Employment Agreement between Deborah L. Everly and Asset Acceptance, LLC



 Exhibit 10.2 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of February 18, 2010, to be effective
January 1, 2010, between ASSET ACCEPTANCE, LLC, a Delaware limited liability company (the “Company”), a wholly owned subsidiary of Asset Acceptance Capital Corp., a Delaware corporation (“AACC”), and DEBORAH L.
EVERLY (the “Executive”). 
 Recitals 

A. Prior to the date hereof, the parties hereto entered into that certain Employment Agreement, dated September 9, 2009, which
amended and restated the Employment Agreement dated October 1, 2007, as amended (collectively, the “Earlier Employment Agreement”). 

B. The parties hereto desire to amend and restate the Earlier Employment Agreement in its entirety in the manner set forth below to,
among other things, add provisions related to a reduction of the Purchased Receivables Bonus (as defined in this Agreement) if certain performance conditions are not met. 

Agreement 

In consideration of the mutual covenants and agreements contained herein, the parties hereto agree to amend and restate the Earlier
Employment Agreement in its entirety, effective as of January 1, 2010, as follows: 
 1. EMPLOYMENT PERIOD. The
Company hereby agrees to continue the employment of the Executive and the Executive hereby accepts continued employment with the Company, on the terms and subject to the conditions hereinafter set forth in this Agreement, for the period commencing
as of the date of this Agreement and ending at midnight on December 31, 2011 (the “Initial Term”). The term of employment shall be automatically extended for an additional one (1) year period (the “Extended
Term”) on December 31, 2011 and on each subsequent anniversary thereafter unless at least two (2) years before December 31, 2011 or each such subsequent anniversary date, as the case may be, either party gives the other party
notice in writing of her or its intent not to extend this Agreement, in which case the term of this Agreement shall end as of the end of the Initial Term or such Extended Term, as the case may be, unless sooner terminated in accordance with
Section 6 hereof, provided that the period of the Executive’s employment under this Agreement pursuant to any such Extended Term cannot be extended beyond midnight on December 31, 2018. Subject to the provisions set
forth below regarding Severance Benefits (as defined below), the Executive serves at the pleasure of the Board of Directors of AACC (the “Board of Directors”) and may be terminated at any time, at will, with or without Cause (as defined
below). The period of the Initial Term and all such Extended Terms, subject to earlier termination under Section 6 hereof, are collectively referred to herein as the “Employment Period”. 







 2. POSITION AND DUTIES. Subject to the terms and conditions contained herein, the
Executive shall serve as Senior Vice President and Chief Acquisitions Officer of the Company and AACC and, in such capacities, shall provide such services and perform such functions, consistent with the nature of such positions, as shall be
determined from time to time by the Board of Directors or Chief Executive Officer, or pursuant to authority of the Board of Directors, and such other reasonable duties as are from time to time agreed to between the Board of Directors or the Chief
Executive Officer and the Executive. The Executive shall report directly to the Chief Executive Officer and shall observe all directives, rules, policies, regulations, customs and practices now or hereafter established by AACC and the Company for
the conduct of their business to the extent the foregoing are not materially inconsistent with the terms of this Agreement. The Executive understands and agrees that she may be required to undertake normal business travel from time to time.

 3. COMPENSATION; BENEFITS; EXECUTIVE TRAINING 

(a) Regular Base Salary. As compensation for the performance of the Executive’s services hereunder, the Company shall pay to
the Executive an annual salary (the “Regular Base Salary”) of $304,500 (less deductions required by law) payable in arrears in accordance with the Company’s payroll policy as the same may be modified by the Company from time to
time. So long as this Agreement is in effect, the Regular Base Salary shall be subject to annual review, but shall not be reduced below $304,500. 

(b) Bonus. The Executive shall be entitled to participate in such cash bonus plans and with such terms and conditions as may be
determined by the Board of Directors from time to time (the “Bonus”), in each case with a target Bonus to be set at 50% of the Regular Base Salary payable and in each case payable within two and one-half months following the end of
each fiscal year as to which the Bonus relates (or such later time as is allowed in accordance with Treasury Regulation 1.409A-3(d)). Unless otherwise expressly approved by the Board of Directors, upon termination of employment, all rights to
receive any Bonus for any period shall also terminate; provided that: 
 (i) If the Executive’s
employment is terminated during a fiscal year under the circumstances contemplated by Section 6(c) and the Executive would have otherwise been entitled to a Bonus with respect to the attainment of any broad-based objectives tied to the
performance of AACC or the Company (ignoring whether the Executive attained any personal objectives not related to broad-based objectives tied to the performance of AACC or the Company), the Executive shall be entitled to receive the pro rata
portion (based upon the number of days in such fiscal year that the Executive was employed by the Company) of the Bonus, if any, that would have been paid to the Executive pursuant to this Section 3(b) at the time such Bonus would have
been paid had the Executive’s employment not been terminated under the circumstances contemplated by Section 6(c), with the amount of the Bonus subject to such pro rata portion to be calculated solely with respect to the broad-based
objectives tied to the performance of AACC or the Company (i.e., regardless of whether such personal objectives were attained) (the “Earned Bonus”). (For example, if the Executive’s employment is terminated under the
circumstances contemplated by Section 6(c), if the target Bonus was $152,250 (with 50% related to the attainment of personal objectives and 50% related to the attainment of broad-based objectives tied to the performance of AACC or the
Company), and if the broad-based objectives tied to the performance of AACC or the Company were attained at the target level, then the Earned Bonus would be equal to the pro rata portion (based upon the number of days in such fiscal year that the
Executive was employed by the Company) of $152,250.) 
  

 2 








 (ii) If the Executive’s employment is terminated pursuant to
Section 6(d) within one (1) year of the effective date of a Change in Control (as defined below in Section 8(b)(ii)), the Executive shall be entitled to receive the amount described in Section 8(b)(ii).

 (c) The Executive shall also be entitled to receive a bonus (the “Purchased Receivables Bonus”) in the amount of
five (5) basis points of the direct cost of the charged-off consumer accounts receivable purchased by the Company, AACC, or its subsidiaries (each a “Subsidiary” and collectively the “Subsidiaries”), net of (i) any
amount repaid to the Company, AACC or a Subsidiary by the seller (A) during the period (fiscal year or quarter) for which the Purchased Receivables Bonus is earned and (B) which is attributable to repurchases of accounts by the seller,
(ii) any proceeds received by the Company, AACC or a Subsidiary attributable to purchased accounts immediately resold by the Company, AACC or a Subsidiary following the purchase of the accounts and (iii) the direct cost of any other
charged-off consumer accounts receivable for which the Company does not take title with the intention of collecting the accounts receivable for the long-term benefit of the Company. The Purchased Receivables Bonus shall be payable on a quarterly
basis for purchases made each fiscal quarter, as of the last pay date for the Executive in the month following each fiscal quarter, subject to the adjustments set forth in items (i) through (iii) of the immediately preceding sentence. Upon
termination of employment, all rights to receive any Purchased Receivables Bonus for any period shall also terminate; provided that if the Executive’s employment is terminated during a fiscal year under the circumstances contemplated by
Section 6(c) or 6(d) and the Executive would have otherwise been entitled to a Purchased Receivables Bonus for a period in which the Executive’s employment is terminated, the Executive shall be entitled to receive the Purchased Receivables
Bonus, if any and to the extent not yet paid, that would have been paid on completed purchases through the date of termination of Executive’s employment, subject to the adjustments set forth in items (i) through (iii) of the first
sentence of this Section 3(c). Beginning with the Purchased Receivables Bonus paid for the first fiscal quarter of 2010, each Purchased Receivables Bonus will be reduced in accordance with the formula set forth below upon the occurrence of the
conditions set forth below: 
 (i) if the Rolling Four Quarter Average Miss is equal to or greater than the
Pool Performance Miss, then the Purchased Receivables Bonus will not be reduced; 
 (ii) if the Rolling Four
Quarter Average Miss is 1% to 5% lower than the Pool Performance Miss, then the Purchased Receivables Bonus will be reduced by 10% of the Purchased Receivables Bonus paid for the fiscal quarter one year prior to the most recent fiscal quarter;

  

 3 








 (iii) if the Rolling Four Quarter Average Miss is 6% to 10% lower than
the Pool Performance Miss, then the Purchased Receivables Bonus will be reduced by 20% of the Purchased Receivables Bonus paid for the fiscal quarter one year prior to the most recent fiscal year quarter; 

(iv) if the Rolling Four Quarter Average Miss is 11% to 15% lower than the Pool Performance Miss, then the Purchased
Receivables Bonus will be reduced by 30% of the Purchased Receivables Bonus paid for the fiscal quarter one year prior to the most recent fiscal quarter; and 

(v) if the Rolling Four Quarter Average Miss is 16% to 20% lower than the Pool Performance Miss, then the Purchased
Receivables Bonus will be reduced by 40% of the Purchased Receivables Bonus paid for the fiscal quarter one year prior to the most recent fiscal quarter; 

“Rolling Four Quarter Average Miss” means the quotient, expressed as a percentage, obtained by dividing (x) the positive
remainder, if any, resulting from the subtraction of the Prior Four Quarter Collections from the Prior Four Quarter Projected Collections, by (ii) the Prior Four Quarter Projected Collections. If the remainder resulting from the subtraction of
the Prior Four Quarter Collections from Prior Four Quarter Projected Collections is a negative number, then the “Rolling Four Quarter Average Miss” will be zero. 

“Pool Performance Miss” means the quotient, expressed as a percentage, obtained by dividing (x) the positive remainder, if
any, resulting from the subtraction of the Baseline Four Quarter Collections from the Baseline Projected Four Quarter Collections, by (ii) the Baseline Projected Four Quarter Collections. If the remainder resulting from the subtraction of the
Baseline Four Quarter Collections from the Baseline Projected Four Quarter Collections is a negative number, then the “Pool Performance Miss” will be zero. 

“Prior Four Quarter Collections” means collections over the consecutive four fiscal quarters ending with the quarter for which
the Purchased Receivables Bonus is to be paid that are attributable to charged-off consumer accounts receivable purchased by the Company or any other Subsidiary during those four fiscal quarters. 

“Prior Four Quarter Projected Collections” means collections projected by the Company’s yield and cash flow model to be
received over the four fiscal quarters ending with the quarter for which the Purchased Receivables Bonus is to be paid that are attributable to charged-off consumer accounts receivable purchased by the Company or any other Subsidiary during those
four fiscal quarters. 
 “Baseline Four Quarter Collections” means collections over the consecutive four fiscal
quarters ending with the quarter for which the Purchased Receivables Bonus is to be paid that are attributable to charged-off consumer accounts receivable purchased by the Company or any other Subsidiary during the fiscal quarter one year prior to
the fiscal quarter for which the Purchased Receivables Bonus is to be paid. 
  

 4 








 “Baseline Projected Four Quarter Collections” means collections projected by the
Company’s yield and cash flow model to be received over the four fiscal quarters ending with the quarter for which the Purchased Receivables Bonus is to be paid that are attributable to charged-off consumer accounts receivable purchased by the
Company or any other Subsidiary during the fiscal quarter one year prior to the fiscal quarter for which the Purchased Receivables Bonus is to be paid. 

(d) Benefits. During the Employment Period, the Executive shall be entitled to receive such other employee benefits, including,
without limitation, participation in such group health, life, and disability plans provided by the Company, as are afforded from time to time hereafter to the other Senior Executives (as defined below) of the Company. The Executive acknowledges and
agrees that (i) the Company does not guarantee the adoption or continuation of any particular employee benefit plan or program or other fringe benefit during her employment, (ii) participation by the Executive in any such plan or program
shall be subject to the rules and regulations applicable thereto, (iii) participation by the Executive in any such plan or program may be limited from time to time by tax or other regulations applicable to AACC and the Company, and
(iv) subject to the provisions in Section 3(b), the grant of any Bonus or equity award shall be at the discretion of the Board of Directors and, as a result, may or may not be equal to those of other Senior Executives based upon
such factors as base salary, prior grants, etc. 
 As used herein, “Senior Executive” means any officer of AACC
who files Forms 3, 4 and/or 5 under Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

(e) Vacation. During the Employment Period, the Executive shall be entitled to twenty-four (24) days paid time off (PTO)
during each full calendar year to be scheduled at the mutual convenience of the Executive and AACC and otherwise in accordance with the policies of the Company. Any PTO not taken during a calendar year shall be forfeited. 

(f) Executive Training. The Company shall permit the Executive to participate in executive training programs relevant to the
Company’s business and the professional development of the Executive, chosen by the Company and the Executive and paid for by the Company. 

4. EXCLUSIVITY. During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is
entitled, the Executive shall devote her full attention and time during normal business hours to the business and affairs of AACC and the Company, shall perform her services primarily at AACC’s headquarters, wherever the Board of Directors may
from time to time designate them to be, and at all times use her best efforts to carry out such responsibilities faithfully and efficiently and to advance the business of AACC and the Company. During the Employment Period, the Executive will not be
engaged in any other business activity which, in the reasonable judgment of the Board of Directors or its designee, conflicts with the duties of the Executive hereunder, whether or not such activity is pursued for gain, profit or other pecuniary
advantage. It shall not be considered a violation of the foregoing for the Executive to (i) serve on not more than two (2) for profit, private, civic or charitable boards, provided that, other than any service by the Executive on
the Board of Directors of AACC, the Executive shall not be permitted to serve on more than one (1) other board of directors of a company with securities registered under the Exchange Act, (ii) deliver lectures, fulfill speaking engagements
or teach at educational institutions, and (iii) manage personal investments, so long as such activities in clauses (i), (ii) or (iii) do not compete with and are not provided to or for any entity that competes with or intends
to compete with AACC or the Company or any of their subsidiaries and affiliates and do not interfere with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement. 

 

 5 








 5. REIMBURSEMENT FOR EXPENSES. Upon the presentation of itemized vouchers and receipts to
the reasonable satisfaction of the Company, the Company shall reimburse the Executive for travel, meals, entertainment and other expenses reasonably incurred by the Executive in the performance of her duties under this Agreement in accordance with
the Company’s expense reimbursement policy as the same may be modified by the Company from time to time (provided that expense reimbursement will under no circumstances occur later than sixty (60) days after the date on which the expense
is incurred). 
 6. TERMINATION. 

(a) With or Without Cause. The Company shall be entitled to terminate this Agreement and the employment relationship established
hereby with or without Cause immediately by giving written notice of termination to the Executive. 
 As used herein,
“Cause” means any of the following circumstances: 
 (i) continual or deliberate neglect by the
Executive in the performance of her material duties under this Agreement; 
 (ii) failure by the Executive to
devote substantially all of her working time to the business of AACC and the Company and the Subsidiaries (the “Subsidiaries”) in accordance with Section 4 hereof; 

(iii) the Executive’s willful failure to follow the directives of the Chief Executive Officer or the Board of
Directors in any material respect; provided that such directives are not materially inconsistent with the terms of this Agreement; 

(iv) the Executive’s engaging willfully in misconduct in connection with the performance of any of her duties
hereunder which is reasonably likely to result, in the Board of Director’s good faith judgment, in material injury to the reputation of AACC, the Company or any of the Subsidiaries, including, without limitation, the misappropriation of funds;

 (v) the Executive’s breach of the provisions of Section 7 of this Agreement or any other
noncompetition, noninterference, nondisclosure, confidentiality or other similar agreement executed by the Executive with the Company, AACC or any of its Subsidiaries; or 
  


 6 








 (vi) the Executive’s engaging in conduct which is reasonably likely to
result, in the Board of Director’s good faith judgment, in material injury to the reputation of the Company, AACC or any of its Subsidiaries, including, without limitation, commission of a felony, fraud, embezzlement or other crime involving
moral turpitude; 
 provided that, with respect to the events set forth in clauses (i) through (iii), the Executive shall
have been given written notice of the act, omission or event constituting Cause and shall not have cured such act, omission or event within 30 days after the giving of such notice. 

After the effective date of termination for Cause under this Section 6(a), the Company shall not be obligated to make any
further payments to the Executive under this Agreement, except for all amounts due the Executive hereunder as of such effective date for the accrued but unpaid Regular Base Salary (which shall be paid by the end of the next payroll period following
the date of termination), plus any amounts or benefits to which the Executive may be entitled under the terms of any employee benefit plan of the Company, as in effect on the effective date of such termination. 

(b) Resignation – Other than Retirement or Substantial Breach. In the event that the Executive resigns, other than upon
Retirement or for Substantial Breach (as those terms are hereinafter defined), this Agreement and the employment relationship established hereby shall terminate immediately upon the receipt by the Company of notice of the Executive’s
resignation. After the effective date of termination under this Section 6(b), the Company shall not be obligated to make any further payments under this Agreement, except for all amounts due the Executive hereunder as of such effective
date for the accrued but unpaid Regular Base Salary (which shall be paid by the end of the next payroll period following the date of termination), plus any amounts or benefits to which the Executive may be entitled under the terms of any employee
benefit plan of the Company, as in effect on the effective date of such termination. 
 (c) Death, Retirement or
Disability. In the event that the Executive dies, Retires (as hereinafter defined) or becomes Disabled (as hereinafter defined) during the term of this Agreement, this Agreement and the employment relationship established hereby shall terminate
immediately upon the date on which the Executive dies, Retires or becomes Disabled, as the case may be. After the effective date of termination under this Section 6(c), the Company shall not be obligated to make any further payments
under this Agreement, other than payment to the Executive or the Executive’s heirs, devisees, executors, administrators, legal representatives or the trustee of a revocable trust of which the Executive is the grantor, as the case may be, of
(i) all amounts due the Executive hereunder as of such effective date for the accrued but unpaid Regular Base Salary (which shall be paid by the end of the next payroll period following the date of termination), plus any amounts or benefits to
which the Executive may be entitled under the terms of any employee benefit plan of the Company, as in effect on the effective date of such termination, (ii) the pro rata portion of the Earned Bonus, if any, due to the Executive in accordance
with Section 3(b), and (iii) the pro rata portion of the Purchased Receivables Bonus, if any is due, to the Executive in accordance with Section 3(c). 

For purposes of this Section 6(c), “Retires” or “Retirement” shall mean the voluntary
termination of employment by the Executive after the Executive attains age sixty-five (65), and “Disabled” shall mean, as of any date, the inability of the Executive to perform her essential duties hereunder without reasonable
accommodation for a period of six (6) months as determined in the good faith judgment of the Board of Directors. 
  

 7 








 (d) Without Cause or Substantial Breach. In the event that (i) the Company
elects to terminate the employment of the Executive without Cause, or (ii) the Executive resigns from her employment hereunder following a Substantial Breach (as defined in this Section 6(d) (such Substantial Breach having not been
corrected by the Company within thirty (30) days of receipt of written notice from the Executive of the occurrence of such Substantial Breach, which notice shall specifically set forth the nature of the Substantial Breach which is the reason
for such resignation)), then, in either such event in clause (i) or (ii) and regardless of the time remaining in the Initial Term or Extended Term, as the case may be, the Company shall not be obligated to make any further payments
under this Agreement, except (x) for amounts due the Executive hereunder as of such effective date for the accrued but unpaid Regular Base Salary (which shall be paid by the end of the next payroll period following the date of termination),
plus any amounts or benefits to which the Executive may be entitled under the terms of any employee benefit plan of the Company, as in effect on the effective date of such termination, and (y) for the Severance Benefits as defined and provided
in Section 8 hereof. 
 “Substantial Breach” shall mean any material breach by the Company of its
obligations under this Agreement including without limitation: (i) the assignment of the Executive to a position or duties materially diminished from those normally assigned to a Senior Vice President and Chief Acquisitions Officer of a
business enterprise comparable to the Company and AACC; (ii) a material reduction in the Executive’s then Regular Base Salary; or (iii) a change in location at which the Executive is required to perform her duties for the Company,
AACC and its Subsidiaries which is outside a 50 mile radius of Detroit, Michigan, but only if such change occurs within one (1) year after a Change in Control; provided that the term “Substantial Breach” shall not include
(x) an immaterial breach by the Company of any provisions of this Agreement or (y) a termination for Cause under Section 6(a). 

The Executive must notify the Company in writing of the Executive’s intention to invoke termination for “Substantial
Breach” within ninety (90) days after the initial existence of such event and provide the Company with thirty (30) days for cure, or such event shall not constitute a “Substantial Breach” under this Agreement. Additionally,
the Executive must terminate employment within one (1) year following the initial existence of one (1) or more of the events listed above for the termination to be considered a “Substantial Breach”. The date of resignation under
this Section 6(d) shall be thirty-one (31) days after receipt by the Company of written notice of resignation; provided that the Substantial Breach specified in such notice shall not have been corrected by the Company during
the preceding 30-day period. The effective date of termination of employment by the Company under this Section 6(d) and the effective date of resignation by the Executive under this Section 6(d) shall each be referred to as a
“Section 6(d) Termination Date”. 
 (e) General. Notwithstanding anything in this Section 6
to the contrary, but subject to the consequences set forth in this Section 6, (i) the Company may terminate the Executive’s employment at any time with or without Cause, (ii) the Executive may terminate her employment at
any time whether or not there has been a Substantial Breach and (iii) the Executive’s rights in any employee benefit plans offered by the Company shall be governed by the rules of such plans as well as by applicable law. 

 

 8 








 (f) Survival. Notwithstanding anything in this Section 6 to the contrary,
the provisions of Sections 7 and 9 shall survive termination of this Agreement. 
 7. CONFIDENTIALITY AND NON
COMPETITION. The Executive acknowledges that (x) the agreements and covenants contained herein are essential to protect AACC and the Company’s business and assets and (y) by virtue of her association with AACC and the Company, the
Executive has access to and has obtained and will continue to have access to and obtain such knowledge, know-how, proprietary information, training and experience, which is known only to the members, officers or managers of AACC and the Company, or
other employees, former employees, consultants, or others in a confidential relationship with the Company, AACC and its Subsidiaries, and there is a substantial probability that such knowledge, know-how, proprietary information, training and
experience could be used to the substantial advantage of a competitor of AACC or the Company and to AACC or the Company’s substantial detriment. 

(a) Covenant Not To Compete. The Executive agrees that, for the period commencing on the date of this Agreement and ending one
(1) year after the effective date of the termination of the Executive’s employment with the Company (regardless of whether such effective date occurs upon the expiration of the Initial Term or the Extended Term, as the case may be, occurs
pursuant to Section 6 or occurs after the expiration of the Initial Term or the Extended Term, as the case may be, due to the Executive’s continued employment with the Company outside of the terms of this Agreement) (the
“Restricted Period”), the Executive shall not, in the Territory (hereinafter defined), directly or indirectly, either for herself or for, with or through any other person, own, manage, operate, control, be employed by, participate
in, loan money to or be connected in any manner with, or permit her name to be used by, any business which is engaged (1) in the business of purchasing and collecting consumer accounts receivable that have been charged off by the original
creditor (“Charged Off Accounts”), (2) in financing sales of consumer product retailers or (3) any other business activity in which the Company, AACC or any of its Subsidiaries may engage during the Employment Period (a
“Competitive Activity”). 
 For purposes of this Agreement, the term “participate” includes
any direct or indirect interest, whether as an officer, director, employee, partner, sole proprietor, trustee, beneficiary, agent, representative, independent contractor, consultant, advisor, provider of personal services, creditor, owner (other
than by ownership of less than one (1) percent of the stock of a corporation that has a class of equity securities registered under the Securities Exchange Act of 1934), and the term “Territory” means each country in which
AACC, the Company or any of their affiliates shall have conducted business during the Employment Period. 
 (b) Nondisclosure
or Use of Confidential Information. 
 (i) The Executive shall not, whether during or after employment,
disclose to any person or entity or use, any information not in the public domain, in any form, acquired by the Executive while she was employed or associated with AACC and the Company or, if acquired following the termination of such association,
such information which, to the Executive’s knowledge, has been acquired, directly or indirectly, from any person or entity owing a duty of confidentiality to the Company or AACC (the “Confidential Information”). By way of
illustration but not limitation, Confidential Information may include trade secrets, supplier lists regarding Charged Off Accounts, collection methods, information regarding bulk purchases of Charged Off Accounts, employee compensation arrangements,
business practices, plans, policies, secret inventions, processes and compilations of information, records and specifications, as well as information related to the management policies and plans for AACC, the Company or their affiliates. 

 

 9 








 (ii) Notwithstanding the foregoing, the restrictions in subsection
(b)(i) of this Section 7 are not applicable to the disclosure or use of Confidential Information in connection with the following: (A) in the course of faithfully performing the Executive’s duties as an employee of the
Company; (B) with the Company’s express written consent; (C) to the extent that any such Confidential Information is in the public domain other than as a result of the Executive’s breach of any of her obligations hereunder; or
(D) where required to be disclosed by court order, subpoena or other governmental process. In the event that the Executive shall be required to make disclosure pursuant to the provisions of clause (D) of the preceding sentence, the
Executive promptly (but in no event more than forty-eight (48) hours after learning of such subpoena, court order, or other governmental process) shall notify the Company in writing, by personal delivery or by facsimile, confirmed by mail or by
certified mail, return receipt requested. 
 (iii) The Executive agrees and acknowledges that all of such
Confidential Information, in any form, and copies and extracts thereof are and shall remain the sole and exclusive property of AACC and the Company, and the Executive shall on request return to the Company the originals and all copies of any such
information provided to or acquired by the Executive in connection with her association with AACC or the Company, and shall return to the Company all files, correspondence and/or other communications received, maintained and/or originated by the
Executive during the course of such association. 
 (c) No Interference. During the Restricted Period, the Executive
shall not, without the prior written approval of the Board of Directors, directly or indirectly through any other person (i) induce or attempt to induce any employee of the Company, AACC or any of its Subsidiaries to leave the employ of the
Company, AACC or any of its Subsidiaries or in any way interfere with the relationship between the Company, AACC or any of its Subsidiaries and any employee thereof, (ii) hire any person who was an employee of the Company, AACC or any of its
Subsidiaries within twelve months after such person’s employment with the Company, AACC or any of its Subsidiaries was terminated for any reason, (iii) induce or attempt to induce any supplier of Charged Off Accounts or other business
relation of the Company, AACC or any of its Subsidiaries to cease doing business with the Company, AACC or its Subsidiaries, or in any way interfere with the relationship between any such supplier or business relation and the Company, AACC and its
Subsidiaries or (iv) acquire Charged Off Accounts from any person that was a seller of Charged Off Accounts to the Company, AACC or any of its Subsidiaries during the Restricted Period. 

 

 10 








 (d) Inventions. The Executive hereby sells, transfers and assigns to the Company or
to any person or entity designated by the Company all of the entire right, title and interest of the Executive in and to all inventions, ideas, disclosures and improvements, whether patented or unpatented, and copyrightable material, made or
conceived by the Executive, solely or jointly, or in whole or in part, during her employment (including employment prior to the date hereof) by the Company which are not generally known to the public or recognized as standard practice and which
(i) relate to methods, apparatus, designs, products, processes or devices sold, leased, used or under construction or development by the Company or any subsidiary and (ii) arise (wholly or partly) from the efforts of the Executive during
her employment with the Company (an “Invention”). The Executive shall communicate promptly and disclose to the Company, in such form as the Company requests, all information, details and data pertaining to any such Inventions; and,
whether during the Restricted Period or thereafter, the Executive shall execute and deliver to the Company such form of transfers and assignments and such other papers and documents as reasonably may be required of the Executive to permit the
Company or any person or entity designated by the Company to file and prosecute the patent applications and, as to copyrightable material, to obtain a copyright thereon. The Company shall pay all costs incident to the execution and delivery of such
transfers, assignments and other documents. Any invention by the Executive within six months following the termination of her employment hereunder shall be deemed to fall within the provisions of this Section 7(d) unless the Executive
bears the burden of proof of showing that the Invention was first conceived and made following such termination. 
 8.
SEVERANCE BENEFITS. 
 (a) General; Release. If the Executive’s employment with the Company is terminated
pursuant to Section 6(d) hereof, the Executive shall be entitled to receive as her sole and exclusive remedy the termination benefits provided under this Section 8 regardless of the time remaining in the Initial Term or
Extended Term, as the case may be (the “Severance Benefits”). Any Severance Benefits that are not exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) must be paid no later
than the last day of the Executive’s second tax year following the tax year in which the Executive’s separation from service occurs. As a condition of receiving the Severance Benefits, Executive agrees to sign an effective legal release
(in any form the Board of Directors may require) waiving any and all claims she has or may have against the Company, AACC and their agents, employees, directors, subsidiaries, attorneys, successors, assigns, and affiliates, as of the date of her
termination. 
 (b) Amount. 

(i) Non-Change in Control. Except in the circumstances described below in subsection (ii), the Executive
shall, upon a termination of employment pursuant to Section 6(d), be paid periodically, according to the Company’s payroll policy, her Regular Base Salary at the rate in effect on the Section 6(d) Termination Date for the
Severance Period (as defined below); provided that, if the Executive is a “specified employee” within the meaning of Code Section 409A, on the Section 6(d) Termination Date, the sum of such amount that is paid
within the first six (6) months following the Section 6(d) Termination Date shall not exceed two (2) times the lesser of: 

(A) the maximum dollar amount that may be taken into account under a tax-qualified retirement plan pursuant to Code
Section 401(a)(17) for the year in which the Executive was terminated (for example, during 2009: $245,000 x 2 = $490,000); or 
  

 11 








 (B) the sum of the Executive’s annualized compensation based upon the
annual rate of pay for services to the Company for the Executive’s taxable year prior to the taxable year in which the termination occurs (adjusted for any increase during the year that was expected to continue indefinitely if the Executive had
not terminated employment). 
 The payments under this Section 8(b)(i) that are made during the first
six (6) months following the Executive’s Section 6(d) Termination Date are intended to constitute a “separation pay plan due to involuntary termination of service” under Treasury Regulation Section 1.409A-1(b)(9)(iii).
In the event the Executive’s separation pay is limited by application of this Section 8(b)(i), the Company shall make any additional true-up payments in accordance with Section 9 of this Agreement. Unless delayed under
this Section 8(b)(i), any Regular Base Salary amounts due under this Section 8(b)(i) shall be paid no later than the end of the calendar year to which such salary amounts relate (determined by dividing the Executive’s
annual Regular Base Salary by twelve (12)) and allocating such salary to each month following the Executive’s Section 6(d) Termination Date. 

“Severance Period” shall mean the period beginning on the Section 6(d) Termination Date and
continuing for a period of twelve (12) months, provided that, in the event the Company elects to terminate the employment of the Executive without Cause, such period will be shortened by the period of time between the date written notice
is given by the Company to the Executive advising of the Company’s election to terminate the Executive without Cause and the Section 6(d) Termination Date. 

(ii) Change in Control. If the Executive’s employment with the Company is terminated pursuant to
Section 6(d) hereof within one (1) year after the effective date of a Change in Control (as defined below), the Executive shall, in lieu of the amount described above in subsection (i), receive the following amount payable as
indicated below: 
 (A) An amount equal to the product of the following; 

(1) one (1), multiplied by 

(2) the annual amount of the Executive’s Regular Base Salary as in effect at the end of the calendar year preceding
the Section 6(d) Termination Date (adjusted for any increase during the calendar year of the Section 6(d) Termination Date that had been expected to continue indefinitely). 

 

 12 








 The foregoing amount shall be due and payable in a lump sum within 60 days of the
Section 6(d) Termination Date, unless subject to the 409A Suspension Period described in Section 9(a). 

As used herein, “Change in Control” means the occurrence of any of the following events: 

(w) the acquisition of ownership by a person, corporation or other entity, or a group acting in concert, of fifty-one
percent, or more, of the outstanding common stock of AACC in a single transaction or a series of related transactions within a one-year period; 

(x) a sale of all or substantially all of the assets of AACC to any person, corporation or other entity; 

(y) a merger or similar transaction between AACC and another entity if shareholders of AACC do not own a majority of the
voting stock of the surviving entity or any parent thereof and a majority in value of the total outstanding stock of such surviving entity or any parent thereof; or 

(z) during any consecutive two-year period commencing after January 1, 2009, individuals who constituted the Board
of Directors of AACC at the beginning of the period (or their approved replacements, as defined herein) cease for any reason to constitute a majority of the Board of Directors, with a new director being considered an “approved replacement”
director if her or her election (or nomination for election) was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or were themselves approved replacement
directors, but in either case excluding any director whose initial assumption of office occurred as a result of an actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board of Directors; 

provided, however, that there shall not be included within the meaning of “Change in Control” any such event involving:
(a) any employee benefit plan (or related trust) sponsored or maintained by AACC; or (b) any of the current shareholders of AACC as of January 1, 2009 (or any entity at any time controlled by any such shareholder or shareholders).

 (B) The Executive shall also be paid an amount equal to the product of the following: 

(1) one (1), multiplied by 

(2) the sum of the Executive’s Bonus and Purchased Receivables Bonus for the Company’s fiscal year immediately
preceding the effective date of such Change in Control. 
  

 13 








 The foregoing amount shall be due and payable in a lump sum within 60 days of the
Section 6(d) Termination Date, unless subject to the 409A Suspension Period, described in Section 9(a). 

(iii) Certain Limitations. The Executive shall not be entitled to any further notice, severance pay, pay in lieu of
notice or any compensation whatsoever, except any amounts owing under this Agreement. The Executive agrees that the foregoing notice is deemed conclusively to be reasonable notice of termination at common law and the Executive is not entitled to any
additional notice or pay in lieu of notice or severance pay. The Executive acknowledges that the Company has drawn her attention to the provisions contained herein prior to executing this Agreement. 

(c) Welfare Benefits and COBRA. The Company shall reimburse the Executive for her COBRA costs (to the extent applicable) for a
period of eighteen (18) months following the Section 6(d) Termination Date (including dependent coverage) in any group health, vision and dental benefit plans provided by the Company, in effect immediately prior to the Section 6(d)
Termination Date. Following the Section 6(d) Termination Date, the Company shall not be obligated to (i) provide disability, life or business accident insurance covering the Executive or (ii) to make contributions in respect of the
Executive to any qualified retirement and pension plans or profit sharing plans for compensation paid after the Section 6(d) Termination Date. The Company will use its good faith efforts to make the payments hereunder directly to the Executive
and/or to the insurance carrier / employee benefit provider, as the case may be, in such a manner as will maximize the tax efficiencies for both the Company and the Executive. 

9. TAXES; CERTAIN DEDUCTIONS AND LIMITATIONS. 

(a) Taxes. The benefits provided hereunder are intended to be exempt from, or comply with, Code Section 409A. Notwithstanding
the foregoing, except as otherwise specifically provided elsewhere in this Agreement or herein, the Executive is solely responsible for the satisfaction of any taxes that may arise pursuant to this Agreement (including taxes arising under Code
Section 409A regarding deferred compensation, and Code Section 4999 regarding golden parachute excise taxes). The Company shall not have any obligation whatsoever to pay such taxes or to otherwise indemnify or hold the Executive harmless
from any or all of such taxes. 
 If any amounts that become due under this Agreement constitute “nonqualified deferred
compensation” within the meaning of Code Section 409A, payment of such amounts shall not commence until the Executive incurs a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h). If, at
the time of the Executive’s separation from service, the Executive is a “specified employee” (within the meaning of Code Section 409A), any benefit to which Code Section 409A additional taxes could be assessed on account of
her separation from service (including any amounts payable pursuant to the preceding sentence) will not be paid until after the end of the sixth calendar month beginning after the Executive’s separation from service (the “409A
Suspension Period”) to the extent such delay may reasonably be expected to avoid Code Section 409A additional taxes. Within fourteen (14) calendar days after the end of the 409A Suspension Period, the Executive shall be paid a
lump sum payment in cash equal to any payments delayed because of the preceding sentence. Thereafter, the Executive shall receive any remaining benefits as if there had not been an earlier delay. The Company shall have the sole discretion to
interpret the requirements of the Code, including Code Section 409A, for purposes of this Agreement. 
  

 14 








 Notwithstanding any other provisions of this Agreement, the parties hereto agree to take all
actions (including adopting amendments to this Agreement) as are required to comply with or minimize any potential interest charges and/or additional taxes as may be imposed under Code Section 409A with respect to any payment or benefit due the
Executive under this Agreement (including a delay in some or all payments until the seventh month after the Executive’s employment termination). 

(b) Deductions and Withholding. The Executive agrees that the Company shall be entitled to deduct and withhold from any
compensation payable to the Executive under this Agreement (i) any taxes in respect of the Executive that the Company is required to deduct and withhold under federal, state or local law whether arising from compensation hereunder or otherwise
and (ii) any other amounts lawfully due from the Executive as determined in good faith by the Company and/or the Board of Directors. In the event that the Executive is no longer employed by the Company at a time when the Company otherwise would
be entitled to deduct and withhold any amount pursuant to the preceding sentence, the Executive shall remit such amount to the Company within five days after the receipt of notice from the Company specifying such amount or otherwise in accordance
with the Executive’s obligations with respect thereto. 
 (c) Clawback – For Cause Matters. If, within 90 days
after a Section 6(d) Termination Date, the Board of Directors becomes aware of facts that, if known during the Executive’s employment, it reasonably believes would have justified termination for Cause, the Company may refrain from paying
any unpaid amounts due with respect to Severance Benefits or require the Executive to promptly (but in no event less than 90 days after notice to the Executive of such determination by the Board of Directors) repay any previously paid amounts
related thereto. 
 (d) Clawback – Substantial Decline in Stock Price. Notwithstanding the
provisions of Section 8, any payments under Section 8(b)(i) and (ii) will be capped at one times the Regular Base Salary at the rate in effect on the Section 6(d) Termination Date if (i) at any time during the
period beginning on Section 6(d) Termination Date and ending six months thereafter, the rolling 30-day average closing price for the common stock of AACC is lower than 10% of the closing price for the common stock on the first
(1st) trading day after January 1, 2009
(i.e., 90% shareholder value lost), after taking into account any intervening adjustments to the common stock (such as stock splits) in the same manner as provided for option adjustments under the Company’s 2004 Stock Incentive Plan, as
amended, and (ii) the Board of Directors, acting reasonably and in good faith, determines that such decline in the closing price of the common stock was materially attributable to the action or inaction of the Executive during the Employment
Period. 
  

 15 








 (e) Certain Limitations – Parachute Payments. The benefit limitations of this
Section 9(e) shall be applicable in the event the Executive receives any benefits under this Agreement which are deemed to constitute parachute payments under Code Section 280G. In the event that any payments to which the Executive
becomes entitled in accordance with the provisions of this Agreement would otherwise constitute a parachute payment under Code Section 280G, then such payments will be subject to reduction to the extent necessary to assure that the Executive
receives only the greater of (i) the amount of those payments which would not constitute such a parachute payment, or (ii) the after-tax amount of benefits after taking into account any excise tax imposed on the payments provided to the
Executive under this Agreement (or on any other benefits to which the Executive may be entitled in connection with any change in control or ownership of AACC or the subsequent termination of the Executive’s employment with the Company) under
Code Section 4999. Should a reduction in benefits be required to satisfy the benefit limit of this Section 9(e), then the payment of the Severance Benefits shall accordingly be reduced to the extent necessary to comply with such
benefit limit. Should such benefit limit still be exceeded following such reduction, then any obligation of AACC or the Company to make payments under any other employee benefit plans shall be reduced to the extent necessary to eliminate such
excess. 
 10. INJUNCTIVE RELIEF. Without intending to limit the remedies available to AACC and the Company, the
Executive acknowledges that a breach of any of the covenants contained in Section 7 hereof may result in material irreparable injury to AACC, the Company or their affiliates for which there is no adequate remedy at law, that it will not
be possible to measure damages for such injuries precisely and that, in the event of such a breach or threat thereof, AACC and the Company shall be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction
restraining the Executive from engaging in activities prohibited by Section 7 hereof or such other relief as may be required to specifically enforce any of the covenants in Section 7 hereof. The Executive hereby agrees and
consents that such injunctive relief may be sought in any state or federal court of record in Michigan, or in the state in which such violation may occur, or in any other court having jurisdiction, at the election of AACC or the Company. 

11. EXTENSION OF RESTRICTED PERIODS. In addition to the remedies AACC and the Company may seek and obtain pursuant to
Section 10 of this Agreement, the Restricted Period shall be extended by any and all periods during which the Executive shall be found by a court to have been in violation of the covenants contained in Section 7 hereof.

 12. SUCCESSORS; BINDING AGREEMENT. This Agreement is personal to the Executive and, without the prior written consent
of the Board of Directors, shall not be assignable by the Executive otherwise than by will, the laws of descent and distribution or the terms of a revocable trust of which the Executive is the grantor. This Agreement shall inure to the benefit of
and be enforceable by the Executive’s legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 

13. WAIVER AND MODIFICATION. Any waiver, alteration or modification of any of the terms of this Agreement shall be valid only if
made in writing and signed by the parties hereto; provided that any such waiver, alteration or modification is consented to on the Company’s behalf by the Board of Directors. No waiver by either of the parties hereto of their rights
hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver. 

 

 16 








 14. SEVERABILITY. The Executive acknowledges and agrees that the covenants set forth
in Section 7 hereof are reasonable and valid in geographical and temporal scope and in all other respects. If any of such covenants or other provisions of this Agreement are found to be invalid or unenforceable by a final determination
of a court of competent jurisdiction (a) the remaining terms and provisions hereof shall be unimpaired and (b) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and
that comes closest to expressing the intention of the invalid or unenforceable term or provision. 
 15. SUBMISSION TO
JURISDICTION; VENUE. 
 (a) WITH THE EXCEPTION OF THE RIGHTS OF AACC AND THE COMPANY UNDER SECTION 10 OF THIS
AGREEMENT, ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY TRANSACTIONS CONTEMPLATED HEREBY SHALL BE BROUGHT IN THE COURTS OF THE STATE OF MICHIGAN OR IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF MICHIGAN
SITTING IN DETROIT, MICHIGAN, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HEREBY ACCEPTS FOR HERSELF OR ITSELF AND IN RESPECT OF HER OR ITS PROPERTY GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE
AFORESAID COURTS. EACH OF THE PARTIES IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY MAILING COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY
AT HER OR ITS ADDRESS AS PROVIDED IN SECTION 18 HEREOF. NOTHING IN THIS PARAGRAPH (a) SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS IN ANY OTHER
JURISDICTION. 
 (b) WITH THE EXCEPTION OF THE RIGHTS OF AACC AND THE COMPANY UNDER SECTION 10 OF THIS AGREEMENT, EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTIONS WHICH SHE OR IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BROUGHT IN THE COURTS REFERRED TO IN
PARAGRAPH (a) OF THIS SECTION 15 AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 (c) WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, EACH OF THE PARTIES TO THIS AGREEMENT AGREES THAT, AT THE TIME OF ANY
SUCH ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY TRANSACTIONS CONTEMPLATED HEREBY, EACH OF THE PARTIES WILL EXECUTE SUCH INSTRUMENTS AND OTHER DOCUMENTS AS MAY BE NECESSARY TO CONSENT TO AND WAIVE ANY OBJECTION TO VENUE AND
JURISDICTION IN THE COURTS IDENTIFIED IN SUBSECTIONS (a) AND (b) ABOVE. 
  

 17 








 16. WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
 17. BLUE
PENCILLING. In the event that, notwithstanding the first sentence of Section 14 hereof, any of the provisions of Section 7 relating to the geographic or temporal scope of the covenants contained therein or the nature of
the business restricted thereby shall be declared by a court of competent jurisdiction to exceed the maximum restrictiveness such court deems enforceable, such provision shall be deemed to be replaced herein by the maximum restriction deemed
enforceable by such court. 
 18. NOTICES. All notices required to be given hereunder shall be in writing and shall be
deemed to have been given if (a) delivered personally or by documented courier or delivery service, (b) transmitted by facsimile or (c) mailed by registered or certified mail (return receipt requested and postage prepaid) to the
following listed persons at the addresses and facsimile numbers specified below, or to such other persons, addresses or facsimile numbers as a party entitled to notice shall give, in the manner hereinabove described, to the others entitled to
notice: 
 In the case of the Company: 

Asset Acceptance, LLC 

28405 Van Dyke Avenue 

Warren, Michigan 48093 

Attention: President and Chief Executive Officer 

Facsimile No.: 586-446-7832 

with a copy (which will not constitute notice) to: 

Asset Acceptance, LLC 

28405 Van Dyke Avenue 

Warren, Michigan 48093 

Attention: Edwin L. Herbert, Esq. 

Vice President and General Counsel 

Facsimile No.: 586-446-7832 

In the case of the Executive: 

Deborah L. Everly 

XXXXX XXXXXXX 

XXXXXXX, XX XXXXX 
  

 18 








 Notice pursuant hereto shall be deemed given (i) if delivered personally, when so delivered,
(ii) if given by facsimile, when transmitted to the facsimile number set forth above, when so transmitted if transmitted during normal business hours at the location to which it is transmitted or upon the opening of business on the next
Business Day if transmitted other than during normal business hours at the location to which it is transmitted and (iii) if given by mail, on the third business day following the day on which it was posted. 

19. CAPTIONS AND PARAGRAPH HEADINGS. Captions and section headings herein are for convenience only, are not a part hereof and
shall not be used in construing this Agreement. 
 20. ENTIRE AGREEMENT. This Agreement constitutes the entire
understanding and agreement of the parties hereto regarding the employment of the Executive, and supersedes all prior agreements and understandings between the parties, including, without limitation, the Initial Employment Agreement. 

21. COUNTERPARTS. This Agreement may be executed in counterparts, including by facsimile transmission or electronic signature as
permitted by applicable Law, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. 

22. ACKNOWLEDGMENT AND INDEPENDENT LEGAL ADVICE. The Executive acknowledges that (a) she has read and understands this
Agreement and that the Company has advised her that the foregoing alters and supersedes her common law rights, and (b) neither her execution of this Agreement nor her performance of services pursuant to this Agreement will violate any prior or
existing employment agreement, non-competition agreement, or similar agreement to which the Executive is or ever has been a party. The Executive acknowledges that the Company has advised her to seek legal advice prior to executing this Agreement.

 23. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the domestic laws of the State
of Michigan, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Michigan or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of
Michigan. 
 [Signatures on next page] 
  

 19 








 WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

					
	ASSET ACCEPTANCE, LLC
			
	By:	 	 /s/ Rion B. Needs
	  	 2/24/10

		 	RION B. NEEDS	  	  Date
		
	Its:	 	 President and Chief Executive Officer

		
	 /s/ Deborah L. Everly
	  	 2/24/10

	DEBORAH L. EVERLY	  	  Date


  

 20