Document:

Employment Offer Letter of Donald Thomas

 Exhibit 10.20 

 

 

 April 19, 2010 
 Donald Thomas 
 8224 Chambray Court 
 Plano, TX 75025 
 Dear Donald: 
 I am pleased to confirm our offer of employment to join TitleMax. 
 Your responsibilities have
been outlined during your discussions with us. In making this offer, we express not only our recognition of your credentials and accomplishments but also our enthusiasm of you joining TitleMax. The following information explains the provisions of
your agreement to join TitleMax: 
 TERMS OF AGREEMENT 

 

			
	 •   Position:
	  	Chief Financial Officer
		
	 •   Status:
	  	Exempt
		
	 •   Manager:
	  	Tracy Young
		
	 •   Department:
	  	Accounting & Finance
		
	 •   Effective Date:
	  	Employment to begin no later than April 26, 2010

  

	 	•	 	 Base Salary: Will be paid in bi-weekly installments on a graded scale determined below. Please note your salary amount is based upon your
effective date. 

  

	 	•	 	 Year One: $300,000 

  

	 	•	 	 Year Two: $325,000 

  

	 	•	 	 Year Three: $350,000 

  

	 	•	 	 Year Four: $375,000 

  

	 	•	 	 Year Five: $400,000 

  

	 	•	 	 Guaranteed Bonus: You are eligible for a guaranteed bonus determined below. You must be a TitleMax employee in good standing at that time to
receive any bonus payout. You will be paid a $35,000 (gross) of Year One’s bonus, as a sign-on bonus. This payout will be received on the first paycheck after your start date. Please note your bonus payouts are based upon year end.

  

	 	•	 	 Year One: $115,000 

  

	 	•	 	 Year Two: $135,000 

  

	 	•	 	 Year Three: $175,000 

  

	 	•	 	 Year Four: $225,000 

  

	 	•	 	 Year Five: $300,000 

 

 

 Thomas, Donald 

Page 2 of 3 
  

	 	•	 	 Relocation: You are eligible for relocation benefits as follows: 

 

	 	•	 	 Temporary Housing Allowance: For up to three months of Effective Date, you will reside in the corporate apartment rent free. After the three
months, we will provide you a temporary living allowance of $2,000 (net) per month to cover any living expenses for three months. 

  

	 	•	 	 Moving Expenses: TitleMax will pay for the packing and shipping of your household goods and automobile up to $20,000 (net) to an approved
professional moving company. Prior to retaining the moving company, you agree to provide three estimates for approval by Tracy Young. 

  

	 	•	 	 Real Estate Transactions: TitleMax will pay up to a maximum of 7.5% (net) of the sales price of your home in Dallas, Texas (up to $41,000) for
your use of realtor fees, loan origination fees or other real estate expenses associated with your relocation. 

  

	 	•	 	 Severance: In the event that your employment with TitleMax is terminated involuntarily for no cause, except upon your death or disability,
within a period of the first twelve months of employment with the company, you shall receive 3 months of salary paid on the normal pay cycle, $35,000 sign-on bonus, and 3 months of medical reimbursement paid monthly. 

In the event that your employment with TitleMax is terminated involuntarily for no cause, except upon your death or disability, after the
first twelve months of employment with the company, you shall receive 6 months of salary paid on the company’s normal pay cycle, Prorated Annual Bonus (minimum of 3 months), and 6 months of medical reimbursement. 

 

	 	•	 	 Relocation Repayment: In the event your employment with TitleMax is terminated voluntarily or for cause, except upon death or disability, within
a period of 24 months from the date of your employment, you shall reimburse TitleMax, immediately upon demand, all relocation expenses. To the extent any such reimbursement creates additional tax liabilities to TitleMax, the affected relocation
expenses will be “grossed up” to offset such liabilities. In the case that your employment is involuntarily terminated for no cause, you have no obligations towards relocation repayment. 

 

	 	•	 	 Paid Time Off: Upon effective date, you will accrue 3.69 hours of Paid Time Off (PTO) per pay period for a total of 12 days per year.

  

	 	•	 	 Your request for time off for May 24 – 26th, 2010, has been approved in advance and will be paid. 

 

	 	•	 	 Medical Coverage Reimbursement: Medical premium costs (for employee, spouse and/or children) will be reimbursed at the maximum of $750.00 per
month. 

  

	 	•	 	 Example: If employee and/or spouse are paying a premium of $150.00 per month, the employee will be reimbursed $150.00. If the employee and/or spouse
are paying $820.00 per month, the employee would be reimbursed $750.00 per month. Employee will provide proof of payment as evidence of present cost. 

 — 15 Bull Street, Suite 200 — Savannah, GA 31401 —

  

(912) 525-2675 — Fax (912) 525-2679 

 

 

 Thomas, Donald 

Page 3 of 3 
  

	 	•	 	 401k Plan: All employees are eligible to participate in the 401k plan during the first open enrollment held six months after the Effective Date.
Open enrollments are held four times per year. If you are a participant in the plan, after one full year of service, TitleMax will match 50% up to 6% of your earnings. You must be an active employee on December 31st of the plan year for which the match is calculated.

  

	 	•	 	 Cell phone: A blackberry will be provided. 

 Although I may not need to mention, all employment with TitleMax is at the will of either party and, as such, there is no intent to contract for any specific employment period or notice of termination.
Your employment is subject to all policies and procedures of TitleMax. 
 As with all employment offers, this agreement is contingent upon your
completion of TitleMax’s complete application process, including, but not limited to satisfactory completion of a background check. 
 By
accepting this offer, you represent that you are not and have not been a party to any agreement(s) which could interfere with your employment with TitleMax, except those which you have identified and, to the extent possible, made available for
review. This offer is contingent upon a review of these agreements prior to your start date to insure that you are under no legal restraints with regard to your employment by TitleMax. 
 This document supersedes all prior verbal and written compensation discussions and agreements. 
  

	
	Confidentiality: It is expressly understood and agreed that all the terms and
provisions hereof shall be and remain confidential in nature. You shall keep this Agreement in a secure place and agree not to publish, communicate, divulge, use or disclose, directly or indirectly, for the benefit of yourself or any other, the
terms and provisions hereof during the term of this Agreement or any time thereafter. Failure to comply with this shall be deemed to constitute sufficient cause for termination of employment.

Formalities aside, I am very pleased to offer you this position, and I look forward to you becoming part of our TitleMax team. Please don’t hesitate
to give me a call if you have any questions on any of the above. 
 If the above meets with your approval, please sign and return one copy of
this letter. 
 Sincerely, 
  

	
	

	John Robinson
	President

 Acceptance: 

 

					
	Signature:	 	

	  	Date: 4/20/2010

 — 15 Bull Street, Suite 200 — Savannah, GA 31401 — 

 
 (912) 525-2675 — Fax (912) 525-2679Employment Offer Letter of Charles Cole

 Exhibit 10.21 

 

 

 July 15, 2009 
 Mr. Charles Cole 
 1159 Arborhill Drive 

Woodstock, Georgia 31089 
 Dear Charles:

 We are pleased to announce your promotion to Senior Vice President of Operations and transfer to the TitleMax corporate headquarters in
Savannah, Georgia. 
 Your responsibilities have been outlined during your discussions with us. In making this offer, we express not only our
recognition of your credentials and accomplishments but also our enthusiasm of you advancement within TitleMax. The following information explains the provisions of your agreement as well as your transfer and upcoming relocation: 

TERMS OF AGREEMENT 
  

	 	•	 	 Position: Senior Vice President, Operations 

 

	 	•	 	 Manager: John Robinson 

  

	 	•	 	 Department: Operations 

  

	 	•	 	 Effective Date: July 1, 2009 

  

	 	•	 	 Location: Savannah, Georgia 

  

	 	•	 	 Base Salary: $250,000 gross annual to be paid in substantially equal bi-weekly installments 

 

	 	•	 	 Bonus: $.25% (one-quarter of 1%) of Company monthly spreadsheet profit to be paid on the second pay check of each month.

  

	 	•	 	 Relocation: 

  

	 	o	Shipment of your household goods – TitleMax will pay up to $ 10,000 for the packing and shipment of your household goods by an approved professional moving
company. Prior to retaining the moving company, you agree to provide three estimates to John Robinson for approval. 

  

	 	o	Temporary housing allowance up to $3,500 per month for up to 12 months or until your residence inAtlanta, Georgia (“your home”) is sold.

  

	 	o	Sale of Home: TitleMax will pay the difference between $250,000 and the actual sales price of your home, net of real estate commissions and closing costs. You
will only receive this benefit if the net sales price of your home is less than $250,000 (net). 

	 	

 

 

 Mr. Charles Cole 
 July 14, 2009 
 Page 2 of 2 

 

	 	•	 	 I, Tracy Young, will provide a personal loan of $50,000 to be used as a down payment on a new home in Savannah. You will sign a contract with me prior
to receiving the loan amount upon the loan. The contract will provide a 2-year term and a fixed interest rate of 5% per year. 

  

	 	•	 	 Relocation Repayment: In the event your employment with TitleMax is terminated voluntarily or for cause, except upon your death or disability,
within a period of 24 months from the date of your employment, you shall reimburse TitleMax, immediately upon demand, all relocation expenses. To the extent any such reimbursement creates additional tax liabilities to TitleMax, the affected
relocation expenses will be “grossed up” to offset such liabilities. In the case that your employment is involuntarily terminated for no cause, you have no obligations towards relocation repayment. 

Although I may not need to mention, all employment with TitleMax is at the will of either party and, as such, there is no intent to contract for any
specific employment period or notice of termination. Your employment is subject to all policies and procedures of TitleMax. 
 This document
supersedes all prior verbal and written compensation discussions and agreements. 
  

	
	Confidentiality: It is expressly understood and agreed that all the terms and
provisions hereof shall be and remain confidential in nature. You shall keep this Agreement in a secure place and agree not to publish, communicate, divulge, use or disclose, directly or indirectly, for the benefit of yourself or any other, the
terms and provisions hereof during the term of this Agreement or any time thereafter. Failure to comply with this shall be deemed to constitute sufficient cause for termination of employment.

Formalities aside, congratulations on this advancement in your career! 
 If the above meets with your approval, please sign and return one copy of this letter. 

Sincerely, 

 

 

 Tracy Young 

Chief Executive officer 
  

									
	Acceptance:	  		  		  		  	
					
	Signature:	  	

	  	Date:	  	 7/28/09
	  	
		  	Charles Cole	  		  		  	

— 15 Bull Street, Suite 200 — Savannah, GA 31401 — 

 

(912)525-2675 — Fax (912) 525-2679

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