Document:

EXHIBIT 10.2
                                                                    ------------

                         EXECUTIVE EMPLOYMENT AGREEMENT

         THIS EXECUTIVE EMPLOYMENT AGREEMENT (this "Agreement") is entered into
as of the 28th day of January, 2000 (the "Effective Date"), by and between
PENNCORP FINANCIAL GROUP, INC., a Delaware corporation (the "Company"), and
Keith A. Maib (the "Executive").

         WHEREAS, the Company has entered into a Stock Purchase Agreement dated
January 7, 2000 with Reassure America Life Insurance Company and a separate
Stock Purchase Agreement dated January 8, 2000 with Pioneer-Occidental Holding
Company;

         WHEREAS, the Company intends to file a petition under Chapter 11 of the
Bankruptcy Code and to liquidate; and

         WHEREAS, the Company desires to ensure the availability of the
Executive's services to complete the sales in accordance with the Stock Purchase
Agreements and to manage the Company's affairs during its bankruptcy proceeding
and its liquidation, and the Executive is willing to provide such services;

         IN CONSIDERATION of the mutual covenants and agreements hereinafter set
forth, Company and Executive agree as follows:

         1.       Agreement Term.
                  --------------

         The term of this Agreement shall be the period commencing on the
Effective Date and ending on the earliest of (i) December 31, 2000, (ii)
completion of the Chapter 11 bankruptcy proceeding of the Company, and (iii) the
termination date determined by the Board of Directors of the Company (the
"Agreement Term").

         2.       Employment.
                  ----------

                  (a)      Employment by the Company. Executive agrees to be
                           employed by Company for the Agreement Term upon the
                           terms and subject to the conditions set forth in this
                           Agreement. Throughout the Agreement Term, Executive
                           shall serve as President and the Chief Executive
                           Officer of Company and be responsible for the general
                           management of the operations of Company, and serve as
                           Chairman of Company's Operating Committee. Executive
                           shall be elected or appointed as a member of the
                           Board of Directors of Company ("Board") and shall
                           continue to serve as such for the balance of the
                           Agreement Term.

                  (b)      Performance of Duties. Throughout the Agreement Term,
                           Executive shall faithfully and diligently perform
                           such duties (i) as are consistent with his position
                           as the President and the Chief Executive Officer of
                           Company and as Chairman of Company's Operating
                           Committee, and (ii) as the Executive

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                           Committee of the Board (or, if the Executive
                           Committee does not exist, the liquidating Trustee)
                           may reasonably and in good faith request.

                  (c)      Place of Performance. During the Agreement Term,
                           Executive shall be based at Company's executive
                           offices in Dallas, Texas or at such other location
                           within an 18-mile radius of Dallas, Texas. Company
                           shall not request or require Executive to relocate
                           his principal place of employment outside of an
                           18-mile radius of Dallas, Texas.

         3.       Compensation and Benefits.
                  -------------------------

                  (a)      Base Salary. Company agrees to pay to Executive a
                           base salary at the annual rate of $250,000 ("Base
                           Salary"), payable in installments consistent with the
                           Company's payroll practices.

                  (b)      Performance Bonus. Executive shall have a performance
                           bonus opportunity of up to, but not exceeding,
                           $300,000. The amount of bonus to which Executive is
                           entitled shall be determined solely at the discretion
                           of the Board of Directors of the Company, and such
                           bonus, if any, shall be payable upon termination of
                           Executive's employment under this Agreement (except
                           as set forth in Section 8(d) of this Agreement).

                  (c)      Receipt and Escrow of 1999 Bonus-Related Amount.
                           Executive acknowledges receipt on the Effective Date
                           of $232,464.96 (the "Bonus- Related Amount"), which
                           is the sum of the maximum amount of the bonus payable
                           to Executive for achievement of budgeted financial
                           results of operations for 1999 (the "1999 Operations
                           Bonus") plus certain related amounts, and agrees that
                           such Bonus-Related Amount is being deposited in
                           escrow on his behalf with Gardere & Wynne, L.L.P., as
                           escrow agent (the "Escrow") to secure his obligation
                           to repay to Company such portion, if any, of the
                           Bonus-Related Amount to which he is not entitled
                           after his 1999 Operations Bonus is finally determined
                           by Company. The Bonus-Related Amount to which
                           Executive is entitled (which will equal the amount
                           deposited into the Escrow if 110% of statutory
                           budgeted performance was achieved in 1999 and
                           $103,697.37 if 100% of statutory budgeted performance
                           was achieved in 1999) shall be released from the
                           Escrow and paid to Executive no later than the filing
                           of Company's statutory annual statement with the
                           State of Texas.

         4.       Employee Benefit Programs.
                  -------------------------

         During the Agreement Term, Executive shall be entitled to participate
in all employee pension and welfare benefit plans and programs made available to
the senior-level executives of Company or to its employees generally, as such
plans or programs may be in effect from time to

EXECUTIVE EMPLOYMENT AGREEMENT - Page 2
------------------------------

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time, including, without limitation, pension, profit sharing, savings and other
retirement plans or programs, medical, dental, hospitalization, short-term and
long-term disability and life insurance plans, accidental death and
dismemberment protection, travel accident insurance, and any plans that
supplement the above-listed types of plans or programs, whether funded or
unfunded, but excluding any severance benefit plan or program. Company shall, to
the extent possible without penalty for a failure to provide similar treatment
to other employees of Company, waive the waiting or grace period applicable
under any such plan or program before Executive's participation therein can
begin.

         5.       Reimbursement of Business and Other Expenses.
                  --------------------------------------------

         Executive is authorized to incur reasonable travel and business
expenses that are consistent with his position and incurred in carrying out his
duties and responsibilities under this Agreement, and Company shall promptly
reimburse him for all such travel and business expenses incurred in connection
with carrying out the business of the Company, subject to reasonable
documentation in accordance with the reasonable policies of Company.

         6.       Perquisites.
                  -----------

         During the Agreement Term, Executive shall be entitled to participate
in all of Company's executive fringe benefits (other than financial consulting
benefits) in accordance with the terms and conditions of such arrangements as
are in effect from time to time for the senior-level executives of Company.
Executive is also entitled to reimbursement from Company for, or Company's
payment of, all reasonable attorneys' and other professional fees and expenses
incurred by or on behalf of Executive relating in any manner to the negotiation
and preparation of this Agreement, including (without limitation) the conditions
to Executive's employment relationship with Company under this Agreement.

         7.       Vacation.
                  --------

         Executive shall be entitled to six weeks' paid vacation each calendar
year, which vacation shall be earned on a pro-rata basis for each day during the
calendar year that Executive is employed by Company. Company shall pay Executive
any earned and unused vacation at the end of the Agreement Term or, if earlier,
upon the termination of Executive's employment.

         8.       Termination of Employment.
                  -------------------------

                  (a)      Company may terminate Executive's employment with
                           Company, at any time for any (or no) reason, prior to
                           termination of employment by the expiration of the
                           Agreement Term under Section 1(i) or Section 1(ii) of
                           this Agreement, upon at least 30 days' written notice
                           to Executive. Such termination shall be effective
                           upon the expiration of the notice period (of at least
                           30 days) specified in the notice of termination.

EXECUTIVE EMPLOYMENT AGREEMENT - Page 3
------------------------------

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                  (b)      In light of his importance to Company during the
                           Agreement Term, Executive is not entitled to
                           voluntarily terminate his employment with Company at
                           any time before termination by the expiration of the
                           Agreement Term under Section 1 of this Agreement. In
                           addition, Executive and Company acknowledge that the
                           calculation of the damages to Company as a result of
                           Executive's voluntary termination of his employment
                           under this Agreement would be difficult, expensive
                           and time-consuming, and accordingly, the parties have
                           agreed to a liquidated damage amount due Company in
                           the event of an Improper Executive Termination (as
                           defined below). Therefore, if Executive terminates
                           his employment hereunder before termination by the
                           expiration of the Agreement Term, other than by death
                           or because of Disability (an "Improper Executive
                           Termination"), then Executive shall pay Company, as
                           liquidated damages (and not as a penalty), $500,000
                           in cash within ten days after the effective date of
                           such Improper Executive Termination. In this Section
                           8(b), "Disability" means Executive's inability,
                           because of any mental or physical illness, to perform
                           his duties under this Agreement that extends, or is
                           reasonably expected to extend, for at least 30
                           consecutive days.

                  (c)      Upon any termination of Executive's employment
                           hereunder, Executive shall perform, for up to six
                           months following such date of termination and without
                           additional compensation or benefits, such consulting
                           or transition services consistent with his
                           experience, expertise and prior services to the
                           Company as the Board of Directors of the Company (or,
                           if the Board of Directors does not exist, the
                           liquidating Trustee) may reasonably request. Such
                           services by Executive shall be rendered at such times
                           and in such manner as are mutually satisfactory to
                           the Company and Executive, without material
                           interference with Executive's employment or other
                           business activities during such period.

                  (d)      Upon any termination of Executive's employment
                           hereunder, Company shall pay to Executive, within ten
                           days of the effective date of such termination, (i)
                           any Base Salary and any earned and unused vacation,
                           in each case accrued through the date of such
                           termination, and (ii) any expenses that have not been
                           reimbursed in accordance with Section 5 herein. Also,
                           upon any termination other than an Improper Executive
                           Termination, (A) Company shall pay to Executive,
                           within ten days of the effective date of such
                           termination, any bonus awarded to Executive in
                           accordance with Section 3(b) herein, and (B) Company
                           shall cause the release from the Escrow of all or
                           that portion of the Bonus-Related Amount to which
                           Executive is entitled under Section 3(c) herein, if
                           not already released and paid to Executive (but if
                           already released and paid to Executive, shall not be
                           recoverable by the Company).

EXECUTIVE EMPLOYMENT AGREEMENT - Page 4
------------------------------

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                  (e)      In the event of any termination of Executive's
                           employment hereunder, Executive shall be under no
                           obligation to seek other employment, and there shall
                           be no offset against amounts due to Executive under
                           this Agreement on account of any remuneration
                           attributable to any subsequent employment (including,
                           without limitation, any self-employment) that he may
                           obtain.

                  (f)      Executive and his eligible dependents shall be
                           entitled, for a period of three (3) years following
                           the date of any termination of Executive's employment
                           hereunder, to continued coverage, at the cost of the
                           Company, under the Company's group health, dental and
                           life insurance plans as in effect from time to time
                           (but not any other welfare benefit plans or any
                           retirement plans); provided, that coverage under any
                           particular benefit plan shall expire with respect to
                           the period after Executive becomes covered under
                           another employer's plan providing for a similar type
                           of benefit. In the event the Company is unable to
                           provide such coverage on account of any limitations
                           under the terms of any applicable contract with an
                           insurance carrier or third- party administrator, the
                           Company shall pay Executive an amount equal to the
                           cost of such coverage.

         9.       Confidentiality; Assignment of Rights.
                  -------------------------------------

                  (a)      During the Agreement Term and thereafter, Executive
                           shall not disclose to anyone or make use of any trade
                           secret or proprietary or confidential information of
                           Company, including such trade secret or proprietary
                           or confidential information of any customer or other
                           entity to which Company owes an obligation not to
                           disclose such information, which he acquires during
                           the Agreement Term, including but not limited to
                           records kept in the ordinary course of business,
                           except (i) as such disclosure or use may be required
                           or appropriate in connection with his work as an
                           employee of Company or (ii) when required to do so by
                           a court of law, by any governmental agency or
                           authority having supervisory authority over the
                           business of Company or by any governmental agency or
                           authority or administrative or legislative body
                           (including a committee thereof) with apparent
                           jurisdiction to order him to divulge, disclose or
                           make accessible such information.

                  (b)      Executive hereby sells, assigns and transfers to
                           Company all of his right, title and interest in and
                           to all inventions, discoveries, improvements and
                           copyrightable subject matter (the "Rights") which
                           during his employment by Company are made or
                           conceived by him, alone or with others and which are
                           within or arise out of any general field of Company's
                           business or arise out of any work he performs or
                           information he receives regarding the business of
                           Company while employed by Company. During his
                           employment by Company, Executive shall fully disclose
                           to Company as promptly as available all information
                           known or possessed by him concerning the rights
                           referred to

EXECUTIVE EMPLOYMENT AGREEMENT - Page 5
------------------------------

<PAGE>

                           in the preceding sentence, and upon request by
                           Company and without any further remuneration in any
                           form to him by Company, but at the expense of
                           Company, execute all applications for patents and for
                           copyright registration, assignments thereof and other
                           instruments and do all things which Company may deem
                           necessary to vest and maintain in it the entire
                           right, title and interest in and to all such Rights.

         10.      Nonsolicitation.
                  ---------------

                  (a)      Executive covenants and agrees that he shall not
                           directly or indirectly solicit Company's or any of
                           its subsidiaries' (i) employees during the 18-month
                           period following the date of the termination of his
                           employment by Company hereunder and (ii) agents,
                           brokers and/or policyholders during the Agreement
                           Term.

                  (b)      The parties acknowledge that in the event of a breach
                           of Section 10(a) above, Company shall not have an
                           adequate remedy at law. Accordingly, in the event of
                           any breach of Section 10(a) above, Company shall be
                           entitled to such equitable and injunctive relief as
                           may be available to restrain Executive and any
                           business, firm, partnership, individual, corporation
                           or entity participating in the breach from the
                           violation of the provisions of Section 10(a) above.
                           Nothing in this Agreement shall be construed as
                           prohibiting Company from pursuing any other remedies
                           available at law or in equity for breach of Section
                           10(a) above, including the recovery of damages.

         11.      Indemnification.
                  ---------------

                  (a)      Company agrees that if Executive is or becomes a
                           party, or is threatened to be made a party, to any
                           threatened, pending or completed action, suit or
                           proceeding, whether civil, criminal, administrative
                           or investigative and whether brought by or in the
                           right of the Company or otherwise ("Proceeding"), by
                           reason of the fact that (whether before or after the
                           Effective Date) he is or was a director, officer or
                           employee of Company or is or was serving at the
                           request of Company as a director, officer, member,
                           employee or agent of another corporation,
                           partnership, joint venture, trust or other
                           enterprise, including (without limitation) service
                           with respect to employee benefit plans, whether or
                           not the basis of such Proceeding is Executive's
                           alleged action in an official capacity while serving
                           as a director, officer, member, employee or agent,
                           Executive shall be indemnified and held harmless by
                           Company to the fullest extent legally permitted or
                           authorized by Company's certificate or articles of
                           incorporation or bylaws (or other applicable
                           governing documents) or resolutions of the Board (or
                           other applicable governing body) or the stockholders
                           of Company or, if greater, by the laws of the State
                           of Delaware or any other applicable state of
                           organization

EXECUTIVE EMPLOYMENT AGREEMENT - Page 6
------------------------------

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                           or formation, against all cost, expense, liability
                           and loss (including, without limitation, attorneys,
                           fees, judgments, costs of appeal, fines, ERISA excise
                           taxes or penalties and amounts paid or to be paid in
                           settlement) reasonably incurred or suffered by
                           Executive in connection therewith, and such
                           indemnification shall continue as to Executive even
                           if he has ceased to be a director, member, employee
                           or agent of Company or other entity and shall inure
                           to the benefit of Executive's heirs, executors and
                           administrators. In this Section 11, (i) each
                           reference to "Company" (other than for the purpose of
                           any notice) shall include, without limitation, all
                           entities that are subsidiaries and affiliates of
                           Company, and (ii) all obligations of Company shall be
                           joint and several as to all entities included in such
                           definition of "Company." Company shall pay or provide
                           such indemnification to Executive in connection with
                           a Proceeding within 60 days after written request by
                           Executive for that indemnification. During that
                           60-day period, Executive shall have an opportunity to
                           be heard and to present evidence in connection with
                           the consideration by the board of directors,
                           independent legal counsel, or stockholders, as the
                           case may be, of any findings required by applicable
                           law in connection with that indemnification request.
                           Company shall also advance to Executive all
                           reasonable costs and expenses incurred by him
                           (including, without limitation, all reasonable fees
                           and costs of counsel selected by Executive, and all
                           other indemnifiable liabilities covered by this
                           paragraph (a)) in connection with a Proceeding within
                           30 days after written request by Executive for such
                           advance. Such request shall include an undertaking by
                           Executive to repay the amount of such advance if it
                           shall ultimately be determined that he is not
                           entitled to be indemnified against such costs and
                           expenses. In the event Company does not properly
                           indemnify or advance expenses to Executive in
                           accordance with the terms of this paragraph (a)
                           (including, without limitation, the time period set
                           forth above), Executive shall be entitled to bring an
                           action or proceeding against Company in any state or
                           federal court in Dallas County, Texas, in accordance
                           with Section 19 hereof, or before a panel of
                           arbitrators in accordance with Section 20 hereof, to
                           enforce Company's indemnification or
                           expense-advancement obligations, and (in either case)
                           Executive shall be reimbursed by Company for the
                           reasonable costs and expenses (including, without
                           limitation, reasonable attorneys fees and costs) of
                           any successful enforcement of Company's
                           indemnification or expense-advancement obligations.

                  (b)      Neither the failure of Company (including, without
                           limitation, its board of directors, independent legal
                           counsel or stockholders) to have made any
                           determination that indemnification of Executive is
                           proper because he has met the applicable standard of
                           conduct, nor a determination by Company (including,
                           without limitation, its board of directors,
                           independent legal counsel or stockholders) that
                           Executive has not met such applicable standard of
                           conduct, shall create a presumption that Executive
                           has not met the

EXECUTIVE EMPLOYMENT AGREEMENT - Page 7
------------------------------

<PAGE>

                           applicable standard of conduct or shall be a defense
                           to any action or proceeding to enforce Company's
                           indemnification or expense-advancement obligations.
                           Company shall have the burden of proof in
                           establishing that Executive has not met the
                           applicable standard of conduct. The termination of
                           any Proceeding by judgment, court order, settlement,
                           or conviction, or upon a plea of nolo contenders or
                           its equivalent, shall not, of itself, create a
                           presumption that Executive did not meet the
                           applicable standard of conduct. Where Executive is
                           entitled to indemnification under this Section 11 for
                           a portion of the indemnifiable liabilities described
                           in paragraph (a) of this Section 11, but not for the
                           total amount of liabilities of that kind, Company
                           shall nevertheless indemnify Executive for such
                           portion of the indemnifiable liabilities to which
                           Executive is entitled.

                  (c)      Executive's rights provided in this Section 11 shall
                           not be exclusive of any other rights of
                           indemnification or advancement of expenses (or any
                           similar rights) that Executive may have against
                           Company or under any liability insurance covering
                           Executive.

                  (d)      Company agrees to continue and maintain one or more
                           directors, and officers, liability insurance policies
                           that cover Executive (with reputable and financially
                           sound insurers) at a level that is commercially
                           reasonable (in light of Company's business and the
                           risks of litigation or claims) and not less than the
                           level of coverage provided as of the Effective Date,
                           and otherwise to the fullest extent Company provides
                           such coverage for any of its other executive
                           officers.

                  (e)      Without limiting the generality of Section 17 hereof,
                           the rights of indemnity and advancement of expenses
                           in favor of Executive in this Section 11 shall
                           continue and survive any expiration or termination of
                           this Agreement or Executive's ceasing to be a
                           director, officer, or employee of Company.

         12.      Assignability; Binding Nature.
                  -----------------------------

         This Agreement shall be binding upon and inure to the benefit of the
parties and their respective successors, heirs (in the case of Executive) and
permitted assigns. No rights or obligations of Company under this Agreement may
be assigned or transferred by Company (including, without limitation, by merger,
consolidation, or other operation of law). No rights or obligations of Executive
under this Agreement may be assigned or transferred by Executive other than his
rights to compensation and benefits, which may be transferred only by will or
operation of law, except as provided in Section 18 below.

         13.      Representation.
                  --------------

EXECUTIVE EMPLOYMENT AGREEMENT - Page 8
------------------------------

<PAGE>

         Company represents and warrants that it is fully authorized and
empowered to enter into this Agreement and that the performance of its
obligations under this Agreement will not violate any agreement between it and
any other person, firm or organization. Executive represents that he knows of no
agreement between him and any other person, firm or organization that would be
violated by the performance of his obligations under this Agreement.

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

         This Agreement contains the entire understanding and agreement between
the parties concerning the subject matter hereof and supersedes all prior
agreements, understandings, discussions, negotiations and undertakings, whether
written or oral, between the parties with respect thereto; except that nothing
in this Agreement impairs or otherwise adversely affects any of Executive's
rights or Company's obligations under any other agreement or document executed
by Company and Executive contemporeously or concurrently herewith.

         15.      Amendment or Waiver.
                  -------------------

         No provision in this Agreement may be amended unless such amendment is
agreed to in writing and signed by Executive and an authorized officer of
Company (other than Executive). No waiver by either party of any breach by the
other party of any condition or provision contained in this Agreement to be
performed by such other party shall be deemed a waiver of a similar or
dissimilar condition or provision at the same or any prior or subsequent time.
Any waiver must be in writing and signed by Executive or an authorized officer
of Company (other than Executive), as the case may be.

         16.      Severability.
                  ------------

         In the event that any provision or portion of this Agreement shall be
determined to be invalid or unenforceable for any reason, in whole or in part,
the remaining provisions of this Agreement shall be unaffected thereby and shall
remain in full force and effect to the fullest extent permitted by law.

         17.      Survivorship.
                  ------------

         The respective rights and obligations of the parties hereunder shall
survive any termination of the Executive's employment, including (without
limitation) upon expiration of the Agreement Term, to the extent necessary to
the intended preservation of such rights and obligations.

         18.      Beneficiaries/References.
                  ------------------------

         Executive shall be entitled, to the extent permitted under any
applicable law, to select and change a beneficiary or beneficiaries to receive
any compensation or benefit payable hereunder following Executive's death or
incompetence by giving Company written notice thereof. In the event of
Executive's death or a judicial determination of his incompetence, reference in
this Agreement to

EXECUTIVE EMPLOYMENT AGREEMENT - Page 9
------------------------------

<PAGE>

Executive shall be deemed, where appropriate, to refer to his beneficiary,
estate or other legal representative.

         19.      Governing Law/Jurisdiction.
                  --------------------------

         This Agreement shall be governed by and construed and interpreted in
accordance with the laws of Texas without reference to principles of conflict of
laws. Jurisdiction and venue of any action or proceeding relating to this
Agreement shall be exclusively in state or federal courts in Dallas County,
Texas.

         20.      Resolution of Disputes.
                  ----------------------

         Any disputes arising under or in connection with this Agreement (other
than injunctive or equitable relief sought to enforce Sections 9 or 10 hereof,
or any enforcement of Executive's rights under Section 11, which may (if
Executive so elects) be brought in any court having jurisdiction in accordance
with this Agreement) shall, at the election of Executive or Company, be resolved
by binding arbitration in accordance with the following terms and procedures:

                  (a)      Arbitration of Claims. Company and Executive agree to
                           settle by arbitration any dispute or controversy
                           arising in connection with this Agreement, whether or
                           not such dispute involves a plan subject to the
                           Employee Retirement Income Security of 1974, as
                           amended ("ERISA"). Such arbitration shall be
                           conducted on an expedited basis in accordance with
                           the National Rules for the Resolution of Employment
                           Disputes of the American Arbitration Association,
                           sitting in Dallas, Texas. The award of the
                           arbitrators shall be final and nonappealable, the
                           judgment may be entered on the award of the
                           arbitrators in any court having proper jurisdiction.
                           All expenses of such arbitration shall be borne by
                           the Company in accordance with subsection (b).

                  (b)      Payment of Legal Fees and Costs. The Company agrees
                           to pay as incurred, to the full extent permitted by
                           law, all legal fees and expenses which Executive may
                           reasonably incur as a result of any contest
                           (regardless of the outcome thereof) by the Company,
                           Executive or others of any action taken pursuant to
                           the terms of this Agreement, or of the validity or
                           enforceablity of, or liability under, any provision
                           of this Agreement, or any guarantee of performance
                           thereof (including, without limitation, as a result
                           of any contest by Executive about the amount of
                           payment pursuant to this Agreement), plus in each
                           case interest on any delayed payment at the
                           applicable federal rate provided for in Section 7872
                           (f) (2) (A) of the Code.

         21.      Notices.
                  -------

EXECUTIVE EMPLOYMENT AGREEMENT - Page 10
------------------------------

<PAGE>

         Any notice given to a party shall be in writing and shall be deemed to
have been given when delivered personally or by courier, or upon receipt if sent
by certified or registered mail, postage prepaid, return receipt requested, duly
addressed to the party concerned at the address indicated below or to such
changed address as such party may subsequently give such notice of:

                  If to Company:    PennCorp Financial Group, Inc.
                                    717 North Harwood, Suite 2401
                                    Dallas, Texas 75201
                                    Attention:  Chief Executive Officer

                  If to Executive:  Keith A. Maib
                                    2513 Beacon Crest Drive
                                    Plano, Texas 75093

         22.      Headings.
                  --------

         The headings of the sections contained in this Agreement are for
convenience only and shall not be deemed to control or affect the meaning or
construction of any provision of this Agreement.

         23.      Counterparts.
                  ------------

         This Agreement may be executed in two or more counterparts.

         IN WITNESS WHEREOF, the undersigned have executed this Agreement to be
effective as of the Effective Date.

                                  PENNCORP FINANCIAL GROUP, INC.

                                  By:    /s/ David C. Smith
                                  Its:   Chairman of the Board

                                   /s/ Keith A. Maib
                                  ------------------
                                  KEITH A . MAIB

EXECUTIVE EMPLOYMENT AGREEMENT - Page 11
------------------------------EXHIBIT 10.3
                                                                    ------------

                                    AGREEMENT
                                    ---------

         This Agreement is entered into between PennCorp Financial Group, Inc.,
a Delaware corporation (the "Company"), and Keith A. Maib (the "Executive"),
effective as of January 28, 2000 (the "Effective Date").

                               W I T N E S S E T H
                               -------------------

         WHEREAS, the Company is a publicly held holding company with its
principal place of business in Dallas, Texas;

         WHEREAS, the Executive is the senior operating officer of the Company
and is employed pursuant to (i) an Executive Employment Agreement dated July 1,
1998 (the "Employment Agreement"), and (ii) an Executive Retention Agreement
dated July 1, 1998 (the "Retention Agreement") (collectively, the "Employment
Contracts").

         WHEREAS, Section 8(b) of the Employment Agreement provides, in relevant
part, as follows:

                  (b) If Executive terminates his employment with Company for
         Good Reason, or if Company terminates Executive's employment with
         Company without Cause, Executive shall be entitled to any payments and
         benefits provided pursuant to the terms of the Retention Agreement in
         addition to (but without duplication) any amount to be paid or provided
         to Executive under the terms of this Agreement.

         WHEREAS, the Company has entered into (i) a Stock Purchase Agreement
dated January 7, 2000, in which the Company has agreed to sell Southwestern Life
Insurance Company and Security Life and Trust Insurance Company to Reassure
America Life Insurance Company, and (ii) a Stock Purchase Agreement dated
January 8, 2000, with Pioneer-Occidental Holding Company, in which the Company
has agreed to sell American-Amicable Life Insurance Company of Texas, Pioneer
Security Life Insurance Company, Occidental Life Insurance Company of North
Carolina, and Pioneer American Insurance Company (collectively, the "Sales
Agreements");

         WHEREAS, the Executive is entitled to submit his resignation upon the
occurrence of a "Change of Control" which results in "Good Reason," both as
defined in the Employment Contracts, thereby entitling the Executive to certain
payments and benefits provided under the terms and provisions of the Employment
Contracts;

         WHEREAS, the Company and the existing Board of Directors believe the
continued employment and services of the Executive is crucial to the
implementation and consummation of the Sales Agreements, the Chapter 11
bankruptcy filing and proceeding of the Company, the contemplated liquidation of
the Company and related events;

<PAGE>

         WHEREAS, the Company and the Executive desire to enter into this
Agreement to clarify their respective rights and obligations and to ensure the
availability of the Executive's services to the Company for a limited, but
critical, period of time;

         NOW, THEREFORE, in consideration of the mutual promises and covenants
contained in this Agreement, including (without limitation) the recitals set
forth above (which are an integral part of this Agreement), the parties agree as
of the Effective Date as follows:

         (1)      WAIVER OF NOTICE AND OPPORTUNITY TO CURE

         The Company hereby waives its right to written notice by the Executive
of an event or events constituting "Good Reason," as well as the Company's right
or opportunity to cure the event or events constituting "Good Reason," under the
terms and provisions of the Employment Contracts.

         (2)      EXECUTIVE TERMINATES EMPLOYMENT FOR GOOD REASON

         The Company and the Executive hereby agree that (i) the Executive's
employment with the Company is terminated as of the Effective Date by the
Executive for "Good Reason" under the Employment Contracts and (ii) the amounts
outlined on Exhibit "A" are the true and correct payments and benefits due to
the Executive under the Employment Contracts by reason of such termination. The
Company agrees to pay the amounts reflected on Exhibit "A" to the Executive on
the Effective Date, unless otherwise provided in such Exhibit "A."

         (3)      NEW EMPLOYMENT AGREEMENT

         The Executive agrees to execute and deliver, concurrently with his
receipt of the payment provided under Section (2) above, a new employment
agreement substantially in the form attached hereto as Exhibit "B," in which the
Executive agrees to continue his employment by the Company commencing on the
effective date of this Agreement through the earliest of (i) December 31, 2000,
(ii) completion of the Chapter 11 bankruptcy proceeding of the Company, and
(iii) the termination date determined by the Board of Directors of the Company,
in order to assist the Company in the implementation and consummation of the
Sales Agreements, the Chapter 11 bankruptcy filing and proceeding of the
Company, the contemplated liquidation of the Company and related events.

         (4)      SURVIVAL

         The rights and obligations of the Company and the Executive which are
necessary to give full effect to the terms of this Agreement, including, but not
limited to, those set forth in the provisions outlined below of the Employment
Contracts, shall survive the execution of this Agreement:

AGREEMENT - Page 2

<PAGE>

   SECTION             HEADING (IF ANY)                        CONTRACT
   -------             ----------------                        --------

      3.1f                                                Retention Agreement
       3.4        No Mitigation                           Retention Agreement
        4         Excise Taxes                            Retention Agreement
        5         Claims                                  Retention Agreement
        6         Tax Withholding                         Retention Agreement
       14         Governing Law/Jurisdiction              Retention Agreement
      3(d)        Expiration Payments and                 Employment Agreement
                  Benefits (2nd paragraph only)
        9         Confidentiality;                        Employment Agreement
                    Assignment of Rights
       10         Non-Competition;                        Employment Agreement
                    Non-Solicitation
       11           Indemnification                       Employment Agreement
       19         Governing Law/Jurisdiction              Employment Agreement

         (5)      GENERAL

         5.1. This Agreement may be executed in counterparts, all of which taken
together shall constitute one instrument.

         5.2. This Agreement is made and entered into in the State of Texas, and
the laws of said state shall govern the validity and interpretation hereof and
the performance of the parties hereto of his respective duties and obligations
hereunder.

         5.3. The parties hereto hereby covenant and agree that any judicial
action or proceeding to enforce or prevent the breach of any provision hereof,
including, without limitation, any action or proceeding to enforce any provision
hereof, for damages by reason of any alleged breach hereof, for a declaration of
such party's rights or obligations hereunder or for any other judicial remedy in
connection therewith, shall be commenced and maintained exclusively in a federal
or state court of competent jurisdiction in Dallas County, Texas.

         5.4. This Agreement may be amended and any provision may be waived only
by a written agreement executed by the Company and the Executive to which the
amendment or waiver shall apply.

         5.5. This Agreement, including (without limitation) Exhibits "A" and
"B" and the employment agreement described in Section (3) above, embodies the
entire understanding of the parties, and there is no further or other agreements
or understandings, written or oral, in effect between the parties hereto,
relating to the subject matter hereof, unless expressly referred to by reference
herein or executed concurrently herewith.

AGREEMENT - Page 3

<PAGE>

         5.6. Each party has been advised by counsel of his or its choice in
reviewing, understanding and executing this Agreement.

         5.7. This Agreement shall be effective as of the Effective Date.

                                  COMPANY:

                                  PENNCORP FINANCIAL GROUP, INC.

                                  By: /s/ David C. Smith
                                      --------------------------------
                                  Its: Chairman of the Board
                                      --------------------------------

                                  EXECUTIVE:

                                  /s/ Keith A. Maib
                                  --------------------------------
                                  Keith A. Maib

AGREEMENT - Page 4
---------

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