Document:

exv4w6

 

EXHIBIT 4.6

FACE OF FIXED RATE [SENIOR/SUBORDINATED] NOTE

REGISTERED

No. FXR______ – __

CUSIP:                     

ISIN:                     

COMMON CODE:                     

GOLDEN WEST FINANCIAL CORPORATION

(Fixed Rate [Senior/Subordinated] Note)

___% due 20__

[THIS NOTE IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER
THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED HEREIN AND NO
TRANSFER OF THIS GLOBAL SECURITY (OTHER THAN A TRANSFER OF THIS GLOBAL SECURITY AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND
ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

 

 

THE FOLLOWING SUMMARY OF SOME OF THE TERMS OF THIS NOTE IS SUBJECT

TO THE INFORMATION SET FORTH BELOW AND ON THE REVERSE HEREOF.

	 
	PRINCIPAL AMOUNT:

	$                     U.S. Dollars

	 

	                     [Other]

	 

	ORIGINAL ISSUE DATE:

	 

	FIRST INTEREST PAYMENT DATE:

	 

	INTEREST PAYMENT DATES:

	 

	REGULAR RECORD DATES:

	 

	STATED MATURITY DATE:

	 

	THIS NOTE IS A:

	o Global Security

	o Certificated Security

	 

	OTHER TERMS:

	 
	ISSUE PRICE (expressed as a percentage
of 
principal amount): ___%

	 

	INTEREST RATE:

	 

	ORIGINAL ISSUE DISCOUNT NOTE:

	Yes o No o

	 

	TOTAL AMOUNT OF OID:___

	 

	INITIAL ACCRUAL PERIOD OID:

	 

	YIELD TO MATURITY:

	 

	PAYMENTS ARE TO BE MADE IN:

	o U.S. Dollars

	o Other (specify):                     

	Special Provisions related to Currency:

	 

	The defeasance provisions of Section
1402
of the Indenture:

	o Apply

	o Do Not Apply

	 

	[The covenant defeasance provisions of

	Section 1403 of the Indenture:

	o Apply

	o Do Not Apply

	[Include only if a Senior Note]]

	 

	AUTHORIZED DENOMINATIONS: 
[$1,000] or any integral multiple thereof

	 
	THIS NOTE IS SUBJECT TO:

	 

	REDEMPTION AT OPTION OF THE 
COMPANY: Yes
o No o

	Initial Redemption Date:

	Redemption Price(s): See below

	 

	REPAYMENT AT OPTION OF THE 
HOLDER: Yes
o No o

	Repayment Date(s):

	Repayment Price:

	 

	EXTENSION AT THE OPTION OF THE 

	COMPANY: Yes o No o

	 

	Special Provisions related to Optional
Extension:

	 

	RENEWAL AT THE OPTION OF THE 
HOLDER: Yes
o No o

	 

	Special Provisions related to Optional
Renewal:

	 

	SINKING FUND: Yes o No o

	 

	Special Provisions related to Sinking
Fund:

[The “Redemption Price” initially will be ___%, of the principal amount to be redeemed
and will decline at each anniversary of the Initial Redemption Date by ___% of the principal
amount to be redeemed until the Redemption Price is 100% of the principal amount.]

If applicable, the “Total Amount of OID”, “Yield to Maturity” and “Initial
Accrual Period OID” (computed under the approximate method) will be completed solely for
convenience in applying the federal income tax original issue discount rules.

2

 

GOLDEN WEST FINANCIAL CORPORATION, a corporation duly organized and existing under the laws of
the State of Delaware (herein called the “Company,” which term includes any successor
Person or assign under the Indenture referred to on the reverse hereof), for value received, hereby
promises to pay to [Cede & Co., as nominee for The Depository Trust Company] or registered assigns,
the principal amount shown above on the Stated Maturity Date, and to pay interest on such principal
amount from and including the Original Issue Date shown above on the Interest Payment Dates set
forth above, commencing on the First Interest Payment Date set forth above, and at Maturity, at a
rate per annum equal to the Interest Rate set forth above until the principal amount hereof is paid
or made available for payment. The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date (whether or not such Regular Record Date is a Business Day) immediately
preceding such Interest Payment Date; provided, however, that interest payable at Maturity will be
payable to the Person to whom principal shall be payable. If any Interest Payment Date or the date
of Maturity falls on a day that is not a Business Day, the payment of interest and, if applicable,
principal or premium on this Note payable on such Interest Payment Date or date of Maturity, as the
case may be, will be made on the next day that is a Business Day, and no interest on such payment
will accrue for the period from and after such Interest Payment Date or date of Maturity, as the
case may be, to the date of payment.

Any such interest not so punctually paid or duly provided for (“Defaulted Interest”) will
cease to be payable to the Person who was the Holder of this Note on the relevant Regular Record
Date by virtue of having been such Holder and may either be paid to the Person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice whereof
shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes are listed, all as more fully provided in the Indenture.

Any action by the Holder of this Note shall bind all future Holders of this Note, and of any Note
issued in exchange or substitution herefor or in place hereof, in respect of anything done or
permitted by the Trustee or the Company in reliance thereon. Any action by the Holder of this Note
shall also bind all current and future holders of any beneficial interests in this Note, and all
holders of beneficial interests in any Note issued in exchange or substitution for this Note.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter
or impair the obligation of the Company, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, places and rate, and in the coin or currency, described
herein and in the Indenture.

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF,
WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

3

 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof, directly or through an Authenticating Agent, by manual signature of an authorized
signatory, this Note shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

4

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate
seal.

	 	 	 	 	 
	Dated:	 	GOLDEN WEST FINANCIAL
	 	 	CORPORATION
	 
	 	 	 	 
	[Seal]

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	     Name:
	 

	 	 	 	     Title:
	ATTEST:
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Name:	 	 	 	 
	Title:
	 	 	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

 	 
	 	By	 	 
	 	Authorized Signatory	 

5

 

	 	 	 	 	 

REVERSE OF NOTE

GOLDEN WEST FINANCIAL CORPORATION

(Fixed Rate [Senior/Subordinated] Note)

__% due 20__

This Note is one of a duly authorized issue of Securities of the Company, issued and to be issued
in one or more series under the [Senior][Subordinated] Debt Indenture dated as of December 1, 2005
(as amended or supplemented from time to time, herein called the “Indenture”), between the
Company and Deutsche Bank Trust Company Americas, as trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), to which Indenture reference is
hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holder of this Note. All terms used in this Note
which are defined in the Indenture and not defined herein shall have the meanings assigned to them
in the Indenture.

This Note is one of the series designated on the face hereof, initially limited in aggregate
principal amount to $                     (herein called the “Notes”), but subject to the Company’s
right to “reopen” the series and issue additional Notes of this series from time to time on the
terms and subject to the conditions specified in the Indenture.

[[Insert if this Note is a Subordinated Note — Subject to Section 1402 of the Indenture,
the payment of the indebtedness evidenced by this Note is, to the extent and in the manner set
forth in the Indenture, expressly subordinated to all Senior Indebtedness of the Company. This
Note is issued subject to such provisions of the Indenture, and each Holder of this Note, by
accepting the same, agrees to and shall be bound by such provisions and authorizes and directs the
Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to
effectuate such subordination as provided in the Indenture and appoints the Trustee such Holder’s
attorney-in-fact for any and all such purposes.]

If this Note is a global Security, payments of interest on this Note shall be made by wire transfer of
immediately available funds to the Depositary Trust Company (“DTC”) or its nominee, as the
case may be. If this Note is a certificated Note, interest will be paid, other than interest
payable at Maturity, at the option of the Company, by check mailed to the Holder of this Note as
such Person’s address appears in the Security Register or by wire transfer of immediately available
funds to an account designated by such Person pursuant to an arrangement that is satisfactory to
the Trustee and the Company. Payment of the principal of (and premium, if any) and interest on
this Note due at Maturity will be made at the Corporate Trust Office of the Trustee, in immediately
available funds.

6

 

	1.	 	Interest. Interest payments on this Note will be the amount of interest accrued from
and including the Original Issue Date or the most recent Interest Payment Date to which
interest on this Note has been paid or provided for at the Interest Rate set forth on the face
hereof, to, but excluding, the applicable Interest Payment Date or the date of Maturity, as
the case may be. Interest payments for this Note shall be computed and paid on the basis of a
360-day year of twelve 30-day months.
	 
	2.	 	Currency. Unless otherwise indicated on the face hereof, this Note is issued in, and
payment of the principal, premium, if any, and interest on this Note will be made in, such
coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts. If this Note is denominated, or if payments are to be
made, in any other currency (as indicated on the face hereof), then all provisions of this
Note bearing reference to amounts in U.S. dollars will be deemed to refer to the equivalent in
such other currency, as applicable, and subject to any special provisions relating to currency
set forth on the face hereof or in the Indenture.
	 
	3.	 	Sinking Fund. Unless otherwise indicated on the face hereof, this Note is not
subject to a sinking fund.
	 
	4.	 	Optional Redemption. Unless otherwise indicated on the face hereof, this Note is not
redeemable prior to its Stated Maturity Date at the option of the Company and this Section 4
is not applicable to this Note. If one or more Redemption Dates (or ranges of Redemption
Dates) is so specified, this Note is subject to redemption on any such date (or during any
such range) at the option of the Company, upon notice by first-class mail, mailed not less
than 30 days nor more than 60 days prior to the Redemption Date specified in such notice, at
the applicable Redemption Price specified on the face hereof, together in the case of any such
redemption with accrued interest to the Redemption Date, but interest installments whose
Stated Maturity is on or prior to the Redemption Date will be payable to the Holder of this
Note, or one or more Predecessor Securities, of record at the close of business on the
relevant Regular or Special Record Dates, all as provided in the Indenture.
	 
	 	 	If less than all of the outstanding Notes with Equivalent Principal Terms are to be redeemed,
the Trustee will select the Notes to be redeemed by lot or in any manner as the Trustee shall
deem fair and appropriate.
	 
	5.	 	Repayment at the Option of the Holder. Unless otherwise indicated on the face
hereof, the Holder of this Note may not require the repayment of this Note prior to the Stated
Maturity Date and this Section 5 is not applicable to this Note. If one or more Repayment
Dates (or ranges of Repayment Dates) is so specified, this Note is subject to repayment on any
such date (or during any such range) at the option of the Holder at the applicable Repayment
Price specified on the face hereof, together in the case of any such repayment with accrued
interest to the Repayment Date, but interest installments whose Stated Maturity is on or prior
to the Repayment Date will be payable to the Holder of this Note, or one or more Predecessor
Securities, of record at the close of business on the relevant Regular or Special Record
Dates, all as provided in the Indenture.

7

 

For this Note to be repaid at the option of the Holder, the Company must receive, at least 15
days but not more than 30 days prior to the Repayment Date on which this Note is to be repaid,
this Note with the form on this Note entitled “Option to Elect Repayment” duly completed
at its office or agency indicated on such form.

Exercise of the repayment option by the Holder shall be irrevocable except as may be otherwise
provided herein or in the Indenture. The repayment option with respect to this Note may be
exercised by the Holder for less than the entire principal amount hereof, provided that the
principal amount, if any, of this Note that remains outstanding after such repayment is equal to
an authorized denomination of this Note.

	6.	 	Optional Extension of Maturity. Unless otherwise indicated on the face hereof, the
Company may not elect to extend the maturity of this Note beyond the Stated Maturity Date.
	 
	7.	 	Optional Renewal. Unless otherwise indicated on the face hereof, the Holder of this
Note may not elect to renew the term of this Note beyond the Stated Maturity Date.
	 
	8.	 	Redemption, Repayment of Discount Note. A “Discount Note” is any Note for
which the total amount of OID specified on the face hereof is greater than zero. If this Note
is a Discount Note, the amount payable in the event of acceleration of maturity, in lieu of
the principal amount, shall be the Amortized Face Amount of this Note as of such date of
acceleration. The “Amortized Face Amount” of this Note shall be the amount equal to
(a) the Issue Price specified on the face hereof multiplied by the principal amount, plus (b)
that portion of the difference between such amount and the principal amount that has accrued
at the Yield to Maturity specified on the face hereof (computed in accordance with generally
accepted United States bond yield computation principles) at the date as of which the
Amortized Face Amount is calculated, but in no event shall the Amortized Face Amount exceed
the principal amount hereof.
	 
	9.	 	Owners of Beneficial Interests in a Global Security. If this Note is a global Security,
no owner of any beneficial interest in this Note held on its behalf by a depositary (or its
nominee) shall have any rights under the Indenture with respect to this Note, and such
depositary may be treated by the Company, the Trustee, and any agent of the Company or the
Trustee as the owner of this Note for all purposes whatsoever. None of the Company, the
Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability
for any aspect of the records relating to or payments made on account of beneficial ownership
interests of any global Security or for maintaining, supervising or reviewing any records
relating to such beneficial ownership interests.

Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee, any Paying
Agent or the Security Registrar from giving effect to any written certification, proxy or other
authorization furnished by the applicable depositary or its nominee, as a Holder, with respect
to a global Security.

8

 

	10.	 	Events of Default. If an Event of Default with respect to the Notes shall occur and
be continuing, the principal of and all accrued and unpaid interest on the Notes may be
declared due and payable in the manner and with the effect provided in the Indenture.
	 
	11.	 	Defeasance. The Indenture contains provisions for defeasance [include if Note is
a Senior Note – and covenant defeasance] at any time of the entire indebtedness of the
Company on the Securities of any series upon compliance by the Company with certain conditions
set forth therein, which provisions apply to the Securities of the series of which this Note
is a part unless otherwise indicated on the face hereof.
	 
	12.	 	Amendment and Modification. The Indenture permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series issued under the
Indenture at any time by the Company and the Trustee with the consent of the Holders of not
less than a majority in principal amount of the Outstanding Securities of each series affected
or, in some instances, the consent of the Holder of each Outstanding Security affected
thereby.
	 
	 	 	The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or
not notation of such consent or waiver is made upon this Note.
	 
	13.	 	Rights of Holders. As provided in and subject to the provisions of the Indenture, no
Holder of this Note shall have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder,
unless such Holder shall have previously given the Trustee written notice of a continuing
[Insert if this Note is a Senior Note — Event of] Default with respect to the Notes of this series, the Holders of not less than 25% in
principal amount of the Notes of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such [Insert if this Note is a Senior Note — Event of] Default in its own
name as Trustee and offered the Trustee indemnity reasonably satisfactory to it, and the
Trustee shall not have received from the Holders of a majority in principal amount of Notes of
this series at the time Outstanding a direction inconsistent with such request and shall have
failed to institute any such proceeding for 60 days after receipt of such notice, request and
offer of indemnity. The foregoing shall not apply to any suit instituted by any Holder of
Notes for the enforcement of any payment of principal thereof or interest thereon on or after
the respective due dates expressed therein.
	 
	14.	 	Note Register, Denominations. The Notes are issuable only in registered form without
coupons in the authorized denominations set forth on the face hereof. As provided in the
Indenture and subject to certain limitations set forth therein and on the face hereof, the
Notes are exchangeable for a like aggregate principal amount of other registered Notes of the
same series of any authorized denominations, as requested by the Holder surrendering the same.

9

 

As provided in the Indenture and subject to certain limitations set forth therein and on the
face hereof, the transfer of this Note is registrable in the Security Register, upon surrender
of this Note for registration of transfer at the office or agency of the Company in any place
where the principal of and interest on this Note are payable, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Notes of authorized denominations as set forth on the face hereof and
for the same aggregate principal amount will be issued to the designated transferee or
transferees.

The Company is not required to register the transfer of this Note during a period beginning at
the opening of business 15 calendar days before the day of mailing of a notice of redemption and
ending at the close of business on the day of mailing.

No service charge shall be made for any registration of transfer or exchange of this Note, but
the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith, other than in certain cases as provided in the
Indenture.

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and
any agent of the Company or of the Trustee may treat the Person in whose name this Note is
registered in the Company’s security register as the owner of such Note for the purpose of
receiving payments of principal, premium and interest on this Note and for all other purposes
whatsoever and neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary.

	15.	 	Global Security. If this is a global Security, this Note may be transferred, in whole and
not in part, only to another nominee of DTC or to a successor of DTC or its nominee, except as
set forth below.
	 
	 	 	If this is a global Security, this Note may be exchanged for a definitive Note or Notes in registered
form if:

(a) DTC notifies the Company that it is unwilling or unable to continue as depositary for
the series of which this Note is a part or at any time DTC ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, if so required by law, and the
Company has not appointed a successor depositary within 90 days of such notification or of the Company becoming aware of DTC’s ceasing to be so registered, as the case may be;

(b) the Company determines, in its sole discretion, that the global Notes of the series of
which this Note is a part will be exchangeable for securities in certificated registered
form; or

(c) an Event of Default occurs and is continuing with respect to the series of which this
Note is a part.

In such circumstances, upon surrender by DTC or a successor depositary of this Note, this Note
will be exchangeable for definitive certificated Notes issuable in authorized denominations and
registered in such name or names as the depositary for such global Security shall instruct the
Trustee in writing.

10

 

	16.	 	Waiver and Release. No recourse under or upon any obligation, covenant or agreement
of the Indenture, or of this Note, or for any claim based thereon or hereon, or otherwise in
respect thereof or hereof, shall be had against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company, either directly or through the
Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise, all such liability being, as part of the
consideration for the issue hereof, expressly waived and released.
	 
	17.	 	Governing Law. This Note shall be governed by and construed in accordance with the
laws of the State of California, except that the rights, duties, privileges and immunities of
the Trustee shall be governed by the laws of the State of New York.

 

11

 

ABBREVIATIONS

          The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations.

	 	 	 
	TEN COM

	 	- as tenants in common
	TEN ENT

	 	- as tenants by the entireties
	JT TEN

	 	- as joint tenants with right of
survivorship and not as tenants in common

	 	 	 	 	 	 	 
	UNIF GIFT MIN ACT -

	 	                             
	 	Custodian
	 	                             
	 

	 	(Cust)
	 	 	 	(Minor)

Under Uniform Gifts to Minors Act

                                        
(State)

Additional abbreviations may also be used though not in the above list.

________________________________

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE
OF ASSIGNEE
 

 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                                        attorney to transfer said Note on the books of the Company, with full
power of substitution in the premises.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Dated:                             

	 	 	 	NOTICE: The signature to this assignment must
correspond with the name as written upon the face
of the within instrument in every particular,
without alteration or enlargement or any change
whatever.	 	 

 

 

OPTION TO ELECT REPAYMENT

TO BE COMPLETED ONLY IF THIS NOTE IS REPAYABLE

AT THE OPTION OF THE HOLDER AND THE HOLDER

ELECTS TO EXERCISE SUCH RIGHT

The undersigned hereby irrevocably requests and instructs the Company to repay this Note (or the
portion thereof specified below), pursuant to its terms, on the Repayment Date specified
below at a repayment price equal to                     , together with accrued and unpaid interest payable to
such Repayment Date, to the undersigned, at:

                                                                                
                                                                                

(please print or typewrite name and address of the undersigned).

For this option to elect repayment to be effective, the Company must receive, at its office or
agency located at                     , or at such other place or places of which the Company shall from time
to time notify the Holder of this Note, at least 15 but not more than 30 days prior to the
specified Repayment Date, this Note, with this “Option to Elect Repayment” form duly completed.
[If this “Option to Elect Repayment” is being submitted in connection with the receipt by the
Holder of this Note of an Extension Notice, then this form must be received at the address
indicated above not more than ___nor less than ___days before the Stated Maturity Date.]

If less than the entire principal amount of this Note is to be repaid, the portion thereof (which
shall be $1,000 or a multiple thereof) that the Holder elects to have repaid as well as the
principal amount of the Note or Notes to be issued for the portion of this Note not being repaid
must be specified below (in the absence of any specification, one such Note will be issued for the
portion not being repaid). [If this “Option to Elect Repayment” is being submitted in connection
with the receipt by the Holder of this Note of an Extension Notice, then the Holder may only elect
to receive repayment of the whole principal amount covered by such Extension Notice.]

Repayment Date:                     

Principal amount to be repaid, if less than

the principal amount of this Note: $                     

Amount to be reissued: $                     

Notice: The signature to this Option to Elect Repayment must correspond with the name as written
on the face of this Note in every particular without alteration or enlargement or any change
whatsoever.

                                                            

Signature<PAGE>
                                  EXHIBIT 10.94

                                (EZCORP(R) LOGO)

                             SUPPLEMENTAL EXECUTIVE
                                 RETIREMENT PLAN

                           EFFECTIVE DECEMBER 1, 2005

<PAGE>

I.   PURPOSE OF PLAN AND PARTICIPANT'S ACCEPTANCE OF TERMS

This Plan's purpose is to enhance the Company's ability to attract and retain
key executives by providing a supplemental retirement saving plan. Any employee
who is selected to participate in this Plan and who receives a copy of this Plan
will be deemed to have accepted all of the Plan's terms and conditions.

II.  STATUS OF PLAN UNDER INTERNAL REVENUE CODE AND ERISA

     A.   INTERNAL REVENUE CODE

          The Plan is not intended to meet the requirements contained in Section
          401(a) of the Code for being a tax-qualified plan and therefore is
          intended to be a nonqualified deferred compensation plan for federal
          income tax purposes.

     B.   ERISA

          The Plan is intended to be an unfunded plan of deferred compensation
          for a select group of management or highly compensated employees of
          the Company and therefore is intended to be covered generally by Title
          I of ERISA, but not by Parts 2, 3, or 4 of Title I of ERISA.

III. PARTICIPATION

     A.   ELIGIBILITY TO PARTICIPATE

          (1)  The Company will, in its complete discretion, select the
               individuals who are eligible to participate and no position or
               job title will guarantee eligibility in the Plan.

          (2)  The Company may decide, in its complete discretion, that an
               individual who was previously designated as an Eligible
               Participant will no longer be eligible for future participation
               and SERP Awards.

          (3)  The Plan Administrator will maintain the list of individuals
               comprising the group of Eligible Participants and those
               individuals eligible as of the Plan's Initial Effective Date.
               This list may, but need not, be updated by the Plan Administrator
               from time to time by adding to it the names of any additional
               individuals whom the Company selects to be Eligible Participants,
               and by deleting from it any individuals whom the Company decides
               will no longer be Eligible Participants for future participation
               and SERP Awards.

          (4)  If the Company decides that an individual who previously was an
               Eligible Participant and who deferred compensation under the Plan
               will no longer be eligible, then the former Eligible Participant
               will cease to be eligible to defer additional compensation under
               the Plan as of the effective date selected by the Company for the
               individual's ceasing to be eligible, even if the former Eligible
               Participant made an election to defer such compensation while he
               or she was still an Eligible Participant. The former Eligible
               Participant will nevertheless remain a participant with respect
               to any deferrals made prior to the date he or she became
               ineligible until his or

<PAGE>

               her Account has been completely paid to him or her under the
               Plan's provisions dealing with payments to Participants.

          (5)  The Plan Administrator will notify each individual in writing who
               is selected to be an Eligible Participant or who ceases to be an
               Eligible Participant of his or her status with respect to the
               Plan.

     B.   SERP AWARDS

          (1)  Each year, the Company will select Eligible Participants in the
               Plan for the following calendar year. Along with their selection,
               the Company will determine, at its sole discretion, an amount of
               SERP Award that will be credited to each Eligible Participant's
               Plan account for the Plan's following calendar year.

          (2)  An Eligible Participant may not elect to receive any portion of
               his or her SERP Award in cash at the time of the SERP Award. All
               SERP Awards shall be deferred in accordance with the Plan's
               provisions.

          (3)  The SERP Award for each Eligible Participant for each year will
               have a vesting schedule that will be determined by the Plan
               Administrator for that Eligible Participant.

IV.  CREDITING OF ACCOUNTS

     A.   DATE OF AWARD

          The SERP Award will be credited to the Participant's SERP Account as
          of the Plan Award Date, which will be determined by the Company.

     B.   INVESTMENT RESULTS CREDITS

          (1)  The SERP Award will be treated as having been credited to an
               account for each participant. The type of account and the rules
               for investments will be determined by the Company in its sole
               discretion.

          (2)  The proceeds of the individual SERP Accounts will remain the
               property of the Company until such time as the participant has
               met the vesting requirements and satisfied the rules for
               withdrawal.

          (3)  Subject to such limitations as may from time to time be imposed
               by the Company or set forth elsewhere in the Plan, and subject to
               such operating rules and procedures as may be imposed from time
               to time by the Company or a third-party record-keeper working for
               the Company, each Participant may communicate to the Company or
               to the Plan's third-party administrator, as the case may be,
               directions as to how the total amount credited to his or her
               Account should be treated as being invested among any investment
               alternatives offered under the Plan. Notwithstanding such
               directions, neither the Company, the Trustee, the Plan's
               third-party record-keeper, or any other person is under any
               obligation actually to invest any amounts according to the
               Participant's directions.

<PAGE>

          (4)  Neither the Company, the Trustee, the third-party record-keeper,
               or any other person is liable for any reductions in the value of
               a Participant's Account because of its Investment Results.

     C.   ACCOUNTS ONLY NOTIONAL

          Except to the extent, and then subject to the limitations and
          conditions, of any Rabbi Trust, Accounts are only records of the
          Company's monetary obligations to Participants and Beneficiaries. The
          Company need not set aside assets to fund the Accounts. The Plan does
          not own or have any special claim to any funds or other assets.
          Payment of benefits to Participants and Beneficiaries depends on the
          Company's having the financial ability to make such payments as they
          come due, on a pay-as-you-go basis. In the event of the Company's
          bankruptcy, the rights of Participants and Beneficiaries to receive
          payments under the Plan are only the rights of general unsecured
          creditors of the Company.

     D.   ACCOUNT STATEMENTS

          As soon as administratively feasible after the end of each calendar
          year, the Company will provide each Participant with a statement
          showing the total amount credited to the Participant's Account as of
          the end of the calendar year most recently ended and such additional
          information as the Company may, in its discretion, determine to
          provide, which may vary from year to year. The Company may, in its
          discretion, provide additional account statements to one or more
          Participants, containing any information that the Company, in its
          discretion, decides to include, on either an ad hoc or a regular
          basis.

V.   PAYMENT OF ACCOUNT BALANCE

     A.   GENERAL RULES FOR PAYMENT OF AMOUNTS ATTRIBUTABLE TO SERP ACCOUNTS

          Unless an event occurs that causes payment to be made earlier under
          another provision of the Plan, the vested portion of a Participant's
          SERP Account will be paid to the Participant (or his/her Beneficiary)
          in a single payment at the earliest of the following:

          (1)  The Participant dies or is Disabled.

          (2)  The Participant terminates his/her employment with the Company;
               provided, however, that as long as the Company's stock is
               publicly traded, then, in the case of any Participant who is a
               "specified employee" as defined in Section 409A(a)(2)(B)(i) of
               the Code and the regulations thereunder, payment will not be made
               until the earlier of the date six months after the Participant
               terminates employment or the date of the Participant's death.

          (3)  Upon a termination of the Plan occurring within 12 months of a
               Change of Control Event.

<PAGE>

     B.   WITHDRAWALS FOR UNFORESEEABLE EMERGENCY

          (1)  The Company may, upon a Participant's or Beneficiary's written
               application, pay to the Participant or Beneficiary all or any
               portion of the Participant's "vested" SERP Account if the Company
               determines that the Participant or Beneficiary is experiencing an
               Unforeseeable Emergency.

          (2)  The amounts distributed with respect to an Unforeseeable
               Emergency shall not exceed the amounts as determined under
               Treasury regulations or other applicable regulatory guidance,
               necessary to satisfy the Unforeseeable Emergency, plus amounts
               necessary to pay taxes reasonably anticipated as a result of the
               distribution, after taking into account the extent to which the
               hardship resulting from the Unforeseeable Emergency is or may be
               relieved through reimbursement or compensation by insurance or
               otherwise or by liquidation of the Participant's assets (to the
               extent the liquidation of such assets would not itself cause
               severe financial hardship).

     C.   MEDIUM OF PAYMENT

          All payments to Participants and Beneficiaries are made in a single
          cash Payment equal to the total value of the vested portion of the
          Participant's SERP Account.

     D.   LACK OF CAPACITY

          If in the Company's opinion a Participant or Beneficiary would for any
          reason be unable to handle properly any amount payable to him or her
          under the Plan, then the Company may make any arrangement that it
          determines may be appropriate for the distribution of such amount,
          including (without limitation) distribution to a guardian,
          conservator, spouse, or other relative of the Participant or
          Beneficiary.

VI.  VESTING OF ACCOUNTS

     A.   VESTING OF COMPANY CONTRIBUTIONS

          (1)  If an Eligible Participant is not already 100% vested in his or
               her SERP Account then he or she will become 100% vested in his or
               her entire SERP Account if, and as soon as, any of the following
               occurs:

               (a)  The Participant attains his or her Normal Retirement Age
                    without having separated from the Company's service;

               (b)  The Participant's Disability or death;

               (c)  The Plan is terminated following a Change of Control Event.

          (2)  Except as provided above with respect to attainment of Normal
               Retirement Age, Disability, or Death, vesting is determined
               separately for each portion of the Participant's Account
               attributable to each separate SERP Award, based on the Award Date
               for the SERP Award to which such portion of the Participant's
               Account is attributable and the following schedule:

<PAGE>

<TABLE>
<CAPTION>
     Full year completed after the Award Date with
respect to which each individual SERP Award is credited   Vested percentage
-------------------------------------------------------   -----------------
<S>                                                       <C>
Less than 1                                                        0%
1 but less than 2                                                 33%
2 but less than 3                                                 66%
3 or more                                                        100%
</TABLE>

     B.   FORFEITURES ON SEPARATION FROM SERVICE

          Any portion of a Participant's SERP Account that is not vested when
          the Participant separates from the Company's service, except if the
          separation is after attainment of Normal Retirement Age, or on account
          of Disability or death, is forfeited when he or she separates from the
          Company's service.

     C.   FORFEITURE FOR TERMINATION FOR CAUSE

          Notwithstanding any other provision of this Plan, any Participant
          whose employment by the Company is terminated by the Company for Cause
          will forfeit at the time of his or her termination all of his or her
          SERP Account, regardless of his or her vested percentages in the
          portions of such Account attributable to particular SERP Awards.

VII. BENEFICIARIES

     A.   ENTITLEMENT OF BENEFICIARIES

          Vested amounts credited to a Participant's SERP Account at the time of
          his or her death will generally become the property of his or her
          Beneficiaries.

     B.   DESIGNATION OF BENEFICIARIES

          Unless another writing is accepted for this purpose by the Plan
          Administrator, the writing used by a Participant to instruct the
          Company as to the identity of the Participant's Beneficiary or
          Beneficiaries will be a Beneficiary Designation Form in the form of
          Appendix A.

     C.   DEFAULT BENEFICIARIES

          If at the time of the Participant's death no valid Beneficiary
          Designation Form is on file for the Participant, then his or her
          Beneficiary will be his or her surviving spouse, or, if he or she has
          no surviving spouse, his or her issue by right of representation. For
          the purposes of determining a Participant's Beneficiary or
          Beneficiaries under this Plan, the term "issue" includes adopted
          children, but does not include stepchildren, unless adopted.

     D.   SPOUSAL RIGHTS

          Notwithstanding any other provision of this Plan, no amount that, due
          to the application of any community or other marital property law,
          constitutes the property of a surviving or former spouse of a
          Participant, or of any person claiming ownership of such amount
          through a surviving or former spouse, will

<PAGE>

          belong or be paid to any person other than such surviving or former
          spouse, such surviving or former spouse's estate, or such person
          claiming ownership of such amount through a surviving or former
          spouse, without either (1) the written consent of such surviving or
          former spouse, of the executor or administrator of such surviving or
          former spouse's estate, or of such person claiming ownership of such
          amount through a surviving or former spouse, or (2) a judicial or
          other resolution satisfactory to the Company of such surviving or
          former spouse's, such estate's, or such person's rights to such
          amount. Before making payment under this Plan to or on behalf of any
          Beneficiary, the Company may require that the potential recipient of
          the payment provide proof that the payment is in accordance with the
          Plan, and will not subject the Plan to the risk of double payment.

VIII. NO PLAN ASSETS

          The Company has no obligation to acquire any particular asset or
          assets in connection with the investment choices made by Participants
          or Beneficiaries for their SERP Accounts. Neither the Plan nor any
          Participant or Beneficiary has any right, title, or interest to or in
          any investments of whatever nature that the Company may choose to
          acquire to match, hedge, or offset its liabilities under the Plan,
          except to the extent, and then subject to the limitations and
          conditions of, any Rabbi Trust established by the Company to hold such
          assets. The Company is not obligated to establish a Rabbi Trust for
          the Plan.

IX.  TAXES

     A.   EMPLOYEE PAYROLL TAXES BORNE BY PARTICIPANT OR BENEFICIARY

          Before crediting any amount to a SERP Account, permitting any amount
          to become vested under the Plan, or paying any amount otherwise due
          under the Plan, the Company will reduce the gross amount to be
          credited, vested, or paid, and/or reduce any other amount(s) owed by
          the Company to the Participant or Beneficiary, as the Company may, in
          its complete discretion, determine, by the total amount of all
          Employee Payroll Taxes imposed by law with respect to the amount to be
          credited, vested, or paid.

     B.   NO GUARANTY OF FAVORABLE TAX TREATMENT

          Although the Company may inform Participants and Beneficiaries of what
          it believes to be the Plan's federal and state tax consequences to
          them, the Company does not guarantee any particular federal or state
          tax consequences of Plan participation. Each Participant and
          Beneficiary must rely on his or her own acumen or his or her own
          personal tax and financial adviser(s) as to the advisability of the
          choices he or she makes with respect to the Plan, and as to the
          federal and state tax consequences of Plan participation.

X.   PLAN ADMINISTRATION

     A.   COMPANY

          The Company has the sole authority, responsibility, and discretion to
          interpret and apply the Plan's provisions and will adopt such rules
          and regulations with respect

<PAGE>

          to the Plan as it may deem necessary or appropriate. The Company's
          decisions with respect to the Plan are final and binding on all
          parties who have or claim to have any interest in the Plan. Any copy
          of this Plan distributed to an individual Participant may have
          information about the participation of other Participants removed for
          confidentiality purposes.

     B.   ELECTIONS AND NOTICES

          (1)  All elections and notices intended by an Eligible Participant, a
               Beneficiary, or any other Claimant to be given to the Company,
               will be in writing and either personally delivered or mailed by
               U.S. First Class mail to the Company at its main offices at 1901
               Capital Parkway, Austin, Texas 78746, Attention: Human Resources
               Compensation and Benefits Manager.

          (2)  Any notice intended to be given by the Company to an Eligible
               Participant, a Beneficiary, or a Claimant will be given to the
               Eligible Participant, Beneficiary, or Claimant by U.S. First
               Class mail, addressed to the home address for the Eligible
               Participant, Beneficiary, or Claimant that may be found in the
               Company's personnel records, or, if the Eligible Participant,
               Beneficiary, or Claimant is in the Company's current employment
               and available to receive notice by personal delivery on the
               Company's premises, by personal delivery on the Company's
               premises.

XI.  PROCEDURE FOR REVIEW OF DENIAL OF BENEFITS

          (1)  The Company will generally determine Participants' and
               Beneficiaries' rights to payment under the Plan, will cause
               payments that are due to be made under the Plan to any
               Participant or Beneficiary to be made to the right person at the
               right time, and will determine all other matters under the Plan
               without Participants' or Beneficiaries' having to apply for any
               determination or payment. However, any Claimant may make an
               application for Plan benefits, and should a Claimant make such an
               application, then the Company will determine the Claimant's
               rights to Plan benefits.

          (2)  If the Company wholly or partially denies a claim for benefits,
               the Company will provide the Claimant with a notice of the denial
               that sets forth the specific reason(s) for the denial, specific
               references to the Plan provisions on which the denial is based, a
               description of any additional material or information that may be
               needed from the Claimant or any other person in order to perfect
               the claim, and information as to the steps to be taken if the
               Claimant wishes to appeal the denial. The notice of denial will
               be given within a reasonable time, but not later than 90 days
               after the claim is filed, unless special circumstances require an
               extension of time for processing the claim. If an extension of
               time is required, written notice will be furnished to the
               Claimant within 90 days of the date the claim was filed, stating
               the special circumstances requiring the extension and the date by
               which a decision on the claim can be expected, which date will be
               no more than 180 days from the date the claim was filed. If no
               notice of

<PAGE>

               denial is provided by the deadline for providing the notice, then
               the claim will be deemed to have been denied and the Claimant may
               appeal the denial.

          (3)  A Claimant may appeal a denied claim to the Company, with or
               without the aid of an attorney or other representative, and, in
               connection with the appeal, may review pertinent documents and
               submit issues and comments in writing. Any appeal must be made
               within 60 days of the date the Claimant receives notification of
               the denied claim or, in the case of the claimed existence of new
               evidence that the Claimant wishes to bring to the Company's
               attention that both (i) was unknown to and not reasonably
               discoverable by the Claimant before the time the initial claim or
               an earlier appeal of the initial claim was denied and (ii) bears
               significantly on the merits of the claim, within 60 days of the
               date of the Claimant's discovery of such new evidence. If a
               Claimant bases an appeal in whole or in part on the existence of
               new evidence, the Company may in its discretion require that the
               Claimant make a new claim for benefits.

          (4)  On receipt of an appeal from a decision of the Company, the
               Company will, within a reasonable time, but not later than 60
               days after receiving the appeal, unless special circumstances
               require an extension of time for processing the appeal, provide
               written notification of its decision to the Claimant, stating the
               specific reasons and referencing specific Plan provisions on
               which its decision is based. If an extension is required, the
               Company will notify the Claimant of the special circumstances and
               of a date no later than 120 days after the date the appeal was
               made when the Company will notify the Claimant of its decision.

XII. MISCELLANEOUS

     A.   NO GUARANTEE OF EMPLOYMENT

          Nothing contained in the Plan, and no action taken under it, may be
          construed as a contract of employment or as giving any Participant
          right to be retained in the Company's employment. All Participants'
          employment with the Company is "At Will" unless specifically provided
          otherwise in writing in an agreement between the Company and the
          Participant.

     B.   NO ANTICIPATION OR ASSIGNMENT

          A Participant's or Beneficiary's rights to any payment under the Plan
          will not be subject in any manner to anticipation, alienation, sale,
          transfer, assignment, pledge, encumbrance, attachment, or garnishment
          by the Participant's or Beneficiary's creditors.

     C.   APPLICABLE LAW

          It is intended that this Plan be governed by ERISA and, to the extent,
          if any, that any state's laws may apply to the Plan, by the laws of
          the State of Texas.

<PAGE>

     D.   SEVERABILITY

          If any provisions of the Plan are held by a court of competent
          jurisdiction to be invalid or unenforceable, the remaining provisions
          will nevertheless continue to be effective to the maximum possible
          extent.

     E.   ENUMERATIONS AND HEADINGS

          The enumeration and headings in this Plan are merely for convenience
          of reference. They are not intended to have substantive significance.

XIII. PLAN AMENDMENT, MERGER, OR TERMINATION

          (1)  The Company may amend or terminate the Plan in its complete
               discretion at any time. Termination of the Plan is discretionary
               with the Company even after a Change of Control Event. Any
               amendment or Plan termination will be effective only
               prospectively, and may not adversely affect the rights of any
               Participant or Beneficiary to any benefit previously accrued
               under the Plan. For the purpose of interpreting the preceding
               sentence, any amendment that does not (1) reduce the vested
               amount credited to a SERP Account as of the date immediately
               before the date when the amendment becomes effective or is
               adopted, whichever occurs later, or (2) reduce the rate of
               Investment Results or interest to be credited, or that can
               reasonably be expected to be credited, to the SERP Account after
               the date when the amendment becomes effective or is adopted,
               whichever occurs later, to a rate that can be demonstrated by
               clear and convincing evidence is unreasonably low when compared
               with the rate that could be earned by a Participant on a non-Plan
               investment with similar risk and tax consequences, will be deemed
               not to have adversely affected the Participant's or Beneficiary's
               rights with respect to amounts previously earned under the Plan.

          (2)  If the Company terminates the Plan, a Participant's SERP Account
               will nevertheless not be distributed to the Participant or his or
               her Beneficiary until the Participant's termination of
               employment, death, or disability; provided, however, that the
               Company may distribute SERP Accounts in connection with a Plan
               termination that occurs within 12 months after a Change of
               Control Event, but only to the extent that the Company determines
               that such distribution will not cause amounts deferred under the
               Plan to become subject to the additional taxes imposed by IRC
               Section 409A.

          (3)  The Company may merge or consolidate the Plan or any part of the
               Plan with any other nonqualified deferred compensation plan of
               the Company.

XIV. DEFINITIONS

          For purposes of the Plan, the following terms will have the following
          meanings:

          A.   "AWARD DATE" means the date established by the Company as the
               date as of which the Company grants a SERP Award to a
               Participant.

<PAGE>

          B.   "BENEFICIARY" means a person entitled to all or a portion of
               Participant's Account after the Participant's death.

          C.   "CAUSE" means: (i) the Participant's conviction of, pleading no
               contest to, or being placed on deferred adjudication for a felony
               or misdemeanor that adversely affects the Participant's or
               Employer's reputation in the community; (ii) the Participant's
               conviction of any felony; (iii) any material act of dishonesty by
               the Participant toward or involving the Employer; (iv) the
               Participant's continued or repeated intentional or negligent
               failure to perform all of his or her material job
               responsibilities to the satisfaction of the Company's Chief
               Executive Officer or his designee after having been given written
               notice of the deficiency and ninety (90) days in which to cure
               the failure; or (v) any material failure by the Participant to
               comply with the Employer's material written policies that results
               in material harm to the Employer.

          D.   "CHANGE OF CONTROL EVENT" means a change in the ownership or
               effective control of the Company, or in the ownership of a
               substantial portion of the assets of the Company, but only to the
               extent provided by the Secretary of the Treasury under IRC
               Section 409A(2)(v).

          E.   "CLAIMANT" means a Participant or Beneficiary, or any other
               person, who claims Plan benefits.

          F.   "CODE" means the Internal Revenue Code of 1986, as amended.

          G.   "COMPANY" means EZCORP, Inc., its direct and indirect
               subsidiaries and affiliates.

          H.   "DISABILITY" means the condition of a Participant who: (i) is
               unable to engage in any substantial gainful activity by reason of
               any medically determinable physical or mental impairment which
               can be expected to result in death or can be expected to last for
               a continuous period of not less than 12 months; or (ii) is, by
               reason of any medically determinable physical or mental
               impairment which can be expected to result in death or can be
               expected to last for a continuous period of not less than 12
               months, receiving income replacement benefits for a period of not
               less than 3 months under an accident and health plan covering
               employees of the Company.

          I.   "ELIGIBLE PARTICIPANT" means a key employee of the Company
               selected by the Company to be eligible to participate in the
               Plan.

          J.   "EMPLOYEE PAYROLL TAXES" means Federal Insurance Contributions
               Act ("FICA") taxes and/or any other taxes (including, but not by
               way of limitation, federal or state income tax withholding on
               wages, deferred compensation, disability benefits, death
               benefits, or similar amounts, and including any such taxes
               enacted after the Initial Effective Date), but only

<PAGE>

               to the extent that such taxes are imposed on the Participant,
               Beneficiary, or other payee, as the case may be, and not on the
               Company.

          K.   "EMPLOYER" means EZCORP, its subsidiaries and affiliates.

          L.   "ERISA" means the Employee Retirement Income Security Act of
               1974, as amended.

          M.   "INITIAL EFFECTIVE DATE" means the date on or around October 1,
               2005, when the Company implements the Plan.

          N.   "INTEREST" means the amounts calculated as interest on SERP
               Awards or any accrued investments.

          O.   "INVESTMENT RESULTS" means the net increase or decrease in value
               of an Account attributable to changes in the value of, and
               reported investment income with respect to the Account.

          P.   "NORMAL RETIREMENT" means the Eligible Participant has reached
               his/her 60th birthday and has a minimum of five years service
               with the Company.

          Q.   "NORMAL RETIREMENT DATE" means the date when an Eligible
               Participant satisfies all of the criteria for Normal Retirement.

          R.   "PARTICIPANT" means an Eligible Participant or former Eligible
               Participant with an Account under the Plan.

          S.   "PLAN" means the EZCORP SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN.

          T.   "PLAN ADMINISTRATOR" means the Company, acting through its
               officers, managers, and other employees who are assigned or who
               lawfully assume Plan Administrator tasks.

          U.   "RABBI TRUST" means a grantor trust established by the Company to
               which the Company makes contributions, and from which the Company
               intends that all or a portion of the Plan's benefits be paid. A
               Rabbi Trust will generally provide that except in the case of the
               Company's bankruptcy or other insolvency, the Company has no
               right to withdraw assets from the Rabbi Trust or to require the
               trustee of the Rabbi Trust to stop payments to a Participant or
               Beneficiary. However, in the event of the Company's bankruptcy or
               other insolvency, the trustee will stop any payments from the
               Rabbi Trust to Participants or Beneficiaries and will hold the
               assets of the Rabbi Trust for benefit of the Company's creditors,
               including Participants and Beneficiaries owed amounts under the
               Plan, but also including all other general unsecured creditors of
               the Company.

          V    "SERP ACCOUNT" means the account that the Company sets up to keep
               track of each individual's accrued SERP Awards and Investment
               Results.

<PAGE>

          W.   "SERP AWARD" means the amount the Company contributes to an
               Eligible Participants SERP Account.

          X.   "UNFORESEEABLE EMERGENCY" means a severe financial hardship to
               the Participant resulting from an illness or accident of the
               Participant, the Participant's spouse, or a dependent (as defined
               in Section 152(a)) of the Participant, loss of the Participant's
               property due to casualty, or other similar extraordinary and
               unforeseeable circumstances arising as a result of events beyond
               the control of the Participant.

                                      * * *

<PAGE>

Executed on November 28, 2005 and effective as of December 1, 2005 in Austin,
Texas.

                                        EZCORP, INC.

                                        By
                                           -------------------------------------
                                           Joseph L. Rotunda, President & CEO

<PAGE>

                                   APPENDIX A

                                      * * *

                          BENEFICIARY DESIGNATION FORM

NOTE CONCERNING WHETHER YOU NEED TO DESIGNATE A BENEFICIARY OR BENEFICIARIES: If
you do not designate a beneficiary or beneficiaries for your Account under the
EZCORP SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (your "Account" under the "Plan"),
using either this Beneficiary Designation Form or a writing accepted by the Plan
Administrator as a substitute for this Beneficiary Designation Form, then in the
event of your death before receiving your Account under the Plan, your Account
would be paid to your surviving spouse, or, if you had no surviving spouse, to
your issue by right of representation. If this "default" provision matches how
you want your Account paid in the event of your death, you may not need to
designate a beneficiary or beneficiaries. (Note: The term "children" means both
natural and legally adopted children, but excludes stepchildren unless also
adopted. "By right of representation" means, generally, that if one of your
children did not survive you, but he or she had his or her own surviving
children, then those children - your grandchildren - would share equally among
each other the amount that would have passed to your deceased child, if he or
she had survived you.)

NOTE CONCERNING MARITAL PROPERTY RIGHTS: Notwithstanding the above, and
notwithstanding any designation that you may make in your Beneficiary
Designation Form, in no event will any portion of your Account that constitutes
the property of your spouse or former spouse, or of a person entitled to all or
a portion of your Account through a spouse or former spouse, due to the
application of any community or other marital property law, be paid to any
person other than such spouse or former spouse, or such person, without either
the consent of the spouse or former spouse, or of such person, or a judicial or
other resolution of such spouse's or former spouse's, or such person's, rights
satisfactory to the Company. If any portion of your Account constitutes
community or other marital property, and you and your spouse or former spouse,
or a person claiming to be entitled to all or a portion of such portion of your
Account through your spouse or former spouse, want to designate a person other
than your spouse or former spouse, or such person claiming through your spouse
or former spouse, as the beneficiary for such portion of your Account, you
should consult your attorney and have him or her prepare the necessary documents
to accomplish the relinquishment by your spouse or former spouse, or by the
person claiming through your spouse or former spouse, of your spouse's or former
spouse's, or such person's, interest in your Account.

NOTE CONCERNING DESIGNATING A BENEFICIARY OR BENEFICIARIES: A primary
beneficiary must survive you in order to receive any share of your Account. If a
person named in this Beneficiary Designation Form as a primary beneficiary does
not survive you, the share of your Account that would otherwise have gone to
that non-surviving primary beneficiary will instead pass to the alternate
beneficiary that you designate for that primary beneficiary. Correspondingly, a
person designated by you as an alternate beneficiary will receive a share of
your Account only if the person designated by you as the primary beneficiary
does not survive you.

<PAGE>

NOTE CONCERNING CHANGES IN MARITAL STATUS: Because any change in your marital
status may affect your designation of beneficiaries, you may wish to consult
with an attorney about this Beneficiary Designation Form as soon as possible
after any change in your marital status. Additionally, if you name an individual
as your Beneficiary who at the time you name him or her is your spouse, and
later you divorce him or her, your Beneficiary Designation naming such
individual as your Beneficiary is automatically revoked as of the date of the
divorce.

<PAGE>

                          BENEFICIARY DESIGNATION FORM

TO BE COMPLETED BY PARTICIPANT:

I certify under penalties of perjury that my name is _______________________,
that my social security number is __________________________, and that I am
(check one) [ ] married [ ] not married. I hereby designate the following
persons as my beneficiaries to receive the following percentages of my Account
in the EZCORP SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN in the case of my death.
Check only one or the other of the two boxes below and otherwise complete as
appropriate:

EITHER:

     [ ]  100% to the spouse to whom I am married at the time of my death. If my
          spouse does not survive me, payment is to be made to my issue (i.e.,
          my children, grandchildren, etc.) by right of representation. (Note:
          The term "children" means both natural and legally adopted children,
          but excludes stepchildren unless also adopted. "By right of
          representation" means, generally, that if one of your children did not
          survive you, but he or she had his or her own surviving children, then
          those children - your grandchildren - would share equally among each
          other the amount that would have passed to your deceased child, if he
          or she had survived you.)

     Note: If you selected the preceding choice, then skip to the bottom of this
     Beneficiary Designation Form and sign and date it.

OR:

     [ ]  To the persons indicated below:

          -    Primary beneficiary #1 for ____% (include identifying
               information, such as relationship, address, etc.):
                                                                  --------------

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

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

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

               -    Alternate beneficiary for primary beneficiary #1 (include
                    identifying information, such as relationship, address,
                    etc.):
                           -----------------------------------------------------

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

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

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

<PAGE>

               -    Primary beneficiary #2 for _____% (include identifying
                    information, such as relationship, address, etc.):
                                                                       ---------

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

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

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

                    -    Alternate beneficiary for primary beneficiary #2
                         (include identifying information, such as relationship,
                         address, etc.):
                                         ---------------------------------------

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

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

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

Dated:                      200
       --------------------    --       ----------------------------------------
                                                 Participant's signature

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