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Exhibit 10.8(a)

      

      

STOCK WARRANT AGREEMENT

CCRT International Holdings B.V.

Krishnakumar Srinivasan

      

      

Donahue & Partners
5 Times Square
New York, NY 10023
Tel. +1 (212) 773 3355
Fax. +1 (212) 773 8814

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TABLE OF CONTENTS

SECTION 1   CONVEYANCE STOCK WARRANT   1
SECTION 2
 
VESTING DATE
 
1
SECTION 3
 
EXERCISE
 
2
SECTION 4
 
CONSIDERATION
 
2
SECTION 5
 
TERMS
 
2
SECTION 6
 
TERM
 
3
SECTION 7
 
GENERAL COMPLIANCE
 
3
SECTION 8
 
FORCE MAJEURE
 
3
SECTION 9
 
NOTICES
 
3
SECTION 10
 
REPRESENTATIONS AND WARRANTIES
 
4
SECTION 11
 
MISCELLANEOUS
 
4
SECTION 12
 
APPLICABLE LAW—DISPUTE SETTLEMENT
 
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Exhibit I   Applied Economics determination documenting the Warrant Sale Price
Exhibit II
 
Applied Economics determination documenting the Exercise Price
Exhibit III
 
Additional Defined Terms

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STOCK WARRANT AGREEMENT

THIS AGREEMENT IS ENTERED INTO ON THE                        DAY OF OCTOBER, TWO
THOUSAND AND FOUR, TO BE EFFECTIVE AS OF THE FIRST DAY OF JULY, TWO THOUSAND AND
FOUR (THE "EFFECTIVE DATE")

BETWEEN:

1.CCRT International Holdings B.V., a company with limited liability organised
under the laws of the Netherlands, having its statutory seat at Amsterdam, the
Netherlands and its registered office at Strawinskylaan 3105, 7e etage, 1077 ZX
Amsterdam, the Netherlands, hereinafter referred to as the "Company";

and

2.Krishnakumar Srinivasan, a citizen of the United States of America residing at
                                        , hereinafter referred to as the
"Holder";

Company and Holder being collectively referred to hereinafter as the "Parties";

WHEREAS:

•Company is a company belonging to the CompuCredit Group of companies,
ultimately held by CompuCredit Corporation of Atlanta, GA;

•Company holds 99.99% of the issued and outstanding shares in the share capital
of Creditinfo Support Services India Private Limited, a limited liability
company organised under the laws of India, having its registered office at
8/1 Sundaram Salai, RA Puram, Chennai 600 028, India, hereinafter referred to as
the "Subsidiary", consisting of nine thousand nine hundred ninety nine (9,999)
of ten thousand issued and outstanding shares, numbered one (1) up to and
including nine hundred ninety nine (9,999) collectively referred to as Share
Certificate #1, according to its Articles of Association having a nominal value
of ten India Rupees (INR 10) per share;

•Company has decided it is in the best interest of the Company and the
CompuCredit Group to issue a Stock Warrant (as hereinafter defined) to Holder
and Holder wishes to accept the warrant as of the Effective Date;

•The Company and Holder wish to lay down their verbal agreement in writing;

NOW, THEREFORE, PARTIES AGREE AS FOLLOWS:

Section 1    Conveyance Stock Warrant

a)The Company hereby sells to the Holder a warrant (the "Stock Warrant") for a
sale price as determined by Applied Economics (attached hereto as Exhibit I, the
"Warrant Sale Price") to purchase a total of six point five (6.5) percent of
issued and outstanding shares in the share capital of Subsidiary as per the
Effective Date (the "Shares"), for an exercise price as determined by Applied
Economics (attached hereto as Exhibit II, the "Exercise Price").

b)No rights or privileges of a stockholder in the Subsidiary are conferred by
reason of the granting of the Stock Warrant. Holder will not become a
stockholder in the Subsidiary with respect to the Shares unless and until the
Stock Warrant has been properly exercised and the Exercise Price fully paid.

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Section 2    Vesting Date

        Provided that Holder's employment with the CompuCredit Group has not
terminated prior to the relevant Vesting Date, on July 1, 2005, July 1, 2006 and
July 1, 2007, respectively (the"Vesting Dates"), Holder shall have the right to
purchase the Shares in thirds, in increments of two point two (2.2) percent, two
point two (2.2) percent and two point one (2.1) percent of the issued and
outstanding shares in the share capital of the Subsidiary, respectively
(individually referred to as the "Existing Share Allotment"), at the Exercise
Price.

Section 3    Exercise

        Prior to the termination of this Agreement for any reason, Holder may
exercise any vested portion of the Stock Warrant by providing written notice to
Company within thirty (30) calendar days prior to the proposed date of such
exercise as provided herein (the "Exercise Date"). The Company shall promptly
cooperate with the sale and transfer of the Existing Share Allotment, including
but not limited to filing prior notifications or requesting approval of any
regulatory agency, as required, in connection with the purchase of the Existing
Share Allotment.

Section 4    Consideration

a)Holder shall pay the Warrant Sale Price within one (1) month of the execution
date hereof to the bank account of Company, account number              with ABN
AMRO Bank, Amsterdam, the Netherlands (the "Bank Account"), in the United States
dollar equivalent at the date of payment.

b)In the event Holder exercises the Stock Warrant for an Existing Share
Allotment as set forth in Section 3, Holder shall pay the Exercise Price within
one (1) month of the applicable Exercise Date, to the bank account of Company,
account number              with ABN AMRO Bank, Amsterdam, the Netherlands, in
the United States dollar equivalent at the date of payment. The Company shall
not be required to transfer Shares to Holder until receipt by the Company of the
Exercise Price is confirmed.

Section 5    Terms

        The Holder understands that, without limitation, the following terms
apply to the Stock Warrant;

a)Holder shall not be entitled to transfer, lien, pledge, or otherwise encumber
the Stock Warrant or Existing Share Allotments other than:

(i)with the prior written consent of the Company;

(ii)pursuant to the last will and testament or the laws of descent and
distribution provided that the recipients thereof as a prerequisite to receiving
the Stock Warrant or Existing Share Allotments agree to be bound by the terms
hereof, or

(iii)in a public market transaction in the event that the common shares become
publicly traded;

(iv)As, and if, applicable any such permitted transfer shall be made in
accordance with the registration requirements of the United States
Securitization Act of 1933, as amended, or an exemption therefrom

b)In the event that the Company sells any of its issued and outstanding shares
in the share capital of Subsidiary, at the option of the Company, Holder shall
be required to sell all or a portion of the Existing Share Allotments in the
same proportion, on proportionate terms.

c)In the event the Company sells fifty (50) percent more of its issued and
outstanding shares in the share capital of Subsidiary in a single transaction or
series of related transactions, the Company

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shall use all reasonable efforts to assist Holder to sell the same proportion of
the Existing Share Allotments on proportionate terms.

d)At the Company's request, Holder shall execute any reasonable shareholders',
underwriting, lock-up or similar agreement in connection with any sale,
financing or other transaction where such agreement is customary.

e)In the event Holder's employment with the CompuCredit Group is terminated by
the CompuCredit Group other than for cause, any and all Existing Share
Allotments shall vest immediately.

f)In the event Holder's employment with the CompuCredit Group is terminated by
the CompuCredit Group for cause, or terminated by the Holder, other than for
good reason (as the terms "cause" and "good reason" are defined in Exhibit III
attached hereto), the Company shall have the right, but not the obligation, to
repurchase any Existing Share Allotments at a price equal to the fair market
value thereof. The fair market value being the amount agreed to by Holder and
the Company or, in the event that no agreement can be reached, the appraised
value of the Existing Share Allotments in the hands of a buyer located in the
continental United States of America as determined by an independent appraiser
selected by the Company.

g)In the event the Company or the CompuCredit Group determines that it is more
advantageous from a tax or accounting perspective to modify the Agreement,
Holder shall accept any and all modifications, as long as the modifications do
not materially and adversely impact the economic benefits of this Agreement.

Section 6    Term

        This Stock Warrant will expire, unless previously exercised in full, on
July 1, 2008, which date is on or prior to the fourth anniversary of the
Effective Date.

Section 7    General Compliance

        Each Party shall at all times:

a)strictly comply with all applicable laws, rules, regulations and governmental
orders, now or hereafter in effect, relating to its performance of this
Agreement; and

b)pay all fees and other charges required by such laws, rules, regulations and
orders.

Section 8    Force Majeure

        Neither Party shall be liable to the other for its failure to perform
any of its obligations hereunder during any period in which such performance is
delayed by circumstances beyond its reasonable control including, but not
limited to, fire, flood, war, embargo, strike, riot, inability to secure
materials and transportation facilities, or the intervention of any governmental
authority, in each case not otherwise invoking a breach of this Agreement. If
such delay continues for more than sixty (60) days, the Party damaged by the
inability of the other Party to perform shall have the right to terminate this
Agreement with immediate effect upon written notice.

Section 9    Notices

        All notices and other communications required or permitted hereunder
shall be in writing and shall be mailed by registered or certified mail, postage
prepaid, or otherwise delivered by hand, messenger or by telecommunication to
the address of the applicable Party specified in the introductory paragraph
above, or to such other address or addresses as either Party may, from time to
time, designate as to itself in a written notice.

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Section 10    Representations and Warranties

        Company represents and warrants to Holder that:

a)Company has the full and unencumbered title to the Shares;

b)no other party than Holder has any right to claim the issuance or transfer of
shares in the share capital of Subsidiary;

c)the Shares have not been seized; and

d)Company has not assumed any obligation towards third parties with respect to
the assignment of the Shares and/or the encumbrance of the Shares by any
security interest or beneficial rights.

Section 11    Miscellaneous

a)Parties shall each bear their own costs related to the execution of this
Agreement, the Stock Warrant and the exercise thereof, including, without
limitation, tax liabilities, lawyers' fees and expenses.

b)The failure of either Party to enforce the provisions of this Agreement at any
time, or the failure to require at any time performance by the other Party of
any of the provisions of this Agreement, shall in no way be construed to be a
present or future waiver of such provisions, nor in any way affect the validity
of either Party to enforce each and every such provision.

c)This Agreement may be executed in two (2) or more counterparts, all of which,
taken together, shall be as effective as if all signatures on the counterparts
were on a single copy of this Agreement.

d)This Agreement may be amended at any time by written agreement between the
Parties.

e)This Agreement and the Exhibits attached hereto contain the entire agreement
and understanding between the Parties hereto with respect to the subject matter
hereof.

f)If any provision of this Agreement is or becomes unenforceable or invalid at
any time and under any legislation, statute, precedent, rule or regulation, in
any jurisdiction in which the Parties or the Subsidiary are located or in which
this Agreement is being performed, the remainder of this Agreement shall be
valid and enforceable. Parties shall negotiate in good faith in order to come to
a mutual agreement on a substitute, valid and enforceable provision that most
nearly effects the Parties' intent in entering into this Agreement.

Section 12    Applicable law—Dispute Settlement

a)This Agreement shall be governed by and construed in accordance with the laws
of the Netherlands, except for and to the extent mandatory provisions of Indian
law apply.

b)Any dispute arising under out of, or relating to this Agreement and any
subsequent amendments of this Agreement, including, without limitation, its
formation, validity, binding effect, interpretation, performance, breach or
termination, as well as non-contractual claims, shall, if possible, be finally
settled amicably by negotiation between Company and Holder. If such dispute
cannot be amicably settled it shall be finally settled by arbitration in
accordance with the then prevailing Rules of Conciliation and Arbitration of the
International Chamber of Commerce by one or more arbitrators designated in
accordance with said rules. The place of arbitration shall be in Amsterdam, the
Netherlands. The language to be used in the arbitration proceedings shall be
English.

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THUS SIGNED AND EXECUTED IN TRIPLICATE:

CCRT International Holdings B.V.   Krishnakumar Srinivasan:

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Name:       Name        

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Title:   Managing Director A   Title:                

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Date:       Date:        

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Place:       Place:        

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  Name:                

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        Title:   Managing Director B        
Date:
 
 
 
 
 
     

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        Place:                

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Additional signature page follows

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SIGNED FOR ACKNOWLEDGEMENT, CONFIRMATION & APPROVAL BY THE BOARD OF DIRECTORS OF
SUBSIDIARY:

Creditinfo Support Services India Private Limited

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Name:       Name        

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Title:       Title:        

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Date:       Date:        

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Place:       Place:        

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SIGNED FOR ACKNOWLEDGEMENT & CONFIRMATION BY THE MINORITY SHAREHOLDER (HOLDER OF
SHARE CERTIFICATE #2):

CompuCredit Corporation

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        Name:                

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        Title:                

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        Date:                

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        Place:                

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Exhibit I
Applied Economics determination documenting the Warrant Sale Price

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Exhibit II
Applied Economics determination documenting the Exercise Price

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Exhibit III
Additional Defined Terms

For these purposes, "cause" means the reasonable, good faith determination by
CompuCredit that:

        (a)   (i) you committed an act constituting fraud, deceit or intentional
material misrepresentation with respect to CompuCredit or any client, customer
or supplier of CompuCredit; (ii) you embezzled funds or assets from CompuCredit
or any client, customer or supplier of CompuCredit; (iii) you engaged in willful
misconduct or gross negligence in the performance of your duties to CompuCredit;
(iv) you failed to comply in a material way with any of your non-competition and
confidentiality obligations to CompuCredit;

        (b)   You breached or defaulted in the performance of any other material
obligation of yours to CompuCredit and have not cured such breach or default to
CompuCredit's reasonable satisfaction within thirty days after receiving notice
thereof; or

        (c)   Your conduct is materially detrimental to the reputation of
CompuCredit and you have not cured (if such conduct is curable in CompuCredit's
reasonable opinion) such conduct to CompuCredit's reasonable satisfaction within
ten days after receiving notice thereof.

For these purposes, "good reason" means:

        (a)   Your status or role within CompuCredit is demoted in any of the
following ways:

(i)You no longer maintain the title of Executive Vice President of CompuCredit;

(ii)You retain the title of Executive Vice President but you are not held out by
CompuCredit either internally and/or externally as the principal or chief risk /
credit officer of CompuCredit responsible for the profitability of the credit
card business of CompuCredit;

(iii)A material diminution in the scope and nature of your duties and
responsibilities other than as a result of cause;

(iv)You no longer report directly to either the president or the chief executive
officer of CompuCredit; or

(v)There is a material reduction of your benefits (taken as a whole) relative to
the other CompuCredit officers of comparable level;

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Exhibit 10.8(a)