Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.3(c)    
    

July    ,
2004 

Dollar
Financial Group, Inc.

Dollar Financial Corp.

1436 Lancaster Avenue, Suite 210

Berwyn, Pennsylvania 19312 

	Re:
	Dollar
Financial Corp. IPO 

Gentlemen:

        Reference
is hereby made to that certain Amended and Restated Credit Agreement dated as of November 13, 2003 by and among Dollar Financial Group, Inc. (the "Company"),
Dollar Financial Corp. (f/k/a DFG Holdings, Inc.) (the "Parent"), the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent for the Lenders (as amended,
extended, and replaced, the "Credit Agreement," and with capitalized terms used herein and not otherwise defined used with the meanings given such terms in the Credit Agreement). 

        The
Administrative Agent and, by acknowledging this letter as set forth below, the Lenders, hereby agree that: (1) the outside date for the consummation of the Parent IPO set
forth in Paragraph 5(d)(4) of the Credit Agreement is hereby extended to August 31, 2004 and
(2) Schedule 5(d)(4) to the Credit Agreement is hereby amended and replaced in its entirety with Replacement  Schedule 5(d)(4) attached
hereto. 

        Except
as expressly amended hereby, the Credit Agreement and other Loan Documents shall remain in full force and effect as written, including, without limitation, all other terms and
conditions related to the Parent IPO. 

        Please
acknowledge your agreement with the terms of this letter by executing and returning the enclosed copy of this letter. 

	 	 	Sincerely,
	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and as a Lender
	 	 	 
	 	 	
 Kevin J. McKhann, Vice President

	ACKNOWLEDGED AND AGREED TO:	 	 
	 	 	 	 	 
	DOLLAR FINANCIAL GROUP, INC.	 	 
	 	 	 	 	 
	
 Donald Gayhardt, President	 	 
	 	 	 	 	 
	 	 	 	 	 
	DOLLAR FINANCIAL CORP. (F/K/A DFG HOLDINGS, INC.)	 	 
	 	 	 	 	 
	
 Donald Gayhardt, President	 	 
	 	 	 	 	 
	 	 	 	 	 
	U.S. BANK NATIONAL ASSOCIATION,

as a Lender	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	 	
	 	 
	Name:	 	 	 	 
	 	 	
	 	 
	Title:	 	 	 	 
	 	 	
	 	 
	 	 	 	 	 
	 	 	 	 	 
	CITICORP NORTH AMERICA, INC.,

as a Lender	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	 	
	 	 
	Name:	 	 	 	 
	 	 	
	 	 
	Title:	 	 	 	 
	 	 	
	 	 
	 	 	 	 	 
	 	 	 	 	 
	CREDIT SUISSE FIRST BOSTON, acting through its Cayman Islands Branch, as a Lender	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	 	
	 	 
	Name:	 	 	 	 
	 	 	
	 	 
	Title:	 	 	 	 
	 	 	
	 	 
	 	 	 	 	 
	 	 	 	 	 
	MANUFACTURERS AND TRADERS TRUST COMPANY, as a Lender	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	 	
	 	 
	Name:	 	 	 	 
	 	 	
	 	 
	Title:	 	 	 	 
	 	 	
	 	 

QuickLinks

Exhibit 10.3(c)Exhibit 10.43

 

SEPARATION AND GENERAL RELEASE AGREEMENT

 

This Separation
and General Release Agreement (“Agreement”) is entered into by and between ITT
Educational Services, Inc. (“ITT”) and Omer E. Waddles (“Waddles”).

 

WHEREAS, Waddles
and ITT have discussed Waddles’ resignation from his employment with ITT and
have reached an agreement regarding the terms and conditions thereof.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein, ITT and Waddles hereby
agree as follows:

 

1.               Definitions.  Specific terms used in this Agreement have the following
meanings:  (a) ”Waddles” means Omer
E. Waddles, and anyone who has or obtains any legal right or claims through
him; and (b) ”ITT” means ITT Educational Services, Inc., all of its past
and present officers, directors, employees, trustees, agents, related
corporations, parent, affiliates, principals, insurers, any and all employee
benefit plans (and any fiduciary of such plans) sponsored by the aforesaid
entities, and each of them, and each entity’s subsidiaries, predecessors,
successors and assigns, and all other entities, persons, firms or corporations
liable or who might be claimed to be liable, none of whom admit any liability
to Waddles, but all of whom expressly deny any such liability.

 

2.               Claims Released by Waddles.  The claims released by Waddles (“Waddles’
Claims”) include all of his rights to any relief of any kind from ITT,
including, without limitation, all claims he has now, whether or not he now
knows about the claims, including, but not limited to: (a) all claims arising
directly or indirectly out of or relating to his employment relationship with
ITT, or Waddles’ resignation or the termination of said employment
relationship, including, but not limited to, any claims arising under the Fair
Labor Standards Act; Title VII of the Civil Rights Act of 1964; the Age
Discrimination in Employment Act (“ADEA”); the Employee Retirement Income
Security Act; the Older Worker Benefits Protection Act (“OWBPA”); the Family
and Medical Leave Act; the Americans with Disabilities Act; Indiana Civil
Rights Law; all such laws as amended; and/or any other federal, state or local
law; (b) all claims under any principle of common law or equity, including
but not limited to, claims for alleged unpaid wages, bonus, other compensation
or severance or separation pay (other than as specifically set forth in this
Agreement); any tort; breach of contract; and any claim under any severance
benefit plan; and (c) all claims for any type of relief from ITT, and all
claims for costs and attorneys’ fees. 
However, Waddles’ Claims do not include any rights or claims under the
ADEA or OWBPA which may arise after the Effective Date of this Agreement (the
“Effective Date” is that date occurring seven (7) calendar days after Waddles
signs this Agreement, on the condition that this Agreement is not revoked by
him within such seven (7) calendar day period, as described below).
Notwithstanding the above, the parties agree that nothing in this Agreement
shall be interpreted as prohibiting Waddles from rights he may have under ITT’s
401(k) plan or its pension plan. Waddles agrees that his rights under the
aforementioned statutes and any other federal, state, or local law are
effectively waived by this Agreement.

 

3.               Separation Payment and other Agreements of the Parties.  In exchange and in
consideration of Waddles’ agreement to release his claims, fulfill his
obligations to ITT, and to undertake other commitments to ITT, as described
herein, ITT and Waddles hereby agree as follows:

 

(a)          on the conditions that ITT determines that Waddles continues to
satisfactorily perform all assigned duties and responsibilities and cooperate
with ITT in connection with any

 

A-1

 

and all transition matters, ITT shall allow Waddles
to maintain his employment with ITT at his current annualized base salary
through July 30, 2004;

 

(b)         on the
condition that ITT determines that Waddles continues to satisfactorily perform
all assigned duties and responsibilities, Waddles and ITT agree that Waddles’
last day of work at ITT’s office shall be July 16, 2004, and he shall
remove all personal belongings from his office on or before that date;

 

(c)          Waddles’ execution of this Agreement shall constitute his resignation
from any officer, director or other position he may have with ITT, effective
July 20, 2004;

 

(d)         Waddles’
execution of this Agreement shall constitute his resignation from ITT’s employ,
effective July 30, 2004;

 

(e)          as of June 10, 2004, Waddles shall not (i) seek, obtain or receive
any financial information regarding ITT, (ii) seek, obtain or receive any new
material, nonpublic information regarding ITT, (iii) have any authority to
approve any compensation or benefit terms or related items or (iv) have any
authority to enter into any agreement that may bind ITT in any manner;

 

(f)            as of June 10, 2004, Waddles shall avoid gaining any knowledge
regarding any new material, nonpublic information regarding ITT;

 

(g)         as of
June 10, 2004, Waddles shall not make any independent decision that may
affect ITT, and he shall review any matter and decision that may affect ITT
with Rene Champagne, Chairman of ITT, prior to making any decision or taking
any action that may affect ITT;

 

(h)         ITT shall
prepare employee and public announcements regarding Waddles’ resignation from
ITT, Waddles shall make no announcement or statement regarding his resignation
from ITT prior to ITT’s issuance of its announcements, Waddles shall make no
statement contrary to or in any manner inconsistent with ITT’s announcements
prior to or after the issuance of ITT’s announcements, Waddles may respond to
any media or any other request for a comment regarding his resignation of his
employment with ITT in a manner consistent with ITT’s announcements;

 

(i)             Waddles shall not exercise any options to purchase any ITT common stock
awarded to him (“Stock Options”) prior to July 26, 2004, the last date and
time that Waddles shall be eligible to exercise any Stock Options shall be as
of the close of the market on July 30, 2004, any Stock Options that
Waddles chooses to exercise shall be exercisable in accordance with the terms
of the applicable stock option plan, Waddles shall not be permitted to exercise
any Stock Options after his employment with ITT terminates, Waddles shall not
be permitted to exercise any unvested Stock Options, ITT has advised Waddles
that any decision he makes to exercise or not to exercise any Stock Options
shall be his and his alone and that any such decision is not and can not be based
on any advice or recommendation of ITT, ITT has advised Waddles not to exercise
any Stock Options or otherwise trade in any ITT securities if he is in
possession of any material, nonpublic information, ITT has advised Waddles that
he should consult with his personal legal counsel prior to his exercise of any
Stock Options and prior to trading in any ITT securities, and Waddles fully
understands the foregoing and the consequences of a failure to comply with
applicable SEC and any other governmental and/or securities exchange rules and
regulations;

 

(j)             Waddles shall continue to adhere to all policies and rules established by
ITT during his remaining employment with ITT, and he understands that his
failure to do so, or his failure to satisfactorily perform his assigned duties
and responsibilities, may result in a decision by ITT to terminate his
employment;

 

(k)          during and after his employment with ITT, Waddles shall not (i) make any
false, negative or disparaging remarks or comments to any other person and/or
entity about ITT or (ii) take any action or make any statement that may be
adverse to ITT, in any

 

A-2

 

manner, or which may subject ITT to damage, negative
publicity, adverse action or embarrassment in any manner;

 

(l)             as of June 10, 2004, Waddles shall (i) not incur any expenses on
behalf of ITT unless he has the authorization of ITT’s Chairman and (ii) be
reimbursed for all such expenses he incurred prior to the date his employment
terminates in accordance with the terms of ITT’s expense reimbursement policy;

 

(m)       on the
conditions that Waddles remains employed by ITT through July 30, 2004 and
ITT determines that he satisfactorily performed all assigned duties and
responsibilities, (i) ITT shall make a separation payment to Waddles in an
amount equivalent to five (5) months of Waddles’ annual base salary (less taxes
and other required deductions), (ii) ITT shall pay said separation payment in a
lump sum as soon as practical after July 30, 2004, (iii) said separation
payment shall not be considered to be earnings or compensation entitling
Waddles to any ITT contribution for purposes of its 401(k) plan, its pension
plan or any other plan and (iv) said separation payment shall not be considered
in connection with the calculation of any pension or any other similar payment
to be made to Waddles pursuant to ITT’s 401(k) plan, its pension plan or any
other plan;

 

(n)         on the
conditions that Waddles remains employed by ITT through July 30, 2004, ITT
determines that he satisfactorily performed all assigned duties and
responsibilities through that date and Waddles timely applies for and is deemed
eligible for COBRA benefits, (i) ITT shall make the monthly COBRA payments that
would otherwise be payable by Waddles after July 30, 2004, for a period
not to exceed five (5) months, (ii) ITT shall cease making COBRA payments on
Waddles’ behalf upon his commencement of other employment if such other
employment is commenced prior to the end of such five (5) month period, (iii)
Waddles shall immediately advise ITT of such other employment in writing and
his anticipated start date (by written notice faxed to ITT’s Human Resources
Department, to the attention of Senior Vice President of Human Resources), and
(iv) notwithstanding the above, Waddles may decide, on his own, to make COBRA
payments to continue coverage under ITT’s health insurance plan, particularly
in the event that ITT does not make COBRA payments on his behalf or if it
ceases making COBRA payments on his behalf pursuant to this Agreement;

 

(o)         as a
condition of the payment of any separation payment to Waddles, he shall timely,
properly, and to the best of his abilities perform all tasks requested of him
by ITT, including, without limitation, any tasks requested in order to comply
with applicable SEC and other governmental rules and regulations, including,
but not limited to, his execution of any required SEC or other governmental
reports or documents; and

 

(p)         as soon
as practical after the termination of his employment, and consistent with ITT’s
vacation pay policy, Waddles shall receive a payment for all of his unused 2004
vacation as of the date of the termination of his employment.

 

In consideration of the foregoing, Waddles agrees to
give up, release and waive all of Waddles’ Claims against ITT as described
above and to perform such other obligations as are contained in this
Agreement.  Waddles also agrees to give
up, release and waive all other actions, causes of action, claims or demands that he may have against ITT. 
Waddles further agrees that he shall not bring any lawsuits against ITT
relating to the claims that he has given up, released and waived, nor will
Waddles allow any suit to be brought on his behalf.  The commitments of ITT, as described above, constitute full and
fair consideration for the release of Waddles’ Claims. Waddles also agrees that
in further consideration of the above, he shall provide, during the five (5)
month period after his employment with ITT ends, timely and satisfactory
assistance in regard to the transition of business matters within his areas of
responsibility. After his employment with ITT terminates, Waddles shall also
respond in a timely and effective manner to any reasonable questions he may
receive from ITT with regard to any matters within his knowledge or areas of
responsibility during his

 

A-3

 

employ by ITT.  He further
acknowledges that such assistance may be needed with regard to transition or
other ongoing matters.  Waddles agrees
to fully and timely cooperate with ITT’s requests for such assistance.  In addition, Waddles acknowledges and agrees
that in regard to any pending litigation or other legal matters which he may be
involved in currently or in the future as a result of or arising out of his
employment with ITT, he shall fully cooperate with ITT and he shall not take
any action that might subject ITT to financial harm or embarrassment.  Even though ITT shall provide consideration
to Waddles under this Agreement, ITT does not admit that it is responsible or
legally obligated to him, and ITT denies that it is responsible or legally
obligated to him for any matter or in connection with Waddles’ Claims.

 

4.               Non-Disparagement/Return of ITT Property. 
During and after his employment with ITT, Waddles shall not make any
false, negative or disparaging remarks or comments to any other person and/or
entity about ITT. In addition, during and after his employment with ITT,
Waddles shall not take any action or make any statements that may be adverse to
ITT, in any manner, or which may subject ITT to damage, negative publicity,
adverse action or embarrassment in any manner. After Waddles’ employment with
ITT terminates, and in response to any request for an employment reference
directed by a prospective employer of Waddles to ITT’s Chairman or to its
Senior Vice President of Human Resources, the latter individuals, in response
to any such employment reference, shall not make any false, negative or
disparaging remarks or comments to such prospective employer about
Waddles.  Waddles also agrees that, no
later than July 16, 2004, he shall return to ITT all of ITT’s property
that is in his possession or control. 
This property includes, but is not limited to, laptop computer,
Blackberry, credit cards (including, but not limited to, a corporate American
Express card), telephone cards (including, but not limited to, a Raindance
Communications conference call card), pagers, office and other keys, security
fob, directories, other computer hardware, computer software, books, documents,
memoranda, equipment, supplies, other materials, and all other records relating
to ITT in any manner, and any copies thereof. 
In regard to the automobile that is leased by ITT and which he drives, Waddles shall, no later than July 16, 2004, make
arrangements to take over the lease and all responsibility in regard to said
vehicle (without any guaranty by, obligation of, or contingent liability of
ITT), including, but not limited to, any and all lease and other payments
relating to said vehicle.  In the event
Waddles does not make such arrangements by July 16, 2004, he shall return
said vehicle to ITT on or before that date.

 

5.               Consultation with Attorney.  Waddles understands that whether or not he
decides to actually consult an attorney is totally up to him.  Waddles understands and acknowledges that
ITT has advised him that he should consult with an attorney prior to signing
this Agreement, and Waddles has had an adequate opportunity to do so. Waddles’
decision to sign this Agreement was voluntary and made after being given said
opportunity.

 

6.               Confidentiality.  Waddles acknowledges that during his employment with
ITT, he was given access to certain trade secrets, and confidential and
proprietary information that ITT acquired at great effort and expense. Such
information includes, without limitation, confidential information regarding
students, employees, business operations and strategies, financial information,
internal procedures, forecasts, methods, trade information, trade secrets,
software programs, and similar information regarding ITT’s business
(collectively referred to as “Confidential Information”).  Waddles agrees that all such Confidential
Information is and shall remain the sole and exclusive property of ITT. Waddles
agrees that he shall not disclose, or cause any other person or entity to
disclose, any Confidential Information to any third party for as long
thereafter as such information remains confidential (or as limited by
applicable law) and he agrees that he shall not make use of any such
Confidential Information for his own purpose or benefit, or for the benefit of
any other entity or person.

 

7.               Violation of Agreement and Severability.  Waddles agrees that if he violates this
Agreement by suing or bringing any action against ITT for any of Waddles’
Claims (other than one under the ADEA or OWBPA), or if he violates this
Agreement in any other manner, Waddles will pay all costs and expenses of

 

A-4

 

defending or bringing the action or lawsuit incurred by ITT, including
but not limited to, reasonable attorneys’ fees, costs, disbursements, awards
and judgments.  In addition, if Waddles
violates this Agreement by suing or bringing any action against ITT for any of
Waddles’ Claims (other than one under the ADEA or OWBPA), Waddles will promptly
reimburse to ITT all amounts paid to him and on his behalf by ITT under this
Agreement, plus legal interest, and ITT shall be entitled to collect same
through legal process or otherwise, from him. 
He also understands, and it is his intent, that in the event this
Agreement is ever held to be invalid or unenforceable (in whole or in part) as
to any particular type of claim or charge or as to any particular
circumstances, it shall remain fully valid and enforceable as to all other
claims, charges, and circumstances.  As
to any actions, claims or charges that would not be released because of the
revocation, invalidity or unenforceability of this Agreement (other than one
under the ADEA or OWBPA), Waddles understands that the return of all payments
made to him and on his behalf by ITT under this Agreement, plus legal interest,
is a prerequisite to asserting or bringing any such claims, charges or actions.
Notwithstanding any other provision of this Agreement, Waddles acknowledges
that he has the right to file a charge alleging a violation of the ADEA and/or
the OWBPA with any administrative agency and/or to challenge the validity of
the waiver and release of any claim he might have under the ADEA without
either: (a) repaying to ITT the amounts paid by it to him or on his behalf
under this Agreement; or (b) paying to ITT any other monetary amounts (such as
attorney’s fees and/or damages).  However,
although this Agreement shall not prohibit Waddles from challenging its
validity under the OWBPA and/or the ADEA, nothing in this Agreement shall be
construed to prohibit ITT from recovering from Waddles its attorney’s fees
and/or costs specifically authorized under the ADEA or any other law.  Furthermore, in the event Waddles
successfully challenges this Agreement under the OWBPA and prevails on the
merits in an ADEA action against ITT, he agrees that the court in such action
may determine that ITT is entitled to restitution, recoupment or setoff
(hereinafter “reduction”) against any monetary award.  Moreover, he agrees that the reduction in such ADEA action shall
not exceed the lesser of:  (a) the
amount recovered by him in such action; or (b) the payments made to him and on
his behalf under this Agreement.

 

8.               Period to Consider Agreement.  Waddles understands that he has twenty-one
(21) calendar days from the day that he receives this Agreement, not counting
the day upon which he received it, to consider whether he wishes to sign this
Agreement.  If he signs this Agreement
before the end of the twenty-one (21) calendar day period, it will be his
personal and voluntary decision to do so. 
Waddles also understands that if he does not deliver this Agreement to
ITT’s General Counsel within said period of time, it shall be deemed to be
withdrawn by ITT.

 

9.               Waddles’ Right to Revoke Agreement.  Waddles understands that he may revoke this
Agreement at any time within seven (7) calendar days after he signs it, not
counting the day upon which he signs it. 
This Agreement will not become effective or enforceable, unless and
until the seven (7) calendar day revocation period has expired without
revocation by him.

 

10.         Procedure to Accept or Revoke Agreement.  To accept the terms of this Agreement, Waddles
must deliver the Agreement, after it has been signed and dated by him, to ITT’s
General Counsel, by hand or by mail, and it must be received by the General
Counsel within the twenty-one (21) calendar day period that Waddles has to
consider this Agreement.  To revoke his
acceptance, Waddles must deliver a written, signed statement that he revokes
his acceptance to ITT by hand or by mail and any such notice of revocation must
be received by ITT’s General Counsel and its employment law counsel (Michael A.
Blickman, Ice Miller, One American Square, Box 82001, Indianapolis, IN 46282)
within seven (7) calendar days after he signs the Agreement.

 

11.         Waddles’ Representations.  Waddles has read this Agreement carefully
and he understands all of its terms.  In
agreeing to sign this Agreement, Waddles has not relied on any statements or
explanations made by ITT, except as specifically set forth in this
Agreement.  Waddles is voluntarily
releasing any claims against ITT, and he understands that in consideration of accepting
the consideration

 

A-5

 

described above, he may be giving up possible future administrative
and/or legal claims.  Waddles also
understands and agrees that this Agreement contains all of the agreements
between ITT and him relating to the matters included in this Agreement.

 

12.         Miscellaneous Provisions.  This Agreement and the performance by the
parties hereunder shall be construed in accordance with the laws of the State
of Indiana, and any action or proceeding that may be brought, arising out of,
in connection with, or by reason of this Agreement shall be governed by the
laws of Indiana to the exclusion of the law of any forum, regardless of the
jurisdiction in which the action or proceeding may be instituted or pending. In
addition, the terms and conditions of this Agreement constitute the entire
agreement by and between ITT and Waddles, and supersedes and replaces any and
all documents, correspondence and/or prior agreements and understandings, oral
or written, express or implied, concerning his employment with ITT. No
amendment to or modification of this Agreement shall be effective unless the
amendment or modification is in writing and signed on behalf of ITT by the
Chairman thereof and by Waddles.  The
parties agree that the language of all parts of the Agreement shall be in all
cases construed as a whole, according to its fair meaning, and not strictly for
or against the drafter.  This Agreement
may be executed in one or more counterparts, all of which, taken together,
shall constitute one and the same Agreement.

 

	
  Date:

  	
  July 1, 2004

  	
   

  	
          /s/ Omer E. Waddles

  	
   

  
	
   

  	
   

  	
  Omer E. Waddles

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  June 29, 2004

  	
   

  	
  ITT Educational
  Services, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
       /s/
  Clark D. Elwood

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President,
  General Counsel and Secretary

  	
   

  
									

 

A-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]