[LETTERHEAD OF AUTOLEND GROUP, INC.]
--------------------------------------------------------------------------------
EXHIBIT 10.3
Xx. Xxxx Xxxxxxxx March 30, 1999
via hand delivery
Dear Xxxx:
This letter is to document and memorialize your present employment status at
Autolend. Your present position is that of Executive Vice President of our
Company, and your basic arrangements are as follows:
* base salary of $115,000 per year
* car allowance of $600 per month
* paid vacation of 4 weeks per year
* company-paid group insurance coverage for you and your immediate
family, including medical and dental
* eleven months severance pay in case of your termination for any
reason other than
1) termination for gross negligence or criminal misconduct; or
2) your quitting or voluntarily leaving of your own accord
(however, #2 does not apply if there is a change in control of
the company)
I appreciate your contribution to the company, and look forward to building it
up in the future.
Sincerely,
/s/ Nunzizo XxXxxxxx
Nunzizo XxXxxxxx
Chairman & CEO
CC. X. XXXXXX
