Document:

exv10w49

 

Exhibit 10.49

September 7,2006

PRIVATE

Mr. Roy Hibberd

One Vista Court

Englishtown, NJ 07726

Dear Roy:

We are pleased to confirm our offer to you for the position of SVP-Franchise Relations for We The
People USA, Inc., and, SVP and General Counsel for Dollar Financial Group, Inc. (“Dollar”). Should
you accept our offer, your compensation and benefits package shall be as follows:

START DATE July 26, 2005

COMPENSATION $210,000 annual base salary. Base salary will be reviewed annually.

EQUITY Executive shall participate in all equity plans and grants commensurate with
similarly situated executives of Dollar.

BONUS As additional compensation for your services, Dollar shall pay or cause one of its
subsidiaries to pay a cash bonus with respect to each fiscal year payable within thirty (30)
days after the conclusion of the financial audit of the relevant fiscal year.

The actual bonus due shall be determined based on the achievement by Dollar of target annual
income before interest, income taxes, depreciation, amortization and management fees
(“EBITDA”) as determined by the aforesaid independent audit. EBITDA targets shall be
determined by the board of directors of Dollar, in good faith, and shall be adjusted
equitably for acquisitions, divestitures or other significant events occurring in the fiscal
year.

The amount of the bonus due shall be a percentage of your base salary, with the percentage
determined as follows: (a) if Dollar achieves EBITDA of greater than or equal to 95% of
target EBITDA, 20% of base salary plus 4% of base salary for each 1% that EBITDA exceeds 95%
of target EBITDA, up to a maximum of 20% of base salary (bringing the total cash bonus
payable under section (a) to a total of 40% of base salary if Dollar achieves 100% of target
EBITDA); plus (b) if Dollar achieves EBITDA of greater than or equal to 101% of target
EBITDA, 2% of base salary for each 1% that EBITDA exceeds 100% of target EBITDA, up to a
maximum of 10% of base salary. Thus, by way of example, if Dollar achieves EBITDA of 105%
of target, Executive’s bonus will be 20% + 20% +10% = 50% of base salary. Should your
employment terminate for any reason, no bonus compensation for the year in which termination
or resignation occurs shall be payable.

Regardless of whether an EBITDA target is achieved, no bonus compensation will be paid or
payable if Dollar has defaulted or is not current on its debt payment obligations under any
of its then outstanding credit facilities, indentures or other debt instruments; provided,
that such withheld compensation shall be paid if such default is of a technical and
non-substantive nature and is cured within thirty (30) days of notice thereof.

 

 

AUTO ALLOWANCE Dollar agrees to a monthly car allowance of $750.

RELOCATION ALLOWANCE Dollar agrees to reimburse moving-related expenses per the attached
relocation policy. This allowance will be available to Executive for at least 36 months
from date of employment, unless extended further by mutual agreement.

TERMINATION a) Change in control: In the event that your employment is
terminated by Dollar in relation to a Change of Control (as defined herein), or you
terminate your employment for Good Reason (as defined herein), you shall be paid your Base
Salary in equal installments in accordance with past payroll practices of Dollar for
eighteen months following the date of your termination, at a rate equal to 100% of your Base
Salary in effect on the last day of your employment with Dollar.

For purposes of this Agreement, a Change of Control shall be deemed to have occurred if and
when:

     i) a person or entity other than Green Equity Investors II, L.P., or any
affiliate, related party or entity controlled by Leonard Green & Partners, L.P., or
sponsored fund thereof (collectively “GEI II”) owns equity securities having at
least 51% of the voting power of Dollar (or any successor or surviving entity);

     ii) either DFG or Dollar becomes a subsidiary of an entity unaffiliated with
GEI II or shall be merged or consolidated into another entity and the voting power
of the surviving entity is owned at least 51% by a person or entity other than GEI
II; or

     iii) all or substantially all of the assets of either DFG or Dollar shall have
been sold to a party or parties the equity of which is owned at least 51% by a
person or entity other than GEI II.

b) Termination other than for cause: In the event that your employment is terminated
by Dollar, other than for Cause (as defined herein), you shall be paid your Base Salary in
equal installments in accordance with past payroll practices of Dollar for nine months
following the date of your termination, at a rate equal to 100% of your Base Salary in
effect on the last day of your employment with Dollar. In addition, you shall be paid your
Base Salary in equal installments in accordance with past payroll practices of Dollar for
nine months following the date which is nine months from your termination date at a rate
equal to 50% of your Base Salary in effect on the last day of your employment with Dollar.

For purposes of this Agreement, cause shall be defined as

     i) Executive’s failure to cure or remedy any material mismanagement or gross
negligence in the management of Employer’s business within fifteen (15) days after
written notice by Employer of such mismanagement or negligence;

     ii) Executive’s willful refusal, after written notice by Employer, to cure
within a period of fifteen (15) days any material breach of this Agreement or
failure to perform any material obligation set forth herein;

     iii) an act of fraud, theft, dishonesty or deceit committed against the
Employer, including any intentional material misrepresentation to the board of
directors of Dollar; or

     iv) a final non-appealable adjudication in a criminal or civil proceeding
(including any settlement or plea of nolo contendere) that Executive has committed a
fraud, dishonest act, an act of moral turpitude or any other felony relating to or
adversely affecting Executive’s employment, the business of the Employer or the
ability of Executive to perform his obligations herein).

 

 

c) Termination by Executive for Good Reason: Executive shall have the right to
terminate his employment upon 30 days notice to the Company for the occurrence of any of the
following events which shall all be considered “Good Reason” so Executive termination:

     i) Dolllar acts to materially reduce Executive’s duties or responsibilities
hereunder: or

     ii) Dollar acts to change the geographic location of the performance of
Executive’s duties from the Philadelphia, PA metropolitan area.

In the event of termination for Good Reason, Executive’s severance compensation and duration
of payment will be the same as Change in Control.

RESTRICTIVE COVENANTS In consideration of your employment with WTP, you agree that you will
not, at any time during the term of your employment and for a period of two years following
the termination of your employment for any reason (or to such lesser extent and for such
lesser period as may be deemed enforceable by a court of competent jurisdiction, it being
the intent of the parties that this agreement shall be so enforced): (a) directly or
indirectly engage in the United States, Canada or any other country in which any one or more
of Dollar Financial Corp., Dollar Financial Group, Inc., WTP and any of their respective
subsidiaries and affiliates (collectively hereinafter referred to as “Dollar”) now or
hereafter conducts business, in any business in direct competition with any business
conducted by Dollar at the time of termination or any business that Dollar has a bona fide
plan to commence or enter into, either as an officer, director, employee, independent
contractor, agent, consultant, lender or as a 2% or greater owner, partner, or stockholder;
(b) directly or indirectly cause or request a curtailment or cancellation of any significant
business relationship that Dollar has with a current or prospective vendor, business
partner, supplier or other service or goods provider that would have a material adverse
impact on the business of Dollar; or (c) directly or indirectly induce or attempt to
influence any employee or consultant of Dollar to terminate his or her employment or
consultant relationship with Dollar.

In addition to and without limiting the foregoing, during the term of your employment at all
times following the termination of your employment for any reason, whether before or after
the expiration of the employment term set forth above, you shall not at any time directly or
indirectly disclose, use, transfer or sell to any person, firm or other entity any trade,
technical or technological secrets, any details of organization or business affairs, or any
confidential or proprietary information of Dollar.

INVENTIONS All patents, trademarks, trade names, copyrights, inventions, discoveries,
financial models, computer software, graphics products, advertising products, promotional
materials, market studies and business plans (collectively, the “Intellectual Property”)
relating to Dollar’s business that you may make, conceive or learn during the term of your
employment (whether before, during or after the term of employment, whether during working
hours or otherwise) or within six (6) months following the termination of your employment
for any reason shall be the exclusive property of Dollar. You agree to disclose any such
Intellectual Property to the board of directors of WTP and to do at Dollar’s expense all
lawful things necessary or useful to assist Dollar in securing their full enjoyment and
protection.

DOLLAR PROPERTY You further agree, at Dollar’s request at any time and from time to time
during the term of your employment, and upon termination of your employment for any reason,
to deliver possession of all property, including but not limited to, documents or materials
relating to Dollar’ business and all evidence of or records relating to Dollar’s customers,
all of which property, documents, materials and/or customer and business records and other
property shall be at all times property of Dollar.

 

 

In the event of any breach or threatened breach by you of any of the provisions of this
letter under the heading “Restrictive Covenants”, “Inventions” and “Dollar Property” Dollar
may apply to any court of competent jurisdiction to enjoin such breach. Any such remedy
shall be in addition to Dollar’s remedies at law under such circumstances.

BENEFITS

Health Insurance Dollar offers a choice of three medical plans at a bi-weekly payroll
deduction. Eligibility begins on your date of employment.

Dental Insurance Dollar offers dental insurance at an additional bi-weekly payroll
deduction. Eligibility begins on your date of employment.

Life Insurance All employees are automatically covered for Life Insurance. Your life
insurance coverage is equal to $100,000. Eligibility begins on your date of employment.
Additionally, you may purchase supplemental life or supplemental AD&D coverage for yourself,
your spouse or your dependent children through payroll deduction.

Short Term Disability Salaried employees are eligible for Short Term Disability Insurance
with a bi-weekly payroll deduction. Your short term disability coverage is equal to
approximately 60% of your salary but not greater than $500 weekly. There is a 14 day
elimination period and coverage extends up to 26 weeks. Eligibility begins on your date of
employment.

Long Term Disability Salaried employees are eligible for Long Term Disability Insurance with
a bi-weekly payroll deduction. Your long term disability coverage is equal to approximately
60% of your basic monthly salary (up to a maximum benefit of $10,000 monthly) after a 26
week elimination period. Eligibility begins on your date of employment.

401(k) Plan You will become eligible for this program on the open enrollment date following
6 months of service. Open enrollment in our Retirement Plan is the 1st of every
calendar quarter. Dollar matches 50% of your contributions up to a maximum employee
contribution of 8%. Company matching is vested at 20% for each year of service.

Holidays You will be eligible for eight (8) paid holidays. The holiday schedule shall be
forwarded to you during your first week of employment.

Personal Time You will be awarded 12 hours of personal time for every 3 months of full-time
service (a total of 6 days per anniversary year). You may carry over a maximum of 12
personal hours on your anniversary date. Personal time must be used in 8 hour increments.
There is no payment for personal days earned but not taken.

Vacation You will be awarded one week vacation for every
three months of service completed. Awarded
vacation must be taken within one year (12 months)
in which the vacation is awarded. There is no
payment for vacation awarded but not taken.

EXPIRATION OF BENEFITS All benefits expire on your date of termination.

REPORTING RELATIONSHIP While serving in this position, you will report directly to Don
Gayhardt, President.

Speaking for myself and everyone at DFG, we look forward to working with you.

Sincerely,

 

 

Melissa Soper

Vice President, Human Resources

Mr. Roy HIbberd

September 7,2006

ACCEPTANCE This letter contains the entire agreement between you and Dollar. There are no
other oral or written agreements between you and Dollar. Please confirm that this letter
accurately sets forth our understanding by signing and returning this letter.

Accepted and Agreed to:

	 	 	 
	 

Name

	 	 
	 
	 	 
	 

Date

	 	 

 

 

APPROVED RELOCATION EXPENSES

FOR ROY HIBBERD

POLICY

During the relocation of executives, a considerable number of expenses may be incurred; therefore,
certain requirements are necessary to ensure that these relocation expenses are proper and have
been previously authorized.

PROCEDURES

	1.	 	Reimbursement and/or payment of relocation expenses is not automatic but will be made if the
expense or expenses are within the parameters defined herein.

	2.	 	For reimbursements of approved relocation expenses, an Expense Form should be completed with
all receipts attached. All exceptions to this relocation policy must be approved by the
President of Dollar Financial Corp.
	 
	3.	 	The following expenses are allowed under this relocation policy:

	 	a.	 	House hunting trips — Two house hunting trips not to exceed two (2) persons
(executive and spouse) per trip for a total of three (3) days each.

	 	-	 	Air fare or mileage
	 
	 	-	 	Rental car
	 
	 	-	 	Hotel
	 
	 	-	 	Reimbursement of meals

	 	b.	 	Moving Expenses:

	 	-	 	Van line expenses for moving of personal belongings.
	 
	 	-	 	packing and unpacking included.
	 
	 	-	 	Insurance for moving of personal belongings on van line.
	 
	 	-	 	Maximum 30 day furniture storage.
	 
	 	-	 	$.36 per mile for relocating vehicles based on most direct
	 
	 	 	 	route to new location.
	 
	 	-	 	Hotel and meals while en route.

	 	c.	 	Temporary lodging at new location to include:

	 	-	 	Ninety (90) days maximum
	 
	 	-	 	Room and tax
	 
	 	-	 	Local phone and long distance phone
	 
	 	-	 	Parking
	 
	 	- 	 	Car rental

	 	d.	 	Closing costs:

- Reimbursement for Commissions (Max. 6%) on sale of primary residence

NOTE: Should Executive sell the house without a Realtor, Dollar Financial Corp.
will not reimburse for what would have been paid in Realtors commission.

	 	e.	 	Any other costs above and beyond those items above, or any exceptions, must
receive the prior approval of the President of Dollar Financial Corp.

	4.	 	The executive shall not bear the additional tax burden of relocation. Should this
occur, the executive’s tax preparation firm should prepare a letter stating the

 

 

amount of the additional tax. This should be sent to the President of Dollar Financial
Corp. for authorization of reimbursement.

	6.	 	Tax reimbursement for relocation is for one time only.sec document

                                                                   Exhibit 10.27

                                   NUCO2 INC.
                              2800 SE Market Place
                                Stuart, FL 34997

                                                               December 19, 2005

TO:           J. Robert Vipond
              2800 SE Market Place
              Stuart, FL 34997

         We are  pleased  to  inform  you  that on May 18,  2005,  the  Board of
Directors of NuCO2 Inc. (the "Company"), granted you a nonqualified stock option
(the  "Option") to purchase  5,000 shares (the  "Shares") of Common  Stock,  par
value $.001 per share, of the Company, at a price of $23.14 per Share.

         The Option may be exercised  prior to March 28, 2015 (on which date the
Option will, to the extent not previously exercised,  expire) as follows: (i) as
to 2,500 of the Shares on or after March 29,  2006 and (ii) as to the  remaining
2,500 of the Shares on or after March 29, 2007.

         Unless  at the  time  of the  exercise  of the  Option  a  registration
statement under the Securities Act of 1933, as amended (the "Act"), is in effect
as to such Shares,  any Shares  purchased by you upon the exercise of the Option
shall be acquired for  investment and not for sale or  distribution,  and if the
Company so requests,  upon any exercise of the Option,  in whole or in part, you
will  execute and  deliver to the  Company a  certificate  to such  effect.  The
Company shall not be obligated to issue any Shares pursuant to the Option if, in
the opinion of counsel to the  Company,  the Shares to be so issued are required
to be  registered  or  otherwise  qualified  under  the Act or under  any  other
applicable  statute,  regulation or ordinance  affecting the sale of securities,
unless and until such Shares have been so registered or otherwise qualified.

         You understand and acknowledge  that, under existing law, unless at the
time of the exercise of the Option a registration  statement under the Act is in
effect as to such Shares (i) any Shares  purchased  by you upon  exercise of the
Option  may  be  required  to  be  held  indefinitely  unless  such  Shares  are
subsequently  registered under the Act or an exemption from such registration is
available;  (ii)  any  sales  of such  Shares  made in  reliance  upon  Rule 144
promulgated  under  the Act may be made  only in  accordance  with the terms and
conditions of that Rule (which, under certain circumstances, restrict the number
of shares which may be sold and the manner in which  shares may be sold);  (iii)
in the case of securities to which Rule 144 is not  applicable,  compliance with
Regulation A promulgated  under the Act or some other disclosure  exemption will
be required;  (iv)  certificates  for Shares to be issued to you hereunder shall
bear a legend to the effect that the Shares have not been  registered  under the
Act and that the Shares may not be sold,  hypothecated or otherwise  transferred
in the absence of an  effective  registration  statement  under the Act relating

thereto  or an  opinion  of  counsel  satisfactory  to  the  Company  that  such
registration  is not required;  (v) the Company will place an appropriate  "stop
transfer"  order with its transfer  agent with respect to such Shares;  and (vi)
the Company has  undertaken  no  obligation to register the Shares or to include
the Shares in any registration  statement which may be filed by it subsequent to
the issuance of the Shares to you. In addition,  you understand and  acknowledge
that the Company has no  obligation to you to furnish  information  necessary to
enable you to make sales under Rule 144.

         The Option (or installment thereof) is to be exercised by delivering to
the Company a written notice of exercise in the form attached hereto and EXHIBIT
A, specifying the number of Shares to be purchased, together with payment of the
purchase price of the Shares to be purchased.

         Would you  kindly  evidence  your  acceptance  of the  Option  and your
agreement to comply with the  provisions  hereof by executing  this letter under
the words "Agreed To and Accepted."

                                            Very truly yours,

                                            NuCO2 Inc.

                                            By: /s/ Michael E. Dedomenico
                                                --------------------------------
                                                Michael E. DeDomenico
                                                Chairman and Chief Executive Officer

AGREED TO AND ACCEPTED:

/s/ J. Robert Vipond
-----------------------
J. Robert Vipond

                                    EXHIBIT A

NuCO2 Inc.
2800 S.E. Market Place
Stuart, Florida  34997

Ladies and Gentlemen:

         Notice is hereby given of my election to purchase ____ shares of Common
Stock,  $.001 par value (the "Shares"),  of NuCO2 Inc., at a price of $_____ per
Share,  pursuant to the  provisions of the stock option granted to me on May 18,
2005. Enclosed in payment for the shares is:

                  | |   my check in the amount of $___________.

                  | |   _____________Shares having a total value of $__________,
                        such value being  based on the  closing  price(s) of the
                        Shares on the date ` hereof.*

                  The following  information  is supplied for use in issuing and
registering the Shares purchased hereby:

                  Number of Certificates
                      and Denominations
                                            ------------------------------------

                  Name
                                            ------------------------------------

                  Address
                                            ------------------------------------

                                            ------------------------------------

                  Social Security Number
                                            ------------------------------------

Dated:                  ,
        ---------------- --------

                                            Very truly yours,

                                            ------------------------------------
                                            J. Robert Vipond

* Subject to approval of the Board of Directors.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]