Sample Business Contracts


Part-Time Employment Agreement - Countrywide Credit Industries Inc. and David S. Loeb

Employment Forms

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 PART-TIME EMPLOYMENT AGREEMENT

         This Part-Time Employment  Agreement  ("Agreement") is made and entered
into between David S. Loeb ("Employee") and Countrywide Credit Industries,  Inc.
("Countrywide") as of February 28, 2000.

1. In exchange for a salary of $500 per month, subject to applicable Federal and
State payroll tax and other  required  withholdings,  Employee  shall provide to
Countrywide,  on no less  than a  quarterly  basis,  a summary  of his  economic
forecast for the United  States and global  economies.  This  forecast  shall be
provided to  Countrywide's  General  Counsel no later than thirty days following
the end of each calendar  quarter during the term of this Agreement,  commencing
on June 30, 2000.  Employee and  Countrywide  further  agree that this  position
shall require no more than 10 hours per month of Employee's  time.  Employee and
Countrywide  further  agree that  Employee is not  entitled  to any  benefits of
employment  other  than what is  specifically  agreed to by the  parties  in the
letter agreement from Sandor E. Samuels dated February 28, 2000.

2. This Agreement shall be effective until July 31, 2005 unless terminated,  and
it may be  terminated  by either  party at any time,  with or without  notice or
cause.  In the event this Agreement is terminated by  Countrywide  other than a)
for "Cause" (as defined in Employee's Third Restated Employment  Agreement dated
March 1, 1999), or b) as a result of Employee's  death,  Countrywide shall cause
all the remaining  outstanding option agreements  covering the options listed on
Exhibit  "A"  (attached  hereto)  which are  outstanding  as of the date of such
employment termination to be amended to provide that the options shall expire at
the  termination  of the  respective  terms  without  regard to any  accelerated
expiration  by reason of  retirement  or other  termination  of  employment.  In
addition, upon employment termination as described in the previous sentence, any
options   contained  in  Exhibit  A  which  are  not  exercisable  shall  become
immediately exercisable.

     3. This Agreement may not be amended without the express written consent of
both parties hereto.

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

                      COUNTRYWIDE CREDIT INDUSTRIES, INC.

    By:__________________________________

Title:_________________________________

                                            ------------------------------------
                                      David S. Loeb, in his individual capacity

                                    Exhibit A


David S. Loeb

Option Agreements

------------------------------------- ----------------------------------- -----------------------------------
             Grant Date                        Expiration Date                        Number of
                                                                                    Option Shares

------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
                                                                                        
             03/24/1992                           03/24/2002                                           2,675
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
             03/24/1992                           03/24/2002                                         109,948
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
             04/07/1993                           04/07/2003                                         283,806
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
             06/01/1995                           06/01/2005                                          18,890
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
             06/01/1995                           06/01/2005                                         100,607
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
             06/01/1995                           06/01/2005                                          59,749
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
            06/03/1996*                           06/03/2006                                         358,089
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
            06/03/1996*                           06/03/2006                                           6,004
------------------------------------- ----------------------------------- -----------------------------------
------------------------------------- ----------------------------------- -----------------------------------
             07/11/1996                           07/11/2006                                       1,000,000
------------------------------------- ----------------------------------- -----------------------------------

                                          Total Number of Option Shares:                           1,939,768

     As of February 28, 2000

* CONTAINS OPTIONS WHICH HAVE NOT VESTED AS OF FEBRUARY 28, 2000



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