Document:

Exhibit 10.15

 

DEMARSECO HOLDINGS, INC.

300 WEST SIXTH STREET, SUITE 2300

AUSTIN, TEXAS 78701

 

October
30, 2006

 

Mr. Jeff
Whitmire

 

Dear
Jeff,

 

On
behalf of DeMarseCo Holdings, Inc. (the “Company”),  I am pleased to offer you the position of
VP-Operations. This position will provide you an opportunity to continue to
participate in the success to which you have already been a major contributor.
We are convinced that you can continue to make a significant contribution
toward achieving our long-term goals.

 

I
anticipate your start date to be effective immediately at closing of the
acquisition of assets of CreditCards.com, L.P. (the “Acquisition”).  Your salary compensation upon acceptance
of this offer will be $10,416.67 on a monthly basis. In addition, you will be
eligible for a target bonus that all employees will be eligible to receive.
Such plan will be based on Company and individual performance and is targeted
at 40% of base salary at plan performance for employees at the VP level. Payout
under the bonus plan may vary between 0-60% of base salary depending on Company
and individual performance.

 

In
addition, as recognition of your importance to the company during this
transition period you also will be eligible for a $130,000 special target bonus
in 2007, to be paid on a semi-annual basis. You will be eligible to receive
this if the Company hits its Board approved 2007 plan for revenue and EBITDA.
The bonus can vary depending on performance relative to the corporate plan.
Finally, for the balance of 2006 after closing of the Acquisition, you will be
eligible to receive a bonus of $67,500 based on meeting fiscal fourth quarter
performance goals, one third of which would be payable by CreditCards.com, L.P.
All bonuses for any year will be payable by March 31 of the following year.

 

As
a matter of practice, bonuses will be initially accrued, but paid and finalized
following completion of the audit for the relevant period. In addition,
following closing of the Acquisition, the Company intends to continue to offer
a comprehensive benefits package, which you will be eligible to participate in.

 

You
are also eligible to participate in the CCCI Holdings, Inc. 2006 Stock Plan
(the “Plan”).  Subject
to Board approval, the Company will grant as soon as practicable following closing,
an option (the “Option”)
to purchase shares of common stock representing 1.0% of
fully-diluted capital stock of CCCI Holdings, Inc. (“Parent”)

 

1

 

exercisable
at fair market value on the date of grant. The Option will be subject to Parent’s
form of stock option agreement used with the Plan. Twenty-five percent of the
shares subject to the Option will vest after twelve months of employment from
the date of closing of the Acquisition. The balance will vest monthly over the
following 36 months of your continued employment. However, in the event of a
termination of your employment without Cause (as defined in the Plan) within 12
months after a Change of Control (as defined in the Plan), you will vest in all
unvested shares under the Option. In addition, any unvested shares underlying
the Option will vest on the first anniversary of a Change of Control; provided
that you are providing services to the Company or its successor at such time
or, if you are not providing services at that time, it is because your position
or compensation following the Change of Control is not substantially equivalent
to the position and compensation you had prior to the Change of Control. The
remaining terms of the Option will be as specified in the Plan documents.

 

If
the Company terminates your employment for any reason other than Cause and
conditioned upon your entering into a general release with the Company, you
will be entitled to the following severance benefits from the Company in lieu
of any further compensation for periods subsequent to the termination date:

 

(i)        The company will pay you
an earned but unpaid compensation through the date of termination;

 

(ii)       Upon the completion of
the bonus period and subject to the Company’s achievement of bonus objectives,
the Company will pay a bonus prorated for the period of employment during the
bonus period.

 

(iii)      The Company will pay normal monthly
payments of your base salary in effect immediately prior to the termination
date for three (3) months following termination, to be paid in accordance with
normal payroll cycles.

 

This
offer is expressly conditioned upon your entering into the Company’s
confidentiality and proprietary rights agreement.

 

This
letter constitutes all of our agreements and understandings regarding your
prospective employment with the Company. There are no other written or oral
agreements regarding your employment and no one else is authorized to make any
other agreements. Also, you understand that your employment with the Company
will at all times be “at-will”, meaning that either party may discontinue the
employment relationship at any time, with or without Cause.

 

Finally,
if the above is acceptable to you, please sign where indicated below and return
this letter to me in the attached envelope. This letter will become effective
upon the closing of the Acquisition. If you have any questions, or I can be of
any further assistance, please do not hesitate to call me at ________________.

 

2

 

Jeff, I’m really counting
on you to keep the business humming. I really look forward to working with you
over the next several years.

 

	
  Sincerely,

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DeMarseCo Holdings,
  Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   /s/ Elisabeth
  DeMarse

  	
   

  	
   

  
	
  Elisabeth DeMarse

  	
   

  	
   

  
	
  President and Chief
  Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted and agreed to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Jeff Whitmire

  	
   

  	
   

  
	
  Jeff Whitmire

  	
   

  	
   

  

 

3Exhibit 10.16

 

LETTER AGREEMENT

 

This Letter Agreement (this “Agreement”),
dated as of December 28, 2005, is by and between BPO Newco II, Inc., a Delaware
corporation (“BPO”), and
DeMarseCo, Inc., a Delaware corporation (“DeMarseCo”).

 

BPO desires to actively provide assistance to DeMarseCo in developing,
reviewing and considering certain proposals and suggestions relating to the
management of DeMarseCo’s business, including without limitation information
with respect to potential acquisition targets. DeMarseCo desires to receive
such assistance from BPO.

 

For good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.         Assistance and Reimbursement. BPO is hereby retained to provide assistance
to DeMarseCo in developing, reviewing and considering certain proposals and
suggestions relating to the management of DeMarseCo’s business, including
without limitation information with respect to potential acquisition targets.
As consideration therefore, DeMarseCo hereby agrees to pay to BPO $25,000 per
calendar quarter, either in cash or assumption of trade payables, beginning
February 15, 2006 and on the middle day of each calendar quarter thereafter,
until such time as neither Philip Siegel or David Lack remain employees of BPO.

 

2.         Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

 

3.         Miscellaneous. This Agreement may be executed in a number
of identical counterparts, each of which for all purposes is to be deemed an
original, and all of which constitute collectively, one agreement. This
Agreement shall be modified or amended only in a written document, signed by
each of the parties hereto.

 

1

 

IN WITNESS WHEREOF
this Agreement has been duly executed by the parties hereto as of the date
first set forth above.

 

	
   

  	
   

  	
   

  	
  BPO
  NEWCO II, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Philip Siegel

  
	
   

  	
   

  	
   

  	
   

  	
  Name: 

  	
  Philip Siegel

  
	
   

  	
   

  	
   

  	
   

  	
  Title: 

  	
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  DEMARSECO,
  INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Elisabeth DeMarse

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Elisabeth DeMarse

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  President and Chief
  Executive OfficerExhibit 10.17

 

AMENDED AND RESTATED LETTER AGREEMENT

 

This Amended and
Restated Letter Agreement (this “Agreement”),  dated as of October 23, 2006, is by and
between BPO Newco II, Inc., a Delaware corporation (“BPO”), and
DeMarseCo, Inc., a Delaware corporation (“DeMarseCo”).

 

BPO and DeMarseCo
previously entered into a Letter Agreement dated as of September 20, 2006 (the “Prior Agreement”)  pursuant to which BPO has been providing
assistance to DeMarseCo in developing, reviewing and considering certain proposals
and suggestions relating to the management of DeMarseCo’s business, including
without limitation information with respect to potential acquisition targets.

 

BPO and DeMarseCo
desire to terminate the Prior Agreement and accept the rights and covenants hereof
in lieu of their rights and covenants in the Prior Agreement.

 

For good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

 

1.         Assistance and
Reimbursement. BPO is hereby retained to provide assistance to DeMarseCo in
developing, reviewing and considering certain proposals and suggestions
relating to the management of DeMarseCo’s business, including without
limitation information with respect to potential acquisition targets. As
consideration therefore, DeMarseCo hereby agrees to pay to BPO $25,000 per
calendar quarter, either in cash or assumption of trade payables (“Quarterly Fee”),  beginning October 1, 2006 and on the
middle day of each calendar quarter thereafter, until such time as neither
Philip Siegel or David Lack remain employees of BPO. In the event that
DeMarseCo issues or sells any preferred stock, common stock or other stock or
similar securities of DeMarseCo or any security convertible or exchangeable into
or for preferred stock, common stock or other stock or similar securities of
DeMarseCo (“Equity
Securities”)  for
cash in a single transaction or series of related transactions In which the
gross proceeds to the Company equal at least $5,000,000 excluding indebtedness
converted into such Equity Securities (a “Qualified Financing”),  effective upon the first day of the
calendar quarter in which the closing of such Qualified Financing occurs, the
Quarterly Fee shall increase to $100,000 per calendar quarter payable on the
closing of such Qualified Financing and on the first day of each calendar
quarter thereafter.

 

2.         Applicable Law.
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF TEXAS.

 

3.         Miscellaneous.
This Agreement may be executed in a number of identical counterparts, each of
which for all purposes is to be deemed an original, and all of which constitute
collectively, one agreement. This Agreement shall be modified or amended only
in a written document, signed by each of the parties hereto.

 

 

IN
WITNESS WHEREOF this Agreement has been duly executed by the
parties hereto as of the date first set forth above.

 

 

	
   

  	
   

  	
  BPO NEWCO II, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Philip Siegel

  
	
   

  	
   

  	
   

  	
  Philip
  Siegel

  
	
   

  	
   

  	
   

  	
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DEMARSECO
  HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Elisabeth DeMarse

  
	
   

  	
   

  	
   

  	
  Elisabeth
  DeMarse

  
	
   

  	
   

  	
   

  	
  President
  and Chief Executive Officer

  

 

 

SIGNATURE PAGE TO 

AMENDED AND RESTATED

LETTER
AGREEMENT

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