeable Shares, until such time hereafter or thereafter as any such Person
shall become the Beneficial Owner (other than by means of a stock dividend or
stock split) of any additional shares of Common Stock (including as a result of
becoming the Beneficial Owner of additional Exchangeable Shares), or (ii) who is
the Beneficial Owner of 15% or more of the outstanding shares of Common Stock
but who acquired Beneficial Ownership of shares of Common Stock without any plan
or intention to seek or effect control of the Company, if such Person promptly
enters into an irrevocable commitment promptly to divest, and thereafter
promptly divests (without exercising or retaining any power, including voting
power, with respect to such shares), sufficient shares of Common Stock (or
securities convertible into, exchangeable into or exercisable for Common Stock)
so that such Person ceases to be the Beneficial Owner of 15% or more of the
outstanding shares of Common Stock.  In addition, the Company, any wholly-owned
Subsidiary of the Company and any employee stock ownership or other employee
benefit plan of the Company or a wholly-owned Subsidiary of the company shall
not be an Acquiring Person.  Notwithstanding anything in this Agreement to the
contrary, Ingenico S.A., a societe anonyme organized under the laws of France
("Ingenico") shall not be deemed to be an Acquiring Person solely by virtue of
(i) the approval, execution or delivery of the Agreement and Plan of Merger,
dated as of April 6, 2001, by and among the Company, Ingenico and Idaho
Acquisition Corp., as amended from time to time (including all schedules and
exhibits thereto, the "Merger Agreement"), (ii) the consummation of the
acquisition of shares of Common Stock described in Section 5.10 of the Merger
Agreement (the "Issuance"), (iii) the consummation of any of the other
transactions contemplated in the Merger Agreement or (iv) the public
announcement of any of the foregoing; provided, however, that immediately
following the Issuance and for so long as Ingenico Beneficially Owns in excess
of 15% of the outstanding shares of Common Stock, Ingenico shall be deemed an
Acquiring Person if it or its affiliates shall thereafter acquire Beneficial
Ownership of any additional shares of Common Stock (including, without
limitation, if following any disposition of shares of Common Stock by Ingenico
or its affiliates, Ingenico or its affiliates were to acquire Beneficial
Ownership of any additional shares of Common Stock) (other than as a result of
(x) a stock dividend, stock split, recapitalization or other similar transaction
or (y) an acquisition of Beneficial Ownership of shares of Common Stock provided
such acquisition is without any plan or intention to seek or effect control of
the Company, if Ingenico or such affiliate promptly enters into an irrevocable
commitment promptly to divest, and thereafter promptly divests (without
exercising or retaining any power, including
<PAGE>

voting power, with respect to such shares), such newly acquired shares of Common
Stock (or securities convertible into, exchangeable into or exercisable for
Common Stock)."

     (b) The definition of "Separation Time" in Section 1.1 of the Rights
Agreement is amended by adding the following sentence at the end thereof:

     "Notwithstanding anything in this Agreement to the contrary, a Separation
Time shall not be deemed to have occurred solely as the result of (i) the
approval, execution or delivery of the Merger Agreement, (ii) the consummation
of the Merger, (iii) the consummation of any of the other transactions
contemplated in the Merger Agreement, including without limitation, the Issuance
or (iv) the public announcement of any of the foregoing."

     (c) The definition of "Stock Acquisition Date" in Section 1.1 of the Rights
Agreement is amended by adding the following sentence at the end thereof:

     "Notwithstanding anything in this Agreement to the contrary, no Stock
Acquisition Date shall occur solely by virtue of (i) the approval, execution or
delivery of the Merger Agreement, (ii) the consummation of the Merger, (iii) the
consummation of any of the other transactions contemplated in the Merger
Agreement, including without limitation, the Issuance or (iv) the public
announcement of any of the foregoing."

     (d) The definition of "Flip-Over Transaction or Event" in Section 1.1 of
the Rights Agreement is amended by adding the following sentence at the end
thereof:

     "Notwithstanding anything in this Agreement to the contrary, no Flip-Over
Transaction or Event shall occur solely by virtue of (i) the approval, execution
or delivery of the Merger Agreement, (ii) the consummation of the Merger, (iii)
the consummation of any of the other transactions contemplated in the Merger
Agreement, including without limitation, the Issuance or (iv) the public
announcement of any of the foregoing."

     (e) The definition of "Expiration Time" in Section 1.1 of the Rights
Agreement is amended and restated in its entirety as follows:

     "Expiration Time" shall mean the earliest of (i) the Exchange Time, (ii)
the Redemption Time, (iii) October 16, 2008, (iv) upon the merger of the Company
into another corporation pursuant to an agreement entered into prior to the
Flip-in Date, and (v) simultaneously with the Effective Time (as defined in the
Merger Agreement) of the Merger.

     (f) Section 5.6 of the Rights Agreement is amended to add the following
sentence at the end thereof:

     "Notwithstanding anything in this Agreement to the contrary, no person
shall have any right of action under the Rights Agreement solely by virtue of
(i) the approval, execution or delivery of the Merger Agreement, (ii) the
consummation of the Merger, (iii) the consummation of any of the other
transactions contemplated in the Merger Agreement, including without limitation,
the Issuance or (iv) the public announcement of any of the foregoing."
<PAGE>

     2.  Corresponding Changes.  All other applicable provisions of the Rights
         ---------------------
Agreement shall be interpreted consistent with the operative provisions of this
Amendment.

     3.  Remainder of Rights Agreement.  Other than as specifically set forth
         -----------------------------
herein, the balance of the Rights Agreement shall remain in full force and
effect as set forth therein.

                        [signatures on following page]
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first above written.

                                      IVI CHECKMATE CORP.

                                      By: /s/ John Neubert
                                          -----------------------------------
                                      Name:  John Neubert
                                      Title: Executive Vice President and Chief
                                             Financial Officer

                                      FIRST UNION NATIONAL BANK,
                                      as Rights Agent

                                      By: /s/ Ted Wiener
                                          -----------------------------------
                                      Name:  Ted Wiener
                                      Title: Corporate Trust Officer
<PAGE>

                                  Certificate
                                      for
                    Stockholder Protection Rights Agreement
                    ---------------------------------------
               (IVI Checkmate Corp.--First Union National Bank)

     This Certificate is executed and delivered to First Union National Bank, as
Rights Agent (the "Rights Agent"), in connection with the Amendment to
Stockholder Protection Rights Agreement ("Amendment"), dated as of April 6,
2001, by and between IVI Checkmate Corp., a Delaware corporation (the
"Company"), and the Rights Agent.  Capitalized terms not otherwise defined
herein shall have the meaning ascribed thereto in the Stockholder Protection
Rights Agreement dated September 16, 1998, by and between the Company and the
Rights Agent.

     The Company hereby certifies that:

     (a) no "Flip-In Date" has occurred prior to the date of this Certificate,
and the proposed amendment otherwise satisfies the requirements of the Rights
Agreement and Section 5.4 thereof; and

     (b) the Company's Board of Directors has previously approved the Amendment
to the Rights Plan.

Date: April 5, 2001.

                                      IVI Checkmate Corp.

                                      By: /s/ John Neubert
                                          ------------------------------------
                                      Name:  John Neubert
                                      Title: Executive Vice President and
                                             Chief Financial Officer<PAGE>

                                                                   EXHIBIT 10.42

                       TERMINATION PROTECTION AGREEMENT
                       --------------------------------

           AGREEMENT effective January 27, 1999, between Imperial Credit
 Industries, Inc., a California Corporation, (the "Company") and H. Wayne
 Snavely (the "Executive").

           Executive, who is a senior executive of the Company, is a skilled and
 dedicated employee who has important management responsibilities and talents
 which benefit the Company and its affiliates.  The Company believes that its
 best interests will be served if Executive is encouraged to remain with the
 Company.  The Company has determined that the Company's ability to retain
 Executive as an employee will be significantly enhanced if Executive is
 provided with fair and reasonable protection from the potential effects of a
 change in ownership or control of the Company.  Accordingly, the Company and
 Executive agree as follows:

 1.     Defined Terms.
        --------------

 Unless otherwise indicated, capitalized terms used in this Agreement which are
 defined in Schedule A shall have the meanings set forth in Schedule A.

 2.     Effective Date; Term.
        ---------------------

 This Agreement shall commence on the date hereof (the "Effective Date") and
 shall continue in effect through December 31, 2000; provided, however, the term
                                                     --------
 of this Agreement shall automatically be extended for one additional year
 beyond 2000 and successive one year periods thereafter, unless, not later than
 January 30 of each calendar year, commencing in 2000, the Company shall have
 given notice that it does not wish to extend this Agreement for an additional
 year beyond such calendar year, in which event this Agreement shall continue to
 be effective until the end of its then remaining term; provided, further, that,
                                                        --------
 notwithstanding any such notice by the Company not to extend, if a Change in
 Control shall have occurred during the original or any extended term of this
 Agreement, this Agreement shall continue in effect for a period of 36 months
 beyond such Change in Control.

                                       1
<PAGE>

3.      Change in Control Benefits.
        ---------------------------

If Executive's employment with the Company or its affiliates is terminated (a)
at any time within the three years following a Change in Control by the Company
or its affiliates without Cause or by Executive for Good Reason, or (b) by
Executive for any reason during the 30 day period beginning on the first
anniversary of a Change in Control (the effective date of any such termination
hereafter referred to as the "Termination Date"), Executive shall be entitled to
the benefits provided hereafter in this Section 3 and as otherwise set forth in
this Agreement.  If Executive's employment is terminated prior to a Change in
Control at the request or suggestion of any individual or entity acquiring
ownership and control of the Company, this Agreement shall become effective upon
the subsequent occurrence of a Change in Control involving such acquirer, and
Executive's Termination Date shall be deemed to have occurred immediately
following the Change in Control, with the result that Executive shall be
entitled to the benefits provided hereafter in this Section 3 and as otherwise
set forth in this Agreement.

     A.   Severance Benefits.  Within five business days after the Termination
          ------------------
          Date, the Company shall pay Executive a lump sum amount, in cash,
          equal to:

          (i)  three times the sum of:

               (a)  Executive's Base Salary, and

               (b)  Executive's highest Bonus earned in respect of any of the
                    last three Company fiscal years preceding the Change in
                    Control, and

          (ii).  Executive's Target Bonus multiplied by a fraction, the
                 numerator of which shall equal the number of days Executive was
                 employed by the Company or an affiliate in the calendar year in
                 which the Termination Date occurs and the denominator of which
                 shall equal 365.

     B.   Continued Welfare Benefits.  Until the third anniversary of the
          --------------------------
     Termination Date, the Company shall, at its expense, provide Executive with
     medical, dental, life insurance, disability and accidental death and
     dismemberment benefits at the highest level provided to Executive during
     the period beginning immediately prior to the Change in Control and ending
     on the Termination Date; provided, however, that if Executive becomes
                              --------
     employed by a new employer, the coverages provided by the Company pursuant
     to this sentence shall become secondary to those coverages provided by the
     new employer.

                                       2
<PAGE>

     C.   Payment of Accrued But Unpaid Amounts. Within five business days after
          -------------------------------------
     the Termination Date, (i) all deferred compensation (including any
     deferrals and matches on those deferrals in the Company's Deferral of
     Executive Compensation Plan I or the Company's Deferral of Executive
     Compensation Plan II) shall become fully vested and (ii) the Company shall
     pay Executive, in cash, (A) any unpaid portion of Executive's Bonus accrued
     with respect to the full calendar year ended prior to the Termination Date;
     and (B) all unpaid deferred compensation of Executive.

     D.   Effect on Existing Plans and Employment Agreements.  All Change in
          --------------------------------------------------
     Control provisions applicable to Executive and contained in any plan,
     program, agreement or arrangement maintained on the Effective Date (or
     thereafter) by the Company or any affiliate (including, but not limited to,
     any stock option or pension plan) shall remain in effect through the date
     of a Change in Control (as altered by this Agreement), and for such period
     thereafter as is necessary to carry out such provisions and provide the
     benefits payable thereunder, and may not be altered in a manner which
     adversely affects Executive without Executive's prior written approval.  No
     benefits shall be paid to Executive, however, under any severance plan
     maintained generally for the employees of the Company or any affiliate if
     Executive is eligible to receive benefits under this Section 3.
     Notwithstanding the provisions of Section 4 hereof, any payments or
     benefits provided under this Agreement shall be reduced by any payments or
     benefits Executive receives as a result of his termination of employment
     under an employment agreement between the Company or any affiliate and
     Executive (an "Employment Agreement").  In addition, any non-competition or
     non-solicitation covenant in an Employment Agreement or other agreement
     between the Company or any affiliate and Executive shall lapse on the date
     of a Change in Control.

     E.   Outplacement Counseling.  For the three year period following the
          -----------------------
     Termination Date, the Company shall reimburse all reasonable expenses
     incurred by Executive (up to 20% of Base Salary per year) for professional
     outplacement services by qualified consultants selected by Executive.

4.   Mitigation.
     -----------

     A.  Executive shall not be required to mitigate damages or the amount of
     any payment provided for under this Agreement by seeking other employment
     or otherwise, and compensation earned from such employment or otherwise
     shall not reduce the amounts otherwise payable under this Agreement.  No
     amounts payable under this Agreement shall be subject to reduction or
     offset in respect of any claims which the Company (or any other person or
     entity) may have against Executive.

                                       3
<PAGE>

5.   Gross-Up.
     ---------

     A.  In the event that any payment or benefit received or to be received by
     Executive pursuant to the terms of this Agreement (the "Contract Payments")
     or in connection with Executive's termination of employment or contingent
     upon a Change in Control of the Company pursuant to any plan or arrangement
     or other agreement with the Company (or any affiliate) ("Other Payments"
     and, together with the Contract Payments, the "Payments") would be subject
     to the excise tax (the "Excise Tax") imposed by Section 4999 of the Code,
     as determined as provided below, the Company shall pay to Executive, at the
     time specified in Section 5(B) below, an additional amount (the "Gross-Up
     Payment") such that the net amount retained by Executive, after deduction
     of the Excise Tax on the Payments and any federal, state and local income
     or other tax and Excise Tax upon the payment provided for by this Section
     5(A), and any interest, penalties or additions to tax payable by Executive
     with respect thereto, shall be equal to the total value of the Payments at
     the time such Payments are to be made.  For purposes of determining whether
     any of the Payments will be subject to the Excise Tax and the amounts of
     such Excise Tax, (1) the total amount of the Payments shall be treated as
     "parachute payments" within the meaning of Section 28OG(b)(2) of the Code,
     and all "excess parachute payments" within the meaning of Section
     28OG(b)(1) of the Code shall be treated as subject to the Excise Tax,
     except to the extent that, in the opinion of independent tax counsel
     selected by the Company's independent auditors and reasonably acceptable to
     Executive ("Tax Counsel"), a Payment (in whole or in part) does not
     constitute a "parachute payment" within the meaning of Section 28OG(b)(2)
     of the Code, or such "excess parachute payments" (in whole or in part) are
     not subject to the Excise Tax, (2) the amount of the Payments that shall be
     treated as subject to the Excise Tax shall be equal to the lesser of (A)
     the total amount of the Payments or (B) the amount of "excess parachute
     payments" within the meaning of Section 28OG(b)(1) of the Code (after
     applying clause (1) hereof), and (3) the value of any noncash benefits or
     any deferred payment or benefit shall be determined by Tax Counsel in
     accordance with the principles of Sections 28OG(d)(3) and (4) of the Code.
     For purposes of determining the amount of the Gross-Up Payment, Executive
     shall be deemed to pay federal income tax at the highest marginal rates of
     federal income taxation applicable to individuals in the calendar year in
     which the Gross-Up Payment is to be made and state and local income taxes
     at the highest effective rates of taxation applicable to individuals as are
     in effect in the state and locality of Executive's residence or place of
     employment in the calendar year in which the Gross-Up Payment is to be
     made.

     B.   The Gross-Up Payments provided for in Section 5(A) hereof shall be
     made upon the earlier of (i) the payment to Executive of any Payment or
     (ii) the imposition upon Executive or payment by Executive of any Excise
     Tax.

                                       4
<PAGE>

     C.  The Executive shall notify the Company in writing of any claim by the
     Internal Revenue Service that, if successful, would require the payment by
     the Company of a Gross-Up Payment.  Such notification shall be given as
     soon as practicable but no later than 10 business days after the Executive
     is informed in writing of such claim and shall apprise the Company of the
     nature of such claim and the date on which such claim is requested to be
     paid.  The Executive shall not pay such claim prior to the expiration of
     the 30 day period following the date on which the Executive gives such
     notice to the Company (or such shorter period ending on the date that any
     payment of taxes with respect to such claim is due).  If the Company
     notifies the Executive in writing prior to the expiration of such period
     that it desires to contest such claim, the Executive shall:

          (i)    give the Company any information reasonably requested by the
                 Company relating to such claim;

          (ii)   take such action in connection with contesting such claim as
                 the Company shall reasonably request in writing from time to
                 time, including, without limitation, accepting legal
                 representation with respect to such claim by an attorney
                 reasonably selected by the Company and reasonably satisfactory
                 to the Executive;

          (iii)  cooperate with the Company in good faith in order to
                 effectively contest such claim; and

          (iv)   permit the Company to participate in any proceedings relating
                 to such claim;

     provided, however, that the Company shall bear and pay directly all costs
     --------
     and expenses (including, but not limited to, additional interest and
     penalties and related legal, consulting or other similar fees) incurred in
     connection with such contest and shall indemnify and hold the Executive
     harmless, on an after-tax basis, for any Excise Tax or other tax (including
     interest and penalties with respect thereto) imposed as a result of such
     representation and payment of costs and expenses.

     D.   The Company shall control all proceedings taken in connection with
     such contest and, at its sole option, may pursue or forego any and all
     administrative appeals, proceedings, hearings and conferences with the
     taxing authority in respect of such claim and may, at its sole option,
     either direct the Executive to pay the tax claimed and sue for a refund or
     contest the claim in any permissible manner, and the Executive agrees to
     prosecute such contest to a determination before any administrative
     tribunal, in a court of initial jurisdiction and in one or more appellate
     courts, as the Company shall determine; provided, however, that if the
                                             --------
     Company directs the Executive to pay such claim and sue for a refund, the
     Company shall advance the amount of such payment to the Executive on an
     interest-free basis, and shall indemnify and hold the Executive harmless,
     on an after-tax basis, from any Excise Tax or other tax (including interest
     or

                                       5
<PAGE>

     penalties with respect thereto) imposed with respect to such advance or
     with respect to any imputed income with respect to such advance; and
     provided, further, that if the Executive is required to extend the statute
     --------
     of limitations to enable the Company to contest such claim, the Executive
     may limit this extension solely to such contested amount.  The Company's
     control of the contest shall be limited to issues with respect to which a
     Gross-Up Payment would be payable hereunder and the Executive shall be
     entitled to settle or contest, as the case may be, any other issue raised
     by the Internal Revenue Service or any other taxing authority.  In
     addition, no position may be taken nor any final resolution be agreed to by
     the Company without the Executive's consent if such position or resolution
     could reasonably be expected to adversely affect the Executive (including
     any other tax position of the Executive unrelated to the matters covered
     hereby).

     E.  As a result of the uncertainty in the application of Section 4999 of
     the Code at the time of a determination by the Company or the Tax Counsel
     hereunder, it is possible that Gross-Up Payments which will not have been
     made by the Company should have been made ("Underpayment"), consistent with
     the calculations required to be made hereunder.  In the event that the
     Company exhausts its remedies, as set forth above, and the Executive
     thereafter is required to pay to the Internal Revenue Service an additional
     amount, the Company or the Tax Counsel shall determine the amount of the
     Underpayment that has occurred and any such Underpayment shall promptly be
     paid by the Company to or for the benefit of the Executive.

     F.  If, after the receipt by Executive of the Gross-Up Payment or an amount
     advanced by the Company in connection with the contest of an Excise Tax
     claim, the Executive receives any refund with respect to such claim, the
     Executive shall promptly pay to the Company the amount of such refund
     (together with any interest paid or credited thereon after taxes applicable
     thereto).  If, after the receipt by the Executive of an amount advanced by
     the Company in connection with an Excise Tax claim, a determination is made
     that Executive shall not be entitled to any refund with respect to such
     claim and the Company does not notify the Executive in writing of its
     intent to contest the denial of such refund prior to the expiration of 30
     days after such determination, such advance shall be forgiven and shall not
     be required to be repaid.

6.   Termination for Cause.
     ---------------------

Nothing in this Agreement shall be construed to prevent the Company or its
affiliates from terminating Executive's employment for Cause.  If Executive is
terminated for Cause, the Company shall have no obligation to make any payments
under this Agreement, except for payments that may otherwise be payable under
then existing employee benefit plans, programs and arrangements of the Company
and its affiliates.

                                       6
<PAGE>

7.      Indemnification; Director's and OMcer's Liability Insurance.
        ------------------------------------------------------------

Executive shall, after the Termination Date, retain all rights to
indemnification under applicable law or under the applicable Company's Articles
of Incorporation or By-Laws, as they may be amended or restated from time to
time.  In addition, the Company shall maintain Director's and Officer's
liability insurance on behalf of Executive, at the level in effect immediately
prior to the Termination Date, for the three-year period following the
Termination Date, and throughout the period of any applicable statute of
limitations.

8.      Confidential Information.
        -------------------------

Except as required by law or by any court or administrative agency, during the
six-month period following the Termination Date, Executive shall not disclose to
any person, or use to the significant disadvantage of any of the Company or its
affiliates, any Confidential Information; provided that nothing contained in
                                          --------
this Section 8 shall prevent Executive from being employed by a competitor of
any of the Company or utilizing Executive's general skills, experience, and
knowledge, including those developed while employed by any of the Company or its
affiliates.

9.      Disputes.
        ---------

Any dispute or controversy arising under or in connection with this Agreement
shall be settled exclusively by arbitration in Los Angeles, California or, at
the option of Executive, in the county where Executive then resides, in
accordance with the Rules of the American Arbitration Association then in
effect, except that Executive may, at Executive's option, bring that action in a
court of competent jurisdiction, even if the Company has earlier instituted an
action hereunder.  Judgment may be entered on an arbitrator's award relating to
this Agreement in any court having jurisdiction.

10.     Costs of Proceedings.
        ---------------------

The Company shall pay all costs and expenses, including attorneys' fees and
disbursements, at least monthly, of Executive in connection with any legal
proceeding (including arbitration), whether instituted by the Company or
Executive, relating to the interpretation or enforcement of any provision of
this Agreement, except that if Executive instituted the proceeding and the
judge, arbitrator or other individual presiding over the proceeding
affirmatively finds that Executive instituted the proceeding in bad faith,
Executive shall pay all costs and expenses, including attorney's fees and
disbursements, of Executive.  The Company shall pay prejudgment interest on any
money judgment obtained by Executive as a result of such a proceeding,
calculated at the prime rate of The Chase Manhattan Bank, as in effect from time
to time, from the date that payment should have been made to Executive under
this Agreement.

                                       7
<PAGE>

11.     Assignment.
        ----------

Except as otherwise provided herein, this Agreement shall be binding upon, inure
to the benefit of and be enforceable by the Company and Executive and their
respective heirs, legal representatives, successors and assigns.  If the Company
shall be merged into or consolidated with another entity, the provisions of this
Agreement shall be binding upon and inure to the benefit of the entity surviving
such merger or resulting from such consolidation.  The Company shall require any
successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business or assets of the Company,
by agreement in form and substance satisfactory to Executive, to expressly
assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place.  The provisions of this Section I 1 shall continue to apply to
each subsequent employer of Executive hereunder in the event of any subsequent
merger, consolidation or transfer of assets of such subsequent employer.

12.     Withholding.
        ------------

Notwithstanding the provisions of Sections 4 and 5 hereof, the Company may, to
the extent required by law, withhold applicable federal, state and local income
and other taxes from any payments due to Executive hereunder.

13.     Applicable Law.
        ---------------

This Agreement shall be governed by and construed in accordance with the laws of
the State of California applicable to contracts made and to be performed
therein.

14.     Entire Agreement.
        -----------------

This Agreement constitutes the entire agreement between the parties regarding
the subject matter hereof.  This Agreement may be changed only by a written
agreement executed by the Company and Executive.

          IN WITNESS WHEREOF, the parties have executed this Agreement on the
29th day of January, 1999.

                                       IMPERIAL CREDIT INDUSTRIES, INC.

            /S/                        By:          /S/
--------------------------------          --------------------------------------
Executive: H. Wayne Snavely               Robert S. Muehlenbeck,
                                          Chairman, Compensation Committee

                                       8
<PAGE>

                                   Schedule A

                              CERTAIN DEFINITIONS

          As used in this Agreement, and unless the context requires a different
meaning, the following terms, when capitalized, have the meaning indicated:

          "Average Bonus" means the average Bonus earned by Executive in respect
of the last three full fiscal years of the Company ending prior to the Change in
Control, excluding any Bonus paid in such years in respect of a partial year of
employment.

          "Base Salary" means Executive's annual rate of base salary in effect
          -------------
on the date of the Change in Control or the Termination Date, whichever is
higher.

          "Board" means the Company's Board of Directors.
          -------

          "Bonus" means the amount payable to Executive under the Company's
          -------
applicable annual bonus plan with respect to a Company fiscal year.

          "Cause" means either of the following:
          -------

     (i)  the willful and continued failure of Executive to perform
     substantially his or her duties with the Company or its affiliates (other
     than any such failure resulting from incapacity due to physical or mental
     illness), after a written demand for substantial performance is delivered
     to Executive by the Board or an elected officer of the Company which
     specifically identifies the manner in which the Board or the elected
     officer believes that Executive has not substantially performed his or her
     duties; or

     (ii) (A) Executive's conviction of, or plea of guilty or nolo contenders
     to, a felony or (B) the willful engaging by Executive in gross misconduct
     which is materially and demonstrably injurious to the Company.

Notwithstanding the foregoing, Executive shall not be deemed to have been
terminated for Cause (except for Cause pursuant to (ii)(A) above) unless and
until there shall have been delivered to Executive a copy of a resolution duly
adopted by the affirmative vote of not less than three-quarters (3/4) of the
outside (i.e., nonemployee) directors at a meeting of the Board called and held
for such purpose (after reasonable notice to Executive and an opportunity for
Executive, together with Executive's counsel, to be heard before the Board),
finding that, in the good faith opinion of the Board, Executive was guilty of
conduct set forth above and specifying the particulars thereof in detail.

                                       9
<PAGE>

               "Change in Control" means the first to occur of any of the
                -----------------
following dates:

               (i)    any person or persons acting in concert (excluding Company
     benefit plans) becomes the beneficial owner of securities of the Company
     having at least 30% of the voting power of the Company's then outstanding
     securities; or

               (ii)   shareholder approval of, or consummation of, any merger or
     other business combination of the Company (any of the foregoing being
     referred to herein as a "Transaction") other than a Transaction immediately
                              ------------
     following which the shareholders of the Company and any trustee or
     fiduciary of any Company employee benefit plan immediately prior to the
     Transaction own at least 60% of the voting power, directly or indirectly,
     of the surviving corporation following the Transaction; or

               (iii)  within any 24 month period, the persons who were directors
     immediately before the beginning of such period shall cease (for any reason
     other than death) to constitute at least a majority of the Board or the
     board of directors of a successor to the Company; or

               (iv)   shareholder approval of, or the consummation of, the
     liquidation or dissolution of the Company or a sale of 50% or more of the
     Company's consolidated assets; or

               (v)    any other event, Transaction, or series of events or
     Transactions occurs as a result of which there has occurred a "change in
     control" of the Company of the type that would be required to be reported
     in response to Item 6(e) of Schedule 14A of Regulation 14A of the
     Securities and Exchange Commission or any successor provision, whether or
     not the Company is then subject to such reporting requirements.

               "Code" means the Internal Revenue Code of 1986, as amended.
               ------

               "Company" means Imperial Credit Industries, Inc.
               ---------

               "Confidential Information" means nonpublic information relating
               --------------------------
to the business plans, marketing plans, customers or employees of the Company or
its affiliates other than information the disclosure of which cannot reasonably
be expected to adversely affect the business of the Company or its affiliates.

               "Good Reason" means any of the following actions, without
               -------------
Executive's express prior written approval, other than due to Executive's
Permanent Disability or death:

               (i)  Executive's base salary is reduced below the Base Salary;

                                       10
<PAGE>

     (ii)   Executive's annual Bonus is reduced below the Average Bonus.

     (iii)  Executive's duties, titles or responsibilities are diminished in
     comparison to the duties, titles and responsibilities enjoyed by Executive
     immediately prior to the Change in Control;

     (iv)   the incentive compensation programs, welfare plans and pension plans
     offered to Executive are materially diminished in comparison to the
     incentive compensation programs, welfare plans and pension plans enjoyed by
     Executive immediately prior to the Change in Control;

     (v)    the relocation of Executive's principal place of business to a
     location more than 15 miles from where Executive was based immediately
     prior to the Change in Control; or

     (vi)   the failure of the Company to obtain a satisfactory agreement from
     any successor to assume and agree to perform the Agreement, as contemplated
     in Section 11 of the Agreement.

Executive's continued employment shall not constitute consent to, or a waiver of
rights with respect to, any circumstances constituting Good Reason hereunder.

          "Permanent Disability" means Executive's inability, by reason of any
          ----------------------
physical or mental impairment, to substantially perform the significant aspects
of his regular duties which inability is reasonably contemplated to continue for
at least one year from its incurrence.

          "Target Bonus" means the annual bonus payable to Executive for the
          --------------
year in which a Change in Control occurs, calculated on the assumption that
Executive and the Company or those entities or business units within the Company
on whose performance Executive's bonus depends achieve the applicable target
performance goals established under the applicable bonus plan with respect to
that year.  If no target performance goals for the year in which the Change in
Control occurs have been set prior to the Change in Control, the Target Bonus
shall be determined by substituting, in the previous sentence, the prior year
for the year in which a Change in Control occurs, or the bonus amount accrued
for that Executive in the Company's approved annual budget applicable to that
Executive, whichever is higher.

                                       11

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