<SUBMISSION>
<ACCESSION-NUMBER>0000950134-05-012877
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20050630
<ITEMS>1.01
<ITEMS>9.01
<FILING-DATE>20050706
<DATE-OF-FILING-DATE-CHANGE>20050705
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ACE CASH EXPRESS INC/TX
<CIK>0000849116
<ASSIGNED-SIC>6099
<IRS-NUMBER>752142963
<STATE-OF-INCORPORATION>TX
<FISCAL-YEAR-END>0630
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<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-20774
<FILM-NUMBER>05938456
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1231 GREENWAY DR STE 800
<CITY>IRVING
<STATE>TX
<ZIP>75038
<PHONE>2145505000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1231 GREENWAY DR #800
<CITY>IRVING
<STATE>TX
<ZIP>75038
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ACE CASH EXPRESS INC
<DATE-CHANGED>19921016
</FORMER-COMPANY>
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<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d26813e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>


<P align="center" style="font-size: 12pt"><B>CURRENT REPORT</B>


<DIV align="center" style="font-size: 12pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities
Exchange Act of 1934</B></DIV>



<P align="center" style="font-size: 10pt"><B>June&nbsp;30, 2005</B><BR>
(Date of earliest event reported)


<P align="center" style="font-size: 24pt"><B>ACE CASH EXPRESS, INC.</B>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Texas</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0-20774</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>75-2142963</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer Identification</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1231 Greenway Drive, Suite&nbsp;600</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>75038</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Irving, Texas</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">(Zip Code)
</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Address of principal executive offices)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>(972)&nbsp;550-5000</B><BR>
(Registrant&#146;s telephone number,<BR>
including area code)



<P align="center" style="font-size: 10pt"><B>Not Applicable</B><BR>
(Former Name or Former Address,<BR>
if Changed Since Last Report)



<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;1.01. Entry into a Material Definitive Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;9.01. Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="d26813exv10w1.htm">Employment Separation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="d26813exv10w2.htm">Consulting Agreement</A></TD></TR>
</TABLE>
</CENTER>
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<DIV align="left"><A NAME="000"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement</B>


<P align="left" style="font-size: 10pt"><B>Employment Separation Agreement and Consulting Agreement with Donald H. Neustadt</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">In accordance with the terms of the previously disclosed Employment Agreement between Donald H.
Neustadt and ACE entered into on August&nbsp;23, 2004, Mr.&nbsp;Neustadt and ACE have entered into an
Employment Separation Agreement whereby Mr.&nbsp;Neustadt&#146;s employment with the Company ceased effective
June&nbsp;30, 2005. Mr.&nbsp;Neustadt will continue to serve as a director of the Company.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">The Employment Separation Agreement provides for (1)&nbsp;a general release by each of the Company and
Mr.&nbsp;Neustadt, in favor of the other and the other&#146;s related persons and entities, of all claims
(subject to certain exceptions) regarding Mr.&nbsp;Neustadt&#146;s employment with the Company through June
30, 3005 and (2)&nbsp;the vesting of all unvested stock options held by Mr.&nbsp;Neustadt and the release
from all restrictions of all restricted stock held by Mr.&nbsp;Neustadt.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Also, as contemplated (and previously disclosed), effective July, 1, 2005, Mr.&nbsp;Neustadt and ACE
entered into a Consulting Agreement under which Mr.&nbsp;Neustadt will render consulting services to ACE
through June&nbsp;30, 2011, unless the consulting relationship is terminated earlier in accordance with
the Consulting Agreement.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Under the Consulting Agreement:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ACE will (1)&nbsp;pay Mr.&nbsp;Neustadt a consulting fee of $19,125
per month, (2)&nbsp;during Mr.&nbsp;Neustadt&#146;s life, pay all health
insurance premiums for him and his wife, and (3)
reimburse Mr.&nbsp;Neustadt&#146;s reasonable out-of-pocket
expenses incurred to perform the consulting services.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the consulting period, Mr.&nbsp;Neustadt will be
obligated to comply with certain nondisclosure,
noncompetition, and nonsolicitation covenants.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the consulting relationship is terminated before the
expiration of the term of the Consulting Agreement
because of Mr.&nbsp;Neustadt&#146;s death or permanent disability,
ACE will be obligated to continue to pay the monthly
consulting fees to Mr.&nbsp;Neustadt or his estate. If the
consulting relationship terminates because of a change in
control of ACE (as defined in the Consulting Agreement),
ACE will be obligated to pay Mr.&nbsp;Neustadt a lump-sum
amount equal to the sum of all consulting fees that would
thereafter have been payable under the Consulting
Agreement and an amount equal to the then present
actuarial value of the health insurance benefits that
would thereafter have been provided during Mr.&nbsp;Neustadt&#146;s
life, except that if Mr.&nbsp;Neustadt violates any of his
restrictive covenants before June&nbsp;30, 2011, he will have
to repay ACE or its successor certain of those
termination amounts (plus interest). ACE will have no
obligation to pay any further amounts to Mr.&nbsp;Neustadt if
ACE terminates the consulting relationship because of any
uncured material breach of the Consulting Agreement by
Mr.&nbsp;Neustadt.</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><U>Forward-looking Statements</U>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">This Report contains certain &#147;forward-looking statements&#148; within the meaning of Section&nbsp;27A of the
Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as
amended. These statements are generally identified by the use of words such as &#147;expect,&#148;
&#147;anticipate,&#148; &#147;estimate,&#148; &#147;believe,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;target,&#148; &#147;goal,&#148; &#147;should,&#148; &#147;would,&#148; and
terms with similar meanings.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Although ACE believes that the current views and expectations reflected in these forward-looking
statements are reasonable, these views and expectations, and the related statements, are inherently
subject to risks, uncertainties, and other factors, many of which are not under ACE&#146;s control and
may not even be predictable. Any inaccuracy in the assumptions, as well as those risks,
uncertainties and other factors, could cause the actual results to differ materially from these in
the forward-looking statements. These risks, uncertainties, and factors include, but are not
limited to, matters described in this Report and ACE&#146;s other reports filed with the Securities and
Exchange Commission, such as:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ACE&#146;s relationships with Republic Bank &#038; Trust Company, with
Travelers Express Company, Inc. and its affiliates, and with its lenders;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ACE&#146;s relationships with providers of services or products offered
by ACE or property used in its operations;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>federal and state governmental regulation of check cashing,
short-term consumer lending and related financial services businesses;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any impact on the loans offered by Republic Bank &#038; Trust Company at
ACE&#146;s stores in Texas, Pennsylvania and Arkansas from the implementation of the
revised Guidelines for Payday Lending announced on March&nbsp;1, 2005 by the Federal
Deposit Insurance Corporation, which revised Guidelines provide guidance to
banks that engage in payday lending, and include a requirement that such banks
develop procedures to ensure that a payday loan is not provided to any customer
with payday loans outstanding from any lender for more than 3&nbsp;months in the
previous 12&nbsp;months;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any litigation regarding ACE&#146;s short-term consumer lending activities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>theft and employee errors;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the availability of adequate financing, suitable locations,
acquisition opportunities and experienced management employees to implement
ACE&#146;s growth strategy;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increases in interest rates, which would increase ACE&#146;s borrowing
costs;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fragmentation of the check cashing industry and competition
from various other sources, such as banks, savings and loans, short-term
consumer lenders, and other similar financial services entities, as well as
retail businesses that offer services offered by ACE;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms and performance of third-party services offered at ACE&#146;s
stores; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>customer demand and response to services offered at ACE&#146;s stores.</TD>
</TR>

</TABLE>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">ACE expressly disclaims any obligation to update or revise any of these forward-looking statements,
whether because of future events, new information, a change in ACE&#146;s views or


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">expectations, or
otherwise. ACE makes no prediction or statement about the performance of ACE&#146;s Common Stock.

<!-- link1 "Item&nbsp;9.01. Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exhibits</U>. The following exhibits are filed herewith in
accordance with the provisions of Item&nbsp;601 of Regulation&nbsp;S-K:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employment Separation Agreement dated to be
effective as of June&nbsp;30, 2005, between ACE and Donald H. Neustadt.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consulting Agreement dated to be effective as
of July&nbsp;1, 2005 between ACE and Donald H. Neustadt.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>&#091;Signature Page Follows&#093;</B>



<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>ACE CASH EXPRESS, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Dated:  July 5, 2005&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ WALTER E. EVANS
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walter E. Evans&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Counsel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


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    <TD width="48%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

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<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Separation Agreement dated to be effective as of June&nbsp;30, 2005, between ACE and
Donald H. Neustadt.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consulting Agreement dated to be effective as of July&nbsp;1, 2005 between ACE and Donald H.
Neustadt.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d26813exv10w1.htm
<DESCRIPTION>EMPLOYMENT SEPARATION AGREEMENT
<TEXT>
<HTML>
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<TITLE>exv10w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.1



<P align="center" style="font-size: 10pt"><U>EMPLOYMENT SEPARATION AGREEMENT</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Employment Separation Agreement (&#147;<U>Agreement</U>&#148;), dated as of June&nbsp;30, 2005, is
between Ace Cash Express, Inc., a Texas corporation (the &#147;<U>Company</U>&#148;), and Donald H.
Neustadt, an individual resident of the State of Texas (&#147;<U>Neustadt</U>&#148;). The Company and
Neustadt are hereinafter collectively referred to as the &#147;<U>Parties</U>.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Neustadt has been previously employed by the Company under an Employment Agreement
dated as of July&nbsp;1, 2004 (the &#147;<U>Employment Agreement</U>&#148;);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Neustadt is ceasing his employment with the Company under the Employment Agreement on
the date of this Agreement (the &#147;<U>Separation Date</U>&#148;);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Parties desire to settle fully and finally, in the manner set forth herein, all
differences between them which have arisen, or which may arise, prior to, or at the time of, the
execution of this Agreement, including (without limitation) any and all claims and controversies
arising out of the Employment Agreement, the employment relationship between the Parties, and the
cessation thereof;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the foregoing and the covenants set forth in this
Agreement, the Parties hereby agree as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Cessation of Employment</U>. On the Separation Date, Neustadt resigns from, and
ceases, his employment with the Company. The preceding sentence shall not, however, affect
Neustadt&#146;s continuing service as a director of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>General Releases and Covenants Not to Sue</U>:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt, for himself and on behalf of his agents, attorneys-in-fact, heirs,
assigns, successors, executors, and administrators, IRREVOCABLY AND UNCONDITIONALLY
RELEASES, ACQUITS AND FOREVER DISCHARGES the Company and its current and former parent,
subsidiary, affiliated, and related corporations, firms, associations, partnerships,
and other entities (including, without limitation, the Subsidiaries), their successors
and assigns, and the current and former owners, shareholders, directors, officers,
partners, managers, members, employees, agents, attorneys, representatives, and
insurers of such corporations, firms, associations, partnerships, and entitles, and
their guardians, successors, assigns, heirs, executors, and administrators
(collectively, &#147;<U>Company Releasees</U>&#148;) from any and all claims, liabilities,
obligations, agreements, damages, causes of action, costs, losses, and attorneys&#146; fees
and expenses whatsoever, whether known or unknown, whether or not connected with or
related to the Employment Agreement, Neustadt&#146;s employment</TD>
</TR>

</TABLE>

<P align="right" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Company, or the cessation of that employment, including (without limitation)
any dispute, claim, charge, or cause of action arising under <B>Title VII of the Civil
Rights Act of 1964</B>, as amended, 42 U.S.C. &#167; 2000e, <I>et seq</I>., the <B>Americans with
Disabilities Act of 1990</B>, 42 U.S.C. &#167; 12101, <I>et seq</I>., the <B>Texas Commission on Human
Rights Act</B>, Tex. Labor Code &#167; 21.001, <I>et seq., </I>the <B>Age Discrimination in Employment
Act of 1967</B>, as amended, 29 U.S.C. &#167; 621 <I>et seq.</I>, the <B>Employee Retirement Income
Security Act of 1974</B>, as amended, 29 U.S.C. &#167; 1001, <I>et seq</I>., and any other
municipal, local, state, or federal law, common or statutory, which may have arisen,
or which may arise, prior to or at the time of the execution of this Agreement.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company, for itself and on behalf of its agents, attorneys-in-fact,
assigns, and successors and the Subsidiaries and their respective agents,
attorneys-in-fact, assigns, and successors, IRREVOCABLY AND UNCONDITIONALLY RELEASES,
ACQUITS AND FOREVER DISCHARGES Neustadt and his agents, attorneys-in-fact, guardians,
successors, assigns, heirs, executors, and administrators (collectively, &#147;<U>Neustadt
Releasees</U>&#148;) from any and all claims, liabilities, obligations, agreements, causes
of action, costs, losses, damages, and attorneys&#146; fees and expenses whatsoever, whether
known or unknown, connected with or related to the Employment Agreement, Neustadt&#146;s
employment by the Company or the cessation of that employment which may have arisen, or
which may arise, prior to or at the time of the execution of this Agreement; <I>excluding</I>
from the foregoing release, however, any claim that the Company may hereafter have
arising from or relating to any third-party claims made against the Company because of
any actions taken by Neustadt, or any commitments or representations made by Neustadt,
that violated any of Neustadt&#146;s fiduciary obligations to the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Parties acknowledges and agrees that it or he is expressly
releasing all claims known and suspected as well as all those unknown or not suspected
and that its or his release includes and contemplates the extinguishment of all claims
under any and all applicable laws.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt also COVENANTS NOT TO SUE, OR OTHERWISE PARTICIPATE IN ANY ACTION OR
CLASS ACTION against, any of the Company Releasees based upon any of the claims
released in paragraph 2(a) above.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company also COVENANTS NOT TO SUE, OR OTHERWISE PARTICIPATE IN ACTION OR
CLASS ACTION against, any of the Neustadt Releasees based upon any of the claims
released in paragraph 2(b) above.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Revocation</U>: Neustadt may revoke this Agreement by written notice to the Company
within seven days after his execution hereof (the &#147;<U>Revocation Period</U>&#148;). Neustadt agrees
that he will not receive the payments and benefits provided by this Agreement if he revokes this
Agreement. Neustadt also acknowledges and agrees that if written notice of revocation of this
Agreement has not been received by the Company before the expiration of the


<P align="right" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Revocation Period, he will have forever waived his right to revoke this Agreement, and this
Agreement shall thereupon and thereafter be enforceable.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Non-Admission</U>: Neustadt acknowledges and agrees that by entering into this
Agreement, the Company does not admit, but specifically denies, any violation of any local, state,
or federal law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Return of Company Property</U>: Neustadt agrees that he shall return all property
belonging to the Company or any of the Subsidiaries in his possession, custody, or control on, or
as soon as practicable after, the Separation Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Mutual Non-Disparagement</U>: Neustadt, solely on behalf of himself and his attorneys,
and the Company, solely on behalf of its officers, directors, partners, managers, members,
employees, agents, and attorneys who are managing agents with actual authority to speak for the
Company, with regard to Neustadt and his employment with the Company and his service to the
Subsidiaries, expressly acknowledge, agree, and covenant that they will not make any statements,
comments, or communications that could constitute disparagement of one another or that may be
considered to be derogatory or detrimental to the good name or business reputation of one another;
<I>provided, however</I>, that the terms of this paragraph shall not apply to communications between
Neustadt and his spouse, mental health professional, clergy, or attorneys, or between the Company
and its advisors and attorneys, to the extent (in any such case) that such communications are
subject to a claim of privilege existing under common law, statute, or rule of procedure. Where
applicable, this mutual non-disparagement covenant applies to any public or private statements,
comments, or communications in any form, whether oral, written, or electronic. The Parties further
agree that they will not in any way solicit any such statements, comments, or communications.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Payments and Benefits to Neustadt</U>: In consideration for all of Neustadt&#146;s
covenants herein:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall pay Neustadt, upon expiration of the Revocation Period (if
this Agreement has not been revoked by Neustadt), $1,000. Such amount shall be paid by
check drawn on an account of the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall provide Neustadt, as a former officer of the Company and a
former officer and director of certain of the Subsidiaries, rights to indemnification
under the applicable corporate documents of the Company and the Subsidiaries and
coverage under any directors&#146; and officers&#146; insurance policy maintained by the Company
for itself and the Subsidiaries.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall accelerate, upon the expiration of the Revocation Period, the
vesting of all outstanding and unvested options to purchase shares of the Company&#146;s
Common Stock granted to Neustadt under the Company&#146;s applicable stock incentive plans
and held by him as of the Separation Date. The Company shall also release, upon
expiration of the Revocation Period, the forfeiture restrictions on all shares of
Common Stock granted to Neustadt as restricted stock under the Company&#146;s applicable
stock incentive plan and held by him as of the</TD>
</TR>

</TABLE>

<P align="right" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Separation Date. Each existing option agreement and restricted stock agreement
between the Company and Neustadt regarding those outstanding options or shares of
restricted stock, as applicable, shall be deemed amended by the preceding sentence.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall afford Neustadt three months after the Separation Date to
exercise his vested options to purchase shares of the Company&#146;s Common Stock under the
Company&#146;s applicable stock incentive plans. The Company shall cooperate with Neustadt
in the exercise of those options that he chooses to exercise (in accordance with the
terms of the documents governing those options).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Tax Consequences of Payments</U>: The Parties acknowledge and agree that the Company
shall not withhold taxes or FICA from any of the payments and benefits described in paragraph 7
above and shall only report those proceeds as income as required by law. Neustadt, in consultation
with his tax advisor, shall determine issues respecting the tax consequences of these payments.
Neustadt agrees to indemnify the Company against, and hold the Company harmless from taxes, if any,
and any penalties and interest assessed against the Company resulting from the Parties&#146; tax
treatment of the payments and benefits described in paragraph 7 above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>No Effect on Other Agreements</U>. This Agreement does not affect or supersede (a)
the General Release and Covenant Not to Sue between the Parties dated as of June&nbsp;30, 2004, which
shall continue to be effective, or (b)&nbsp;any of the Parties&#146; respective post-employment covenants or
obligations expressed or referred to in the Employment Agreement, which shall continue to be
effective.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Governing Law and Venue</U>: This Agreement shall be governed by, enforced under, and
construed in accordance with the laws of the State of Texas, except only to the extent preempted by
federal law. Venue for any action or proceeding relating to this Agreement or the consulting
relationship hereunder shall lie exclusively in courts in Dallas County, Texas.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Statement of Understanding</U>: By executing this Agreement, Neustadt acknowledges
that (a)&nbsp;he has had at least 21&nbsp;days to consider the terms of this Agreement and has considered its
terms for that period of time or has knowingly and voluntarily waived his right to do so; (b)&nbsp;he
has consulted with, or has had sufficient opportunity to consult with, an attorney of his own
choosing regarding the terms of this Agreement; (c)&nbsp;he has read this Agreement and fully
understands its terms and their import; (d)&nbsp;except as provided by this Agreement, he has no
contractual right or claim to the benefits described herein; (e)&nbsp;the consideration provided for
herein is good and valuable; and (f) <B>he is entering into this Agreement voluntarily, of his own
free will, and without any coercion, undue influence, threat, or intimidation of any kind or type
whatsoever.</B>


<P align="center" style="font-size: 10pt">&#091;Signature Page Follows&#093;



<P align="right" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">EXECUTED in Irving, Texas, this 30th day of June, 2005.



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                           /s/ DONALD H. NEUSTADT
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">DONALD H. NEUSTADT&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">EXECUTED in Irving, Texas, this 30th day of June, 2005.



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ACE CASH EXPRESS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ JAY B. SHIPOWITZ
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="right" style="font-size: 10pt">&nbsp;
</DIV>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>d26813exv10w2.htm
<DESCRIPTION>CONSULTING AGREEMENT
<TEXT>
<HTML>
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<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.2



<P align="center" style="font-size: 10pt"><U>CONSULTING AGREEMENT</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Consulting Agreement (&#147;<U>Agreement</U>&#148;), dated to be effective as of July&nbsp;1, 2005
(the &#147;<U>Effective Date</U>&#148;), is between Ace Cash Express, Inc., a Texas corporation (the
&#147;<U>Company</U>&#148;), and Donald H. Neustadt, an individual resident of the State of Texas
(&#147;<U>Neustadt</U>&#148;). The Company and Neustadt are hereinafter referred to as the
&#147;<U>Parties</U>.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company wishes to obtain Neustadt&#146;s services as a consultant, upon the Company&#146;s
request, regarding various aspects of the Company&#146;s business with which Neustadt is familiar as a
result of his previous long-term employment with the Company;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company wishes to obtain Neustadt&#146;s covenants not to engage in certain activities
that are competitive with the Company&#146;s business or that interfere with the Company&#146;s business and
relationships; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Parties have entered into and delivered to each other an Employment Separation
Agreement dated as of June&nbsp;30, 2005, which is a condition to the Company&#146;s entering into this
Agreement;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the foregoing and the covenants set forth in this
Agreement, the Parties hereby agree as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Consulting Services</U>: Neustadt shall, for the six consecutive years on and after
the Effective Date<B>, </B>consult with the Company and its agents (including its attorneys), and provide
to the Company and its agents such assistance, as the Company or its agents may reasonably request
from time to time in connection with or relating to the Company&#146;s operations, certain of the
Company&#146;s third-party relationships, and regulatory proceedings or issues or material litigation
involving the Company. The consulting services shall include duties such as:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt&#146;s review of copies of certain internal operational and financial
reports and information provided to him and his advice to executive officers of the
Company regarding the subject matter of the reports and information;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt&#146;s review of abnormal patterns and trends regarding check cashing and
loan processing to provide timely recognition of fraudulent activity;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt&#146;s recommendations for enhancements to the daily detailed operational
reporting;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt&#146;s consultation to the CEO and Executive Management Team regarding
trends and potential process and control improvements;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt&#146;s improvement of check cashing and loan underwriting systems;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt&#146;s development of systems enhancements as directed by the CEO or
Executive Staff;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt&#146;s evaluation of risk management methodologies and recommendations for
improvement;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt&#146;s review of regulatory proceedings and issues and, if applicable,
material litigation involving the Company and his advice to executive officers of the
Company regarding those proceedings or litigation.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">Neustadt will be required to maintain access to the AS 400 operating system and Essbase from either
home or office. Neustadt&#146;s duties will necessarily change as a result of the evolving nature of
the Company&#146;s business and the resulting issues and circumstances affecting the Company and its
business.


<P align="left" style="font-size: 10pt">The Company&#146;s payments of amounts and provision of benefits to Neustadt, as described in paragraph
5 below, shall constitute compensation to Neustadt for all of these consulting services. This
paragraph shall not apply, however, to any actions that Neustadt takes or must take as a separate
party to any of such litigation or regulatory proceedings in which the Company is also involved.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Trade Secrets</U>: The Parties acknowledge and agree that, during the consulting
relationship hereunder, the Company will provide and make available to Neustadt, and Neustadt will
have access to and become familiar with, various trade secrets and proprietary and confidential
information of the Company, the Company&#146;s direct and indirect subsidiaries (the
&#147;<U>Subsidiaries</U>&#148;), and their affiliates, including processes, computer programs, compilations
of information, records, sales procedures, customer requirements, pricing techniques, customer
lists, identity of employees, methods of doing business, and other confidential information
(collectively, &#147;<U>Trade Secrets</U>&#148;) which are owned by the Company, the Subsidiaries, and/or
their affiliates and regularly used in the operation of their business, and as to which the
Company, the Subsidiaries, and/or their affiliates take precautions to prevent dissemination to
persons other than certain directors, officers, partners, managers, members, and employees.
Neustadt acknowledges and agrees that the Trade Secrets (a)&nbsp;are secret and not known in the
industry; (b)&nbsp;give the Company, the Subsidiaries, and/or their affiliates an advantage over
competitors who do not know or use the Trade Secrets; (c)&nbsp;are of such value and nature as to make
it reasonable and necessary to protect and preserve the confidentiality and secrecy of the Trade
Secrets; and (d)&nbsp;are valuable and special and unique assets of the Company, the Subsidiaries,
and/or their affiliates, the disclosure of which could cause substantial injury and loss of profits
and goodwill to the Company, the Subsidiaries and/or their affiliates. Neustadt may not use in
any way or disclose any of the Trade Secrets, directly or indirectly, during the consulting
relationship or at any time thereafter, except (i)&nbsp;as required in connection with a judicial or
administrative proceeding or in connection with rendering the consulting services described in
paragraph 1 above, or (ii)&nbsp;if the information becomes public knowledge other than as a result of an
unauthorized disclosure by Neustadt. All files, records, documents, information, data, and similar
items relating to the business of the Company, whether prepared by Neustadt or otherwise coming
into his possession, will remain the exclusive property of the Company, and in any event must be
promptly delivered to the Company upon the expiration or termination of the consulting


<P align="right" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">relationship under this Agreement. Neustadt agrees upon his receipt of any subpoena, process,
or other request to produce or divulge, directly or indirectly, any Trade Secrets to any entity,
agency, tribunal, or person, Neustadt shall timely notify and promptly hand deliver a copy of the
subpoena, process or other request to the Company. For this purpose, Neustadt irrevocably
nominates and appoints the Company (including any attorney retained by the Company), as his true
and lawful attorney-in-fact, to act in Neustadt&#146;s name, place and stead to perform any act that
Neustadt might perform to defend and protect against any disclosure of any Trade Secret.



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Noncompetition Covenant</U>:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the maximum 72-month term of the consulting relationship hereunder (the
&#147;<U>Restricted Period</U>&#148;), Neustadt shall not, anywhere within the Restricted
Territory (as defined below), directly or indirectly engage in any activity which, or
any activity for any enterprise or entity a material part of the business of which, is
a Competing Business (as defined below). The activity prohibited by the preceding
sentence includes any kind of ownership (other than ownership of less than 1% of a
class of publicly traded securities) in or of, or acting as a director, officer, agent,
employee, or consultant of or for, any enterprise or entity referred to in the
preceding sentence. For the purpose of this paragraph 3(a), the &#147;<U>Restricted
Territory</U>&#148; means, collectively, Dallas County, Texas; each county (or equivalent
subdivision) of any state, district, or territory of the United States of America in
which the Company or any of the Subsidiaries has any retail location; and each county
(or equivalent territory) adjacent to any of the preceding counties (or equivalent
territories). Also for the purpose of this paragraph 3(a), &#147;<U>Competing
Business</U>&#148; means any business that is competitive with (i)&nbsp;any business conducted by
the Company or any of its Subsidiaries as of the Effective Date, (ii)&nbsp;any business that
the Company or any of its Subsidiaries plans, as of the Effective Date, to conduct in
the future if Neustadt has been involved before the Effective Date in formulating or
implementing those plans, and (iii)&nbsp;any business conducted, or any plan to conduct
business, by the Company or any of its Subsidiaries, in addition to or different than
any business or any plan described in either of the two preceding clauses, during the
consulting relationship hereunder if Neustadt renders any consulting time or effort for
the Company regarding that additional or different business or plan. Further, for the
purpose of this paragraph 3(a), &#147;<U>indirectly</U>&#148; means the performance of services
by any business or entity in which Neustadt either owns or possesses more than a 1%
interest in profits, losses, or capital or is a partner, or for which Neustadt acts as
officer, director, agent, or representative, or to which Neustadt provides consulting
or advisory services.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt acknowledges and agrees that, in light of the Company&#146;s covenants
herein and other applicable circumstances, the restrictions imposed in this paragraph 3
are reasonable, are prompted by the Company&#146;s desire to protect its legitimate business
interests (including the Trade Secrets), and will not be unduly burdensome to him.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Nonsolicitation Covenants</U>:</TD>
</TR>

</TABLE>

<P align="right" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the Restricted Period, Neustadt shall not directly or indirectly
solicit, divert, or appropriate to or for any Competing Business (as defined in
paragraph 3(a) above) the financial services business of any customer of the Company,
or in any manner solicit or induce any customer, franchisee, supplier, or other person
with a business relationship with the Company to cease that business relationship with
the Company or to refuse in the future to conduct business with the Company. In this
paragraph 4, &#147;<U>indirectly</U>&#148; is used as defined in paragraph 3(a) above.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the Restricted Period, Neustadt shall not directly or indirectly
solicit, recruit, or employ any employee or regular consultant of the Company, or in
any other manner attempt to induce any employee or regular consultant of the Company to
leave the employ of the Company or cease his or her consulting or other business
relationship with the Company, unless such person has not been employed by or provided
consulting services to the Company at least 12&nbsp;months before any solicitation,
recruitment, or employment by Neustadt or any entity or enterprise with which Neustadt
is in any way associated.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt acknowledges and agrees that, in light of the Company&#146;s covenants
herein and other applicable circumstances, the restrictions imposed in this paragraph 4
are reasonable, are prompted by the Company&#146;s desire to protect its legitimate business
interests (including the Trade Secrets), and will not be unduly burdensome to him.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Payments and Benefits to Neustadt</U>: In consideration for Neustadt&#146;s consulting
services and his compliance with or performance of all of his other covenants herein:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall pay Neustadt during the term of the consulting relationship,
by checks drawn on one or more accounts of the Company, 72&nbsp;monthly installments of
$19,125.00 each on or before the first day of each calendar month, beginning on the
Effective Date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall reimburse Neustadt his reasonable out-of-pocket expenses
incurred in rendering the consulting services described in paragraph 1 above in
accordance with the Company&#146;s reimbursement policies and procedures in effect at the
time.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall provide benefits to Neustadt and his Dependent (as defined
below) under the Benefit Plans (as defined below) during the consulting relationship
and during Neustadt&#146;s lifetime after either the expiration of the consulting
relationship or the termination of the consulting relationship by Neustadt under
paragraph 7(c)(i) below. To the extent that Neustadt or his Dependent, or both, cannot
participate in any of the Benefit Plans, however, the Company shall pay Neustadt an
amount that is the economic equivalent of the coverage that would be provided under the
Benefit Plan if Neustadt or his Dependent (or both, if applicable) had been a
participant. &#147;<U>Dependent</U>&#148; means</TD>
</TR>

</TABLE>

<P align="right" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Karen Neustadt so long as she remains a dependent of Neustadt for federal income tax
purposes. &#147;<U>Benefit Plans</U>&#148; means the health, dental, and similar benefit
plans available generally to the Company&#146;s employees that the Company maintains
during the consulting relationship.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Independent Contractor; Tax Consequences of Payments and Benefits</U>:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consulting services rendered by Neustadt under this Agreement shall be
provided as an independent contractor to the Company, and nothing in this Agreement
creates or shall be deemed to create the relationship of partners, joint venturers,
employer-employee, or principal-agent between the Parties. Neustadt shall have no
authority, without the prior written consent of an executive officer of the Company, to
(i)&nbsp;create any obligation or responsibility on the part of the Company, (ii)&nbsp;legally
bind or obligate the Company in any other manner, or (iii)&nbsp;supervise or direct any of
the Company&#146;s employees.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall not withhold taxes or FICA from any of the payments and
benefits described in paragraph 5 above or report those items as income to Neustadt.
Neustadt shall be responsible for filing all necessary tax returns and remitting
amounts due to the proper taxing authorities for any federal, state, and local tax
(including social security tax) owed by him with respect to the payments and benefits
made to him by the Company hereunder. Neustadt agrees to indemnify the Company
against, and hold the Company harmless from taxes, and any penalties and interest,
assessed against the Company resulting from the Parties&#146; tax treatment of the payments
and benefits described in paragraph 5 above.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Term and Termination of Consulting Relationship</U>:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term of the consulting relationship expressed in this Agreement shall
commence on the Effective Date and continue until, and shall expire upon (and
including), the day preceding the sixth anniversary of the Effective Date, unless the
consulting relationship is sooner terminated in accordance with paragraph 7(b) or
paragraph 7(c) below.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may, upon written notice to Neustadt, terminate the consulting
relationship upon the Company&#146;s determination that (i)&nbsp;Neustadt has refused or
willfully and intentionally failed to render the consulting services to the Company
described in paragraph 1 above or has otherwise breached this Agreement to any material
extent, and if such refusal, failure, or breach is curable or remediable, such refusal,
failure, or breach continues without cure or remedy after thirty (30)&nbsp;days&#146; notice to
Neustadt by the Company, or (ii)&nbsp;Neustadt is unable to continue to render consulting
services because of any physical or mental injury, illness, or disability that extends
for at least three consecutive months. The consulting relationship in this Agreement
shall also terminate upon Neustadt&#146;s death.</TD>
</TR>

</TABLE>

<P align="right" style="font-size: 10pt">5
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt may, upon written notice to the Company, terminate the consulting
relationship upon (i)&nbsp;any failure by the Company to make any of the payments or provide
any of the benefits described in paragraph 5 above that continues, without cure or
remedy, after thirty (30)&nbsp;days&#146; notice of failure to the Company by Neustadt, or (ii)&nbsp;a
Change in Control, as defined in Exhibit&nbsp;A to this Agreement.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of the termination of the consulting relationship, Neustadt shall
be entitled to all amounts payable and benefits to be provided to him under paragraph 5
above through the calendar month in which the termination is effective. Except for
such amounts, except for the benefits to be provided under paragraph 5(c) above during
Neustadt&#146;s lifetime after the expiration or the termination of the consulting
relationship described in that paragraph, and except as provided in paragraphs 7(e) and
7(f) below, the Company shall have no further obligation to pay any amount or provide
any other benefit under this Agreement. Upon Neustadt&#146;s death, any amount that may be
due to him under this Agreement shall be paid to his administrators, heirs, legatees,
or personal representatives, as may be appropriate.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the consulting relationship is terminated by Neustadt upon a Change in
Control, then the Company shall pay Neustadt (i)&nbsp;the sum of all of the remaining
monthly installments described in paragraph 5(a) above that would otherwise be payable
after the date of the termination of the consulting relationship (the &#147;<U>Installments
Payment</U>&#148;), and (ii)&nbsp;an amount equal to the then present actuarial value (determined
by an independent actuary selected by the Company) of the Company&#146;s good-faith estimate
of the benefits that it would otherwise have been obligated to provide to Neustadt
under paragraph 5(c) above (the &#147;<U>Benefits Payment</U>&#148;). The Installments Payment
and the Benefits Payment shall be made in a lump sum in cash, by certified or cashier&#146;s
check, or by wire transfer of immediately available funds to an account designated by
Neustadt. Nevertheless, if Neustadt should breach or violate any of his covenants in
paragraphs 2, 3, and 4 above at any time during the Restricted Period, Neustadt (or his
legal successor or successors) shall be obligated to immediately pay the Company (or
its legal successor) an amount equal to (A)&nbsp;the sum of all of the monthly installments
that (in the absence of the Installments Payment to Neustadt) would have been payable
to Neustadt for and after the month during which such breach or violation occurred, and
(B)&nbsp;an amount equal to the product of the Benefits Payment times a fraction, the
numerator of which is the number of calendar months (whether full or partial) remaining
in the Restricted Period since the date of Neustadt&#146;s breach or violation, and the
denominator is 72. If Neustadt must pay such amount because of a breach or violation
of a covenant, then he shall also be obligated to pay interest on such amount, accruing
from the date that payment was made to Neustadt in accordance with the first two
sentences of this paragraph 7(e), at the prime rate publicly announced by JP Morgan
Chase Bank in effect on the date of such breach or violation (or, if less, the maximum
rate permitted by law). Neustadt shall pay the amount or amounts due in cash, by
certified or cashier&#146;s check, or by wire transfer of immediately available funds to an
account designated by the Company.</TD>
</TR>

</TABLE>

<P align="right" style="font-size: 10pt">6
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the consulting relationship is terminated under clause (ii)&nbsp;of paragraph
7(b) above or because of Neustadt&#146;s death, the Company shall continue to pay the
remaining monthly installments payable to Neustadt under paragraph 5(a) above in
accordance with that paragraph. Nevertheless, if Neustadt should breach or violate any
of his covenants in paragraphs 2, 3, and 4 above at any time during the Restricted
Period, Neustadt shall no longer be entitled to any of the monthly installments that
would have been payable to him, or to any of the benefits to be provided to him under
paragraph 5(c) above, for or after the month during which such breach or violation
occurred.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The respective rights and obligations of the Parties under this Agreement shall
survive the expiration or termination of the consulting relationship to the extent
necessary to give full effect to those rights and obligations. Without limiting the
generality of the preceding sentence, the respective rights and obligations of the
Parties under (i)&nbsp;paragraphs 2, 3, and 4 above, (ii)&nbsp;if applicable, and except as
otherwise provided in paragraph 7(e) or paragraph 7(f) above, under paragraph 5(c)
above, and (iii)&nbsp;if applicable, under paragraph 7(e) or paragraph 7(f) above, shall
survive the expiration or termination of the consulting relationship. A Party&#146;s
exercise of its or his right to terminate the consulting relationship shall not be that
Party&#146;s exclusive right or remedy in the event of the other Party&#146;s failure to perform
or breach of its obligations under this Agreement. Further, none of the remedies
provided above in this paragraph 7 for any breach or violation of any of Neustadt&#146;s
covenants in paragraphs 2, 3, and 4 above shall be an exclusive remedy.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Assignment</U>: This Agreement is personal to Neustadt, and he may not assign or
delegate any of his rights or obligations hereunder without the Company&#146;s prior written consent.
The Company may assign or delegate its rights and obligations hereunder to any successor or
successors to all or substantially all of the business and assets of the Company or to any entity
that controls, is controlled by, or is under common control with the Company so long as that entity
is capable of performing the obligations of the Company under this Agreement. Subject to the
foregoing, the rights and obligations under this Agreement shall inure to the benefit of, and shall
be binding upon, the heirs, legatees, successors, representatives, and permitted assigns of the
respective Parties. None of the Dependents shall be a third-party beneficiary of, or entitled to
enforce any obligations under, this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <U>Severability and Reformation</U>: The Parties intend all provisions of this Agreement
to be enforced to the fullest extent permitted by law. If, however, any provision of this
Agreement is held to be illegal, invalid, or unenforceable under any present or future law, such
provision shall be fully severable; this Agreement shall be construed and enforced as if such
illegal, invalid, or unenforceable provision were never a part hereof; this Agreement shall be
construed and enforced as if such illegal, invalid, or unenforceable provision were never a part
hereof; the remaining provisions of this Agreement shall remain in full force and effect and shall
not be affected by the illegal, invalid, or unenforceable provision or by its severance; and, in
lieu of such illegal, invalid, or unenforceable provision, there shall be added as a part of this
Agreement a provision as similar in its terms to such illegal, invalid, or unenforceable provision
as may be possible and be legal, valid, and enforceable. Without limiting the generality of the


<P align="right" style="font-size: 10pt">7
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">preceding sentence, if a court of competent jurisdiction determines that the scope of any
restriction in paragraphs 3 and 4 above is too broad to be enforced as written, the Parties intend
that the court reform the restriction to such narrower scope as it determines to be reasonable and
enforceable.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Notices</U>: Any notice or other communication to be given under this Agreement by
one Party to the other must be in writing and must be (a)&nbsp;personally delivered, (b)&nbsp;mailed by
registered or certified mail, postage prepaid with return receipt requested, (c)&nbsp;delivered by a
reputable courier service, or (d)&nbsp;transmitted by facsimile, in any event to the address or
facsimile number set forth below (or to such other address or facsimile number as may have been
designated by either or both of the Parties from time to time in accordance with this paragraph
10):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to the Company:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ace Cash Express, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1231 Greenway Drive</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;600</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Irving, Texas 75038</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Chief Executive Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile Number: (972)&nbsp;582-1430</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to Neustadt:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Donald H. Neustadt</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">819 Independence Parkway</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Southlake, Texas 75092</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile Number: (817)&nbsp;421-8701</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">Any notice or other communication delivered personally or by courier service shall be deemed given
and received as of actual receipt. Any notice or other communication mailed as described above
shall be deemed given and received three business days after mailing or upon actual receipt,
whichever is earlier. Any notice or other communication transmitted by facsimile shall be deemed
given and received upon receipt of the transmission confirmation by the sender.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Amendments and Waivers</U>: No amendment or modification of this Agreement will be
valid or binding upon the Parties unless it is in writing and signed by both of the Parties. No
waiver of any term or condition of this Agreement, or of any performance or nonperformance of this
Agreement, shall be binding unless the waiver is in writing and signed by the Party against which
the waiver is to be enforced. Any waiver of any breach of any provision of this Agreement will not
operate or be construed as a waiver of any other or any subsequent breach.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Certain Defined Terms</U>: As used in this Agreement, (a) &#147;<U>include</U>&#148; and
&#147;<U>including</U>&#148; do not denote or imply any limitation, (b) &#147;<U>business day</U>&#148; means any
Monday through Friday other than any such day on which the executive offices of the Company are
closed, and (c) &#147;<U>herein</U>,&#148; &#147;<U>hereof</U>,&#148; &#147;<U>hereunder</U>,&#148; and similar terms are
references to this Agreement as a whole and not to any particular provision of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<U>Governing Law and Venue</U>: This Agreement shall be governed by, enforced under, and
construed in accordance with the laws of the State of Texas, except only to the extent


<P align="right" style="font-size: 10pt">8
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">preempted by federal law. Venue for any action or proceeding relating to this Agreement or
the consulting relationship hereunder shall lie exclusively in courts in Dallas County, Texas.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<U>Entire Agreement</U>. This Agreement (with Exhibit&nbsp;A hereto) contains the entire
agreement of the Parties as to the subject matter hereof and supersedes all prior agreements and
understandings, whether oral or written, between the Parties with respect to the subject matter
hereof. Exhibit&nbsp;A is an integral part of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<U>Statement of Understanding</U>: By executing this Agreement, Neustadt acknowledges
that (a)&nbsp;he has consulted with, or has had sufficient opportunity to consult with, an attorney of
his own choosing regarding the terms of this Agreement; (b)&nbsp;he has read this Agreement and fully
understands its terms and their import; (c)&nbsp;the consideration provided for herein is good and
valuable; and (d) <B>he is entering into this Agreement voluntarily, of his own free will, and without
any coercion, undue influence, threat, or intimidation of any kind or type whatsoever.</B>


<P align="left" style="font-size: 10pt">EXECUTED this 30th day of June, 2005.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ DONALD H. NEUSTADT</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DONALD H. NEUSTADT</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ACE CASH EXPRESS, INC.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By :
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ JAY B. SHIPOWITZ</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="right" style="font-size: 10pt">9
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><U>Exhibit&nbsp;A to Consulting Agreement</U>



<P align="left" style="font-size: 10pt">&#147;<U>Change in Control</U>&#148; means the occurrence of any one or more of the following:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Person becomes an Acquiring Person, except as the result of (A)&nbsp;any acquisition of Voting
Securities of the Company by the Company or (B)&nbsp;any acquisition of Voting Securities of the
Company directly from the Company (as authorized by the Board).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Individuals who constitute the Incumbent Board cease for any reason to constitute at least a
majority of the Board; and for this purpose, any individual who becomes a member of the Board
after the Effective Date whose election, or nomination for election by holders of the
Company&#146;s Voting Securities, was approved by the vote of at least a majority of the
individuals then constituting the Incumbent Board shall be considered a member of the
Incumbent Board (except that any such individual whose initial election as director occurs as
the result of an actual or threatened election contest, within the meaning of Rule&nbsp;14a-11
under the Exchange Act, or other actual or threatened solicitation of proxies or consents by
or on behalf of a Person other than the Board shall not be so considered).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consummation of a reorganization, merger, share exchange, consolidation, or sale or
disposition of all or substantially all of the assets of the Company unless, in any case, the
Persons who or which Beneficially Own the Voting Securities of the Company immediately before
that transaction Beneficially Own, directly or indirectly, immediately after the transaction,
at least 75% of the Voting Securities of the Company or any other corporation or other entity
resulting from or surviving the transaction (including a corporation or other entity which, as
the result of the transaction, owns all or substantially all of Voting Securities of the
Company or all or substantially all of the Company&#146;s assets, either directly or indirectly
through one or more subsidiaries) in substantially the same proportion as their respective
ownership of the Voting Securities of the Company immediately before that transaction.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s shareholders approve a complete liquidation or dissolution of the Company.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">For the purposes of the preceding definition, the following terms have the corresponding meanings:


<P align="left" style="font-size: 10pt">&#147;<U>Acquiring Person</U>&#148; means any Person (other than an Excluded Person) who or which, alone or
together with all Affiliates and Associates of that Person, is the Beneficial Owner of 25% or more
of the Voting Securities of the Company then outstanding.


<P align="left" style="font-size: 10pt">&#147;<U>Affiliate</U>&#148; and &#147;<U>Associate</U>&#148; have the respective meanings ascribed to them in Rule
12b-2 under the Exchange Act.



<P align="right" style="font-size: 10pt">A-1
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">&#147;<U>Beneficial Owner</U>&#148; means beneficial owner as defined in Rule&nbsp;13d-3 under the Exchange Act.
(&#147;<U>Beneficially Owns</U>&#148; has the correlative meaning.) Any calculation of the number of Voting
Securities outstanding at any particular time, including for purposes of determining the particular
percentage of such outstanding Voting Securities of which any Person is the Beneficial Owner, shall
be made in accordance with the last sentence of Rule&nbsp;13d-3(d)(1)(i) under the Exchange Act.


<P align="left" style="font-size: 10pt">&#147;<U>Board</U>&#148; means the Board of Directors of the Company.


<P align="left" style="font-size: 10pt">&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934, as amended from time to time.


<P align="left" style="font-size: 10pt">&#147;<U>Excluded Person</U>&#148; means:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neustadt or any group (within the meaning of Section&nbsp;13(d)(3) of the Exchange Act) of which
Neustadt is a member;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Person that controls (as defined in Rule&nbsp;12b-2 under the Exchange Act) the Company as of
the date of the Agreement or any group of which any such Person is a member;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any employee-benefit plan, or related trust, sponsored or maintained by the Company or any
of its Subsidiaries, or any trustee or other fiduciary thereof; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any corporation or other entity owned directly or indirectly by the shareholders of the
Company in substantially the same proportions as their ownership of the Voting Securities of
the Company.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&#147;<U>Incumbent Board</U>&#148; means the members of the Board on the Effective Date (subject, however,
to clause (ii)&nbsp;of the definition of &#147;Change in Control&#148;).


<P align="left" style="font-size: 10pt">&#147;<U>Person</U>&#148; means any individual, firm, corporation, partnership, limited liability company,
trust, or other entity, including any successor (by merger or otherwise) of such entity.


<P align="left" style="font-size: 10pt">&#147;<U>Subsidiary</U>&#148; means a corporation or other entity, whether incorporated or unincorporated,
of which at least a majority of the Voting Securities is owned, directly or indirectly, by the
Company.


<P align="left" style="font-size: 10pt">&#147;<U>Voting Securities</U>&#148; means securities or other interests having by their terms ordinary
voting power to elect members of the board of directors of a corporation or individuals serving
similar functions for a noncorporate entity.




<P align="right" style="font-size: 10pt">A-2
</DIV>


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