Document:

Employment
Agreement

    By
And Between

    World
Acceptance Corporation

    And

    Francisco
Javier Sauza

    

    Effective

    June
1, 2008

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EMPLOYMENT
AGREEMENT

    

    This Agreement is effective as of June
1, 2008, by and between World Acceptance Corporation (the "Company"), a South
Carolina corporation and Francisco Javier Sauza (the "Executive").

    

    The Compensation Committee of the Board
of the Company (the "Committee"), acting on behalf of and pursuant to authority
granted by the Board of Directors of the Company (the “Board”) at its meeting on
May 19, 2008, determined that it would be in the best interests of the Company
and its shareholders to retain the services of the Executive for the Period of
Employment (as defined in Section III 3.1 below) and upon the terms provided in
this Agreement. The Executive is willing to be employed by the Company on a full
time basis for said Period of Employment and upon such other terms and
conditions as provided in this Agreement.

    

    In consideration of the mutual
covenants and promises contained in this Agreement, the parties hereby agree as
follows:

    

    SECTION
I

    

    EMPLOYMENT

    

    The Company agrees to employ the
Executive and the Executive agrees to be employed by the Company, for the Period
of Employment, and based upon the other terms and conditions provided in the
Agreement.

    

    SECTION
II

    

    POSITION
AND RESPONSIBILITIES

    

    The Executive agrees to serve as the
Company's Senior Vice President for Mexican Operations and to be responsible for
the duties and responsibilities attributed to such position, reporting to the
President/COO during the Period of Employment.  The Executive also
agrees to to serve during the Period of Employment as an Officer and Director of
any subsidiary, affiliate, or parent corporation ("Affiliates") of the Company
which the Board feels is appropriate.

    
      
         

      

      
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    SECTION
III

    

    TERMS
AND DUTIES

    

    3.1           Period
of Employment

    

    For purposes of this Agreement, the
Period of Employment will commence on June  1, 2008 and shall continue
for a period of three (3) years, subject to extension or termination as provided
in this Agreement. At the end of the three year period commencing from the
effective date of this Agreement, the Board shall review the performance of the
Executive, and this Agreement shall be deemed to be approved and extended
automatically for an additional one (1) year period on the same terms and
conditions, unless either the Company or the Executive gives contrary written
notice to the other no less than ninety (90) days prior to the date on which
this Agreement would otherwise be extended. At the end of each subsequent one
year term, the Board shall review the performance of the Executive, and this
Agreement shall be deemed to be approved and extended automatically for an
additional one (1) year period on the same terms and conditions, unless either
the Company or the Executive gives contrary written notice to the other no less
than ninety (90) days prior to the date on which this Agreement would otherwise
be extended.  Non-renewal shall be deemed a termination of employment
as of the end of the Period of Employment. Non-renewal by the Company shall be
subject to the severance provisions set forth in Section VIII.8.1, and
non-renewal by the Executive shall be subject to the severance provisions of
Section VIII.8.3.

    

    3.2           Duties

    

    During the Period of Employment and
except for illness, incapacity and reasonable vacation and holiday periods, the
Executive shall devote all of his business time, attention and skill exclusively
to the business and affairs of the Company and its Affiliates. The Executive
will not engage in any other business activity, and will perform faithfully the
duties which may be assigned to him from time to time by the President/COO or
the Chief Executive Officer of the Company. Notwithstanding the above, nothing
in this Agreement shall preclude the Executive from devoting time during
reasonable periods required for:

    

    
      	
               
      

            	
              3.2i.

            	
              Serving,
      with prior approval of the Board of the Company, as a Director or member
      of a committee or organization involving no actual or potential conflict
      of interest with the Company;

            

    

    

    
      	
            	
              3.2.ii.

            	
              Delivering
      lectures and fulfilling speaking
engagements;

            

    

    

    
      	
            	
              3.2.iii.

            	
              Engaging
      in charitable and community activities;
or

            

    

    

    
      	
            	
              3.2.iv.

            	
              Investing
      his personal assets in investments or business entities in such form or
      manner that will not violate this Agreement or require services on the
      part of the Executive in the operation of affairs of the business entities
      in which those investments are made. These activities will be allowed as
      long as they do not materially affect or interfere with the performance of
      the Executive's duties and obligations to the
  Company.

            

    

    
      
         

      

      
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    SECTION
IV

    

    COMPENSATION,
BENEFITS, AND PERQUISITES

    

    For all services rendered by the
Executive in any capacity during the Period of Employment, including services as
an Executive, Officer, Director or Committee Member, the Executive shall be
compensated as follows:

    

    4.1           BASE
SALARY

    

    The Company shall pay the Executive a
fixed base salary ("Base Salary") at such annual rate as the Compensation
Committee deems appropriate; provided, however, that the Base Salary may not, be
less than $185,190.00 per year. Increases in Base Salary, once granted by the
Committee, shall not be subject to reduction. Base Salary shall be payable
according to the customary payroll practices of the Company. In no event shall
Base Salary be payable less frequently than once per calendar
month.

    

    4.2           ANNUAL
INCENTIVE AWARDS

    

    The Company may, in its sole
discretion, pay the Executive annual cash incentive compensation
payments.  At the beginning of each fiscal year, the Board or
Committee may establish appropriate criteria for making such payments following
the end of such fiscal year.

    

    4.3           LONG-TERM
INCENTIVE AWARDS

    

    The Company may, in its sole
discretion, pay the Executive long-term incentive compensation
payments.  The Committee may establish appropriate criteria for making
such payments following the end of the performance period. Payments may, at the
discretion of the Committee, take the form of cash, restricted stock and, stock
options; provided, however, that any grants of restricted stock or stock options
must also be approved in advance by the Company's Compensation and Stock Option
Committee, which administers the Company's stock option plans.

    

    The
intent of such long-term incentive compensation awards is to motivate the
achievement of longer range and strategic goals. The Company agrees to enhance
awards when goals are achieved and exceeded in recognition of the intent of this
plan.

    
      
         

      

      
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    4.4         BENEFITS
AND PERQUISITES

    

    4.4.i        Salaried
Employee Benefits

    

    Executive will be entitled to
participate in all compensation and employee benefit plans and programs and
receive all benefits and perquisites for which any salaried employee of the
Company is eligible under any plan or program now or later established by the
Company for salaried employees, including the World Acceptance Corporation
Supplemental Income Plan (SERP). The Executive will participate to the extent
permissible under the terms and provisions of such plans or programs. Nothing in
this Agreement will preclude the Company from amending or terminating any of the
plans or programs applicable to salaried employees as long as such amendment or
termination is applicable to all similarly situated salaried
employees.

    

    4.4.ii       Supplemental
Benefits

    

    The Company also will provide long-term
disability insurance which provides a benefit to the Executive of 60% of the
Executive's Base Salary in effect at the time of disability.

    

    In the event a group long-term
disability benefit is provided by the Company for which the Executive becomes
eligible, the Executive's long-term disability benefits under this Agreement
will be offset by the benefits payable under the group policy such that combined
long-term disability benefits payable under the two plans do not exceed 60% of
the Executive's then current Base Salary.

    

    4.5
AUTOMOBILE

    

    The Company will provide an automobile
(including maintenance and insurance expense) of a value commensurate with his
position for use by the Executive in accordance with the Company Car
Policy.

    

    SECTION
V

    

    BUSINESS
EXPENSES

    

    The Company will reimburse the
Executive for all reasonable travel, entertainment, business and other expenses
incurred by the Executive in connection with the performance of his duties and
obligations under this Agreement.

    
      
         

      

      
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    SECTION
VI

    

    DISABILITY

    

    6.1           In
the event the Executive during the Period of Employment is unable to perform
with or without accommodation his duties as set forth in Section III.3.2 for
reasons of physical or mental incapacity, the Company will continue to pay the
Executive in accordance with the compensation provisions of this Agreement
during the period of his disability. However, in the event the Executive is
disabled for a continuous period of ninety (90) days or more, the Company may
terminate the employment of the Executive pursuant to this Agreement, and make
payments to the Executive under the terms of the long-term disability provisions
of this Agreement. In the event the Company terminates the employment of the
Executive pursuant to this Section VI, the Company will have no further
compensation obligations to the Executive, except for earned but unpaid Base
Salary, annual incentive compensation payment, if any, pro rated to the date of
termination of employment and any benefits available under the
SERP.

    

    6.2           During
the period the Executive is receiving either regular compensation or disability
payments as described in this Agreement, and as long as he is physically and
mentally able to do so, the Executive will furnish information and assistance to
the Company and from time to time will make himself available to the Company to
undertake assignments consistent with his prior position with the Company and
his physical and mental health. During the disability period, the Executive is
responsible for reporting directly to the President/COO. If the Company fails to
make a payment or provide a benefit required as part of the Agreement, the
Executive's obligation to fulfill information and assistance will
end.

    

    6.3           The
term "disability" will have the same meaning as under the disability benefits to
be provided pursuant to this Agreement, or such group disability plan as may be
in effect for similarly situated employees at that time. In the event the
definition of disability is not consistent, the definition contained in the plan
document of such group plan shall control.

    

    SECTION
VII

    

    DEATH

    

    In the event of the death of the
Executive during the Period of Employment, the Company's obligation to make
payments under this Agreement shall cease as of the date of death, except for
Base Salary through the end of the Company's normal payroll period. The
Executive's designated beneficiary will be entitled to receive the proceeds of
any life or other insurance or other death benefit programs provided in this
Agreement, including the SERP according to the terms and conditions of that
Plan.

    
      
         

      

      
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    SECTION
VIII

    

    EFFECT
OF TERMINATION OF EMPLOYMENT

    

    Except as
otherwise set forth in Sections VI, VII and IX:

    

    8.1           If
the Executive's employment terminates, due to either a Without Cause Termination
or a Constructive Discharge, as hereafter defined in this Agreement, the Company
will pay the Executive, his beneficiary or beneficiaries,

    

    8.1.i in a lump sum
in  cash within 30 days after the Date of Termination the aggregate of
the following amounts:

    

    A.           the
sum of (1) the Executive’s accrued Annual Base Salary and any accrued vacation
pay through the Date of Termination, (2) the Executive’s business expenses that
have not been reimbursed by the Company as of the Date of Termination that were
incurred by the Executive prior to the Date of Termination in accordance with
the applicable Company policy, and (3) the Executive’s Annual Bonus earned for
the fiscal year immediately preceding the fiscal year in which the Date of
Termination occurs if such bonus has not been paid as of the Date of Termination
(“Accrued Compensation); and

    B.           the
product of (1) the average annual bonus paid to the Executive in respect of the
three final years prior to the Date of Termination (“Reference Bonus”), and (2)
a fraction, the numerator of which is the number of days from April 1 in the
fiscal year in which the Date of Termination occurs through the Date of
Termination, and the denominator is 365 (the “Pro Rata Bonus”); and

    

    8.1.ii  the Company
shall pay to the Executive as severance an amount equal to the product of one
times the sum of (x)  the Executive’s Annual Base
Salary  and (y) the Reference Bonus, such sum to be paid in 12 equal
monthly installments in accordance with the Company’s normal payroll policies;
and

    

    8.1.iii  any stock
options and other equity incentives shall vest and become immediately
exercisable, as the case may be and all vested stock options held by the
Executive shall be exercisable for a period of one year, but not beyond the
original expiration of their term (“Equity Benefits”); and

    

    8.1.iv  for one year
after the Date of Termination, or until such time that the Executive becomes
employed by another company that offers similar benefits and is eligible for
such benefits, the Company shall continue to provide to the Executive and his
eligible dependents the health, welfare and other benefits specified in Section
IV.4.4 above as if the Executive remained an active employee of the
Company.  Subject to the provision of health benefits as provided
below, such benefits will be provided to the Executive only to the extent such
benefits may be provided to the Executive on a non-taxable basis.  If
the health benefits provided to the Executive are considered taxable benefits,
such health benefits will be provided to the Executive for the lesser of the
applicable maximum coverage period under the COBRA health care continuations or
one year.  If the Company is unable to provide the coverage indicated
due to plan limitations, it will make one year of payments to the Executive
equal to the premiums in effect at the time of termination (“Welfare and Fringe
Benefits”);

    
      
         

      

      
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    8.2           If
the Executive's employment terminates due to a Termination for Cause, as
hereinafter defined, the Company will pay to the Executive the Accrued
Compensation defined in Section VIII.1.i.  No other payments will be
made and the Company will not be obligated to provide any other benefits to or
on behalf of the Executive.

    

    8.3           If
Executive resigns from employment with the Company or gives notice of
non-renewal in accordance with Section III.3.1 hereof, the Company will pay the
Accrued Compensation defined in Section VIII.1.i.  No other payments
will be made and the Company will not be obligated to provide any other benefits
to or on behalf of the Executive.

    

    8.4           Except
as otherwise expressly provided in this Agreement and except for any long-term
incentive payments to which Executive is entitled, upon termination of the
Executive's employment hereunder, the Company's obligation to make payments or
provide benefits under this Agreement will cease.

    

    SECTION
IX

    

    DEFINITIONS

    

    For this
Agreement, the following terms have the following meanings:

    

    9.1           Termination
for Cause means termination of the Executive's employment by the Company, by
written notice to the Executive, specifying the event relied upon for such
termination, due to (i.) the Participant's gross misconduct in respect of his
duties for the Company or any conduct which has resulted or is likely to result
in damage to the Company’s reputation, (ii.) conviction for a felony, (iii.)
knowing and intentional failure to comply with applicable laws with respect to
the execution of the Company's business operations, (iv.) theft, fraud,
embezzlement, dishonesty or other conduct which has resulted or is likely to
result in material economic damage to the Company or any of its Affiliates, or
(v.) substantial dependence on or addiction to alcohol or use of drugs except
those legally prescribed by and administered pursuant to the directions of a
practitioner licensed to do so under the laws of the state or country of
licensure.

    

    9.2           Constructive
Discharge means termination of the Executive's employment by the Company due to
a failure of the Company to fulfill its obligations under this Agreement in any
material respect, including any material reduction of the Executive's Base
Salary, failure to appoint or reappoint the Executive to the office of Senior
Vice President, Mexican Operations or other material change by the Company in
the functions, duties or responsibilities of the position which would reduce the
ranking or level, responsibility, importance or scope of the
position.   This would also include any assignment or
reassignment that is a material change in geographical location.  The
Executive will provide the Company written notice which describes the
circumstances being relied on for the Constructive Discharge with respect to the
Agreement within ninety (90) days after the event giving rise to the notice. The
Company will have thirty (30) days to remedy the situation prior to the
Termination for Constructive Discharge.

    
      
         

      

      
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    9.3           Without
Cause Termination means termination of the Executive's employment by the Company
other than due to death or disability and other than Termination for Cause and
includes, without limitation, termination of the Executive's employment by the
Company's giving notice of non-renewal in accordance with Section III.3.1
hereof.

    

    SECTION
X

    

    OTHER
DUTIES OF THE EXECUTIVE DURING AND

    

    AFTER
THE PERIOD OF EMPLOYMENT

    

    During
the Period of Employment and for 12 months thereafter:

    

    10.1        The
Executive will, with reasonable notice, furnish information as may be in his
possession and cooperate with the Company as may reasonably be requested in
connection with any claim or legal actions in which the Company is or may become
a party.

    

    10.2        The
Executive recognizes and acknowledges that all information pertaining to the
affairs, business, clients, customers or other relationships of the Company is
confidential and is a unique and valuable asset of the Company. Access to and
knowledge of this information is essential to the performance of the Executive's
duties under this Agreement.

    

    10.3        The
Executive will not, except to the extent reasonably necessary in performance of
the duties under this Agreement or except as required by law, give to any
person, firm, company, corporation or governmental agency any information
concerning the affairs, business, clients, customers or other relationships of
the Company. The Executive will not make use of this type of information for his
own purposes or for the benefit of any person or organization other than the
Company. The Executive will also use his best efforts to prevent the disclosure
of this information by others.

    

    10.4        All
records, memoranda, etc. relating to the business of the Company whether made by
the Executive or otherwise coming into his possession are confidential and will
remain the property of the Company and in the Company’s possession.

    

    10.5        The
Executive will not use his status with the Company to obtain financial benefits,
loans, goods or services from another organization on terms that would not be
available to him in the absence of his relationship with the
Company.

    

    10.6        The
Executive will not make any statements or perform any acts intended to advance
the interest of any existing or prospective competitors of the Company in any
way that will injure the interest of the Company.

    
      
         

      

      
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    10.7        The
Executive, without prior express written approval by the Board, will not
directly or indirectly own or hold any proprietary interest in, be employed by,
or receive compensation from any party engaged in the same business as the
Company. For the purposes of this Agreement, proprietary interest means legal or
equitable ownership, whether through stock holdings or otherwise of an equity
interest in any privately owned business firm or entity or ownership of more
than five percent (5%) of any class of equity interest in a publicly-held
corporation.

    

    10.8        The
Executive, without express written approval from the Board, will not solicit any
members of the then current clients of the Company or then current employees of
the Company or discuss with any employee of the Company information or operation
of any business intended to compete with the Company. Executive agrees that any
obligation of the Company to make any payments to the Executive under the terms
of this Agreement will cease upon any violation of the preceding
paragraphs.

    

    The parties desire that the provisions
of Section X be enforced to the fullest extent permissible under the laws and
public policies applied in the jurisdictions in which enforcement is sought, and
agree that the Company may specifically enforce the terms hereof. If any portion
of Section X is judged to be invalid or unenforceable, Section X will be amended
to conform to the legal changes so that the remainder of the Agreement remains
in effect.

    

    SECTION
XI

    

    EFFECTS
OF CHANGE IN CONTROL

    

    11.1        In
the event there is a Change in Control (as hereafter defined) of the ownership
of the Company, the Executive may at any time immediately resign upon written
notice to the Company. In this event, the Company will pay the Accrued
Compensation  through the Date of Termination.

    

    11.2         In
the event there is a Change in Control of the Company, and the Executive's
employment is terminated within one year of such Change in Control due to a
Without Cause termination or Constructive Discharge, the Company will pay the
Executive:

    

    11.2.i  In the form
of a lump sum payment of Accrued Compensation, Pro Rata Bonus and one times the
sum of Base Salary plus the Reference Bonus as defined in Section 8 – except
that the Base Salary used for calculation of the payment will be the highest
base salary in effect between the date immediately preceding the occurrence of
the Change in Control and the Executive’s Date of Termination.  Such
amount will be paid within thirty (30) days after the Executive’s Date of
Termination.

    
      
         

      

      
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    11.2.ii  In
addition, any stock options and other equity incentives shall vest and become
immediately exercisable, as the case may be and all vested stock options held by
the Executive shall be exercisable for a period of one yeat, but not beyond the
original expiration of their term.

    

    11.2.iii  All other
benefits described in Section 8.1.iv of this Agreement will be continued in
accordance with Section 8.1.iv of this Agreement.

    

    It is
understood that, in the event that Executive is entitled to severance payments
under this Section 11.2, then such severance payments shall be in lieu of any
severance payments to which the Executive would be entitled under Section 8
thereof.

    

     11.3       It
is the intention of the parties hereto that the severance payments and other
compensation provided for herein are reasonable compensation for Executive's
services to the Company and shall not constitute "excess parachute payments"
within the meaning of Section 280G of the Code and any regulations there under.
In the event that the Company's independent accountants acting as auditors for
the Company on the date of a Change in Control determine that the payments
provided for herein constitute "excess parachute payments," then the
compensation payable hereunder shall be reduced to the point that such
compensation shall not qualify as "excess parachute payments."

    

    11.4        Change
in Control means a “change in ownership,” a “change in effective control,” or a
“change in the ownership of substantial assets” of a corporation as described in
Treasury Regulations Section 1.409A-3(g)(5) (which events are collectively
referred to herein as “Change in Control events”).

    

    
      	
            	
              11.4.i.

            	
              A
      “change in ownership” of the Company occurs on the date that any one
      person, or more than one person acting as a group, acquires ownership of
      stock of the corporation that, together with stock held by such person or
      group, constitutes more that fifty percent (50%) of the total fair market
      value or total voting power of the Company.  However, if any one
      person, or more than one person acting as a group, is considered to own
      more than fifty percent (50%) of the total fair market value or total
      voting power of the stock of the Company, the acquisition of additional
      stock by the same person or persons is not considered to cause a change in
      ownership of the Company (or to cause a change in the effective control of
      the Company (within the meaning of paragraph (b)
  below)).

            

    

    

    
      	
            	
              11.4.ii

            	
              If
      the Company has not undergone a change in ownership under paragraph (a)
      above, a “change in effective control” of the Company occurs on the date
      that either:

            

    

    

    
      	
               
      

            	
              (a)

            	
              Any
      one person, or more than one person acting as a group, acquires (or has
      acquired during the 12-month period ending on the date of the most recent
      acquisition by such person or persons) ownership of stock of the Company
      possessing 30 percent or more of the total voting power of the stock of
      the Company; or

            

    

    
      
         

      

      
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              (b)

            	
              A
      majority of members of the Company’s Board is replaced during any 12-month
      period by directors whose appointment or election is not endorsed by a
      majority of the members of the Company’s Board prior to the date of the
      appointment or election.

            

    

    

    
      	
            	
              11.4.iii

            	
              A
      “change in the ownership of substantial assets” of the Company occurs on
      the date that any one person, or more than one person acting as a group,
      acquires (or has acquired during the 12-month period ending on the date of
      the most recent acquisition by such person or persons) assets from the
      Company that have a total gross fair market value equal to or more than
      forty percent (40%) of the total gross fair market value of all of the
      assets of the Company immediately prior to such acquisition or
      acquisitions.  For this purpose, gross fair market value means
      the value of the assets of the Company, or the value of the assets being
      disposed of, determined without regard to any liabilities associated with
      such assets.

            

    

    

    SECTION
XII

    

    WITHHOLDING
TAXES

    

    The Company may directly or indirectly
withhold from any payments under this Agreement all federal, state, city or
other taxes that shall be required to be withheld pursuant to any law or
governmental regulation.

    

    

    SECTION
XIII

    

    EFFECT
OF PRIOR AGREEMENTS

    

    This Agreement contains the entire
understanding between the Company and the Executive with respect to the subject
matter and supersedes any prior Employment Agreement between the Company and the
Executive, except that this Agreement shall not affect or operate to reduce any
benefits or compensation inuring to the Executive of a kind elsewhere provided
and not expressly provided in this Agreement.

    

    

    SECTION
XIV

    

    CONSOLIDATION,
MERGER, OR SALE OF ASSETS

    

    Nothing in this Agreement shall
preclude the Company from consolidating or merging into or with, or transferring
all or substantially all of its assets to another corporation or person which
assumes this Agreement and all obligations and undertakings of the Company
hereunder. Upon such a Consolidation, Merger, or Sale of Assets the term "the
Company" as used will mean the other corporation and this Agreement shall
continue in full force and effect.

    
      
         

      

      
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    SECTION
XV

    

    MODIFICATION

    

    This Agreement may not be modified or
amended except in writing signed by both parties. No term or condition of this
Agreement will be deemed to have been waived except in writing by the party
charged with waiver. A waiver shall operate only as to the specific term or
condition waived and will not constitute a waiver for the future or act on
anything other than that which is specifically waived.

    SECTION
XVI

    

    COMPLIANCE
WITH SECTION 409A

    

    Notwithstanding any other provisions of
this Agreement, to the extent applicable, this Agreement is intended to comply
with Internal Revenue Code Section 409A and the regulations (or similar
guidance) there under.  To the extent any provision of this Agreement
is contrary to or fails to address the requirements of Code Section 409A, this
Agreement shall be construed and administered as necessary to comply with such
requirements.  If the Executive is considered a “specified employee”
(as defined in Code Section 409A and related treasury regulations) at the time
of any termination of employment under Section 8.1 or Section 11.2 of this
Agreement, a portion of the amount payable to Executive under Section 8.1 or
Section 11.2 shall be delayed for six (6) months following Executive’s Date of
Termination to the extent necessary to comply with the requirements of Code
Section 409A.  Any amounts payable to Executive during six (6) month
period that are delayed due to the limitation in the preceding sentence shall be
made to Executive in a lump sum on or after the first day of the seventh (7th) month
following Executive’s Date of Termination.

    

    SECTION
XVII

    

    GOVERNING
LAW

    

    This Agreement has been executed and
delivered in the State of South Carolina and its validity, interpretation,
performance and enforcement shall be governed by the laws of that
state.

    

    IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed as of
__________ __, 2008 by its duly authorized officers and Executive has hereunto
set his hand.

    

    
      
        
          
            
              
                
                  
                    	 
      	
                            WORLD
      ACCEPTANCE CORPORATION

                          
	 
      	 
      
	 
      	 
      
	 
      	
                            By:

                          	 
      
	 	 	 
	 	      
                            Title: 

                          	 

                  

                

              

            

          

        

      

    

    
      
         

      

      
        - 13
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                 (SEAL)

              
	
                F.
      Javier Sauza

              

      

    

    

    SWORN TO
and subscribed before me,

    this
______ day of _________________, 2008.

    

    _________________________________

    Notary
Public for South Carolina

    My
Commission Expires:_____________

    
      
         

      

      
        - 14
-Exhibit
10.1

       

      EMPLOYMENT
AGREEMENT

       

      THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of the
26th
day of May, 2009 by and between Aerosonic Corporation, hereinafter called “the
Company,” and Kevin J. Purcell, hereinafter called “Executive,” and provides as
follows:

       

      RECITALS

       

      WHEREAS,
the Company desires to hire Executive as Executive Vice President and Chief
Financial Officer and Executive desires to serve in such capacity, subject to
the terms provided herein; and

       

      WHEREAS,
the parties have mutually agreed upon the terms and conditions of Executive’s
employment by the Company as hereinafter set forth.

       

      TERMS OF
AGREEMENT

       

      NOW,
THEREFORE, for and in consideration of the premises and of the mutual promises
and undertakings of the parties as hereinafter set forth, the parties covenant
and agree as follows:

      

      Section
1.              Employment.  Executive
shall be employed as Executive Vice President and Chief Financial Officer
of the Company.  He shall perform such services for the Company as may
be assigned to Executive from time to time upon the terms and conditions
hereinafter set forth.  Executive shall report to the Chief Executive
Officer of the Company.

       

      Section
2.              Term.  This
Agreement shall commence on May 26, 2009, (the “Effective Date”), and
Executive’s employment shall be “at will” and may be terminated by Executive or
the Company in accordance with Section 10 of this
Agreement.

       

      Section
3.             
Exclusive
Service.  Executive shall devote his best efforts and full time
to rendering services on behalf of the Company in furtherance of its best
interests.  Executive shall comply with all policies, standards and
regulations of the Company now or hereafter promulgated, and shall perform his
duties under this Agreement to the best of his abilities and in accordance with
standards of conduct applicable to a chief financial officer of a publicly
traded company.

       

      Section
4.              Salary.

       

      (a)           As
compensation while employed hereunder, Executive, during his faithful
performance of this Agreement, in whatever capacity rendered, shall receive an
annual base salary of $180,000.00, payable on such terms and in a series of
substantially equal installments according to the Company’s normal payroll
practices.  The Company’s Board of Directors, in its discretion, may
adjust Executive’s base salary during the term of this Agreement.

       

      (b)           The
Company shall withhold state and federal income taxes, social security taxes and
such other payroll deductions as may from time to time be required by law or
agreed upon in writing by Executive and the Company.  The Company
shall also withhold and remit to the proper party any amounts agreed to in
writing by the Company and Executive for participation in any corporate
sponsored benefit plans for which a contribution is required.

       

      (c)           Except
as otherwise expressly set forth hereunder, no compensation shall be paid
pursuant to this Agreement in respect of any month or portion thereof subsequent
to any termination of Executive’s employment with the Company.

       

      Section
5.              Benefits.  Executive
shall be entitled, as of July 1, 2009 to participate in or become a participant
in any fringe benefits and employee benefit plans maintained by the Company for
which he is or will become eligible on such terms as the Company’s Board of
Directors may, in its discretion, establish, modify or otherwise change,
consistent with the terms of any such employee benefit
plan.  Executive shall be entitled to four (4) weeks of paid vacation
per year in accordance with the policies of the Company.

       

      Section
6.              Stock Incentive
Plan.  Executive will be entitled to participate in the
Company’s Stock Incentive Plan, as the Company’s Board of Directors, in its
discretion, may decide and to the extent permitted under the terms of the
plan.

       

      Section
7.              Initial Stock Option
Award.  On or as soon as practicable after the date on which
Executive commences employment, the Board of Directors shall grant to Executive
options to purchase a total of 25,000 shares of Common Stock of the Company (the
“Options”).  The exercise price of the Options shall be the fair
market value per share of Common Stock as set by the Board of Directors on the
grant date.  The Options shall be granted under the Company’s 2004
Stock Incentive Plan, as may be amended from time to time (the
“Plan”).  The Options shall be subject to the terms, provisions and
conditions of the Plan.  In the event that any provision of this
Agreement respecting the Options shall conflict with the terms of the Plan,
however, this Agreement shall control.  The Options shall be incentive
stock options, within the meaning of Section 422 of the Internal Revenue Code of
1986, as amended (the “Code”), to the extent permitted by law, and shall have a
10 year term.  The Options shall vest and become exercisable annually
over the first three years of employment, one-third per year, with the first
such vesting to occur on the one-year anniversary of the Effective Date and
subsequent vesting to occur on the same date in each of the following two (2)
years, provided that Executive remains in the employ of the Company continuously
through the applicable vesting date or as otherwise provided in this
Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Section
8.              Bonuses.  Executive
will be eligible to earn a performance bonus of up to thirty-five percent (35%)
of his annual base salary based upon his achieving certain performance
targets/goals achieved, (the basis for which will be established within eight
(8) weeks after the Effective Date) per fiscal year, in cash, stock or other
equity compensation (as determined by the Board of Directors), based on his
achieving certain performance goals and metrics to be determined by the
Company’s Board of Directors; provided, however, that Executive’s performance
bonus, if any, for the fiscal year ending January 31, 2010, shall be prorated
based upon the Effective Date.  Unless the Company’s Board of
Directors determines otherwise in its sole discretion, receipt of bonus under
any such plan or program will not be guaranteed and will depend upon Executive’s
and/or the Company’s performance.

       

       

      Section
9.              Business Expenses;
Relocation Expenses.  The Company shall reimburse Executive for
reasonable and customary business expenses incurred in the conduct of the
Company’s business.  Such expenses will include business meals,
out-of-town lodging and travel expenses, and membership dues and costs to attend
meetings and conventions of business-appropriate organizations and
associations.  Additionally, the Company shall reimburse Executive for
reasonable and documented out-of-pocket expenses all in accordance with the
Company’s policies and procedures, including: (i) the relocation of Executive
from the State of Pennsylvania to Clearwater, Florida; (ii) one house-hunting
trip for Executive and his spouse; and (iii) temporary accommodations (to
include reasonable expenses for meals, lodging, travel expenses) for up to two
(2) months (collectively, the “Relocation Expenses”), the aggregate of all
Relocation Expenses not to exceed $25,000.  Executive agrees to timely
submit records and receipts of reimbursable items and agrees that the Company
can adopt reasonable rules and policies regarding such
reimbursement.  Each approved reimbursement shall be made in no event
later than December 31 of the year following the year in which the expense was
incurred.

      

      Section
10.              Termination.

       

      (a)           Notwithstanding
the cessation of Executive’s employment, the parties hereto shall be required to
carry out any provisions of this Agreement which contemplate performance by them
subsequent to such termination.  In addition, no termination shall
affect any liability or other obligation of either party hereto which shall have
accrued prior to such termination, including, but not limited to, any liability,
loss or damage on account of breach.  No termination of employment
shall terminate the obligation of the Company to make payments of any vested
benefits provided hereunder or pursuant to any Executive benefit plan maintained
by the Company in which Executive participates at the time of such termination
or the obligations of Executive under Sections 11, 12 and
13 of this Agreement.

       

      (b)           Executive’s
employment hereunder may be terminated by Executive upon thirty (30) days
written notice to the Company or at any time by mutual agreement in
writing.

       

      (c)           This
Agreement shall terminate upon the death of Executive; provided, however, that
in such event, in addition to the compensation, (including salary and vested
bonus, if any), accrued as of date of Executive’s death, the Company shall pay
to the estate of Executive the salary which otherwise would have been payable to
Executive from his date of death through then end of the month in which his
death occurs in substantially equal installments at the time such payments would
have been made in accordance with Section 4(a)
beginning with the pay date of the first full payroll period beginning
immediately following the death of Executive, subject to Section
25.

       

      (d)           The
Company may terminate Executive’s employment other than for “Cause,” as defined
in Section
10(e), at any time upon written notice to Executive, which termination
shall be effective immediately.

       

      (e)       
   The Company shall have the right to terminate Executive’s
employment under this Agreement at any time for Cause, which termination shall
be effective immediately.  Termination for “Cause” shall include
termination for Executive’s personal dishonesty, willful misconduct, breach of a
fiduciary duty involving personal profit, willful violation of any law, rule or
regulation (other than traffic violations or similar offenses), conviction of a
felony or of a misdemeanor involving moral turpitude, misappropriation of the
Company’s assets, or a material breach of any other provision of this
Agreement.  In the event Executive’s employment under this Agreement
is terminated for Cause, Executive shall thereafter have no right to receive any
compensation or other benefits under this Agreement.

       

      (f)           The
Company may terminate Executive’s employment under this Agreement, after having
established Executive’s disability, by giving to Executive written notice of its
intention to terminate his employment for disability and his employment with the
Company shall terminate effective on the 90th day after receipt of such notice
if within 90 days after such receipt Executive shall fail to return to the
full-time performance of the essential functions of his position (and if
Executive’s disability has been established pursuant to the definition of
“disability” set forth below).  For purposes of this Agreement,
“disability” means either (i) disability which after the expiration of more than
13 consecutive weeks after its commencement is determined to be total and
permanent by a physician selected and paid for by the Company or its insurers,
and acceptable to Executive or his legal representative, which consent shall not
be unreasonably withheld or (ii) disability as defined in the policy of
disability insurance maintained by the Company for the benefit of Executive,
whichever shall be more favorable to Executive.  Notwithstanding any
other provision of this Agreement, the Company shall comply with all
requirements of the Americans with Disabilities Act, 42 U.S.C. § 12101 et. seq.  Upon
termination for disability, Executive in addition to the compensation (including
salary and vested bonus, if any) accrued as of date of this termination, will
also receive in substantially equal installments the salary that would otherwise
would have been payable to Executive through the end of the month in which such
termination occurs at the time such payments would have been made in accordance
with Section
4(a) beginning with the pay date of the first full payroll period
beginning immediately following the effective date of Executive’s termination of
employment because of Executive’s disability, subject to Section
25.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (g)           In
addition to the compensation (including salary and vested bonus, if any) accrued
as of date of this termination, Executive is entitled to (i) severance pay of
three (3) month’s salary if terminated by the Company within twelve (12) months
from the Effective Date, or (ii) severance pay of six (6) months salary if
Executive is terminated by the Company after Executive has completed more than
twelve (12) months of employment with the Company from the Effective Date.
Executive is not entitled to any severance if the termination is due to “Cause”
as defined in Section
10(e). Payment of severance will be made in substantially equal
installments according to the Company’s normal payroll practices as consistent
with the payment of Executive compensation pursuant to Section
4(a).

       

       

      Section
11.            Confidentiality/Nondisclosure.  Executive
covenants and agrees that any and all information concerning the customers,
businesses and services of the Company of which he has knowledge or access as a
result of his association with the Company in any capacity, shall be deemed
confidential in nature and shall not, without the proper written consent of the
Company, be directly or indirectly used, disseminated, disclosed or published by
Executive to third parties other than in connection with the usual conduct of
the business of the Company.  Such information shall expressly
include, but shall not be limited to, information concerning the Company’s trade
secrets, business operations, business records, customer lists or other customer
information.  Upon termination of employment Executive shall deliver
to the Company all originals and copies of documents, forms, records or other
information, in whatever form it may exist, concerning the Company or its
business, customers, products or services.  In construing this
provision it is agreed that it shall be interpreted broadly so as to provide the
Company with the maximum protection.  This Section 11 shall not
be applicable to any information which, through no misconduct or negligence of
Executive, has previously been disclosed to the public by anyone other than
Executive.  The Confidentiality Agreement dated April 28, 2009 between
the Executive and the Company shall remain in full force and
effect.

       

      Section
12.            Covenants Against
Competition.  Executive acknowledges that he will obtain from
the Company valuable information regarding the business of the Company, and that
the services to be rendered by Executive are of a special character which have
unique value to the Company, the loss of which will not be readily
calculable.  Executive further acknowledges that the customers of the
Company are located throughout the world, and the market of the Company has no
defined geographic boundaries, so a business could be located anywhere in the
world, and certainly within the United States, and compete with the
Company.  In view of the unique value to the Company of the services
of Executive and in light of the confidential information to be obtained by or
disclosed to Executive as hereinabove set forth, including access to the
business plans and methods of operation of the Company, and as a material
inducement to the Company to employ Executive, he covenants and agrees as
follows:

       

      (a)         
 Commencing with the date of this Agreement and continuing for a period of
six (6) months after Executive ceases to be employed by the Company for any
reason, Executive shall not, directly or indirectly, own, operate, manage,
control or participate in the ownership, operation, management or control, or
perform services of a nature substantially similar to those performed or
provided by Executive for the Company during the last twelve months of his
employment, to or for any person, firm, or other entity engaged in the business
of providing products or services which are the same as, or substantially the
same as, those provided by the Company at the time Executive’s employment
ceases, and which are competitive with the Company (‘the
Business”).  The restrictions set forth herein apply only to those
persons, firms, or other entities which are engaged in the Business within the
Continental United States.  Nothing herein shall prohibit Executive
from working (i) for any person, firm or entity that is not in competition with
the Company, or (ii) in any employment position in which he could not cause the
Company any competitive harm.

       

      (b)           Commencing
with the date of this Agreement and continuing for a period of six (6) months
after Executive’s employment ceases, Executive shall not, directly or
indirectly, as a principal, agent, employer, employee, partner, consultant, or
in any other capacity, solicit, divert from the Company or do business with any
customer of the Company, either in whole or in part, for the purpose of
providing any products or services which are the same as or substantially the
same as, and which are competitive with, the Company products and services sold
at the time Executive’s employment ceases.  The phrase “customer” of
the Company means any person or entity (i) to whom Executive has, directly or
indirectly, provided services or products on behalf of the Company at any time
during the 12 months preceding the cessation of Executive’s employment; (ii) to
whom Executive had, directly or indirectly, either met, spoken or communicated
with for the purpose of offering the Company’s services or products during the
12 months preceding the cessation of his employment; or (iii) any person or
entity about whom Executive acquired material information based on his
employment with the Company within 12 months of cessation thereof, and as to
whom Executive has been informed that the Company will be or has been providing
Company products or services.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (c)        
  Commencing with the date of this Agreement and continuing for a
period of six (6) months after he ceases to be employed by the Company for any
reason, Executive shall not, directly or indirectly, recruit, solicit for
employment or employ any person who was an employee of the Company at any time
during the twelve (12) months preceding the cessation of Executive’s
employment.

       

      Section
13.            Remedies.  Executive
agrees that a breach of any of the covenants set forth in Sections 11 or 12 or
their subparts would result in irreparable injury and damage to the Company for
which it would have no adequate remedy at law; and Executive further agrees that
in the event of such a breach, the Company shall be entitled to an immediate
injunction to prevent such violations.  In the event an action is
brought in regard to the covenants set forth in Sections 11 or 12,
the prevailing party shall be entitled to receive all costs and attorneys’ fees
as a result of such breach.

       

      Section
14.            Reasonableness of
Restrictions.  Executive has carefully read and considered the
provisions of Sections
11 and 12 hereof and, having done so, agrees that the restrictions set
forth in such Sections (including but not limited to, the time period of the
restrictions, the geographic restrictions and the restrictions on the scope of
activity set forth in Section 12 hereof)
are fair and reasonable and are reasonably required for the protection for the
interests of the Company, its officers, directors, and other
employees.

       

      Section
15.            Governing
Law.  This Employment Agreement shall be subject to and
construed in accordance with the laws of the State of Florida, without giving
effect to its principles of conflict of laws.

       

      Section
16.            Venue.  Executive
agrees that, at the option of the Company, any action brought to enforce or to
test the enforceability of any provision of this Agreement, may be brought in
either the United States District Court for the Middle District of Florida or
the Circuit Court of Pinellas County, Florida.

       

      Section
17.            Continued
Validity.  In the event that any of the provisions of Sections 11 or 12 (or
their subparts) hereof shall be held to be invalid or unenforceable, the
remaining provisions shall nevertheless continue to be valid and enforceable as
though the invalid or unenforceable parts had not been included
therein.  In the event that any provisions of Section 12 relating
to geographic scope, time period and/or restricted activity shall be declared by
a court of competent jurisdiction to exceed the maximum time period or
restrictions on activities such court deems reasonable and enforceable, the
parties agree that said geographic scope, time period, and/or other restrictions
may be modified by the court in a manner which such court deems reasonable and
enforceable.

       

      Section
18.            Assignability.  This
Agreement shall be binding upon and inure to the benefit of the Company, and may
be assigned by the Company to any person or firm who may succeed to the majority
of the assets of the Company.  This Agreement shall not be assignable
by Executive.

       

      Section
19.            Notices.  Any
and all notices, designations, consents, offers, acceptance or any other
communications provided for herein shall be given in writing and shall be deemed
properly delivered if delivered in person or by registered or certified mail,
return receipt requested, addressed in the case of the Company to its registered
agent or in the case of Executive to his last known address.

       

      Section
20.            Entire
Agreement.

       

      (a)           This
Agreement constitutes the entire agreement among the parties with respect to the
subject matter hereof and supersedes any and all other agreements, either oral
or in writing, among the parties hereto with respect to the subject matter
hereof.

       

      (b)           This
Agreement may be executed in one or more counterparts, each of which shall be
considered an original copy of this Agreement, but all of which together shall
evidence only one agreement.

       

      Section
21.            Amendment and
Waiver.  This Agreement may not be amended except by an
instrument in writing signed by or on behalf of each of the parties
hereto.  No waiver of any provision of this Agreement shall be valid
unless in writing and signed by the person or party to be charged.

       

      Section
22.            Case and
Gender.  Wherever required by the context of this Agreement,
the singular or plural case and the masculine, feminine and neuter genders shall
be interchangeable.

       

      Section
23.            Captions.  The
captions used in this Employment Agreement are intended for descriptive and
reference purposes only and are not intended to affect the meaning of any
Section hereunder.

       

      Section
24.            Section
409A.  This Agreement is intended to comply with the applicable
requirements of Section 409A of the Code and shall be construed and interpreted
in accordance therewith.  Notwithstanding the preceding, the Company
shall not be liable to Executive or any other person if the Internal Revenue
Service or any court or other authority having jurisdiction over such matter
determines for any reason that any payments under this Agreement are subject to
taxes, penalties or interest as a result of failing to comply with Section 409A
of the Code.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Section
25.            Delay of
Payment.  Notwithstanding any other provision of this
Agreement, if Executive is a “specified employee” within the meaning of Section
409A of the Code, to the extent necessary to comply with Section 409A of the
Code, no payments (which are not otherwise exempt) may be made hereunder before
the date which is six months after Executive’s separation from service or, if
earlier, his death.  Any amounts which would have otherwise been
required to be paid during such six months or, if earlier, until Executive’s
death, shall be paid to Executive in one lump sum cash payment as soon as
administratively practical after the date which is six months after Executive’s
separation from service or, if earlier, after Executive’s death.  Any
other payments scheduled to be made under this Agreement shall be made and
provided at the times otherwise designated in this Agreement disregarding the
delay of payment for the payments described in this Section
25.  Additionally, notwithstanding any other provision of this
Agreement, Executive will only be entitled to receive payment on termination of
his employment when the termination of employment qualifies as a “separation
from service” within the meaning of Section 409A of the Code.

       

      

       

      [Signature
Page Follows]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      IN
WITNESS WHEREOF, the Company has caused this Employment Agreement to be signed
by its duly authorized officer and Executive has hereunto set his hand and seal
on the day and year first above written.

      
         

        
          	 
      	
                  AEROSONIC
      CORPORATION

                
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	
                  By:

                	      
        	 
	 
      	 
      	
                  Douglas
      J. Hillman,

                
	 
      	 
      	
                  President
      and Chief Executive Officer

                

        

         

         

        
          	 
      	
                  EXECUTIVE

                
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	
                  By:

                	    
        	 
	 
      	 
      	
                  Kevin
      J. Purcell,

                  Executive
      Vice President,

                  Chief
      Financial Officer

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