EMPLOYMENT AGREEMENT

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



         THIS EMPLOYMENT  AGREEMENT (the  "Agreement")  made by and between MR.

MONEY FINANCE CO., an Ohio corporation (the "Employer") and ARTHUR J. PUCCI (the

"Employee"), WITNESSETH THAT:

         WHEREAS,  the  Employer  has been  organized as a finance  company to

provide non-conforming lending to eligible customers; and

         WHEREAS, the Employer will retain the Employee to start its business

operations and to provide the services described herein; and

         WHEREAS, the Employee has provided to the Employer certain financial

projections which the parties have used to jointly develop a pro forma (attached

hereto as "Exhibit A") and which each believes is a reasonable basis for

proceeding herein;

         WHEREAS, the Employee desires to accept employment with the Employer

upon the terms and conditions described herein.

         NOW, THEREFORE, in consideration of the premises and the mutual

covenants and conditions contained herein, the parties agree as follows:

         1.       EMPLOYMENT AND TERM. The Employer hereby agrees to retain the

Employee, and the Employee hereby accepts employment, based upon the terms and

conditions set forth in this Agreement. This Agreement shall commence on the

third day of April, 2000 and continue until it is terminated in accordance with

its provisions (the "Term"). In the event that the Employer's application for a

license under the Ohio Mortgage Loan Act (the "License") is denied, or in the

event that the License has not been granted by August 15, 2000, then either

party shall have the option to terminate this Agreement immediately upon written

notice to the other party. In addition, either party shall have the option to

terminate the Agreement on December 31, 2003 (the "First Option"). In the event

that a party desires to exercise the First Option to terminate the Agreement,

that party shall give to the other party written notice of its or his intention

to exercise the option on or before June 30, 2003. If neither party gives notice

as provided herein, then the First Option to terminate shall lapse, and the

Agreement shall continue until December 31, 2005. On December 31, 2005 and on

the same day of each year thereafter, the Agreement will be automatically

renewed for one (1) year, unless either party shall have given the other party

notice of its or his intention to terminate the Agreement at least one hundred

eighty (180) days in advance of such renewal date.

         2.       DUTIES. During the Term, the Employee shall be employed as

president and chief executive officer of the Employer. The Employee's duties

shall include direct responsibility for organizing, administering and conducting

the Employer's business operations. The parties agree that the Employer shall

operate two (2) business locations approved by the Employer, at least one of

which shall be either within the City of Sandusky, Ohio or within two (2) miles

of corporate limits of the City of Sandusky, Ohio. The Employee shall be

responsible for establishing, staffing and managing each of such locations. The

Employee shall be active in the day-to-day operations of the Employer, shall

make loans on its behalf and shall use his best reasonable efforts to promote

its business. The Employee shall devote his full time to the business of the

Employer and shall assiduously pursue the enlargement, more efficient function

and increase in profits of that business. The Employee shall be subject to the

supervisory authority of the Employer's board of directors and shall be governed

by the loan policies approved by its board of directors. The Employer's board of

directors will conduct such reviews of the loan portfolio of the Employer as the

board of directors determines are appropriate. The Employer shall assure that

the Employee serves as a member of the board of directors of Employer during the

Term of this Agreement.

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC