Document:

Exhibit 10.7

                         FIRST CAPITAL BANCSHARES, INC.

                              EMPLOYMENT AGREEMENT

                  This EMPLOYMENT AGREEMENT (this "Agreement") is made by and
between First Capital Bancshares, Inc., a unitary thrift holding company (the
"Company"), and First Capital Bank, a federal savings association (the "Bank")
(the Company and the Bank are collectively referred to as the "Employer"), and
Charles O. Rivers, an individual resident of _______________ (the "Employee"),
as of this _____ day of August, 2000 ("Effective Date").

                  The Employer intends to employ the Employee as the Chief
Executive Officer and President of the Company and the Bank. The Employer
recognizes that the Employee's anticipated contribution to the growth and
success of the Employer is substantial. The Employer desires to provide for the
employment of the Employee which the Employer has determined will reinforce and
encourage the continued dedication of the Employee to the Employer and will
promote the best interests of the Employer and its shareholders. The Employee is
willing to serve the Employer on the terms and conditions herein provided.

                  In consideration of the foregoing, the mutual covenants
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, hereby agree that on the Effective Date:

1.       Employment. The Employer shall employ the Employee, and the Employee
shall serve the Employer, as Chief Executive Officer and President of the
Company and the Bank upon the terms and conditions set forth herein. The
Employee shall have such authority and responsibilities as are consistent with
his position and which may be set forth in this Agreement or assigned by the
Board of Directors from time to time. The Employee shall devote his full
business time, attention, skill and efforts to the performance of his duties
hereunder, except during periods of illness or periods of vacation and leaves of
absence consistent with the Employer's policy. The Employee may devote
reasonable periods of time to perform charitable and other community activities
and to manage his personal investments; provided, however, that such activities
will not materially interfere with the performance of his duties hereunder and
will not be in conflict or competitive with, or adverse to, the interests of the
Employer. Under no circumstances will the Employee work for any competitor or
have any financial interest in any competitor of the Employer; provided,
however, that the Employee may invest in up to 1% of the publicly-traded stock
or securities of any company whose stock or securities are traded on a national
exchange.

2.       Term. Unless earlier terminated as provided herein, the Employee's
employment under this Agreement shall be for a term (the "Term") of three years,
subject to renewal for additional three year terms upon satisfactory review of
the Employee's performance and written approval by the Board of Directors.

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3.       Compensation and Benefits.

         a. The Employer shall pay the Employee a salary at a rate of not less
than $115,000 per annum (the "Salary Base") in accordance with the salary
payment practices of the Employer. The Board of Directors shall review the
Employee's salary at least annually and may increase the Employee's base salary
if it determines in its sole discretion that an increase is appropriate.

         b. The Employee shall be entitled to the sum of $1,500 per month (the
"Benefit Base") as fringe benefits representing automobile expenses, country
club dues, and health insurance expenses. For purposes of computing the base
salary in the event of termination in accordance with Section 4 below, the
Employee's base salary shall be equal to the Salary Base plus the Benefit Base,
or $133,000 on an annual basis.

         c. The Employee shall participate in any retirement, welfare, deferred
compensation, life insurance, and other benefit plans or programs of the
Employer now or hereafter applicable to the Employee or applicable generally to
employees of the Employer, as determined by the Board of Directors.

         d. The Employee shall be entitled to 15 days paid vacation during the
first 12 months of employment with Employer, and thereafter to 20 days per 12
month period for the remainder of the Term. Employee shall also be entitled to
all paid holidays given by the Employer to its other employees. In addition,
Employee shall be entitled to 10 sick day leaves during the first 12 months of
his employment without deduction in pay and in each subsequent 12 month period,
15 days paid sick leave.

         e. The Employer shall continue to reimburse the Employee for reasonable
travel and other expenses related to the Employee's duties which are incurred
and accounted for in accordance with the Employer's standard business practices.

         f. The Employee shall receive a cash bonus in the amount of $15,000 on
January 15, 2002, if, for the 2001 fiscal year, the Bank (i) is profitable and
(ii) receives a minimum grade of three on the OTS safety and soundness test.
Each year thereafter, the Employee shall be eligible to receive a cash bonus
equaling 5% of the prior year's net operating profits of the Bank (determined in
accordance with generally accepted accounting principals) plus an additional
1,000 stock options each year (the "Bonus Plan"), based upon the achievement of
specified goals and criteria, including, but not limited to, the Bank's
profitability, capital ratios, asset quality, interest rate risk, and other
short and long term goals as established by the Board of Directors (the "Bonus
Criteria"). The 1,000 stock option grants will be granted for five years for a
total of 5,000 stock options. Unless provided otherwise in any particular Bonus
Plan, each annual award will vest on January 1 of the year following the year
for which the award is earned, provided that the Employee is actively employed
on such date. The Employer shall make payment on any vested bonus within a
reasonable period after vesting thereof.

         g. The Employee shall participate in the Bank's long-term equity
incentive program and be eligible for the grant of stock options, restricted
stock, and other awards thereunder or under any similar plan adopted by the
Company. The Company shall grant to the

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Employee an option to purchase 30,000 shares of Common Stock at an exercise
price of $7.80 per share (the "Option Agreement"). The award agreement for the
stock option shall provide that one-fifth of the shares subject to the option
will vest on each of the first five anniversaries of the date Employee commenced
his employment with the Company, but only if the Employee remains employed by
the Company on such date, and shall contain other customary terms and
conditions. At least 17,000 shares subject to the Option Agreement shall be
granted as soon as reasonable possible following the execution of this
Agreement. Employee acknowledges that the Company's existing option plan will
have to be amended by the Board of Directors in order to grant the additional
13,000 stock option shares thereunder. In the event the Board of Directors does
not amend the option plan and grant the additional 13,000 options to Employee by
October 31, 2000, then the Company shall instead grant to Employee 13,000
nonqualified stock options outside of the option plan or 13,000 stock
appreciation rights with respect to the Company's common stock in substantially
the same terms as the options issued above.

4.       Termination.

         a. The Employee's employment under this Agreement may be terminated
prior to the end of the Term only as follows:

                                    (i) upon the death of the Employee;

                                    (ii) upon the disability of the Employee for
                                    a period of 180 days which, in the opinion
                                    of the Board of Directors, renders him
                                    unable to perform the essential functions of
                                    his job and for which reasonable
                                    accommodation is unavailable. For purposes
                                    of this Agreement, a "disability" is defined
                                    as a physical or mental impairment that
                                    substantially limits one or more major life
                                    activities, and a "reasonable accommodation"
                                    is one that does not impose an undue
                                    hardship on the Employer;

                                    (iii) upon the determination of Cause for
                                    termination, in which event such employment
                                    may be terminated by written notice at the
                                    election of the Employer. For purposes of
                                    this Agreement, "Cause" shall consist of any
                                    of (A) the commission by the Employee of a
                                    willful act (including, without limitation,
                                    a dishonest or fraudulent act, the breach of
                                    a fiduciary duty involving personal profit,
                                    the intentional failure to perform stated
                                    duties, or the willful violation of any law,
                                    rule, or regulation (other than traffic
                                    violations of similar offenses), or final
                                    cease and desist order) or a grossly
                                    negligent act, or the willful or grossly
                                    negligent omission to act by the Employee,
                                    which is intended to cause, causes, or is
                                    reasonably likely to cause material harm to
                                    the Employer (including harm to its business
                                    reputation), (B) incompetence, (C) the
                                    indictment of the Employee for the
                                    commission or perpetration by the Employee
                                    of

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                                    any felony or any crime involving
                                    dishonesty, moral turpitude or fraud, (D)
                                    the material breach by the Employee of this
                                    Agreement that, if susceptible of cure,
                                    remains uncured ten days following written
                                    notice to the Employee of such breach, or
                                    (E) the exhibition by the Employee of a
                                    standard of behavior within the scope of his
                                    employment that is materially disruptive to
                                    the orderly conduct of the Employer's
                                    business operations (including, without
                                    limitation, substance abuse or sexual
                                    misconduct) to a level which, in the Board
                                    of Directors' good faith and reasonable
                                    judgment, is materially detrimental to the
                                    Employer's best interest, that, if
                                    susceptible of cure, remains uncured ten
                                    days following written notice to the
                                    Employee of such specific inappropriate
                                    behavior; or

                                    (iv) upon 30 days written notice thereof to
                                    the Employee from the Employer (termination
                                    "Without Cause"), provided that in the event
                                    of any such termination Without Cause,
                                    Section 4(e) shall be applicable thereto.

         b. If the Employee's employment is terminated because of the Employee's
death, the Employee's estate shall receive any sums due him as base salary
and/or reimbursement of expenses through the end of the month during which death
occurred, plus (i) any bonus earned or accrued under the Bonus Plan through the
date of death (including any amounts awarded for previous years but which were
not yet vested) and (ii) a pro rata share of any bonus with respect to the
current fiscal year which had been earned as of the date of the Employee's
death, provided that the Bonus Criteria are satisfied for the entire current
fiscal year. All earned and accrued amounts under (i) and (ii) of this
subsection, shall be paid in accordance with the Bonus Plan payment procedures
set forth in Section 3(f).

         c. During the period of any incapacity leading up to the termination of
the Employee's employment as a result of disability, the Employer shall continue
to pay the Employee his full base salary at the rate then in effect and all
perquisites and other benefits (other than any bonus) until the Employee becomes
eligible for benefits under any long-term disability plan or insurance program
maintained by the Employer, provided that the amount of any such payments to the
Employee shall be reduced by the sum of the amounts, if any, payable to the
Employee for the same period under any disability benefit or pension plan of the
Employer or any of its subsidiaries. Furthermore, the Employee shall receive (i)
any bonus earned or accrued under the Bonus Plan through the date of incapacity
(including any amounts awarded for previous years but which were not yet vested)
and (ii) a pro rata share of any bonus with respect to the current fiscal year
which had been earned as of the date of the Employee's incapacity, provided that
the Bonus Criteria are satisfied for the entire current fiscal year. All earned
and accrued amounts under (i) and (ii) of this subsection, shall be paid in
accordance with the Bonus Plan payment procedures set forth in Section 3(f).

         d. If the Employee's employment is terminated for Cause as provided
above, or if the Employee resigns (except for a termination of employment
pursuant to Section

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4(f)), the Employee shall receive any sums due him as base salary and/or
reimbursement of expenses through the date of such termination, plus any bonus
earned or accrued under the Bonus Plan through the date of termination
(excluding any amounts awarded for previous years but which were not yet
vested).

         e. If the Employee's employment is terminated Without Cause, the
Employer shall pay to the Employee severance compensation in an amount equal to
100% of his then-current monthly base salary each month for 18 months from the
date of termination, plus any bonus earned or accrued under the Bonus Plan
through the date of termination (excluding any amounts awarded for previous
years but which were not yet vested). However, Section 4(f) shall apply instead
of this Section 4(e) to any termination Without Cause after a Change in Control.

         f. Upon a Change in Control, the Employee may terminate his employment
hereunder for any reason upon delivery of notice to the Employer within a one
year period beginning upon the occurrence of a Change in Control. If the
Employee terminates his employment pursuant to this Section 4(f) for any reason
or the Employer either (A) requires Employee to relocate to an office more than
35 miles from the Employee's primary place of work on the date immediately
preceding the Change of Control, (B) demotes or otherwise reduces the overall
responsibilities of the Employee ((A) and (B) are "Termination Events"), and
following a Termination Event, the Employee terminates his employment hereunder,
or (C) terminates the Employee Without Cause, then, in addition to other rights
and remedies available in law or equity, the restrictive covenants contained in
Section 9 shall not apply and, in addition, (i) any unvested options or stock
appreciation rights granted to Employee pursuant to Section 3 (g) shall become
immediately exercisable and (ii) the Employer shall pay the Employee the
following:

         (a) within 15 days of such termination date, in cash, any sums due him
         as base salary and/or reimbursement of expenses through the date of
         such termination; plus

         (b) any bonus earned or accrued under the Bonus Plan through the date
         of termination (excluding any amounts awarded for previous years but
         which were not yet vested); plus

         (c) a pro rata share of any bonus with respect to the current fiscal
         year which had been earned as of the date of the Employee's termination
         (and any forfeiture in other restrictive provisions applicable to each
         award shall not apply), provided that the Bonus Criteria are satisfied
         for the entire current fiscal year; plus

         (d) within 15 days of such termination date, in cash, one lump sum
         payment in an amount equal to the Employee's then current annual base
         salary multiplied by 1 1/2(the "Severance Payment"), except that in the
         event the payment of the Severance Payment would cause the Bank to fall
         into a lower capital category, or to experience a capital failure, then
         the Severance

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         Payment shall be paid to the Employee in equal monthly installments
         over a period of 18 months; provided however, that the Severance
         Payment is limited to $100,000 if the Employee terminates his
         employment pursuant to this Section 4.f without the occurrence of any
         Change in Control.

All earned and accrued amounts under (ii) and (iii) of this subsection, shall be
paid in accordance with the Bonus Plan payment procedures set forth in Section
3(f).

         g. With the exceptions of the provisions of this Section 4, and the
express terms of any benefit plan under which the Employee is a participant,
upon termination of the Employee's employment, the Employer shall have no
obligation to the Employee for, and the Employee waives and relinquishes, any
further compensation or benefits (exclusive of COBRA benefits). At the time of
termination of employment, the Employee shall enter into a form of release
acknowledging such remaining obligations and discharging the Employer, as well
as the Employer's officers, directors and employees with respect to their
actions for or on behalf of the Employer, from any other claims or obligations
arising out of or in connection with the Employee's employment by the Employer,
including the circumstances of such termination.

         h. In the event that the Employee's employment is terminated for any
reason and the Employee serves as a director of the Employer or of any
subsidiary of the Employer, the Employee shall (and does hereby) tender his
resignation from such positions effective as of the date of termination.

         i. The parties intend that the severance payments and other
compensation provided for herein are reasonable compensation for the Employee's
services to the Employer and shall not constitute "excess parachute payments"
within the meaning of Section 280G(b) of the Internal Revenue Code of 1986 and
any regulations thereunder. In the event that the Employer's independent
accountants acting as auditors for the Employer on the date of a Change in
Control determine that the payments provided for herein constitute "excess
parachute payments," then the Employee's compensation payable hereunder shall be
decreased, so as to equal an amount that is $1.00 less than three times the
Employee's "base amount," as that term is defined in Section 280G(b) of the
Internal Revenue Code, if, and only if, reducing the Employee's compensation
will put the Employee in a better after-tax position than if the Employee's
compensation was not reduced.

         j. Notwithstanding anything to the contrary herein, if the Employee is
suspended or temporarily prohibited from participating in the conduct of the
Employer's affairs by a notice served under section 8(e)(3) or (g)(1) of Federal
Deposit Insurance Act (12 U.S.C. 1818 (e)(3) and (g)(1)), the Employer's
obligations under this Agreement shall be suspended as of the date of service
unless stayed by appropriate proceedings. If the charges in the notice are
dismissed, the Employer may in its discretion (i) pay the Employee all or part
of the compensation withheld while the obligations under this Agreement were
suspended and (ii) reinstate (in whole or in part) any of such obligations which
were suspended.

         k. Notwithstanding anything to the contrary herein, if the Employee is
removed or permanently prohibited from participating in the conduct of the
Employer's affairs

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by an order issued under section 8 (e)(4) or (g)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1818 (e)(4) or (g)(1)), all obligations of the Employer
under this Agreement shall terminate as of the effective date of the order, but
any vested rights of the parties hereto shall not be affected.

         l. Notwithstanding anything to the contrary herein, if the Employer is
in default (as defined in section 3(x)(1) of the Federal Deposit Insurance Act),
all obligations under this Agreement shall terminate as of the date of default,
but this paragraph 4(l) shall not affect any vested rights of the parties
hereto.

         m. Notwithstanding anything to the contrary herein, all obligations
under this Agreement shall be terminated, except to the extent determined that
continuation of this Agreement is necessary for the continued operation of the
Employer, in the following cases:

                           (a) By the Director of the Office of Thrift
                  Supervision (the "OTS Director") or his or her designee, at
                  the time the Federal Deposit Insurance Corporation enters into
                  an agreement to provide assistance to or on behalf of the
                  Employer under the authority contained in 13(c) of the Federal
                  Deposit Insurance Act; or

                           (b) By the OTS Director or his or her designee, at
                  the time the OTS Director or his or her designee approves a
                  supervisory merger to resolve problems related to operation of
                  the Employer or when the Employer is determined by the OTS
                  Director to be in an unsafe or unsound condition.

         n. Any payments made to the Employee pursuant to this Agreement, or
otherwise, are subject to and conditioned upon their compliance with 12 U.S.C.
Section 1828(k) and any regulations promulgated thereunder.

         o. Notwithstanding anything to the contrary herein, and in accordance
with the OTS Regulatory Bulletin 27a dated March 5, 1993, upon the termination
of the Employee, for any reason, the total amount of compensation that may be
paid to the Employee hereunder shall not exceed three times the Employee's
average annual compensation for the previous five taxable years (except that if
the Employee was not employed by the Employer for five years, the average annual
compensation for the actual number of taxable years the Employee was employed by
the Employer).

5.       Ownership of Work Product. The Employer shall own all Work Product
arising during the course of the Employee's employment (prior, present or
future). For purposes hereof, "Work Product" shall mean all intellectual
property rights, including all Trade Secrets, U.S. and international copyrights,
patentable inventions, and other intellectual property rights, in any
programming, documentation, technology, work of authorship or other work product
that relates to the Employer, its business or its customers and that Employee
conceives, develops, or delivers to the Employer or that otherwise arises out of
the services provided by the Employee to the Employer hereunder, at any time
during his employment, during or outside normal working hours, in or away from
the facilities of the Employer, and whether or

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not requested by the Employer. If the Work Product contains any materials,
programming or intellectual property rights that the Employee conceived or
developed prior to, and independent of, the Employee's work for the Employer,
the Employee agrees to identify the pre-existing items to the Employer, and the
Employee grants the Employer a worldwide, unrestricted, royalty-free right,
including the right to sublicense such items. The Employee agrees to take such
actions and execute such further acknowledgments and assignments as the Employer
may reasonably request to give effect to this provision.

6.       Protection of Trade Secrets. The Employee agrees to maintain in
strict confidence and, except as necessary to perform his duties for the
Employer, the Employee agrees not to use or disclose any Trade Secrets as
defined in the Trade Secrets Act set forth in the South Carolina Code
Annotatedss.39-8-1 et. seq., as may be amended from time to time.

7.       Protection of Other Confidential Information. In addition, the
Employee agrees to maintain in strict confidence and, except as necessary to
perform his duties for the Employer, not to use or disclose any Confidential
Business Information of the Employer during his employment and for a period of
24 months following termination of the Employee's employment. "Confidential
Business Information" shall mean any internal, non-public information (other
than Trade Secrets already addressed above) concerning the Employer's financial
position and results of operations (including revenues, assets, net income,
etc.); annual and long-range business plans; product or service plans; marketing
plans and methods; training, educational and administrative manuals; customer
and supplier information and purchase histories; and employee lists. The
provisions of Sections 6 and 7 above shall also apply to protect Trade Secrets
and Confidential Business Information of third parties provided to the Employer
under an obligation of secrecy.

8.       Return of Materials. The Employee shall surrender to the Employer,
promptly upon its request and in any event upon termination of the Employee's
employment, all media, documents, notebooks, computer programs, handbooks, data
files, models, samples, price lists, drawings, customer lists, prospect data, or
other material of any nature whatsoever (in tangible or electronic form) in the
Employee's possession or control, including all copies thereof, relating to the
Employer, its business, or its customers. Upon the request of the Employer,
Employee shall certify in writing compliance with the foregoing requirement.

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9.       Restrictive Covenants.

         a. No Solicitation of Customers. During the Employee's employment with
the Employer and for a period of 24 months thereafter, the Employee shall not
(except on behalf of or with the prior written consent of the Employer), either
directly or indirectly, on the Employee's own behalf or in the service or on
behalf of others, solicit or attempt to solicit Customers to induce or encourage
them to acquire or obtain from anyone other than the Employer or its
subsidiaries any product or service competitive with or substitute for any of
the Employer's Products. For purposes of this Section, "Customer" refers to any
person or group of persons with whom the Employee had direct material contact
with regard to the selling, delivery, or support of the Employer's Products,
including servicing such person's or group's account, during the period of 12
months preceding the solicitation date. The "Employer's Products" refers to the
products and services that the Employer or any of its subsidiaries or affiliates
offered or sold within six months of the solicitation date. This restriction
does not apply after a Change in Control.

         b. No Recruitment of Personnel. During the Employee's employment with
the Employer and for a period of 24 months thereafter, the Employee shall not,
either directly or indirectly, on the Employee's own behalf or in the service or
on behalf of others, solicit or induce any employee of or consultant to the
Employer or any of its subsidiaries or affiliates to leave his or her position
with the Employer (or the subsidiary or affiliate), or recruit or attempt to
recruit such persons to accept employment or any other position with another
business. This restriction does not apply after a Change in Control.

         c. Independent Provisions. The provisions in each of the above Sections
9(a) and 9(b) are independent, and the unenforceability of any one provision
shall not affect the enforceability of any other provision.

10.      Successors; Binding Agreement. This Agreement shall be binding upon and
shall inure to the benefit of the Employer and its successors and assigns.
Neither this Agreement nor any right or interest hereunder shall be assignable
or transferable by the Employee, his beneficiaries or legal representatives,
except by will or by the laws of descent and distribution. This Agreement shall
inure to the benefit of and be enforceable by the Employee's legal personal
representative.

11.      Notice. For the purposes of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when personally delivered or sent by certified
mail, return receipt requested, postage prepaid, addressed to the respective
addresses last given by each party to the other; provided, however, that all
notices to the Employer shall be directed to the attention of the Employer with
a copy to the Secretary of the Employer. All notices and communications shall be
deemed to have been received on the date of delivery thereof.

12.      Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with federal law, including, but not limited to, the
rules and regulations of the Office of Thrift Supervision, and to the extent not
governed by federal law, the laws of

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the State of South Carolina without giving effect to the conflict of laws
principles thereof. Any action brought by any party to this Agreement shall be
brought and maintained in a court of competent jurisdiction in State of South
Carolina.

13.      Non-Waiver. Failure of the Employer to enforce any of the provisions of
this Agreement or any rights with respect thereto shall in no way be considered
to be a waiver of such provisions or rights, or in any way affect the validity
of this Agreement.

14.      Enforcement. The Employee agrees that in the event of any breach or
threatened breach by the Employee of any covenant contained in Section 6, 7,
9(a), or 9(b) hereof, the resulting injuries to the Employer would be difficult
or impossible to estimate accurately, even though irreparable injury or damages
would certainly result. Accordingly, an award of legal damages, if without other
relief, would be inadequate to protect the Employer. The Employee, therefore,
agrees that in the event of any such breach, the Employer shall be entitled to
obtain from a court of competent jurisdiction an injunction to restrain the
breach or anticipated breach of any such covenant, and to obtain any other
available legal, equitable, statutory, or contractual relief. Should the
Employer have cause to seek such relief, no bond shall be required from the
Employer, and the Employee shall pay all attorney's fees and court costs which
the Employer may incur to the extent the Employer prevails in its enforcement
action.

15.      Saving Clause. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof. If any
provision or clause of this Agreement, or portion thereof, shall be held by any
court or other tribunal of competent jurisdiction to be illegal, void, or
unenforceable in such jurisdiction, the remainder of such provision shall not be
thereby affected and shall be given full effect, without regard to the invalid
portion. It is the intention of the parties that, if any court construes any
provision or clause of this Agreement, or any portion thereof, to be illegal,
void, or unenforceable because of the duration of such provision or the area or
matter covered thereby, such court shall reduce the duration, area, or matter of
such provision, and, in its reduced form, such provision shall then be
enforceable and shall be enforced.

16.      Certain Definitions.

         a. "Change in Control" shall mean the occurrence during the Term of any
of the following events, unless such event is a result of a Non-Control
Transaction:

                                    (i) The individuals who, as of the date of
                                    this Agreement, are members of the Board of
                                    Directors of the Employer (the "Incumbent
                                    Board") cease for any reason to constitute
                                    at least a majority of the Board of
                                    Directors of the Employer; provided,
                                    however, that if the election, or nomination
                                    for election by the Employer's shareholders,
                                    of any new director was approved in advance
                                    by a vote of at least a majority of the
                                    Incumbent Board,

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                                    such new director shall, for purposes of
                                    this Agreement, be considered as a member of
                                    the Incumbent Board.

                                    (ii) An acquisition (other than directly
                                    from the Employer) of any voting securities
                                    of the Employer (the "Voting Securities") by
                                    any "Person" (as the term "person" is used
                                    for purposes of Section 13(d) or 14(d) of
                                    the Securities Exchange Act of 1934)
                                    immediately after which such Person has
                                    "Beneficial Ownership" (within the meaning
                                    of Rule 13d-3 promulgated under the Exchange
                                    Act) of 50% or more of the combined voting
                                    power of the Employer's then outstanding
                                    Voting Securities.

                                    (iii) Approval by the shareholders of the
                                    Employer and actual consummation of:

                                    (a) a merger, consolidation or
                                    reorganization involving the Employer;
                                    (b) a complete liquidation or dissolution of
                                    the Employer; or
                                    (c) an agreement for the sale or other
                                    disposition of all or substantially all of
                                    the assets of the Employer to any Person
                                    (other than a transfer to a subsidiary of
                                    the Employer).

b.       "Non-Control Transaction"  shall mean a transaction described below:
          -----------------------

                                    (i) the shareholders of the Employer,
                                    immediately before such merger,
                                    consolidation or reorganization, own,
                                    directly or indirectly, immediately
                                    following such merger, consolidation or
                                    reorganization, at least 50% of the combined
                                    voting power of the outstanding voting
                                    securities of the corporation resulting from
                                    such merger, consolidation or reorganization
                                    (the "Surviving Corporation") in
                                    substantially the same proportion as their
                                    ownership of the Voting Securities
                                    immediately before such merger,
                                    consolidation or reorganization; and

                                    (ii) immediately following such merger,
                                    consolidation or reorganization, the number
                                    of directors on the board of directors of
                                    the Surviving Corporation who were members
                                    of the Incumbent Board shall at least equal
                                    the number of directors who were affiliated
                                    with or appointed by the other party to the
                                    merger, consolidation or reorganization.

17.      Entire Agreement. This Agreement constitutes the entire agreement
between the parties hereto and supersedes all prior agreements, if any,
understandings and arrangements, oral or written, between the parties hereto
with respect to the subject matter hereof.

                                       11
<PAGE>

18.      Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

         IN WITNESS WHEREOF, the Employer has caused this Agreement to be
executed and its seal to be affixed hereunto by its officers thereunto duly
authorized, and the Employee has signed and sealed this Agreement, effective as
of the date first above written.

                                             First Capital Bancshares, Inc.

                                             By:
                                                      Name:
                                                      Title:

                                             EMPLOYEE

                                             -----------------------------------
                                             Name:  Charles O. Rivers<PAGE>

                                                                    EXHIBIT 10.5

                        EXECUTIVE EMPLOYMENT AGREEMENT
                        ------------------------------
                                 (Jeffery Liberman)

     This Executive Employment Agreement (the "Agreement") is entered into
effective this 1st day of December, 2000 (the "Effective Date") by and between
Entravision Communications Corporation, a Delaware corporation (the "Company"),
and Jeffery Liberman, an individual (the "Employee").

     WHEREAS, the Company desires the Employee's employment with the Company,
and the Employee wishes to accept such employment, upon the terms and conditions
set forth in this Agreement (as defined below).

     NOW, THEREFORE, the parties, intending to be legally bound, agree as
follows:

     1.  Definitions.  For the purposes of this Agreement, the following terms
         -----------
have the meanings specified or referred to in this Section 1.

          1.1.  "Agreement" shall mean this Executive Employment Agreement, as
amended from time to time.

          1.2.  "Basic Compensation" shall mean Salary and Benefits.

          1.3.  "Benefits" shall be as defined in Section 3.1(d).

          1.4.  "Board of Directors" shall mean the Board of Directors of the
Company.

          1.5.  "Confidential Information" shall mean any and all trade secrets
concerning the business and affairs of the Company, product specifications,
data, know-how, formulae, compositions, processes, designs, sketches,
photographs, graphs, drawings, samples, inventions and ideas, past, current and
planned research and development, current and planned manufacturing or
distribution methods and processes, customer lists, current and anticipated
customer requirements, price lists, market studies, business plans, computer
software and programs (including object code and source code), computer software
and database technologies, systems, structures and architectures (and related
formulae, compositions, processes, improvements, devices, know-how, inventions,
discoveries, concepts, ideas, designs, methods and information, and any other
information, however documented, that is a trade secret within the meaning of
applicable law; information concerning the business and affairs of the Company
(which includes historical financial statements, financial projections and
budgets, historical and projected sales, capital spending budgets and plans, the
names and backgrounds of key personnel and personnel training and techniques and
materials), however documented; and notes, analysis, compilations, studies,
summaries and other material prepared by or for the Company containing or based,
in whole or in part, on any information included in the foregoing.

          1.6.  "Disability" shall be as defined in Section 6.2.
<PAGE>

          1.7.  "Effective Date" shall mean the date stated in the first
paragraph of the Agreement.

          1.8.  "Employee Invention" shall mean any idea, invention, technique,
modification, process or improvement (whether patentable or not), any industrial
design (whether registerable or not), any mask work, however fixed or encoded,
that is suitable to be fixed, embedded or programmed in a semiconductor product
(whether recordable or not), and any work of authorship (whether or not
copyright protection may be obtained for it) created, conceived or developed by
the Employee, either solely or in conjunction with others, during the Employment
Term, or a period that includes a portion of the Employment Term, that relates
in any way to, or is useful in any manner in, the business then being conducted
or proposed to be conducted by the Company, and any such item created by the
Employee, either solely or in conjunction with others, following termination of
the Employee's employment with the Company, that is based upon or uses
Confidential Information.

          1.9.  "Employment Term" shall mean the term of the Employee's
employment under this Agreement.

          1.10.  "For cause" shall be as defined in Section 6.3.

          1.11.  "Person" shall mean any individual, corporation (including any
non-profit corporation), general or limited partnership, limited liability
company, joint venture, estate, trust, association, organization or governmental
body.

          1.12.  "Proprietary Items" shall be as defined in Section 7.2(a).

          1.13.  "Salary" shall be as defined in Section 3.1(a).

     2.  Employment Terms and Duties.
         ---------------------------

          2.1.  Employment.  The Company hereby employs the Employee, and the
                ----------
Employee hereby accepts employment by the Company, upon the terms and conditions
set forth in this Agreement.

          2.2.  Term.  Subject to the provisions of Section 6, the term of the
                ----
Employee's Employment Term under this Agreement will be forty-two (42) months,
beginning on the Effective Date and ending on December 31, 2003.

          2.3.  Duties.  The Employee shall serve as Chief Operating Officer of
                ------
the Company's Radio Division (the "Radio Division").  During the Employment
Term, the Employee shall perform all duties and accept all responsibilities
incident to such position or other appropriate duties as may be assigned to him
by the Company's Board of Directors (the "Board")

                                      -2-
<PAGE>

or the Chief Executive Officer, President or Chief Operating Officer of the
Company. The Employee will devote his entire business time, attention, skill and
energy exclusively to the business of the Company, will use his best efforts to
promote the success of the Company's business and will cooperate fully with the
Board of Directors and the Company's executive officers in the advancement of
the best interests of the Company. Nothing in this Section 2.3, however, will
prevent the Employee from engaging in additional activities in connection with
personal investments and community affairs that are not inconsistent with the
Employee's duties under this Agreement.

     3.  Compensation.
         ------------

          3.1.  Basic Compensation.
                ------------------

          (a) Salary.  The Employee will be paid an annual salary of Two Hundred
              ------
Fifty Thousand Dollars ($250,000) for the balance of calendar year 2000 (the
"Salary"), which will be payable in equal periodic installments according to the
Company's customary payroll practices, but no less frequently than monthly.  The
Salary will be increased to Two Hundred Seventy Five Thousand Dollars ($275,000)
for calendar year 2001; Three Hundred Thousand Dollars ($300,000) for calendar
year 2002; and Three Thirty Thousand Dollars ($330,000) for calendar year 2003.

          (b) Bonus.  The Employee's bonus in calendar year 2000 shall be paid
              -----
in accordance with that certain Payroll Change Notice dated January 4, 2000,
which calls for a cash bonus of One Hundred Twelve Thousand Five Hundred Dollars
($112,500) if the EXCL radio stations within the Radio Division achieve cash
flow for the calendar year 2000.  For calendar years 2001 through 2003, the
Employee shall be eligible to receive up to fifty percent (50%) of his then-
applicable Salary under Section 3.1(a) above, based upon achieving the EBITDA
set forth in the Radio Division budget approved by Company for each such
calendar year.  All said bonuses shall be payable within thirty (30) days
following the end of the Company's fiscal year end.

          (c) Withholdings.  The Company will deduct and withhold, from the
              ------------
Salary and bonuses payable to the Employee under Sections 3.1(a) and (b) above,
any and all applicable federal, state and local income and employment
withholding taxes and any other amounts required to be deducted or withheld by
the Company under applicable statute or regulation.

          (d) Benefits.  The Employee and his dependants will, during the
              --------
Employment Term, be permitted to participate, at no cost to the Employee, in
such pension, 401(k), profit sharing, bonus, life and disability insurance,
hospitalization, medical, dental and other employee benefit plans and fringe
benefits of the Company that may be in effect from time to time and which are
available to other senior corporate executives of the Company, to the extent the
Employee is eligible under the terms of those plans (collectively, the
"Benefits").

                                      -3-
<PAGE>

         (e)  Automobile Allowance.  The Company acknowledges that the Employee
              --------------------
currently uses, at no cost to the Employee, a vehicle leased by the Company at a
rate of One Thousand Two Hundred Ten Dollars ($1,210) per month.  The Company
and the Employee agree that the Employee shall continue use of this vehicle
through the end of the current lease term thereon (with no extensions), and at
the end of such lease term, the Employee shall be entitled to receive from the
Company a monthly automobile allowance in the amount of Six Hundred Fifty
Dollars ($650), payable monthly in advance, which shall include all costs
attendant to the use of the automobile, including, without limitation, the
purchase of lease of the automobile, liability and property insurance coverage
and costs of maintenance and fuel.

          (f) Equity Incentives.  The Employee will receive options for one
              -----------------
hundred fifty thousand (150,000) shares of Class A common stock of Company under
the Entravision Communications Corporation Omnibus Equity Incentive Plan (the
"Plan") at an exercise price of $16.50 per share, which options shall vest
twenty percent (20%) per year for five (5) years from the date of grant and
shall be granted pursuant to the Company's standard form of Stock Option
Agreement.  The Employee shall also be entitled to participate in other equity
incentive plans for which other executive officers of the Company are eligible,
subject to the determinations and approval of the Board with respect to such
plans.

     4.  Facilities and Expenses.  The Company will furnish the Employee office
         -----------------------
space, equipment, supplies and such other facilities and personnel as the
Company deems necessary or appropriate for the performance of the Employee's
duties under this Agreement.  The Company will pay the Employee's dues in such
professional societies and organizations as the Chief Executive Officer,
President or Chief Operating Officer of the Company deems appropriate, and will
pay on behalf of the Employee (or reimburse the Employee for) reasonable
expenses incurred by the Employee at the request of, or on behalf of, the
Company in the performance of the Employee's duties pursuant to this Agreement,
and in accordance with the Company's employment policies.  The Employee must
file expense reports with respect to such expenses in accordance with the
Company's policies.

     5.  Vacations and Holidays.  The Employee will be entitled to four (4)
         ----------------------
weeks paid vacation each calendar year in accordance with the vacation policies
of the Company in effect for its officers from time to time.  Vacation must be
taken by the Employee at such time or times as approved by the Chief Executive
Officer, President or Chief Operating Officer of the Company.  The Employee will
also be entitled to the paid holidays set forth in the Company's policies.

                                      -4-
<PAGE>

     6.  Termination.
         -----------

          6.1.  Events of Termination.   The Employment Term, the Employee's
                ---------------------
Basic Compensation and any and all other rights of the Employee under this
Agreement or otherwise as an employee of the Company will terminate (except as
otherwise provided in this Section 6): (i) upon the death of the Employee; (ii)
upon the disability of the Employee (as defined in Section 6.2) immediately upon
notice from either party to the other; (iii) upon termination by the Company,
without cause or for cause (as defined in Section 6.3), immediately upon notice
from the Company to the Employee, or at such later time as such notice may
specify; and (iv) by the Employee for Good Reason (as defined below), no earlier
than thirty (30) days after written notice by the Employee.

          6.2.  Definition of Disability.  For purposes of Section 6.1, the
                ------------------------
Employee will be deemed to have a "disability" if, he is unable to perform his
duties hereunder for at least ninety (90) consecutive days or for at least one
hundred twenty (120) days in any three hundred sixty-five day (365) period as a
result of a physical or mental disability.

          6.3.  Definition of "for cause."  For purposes of Section 6.1, the
                --------------------------
phrase "for cause" means: (i) the Employee's breach of this Agreement; (ii) the
Employee's negligence in attention to the affairs of the Company or failure to
adhere to any written Company policy after written notice from the Company and
fifteen (15) days to comply with such policy or cure his negligence or failure
to comply; (iii) the appropriation (or attempted appropriation) of a business
opportunity of the Company, including attempting to secure or securing any
personal profit in connection with any transaction entered into on behalf of the
Company; (iv) the misappropriation (or attempted misappropriation) of any of the
Company's funds or property; (v) the Employee's commission of any crime or an
act of dishonesty, fraud or moral turpitude or knowingly making false or
misleading statements in connection with his employment; or (vi) the conviction
of, the indictment for (or its procedural equivalent) or the entering of a
guilty plea or plea of no contest with respect to, a felony, the equivalent
thereof, or any other crime with respect to which imprisonment is a possible
punishment.

          6.4.  Definition of Good Reason.  For purposes of this Agreement,
                -------------------------
"Good Reason" means: (i) a material diminution in the Employee's title,
authority, duties or responsibilities as Chief Operating Officer of the Radio
Division, or the assignment to the Employee of duties which are materially
inconsistent with his duties under this Agreement or which materially impair the
Employee's ability to function in his role as Chief Operating Officer of the
Radio Division; or (ii) a Change in Control (as defined in the Plan) in which
the Employee is not offered continued employment with the Company (or its
successor) under similar conditions, status and compensation as set forth in
this Agreement, including, without limitation, Section 2.3 above.

          6.5.  Termination Pay.  Effective upon the termination of this
                ---------------
Agreement, the Company will be obligated to pay the Employee (or, in the event
of his death, his designated

                                      -5-
<PAGE>

beneficiary as defined below) only such compensation as is provided in this
Section 6.5, and in lieu of all other amounts and in settlement and complete
release of all claims the Employee may have against the Company. The Employee
acknowledges and agrees that execution of the general release of claims in favor
of the Company setting forth the terms of this Section 6.5 and otherwise
reasonably acceptable to the Company and the Employee shall be a condition
precedent to the Company's obligation to pay the compensation provided for in
this Section 6.5 to the Employee. For purposes of this Section 6.5, the
Employee's designated beneficiary will be such individual beneficiary or trust,
located at such address, as the Employee may designate by notice to the Company
from time to time or, if the Employee fails to give notice to the Company of
such a beneficiary, the Employee's estate. Notwithstanding the preceding
sentence, the Company will have no duty, in any circumstances, to attempt to
open an estate on behalf of the Employee, to determine whether any beneficiary
designated by the Employee is alive or to ascertain the address of any such
beneficiary, to determine the existence of any trust, to determine whether any
person or entity purporting to act as the Employee's personal representative (or
the trustee of a trust established by the Employee) is duly authorized to act in
that capacity, or to locate or attempt to locate any beneficiary, personal
representative or trustee. All payments pursuant to this Section 6.5(a) will be
payable in equal periodic installments according to the Company's customary
payroll practices, but no less frequently than monthly.

          (a) Termination by the Company Without Cause or for Good Reason.  The
              -----------------------------------------------------------
Employee acknowledges and agrees that his employment with the Company is "at-
will," and may be terminated by the Company at any time with or without cause.
If the Company terminates this Agreement without cause or if the Employee
terminates this Agreement for Good Reason, the Company will pay the Employee (i)
the Employee's then-current Salary for the lesser of (a) the remainder of the
Term or (b) the remainder, if any, of the calendar month in which such
termination is effective and for twelve (12) consecutive calendar months
thereafter, (ii) an amount equal to a prorated portion of the annual bonus that
the Employee received in the fiscal year before the fiscal year of such
termination, (iii) continued coverage under the benefits provided to the
Employee under Section 3.1(d) above, to end upon the earlier of (a) twelve (12)
months from the date of such termination or (b) the date on which the Employee
obtains comparable coverage under a new employer and (iv) accrued vacation time
through the date of such termination.

          (b) Termination by the Company for Cause.  If the Company terminates
              ------------------------------------
this Agreement for cause, the Employee will be entitled to receive his Salary
and accrued vacation time only through the date such termination is effective.

          (c) Termination upon Disability.  If this Agreement is terminated by
              ---------------------------
either party as a result of the Employee's disability, as determined under
Section 6.2, the Company will pay the Employee his Salary for the lesser of (i)
twelve (12) consecutive calendar months or (ii) the period until disability
insurance benefits commence under the disability insurance coverage furnished by
the Company to the Employee.

                                      -6-
<PAGE>

          (d) Termination upon Death.  If this Agreement is terminated because
              ----------------------
of the Employee's death, his estate will be entitled to receive his Salary
through the end of the calendar month in which his death occurs, and for an
additional six (6) consecutive calendar months thereafter.

          (e) Benefits.  Except as otherwise set forth in this Section 6, the
              --------
Employee's accrual of, or participation in plans providing for, the Benefits
will cease at the effective date of the termination of this Agreement, and the
Employee will be entitled to accrued Benefits pursuant to such plans only as
provided in such plans.

     7.  Non-Disclosure Covenant; Employee Inventions.
         --------------------------------------------

          7.1.  Acknowledgments by the Employee.  The Employee acknowledges
                -------------------------------
that: (i) during the Employment Term and as a part of his employment, the
Employee will be afforded access to Confidential Information; (ii) public
disclosure of such Confidential Information could have an adverse effect on the
Company and its business; (iii) because the Employee possesses substantial
technical expertise and skill with respect to the Company's business, the
Company desires to obtain exclusive ownership of each Employee Invention, and
the Company will be at a substantial competitive disadvantage if it fails to
acquire exclusive ownership of each Employee Invention; (iv) the Company has
required that the Employee make the covenants in this Section 7 as a condition
to its acquisition of the Employee's stock in the Company; and (v) the
provisions of this Section 7 are reasonable and necessary to prevent the
improper use or disclosure of Confidential Information and to provide the
Company with exclusive ownership of all Employee Inventions.

          7.2.  Agreements of the Employee.  In consideration of the
                --------------------------
compensation and benefits to be paid or provided to the Employee by the Company
under this Agreement, the Employee covenants as follows:

          (a) Confidentiality.  During and following the Employment Term, the
              ---------------
Employee will hold in confidence the Confidential Information and will not
disclose it to any person except with the specific prior written consent of the
Company or except as otherwise expressly permitted by the terms of this
Agreement.  Any trade secrets of the Company will be entitled to all of the
protections and benefits under any applicable law.  If any information that the
Company deems to be a trade secret is found by a court of competent jurisdiction
not to be a trade secret for purposes of this Agreement, such information will,
nevertheless, be considered Confidential Information for purposes of this
Agreement.  The Employee hereby waives any requirement that the Company submit
proof of the economic value of any trade secret or post a bond or other
security.  None of the foregoing obligations and restrictions applies to any
part of the Confidential Information that the Employee demonstrates was or
became generally available to the public other than as a result of a disclosure
by the Employee.  The Employee will not remove from the Company's premises
(except to the extent such removal is for purposes of the performance of the
Employee's duties at home or while traveling, or except as otherwise

                                      -7-
<PAGE>

specifically authorized by the Company) any document, record, notebook, plan,
model, component, device or computer software or code, whether embodied in a
disk or in any other form (collectively, the "Proprietary Items").  The Employee
recognizes that, as between the Company and the Employee, all of the Proprietary
Items, whether or not developed by the Employee, are the exclusive property of
the Company.  Upon termination of this Agreement by either party, or upon the
request of the Company during the Employment Term, the Employee will return to
the Company all of the Proprietary Items in the Employee's possession or subject
to the Employee's control, and the Employee shall not retain any copies,
abstracts, sketches or other physical embodiment of any of the Proprietary
Items.

          (b) Employee Inventions.  Each Employee Invention will belong
              -------------------
exclusively to the Company.  The Employee acknowledges that all Employee
Inventions are works made for hire and the property of the Company, including
any copyrights, patents or other intellectual property rights pertaining
thereto.  If it is determined that any such works are not works made for hire,
the Employee hereby assigns to the Company all of the Employee's right, title
and interest, including all rights of copyright, patent and other intellectual
property rights, to or in such Employee Inventions.  The Employee covenants that
he will promptly: (i) disclose to the Company in writing any Employee Invention;
(ii) assign to the Company or to a party designated by the Company, at the
Company's request and without additional compensation, all of the Employee's
right to the Employee Invention for the United States and all foreign
jurisdictions; (iii) execute and deliver to the Company such applications,
assignments and other documents as the Company may request in order to apply for
and obtain patents or other registrations with respect to any Employee Invention
in the United States and any foreign jurisdictions; (iv) sign all other papers
necessary to carry out the above obligations; and (v) give testimony and render
any other assistance in support of the Company's rights to any Employee
Invention.  No assignment of this Agreement shall extend to Employee Inventions,
the assignment of which is prohibited by California Labor Code Section 2870, a
copy of which is attached hereto as Exhibit "A" and incorporated herein by this
                                    -----------
reference.

          7.3.  Disputes or Controversies.  The Employee recognizes that should
                -------------------------
a dispute or controversy arising from or relating to this Agreement be submitted
for adjudication to any court, arbitration panel or other third party, the
preservation of the secrecy of Confidential Information may be jeopardized.  All
pleadings, documents, testimony and records relating to any such adjudication
will be maintained in secrecy and will be available for inspection by the
Company, the Employee and their respective attorneys and experts, who will
agree, in advance and in writing, to receive and maintain all such information
in secrecy, except as may be limited by them in writing.

          7.4.  Covenants of the Employee.  In consideration of the
                -------------------------
acknowledgments by the Employee, and in consideration of the compensation and
benefits to be paid or provided to the Employee by the Company, the Employee
covenants that he will not, directly or indirectly:

                                      -8-
<PAGE>

          (a) whether for the Employee's own account or for the account of any
other Person, at any time during the Employment Period and for one (1) year
thereafter (the "Post-Employment Period"), own, manage, operate, finance,
control, invest, participate or engage in, lend his name to, lend credit to,
render services or advice to, devote any material endeavor or effort to, be
employed by, associated with or in any manner connected with, any Person which
is the same as, substantially similar to or in competition with the television
and radio broadcasting, outdoor advertising or print businesses of the Company;
or

          (b) whether for the Employee's own account or the account of any other
Person (i) at any time during the Employment Term and the Post-Employment
Period, solicit, employ, or otherwise engage as an employee, independent
contractor, or otherwise, any Person who is or was an employee of the Company at
any time during the Employment Term or in any manner induce or attempt to induce
any employee of the Company to terminate his employment with the Company; or
(ii) at any time during the Employment Term and the Post-Employment Period,
interfere with the Company's relationship with any Person, including any person
who at any time during the Employment Term was an employee, contractor,
supplier, or customer of the Company.

     8.  General Provisions.
         ------------------

          8.1.  Injunctive Relief and Additional Remedy.  The Employee
                ---------------------------------------
acknowledges that the injury that would be suffered by the Company as a result
of a breach of the provisions of this Agreement (including any provision of
Section 7 above) would be irreparable and that an  award of monetary damages to
the Company for such a breach would be an inadequate remedy.  Consequently, the
Company will have the right, in addition to any other rights it may have, to
obtain injunctive relief to restrain any breach or threatened breach or
otherwise to specifically enforce any provision of this Agreement, and the
Company will not be obligated to post bond or other security in seeking such
relief.  Without limiting the Company's rights under this Section 8 or any other
remedies of the Company, if the Employee breaches any of the provisions of
Section 7 above, the Company will have the right to cease making any payments
otherwise due to the Employee under this Agreement.

          8.2.  Covenants of Section 7 are Essential and Independent Covenants.
                --------------------------------------------------------------
The covenants by the Employee in Section 7 above are essential elements of this
Agreement, and without the Employee's agreement to comply with such covenants,
the Company would not have entered into the Merger Agreement or this Agreement
or employed or continued the employment of the Employee.  The Company and the
Employee have independently consulted their respective counsel and have been
advised in all respects concerning the reasonableness and propriety of such
covenants, with specific regard to the nature of the business conducted by the
Company.  The Employee's covenants in Section 7 above are independent covenants
and the existence of any claim by the Employee against the Company under this
Agreement or otherwise will not excuse the Employee's breach of any covenant in
Section 7 above.  If the Employee's employment hereunder expires or is
terminated, this Agreement will continue in full force and

                                      -9-
<PAGE>

effect as is necessary or appropriate to enforce the covenants and agreements of
the Employee in Section 7 above.

          8.3.  Representations and Warranties by the Employee.  The Employee
                ----------------------------------------------
represents and warrants to the Company that the execution and delivery by the
Employee of this Agreement do not, and the performance by the Employee of the
Employee's obligations hereunder will not, with or without the giving of notice
or the passage of time, or both: (i) violate any judgment, writ, injunction or
order of any court, arbitrator or governmental agency applicable to the
Employee; or (ii) conflict with, result in the breach of any provisions of or
the termination of or constitute a default under, any agreement to which the
Employee is a party or by which the Employee is or may be bound.

          8.4.  Obligations Contingent on Performance.  The obligations of the
                -------------------------------------
Company hereunder, including its obligation to pay the compensation provided for
herein, are contingent upon the Employee's performance of the Employee's
obligations hereunder.

          8.5.  Waiver.  The rights and remedies of the parties to this
                ------
Agreement are cumulative and not alternative.  Neither the failure nor any delay
by either party in exercising any right, power or privilege under this Agreement
will operate as a waiver of such right, power or privilege, and no single or
partial exercise of any such right, power or privilege will preclude any other
or further exercise of such right, power or privilege or the exercise of any
other right, power or privilege.  To the maximum extent permitted by applicable
law, (i) no claim or right arising out of this Agreement can be discharged by
one party, in whole or in part, by a waiver or renunciation of the claim or
right unless in writing signed by the other party, (ii) no waiver that may be
given by a party will be applicable except in the specific instance for which it
is given and (iii) no notice to or demand on one party will be deemed to be a
waiver of any obligation of such party or of the right of the party giving such
notice or demand to take further action without notice or demand as provided in
this Agreement.

          8.6.  Binding Effect; Delegation of Duties Prohibited.  This Agreement
                -----------------------------------------------
shall inure to the benefit of, and shall be binding upon, the parties hereto and
their respective successors, assigns, heirs and legal representatives, including
any entity with which the Company may merge or consolidate or to which all or
substantially all of its assets may be transferred.  The duties and covenants of
the Employee under this Agreement, being personal, may not be delegated.

          8.7.  Notices.  All notices, consents, waivers and other
                -------
communications under this Agreement must be in writing and will be deemed to
have been duly given when (i) delivered by hand (with written confirmation of
receipt), (ii) sent by facsimile (with written confirmation of receipt),
provided that a copy is mailed by registered mail, return receipt requested or
(iii) when received by the addressee, if sent by a nationally recognized
overnight delivery service (receipt requested), in each case to the appropriate
addresses and facsimile numbers set forth in the

                                      -10-
<PAGE>

Merger Agreement (or to such other addresses and facsimile numbers as a party
may designate by notice to the other parties).

          8.8.  Entire Agreement; Amendments.  This Agreement contains the
                ----------------------------
entire agreement between the parties with respect to the subject matter hereof
and supersede all prior agreements and understandings, oral or written, between
the Company or any of its direct or indirect subsidiaries with respect to the
employment of the Employee, including, but not limited to, that certain
Employment Agreement between the Employee and EXCL Communications, Inc. dated
October 1999, and any verbal or written agreements relating thereto.  Any
previous written or oral employment agreement or arrangement between the
Employee and any direct or indirect subsidiary of the Company is hereby
terminated in its entirety with no further compensation due the Employee.  This
Agreement may not be amended orally, but only by an agreement in writing signed
by the parties hereto.

          8.9.  Governing Law.  This Agreement will be governed by the laws of
                -------------
the State of California without regard to conflicts of laws principles.

          8.10.  Jurisdiction.  Any action or proceeding seeking to enforce any
                 ------------
provision of, or based on any right arising out of, this Agreement may be
brought against either of the parties in the courts of the State of California,
County of Los Angeles, or, if it has or can acquire jurisdiction, in the United
States District Court for the Southern District of California, and each of the
parties consents to the jurisdiction of such courts (and of the appropriate
appellate courts) in any such action or proceeding and waives any objection to
venue laid therein.  Process in any action or proceeding referred to in the
preceding sentence may be served on either party anywhere in the world.

          8.11.  Section Headings, Construction.  The headings of sections in
                 ------------------------------
this Agreement are provided for convenience only and will not affect its
construction or interpretation.  All references to "section" or "sections" refer
to the corresponding section or sections of this Agreement unless otherwise
specified.  All words used in this Agreement will be construed to be of such
gender or number as the circumstances require.  Unless otherwise expressly
provided, the word "including" does not limit the preceding words or terms.

          8.12.  Severability.  If any provision of this Agreement is held
                 ------------
invalid or unenforceable by any court of competent jurisdiction, the other
provisions of this Agreement will remain in full force and effect. Any provision
of this Agreement held invalid or unenforceable only in part or degree will
remain in full force and effect to the extent not held invalid or unenforceable.

          8.13.  Counterparts; Facsimile.  This Agreement may be executed in one
                 -----------------------
or more counterparts, all of which when fully-executed and delivered by all
parties hereto and taken together shall constitute a single agreement, binding
against each of the parties.  To the maximum extent permitted by law or by any
applicable governmental authority, any document

                                      -11-
<PAGE>

may be signed and transmitted by facsimile with the same validity as if it were
an ink-signed document. Each signatory below represents and warrants by his
signature that he is duly authorized (on behalf of the respective entity for
which such signatory has acted) to execute and deliver this instrument and any
other document related to this transaction, thereby fully binding each such
respective entity.

          8.14.  Waiver of Jury Trial.  The parties hereto hereby waive a jury
                 --------------------
trial in any litigation with respect to this Agreement.

                 [Remainder of Page Intentionally Left Blank]

                                      -12-
<PAGE>

     IN WITNESS WHEREOF, the parties have executed and delivered this Agreement
as of the date above first written above.

                    ENTRAVISION COMMUNICATIONS CORPORATION

                    By:
                       ---------------------------------------------------------
                         Walter F. Ulloa, Chairman and Chief Executive Officer

                    ------------------------------------------------------------
                    Jeffery Liberman

              [Signature Page to Executive Employment Agreement]
<PAGE>

                                  EXHIBIT "A"

                      CALIFORNIA LABOR CODE SECTION 2870
                      ----------------------------------

     (S)2870.  Employment agreements; assignment of rights

     (a) Any provision in an employment agreement which provides that an
employee shall assign, or offer to assign, any of his or her rights in an
invention to his or her Company shall not apply to an invention that the
employee developed entirely on his or her own time without using the Company's
equipment, supplies, facilities, or trade secret information except for those
inventions that either:

          (1) Relate at the time of conception or reduction to practice of the
invention to the Company's business, or actual or demonstrably anticipated
research or development of the Company; or

          (2) Result from any work performed by the employee for the Company.

     (b) To the extent a provision in an employment agreement purports to
require an employee to assign an invention otherwise excluded from being
required to be assigned under subdivision (a), the provision is against the
public policy of this state and is unenforceable.

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