Document:

Exhibit 10.2

 

COMMUNITY CHOICE FINANCIAL INC.

 

2011 MANAGEMENT EQUITY INCENTIVE PLAN

 

Effective as of April 29, 2011

 

 

COMMUNITY CHOICE FINANCIAL INC.

 

2011 MANAGEMENT EQUITY INCENTIVE PLAN

 

WHEREAS, pursuant to that certain Agreement and Plan of Merger, dated as of April 13, 2011, as amended, by and among the Company, Checksmart Financial Holdings Corp. (“Checksmart”), CCFI Merger Sub I Inc., CCFI Merger Sub II Inc., and the other parties thereto (the “2011 Merger Agreement”), all of the issued and outstanding shares of Checksmart stock were converted into the Shares.

 

WHEREAS, Section 3.4 of the 2011 Merger Agreement required that the Company adopt the Checksmart Financial Holdings Corp. 2006 Management Equity Incentive Plan (as amended) as this Plan.

 

WHEREAS, this Plan has been adopted by the Board, and this Plan has been approved by the shareholders of the Company by virtue of their execution and delivery of the Shareholders Agreement.

 

SECTION 1.  PURPOSE.

 

The purpose of this Plan is to attract and retain the best available personnel, to provide additional incentive to persons who provide services to the Company and its Subsidiaries, and to promote the success of the Company’s business. Unless the context otherwise requires, capitalized terms used herein are defined in Section 17.

 

SECTION 2.  ADMINISTRATION.

 

This Plan shall be administered by the Board. The Board shall have full authority and sole discretion to take any actions it deems necessary or advisable for the administration and operation of this Plan, subject to the terms and conditions of this Plan, including, without limitation, the right to construe and interpret the provisions of this Plan or any Award, to provide for any omission in this Plan, to resolve any ambiguity or conflict under this Plan or any Award, to accelerate vesting of or otherwise waive any requirements applicable to any Award, to extend the term or any period of exercisability of any Award, to modify the purchase price or exercise price under any Award, to establish terms or conditions applicable to any Award and to review any decisions or actions made or taken by the Board. All decisions, interpretations and other actions of the Board shall be final and binding on all Participants and other persons deriving their rights from a Participant. Notwithstanding anything to the contrary herein, no action taken by the Board shall adversely affect in any material respect the rights granted to any Participant under any outstanding Award without the Participant’s written consent.

 

SECTION 3.  ELIGIBILITY

 

The Board is authorized to grant Awards to employees, directors and consultants of the Company or any Subsidiary of the Company. Persons who have been granted Awards shall be Participants in this Plan with respect to such Awards.

 

 

SECTION 4.  SHARES SUBJECT TO PLAN.

 

a.                                       Basic Limitation. Subject to the following provisions of this Section 4 and Section 13, the maximum number of Shares that may be issued pursuant to Awards under this Plan is 259,291 Shares.

 

b.                                       Additional Shares. In the event that any outstanding Award expires, is cancelled or otherwise terminated, any rights to acquire Shares allocable to the unexercised or unvested portion of such Award shall again be available for the purposes of this Plan. In the event that Shares issued under this Plan are reacquired by the Company pursuant to any forfeiture provision, such Shares shall again be available for the purposes of this Plan. In the event a Participant pays for any Award through the delivery of previously acquired Shares, the number of Shares available shall be increased by the number of Shares delivered by the Participant.

 

SECTION 5.  AWARDS.

 

a.                                       Types of Awards. The Board may, in its sole discretion, make Awards of one or more of the following: Options, Stock Appreciation Rights, Restricted Stock and Restricted Stock Units. The Company shall make Awards directly or cause one or more of its Subsidiaries to make Awards; provided, however, that the Company shall be responsible for causing any such Subsidiary to comply with the terms of any Award and this Plan. Awards may be granted singly or in tandem.

 

b.                                       Award Agreements. Each Award made under this Plan shall be evidenced by a written agreement between the Participant and the Company, and no Award shall be valid without any such agreement. An Award shall be subject to all applicable terms and conditions of this Plan and to any other terms and conditions which the Board in its sole discretion deems appropriate for inclusion in the Award agreement provided such terms and conditions are not inconsistent with this Plan. Accordingly, in the event of any conflict between the provisions of this Plan and any such agreement, the provisions of this Plan shall prevail. Each agreement evidencing an Award shall provide, in addition to any terms and conditions required to be provided in such agreement pursuant to any other provision of this Plan, the following terms:

 

(i)                                     Number of Shares. The number of Shares subject to the Award, if any, which number shall be subject to adjustment in accordance with Section 13 of this Plan.

 

(ii)                                  Price. Where applicable, each agreement shall designate the price, if any, to acquire any Shares underlying the Award, which price shall be payable in a form described in Section 11 and subject to adjustment pursuant to Section 13.

 

(iii)                               Vesting. Each agreement shall specify the dates and events on which all or any installment of the Award shall be vested and nonforfeitable.

 

c.                                       No Rights as a Shareholder. A Participant, or a transferee of a Participant, shall have no rights as a shareholder with respect to any Shares covered by an Award until Shares are actually issued in the name of such person (or if Shares will be held in street name, to a broker who will issued in the name of such person (or if Shares will be held in street name, to a broker who will

 

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hold such Shares on behalf of such person), except as set forth in Section 8(d) or as may be set forth in the Award agreement.

 

SECTION 6.  OPTIONS.

 

a.                                       Grant of Options. The Board may, in its sole discretion, grant Options. All Options shall be nonqualified stock options. This Plan does not provide for the grant of “incentive stock options” within the meaning of Section 422 of the Code.

 

b.                                       Options Award Agreement. Each agreement evidencing an Award of Options shall contain the following information, which shall be determined by the Board, in its sole discretion:

 

(i)                                     Exercise Price. Each agreement shall state the per share exercise price, which shall not be less than the Fair Market Value of a Share on the date of grant unless such Option otherwise would satisfy Section 409A of the Code.

 

(ii)                                  Exercisability. Each agreement shall specify the dates and events when all or any installment of the Option becomes exercisable.

 

(iii)                               Term. Each agreement shall state the term of each Option (including the circumstances under which such Option will expire prior to the stated term thereof), which shall not exceed ten years from the date of grant.

 

c.                                       Method of Exercise. Options shall be exercised by the delivery of a notice of exercise to the Company or an agent designated by the Company in a form specified or accepted by the Board, or by complying with any alternative procedures which may be authorized by the Board, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares. As soon as practicable after receipt of written notification of exercise and full payment (including satisfaction of any applicable tax withholding), the Company shall deliver to the Participant evidence of book entry Shares, or upon the Participant’s request, Share certificates in an appropriate amount based upon the number of Shares purchased under the Option(s). The Company, at its election and in its sole discretion, may settle any SARs requested to be exercised in Shares or cash.

 

SECTION 7.  STOCK APPRECIATION RIGHTS.

 

a.                                       Generally. The Board may, in its sole discretion, grant “Stock Appreciation Rights”. A Stock Appreciation Right means a right to receive a payment in cash, Shares or a combination thereof, in the sole discretion of the Board, in an amount equal to the excess of (i) the Fair Market Value, or other specified valuation, of a number of Shares on the date the right is exercised over (ii) the Initial Base Value (as determined in any grant agreement). If a Stock Appreciation Right is granted in tandem with or in substitution for an Option, the designated Fair Market Value in the Award agreement shall reflect the Fair Market Value of the Shares underlying the Awards on the date the Option is granted.

 

b.                                       Stock Appreciation Rights Award Agreement. Each agreement evidencing an Award of Stock Appreciation Rights shall contain the following information, which shall be determined by the Board, in its sole discretion:

 

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(i)                                     Base Value. Each agreement shall specify the base value of the Shares above which a Participant shall be entitled to share in the appreciation in the value of such Shares. The per share Initial Base Value shall not be less than the Fair Market Value of a Share on the date of grant unless such Stock Appreciation Right otherwise would satisfy Section 409A of the Code

 

(ii)                                  Exercisability. Each agreement shall specify how all or any portion of a Stock Appreciation Right shall be exercisable.

 

(iii)                               Term. Each agreement shall state the term of each Stock Appreciation Right (including the circumstances under which such Stock Appreciation Right will expire prior to the stated term thereof), which shall not exceed ten years from the date of grant.

 

SECTION 8.  RESTRICTED STOCK

 

a.                                       Generally. The Committee is hereby authorized to grant Shares that are subject to a risk of forfeiture and contain such other restrictions, including restrictions on transferability, as the Committee shall determine. Each such share shall be known as a share of “Restricted Stock”.

 

b.                                       Restricted Stock Award Agreement. Each agreement evidencing an Award of Restricted Stock shall specify the restriction period and such other such terms, including as to vesting, term and transfer restrictions, as determined by the Board, in its sole discretion. If Restricted Stock will be granted or the restrictions shall have lapsed upon the achievement of performance goals over a performance period, such Award of Restricted Stock shall be referred to as “Performance Shares”.

 

c.                                       Voting Rights. Unless otherwise determined by the Committee and set forth in a Participant’s award agreement, to the extent permitted or required by law, as determined by the Committee, Participants holding Shares of Restricted Stock granted hereunder shall have the right to exercise full voting rights with respect to those Shares during the period of restriction.

 

d.                                       Section 83(b) Election. The Committee may provide in an award agreement that the Award of Restricted Stock is conditioned upon the Participant making or refraining from making an election with respect to the Award under Section 83(b) of the Code. If a Participant makes an election pursuant to Section 83(b) of the Code concerning a Restricted Stock Award, the Participant shall be required to file promptly a copy of such election with the Company.

 

SECTION 9.  RESTRICTED STOCK UNITS.

 

a.                                       Generally. The Board may, in its sole discretion, grant “Restricted Stock Units”, where in each case one unit shall be a notional account representing one Share.

 

b.                                       Settlement of Restricted Stock Units. Restricted Stock Units shall be settled in Shares unless the agreement evidencing the Award expressly provides for settlement of all or a portion of the Restricted Stock Units in cash equal to the value of the Shares that would otherwise be distributed in settlement of such units. Shares distributed to settle a Restricted Stock Unit may be issued with or without payment or consideration therefor, except as may be required by

 

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applicable law or the Board in its sole discretion as set forth in the agreement evidencing the Award. The Board may, in its sole discretion, establish a program to permit participants to defer payments and distributions made in respect of Restricted Stock Units.

 

SECTION 10.  DIVIDEND EQUIVALENT RIGHTS.

 

a.                                       Generally. The Board may, in its sole discretion, grant Dividend Equivalent Rights with respect to any Award.

 

b.                                       Settlement of Dividend Equivalent Rights. Dividend Equivalent Rights may be settled in cash, Shares, additional Awards or other securities or property, all as provided in the Award agreement. The Board may, in its sole discretion, establish a program to permit participants to defer payments and distributions made in respect Dividend Equivalent Rights.

 

SECTION 11.  PAYMENT FOR SHARES.

 

a.                                       General Rule. The exercise price of Options and/or the purchase price (if any) of Shares issuable under this Plan shall be payable in cash or personal check at the time when such Shares are purchased, except as otherwise provided in this Section 11.

 

b.                                       Surrender of Shares. At the sole discretion of the Board, all or any part of the purchase price and any applicable withholding requirements may be paid by surrendering, or attesting to the ownership of Shares that have fully vested, and are already owned by the Participant. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value on the date when the Option is exercised or payment is made. The Participant shall not surrender, or attest to the ownership of, Shares in payment of any portion of the purchase price (or withholding) if such action would cause the Company or any Subsidiary thereof to recognize a compensation expense (or additional compensation expense) with respect to the applicable Award for financial reporting purposes, unless the Board consents thereto.

 

c.                                       Services Rendered. At the sole discretion of the Board, and except as required by applicable law, Shares may be awarded under this Plan in consideration of services rendered to the Company or a Subsidiary thereof prior to or after the Award.

 

d.                                       Promissory Note. At the sole discretion of the Board, all or a portion of the exercise price of Options and/or the purchase price (if any) of Shares issuable under this Plan and any applicable withholding requirements may be paid with a full-recourse promissory note. However, the par value of the Shares, if newly issued, shall be paid in cash. The Shares shall be pledged as security for payment of the principal amount of the promissory note and interest thereon. The interest rate payable under the terms of the promissory note shall not be less than the minimum rate (if any) required to avoid the imputation of additional interest or the creation of original issue discount under the Code. Subject to the foregoing, the Board (at its sole discretion) shall specify the term, interest rate, amortization requirements (if any) and other provisions of such note.

 

e.                                       Net Exercise. At the sole discretion of the Board, payment of all or any portion of the purchase price under any Award under this Plan and any applicable withholding requirements may be made by reducing the number of Shares otherwise deliverable pursuant to the Award by

 

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the number of such Shares having a Fair Market Value equal to the purchase price. For the avoidance of doubt, the Company will not withhold any amounts greater than the statutory minimum.

 

f.                                         Exercise/Sale. At the sole discretion of the Board on or after an Initial Public Offering, at any time, payment may be made in whole or in part by the delivery (on a form prescribed by the Company) of an irrevocable direction (i) to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company, or (ii) to pledge Shares to a securities broker or lender approved by the Company as security for a loan, and to deliver all or part of the loan proceeds to the Company, in each case in payment of all or part of the purchase price and any withholding requirements.

 

g.                                      Discretion of Board. Should the Board exercise its sole discretion to permit the Participant to pay the purchase price under an Award in whole or in part in accordance with Sections 11(b) through (f) above, it shall not be bound to permit such alternative method of payment for the remainder of any such Award or with respect to any other Award or Participant under this Plan.

 

SECTION 12.  TERMINATION OF SERVICE.

 

a.                                       Termination of Service. If a Participant’s Service terminates for any reason, then the Award shall be subject to termination, rights of repurchase, and the other provisions, set forth in the written agreement with the Participant governing such Award.

 

b.                                       Leave of Absence. For purposes of this Section 12, Service shall be deemed to continue while a Participant is a bona fide leave of absence, if such leave is approved by the Company in writing or if continued crediting of service for this purpose is expressly required by the terms of such leave or by applicable law (as determined by the Board).

 

SECTION 13.  ADJUSTMENT OF SHARES.

 

a.                                       General. If there shall be a Recapitalization, the Board shall substitute or adjust, in its sole discretion, to prevent dilution or enlargement of Participants’ rights under this Plan and outstanding Awards, (a) the number and kind of Shares or other securities that may be issued under this Plan or under particular forms of Awards, (b) the number and kind of Shares or other securities subject to outstanding Awards, (c) the exercise price, base price or purchase price applicable to outstanding Awards, (d) the grant of a Dividend Equivalent, and/or (e) other value determinations applicable to this Plan or outstanding Awards. Should the vesting of any Award be conditioned upon the Company’s attainment of performance conditions, the Board may, in a fair and equitable manner, make such adjustments to the terms and conditions of such Awards and the criteria therein to recognize unusual and nonrecurring events affecting the Company or in response to changes in applicable laws, regulations or accounting principles.

 

b.                                       Mergers and Consolidations. In the event that the Company is a party to a merger or consolidation, outstanding Awards shall be subject to the agreement of merger or consolidation. Subject to the terms of the applicable Award agreement, the agreement with respect to such merger or consolidation, without the Participants’ consent, may provide for:

 

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(i)                                     The continuation or assumption of such outstanding Awards under this Plan by the Company (if it is the surviving entity) or by the surviving entity or its direct or indirect parent;

 

(ii)                                  The substitution by the surviving entity or its direct or indirect parent of share awards with substantially the same terms and economic value for such outstanding Awards;

 

(iii)                               The acceleration of the vesting of or right to exercise such outstanding Awards immediately prior to or as of the date of the merger or consolidation, and the expiration of such outstanding Awards to the extent not timely exercised or purchased by the date of the merger or consolidation or other date thereafter designated by the Board, after reasonable advance written notice thereof to the holder of each such Award; or

 

(iv)                              The cancellation of all or any portion of such outstanding Awards; provided that, with respect to vested “in-the-money” Awards, such cancellation must be made in exchange for a cash payment of the excess of the fair market value of the Shares subject to such outstanding Awards or portion thereof being canceled over the exercise price or purchase price, if any, with respect to such Awards or the portion thereof being canceled.

 

SECTION 14.  SECURITIES LAW REQUIREMENTS.

 

Shares shall not be issued under this Plan unless the issuance and delivery of such Shares comply with (or are exempt from) all applicable requirements of law, including (without limitation) the Securities Act, state or foreign securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. The Company shall not be obligated to file any registration statement under any applicable securities laws to permit the purchase or issuance of any Shares under this Plan, and accordingly any certificates for Shares may have an appropriate legend or statement of applicable restrictions endorsed thereon. Each Participant and any person deriving its rights from any Participant shall, as a condition to the purchase or issuance of any Shares under this Plan, deliver to the Company an agreement or certificate containing such representations, warranties and covenants as the Company may deem necessary or appropriate to ensure that the issuance of Shares is not required to be registered under any applicable securities laws.

 

SECTION 15.  GENERAL TERMS.

 

a.                                       Nontransferability of Awards. No Award may be transferred, assigned, pledged or hypothecated by any Participant except in compliance with the terms of the agreement governing such Award. The exercisability of an Option or other right to acquire Shares under this Plan by someone other than the Participant shall be governed by the agreement pursuant to which such Option or other right is granted.

 

b.                                       Restrictions on Transfer of Shares. Any Shares issued under this Plan shall be subject to such vesting and special forfeiture conditions, repurchase rights, rights of first offer and other transfer restrictions as the Board may determine. Such restrictions shall be set forth in the

 

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applicable Award agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally.

 

c.                                       Compliance with Section 409A of the Code. To the extent applicable, it is intended that this Plan and all Awards comply with the provisions of Section 409A of the Code and this Plan and all Awards shall be administered accordingly. Notwithstanding anything in this Plan to the contrary, the Board shall have authority to amend this Plan and modify any Award to the extent necessary to fulfill this intent and any provision that would cause this Plan or any Award to fail to satisfy Section 409A of the Code shall have no force and effect unless and until amended or modified to comply with Section 409A of the Code. Reference to Section 409A of the Code includes reference to any proposed, temporary or final regulations and any other guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.

 

d.                                       Withholding Requirements. As a condition to the receipt or purchase of Shares pursuant to an Award, a Participant shall make such arrangements as the Board may require for the satisfaction of any federal, state, local or foreign withholding obligations that may arise in connection with such receipt or purchase. The Participant shall also make such arrangements as the Board may require for the satisfaction of any federal, state, local or foreign withholding obligations that may arise in connection with the disposition of Shares acquired pursuant to an Award.

 

e.                                       No Retention Rights. Nothing in this Plan or in any Award granted under this Plan shall confer upon a Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Subsidiary thereof employing or retaining the Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause.

 

f.                                         Unfunded Plan. Participants shall have no right, title or interest whatsoever in or to any investments which the Company may make to aid it in meeting its obligations under this Plan. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, nor a fiduciary relationship between the Company and any Participant, beneficiary, legal representative or any other person. To the extent that any person acquires a right to receive payments from the Company under this Plan, such right shall be no greater than the rights of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts. This Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended.

 

SECTION 16.  DURATION AND AMENDMENTS.

 

a.                                       Term of this Plan. This Plan, as set forth herein, shall become effective on the date of its adoption by the Board, subject to (i) the approval of the holders of a majority of the Shares and (ii) any other shareholder approval required pursuant to the Shareholders Agreement. If the requisite shareholder approvals set forth in the immediately preceding sentence to approve this

 

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Plan are not obtained within 12 months of its adoption by the Board, any Awards that have already been made shall be rescinded, and no additional Awards shall be made thereafter under this Plan. This Plan shall terminate automatically on the day preceding the tenth anniversary of its adoption by the Board unless earlier terminated pursuant to Section 16(b) below.

 

b.                                       Right to Amend or Terminate this Plan. The Board may amend, suspend or terminate this Plan at any time and for any reason; provided, however, that any amendment of this Plan (except as provided in Section 13) which increases the maximum number of Shares available for issuance under this Plan in the aggregate, or changes the legal entity authorized to make Awards under this Plan from the Company (or its successor) to any other legal entity, shall be subject to: (i) the approval of the holders of a majority of the Shares and (ii) any other shareholder approval required pursuant to the Shareholders Agreement. Except as may be required by the Shareholders Agreement, approval of the holders of the Shares shall not be required for any other amendment of this Plan.

 

c.                                       Effect of Amendment or Termination. Except as provided in Section 15(c), any amendment of this Plan shall not adversely affect in any respect any Participant’s rights under any Award previously made or granted under this Plan without the Participant’s consent. No Shares shall be issued or sold under this Plan after the termination thereof, except pursuant to an Award granted prior to such termination. The termination of this Plan shall not affect any Awards outstanding on the termination date.

 

d.                                       Modification, Extension and Assumption of Awards. Within the limitations of this Plan, the Board may modify, extend or assume outstanding Awards or may provide for the cancellation of outstanding Awards in return for the grant of new Awards for the same or a different number of Shares and at the same or a different price. The foregoing notwithstanding, except as provided in Section 15(c), no modification of an Award shall, without the consent of the Participant, impair the Participant’s rights or increase the Participant’s obligations under such Award or impair the economic value of any such Award.

 

e.                                       Initial Public Offering. Prior to an Initial Public Offering, the Board may amend and restate this Plan to include such provisions as the Board determines in good faith necessary or appropriate as a result of the Company becoming, after an Initial Public Offering, a publicly traded company, subject to Section 16(c).

 

SECTION 17.  DEFINITIONS.

 

a.                                       “2011 Merger Agreement” shall have the meaning described in the preamble to this Plan.

 

b.                                       “Affiliate” shall mean, with respect to any specified Person, (a) any other Person which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise);

 

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provided, however, that neither the Company nor any of its Subsidiaries shall be deemed an Affiliate of any of the shareholders of the Company (and vice versa), and (b) if such specified Person is an investment fund, any other investment fund the primary investment advisor to which is the primary investment advisor to such specified Person.

 

c.                                       “Award” shall mean the grant of an Option, Stock Appreciation Right, Restricted Stock or Restricted Stock Unit under this Plan.

 

d.                                       “Board” shall mean the Board of Directors of the Company, as constituted from time to time, or if such Board of Directors has appointed a Compensation Committee, the Compensation Committee.

 

e.                                       “Change of Control” shall have the meaning ascribed to such term in the Shareholders Agreement.

 

f.                                         “Checksmart” shall have the meaning described in the preamble to this Plan.

 

g.                                      “Code” shall mean the Internal Revenue Code of 1986, as amended.

 

h.                                      “Company” shall mean Community Choice Financial Inc., an Ohio corporation.

 

i.                                         “Fair Market Value” shall mean, as of any date of determination, the Board’s good faith determination of the fair value of the Company Securities as of such date.

 

j.                                         “Initial Public Offering” shall mean the Company’s first underwritten public offering and sale of Shares for cash pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form.

 

k.                                     “Option” shall mean an Option granted under this Plan and entitling the holder to purchase Shares.

 

l.                                         “Participant” shall mean an eligible individual to whom and Award is granted to under this Plan.

 

m.                                   “Performance Shares” shall have the meaning described in Section 8(b).

 

n.                                      “Person” shall mean any individual, partnership, corporation, company, association, trust, or joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof.

 

o.                                       “Plan” shall mean the Checksmart Financial Holdings Corp. 2006 Management Equity Incentive Plan, effective as of May 1, 2006 (as amended), as the same has been adopted by the Board in accordance with the terms of the 2011 Merger Agreement to become this Community Choice Financial Inc. 2011 Management Equity Incentive Plan.

 

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p.                                       “Recapitalization” shall mean an event or series of events affecting the capital structure of the Company including, but not limited to, stock dividends, stock splits, rights offers or recapitalizations through large, non-recurring cash dividends.

 

q.                                       “Restricted Stock” shall have the meaning described in Section 8(a).

 

r.                                       “Restricted Stock Unit” shall have the meaning described in Section 9(a).

 

s.                                       “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

t.                                         “Service” shall mean service as an employee or consultant of the Company or any Subsidiary thereof.

 

u.                                      “Shares” shall mean shares of Common Stock of the Company, par value $0.01 per share.

 

v.                                        “Stock Appreciation Right” shall have the meaning described in Section 7(a).

 

w.                                     “Shareholders Agreement” shall mean that certain Shareholders Agreement, dated as of April 29, 2011, by and among the Company, Diamond Castle Partners IV, L.P., Diamond Castle Partners IV-A, L.P., Deal Leaders Fund, L.P., each Person listed as a 2006 Rollover Holder on Schedule A thereto or executing a Joinder Agreement as a 2006 Rollover Holder, each Person listed as a 2011 Rollover Holder on Schedule A thereto or executing a Joinder Agreement as a 2011 Rollover Holder, and each Person listed as a Management Holder on Schedule A hereto or executing a Joinder Agreement as a Management Holder (as the same shall be amended, supplemented or modified from time to time).

 

x.                                       “Subsidiary” shall mean any Person as to which the Company owns or controls, directly or indirectly, more than 50% percent of the voting securities of such Person.

 

SECTION 18.  MISCELLANEOUS

 

a.                                       Choice of Law. All issues concerning the relative rights of the Company and any Participants with respect to each other shall be governed by the laws of the State of Ohio. All other issues concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts made and performed entirely within such state, without regard to the conflicts of laws rules of such state. Any legal action or proceeding with respect to this Plan shall be brought in the courts of the United States for the Southern District of New York

 

b.                                       Adoption. This Plan has been duly adopted by the Board on April 19, 2011 to be effective as of April 29, 2011 and was approved by the shareholders of the Company as of April 29, 2011 by virtue of their execution and delivery of the Shareholders Agreement.

 

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AMENDMENT NO. 1 TO THE 2011 MANAGEMENT EQUITY INCENTIVE PLAN

 

This AMENDMENT NO. 1 to the Community Choice Financial Inc. 2011 Management Equity Incentive Plan (the “Plan”) is made and entered into as of February 1, 2012 (this “Amendment”), by the Board of Directors (the “Board”) of Community Choice Financial Inc. (the “Corporation”) and as approved by a majority of the stockholders of the Corporation in accordance with Section 16(b) of the Plan.

 

RECITALS:

 

WHEREAS, the Plan was adopted by the Board and became effective on April 29, 2011, and approved by the stockholders of the Corporation on that same date; and

 

WHEREAS, the Board or its Compensation Committee have retained authority to amend the Plan pursuant to Section 16 thereof; and

 

WHEREAS, the maximum number of shares permitted to be issued pursuant to awards under the Plan have been substantially exhausted and the Corporation desires to issue additional shares; and

 

WHEREAS, the Board believes if to be in the best interests of the Corporation to increase the maximum number of shares permitted to be issued pursuant to awards under the plan from the current 259,291 shares to 490,291 shares; and

 

WHEREAS, the Board believes it to be in the best interests of the Corporation to allow for the grant of options to directors and certain employees of the Corporation; and

 

WHEREAS, a majority of the stockholders of the Corporation will approved this Amendment in accordance with Section 16(b) of the Plan.

 

NOW, THEREFORE, the Board of Directors of the Corporation amends the Plan as follows:

 

Section 1.  AMENDMENT TO THE PLAN.

 

(a)           The first sentence of Section 4(a) of the Plan is hereby amended and replaced in its entirety with the following sentence:

 

“Subject to the following provisions of this Section 4 and Section 13, the maximum number of Shares that may be issued pursuant to Awards under this Plan is 490,291 Shares.”

 

Section 2.               GENERAL PROVISIONS.

 

(a)           This Amendment may be executed in one or more counterparts, which may be delivered by facsimile transmission, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party, it being understood that all parties need not sign the same counterpart.

 

 

(b)           This Amendment shall be construed in accordance with and governed by the internal laws (without reference to choice or conflict of laws) of the State of Ohio.

 

(c)           On and after the date hereof each reference in the Plan to “this Plan”, “herein”, or words of like import shall mean and be a reference to the Plan as amended hereby.  No reference to this Amendment need be made in any instrument or document at any time referring to the Plan, a reference to the Plan in any of such to be deemed to be a reference to the Plan as amended hereby.

 

(d)           Except as specifically provided for in this Amendment, all other provisions of the Plan shall continue in full force and effect.

 

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IN WITNESS WHEREOF, the Board of Directors of the Corporation have executed this Amendment as of the date first above written.

 

 

	
 
    	
/s/ Eugene   Lockhart
    
	
 
    	
Eugene Lockhart
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Lee A. Wright
    
	
 
    	
Lee A. Wright
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ James H.   Frauenberg, Sr.
    
	
 
    	
James H.   Frauenberg, Sr.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Michael Langer
    
	
 
    	
Michael Langer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Andrew Rush
    
	
 
    	
Andrew Rush
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ David M.   Wittels
    
	
 
    	
David M. Wittels
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ William E.   Saunders, Jr.
    
	
 
    	
William E.   Saunders, Jr.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Felix Lo
    
	
 
    	
Felix LoQuickLinks
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  Exhibit 10.15    
    

COMMUNITY CHOICE FINANCIAL INC.
2011 MANAGEMENT EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT AGREEMENT  

        GRANTS
TO:                                    
  

        THIS AGREEMENT (this "Agreement") is made effective as
of                        , between Community Choice
Financial Inc., an Ohio corporation (the "Company"),
and                        , who is an employee of the Company or one of its Subsidiaries (the
"Grantee"). Capitalized terms, unless defined in this Agreement, shall have the same meanings as in the Plan (as defined below). 

        WHEREAS,
in connection with the Grantee's employment with the Company or one of its Subsidiaries, the Company has granted to the Grantee as
of                        (the
"Grant Date") Restricted Stock Units where each Restricted Stock Unit has a value equivalent to one Share pursuant to the terms and conditions of this
Agreement and the Company's 2011 Management Equity Incentive Plan (the "Plan"). 

        WHEREAS,
the Board has determined that it would be to the advantage, and in the best interest, of the Company and its shareholders to grant the Restricted Stock Units provided for herein
to the
Grantee as an incentive for increased efforts during the Grantee's employment with the Company or one of its Subsidiaries. 

        NOW,
THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto hereby
agree as follows: 

 SECTION 1. GRANT OF RSUs  

        (a)    Grant.    Subject to the terms and conditions of the Plan and this Agreement, the Company hereby grants to the
Grantee                        Restricted Stock Units, where each Restricted Stock Unit has a value equivalent to one Share (the
"RSUs"). 

        (b)    Plan.    The RSUs are granted under the Plan, which is incorporated herein by this reference and made a part of
this Agreement. 

        (c)    No Rights as Shareholder or Dividend Equivalents.    It shall be understood that none of the terms contained
herein grant to the Grantee any rights as a shareholder, and such Grantee shall not have any such rights unless and until such Grantee receives Shares pursuant to the RSUs. No dividend equivalents
will accrue, be credited or be paid or payable with respect to the RSUs. 

 SECTION 2. PAYMENT OF RSUs  

        If the RSUs under this Agreement become nonforfeitable ("Vest,"
"Vesting," or "Vested") in accordance with Section 3, the Grantee will be entitled to payment of
the Vested RSUs at the time specified in Section 4. 

 SECTION 3. VESTING OF RSUs  

        (a)    Normal Vesting.    The RSUs granted to the Grantee pursuant to this Agreement shall Vest ratably in annual
one-third (1/3) increments on each of the first three anniversaries of the Grant Date.

        (b)    Forfeiture upon Cessation of Employment.    In the event the Grantee ceases to be employed by the Company or
any of its Subsidiaries prior to Vesting, the Grantee shall forfeit to the Company, without compensation or any other consideration, all RSUs that are granted pursuant to this Agreement.

 

 SECTION 4. TIME AND FORM OF SETTLEMENT OF VESTED RSUs  

        (a)    General.    Payment for the RSUs that have become Vested in accordance with Section 3(a) shall be made
in Shares and shall be paid between January 1, and March 15, of the year following that in which they Vest.

 

 SECTION 5. CONDITIONS TO ISSUANCE OF SHARES.  

        (a)    Issuance of Shares.    As a condition to the payment of the RSUs, the Grantee shall, prior to the payment date
of the RSUs pursuant to Section 4, deliver to the Company an executed Joinder Agreement to the Shareholders Agreement. The Shares issued to Grantee in accordance with this
Agreement (the "Award Shares") will be registered in the name of the Grantee (or in the names of such person and his spouse as community property or as
joint tenants with right of survivorship), with any legend required pursuant to the Shareholders Agreement or otherwise required under the securities laws; provided that the Grantee, as a condition to
the issuance of Award Shares hereunder, makes, as of the time of issuance of such Award Shares, representations and warranties in a form satisfactory to the Company and substantially similar to those
contained in Exhibit A. 

        (b)    Withholding Requirements.    If the Company or any Subsidiary shall be required to withhold any federal, state,
local or foreign tax in connection with any vesting or payment of the RSUs, pursuant to this Agreement, the Grantee (or the Grantee's representative) will pay to the Company (or Subsidiary if
applicable), or make arrangements satisfactory to the Board regarding payment of, any federal, state, local or foreign taxes of any kind required by law to be paid and/or withheld with respect to such
RSUs. 

 SECTION 6. SECURITIES LAW ISSUES; TRANSFER RESTRICTIONS  

        (a)    Grantee Acknowledgements and Representations.    The Grantee understands and agrees that: (i) the RSUs
and any Award Shares will not be registered under the Securities Act, (ii) the RSUs and any Award Shares will be restricted securities under the Securities Act and (iii) neither the RSUs
nor any Award Shares may be resold or transferred unless they are first registered under the Securities Act or unless an exemption from such registration is available. The Grantee hereby makes to the
Company the representations and warranties set forth in Exhibit A hereto with respect to the RSUs and any Award Shares. 

        (b)    No Registration Rights.    Except as otherwise set forth in the Shareholders Agreement with respect to any
Award Shares, the Company may, but shall not be obligated to, register or qualify the issuance of such Shares to, or the resale of any such Shares by, the Grantee under the Securities Act or any other
applicable law. 

        (c)    Transfers.    

        (i)    RSUs Not Transferable.    The RSUs shall not be transferable to any Person for any reason. Any attempt to
transfer the RSUs shall be null and void and have no force or effect, and the Company shall not, and shall cause any transfer agent not to, give any effect in such entity's share records to such
attempted transfer. 

        (ii)   Award Shares Subject to Shareholders Agreement.    The Award Shares shall be subject to the restrictions on
transfer as set forth in Article 3 of the Shareholders Agreement, except with respect to a transfer by will or by the laws of descent and
distribution. Unless otherwise permitted pursuant to the Shareholders Agreement, the Grantee shall not transfer any Award Shares (A) except in compliance with the provisions of  Article 3 of
the Shareholders Agreement, and (B) unless the transferee shall have agreed in writing to be bound by the terms of this
Agreement and the Shareholders Agreement in a manner acceptable to the Board and otherwise acknowledging that such Award Shares are subject to the restrictions set forth in this Agreement and the
Shareholders Agreement. Any attempt to transfer any Award Shares which is not in compliance with this Agreement shall be null and void and have no force or effect, and the Company shall not, and shall
cause any transfer agent not to, give any effect in such entity's share 

records
to such attempted transfer. The Grantee acknowledges that the transfer restrictions contained in this Agreement are reasonable and in the best interests of the Company. 

 SECTION 7. ADJUSTMENT OF SHARES  

        In the event of a Recapitalization or merger or consolidation, the terms of the RSUs (including, without limitation, the number of RSUs
and kind of Shares payable pursuant to the RSUs) may be adjusted as set forth in Section 13 of the Plan. In the event of a Change of Control, the Board may provide in substitution for the RSUs
such alternative consideration (including cash) as it may in good faith determine to be equitable under the circumstances and may require in connection therewith the surrender of the RSUs so replaced.
Any action taken by the Board pursuant to this Section 7 will only be taken to the extent it does not result in the RSUs failing to comply with or ceasing to be exempt from Section 409A
of the Code. 

 SECTION 8. MISCELLANEOUS PROVISIONS  

        (a)    No Retention Rights.    Nothing in this Agreement or in the Plan shall confer upon the Grantee any right to
continue in service or interfere with or otherwise restrict in any way the rights of the Company or any Subsidiary employing the Grantee, which rights are hereby expressly reserved by the Company and
any Subsidiary employing the Grantee, to terminate the Grantee's service at any time and for any reason. 

        (b)    Notices.    All notices, requests and other communications under this Agreement shall be in writing and shall
be delivered in person (by courier or otherwise), mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission, as follows: 

If
to the Company, to: 

c/o
Community Choice Financial Inc.

7001 Post Road, Suite 200

Dublin, OH 43016

Attn: General Counsel 

If
to the Grantee, to the address set forth on the Company's payroll records, 

or,
in each case, at such other address or fax number as such party may hereafter specify for the purpose of notices hereunder by written notice to the other party hereto. All notices, requests and
other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place
of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. Any notice, request or other
written communication sent by facsimile transmission shall be confirmed by certified or registered mail, return receipt requested, posted within one Business Day, or by personal delivery, whether by
courier or otherwise, made within two Business Days after the date of such facsimile transmissions; provided that such confirmation mailing or delivery shall not affect the date of receipt, which will
be the date that the facsimile successfully transmitted the notice, request or other communication. 

        (c)    Entire Agreement.    This Agreement and the Plan, together with the Shareholders Agreement, and the other
agreements referred to herein and therein and any schedules or exhibits referred to herein or therein, constitute the entire agreement and understanding among the parties hereto in respect of the
subject matter hereof and supersede all prior and contemporaneous arrangements, agreements and understandings, both oral and written, whether in term sheets, presentations or otherwise, among the
parties hereto, or between any of them, with respect to the subject matter hereof. 

        (d)    Amendment; Waiver.    No amendment or modification of any provision of this Agreement shall be effective unless
signed in writing by or on behalf of the Company and the Grantee, except that the Company may amend or modify the Agreement without the Grantee's consent in accordance with the provisions of the Plan
or as otherwise set forth in this Agreement. The failure of the Company in 

any
instance to exercise any repurchase rights shall not constitute a waiver of any other repurchase rights that may subsequently arise under the provisions of this Agreement or any other agreement
between the Company and the Grantee. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different
nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific
purpose for which made or given. 

        (e)    Assignment.    Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by
reason hereof shall be assignable by the Grantee except pursuant to a transfer in accordance with the provisions of this Agreement. 

        (f)    Successors and Assigns; No Third Party Beneficiaries.    This Agreement shall inure to the benefit of and be
binding upon the Company and the Grantee and their respective heirs, successors, legal representatives and permitted assigns. Nothing in this Agreement, expressed or implied, is intended to confer on
any Person other than the Company and the Grantee, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by
reason of this Agreement. 

        (g)    Governing Law, Venue.    This Agreement and any matters or disputes related to, in connection with, or arising
under this Agreement shall be governed by the laws of the State of                        , without regard to the conflicts of
laws rules of such state. 

        (h)    Interpretation.    Unless otherwise expressly provided, for purposes of this Agreement, the following rules of
interpretation apply: 

         Headings.     The division of this Agreement into Sections and other subdivisions and
the insertion of headings are for convenience of reference only and do not alter the meaning of, or affect the construction or interpretation of, this Agreement. 

         Section References.     All references in this Agreement to any "Section" are to the corresponding Section of this Agreement unless
otherwise provided. 

         Schedules/Exhibits.     Any capitalized terms used in any Schedule or Exhibit to this Agreement but are not otherwise defined
therein have the meanings set forth in this
Agreement. 

        (i)    Severability.    If any provision of this Agreement is invalid or incapable of being enforced by any law, all
other provisions of this Agreement remain in full force and effect so long as the economic and legal substance of the transactions contemplated hereby are not affected in any manner materially adverse
to any party. If any provision of this Agreement is held to be invalid or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

        (j)    Counterparts.    The parties may execute this Agreement in one or more counterparts, each of which constitutes
an original copy of this Agreement and all of which, collectively constitute only one agreement. The signatures of all the parties need not appear on the same counterpart. 

        (k)    Grantee Undertaking.    The Grantee agrees to take whatever additional action and execute whatever additional
documents the Company may deem necessary or advisable to carry out or effect one or more of the obligations or restrictions imposed on either the Grantee or upon the RSUs or any Award Shares pursuant
to the provisions of this Agreement. 

        (l)    Plan; Shareholders Agreement; Counsel.    The Grantee acknowledges and understands that material definitions
and provisions concerning the RSUs or any Award Shares and the Grantee's rights and obligations with respect thereto are set forth in the Plan and the Shareholders Agreement. The Grantee has had the
opportunity to retain legal counsel, and has read carefully, and understands, the provisions of such documents. 

 SECTION 9. DEFINITIONS  

        (a)   "Business Day" has the meaning ascribed to such term in the Shareholders Agreement. 

        (b)   "Change of Control" shall have the meaning ascribed to it in the Shareholders Agreement. 

        (c)   "Joinder Agreement" means an agreement substantially in the form of  Exhibit A of the Shareholders Agreement, pursuant to which the Grantee shall become a
party to the Shareholders Agreement and subject to all of
the rights, restrictions and obligations contained therein. 

        (d)   "Person" means any individual, partnership, corporation, company, association, trust, joint venture, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof.

        IN
WITNESS WHEREOF, the parties have executed this Restricted Stock Unit Agreement as of the day and year first written above. 

 

					
	 	 	COMMUNITY CHOICE FINANCIAL INC.
	

 	
 	
  By:	
 	
 

 
	 	 	 	 	Name:
	 	 	 	 	Title:
	

 	
 	
GRANTEE
	

 	
 	
 	
 	
  

 
	 	 	 	 	Name:

 

 

 
 

EXHIBIT A  
  

 
  Investment Representations and Warranties  
  

The
Grantee hereby represents and warrants to the Company that: 

	1.
	The
RSUs and Award Shares (either or both, the "Securities") received by  [him/her] will be held by [him/her] for investment only
for [his/her] own account, not as a nominee or agent, and not with a view to the sale or distribution of any part thereof in
violation of applicable U.S. federal or state or foreign securities laws. The Grantee has no current intention of selling, granting participation in or otherwise distributing the Securities in
violation of applicable U.S. federal or state or foreign securities laws. The Grantee does not have any contract, undertaking, agreement or arrangement with any person or entity to sell, transfer or
grant participation to such person or entity, or to any third person or entity, with respect to any of the Securities, in each case, in violation of applicable U.S. federal or state or foreign
securities laws.

	2.
	The
Grantee understands that the issuance of the Securities has not been registered under the Securities Act or any applicable U.S. federal, state or foreign
securities laws, and that the Securities are being issued in reliance on an exemption from registration, which exemption depends upon, among other things, the bona fide nature of the investment intent
and the accuracy of the Grantee's representations as expressed herein.

	3.
	The
Grantee has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of  [his/her] owning the Securities. The Grantee is a sophisticated
investor, has relied upon independent investigations made by the
Grantee and, to the extent believed by the Grantee to be appropriate, the Grantee's representatives, including the Grantee's own professional, tax and other advisors, and is making an independent
decision to invest in the Securities. The Grantee has been furnished with such documents, materials and information that the Grantee deems necessary or appropriate for evaluating an investment in the
Company, and the Grantee has read carefully such documents, materials and information and understands and has evaluated the types of risks involved with holding the Securities. The Grantee has not
relied upon any representations or other information (whether oral or written) from the Company or its shareholders, directors, officers or affiliates, or from any other person or entity, in
connection with [his/her] investment in the Securities. The Grantee acknowledges that the Company has not given any assurances
with respect to the tax consequences of the ownership and disposition of the Securities.

	4.
	The
Grantee has had, prior to [his/her] being granted the Securities, the opportunity
to ask questions of, and receive answers from, the Company concerning the terms and conditions of the transactions contemplated by the Agreement and the Grantee's holding of the Securities and to
obtain additional information necessary to verify the accuracy of any information furnished to [him/her] or to which  [he/she] had access. The Grantee
confirms that [he/she]
has satisfied [himself/herself] with respect to any of the foregoing matters.

	5.
	The
Grantee acknowledges that [he/she] has had the opportunity to seek legal advice
from; and has received legal advice on the Agreement, the transactions contemplated therein and all documents, materials and information that  [he/she] has requested or read relating to holding the
Securities and confirms that  [he/she] has satisfied [himself/herself] with respect to
any of the foregoing matters.

	6.
	The
Grantee understands that no U.S. federal or state or foreign agency has passed upon the Securities or upon the Company, or upon the accuracy, validity or
completeness of any documentation provided to the Grantee in connection with the transactions contemplated by the Agreement, nor has any such agency made any finding or determination as to holding the
Securities. 

	7.
	The
Grantee understands that there are substantial restrictions on the transferability of the Securities and that on the date of the Agreement and for an
indefinite period thereafter there will be no public market for the Securities and, accordingly, it may not be possible for the Grantee to liquidate  [his/her] investment in case of emergency, if at all.
In addition, the Grantee understands that the Agreement and Shareholders
Agreement contain substantial restrictions on the transferability of the Securities and provide that, in the event that the conditions relating to the transfer of any Securities in such document has
not been satisfied, the holder shall not transfer any such Securities, and unless otherwise specified the Company will not recognize the transfer of any such Securities on its books and records or
issue any share certificates representing any such Securities, and any purported transfer not in accordance with the terms of the Agreement or the Shareholders Agreement shall be void. As such,
Grantee understands that: a restrictive legend or legends in a form to be set forth in the Agreement and the Shareholders Agreement will be placed on the certificates representing the Securities; a
notation will be made in the appropriate records of the Company indicating that each of the Securities are subject to restrictions on transfer and, if the Company should at some time in the future
engage the services of a securities transfer agent, appropriate stop-transfer instructions will be issued to such transfer agent with respect to the Securities; and the Grantee will sell,
transfer or otherwise dispose of the Securities only in a manner consistent with its representations set forth herein and then only in accordance with the Agreement and the Shareholders Agreement.

	8.
	The
Grantee understands that (i) the Securities may not be sold, transferred or otherwise disposed of without registration under the Securities Act or
an exemption therefrom, (ii) the Securities have not been registered under the Securities Act; (iii) the Securities must be held indefinitely and  [he/she] must continue to bear the economic
risk of holding the Securities unless such Securities are subsequently registered
under the Securities Act or an exemption from such registration is available; (iv) the Grantee is prepared to bear the economic risk of holding the Securities for an indefinite period of time;
(v) it is not anticipated that there will be any public market for the Securities; (vi) the Securities are characterized as "restricted securities" under the U.S. federal securities
laws; and (vii) the Securities may not be sold, transferred or otherwise disposed of except in compliance with federal, state and local law.

	9.
	The
Grantee understands that an investment in the Securities is not recommended for investors who have any need for a current return on this investment or
who cannot bear the risk of losing their entire investment. In that regard, the Grantee understands that [his/her] holding the
Securities involves a high degree of risk of loss. The Grantee acknowledges that: (i) [he/she] has adequate means of
providing for [his/her] current needs and possible personal contingencies and has no need for liquidity in this investment;
(ii) [his/her] commitment to investments which are not readily marketable is not disproportionate to  [his/her] net worth; and (iii) [his/her] holding
the Securities will not cause [his/her] overall financial commitments to become excessive.

	10.
	The
Grantee is an "accredited investor," as such term is defined in Rule 501 of the Securities Act. 

QuickLinks

Exhibit 10.15

EXHIBIT A

Investment Representations and Warranties

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