Document:

Exhibit
10.23

 

SANTA BARBARA BANK & TRUST

5770 Oberlin Drive

San Diego, CA 92121

 

 

March 14, 2005

 

 

Jackson Hewitt Inc.

7 Sylvan Way

Parsippany, NJ 07054

 

 

Gentlemen:

 

Reference is made to the
Program Agreement, dated as of May 5, 2004, by and between Santa Barbara Bank
& Trust and Jackson Hewitt Inc. (the “Agreement”).  The parties hereby agree that the Agreement is
amended as follows:

 

Exhibits A, B, C and D (the “Exhibits”)
attached hereto shall be the Exhibits to the Agreement for the 2005 Tax Season
and are hereby made a part of the Agreement.  Except to the extent modified herein, the
Agreement shall remain in full force and effect according to the terms thereof.

 

Kindly indicate your
acceptance of the foregoing terms by signing on the signature line set forth
below.

 

Very truly yours,

 

SANTA BARBARA BANK &
TRUST

 

 

	
  By:

  	
  /s/ Richard H. Turner

  	
   

  
	
  Name: Richard H. Turner

  
	
  Title: Senior Vice President

  
	
   

  
	
   

  
	
  Accepted and agreed to:

  
	
   

  
	
  JACKSON HEWITT INC.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Bill SanGiacomo

  	
   

  
	
  Name: Bill SanGiacomo

  
	
  Title: Vice President – Bank Products

  
				

 

 

Exhibit A

to

Program Agreement Between

Santa Barbara Bank & Trust and Jackson Hewitt Inc.

 

SANTA BARBARA BANK & TRUST

2005 BANK PRODUCT AGREEMENT

 

THIS AGREEMENT IS BEING PROVIDED TO
YOU ELECTRONICALLY AS PART OF THE ENROLLMENT PROCESS WITH SANTA BARBARA BANK & TRUST (SBBT).  YOU MUST AGREE TO THE FOLLOWING TERMS AND
CONDITIONS BEFORE YOU CAN BE ACCEPTED INTO SBBT’S REFUND ANTICIPATION LOAN
PROGRAM (PROGRAM) AND SUBMIT AN APPLICATION FOR AN SBBT REFUND ANTICIPATION LOAN
(RAL), ACCELERATED CHECK, CASH OR CASH CARD REFUND (ACR), ACCELERATED DIRECT
DEPOSIT (ADD) OR HOLIDAY LOAN.  PLEASE
READ THIS AGREEMENT CAREFULLY.

 

BACKGROUND: SBBT is a nationally chartered bank that
provides RALs, ACRs, ADDs and holiday loans (collectively, with other products
that may be developed by SBBT from time to time, “Bank Products”) to qualifying
taxpayers based upon the amount of their expected Fedoral or State income tax
refund.  SBBT Bank Products are offered
to taxpayers (“Clients”) through Jackson Hewitt Tax Services franchisees.  This Agreement is by and between you (“you” or
“Participant”) and SBBT, and sets forth your rights and obligations vis a vis
SBBT in connection with the Program.

 

I.  GRANT OF
RIGHT TO OFFER BANK PRODUCTS.  SBBT hereby
grants Participant the right, on SBBT’s behalf and on the terms and subject to
the conditions set forth herein, to offer Bank Products to Clients and to
charge application fees relating thereto.  SBBT has the sole right to establish the
terms, conditions and fees of all Bank Products.

 

II. 
PARTICIPANT’S REPRESENTATIONS AND 
WARRANTIES.  Participant makes the
following representations, warranties and acknowledgements to SBBT as of the
date of this Agreement and at all times during the term hereof as follows:

 

2.1  Independent Contractor.  Participant is an independent contractor.  Neither this Agreement nor any actions taken
pursuant hereto shall constitute a joint
venture nor create a partnership, agency or employment relationship between the
parties.

 

2.2  Right to Participate.  Participant understands that Participant’s
initial and continued right to participate in the Program is subject to SBBT’s
approval.

 

2.3.  Valid
EFIN.  Participant has a current and
valid Electronic Filer Identification Number (EFIN) issued by the Internal
Revenue Service (IRS).  Participant
understands that he or she shall be deemed by SBBT to be the originator of all
income tax returns accepted by Participant and that, as such, Participant is
required to process all returns under his or her own EFIN.  Participant further understands that he/she
will be suspended from the Program immediately upon notice if he/she accepts
tax returns for electronic filing without a valid EFIN.

 

2.4  Excessive
Loan Loss.  Participant understands and
agrees that if he/she generates excessive loan loss (determined in SBBT’s sole
discretion), then Participant may be immediately suspended from the Program
upon notice.  Participant further
understands that SBBT shall consider requests for re-acceptance into the
Program on a case-by-case basis, and shall make determinations with respect
thereto based upon: (i) subsequent recoveries of loan losses through IRS direct
deposits or other means, (ii) the completeness and accuracy of loan
documentation, and (iii) such other factors deemed relevant by SBBT.  For purposes of this Agreement, any loan not
paid in full seven days after its expected refund date (expected refund date
being approximately 10-17 days after the IRS acknowledgment date), shall be
deemed “delinquent” by SBBT and shall be used in calculating loan loss ratios.

 

III. 
PARTICIPANT’S DUTIES AND OBLIGATIONS.  Participant covenants and agrees with SBBT as
follows:

 

3.1 
Compliance.  Participant agrees to
comply with all procedures and requirements relating to the Program provided by
SBBT prior to the 2005 tax season, including those set forth in the 2005 Bank
Program User Manual available for printing and downloading on JHNet.

 

3.2  Completion
of Applications; Proper Identification.  Participant
shall exercise due care in, and shall be solely responsible for, accurately
inputting and submitting with each RAL/ACR/ADD application (“Application”) all
material information, including social security number(s), received from
Clients.  Participant shall exercise due
diligence in ensuring that the Client has presented two forms of proper
identification, as defined in the Application, and shall properly verify the
social security numbers of primary and secondary filers as well as all
dependent children listed on the tax return.

 

3.3.  Valid
Income Documents.  Participant agrees to
carefully scrutinize each income document, such as W-2s and Form 1099s, to
ensure that they have been issued by a valid entity.  Participant shall not accept questionable
documents or file any return relating thereto.

 

 

3.4 
Unacceptable practices: ERO shall comply with both the letter and spirit
of Fair Lending laws that govern financial institutions.  Specifically, ERO shall not engage in any
unacceptable practices, including but not limited to the following: telling
consumers they must apply for a bank product in order to receive their refund,
charging excessive fees or fees unrelated to the preparation and filing of a
tax return or bank product, failing to provide the consumer with any required
bank product disclosures, requiring a consumer to sign disclosures before
reading them, intentionally misrepresenting any material fact concerning the
bank’s products or its program including pricing or timing of disbursements,
or, intentionally steering a consumer to a RAL when that customer has expressed
a desire for a different product.  An ERO
who engages in unacceptable practices may be suspended from the Program at the
discretion of SBBT.  A list of
unacceptable practices is provided in the Bank Program User Manual, however, it
remains the sole discretion of SBBT to determine whether or not an ERO has
engaged in behavior that SBBT deems to be “unacceptable”.

 

3.5.  False RAL
Information.  Participant shall not
knowingly assist any person in fraudulently obtaining a Bank Product and shall
not knowingly transmit false or incomplete information on RAL, ACR or ADD
records to SBBT.  Participant agrees to
notify SBBT immediately if he/she becomes aware of any attempt to obtain a Bank
Product by fraud or pursuant to any untrue or false tax return.  Any breach by Participant of its obligations
under this Section 3.4 shall, and any suspicion of fraud by SBBT among
Participant’s Bank Product requests may, result in Participant’s immediate
suspension from the Program upon notice.  Further, Participant agrees to pay to SBBT the
amount of any RAL that is not collected by SBBT if such failure is the result
of (i) Participant’s knowing assistance of a Client’s fraud, or (ii)
Participant’s failure to accurately submit Application information to SBBT as
received from a Client.  Participant
shall pay all such amounts within 30 days after notice from SBBT.

 

3.6  Completed
and Signed Tax Return.  Participant shall
complete the direct deposit designation in the electronic portion of the
Client’s Federal (and State, if applicable) income tax return.  The direct deposit designation shall include
information provided by SBBT (including the SBBT check routing number and
client account number), and shall name SBBT as the financial institution.  The designation shall also indicate that the
account is “checking” and that the source is “other.” Participant shall cause
the same information to be contained in the appropriate data fields as part of
the electronically filed return. 
Participant shall obtain the Client’s signature on an e-filed tax return
via a completed and signed IRS Form 8453 or by using the Client’s self select
PIN (Personal Identification Number).

 

3.7  Client
Copies.  Participant shall deliver to
each Client a signed copy of the Application, Loan Agreement and Disclosure
Statement (each, as provided by SBBT), together with any other agreements or
documents that SBBT reasonably may require, as identified and provided to
Participant.

 

3.8  Document Retention.  Participant shall retain with respect to each
Client a signed copy of the Application, Loan Agreement and Disclosure
Statement, together with copies of all the tax returns, W-2s, and (to the
extent feasible) taxpayer identifications, for a period of five (5) years, and,
upon request, shall deliver the same to SBBT within 48 hours.

 

3.9  Secure Check Storage.  Participant understands that, if printing
checks on site, he/she will have the care and custody of consecutively numbered
SBBT checks upon which Participant may affix an SBBT facsimile signature of an
authorized SBBT signatory.  Participant
agrees to store the check supplies in a secure, locked area in the same manner
as it stores cash, and to allow access to authorized personnel only.  Participant acknowledges that mishandling of
check supplies may be cause for immediate suspension from the Program.

 

3.10  Lost/Stolen/Voided Checks:  Participant shall reimburse SBBT, within 30
days of notice, the amount of each SBBT cashier’s check that is stolen by an
employee of Participant, given to the incorrect Client or reported lost and/or
voided by the Participant’s office if (i) the check has cleared SBBT and (ii)
SBBT is otherwise unable to recover such funds.

 

3.11  Compliance with Laws; Client Consents.  Participant shall comply with all applicable
laws, rules and regulations (including, without limitation, applicable State
licensing requirements) relating to the preparation and transmission of income
tax returns and his/her performance under this Agreement.  Participant accepts full responsibility for
obtaining Client consents, on behalf of SBBT,
in connection with the offer and sale of Bank Products.

 

IV.  SBBT’S
DUTIES AND OBLIGATIONS,

 

4.1  Processing Applications.  SBBT shall timely process Applications in
accordance with industry standards and provide Bank Products with respect to
all Applications received electronically from Participant according to SBBT’s
credit criteria, as in effect from time to time.  SBBT shall establish such credit criteria, as
well as bank fees relating to Bank Products, in its sole discretion.  SBBT shall disburse RALs and tax refunds to
Clients in accordance with the terms set forth in the Application and Loan
Agreement.

 

4.2  Check Stock.  SBBT shall provide and distribute to Participant
the necessary check stock to participate in the Program, and shall replenish
such stock promptly upon Participant’s request (provided, however, that if
Participant requests overnight delivery, then Participant shall pay the cost of
such delivery).

 

 

4.3  ACH Fee
Payments: SBBT shall pay all fees owing to Participant as set forth in the RAL
or ACR/ADD records received by SBBT via automated clearing house (“ACH”) credit
to the bank account designated by Participant to Jackson Hewitt Inc.  Such funds shall be withheld from the Bank
Product and paid (i) on the business day following receipt of the check
reconciliation file by SBBT, in the case of an approved RAL, or (ii) upon
SBBT’s receipt of the IRS tax refund, in the case of an ACR or ADD.  Notwithstanding the foregoing, Participant authorizes
SBBT to accept and act in accordance with instructions SBBT receives from
Jackson Hewitt Inc. to pay Participant fees to Jackson Hewitt Inc. whenever
Jackson Hewitt Inc. claims that such monies are owed.

 

4.4.  Fees on Denied RALs.  If SBBT denies a RAL, then the request will be
converted automatically to an ACR application, and Participant’s fee will be
collected and disbursed upon funding of the return by the IRS.  If SBBT denies a RAL due to an outstanding
RAL debt, then SBBT shall pay the Participant’s fees at the time the RAL is
denied.

 

4.5.  Collection of Outstanding Participant
Fees.  SBBT shall not reimburse
Participant fees on unfunded ACRs or ADDs.  Notwithstanding the foregoing, SBBT agrees to
act as a third party debt collector on behalf of Participant to collect any
outstanding tax preparation or other Participant fees of a prior Client.  To the extent any such collection efforts are
successful, Participant fees, if any, will be deducted from the proceeds of a
Bank Product (after deduction of all bank fees and charges and after deduction
of a 10% charge) and paid to Participant.  Participant will be responsible for
substantiating any disputed debts.  This Section 4.5
shall survive the termination or expiration of this Agreement.

 

4.6  Compliance
with Laws.  SBBT covenants and agrees
that all Program documentation (including the Application, Loan Agreement,
Disclosure Statement, disbursement checks and marketing materials, if any)
provided to Participant, and SBBT’s performance under this Agreement, shall
comply with applicable laws, rules and regulations.

 

V.  TERM.

 

5.1  Term.  This Agreement shall become effective on the
date Participant executes and delivers the same to Jackson Hewitt Inc. and shall
continue until December 31, 2005.

 

5.2 
Termination.  This Agreement may
be terminated by SBBT immediately upon notice to Participant if Participant has
breached any of the representations made, or has materially defaulted in the
performance of any of his/her obligations, hereunder.

 

VI.  PRIVACY. 
No party shall make any unauthorized disclosure of or use any personal
information of Clients that it receives from the other or on the other’s behalf
other than to carry out the purposes for which such information is received,
and each party shall comply, to the extent applicable, with the requirements of
the implementing regulations of Title V of the Gram-Leach-Bliley Act of 1999,
specifically including 16 Code of Federal Regulations, Chapter 1, Subchapter C,
Parts 313.11 and 313.13.

 

VII.  INDEMNITY.

 

7.1 
Indemnification by Participant.  Participant
shall indemnify, defend and hold harmless SBBT and its officers, directors,
employees and agents, from and against any and all expenses and costs
(including reasonable attorney’s fees and court costs) or liabilities
(including amounts paid in settlement) incurred by SBBT in connection with any
claim, dispute, controversy or litigation arising out of or resulting from any
breach by Participant of any of his/her representations or obligations
hereunder.

 

7.2  Indemnification by SBBT.  SBBT
shall indemnify, defend and hold harmless Participant and his/her officers,
directors, employees and agents, from and against any and all expenses and
costs (including reasonable attorney’s fees and court costs) or liabilities
(including amounts paid in settlement) incurred by any of them in connection
with any claim, dispute, controversy or litigation arising out of or resulting
from (i) the offer and sale of Bank Products hereunder (excluding acts or
omissions by Participant in connection with such offer and sale); (ii) any
violation or alleged violation of applicable law (including, without
limitation, the Truth-in-Lending Act or any regulation of the Federal Reserve
Board or other applicable Federal or State banking or consumer finance laws or
regulations); or (iii) any breach by SBBT of any of its representations or
obligations hereunder.

 

VIII.  OTHER
AGREEMENTS.

 

8.1  Exclusivity. 
Participant agrees not to submit applications for any Bank Products, or
any products substantially similar thereto, on behalf of any Client (which term shall include both the husband and wife
with respect to taxpayers filing jointly) to any entity other than SBBT while
participating in the Program.  Any breach
of this Section 8.1 will result in Participant’s immediate suspension from
the Program upon notice to Participant.

 

8.2  Participant Incentives.  Participant acknowledges and agrees that,
except as expressly provided herein, Participant shall not be entitled to, and
SBBT shall not pay, any compensation in connection with the Program.  SBBT understands and agrees that Participant
may charge application or other fees in connection with the sale of Bank
Products to Clients in amounts determined by Participant.  The parties further acknowledge that Jackson
Hewitt Inc. may determine whether to offer Participant an incentive

 

 

program and that the availability of any such
program, and the terms thereof, shall be made in Jackson Hewitt Inc.’s sole
discretion.

 

8.3  Rights of
Access.  Participant hereby grants to
SBBT access to its offices upon notice, for the purpose of performing physical
inspections of SBBT check stock, Application forms, Clients’ Forms 8453 and any
other record reasonably related to the Program, and to observe the operation of
the Program and the procedures followed by office personnel.

 

8.4  Ownership
of Loans.  SBBT shall be the sole owner
of RALs made under the Program.  SBBT
shall have the authority to transfer or assign such loans at any time.

 

8.5  Limitation
of Liability.  Neither party shall be
liable to the other for incidental, special, indirect or consequential damage
or loss of profits or other benefits, arising out of or in connection with the
performance (or failure thereof) of its obligations hereunder, unless such
damage or loss arises from that party’s gross negligence or wilful misconduct.

 

8.6  Excusable Delay.  No party shall be liable to any other party
for any delay in performance or nonperformance of its obligations under this
Agreement where such delay or nonperformance is caused by circumstances or acts
beyond its control, including failure of communication lines, equipment or
systems of third parties; acts of God; civil disturbances, war or other
violence; strikes or labor disputes.

 

8.7  Attorneys’ Fees.  The non-prevailing party will pay all costs
and expenses, including reasonable attorneys’ fees and court costs, incurred by
the prevailing party to enforce this Agreement, including collection of amounts
owed under this Agreement.

 

8.8  Notices.  Any notice required or permitted to be given
hereunder shall be in writing and shall be deemed to have been given on the
date of delivery, if made personally or by facsimile transmission, or on the
second business day after mailing, if mailed by registered or certified mail,
return receipt requested.  Notices shall be
sent to SBBT at the address set forth below, and to Participant at the address
on file at Jackson Hewitt Inc.

 

8.9  Integration.  This Agreement expresses the entire
understanding and agreement of the parties concerning to the subject matter
hereof, and supercedes all prior agreements, understandings, arrangements or
commitments with respect to such subject matter, written or oral, including
(without limitation) any agreements to which Participant and SBBT may be a
party prior to the date hereof, each of which are hereby void and of no further
force and effect (except to the extent certain provisions therein by their
terms or nature survive termination or expiration).

 

8.10  Rights of Jackson Hewitt.  Nothing in this Agreement is intended to nor
shall limit any rights or remedies of Jackson Hewitt Inc. in connection with
the Program or the offer thereof. 
Jackson Hewitt Inc. is expressly made a third party beneficiary of this
Agreement, and shall be entitled to enforce the provisions hereof.

 

By signing below, I certify that I have been approved
by the IRS to prepare and electronically file income tax returns and that I
have a current and valid EFIN.  I acknowledge
that I have read, understand and agree to be bound by all of the terms and
conditions set forth in this Agreement.  I
further authorize SBBT to check my credit record through any nationally
recognized credit bureau.

 

	
  Processing Center

  	
   

  	
   

  	
  Entity No.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Printed Name

  	
   

  	
  Signature

  	
  Date

  
									

 

Notice: A signed copy of this Agreement must be
received by Jackson Hewitt Inc. before you can be activated in the Program.

 

On behalf of SBBT:

 

 

	
  /s/Richard H. Turner

  	
   

  
	
   

  
	
  Richard H. Turner

  
	
  Senior Vice President

  
	
  Santa Barbara Hank & Trust.

  
	
  1021 Anacapa Street, 3rd Floor

  
	
  Santa Barbara, CA 93101

  

 

 

Exhibit B

to

Program
Agreement Between

Santa Barbara Bank & Trust and Jackson Hewitt Inc.

 

Pricing and
Loan Ranges

 

Santa
Barbara Bank & Trust

March 14, 2005

 

1.1.                              I.  Refund Anticipation Loan “RAL”

 

	
  LOAN
  AMOUNT RANGES

  	
   

  	
  SBBT Finance Charge

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  RAL
  Loan Amount Between:

  	
   

  	
   

  	
   

  
	
  Sum of All Fees + $1 - $7,000

  	
   

  	
  3.00% of
  Loan

  	
   

  
	
  Minimum Fee

  	
   

  	
  $

  	
  10

  	
   

  
	
  Maximum Fee

  	
   

  	
  $

  	
  80

  	
   

  
	
  Surcharge on RALs if EIC is claimed

  	
   

  	
  $

  	
  10

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Money Now* loan up to $1100

  	
   

  	
  $

  	
  35

  	
   

  

 

II.
 Accelerated Check Refund “ACR”/Assisted
Direct Deposit “ADD”

 

	
  All Amounts:

  	
   

  	
  $

  	
  25

  	
   

  

 

III.
 Federal Tax Refund Limit

 

	
  Minimum
  Refund Amount:

  	
   

  	
  Sum of All Fees + $1

  	
   

  
	
  Maximum Refund Amount - ACR:

  	
   

  	
  $

  	
  999,999

  	
   

  
	
  Maximum Refund Amount - RAL:

  	
   

  	
  $

  	
  9,999

  	
   

  

 

Product features and
pricing are subject to change at
the discretion of Santa Barbara Bank & Trust with reasonable advance notice
to Jackson Hewitt.

 

3

 

Exhibit C

to

Program Agreement

Between

Santa Barbara Bank & Trust and
Jackson Hewitt Inc.

March 14,
2005

 

I.  Source of Fees

 

1.  SBBT shall collect the following handling fees
(“Handling Fees”) on Bank Products originating from

EROs:

 

$25 per funded
ACR or RAL

$10 per funded
State ACR

$35 per funded
Money NowSM loan

 

A funded Bank
Product is one with respect to which SBBT receives all or part of the Customer’s
expected refund from the IRS or state taxing authority sufficient to pay the
applicable Handling Fee.

 

2.  In addition to the applicable Handling Fee, a
finance charge shall be charged to each Customer obtaining a RAL approved by
SBBT.  The finance charge shall be a
percentage (determined each year) of the total RAL dollar amount.  SBBT shall, within one business day following
the receipt of the IRS direct deposit of the Customer’s refund, disburse to JHI
$.75 of the finance charge associated with each RAL approved by SBBT by ACH
direct deposit to JHI’s bank account (as identified by JHI) or as otherwise
directed (the “Finance Fee”).  Except as specifically
set forth in Section II (C) below, SBBT shall bear sole responsibility for
loan losses.

 

II.  Disbursements

 

In
consideration of the services provided by JHI under this Agreement, SBBT shall
pay the following amounts to JHI, except in jurisdictions that the parties
agree prohibit such payment:

 

A.  Handling Fee Disbursements

 

1.   The
Handling Fee shall be disbursed pursuant to the following schedule:

 

	
  For each
  funded ACR and RAL:

  	
   

  	
  $

  	
  7.20 to SBBT

  	
   

  
	
   

  	
   

  	
  $

  	
  17.80 to JHI

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  For each
  funded State ACR:

  	
   

  	
  $

  	
  5.00 to SBBT

  	
   

  
	
   

  	
   

  	
  $

  	
  5.00 to JHI

  	
   

  

 

2.  The foregoing fees shall be disbursed within
one business day following the receipt of the IRS direct deposit of the
Customer’s refund.  Payments shall be
made using ACH direct deposit to JHI’s bank account (as identified by JHI) or
as otherwise directed.

 

 

B. RAL
— Fixed Rebate

 

1. SBBT shall pay to JHI for each RAL
approved by SBBT an amount equal to: (i) $ 16.00 (the “RAL Fixed Rebate”) and
(ii) the amount of the RAL finance charge in excess of $75, if any (the “RAL Fee”).

 

2. Payments of the RAL Fixed Rebate amounts
pursuant to clause (i) above shall be disbursed within one business day
following the approval of each RAL application and payments of amounts of the
RAL Fee pursuant to clause (ii) above shall be paid no later than April 15
of each tax year.  Payments shall be made
using ACH direct deposit to JHI’s bank account (as identified by JHI) or as
otherwise directed.

 

C. RAL —
Performance Adjustments

 

1. For
purposes of this Agreement, the following terms shall have the following
meanings:

 

“Delinquency
Amount” means the total dollar value of all outstanding and unpaid RALs
issued by SBBT pursuant to the Program in the current calendar year.

 

“Loan Yield”
means with respect to any calendar year, the amount equal to the quotient of
(i) the Yield Amount, divided by (ii) the total dollar value of all RALs issued
by SBBT pursuant to the Program in such calendar year.

 

“Loan Delinquency
Rate” means with respect to any calendar year, the amount equal to the
quotient of (i) the Delinquency Amount, divided by (ii) the total dollar value
of all RALs issued by SBBT pursuant to the Program in such calendar year.

 

“Threshold
Amount” means with respect to any calendar year, one percent of the total
dollar value of all RALs issued by SBBT pursuant to the Program in such
calendar year.

 

“Yield
Amount” means with respect to any calendar year, the amount equal to (i)
the gross amount of all finance charges assessed by SBBT in respect of SBBT
approved RALs pursuant to the Program in such calendar year, minus (ii) an
amount equal to the sum of (x) the aggregate Finance Fee for such calendar
year, (y) $3.75 for each RAL included in the Finance Fee calculation, and (z)
the aggregate RAL Fee for such year.

 

2. The parties
agree that except as specifically provided for below in subparagraph (a) of
this Section 11.C.2, SBBT shall be shall be entitled, after fulfillment of
its payment obligations to JHI pursuant to the other provisions of this Exhibit
C, to retain all other amounts earned in connection with the Program.  The parties agree that except as specifically
provided for below in subparagraph (b) of this Section II.C.2, SBBT shall
be responsible for all loan losses.  The
parties further agree that notwithstanding the provisions of the preceding
sentence, nothing herein shall affect SBBT’s payment obligation to JHI or JHI’s
right to receive from SBBT, the Handling Fee or RAL Fixed Rebate or RAL Fee
payments set forth in paragraphs A and B of this Section II, JHI’s fixed
share of the finance charge pursuant to Section I (2), or the fees set
forth in Section III of this Exhibit C.

 

(a) Excess
Loan Yield.  With respect to each
calendar year during the term of this Agreement, if the Loan Yield exceeds the
Loan Delinquency Rate for a particular calendar year, each measured as of December 31
of such calendar year, by more than 100 basis points, then SBBT shall pay to JHI
50% of the amount equal to the difference between (i) the Yield Amount and (ii)
the sum of the Delinquency Amount and the Threshold Amount for such calendar
year.  Amounts, if any, payable to JHI
pursuant to the preceding sentence shall be paid within five business days
following December 31 of such calendar year.

 

2

 

(b) Excessive
Loan Delinquency.  With respect to
each calendar year during the term of this Agreement, if the Delinquency Amount
exceeds the Yield Amount for a particular calendar year, each measured as of July 1
of such calendar year, then JHI and SBBT shall each fund 50% of the amount equal to the
difference between the Delinquency Amount and the Yield Amount for such
calendar year within five business days following such date.  In such event, all amounts recovered by SBBT
between July 1 and December 31 of such calendar year, with respect to
RALs issued in such calendar year, calculated as of December 31 of such
calendar year, shall be shared equally between the parties and paid to JHI
within five business days following such December 31st; provided, however,
that the amount payable to JHI pursuant to this sentence shall not exceed the
amounts payable by JHI pursuant to the immediately preceding sentence.

 

III. Prior and Current Year
Loans

 

SBBT shall
cooperate with other RAL issuing banks to require the collection of outstanding
RALs it originated in prior years in connection with the Program to the extent
those collection efforts do not violate law.

 

Notwithstanding
any provision herein to the contrary, the amount of any outstanding RALs that
is collected by or paid to SBBT during calendar year 2005 that was originated
during or prior to the 2004 filing season shall be deposited into a collection
account and disbursed by SBBT on the last business day of each month as
follows: 65% to JHI and 35% to SBBT; provided, however, that for the 2005
filing season JHI shall not receive less than an amount equal to the product of  $2.00
multiplied by the number of RALs issued by SBBT pursuant to the Program in 2005.
 For calendar years subsequent to 2005,
such RALs collected by or paid to SBBT shall be disbursed by SBBT as follows:
65% to JHI and 35% to SBBT.

 

With respect
to each calendar year during the term of this Agreement commencing with the
2006 filing season, SBBT shall pay to JHI an amount (the “Additional Amount”)
equal to the product of $2.00 multiplied by the number of RALs issued by SBBT
pursuant to the Program during such calendar year (the “Measurement Year”);
provided that one of the two following tests shall be met before any payment shall
be made to JHI:

 

(a) the Loan Yield for such Measurement Year
exceeds the Loan Delinquency Rate for such Measurement Year by at least 50
basis points as of April 30th of such Measurement Year; or

 

(b) the Loan Yield for such Measurement Year
exceeds the Loan Delinquency Rate for such Measurement Year by at least 60
basis points as of December 31 of such Measurement Year.

 

In the event
both of the tests set forth in (a) and (b) are not met, JHI shall also be
entitled to the Additional Amount if: the Loan Yield for such Measurement Year
exceeds the Loan Delinquency Rate for such Measurement Year by at least 60
basis points measured as of any date through December 31 of the year next
succeeding such Measurement Year, after taking into account any and all collections
made by or paid to SBBT in such next succeeding year through such date with
respect to the RALs issued by SBBT in such Measurement Year.

 

In addition to
the foregoing, provided that an Additional Amount is otherwise earned for a
Measurement Year in accordance with above, then with respect to such Additional
Amount and such Measurement Year, if an amount equal to 25% of the total amount
of RALs issued in the calendar year immediately preceding such Measurement Year
and collected by or paid to SBBT in such Measurement Year (the “Cross
Collection Amount”) is greater than such Additional Amount for such Measurement
Year, then SBBT shall pay to JHI the Cross Collection Amount in lieu of the
Additional Amount, or the difference between such Cross Collection Amount and
such Additional Amount if such Additional Amount has previously been paid.  SBBT shall disburse such funds to JHI within
five business days of the December 31 of the year in which the first of
the above three tests is met.

 

IV. Right
of First Refusal for New Bank Products.

 

JHI shall offer SBBT a right of first refusal
to develop and/or provide New Bank Products.  JHI shall be permitted to develop,
independently or in connection with a third party, new products/services or
programs, in its discretion.  With
respect to New Bank Products that are similar to existing Bank Products, such
New Bank Product must be in response to a party determining that the
continuation of such existing Bank Product is reasonably likely to be
detrimental to a party hereto due to legislative, regulatory or other legal
issues.  Upon delivery by JHI to SBBT of
a request for a New Bank Product, SBBT shall have thirty (30) business days to
respond to any such offer, stating its

 

3

 

intention to provide or not provide the
requested New Bank Product.  If SBBT
agrees to provide the New Bank Product, then JHI and SBBT will negotiate in
good faith to mutually agree on an acceptable time frame for development,
testing and implementation of the New Bank Product, including costs and fees of
the New Bank Product.  If the parties do
not reach such mutual agreement within thirty days of SBBT agreeing to provide
such New Bank Product or SBBT does not respond within the original thirty (30)
day period, then JHI shall be permitted to delete EROs from this Agreement and,
if it determines to do so, arrange for such EROs to align with another bank or
other vendor for all of the EROs tax related financial product needs.

 

4

 

Exhibit D

to

Program Agreement

Between

Santa
Barbara Bank & Trust and Jackson Hewitt Inc.

March 14,
2004

 

 

SBBT’s obligation to reimburse JHI for
expenses incurred by it in connection with the activities described in Section 11.3
of this Agreement shall be subject to a yearly maximum limitation, as described
on this Exhibit D which may be amended on a yearly basis pursuant to the mutual
agreement of both parties.

 

Aggregate Maximum Limitation:
$3.6 millionExhibit 10.24

 

 

 

JACKSON HEWITT TAX SERVICE INC. 

 

2005 ANNUAL VOLUNTARY DEFERRED
COMPENSATION PLAN

 

HIGHLIGHTS

 

•                 The Jackson Hewitt Tax Service Inc. 2005 Annual
Voluntary Deferred Compensation Plan (the “Plan”) is
a voluntary non-qualified plan and is independent of other retirement/deferral
programs.  Eligible employees must
execute a Deferred Compensation Agreement to participate in the Plan, a form of
which agreement is attached hereto as Annex I.

 

•                 Certain members
of management are eligible to participate in the Plan.  Such employees may elect to defer a portion
of their pre-tax compensation earned during a fiscal year.  Employees may elect to defer up to 100% from
their annual commission and up to 100% of their bonus.

 

•                 The Company has
the right under the Plan to match the deferred contributions of participating
employees.

 

•                 In exchange for
the employees’ pretax contribution, Jackson Hewitt Tax Service Inc. agrees to
pay the benefit payment in a lump sum or in annual installments with payments
to commence based on the employees’ Participation Elections.  This benefit payment will be based on the
actual rate of return of the investment alternatives the employees have
selected and will depend on the amount and timing of their investment.  Benefits will be paid in accordance with the
Participation Election Form.

 

•                 The Plan is unfunded and any compensation
deferred under the Plan by participating employees represents at all times an
unfunded and unsecured contractual obligation of Jackson Hewitt Tax Service
Inc.  Participating employees and their
beneficiaries will be unsecured creditors of the Jackson Hewitt Tax Service
Inc. with respect to all obligations owed to any of them under the Plan.  Amounts payable under the Plan will be
satisfied solely out of the general assets of Jackson Hewitt Tax Service Inc.
subject to the claims of its creditors.

 

•                 There is no
guaranteed rate of return.  The
appreciation in the employees’ account will be tied to the performance of the
investment alternatives that they select. 
There is no guarantee that the investment objectives of the funds will
be achieved and their account balance may be less than their original deferral
amount.

 

•                 The employee
will be given an opportunity to reallocate among the investment performance
alternatives, view their account, statements and plan documents through the
Company’s administrator for this plan, Brown Bridgman & Company.  They will later be given more information
including a username and password for accessing their account after enrollment.

 

•                 If the employee
dies prior to receiving payments, their beneficiaries will receive their
account balance in a lump sum.

 

•                 If the employee
dies after payments have commenced but before receiving all of the payments
due, the remaining payments will be paid to their designated beneficiary as a
lump sum.

 

 

INVESTMENT ALTERNATIVES

 

Amounts that the employees defer under the Plan will be credited to an
account established by Jackson Hewitt Tax Service Inc. in their name.  The account will be credited with earnings
based on the performance of various investment alternatives selected by the
employee.

 

The employee will be able to reallocate on the administrators (Brown
Bridgman & Company) website as often as they wish.

 

The
employee may allocate their account balance among one or more of the investment
alternatives that Jackson Hewitt Tax Service Inc. may designate from time to
time, in any combination of whole percentages adding up to 100%.

 

IMPORTANT INFORMATION

 

The
amount the employee contributes is pretax income and will not be part of their
taxable income.  The amount they defer
will be indicated in a separate section of their W-2 form.  Benefits that they or their beneficiary
receives will be taxable as ordinary income in the year received.  However, deferred compensation amounts are
subject to FICA and Medicare tax at time of deferral.

 

RISK FACTORS

 

•                 Under the Plan, participating employees are
unsecured creditors of Jackson Hewitt Tax Service Inc with no rights in any
assets in which Jackson Hewitt Tax Service Inc. may invest.

 

•                 The amount of
their benefit is tied to a variable investment alternative with no guaranteed
rate of return.  Please be aware that if
the vehicles of investment that they elect show negative returns, it is
possible that their account balance may be less than their original deferral
amount.

 

•                 As with all
benefit programs, Jackson Hewitt Tax Service Inc. may alter, amend, modify,
suspend or terminate the Plan at any time in its discretion. If the Plan is
terminated Participant benefit payments will be paid in accordance with the
Participant’s Participation Election Form.

 

2

 

ANNEX I

 

JACKSON
HEWITT TAX SERVICE INC.

 

FORM OF

 

DEFERRED COMPENSATION AGREEMENT

 

This DEFERRED COMPENSATION
AGREEMENT (this “Agreement”)
is made as of the date indicated on the signature page hereof by and between JACKSON HEWITT TAX SERVICE INC., and its subsidiaries and
affiliates (collectively, the “Company”),
and the employee identified on the signature page hereof (the “Participant”).

 

WHEREAS, the Participant wishes to make an
irrevocable election to defer the receipt of a portion of his or her commission
and/or bonus earned during the 2005 Fiscal Year, as such term is defined
herein;

 

WHEREAS, the Company and the Participant wish to set
forth herein certain terms and conditions applicable to the amounts deferred as
provided herein;

 

WHEREAS, the Participant acknowledges that with
respect to deferred amounts subject to the terms and conditions of this
Agreement, the Participant will be an unsecured creditor of the Company with no
ownership rights in any assets of any kind; and

 

WHEREAS, the Participant further acknowledges that,
while he or she may make elections, subject to the terms and conditions of this
Agreement, pursuant to which the balance of his or her Account (as defined
herein) will be deemed to be allocated among the several Investment
Alternatives (as defined herein) for purposes of measuring the increase or
decrease in the value thereof, nothing contained herein shall require the
Company to make an actual investment of assets corresponding to any amount of
compensation deferred by the Participant;

 

NOW, THEREFORE, in consideration of the provisions
contained in this Agreement and with reference to the foregoing recitals, the
Company and the Participant agree as follows:

 

1.                Defined Terms.  As used in this Agreement, the following
terms shall have the indicated meanings:

 

(a)               “Account”
means the bookkeeping account maintained on the books and records of the
Company to record Deferred Amounts and credits or debits thereto in

 

3

 

accordance with this Agreement and any other terms
of the Program.  An Account is
established only for purposes of measuring a deferred benefit and not to
segregate assets or to identify assets that may be used to make payments
hereunder.

 

(b)              “Account Value”
means the amount reflected on the books and records of the Company as the value
of the Account at any date of determination, as determined in accordance with
this Agreement.

 

(c)               “Beneficiaries”
means the beneficiary or beneficiaries designated by the Participant to receive
any payments in the event of the Participant’s death.  Such designation may be revoked or changed by
the Participant at any time.  If the
Participant does not designate a Beneficiary to which payments are to be made
upon the Participant’s death, or if no Beneficiary survives the Participant,
payments under this Agreement subsequent to the death of the Participant will
be made to the Participant’s estate.  If
a Beneficiary survives the Participant but dies prior to the completion of the
payments contemplated to be made to that Beneficiary under this Agreement, the
unpaid portion of such payments at the death of the Beneficiary shall be paid
to the Beneficiary’s estate.

 

(d)              “Deferral Election”
means an irrevocable election of the Participant to defer payment of a portion
of his or her commission and/or bonus subject to the terms and conditions of the
Program.

 

(e)               “Deferred Amount”
means the amount of commission and/or bonus deferred by the Participant
pursuant to a Deferral Election.

 

(f)               “Distribution
Election” means an irrevocable election of the Participant as to
(i) the year in which distribution of the Account Value will begin and
(ii) the payment method to be used for distribution of the Account Value.

 

(g)              “Fiscal Year”
means the fiscal year of the Company, commencing on May 1st of such year and
ending on April 30th.

 

(h)              “Investment
Performance Alternative” means the Investment Performance
Alternatives made available from time to time for selection by the Participant
to measure the return (positive or negative) to be attributed to Deferred
Amounts.

 

(i)                “Program”
means the 2005 Annual Voluntary Deferred Compensation Plan, the terms and
conditions of the Participant’s participation in which are set forth in the
2005 Annual Voluntary Deferred Compensation Plan document and this Agreement.

 

4

 

(j)                “Subsidiary”
means a corporation or other entity which is consolidated with the Company for
financial statement purposes.

 

(k)               “Total Disability”
means the inability to perform the normal duties of one’s occupation due to
disability or sickness.

 

2.                Deferral Elections.

 

(a)               Acknowledgment of Deferral Election.  The Participant and the Company hereby
acknowledge the Participant’s Deferral Election, made on or prior to the
execution of this Agreement, to defer, in accordance with the terms and
conditions of the Program, payment of specified dollar amounts of commission
and/or bonus as indicated on the signature page hereof with respect to the 2005
Fiscal Year.

 

(b)              Subsequent Deferrals.  The terms of this Agreement shall apply to
any Deferral Election by the Participant with respect to the 2005 Fiscal
Year.  Any such subsequent Deferral
Election shall be made by the Participant’s completion, execution and
submission of a deferral election form prescribed for such purpose by the
Company, in the manner established by the Company for subsequent Deferral
Elections.  The Participant’s
participation in the Program for the 2005 Fiscal Year, however, shall not
confer on the Participant any right to participate in the Program, or in any
similar program that may be established by the Company, with respect to any
subsequent Fiscal Year, and the Participant’s eligibility so to participate
will depend upon the satisfaction of eligibility criteria for such subsequent
Years to be established by the Company in its sole discretion.

 

3.                The
Account.

 

(a)               Credits and Charges to the Account.  The Deferred Amount for the 2005 Fiscal Year
will be credited to the Account no later than 30 days after the date on which
such amount would otherwise have been paid to the Participant.  The Account will be charged with any amount
distributed to the Participant or any of his or her Beneficiaries.

 

(b)              Election of Investment Performance
Alternatives.  The
Participant agrees that the Account Value will be deemed allocated (for
purposes only of determining the value of the Account), in minimum allocations
of at least 1%, among one or more Investment Performance Alternatives as
indicated on the Initial Investment Allocation Form (or such other form as may
be prescribed for such purposes from time to time by the Company) submitted by
the Participant to the Company and/or their administrator on or prior to the
execution of this Agreement.  The
Participant acknowledges that such deemed allocation is made exclusively for
the purpose of determining the Account Value from time to time in accordance
with this Agreement, and that the Company will have no obligation to invest
amounts corresponding to Deferred Amounts (including, without limitation, in
investment vehicles corresponding to the Investment Alternatives selected by
the Participant). The Participant may change the deemed

 

5

 

allocation
of his or her Account Value among the Investment Alternatives then available
under the Program by utilizing the web based administration program provided by
the administrator.  In the event that the
Participant’s employment with the Company or any Subsidiary or affiliate
thereof terminates for any reason, then following such termination of
employment the Participant will continue to have the right to change the deemed
allocation of his or her Account Value among the Investment Alternatives.

 

(c)               Determination of Account Value.  The Company and/or their administrator will
calculate the Account Value based on the Participant’s Deferred Amounts and his
or her then effective elections with respect to deemed allocation of the
Account among the available Investment Performance Alternatives on a daily
basis during the next business day.  The
Company and/or their administrator will furnish the Participant with access to
a website where current account values can be viewed.  The Account Value reflected will be based on
the best information available to the Company and/or their administrator as of
the end of the period.

 

(d)              Company’s Right to Change Investment
Performance Alternatives. 
The Company may, from time to time and in its sole discretion, change
the Investment Performance Alternatives available under the Program, and
nothing in this Agreement shall be construed to confer on the Participant the
right to continue to have any particular Investment Performance Alternative
available for purposes of measuring the value of his Account.

 

4.                                      Termination of Employment Prior to the Benefit Election Date on your 2005
Benefit Commencement Election Form.

 

(a)               Termination other than retirement.  If the Participant’s employment with the
Company or any Subsidiary or affiliate thereof terminates for any reason other
than retirement, death or total disability prior to the year selected on the
2005 Benefit Commencement Election Form, then during the following year of such
termination of employment the Participant will be entitled to a lump sum
payment of his or her account and such payment shall be an amount equal to the
Account Value, determined on or around May 31st of such year.  Following such payment neither the
Participant nor any Beneficiary of the Participant will have any further rights
under this Agreement.

 

5.                Disability.

 

Anything in this Agreement to the contrary
notwithstanding, in the event of the Participant’s Total Disability (whether or
not his or her employment terminates), the Participant will be entitled to
receive benefits in accordance with the Benefit Commencement Election Form.

 

6

 

6.                Manner
of Payment.

 

(a)               U.S. Dollars.  All payments to the Participant under the
Program will be in U.S. dollars.  The
Participant will have no right to any other form of payment.

 

(b)              Benefit Commencement Election.  The Participant will make a Benefit Commencement
Election specifying (i) a date for commencement of the distribution of the
Account Value and (ii) the payment method, as described in subsection (d)
below, that the Participant elects for such distribution.  The Benefit Commencement Election will be
irrevocable and must be completed at time of deferral.  If at a later date Participant wishes to
amend the Benefit Commencement Election Form, the amendment must take place at
least twelve (12) months from the last amendment or deferral and effect benefits
scheduled for at least twelve (12) months later than the date of the amendment –
and the benefits must be received no sooner than five (5) years later than they
would have otherwise been received prior to the amendment.

 

(c)               Payment Options.  In the Distribution Election the Participant
will elect to have the Account Value distributed pursuant to one of the
following installment payment methods:

 

(i)                                     Lump sum; or

 

(ii)                                  Annual
installments of between two and 20 years.

 

The amount of each annual installment will equal “(1/A)
x B”, where “A” equals the number of annual installments remaining to be made
(including the installment with respect to which the calculation is made) and “B”
equals the Account Value as of the date the amount of such installment is
determined.

 

(d)              No Withdrawals or Loans.  Prior to the commencement of distributions,
the Participant will have no rights under the Program or this Agreement to make
withdrawals from the Account for any reason other than Section 6(f)
below.  In no event will the Participant
be entitled to receive loans from the Company based upon the Account Value.

 

(e)               Unforeseen Emergency.  If you have a severe financial hardship
resulting from illness or accident to you, your spouse, or a dependent, or loss
of property due to casualty or other similar extraordinary unforeseeable
circumstances arising as a result of events beyond your control you may apply
to the Company for a distribution. 
However, the amount of the distribution may not exceed the amount
necessary to satisfy the emergency including taxes on the distribution.

 

7.                Death.

 

If the Participant dies before the commencement of
benefit payments, the Account Value as of the date of death will be paid in a
lump sum to the Participant’s Beneficiaries as soon

 

7

 

as
practicable following the date of death or on or around the next May 31st at
the discretion of the Company.  If the
Participant dies following payment of the first installment payment, the
remaining account balance will be paid to the Participant’s Beneficiary
continued in installments.

 

8

 

8.                Termination
and Amendment.

 

The Company may alter, amend, modify, suspend or
terminate the Program, in whole or in part as to some or all participants in
the Program, at any time in its discretion. 
No further deferrals will be permitted after the effective date of such
termination.  If the Plan were to be
terminated benefits would still be paid in accordance with the 2005 Benefit
Commencement Election Form.

 

9.                Program
Unfunded.

 

The Program is unfunded.  The Account represents at all times an
unfunded and unsecured contractual obligation of the Company.  The Participant and each of his Beneficiaries
will be unsecured creditors of the Company with respect to all obligations owed
to any of them under this Agreement or otherwise under the Program.  Amounts payable under the Program and this
Agreement will be satisfied solely out of the general assets of the Company
subject to the claims of its creditors.

 

10.              No
Investment Obligation.

 

The Participant acknowledges and agrees that the
Company has no obligation to invest amounts corresponding to Deferred Amounts
in investment vehicles corresponding to the Investment Alternatives selected by
the Participant for purposes of determining the Account Value of his or her
Account.  The Participant further
acknowledges and agrees that if the Company, in its sole discretion, elects to
invest amounts corresponding to Deferred Amounts in any such investment
vehicles, the Participant will have no right or interest in any such investment
vehicle by virtue of this Agreement.

 

11.              General
Terms.

 

(a)               Administration.  The Program is administered by the Company or
such other individual or firm as the Company may from time to time appoint to
administer the Program.  Neither the
Company nor such other individual the Company may appoint to administer the
Program shall be liable to the Participant for any action or determination.

 

(b)              No Right to Continued Employment or
Participation.  Neither
this Agreement nor any action taken or omitted to be taken hereunder shall be
deemed to create or confer on the Participant any right to be retained in the
employ of the Company or any subsidiary or other affiliate or to create or
confer on the Participant any right to participate in the Program, or in any
similar program that may be established by the Company, in respect of any
future Deferral.

 

(c)               Tax Advice.  The Participant acknowledges that he or she
has been advised by the Company to consult with his or her tax and other
financial advisors prior to

 

9

 

making
the Deferral Election.  The Company makes
no representations or warranties concerning the tax or other financial
consequences of the Participant’s Deferral Election or any payments provided
for under this Agreement.

 

(d)              Taxes and Withholding.  As a condition to any payment or distribution
pursuant to this Agreement, the Company may require the Participant to pay such
sum to the Company as may be necessary to discharge the Company’s obligations
with respect to any taxes, assessments or other governmental charges imposed on
property or income received by the Participant hereunder.  In the discretion of the Company, the Company
may deduct or withhold such sum from any payment or distribution to the
Participant.

 

(e)               Governing Law.  This Agreement and the legal relations
between the parties shall be construed in accordance with and governed by the
laws of the State of New Jersey.

 

(f)               Construction.  The headings in this Agreement have been
inserted for convenience of reference only and are to be ignored in any
construction of any provision hereof.  If
a provision of this Agreement is not valid or enforceable, that fact shall in
no way affect the validity or enforceability of any other provision.  Use of one gender includes the other, and the
singular and plural include each other.

 

(g)              Successors.  The provisions of this Agreement shall be
binding on the Participant and his or her heirs and legal representatives and
upon the Company and its successors and assigns.  The Participant’s rights hereunder (including
without limitation the right to receive payments as provided herein) may not be
assigned.

 

(h)              Signature in Counterparts.  This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if signatures
thereto and hereto were upon the same instrument.

 

[Signature
page follows]

 

10

 

IN WITNESS WHEREOF, the Company
and the Participant have duly executed and delivered this Agreement as of this
      day of
                  ,
2005.

 

 

	
   

  	
  JACKSON HEWITT TAX SERVICE INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PARTICPANT

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  SS #:

  	
   

  	
   

  
							

 

11

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