Document:

EX-10.25

 Exhibit 10.25 
 INDEMNIFICATION AGREEMENT 
 THIS AGREEMENT is entered into effective as of
_____________, 20____, by and between MiX Telematics Limited, a company incorporated in South Africa (the “Company”), and the indemnitee identified on the signature pages hereto (collectively, the “Indemnitees,” and each, an
“Indemnitee”). 
 WHEREAS, the board of directors has proposed that the Company offer, issue and sell ordinary
shares of the Company in the form of American Depositary Shares in an underwritten U.S. initial public offering (the “U.S. IPO”); 
 WHEREAS, the Indemnitee is a director and/or officer of the Company; 

WHEREAS, the Company and the Indemnitee recognize the increased risk of litigation and other claims currently being asserted
against directors and officers of corporations; and 
 WHEREAS, in recognition of the Indemnitee’s need for
substantial protection against personal liability in order to enhance the Indemnitee’s continued and effective service to the Company, and in order to induce the Indemnitee to provide services to the Company, in connection with the U.S. IPO and
otherwise, the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to the Indemnitee to the fullest extent (whether partial or complete) permitted by law and as set forth in this Agreement.

 NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties agree as follows: 

 

	 	1.	Agreement to Indemnify. 

 (a) General Agreement. In the event the Indemnitee was, is, or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, a
Proceeding by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify the Indemnitee from and against any and all Expenses, liability or loss, judgments, fines, penalties, disgorgement, rescissory damages, excise
taxes and penalties, amounts paid or to be paid in settlement, any interest, assessments, or other charges imposed thereon, and any federal, state, local, or foreign taxes imposed as a result of the actual or deemed receipt of any payments under
this Agreement, to the fullest extent permitted by applicable law, as the same exists or may hereafter be amended or interpreted (but in the case of any such amendment or interpretation, only to the extent that such amendment or interpretation
permits the Company to provide broader indemnification rights than were permitted prior thereto). The parties hereto intend that this Agreement shall provide for indemnification in excess of that expressly permitted by statute and/or in the
Company’s memorandum of incorporation. 
 (b) Initiation of Proceeding. Notwithstanding anything in this
Agreement to the contrary, the Indemnitee shall not be entitled to indemnification or advancement pursuant to 

 
this Agreement in connection with any Proceeding initiated by the Indemnitee against the Company or any director or officer of the Company unless (i) the Company has joined in or the board
of directors of the Company has consented to the initiation of such Proceeding; or (ii) the Proceeding is one to (A) enforce indemnification rights under this Agreement or (B) recover under directors’ and officers’ liability
insurance policies maintained by the Company. 
 (c) Expense Advances. If so requested by the Indemnitee, the
Company shall advance any and all Expenses to the Indemnitee (an “Expense Advance”) within twenty (20) calendar days after the receipt by the Company of a statement or statements from the Indemnitee requesting such advance or
advances, whether prior to or after final disposition of any Proceeding. Expense Advances shall be made without regard to the Indemnitee’s ability to repay the Expense Advances and without regard to the Indemnitee’s ultimate entitlement to
indemnification under the provisions of this Agreement. Each Indemnitee agrees to repay any Expense Advance if and to the extent that it is ultimately determined by a final, nonappealable ruling of a court of competent jurisdiction that said the
Indemnitee is not entitled to be indemnified by the Company under this Agreement and otherwise. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement. 

(d) Mandatory Indemnification. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee has
been successful on the merits in defense of any Proceeding relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, or has been unsuccessful but has not been found to be grossly negligent or guilty of
willful misconduct, the Indemnitee shall be indemnified against all Expenses incurred in connection therewith. 
 (e) Partial
Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company shall nevertheless
indemnify the Indemnitee for the portion thereof to which Indemnitee is entitled. 
  

	 	2.	Indemnification Process. 

 (a) Indemnification Payment. An Indemnitee shall be entitled to indemnification of Expenses, and shall receive payment thereof, from the Company in accordance with this Agreement within twenty
(20) calendar days after the Indemnitee has made written demand on the Company for indemnification (which written demand shall include such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary
to determine to what extent the Indemnitee is entitled to indemnification). 
 (b) Suit to Enforce Rights. If the
Indemnitee has not received advancement of Expenses within twenty (20) calendar days after making such a request in accordance with Section 1(c), then the Indemnitee shall have the right to enforce its indemnification rights under this
Agreement by commencing litigation in any court of competent jurisdiction seeking an initial determination by the court. The remedy provided for in this Section 2 shall be in addition to any other remedies available to the Indemnitee in law or
equity. Not withstanding these rights, nothing contained in this agreement shall preclude the parties from utilizing a mutually agreed arbitration proceedings to ensure a rapid and confidential resolution of any dispute. 

  
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	 	(c)	Defense to Indemnification, Burden of Proof, and Presumptions. 

 (i) To the maximum extent permitted by applicable law in making a determination with respect to entitlement to indemnification (or advancement of expenses) hereunder, the Company shall presume that the
Indemnitee is entitled to indemnification (or advancement of expenses) under this Agreement if the Indemnitee has submitted a request for indemnification in accordance with Section 2(a) of this Agreement. 

(ii) In connection with any action brought as to whether the Indemnitee is entitled to be indemnified hereunder, the burden of proving
the Indemnitee is not entitled to indemnification under this Agreement shall be on the Company. 
 (iii) For purposes of this
Agreement, the termination of any claim, action, suit, or proceeding, by judgment, order, settlement (whether with or without court approval), conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that the
Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. 

 

	 	3.	Notification and Defense of Proceeding. 

 (a) Notice. Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee will, if a claim in respect thereof is to be made against the Company under this
Agreement, notify the Company of the commencement thereof; but the omission so to notify the Company will not relieve it from any liability that it may have to the Indemnitee except to the extent the Company is materially prejudiced. 

(b) Defense. With respect to any Proceeding as to which the Indemnitee notifies the Company of the commencement thereof, the
Company will be entitled to participate in the Proceeding at its own expense. Such Indemnitee shall have the right to employ his own counsel in such Proceeding, and all Expenses related thereto shall be at the Company’s expense. The Company
shall cooperate with the Indemnitee with respect to the defense of the Proceeding, including making documents, witnesses and other reasonable information related to the defense available to the Indemnitee and such counsel pursuant to joint-defense
agreements or confidentiality agreements, as appropriate. 
 (c) Settlement of Claims. The Company shall not be
liable to indemnify the Indemnitee under this Agreement or otherwise for any amounts paid in settlement of any Proceeding effected without the Company’s prior written consent, such consent not to be unreasonably withheld. The Company shall not
settle any Proceeding in any manner that would impose any penalty or limitation on the Indemnitee without the Indemnitee’s written consent unless such penalty is paid by the Company. Neither the Company nor any Indemnitee will unreasonably
withhold their consent to any proposed settlement. 
  

	 	4.	Certain Definitions: 

 (a) Expenses: any expense, including without limitation, reasonable attorneys’ fees, retainers, court costs, transcript costs, fees and expenses of experts, including

  
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accountants and other advisors, travel expenses, duplicating costs, postage, delivery service fees, filing fees, and all other disbursements or expenses of the types typically paid or incurred in
connection with investigating, defending, being a witness in, or participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding relating to any Indemnifiable Event, and any expenses of establishing a right to
indemnification under this Agreement. 
 (b) Indemnifiable Event: any event or occurrence that takes place in
connection with the U.S. IPO, either prior to or after the execution of this Agreement, or related to the fact that the Indemnitee is or was a director, officer, employee, agent or affiliate of the Company, or while a director, officer, employee,
agent or affiliate is or was serving at the request of the Company as a director, officer, employee, advisor, consultant, affiliate, trustee, agent, limited partner, member or fiduciary of another foreign or domestic company, corporation,
partnership, joint venture, employee benefit plan, trust, or other enterprise, or related to anything done or not done by the Indemnitee in any such capacity, whether or not the basis of the Proceeding is alleged action in an official capacity as a
director, officer, employee, agent or affiliate, or in any other capacity while serving as a director, officer, employee, agent or affiliate of the Company. Such event shall be an Indemnifiable Event whether or not the U.S. IPO is consummated, and
whether or not such Indemnifiable Event occurs before or after the consummation of the U.S. IPO. Notwithstanding the foregoing, an event or occurrence shall not be an Indemnifiable Event to the extent it constitutes the gross negligence or willful
misconduct of the Indemnitee. 
 (c) Proceeding: any threatened, pending, or completed action, suit, arbitration,
alternative dispute mechanism, inquiry, administrative or legislative hearing, investigation or any other actual, threatened or completed proceeding, including any and all appeals, whether conducted by the Company or any other party, whether civil,
criminal, administrative, investigative, or other, and in each case whether or not commenced prior to the date of this Agreement, that relates to an Indemnifiable Event. 
 5.       Non-Exclusivity. The rights of the Indemnitee hereunder shall be in addition to any other rights the Indemnitee may have under applicable law, the
Company’s memorandum of incorporation or otherwise. To the extent that a change in applicable law (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Company’s
memorandum of incorporation, applicable law, or this Agreement, it is the intent of the parties that the Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. 

6.       Liability Insurance. To the extent the Company maintains an insurance policy or
policies providing directors’ or officers’ liability insurance, the Indemnitee, if a director or officer of the Company, shall be covered by such policy or policies, in accordance with its or their terms. Notwithstanding the foregoing, the
Company shall advance all Expenses to the Indemnitee in accordance with Section 1(c) without regard to whether such Expense is covered by the Company’s policy or policies. 

7.       Amendment or Waiver of this Agreement. No supplement, modification, or
amendment of this Agreement, or waiver of any provision hereof, shall be binding unless executed in writing by the Company on one hand, and the Indemnitee, on the other. No waiver of any of the provisions of this Agreement shall operate as a waiver
of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a
waiver thereof. 

  
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 8.       Subrogation. In the event of
payment under this Agreement, the Company shall not be subrogated to any of the rights of recovery of the Indemnitee. 
 9.
      Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal representatives. The Company shall require and cause any successor
(whether direct or indirect by purchase, merger, consolidation, or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to the Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect with respect to the
Indemnitee regardless of whether the Indemnitee continues to serve as a director, officer or employee of the Company or of any other enterprise at the Company’s request. 
 10.       Severability. If any provision (or portion thereof) of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, or
otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of this
Agreement containing any provision held to be invalid, void, or otherwise unenforceable, that is not itself invalid, void, or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, void, or
unenforceable. 
 11.       Notices. All notices, demands, and other
communications required or permitted hereunder shall be made in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed, postage prepaid, certified or registered mail, return receipt requested, and
addressed to the Company at its principal address, attention: Chief Executive Officer, and to the Indemnitee at the address set forth with its signature hereto. Notice of change of address shall be effective only when done in accordance with this
Section. All notices complying with this Section shall be deemed to have been received on the date of delivery. 
 12.
      Independent Agreements. The Company’s Agreement hereunder with the Indemnitee is a separate agreement between the Company and the Indemnitee, enforceable by the Indemnitee against the Company
without reference to or consent of any other Indemnitee hereunder. 
 13.
      Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original copy of this Agreement and all of which, when taken together, shall be deemed
to constitute one and the same agreement. 

  
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 14.       Governing Law; Venue. THIS AGREEMENT
SHALL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAW PROVISIONS) OF SOUTH AFRICA, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES
THEREOF THAT WOULD APPLY THE LAW OF ANOTHER JURISDICTION. AS PART OF THE CONSIDERATION FOR NEW VALUE THIS DAY RECEIVED, THE COMPANY AND EACH OF THE INDEMNITEES HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE SOUTH GAUTENG HIGH COURT OF SOUTH
AFRICA FOR A DISPUTE ARISING OUT OF OR RELATED TO THIS AGREEMENT. EACH OF THE COMPANY AND THE INDEMNITEE WAIVE ANY OBJECTION WHICH IT MAY HAVE BASED ON LACK OF JURISDICTION OR IMPROPER VENUE OR FORUM NON CONVENIENS TO ANY SUIT OR PROCEEDING
INSTITUTED BY ANY PARTY HERETO IN THE SOUTH GAUTENG HIGH COURT OF SOUTH AFRICA AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY ANY SUCH COURT. 

15.       No Third Party Beneficiaries. This Agreement is not intended to confer upon any
person other than the parties hereto any rights or remedies hereunder, except for the Indemnitee as specifically provided herein. 
 [Remainder of page intentionally left blank; signature pages follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of
the day specified above. 
  

			
	COMPANY:
	
	MIX TELEMATICS LIMITED
		
	By:	 	 
		
	Name:	 	
	Title:	 	
	
	INDEMNITEE:
		
	Name:	 	 
	Title:EX-10.3

 Exhibit 10.3 
 CONFIDENTIAL EMPLOYMENT AGREEMENT 
 THIS CONFIDENTIAL
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into on May 1, 2009 (the “Effective Date”) by and between Santander Consumer USA Inc. (“SCU”), and Eldridge A. Burns, Jr. (“Employee”).

 WHEREAS, SCU wishes to employ Employee as Chief Legal Officer, as of the Effective Date, pursuant to the terms and
conditions set forth below; and 
 WHEREAS, Employee is likewise desirous of obtaining employment with SCU as of the
Effective Date, pursuant to the terms and conditions set forth below: 
 NOW, THEREFORE, in consideration of the
foregoing premises, the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, SCU and Employee agrees as follows: 

1. Term. The term of this Agreement will commence on the Effective Date and unless terminated by SCU or
Employee pursuant to Section 8 hereof, will continue through and until the third (3rd) anniversary of the Effective Date; provided, that such employment will be automatically renewed for one (1) additional year on the third anniversary of the Effective Date and each
anniversary thereafter, unless either party provides written notice to the other party no less than three (3) months prior to the date of any such extension of its intention not to extend the term of employment. The period beginning on the
Effective Date until the latter of the 3rd anniversary of the Effective Date or the end of any subsequent extension or Employee’s employment pursuant to this Agreement shall hereinafter be referred to as the “Term”, notwithstanding
any early termination pursuant to Section 8 or otherwise. 
 2. Duties. Employee shall hold the position of and
serve as Chief Legal Officer. During Employee’s term of employment with SCU, Employee agrees to devote Employee’s time, attention and energies to Employee’s position subject to the direction and control of SCU, and shall to the
best of Employee’s ability make every effort to perform and fulfill the responsibilities of that position. Additionally, Employee agrees to perform all additional responsibilities for SCU and its subsidiaries that are reasonably within
Employee’s purview that SCU may assign to him from time to time. Throughout the Term, Employee agrees to comply with Santander Group’s General Code of Conduct and SCU’s Business Conduct Statement. 

3. Compensation. 
 (a) Base Salary. For all the services rendered by Employee in any capacity under this Agreement, SCU agrees to pay Employee
$             a month in base salary (as may be amended from time to time “Salary”), less applicable deductions and withholding taxes, payable to Employee on a bi-weekly
basis, or otherwise in accordance in accordance with SCU’s payroll practices as they may exist from time to time. 
 (b)
Annual Attainment Bonus. In addition to Employee’s Salary, Employee will be eligible to receive bonus compensation (the “Base Bonus”) in accordance with SCU’s Executive Compensation and Bonus Program, as previously
communicated to Employee on February 14, 2007 and as may be amended from time to time (the “ECBP”). 
 (c)
Current Deferred Bonus. In addition to Employee’s Salary and Base Bonus, Employee will be eligible to receive Employee’s current deferred attainment bonus (“Current Deferred Bonus”), in accordance with the ECBP.

  
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 (d) Additional Deferred Bonus. In addition to Employees Salary, Base Bonus and
Current Deferred Bonus, Employee will be eligible to receive additional deferred bonus compensation available to SCU’s senior executives in accordance with applicable plans (“Additional Deferred Bonus”). 

(e) Incentive Plans. Employee will also be entitled to participate in the current Grupo Santander Long Term Incentive Plan
(“LTIP”) and in any other incentive programs that may be available for SCU’s senior executives. 
 (f) Car
Allowance. During the Term of this Agreement, Employee will also be eligible to receive the fixed amount of $369.23 (with no gross-up), on a bi-weekly basis to cover all related auto expenses. 

4. Benefits. Employee shall be entitled to participate in such vacation, medical, dental, life insurance, long-term disability,
401(k), long-term incentive and other plans SCU may have or establish from time to time and which Employee would be entitled to participate under the terms of the plan. This provision, however, will not be construed to either require SCU to
establish any welfare, compensation or long term incentive plans, or to prevent the modification or termination of any plan once established, and no action or inaction with respect to any plan will affect this Agreement 

5. Business Expenses. During Employee’s employment under this Agreement, SCU shall reimburse Employee for such reasonable
travel and other expenses incurred in the performance of Employee’s duties consistent with SCU’s then applicable expense reimbursement policies for SCU’s executives at comparable position levels. In addition, Company shall pay or
reimburse Employee, if applicable for such amounts that are reasonable and necessary in order for Employee to maintain professional standing, accreditation, licensure, and the like, including but not limited to, license fees, association dues,
insurance, professional and/or occupational tax(es), professional organization dues, continuing education, and the like. 
 6.
Non-Competition, Confidential Information, Etc. 
 (a) Non-Competition. Employee agrees this Employee’s
employment with SCU is on an exclusive basis and that, while employed by SCU, Employee shall not engage in any other business activity which is in conflict with Employee’s duties and obligations (including Employee’s commitment of time)
under this Agreement. Employee agrees that, during the Non-Compete Period (defined below), Employee shall not, without the express written approval of SCU, directly or indirectly engage in or participate as an owner, partner, stockholder, officer,
employee, director, agent of or consultant for any SCU Competitor (defined below) and shall perform no services for a SCU Competitor similar to any services performed for SCU; provided, however, that this provision will not prevent
Employee from investing as less than a 1% stockholder in the securities of any company listed on a national securities exchange or quoted on an automated quotation system, provided such investments are made in compliance with Santander Group’s
Code of Conduct in Securities Markets. The Non-Compete Period will cover the entire Term plus any period after the Term for which Employee receives compensation pursuant to Section hereof. A SCU Competitor is any business entity that engages in
direct or indirect consumer financing or any other business that SCU develops as part of its business activity during the Term. In every case, the good faith judgment of SCU will be conclusive as to whether a business entity constitutes a SCU
Competitor. Employee agrees that this non-compete covenant is ancillary to an otherwise enforceable agreement, including, but not limited to, the confidentiality covenant and the payment provision in Section 3 above. 

(b) Confidential Information. Employee agrees that, during the Term and at any time thereafter, (i) Employee shall not
(a) use Confidential Information (defined below) for any purpose other than the duly authorized business of SCU conducted in the course of Employees employment at 

  
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SCU or, (b) disclose to any third party any Confidential Information; and (ii) Employee shall comply with any and all confidentiality obligations of SCU to a third party, whether
arising under a written agreement or otherwise. As used in this Agreement, Confidential Information means business information, technological information, intellectual property, trade secrets and other information belonging to Drove or any of its
affiliated companies or relating to SCU’s business, technology, customers, clients or vendors, including, without limitation, any written (including electronic form) or oral communication incorporating Confidential Information in ant way.
Information will not be deemed Confidential Information which (a) is or becomes generally available to the public other than as a result of disclosure by Employee or at Employee’s direction or by any other person who directly or indirectly
receives such information from Employee, or (b) is or becomes available to Employee on a non-confidential basis from a source that is entitled to disclose it to Employee. 
 (c) No Employee Solicitation. Employee agrees that, during Term and for one year thereafter, Employee shall not, directly or indirectly engage, employ or solicit the employment or consulting
services of any person who is then or has been within six (6) months prior to the time of such action, an employee of SCU or any of its affiliated companies. 
 (d) SCU Ownership. Any and all material eligible for copyright or trademark protection and any and all inventions, discoveries, ideas, processes and programs, whether or not patentable, in any case
solely or jointly conceived, developed or discovered by Employee during Employee’s employment with SCU and that are within the scope of Employee’s position and inherent duties and which may be directly or indirectly useful in the business
of SCU will be the sole property of SCU. Any works of authorship or other materials that are within the scope of Employee’s position and inherent duties and which may be directly or indirectly useful in the business of SCU will be
works-made-for-hire pursuant to 17 U.S.C., Section 201 (the Copyright Act). SCU will be deemed the sole owner throughout the universe of any and all rights of every nature in and to such works (including, without limitation, any copyrights,
patents, trademarks and trade secrets), whether such rights are now known or hereafter defined or discovered, with the right to use the works in perpetuity in any manner SCU determines in its sole discretion without any further payment to Employee.
If, for any reason, any of such results and proceeds are not legally deemed a work-made-for-hire and/or there are any rights in such results and proceeds that do not accrue to SCU, then Employee hereby irrevocably assigns and agrees to assign any
and all of Employee’s rights, title and interest thereto, including, without limitation,, any and all copyrights, patents, trademarks, trade secrets, and/or other rights of every nature in the work, whether known or hereafter defined or
discovered, and SCU will have the right to use the work in perpetuity in any manner SCU determines in its sole discretion without any further payment to Employee. Employee shall, as may be requested by SCU from time to time do any and all things
that SCU may deem useful or desirable to establish or document SCU’s rights in any such results and proceeds. If Employee is unavailable or unwilling to execute such documents, Employee hereby irrevocably designates the Chief Executive officer
of SCU or Employee’s designee as Employee’s attorney-in-fact with the power to execute such documents on Employee’s behalf. To the extent Employee has any rights in the results and proceeds of Employee’s services under this
Agreement that cannot be assigned as described above, Employee unconditionally and irrevocably waives the enforcement of such rights, This Section 6(d) is subject to, and does not limit, restrict, or constitute a waiver by SCU or any of its
affiliated companies of any ownership rights to which SCU or any of its affiliated companies may be entitled by operation of law by virtue of being the employer of Employee. 
 (e) Litigation. Employee agrees that, during the Term and the pendency of any litigation or other proceeding, and at any time thereafter, (i) Employee shall not communicate with anyone (other
than Employee’s own attorneys or tax advisors), except to the extent necessary in the performance of Employee’s duties under this Agreement, with respect to the facts or subject matter of any pending or potential litigation, or regulatory
or administrative proceeding involving SCU or any of its affiliated companies, other than any litigation or other proceeding in which Employee is a party-in-opposition, 

  
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without giving prior notice to SCU or SCU’s counsel; and (ii) in the event that any other party attempts to obtain information or documents from Employee with respect to matters
possibly related to such litigation or other proceeding, Employee shall promptly notify SCU’s counsel before providing such information or documents. 
 (f) Return of Property. All documents, data, recordings, or other property, whether tangible or intangible, including all information stored in any form, obtained or prepared by or for Employee and
utilized by Employee in the course of employment with SCU or any of its affiliated companies, will remain the exclusive property of SCU. In the event of the termination of Employee’s employment for any reason, SCU reserves the right, to the
extent permitted by law and in addition to any other remedy SCU may have, to deduct from any monies otherwise payable to Employee the following: (i) all amounts Employee may owe SCU or any of its affiliated companies at the time of or
subsequent to the termination of Employee’s employment with SCU, and (ii) the value of SCU property that Employee retains in Employee’s possession after the termination of Employee’s employment with SCU. In the event that the law
of any state or other jurisdiction requires the consent of any employee for such deductions, this Agreement will serve as such consent. 
 (g) Non-Disparagement. Employee agrees that, during the Term and at any time thereafter, Employee shall not, in any communications with the press or other media or any customer, client or supplier
of SCU, or any of its affiliated companies, criticize, ridicule or make any statement that disparages or is derogatory of SCU or any of its affiliated companies or any of their respective directors or officers. 

(h) Injunctive Relief. Employee acknowledges and agrees that any violation of Sections 6(a) through (h) of this Agreement
will result in irreparable damage to SCU, and, accordingly, SCU shall be entitled to obtain injunctive relief and other equitable relief for any breach or threatened breach of such Sections, in addition to any other remedies available to SCU.

 (i) Survival; Modification of Terms. Employee’s obligations under Sections 6(a) through (i) will remain in
force and effect for the entire period provided therein notwithstanding the termination of Employee’s employment for any reason or the expiration of the Term, Employee and SCU agree that the restrictions and remedies contained in paragraphs
6(a) through (i) are reasonable and that it is Employee’s intention and the intention of SCU that such restrictions and remedies will be enforceable to the full extent permissible by law. If a court of competent jurisdiction will find that
any such restriction or remedy is unenforceable but would be enforceable if some part were deleted or the period or area of application reduced, then such restriction or remedy will apply with the modification necessary to make it enforceable.

 7. Disability. If Employee becomes “disabled” within the meaning of such term under
SCU’s company-paid Salary Continuation program and its company-paid Long Term and Individual Disability Insurance program during the Term (such condition is referred to as a “Disability”), Employee will receive compensation under the
Salary Continuation program for the first 13 weeks of consecutive absence in accordance with its terms. Notwithstanding the foregoing, in the event that Employee is not yet eligible (due to Employee’s tenure or lack thereof) to receive
compensations under the Salary Continuation program, Employee shall receive Employee’s salary for a period of nine (9) months in lieu of such compensation under the Salary Continuation Program. Thereafter, Employee will be eligible to
receive benefits under the Long Term and Individual Disability Insurance program in accordance each policy’s terms. If Employee has not returned to work by December 31st of a calendar year during the Term, Employee will receive Base Bonus compensation for the calendar year(s) during the
Term in which Employee received compensation under the Salary Continuation program determined as follows: 

(i) for the portion of the calendar year from
January 1st until the date on which

  
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Employee first receives compensation under the Salary Continuation program, Base Bonus compensation will be determined in accordance with the ECBP and prorated for such period; and 

(ii) for any subsequent portion of the calendar year and any portion of the following calendar year in which Employee receives
compensation under the ECBP, Base Bonus compensation will be in an amount based on the ECBP and prorated for such period(s). 
 Employee will
not receive Base Bonus compensation for any portion of the calendar year(s) during the Term while Employee receives compensation and benefits under the Long Term and Individual Disability Insurance program. For the periods that Employee received
compensation and benefits under the Salary Continuation and Individual Disability Insurance programs, such compensation and benefits and the Base Bonus compensation provided under this Section 7 are in lieu of Salary and Base Bonus under
Sections 3(a) and (b). Notwithstanding anything to the contrary in this Agreement, the Term of this Agreement will not automatically extend in the event Employee is receiving benefits under the Salary Continuation, Long Term and Individual
Disability Insurance programs. 
 8. Termination. 

(a) Termination for Cause. SCU may, at its option, terminate Employee’s employment under this Agreement forthwith for Cause
(defined below) and thereafter will have no further obligations under this Agreement, including, without limitation, any obligation to pay Salary or bonus or provide benefits. Cause will mean: (i) dishonesty; (ii) embezzlement, fraud, or
other conduct which would constitute a felony; (iii) unauthorized disclosure of Confidential Information; (iv) Employee’s failure to obey a material lawful directive that is appropriate to Employee’s position from and
executive(s) in Employee’s reporting line; (v) Employee’s material breach of this Agreement; or (vi) Employee’s failure (except in the event of Employee’s disability) or refusal to substantially perform Employee’s
material obligations under this Agreement. 
 (b) Termination Without Cause. SCU may terminate Employee’s employment
under this Agreement without Cause at any time during the Term by written notice to Employee. 
 (c) Termination
Payments/Benefits. In the event (x) that Employee is terminated under Paragraph 8(b) above, or (y) Employee elects to resign Employee’s employment because of a reduction in Employee’s Salary or Base Bonus level, other than as
a result of termination for Cause or as a result of Employee’s permanent disability, (subparagraphs (c)(x) and (c)(y) are each referred to herein as a “Change Event”), notwithstanding anything to the contrary contained in any other
document or agreement (including the ECPB) Employee will receive, less applicable withholding and deductions, and conditioned on Employee’s execution of a General Release and Waiver of Claims substantially in the form attached hereto as an
Addendum: 
 (i) Employee’s Salary as in effect on the date of the Change Event through the date of the Change Event;

 (ii) Employee’s Salary, as in effect on the date of the Change Event, for the greater of (x) 12 months or
(y) the balance of the Term, payable to Employee on a bi-weekly basis, or otherwise in accordance in accordance with SCU’s payroll practices as they may exist from time to time; 

(iii) Employee’s Base Bonus for the calendar year in which such Change Event occurred (not pro-rated), payable by the end of the
first quarter of the following year. 
 (iv) Current Deferred Bonus compensation, calculated by multiplying the sum of Base
Bonus payments earned by Employee through the date of the Change Event and multiplying the sum by 50%. This amount will then be divided into two equal payments and distributed pursuant to the timeline provided in the ECBP. 

  
 5 

 (v) Additional Deferred Bonus compensation (i.e. based on Base Bonus payments earned by
Employee), distributed pursuant to the timelines contained in such plans. 
 (vi) vesting and (if applicable) payment or
distribution of shares or other equity or equity-related awards under the LTIP and in any other applicable incentive programs in accordance with their regulations. 
 (vii) medical and dental insurance coverage provided under COBRA at no cost to Employee (except as hereafter described) pursuant to SCU’s then-current benefit plans for the greater of (x) 12
months or (y) the balance of the Term, or, if earlier, the date upon which Employee becomes eligible for medical and dental coverage from a third party; provided, that, during the period that SCU provides Employee with this coverage, an
amount equal to the applicable COBRA premiums (or such other amount as may be required by law) will be included in Employee’s income for tax purposes to the extent required by law and SCU may withhold taxes from employee’s compensation for
this purpose; and provided, further, that Employee may elect to continue medical and dental insurance under COBRA at Employee’s own expense for the balance, if any, of the period required by law; 

(viii) life insurance coverage for the greater of (x) 12 months or (y) the balance of the Term, pursuant to SCU’s
then-current policy in the amount then furnished to SCU’s employees at no cost (the amount of such coverage will be reduced by the amount of life insurance coverage furnished to Employee at no cost by a third party employer). Group term life
insurance taxes will be included in Employee’s income for tax purposes to the extent required by law and SCU may withhold taxes from Employee’s compensation for this purpose; and 

(ix) other payments, entitlements or benefits, if any, in accordance with applicable plans, programs, arrangements or other agreements.

 (d) Termination by Employee. Employee may terminate this Agreement by providing 60-calendar days’ written notice
to SCU. Upon receipt of Employee’s 60 day notice of termination, SCU may, at its option, accept the notice immediately and pay Employee Base Salary through the 60-day notice period. 

(e) Good Reason Termination. Notwithstanding anything in this Agreement to the contrary, SCU may terminate Employee’s
employment under this Agreement for “Good Reason” at any time during the Term by written notice to Employee. “Good Reason” means termination of Employee by SCU if in the reasonable opinion of Tom Dundon in his capacity as the
Chief Executive officer of SCU, Employee has not met the expectations or fulfilled the responsibilities required of Employee’s position. If Employee is terminated for Good Reason under this Paragraph 8(e) Employee will receive as
Employee’s sole and exclusive remedy and in lieu of any Salary or bonus payments under this Agreement or otherwise, and conditioned on Employee’s execution of a General Release and Waiver of Claims substantially in the form attached hereto
as an Addendum: (i) Employee’s Salary, as in effect on the date of such termination, for twelve (12) months, less applicable withholding and deductions, payable in a single cash lump sum payment within 30 days following termination;
(ii) Employee’s Base Bonus for the calendar year in which such termination occurred (not pro-rated), payable by the end of the first quarter of the following year and (ii) medical and dental insurance coverage provided under COBRA at
no cost to Employee pursuant to SCU’s then-current benefit plans for one (1) year after termination or, if earlier, the date upon which Employee becomes eligible for medical and dental coverage from a third party (provided, that, during
the period that SCU provides Employee with this coverage, as may be required by law, will be included in Employee’s income for tax and SCU may withhold taxes from employee’s 

  
 6 

 
compensation for this purpose). If during the term of this Agreement, Tom Dundon in no longer the Chief Executive officer of SCU, this Section 8(e) shall be deemed terminated and of no
further force and effect 
 (f) Termination of Benefits. Except as otherwise provided in this Agreement, participation in
all SCU benefit plans and programs (including, without limitation, vacation accrual, the 401(k) plan, Individual Disability Insurance and accidental death and dismemberment and business travel and accident insurance or such other independently
managed benefit plan that may exist from time to time) will terminate upon the termination of Employee’s employment except to the extent otherwise expressly provided in such plans or programs and subject to any vested rights Employee may have
under the terms of such plans or programs. 
 (g) Resignation from Official Positions. If Employee’s employment with
SCU terminates for any reason, Employee will be deemed to have resigned at that time from any and all officer, director or committee positions that Employee may have held with SCU or any of its then-current or previously affiliated companies and all
board and committee seats or other positions in other entities Employee held on behalf of SCU. If for any reason this Section 8(f) is deemed insufficient to effectuate such resignation, Employee agrees to execute, upon SCU’s request, any
documents or instruments that SCU deems necessary to effectuate such resignation(s), and Employee hereby authorizes the Secretary of SCU (or any Assistant Secretary) to execute any such documents or instruments as Employee’s attorney-in-fact.

 9. Death. In the event of Employee’s death prior to the end of the Term hereof while actively employed,
Employee’s beneficiary or estate will receive (i) Employee’s Salary through the end of the month in which the death occurs; (ii) Employee’s Salary, as in effect on the date of death for 12 months payable on a bi-weekly
basis, or otherwise in accordance in accordance with SCU’s payroll practices as they may exist from time to time, (iii) any Base Bonus earned in the prior year but not yet paid; (iv) Base Bonus compensation for the calendar year in
which the death occurs (not prorated), payable by the end of the first quarter of the following year; (v) Current Deferred Bonus compensation calculated by multiplying the sum of Base Bonus payments earned by Employee through the date of
Employee’s death and multiplying the sum by 50%, distributed pursuant to the ECBP; (vi) Additional Deferred Bonus compensation (i.e. based on Base Bonus payments earned by Employee), distributed pursuant to the timelines contained in such
plans; and (vii) medical and dental insurance coverage for Employee’s dependents pursuant to SCU’s then-current benefit plans for the greater of (x) 12 months or (y) the balance of the Term. 

10. Equal Opportunity Employer. Employee recognizes that SCU is an equal opportunity employer. Employee agrees that he with comply
with SCU policies regarding employment practices and with applicable federal, state and local laws prohibiting discrimination on the basis of race, color, sex, religion, national origin, citizenship, age, marital status, sexual orientation,
disability or veteran status. 
 11. Adherence to Rules. At all times during Employee’s employment with SCU,
Employee agrees to adhere to, sign, acknowledge, and obey all the rules, regulations, handbooks, covenants, and policies, now in effect or as subsequently modified, governing the conduct of employees of SCU 

12. Notices. All notices required or otherwise given by either party to the other under this Agreement must be in writing and will
be deemed to have been duly given when delivered personally to Employee or to SCU, as they may be appropriate, or when deposited in the United States mail, with registered or certified postage prepaid, addressed as follows: 

 

					
	 SCU:
	 		  	President and CEO
		 		  	8585 N. Stemmons Frwy.
		 		  	Suite 1100-North
		 		  	Dallas, Texas 75247

  
 7 

					
			
	with a copy to:    	 		  	Chief Legal Officer and General Counsel
		 		  	8585 N. Stemmons Frwy.
		 		  	Suite 1100-North
		 		  	Dallas, Texas 75247
			
	Employee:	 		  	Eldridge A. Burns, Jr.
		 		  	4403 Hollow Oak Drive
		 		  	Dallas, Texas 75287

 13. Assignment. This Agreement is for the personal services by Employee and may not be assigned by
Employee or SCU except that SCU may assign this Agreement to any affiliated company of or any successor in interest to SCU. 

14. TEXAS LAW AND JURISDICTION. THIS AGREEMENT AND ANY AMENDMENTS HERETO AND ALL MATTERS OUT OF OR RELATING TO
EMPLOYEE’S SCU EMPLOYMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF. ANY ACTION TO ENFORCE THIS AGREEMENT MUST BE BROUGHT SOLELY IN THE
STATE OR FEDERAL COURTS LOCATED IN THE CITY OF DALLAS, TEXAS. 
 15. Advice of Counsel. Employee (i) has
been advised to consult with an attorney of Employee’s choice prior to executing this Agreement; (ii) acknowledges that he is fully advised as to the meaning and finality of this Agreement,; and (iii) has knowingly and voluntarily
entered into to it, and intends to be bound by it. 
 16. No Implied Contract. The parties intend to be bound only upon
execution of a written agreement and no negotiation, exchange of draft or partial performance will be deemed to imply an agreement. Neither the continuation of employment nor any other conduct will be deemed to imply a continuing agreement upon the
expiration of the Term. 
 17. Entire Understanding. This Agreement contains the entire understanding of the parties
hereto relating to the subject matter contained herein, and can be changed only by a writing signed by both parties. 
 18.
Void Provisions. If any provision of this Agreement is found by a court or tribunal of competent jurisdiction to be partially or wholly invalid or unenforceable, the remainder of this Agreement will be enforceable and binding on the parties,
and the invalid or unenforceable provision will be modified or restricted to the extent and in the manner necessary to render the same valid and enforceable. If such provision cannot under any circumstance be so modified or restricted, it will be
excised from this Agreement without affecting the validity or enforceability of any of the remaining provisions. The parties agree that any such modification, restriction or excision may be accomplished by their mutual written agreement, or
alternatively, by disposition of a court or other tribunal. 
 19. Supersedes Prior Agreement. This Agreement supersedes
and cancels all prior agreements, understandings, and communications (written or oral) between Employee and SCU, any of its affiliated companies, or their respective shareholders, directors, officers, employees, agents or attorneys, with respect to
the period covered by the Term of this Agreement. 

  
 8 

 20. Failure of Enforcement. The failure of either party hereto to require the
performance of any provision of this Agreement shall in no way affect the rights of such party to enforce the same in the future, nor shall the waiver by either party hereto of any breach, violation, or threatened breach or violation of any
provision of this Agreement be construed as a waiver of any subsequent breach, violation, or threatened breach or violation of this Agreement. 

  
 9 

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

			
	SCU:
	
	SANTANDER CONSUMER USA INC.,
		
	By:	 	 /s/ Tom Dundon

		 	Tom Dundon,
		 	President and Chief Executive Officer
	
	EMPLOYEE:
	
	 /s/ Eldridge A. Burns, Jr.

	Eldridge A. Burns, Jr.

  
 10 

 ADDENDUM 

GENERAL RELEASE AND WAIVER OF CLAIMS 
 a. Release of Claims. As consideration by you, you agree on behalf of yourself, successors and assigns, to release and forever discharge SCU and its subsidiaries, parent and affiliated companies,
employees, officers and directors, and their respective assigns, from any and all manner of claims, debts, demands, damages, liabilities and causes of action, whether known or unknown, from the beginning of time, which you, or your successors and
assigns, may have had or presently have, relating to or arising out of the employment relationship or the termination of said relationship including, but not limited to, causes of action for libel, slander, breach of contract, impairment of economic
opportunity, intentional infliction of emotional distress or any other tort, or claims under federal, state, or local constitutions, statutes, regulations, ordinances or common law, including, but not limited to, the Employee Retirement Income
Security Act of 1974; the Civil Rights Acts of 1866, 1871, 1964 and 1991; the Age Discrimination Act of 1990; the Rehabilitation Act of 1973; the Equal Pay Act of 1963; and the Americans with Disabilities Act of 1990. You acknowledge and agree that
you have been paid all wages owed to you and that you have received all leave to which you are entitled. 
 b. Post-Release
Claims. You do not waive any rights or claims that may arise after the date this Release is executed. 
 c. No
Admission. Nothing contained in this Release constitutes an admission of liability by SCU concerning any aspect of your employment with or separation from SCU. 
 d. Confidentiality. You acknowledge that, during the course of the employment relationship, you were privy to confidential and proprietary business information belonging to SCU, the unauthorized
disclosure of which could cause serious and irreparable injury to SCU and its affiliates. You agree to hold and safeguard the confidential information in tryst for SCU, its successors and assigns, and agree that you will not, at any time,
misappropriate, use for your own advantage, disclose or otherwise make available to anyone who is not an officer of SCU, for any reason, any of the confidential information, regardless of whether the confidential information was developed or
prepared by you or others. You agree not to remove any writings containing confidential information from SCU’s premises or possession without SCU’s express written consent. You agree to promptly return to SCU all confidential information
in your possession or under your control (whether in original, copy, or disk form). Before disclosing any confidential information under compulsion of legal process, you agree to promptly give notice to SCU of the fact that you have been served with
legal process pursuant to which the disclosure of confidential information may be requested. Such notice must be given within sufficient time to permit SCU to intervene in the matter or to take such other actions as may be necessary or appropriate
to protect its interests in it confidential information. 
 e. Cooperation. Subject to reimbursement by SCU of reasonable
out-of-pocket travel costs and expenses, you agree to cooperate fully and timely with SCU and its counsel with respect to any matter (including litigation, investigation or governmental proceeding) that relates to matters with which you were
involved during the term of your employment with SCU. Such cooperation will include appearing from time to time at the offices of SCU or SCU’s counsel for conferences and interviews and in general providing SCU and its counsel wit the full
benefit of your knowledge with respect to any such matter. 

  
  

			
	CONFIDENTIAL EMPLOYMENT AGREEMENT	  	PAGE 11

 f. Litigation. You agree that, during the pendency of any litigation or other
proceeding, and at any time thereafter, (i) you shall not communicate with anyone (other than Employee’s own attorneys or tax advisors) with respect to the facts or subject matter of any pending or potential litigation, or regulatory or
administrative proceeding involving SCU or any of its affiliated companies, other than any litigation or other proceeding in which you are a party-in-opposition, without giving prior notice to SCU’s General Counsel; and (ii) in the event
that any other party attempts to obtain information or documents from you with respect to matters possibly related to such litigation or other proceeding, you shall promptly notify SCU’s General Counsel. 

g. Confidentiality of Release. This Release and the terms hereof are confidential. You agree not to disclose this Release or its
provisions to any person other than your attorney or tax advisor. 
 h. Rights upon Breach. For breach of any provision
of this Release, the parties will have such rights and remedies as are customarily available at law or in equity, except that, in ay action or proceeding brought to enforce this Release or to recover damages for its breach, the prevailing party will
be entitled to recover, should it substantially prevail in the matter, reasonable attorneys’ fees and litigation expenses. In the event you, or any party acting on your behalf, breach this Release, SCU’s obligations imposed herein will be
extinguished and SCU will not be obligated to continue performance under this Release. In such case, you will be required to re-pay SCU all consideration received pursuant to this Release and this Release will act as a complete and total bar to any
recovery. 
 i. Injunctive Relief. The legal remedies for the breach of this Release would not be adequate and, in
addition to any remedies available at law, these provisions may be specifically enforced by temporary or permanent injunctive relief or other equitable remedy. 
 j. TEXAS LAW AND JURISDICTION. THIS RELEASE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS
THEREOF. ANY ACTION TO ENFORCE THIS AGREEMENT MUST BE BROUGHT SOLELY IN THE STATE OR FEDERAL COURTS LOCATED IN THE CITY OF DALLAS, TEXAS. 
 k. Advice of Counsel. You are herein advised to discuss this Release with an attorney of your choice before signing it. 
 l. No Parol Evidence. This Release represents the full understanding between you and SCU, other than any Employment Agreement signed by you and an officer of SCU and still in effect, and no parol
evidence other than the Employment Agreement will be relevant to supplement or explain this Release. 
 m. Void
Provisions. If any provision of this Release is found by a court or tribunal of competent jurisdiction to be partially or wholly invalid or unenforceable, the remainder of this Release will be enforceable and binding on the parties, and the
invalid or unenforceable provision will be modified or restricted to the extent and in the manner necessary to render the same valid and enforceable. If such provision cannot under any circumstance be so modified or restricted, it will be excised
from this Release without affecting the validity or enforceability of any of the remaining provisions. The parties agree that any such modification, restriction or excision may be accomplished by their mutual written agreement, or alternatively, by
disposition of a court or other tribunal. 

  
  

			
	CONFIDENTIAL EMPLOYMENT AGREEMENT	  	PAGE 12

 n. Headings. The headings of the sections are included solely for convenience. If
the headings and the text of this Release conflict, the text will controls. 
 o. Review. You acknowledge that you have been
given a reasonable period of time to review and consider this Release. This Release will become effective and enforceable immediately upon its execution. 

  
  

			
	CONFIDENTIAL EMPLOYMENT AGREEMENT	  	PAGE 13

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