Document:

exv10w47

 

Exhibit 10.47

PRIVATE AND CONFIDENTIAL

DATED APRIL 4, 2005

(1) DOLLAR FINANCIAL UK LIMITED

(2) PAUL MILDENSTEIN

SERVICE AGREEMENT

Freeth Cartwright LLP

Cumberland Court

80 Mount Street

Nottingham

NG1 6HH

DX: 10039 NOTTINGHAM

Telephone: 0115 936 9369

Fax: 0115 859 9617

 

 

CONTENTS

	 	 	 	 	 	 	 
	1.

	 	DEFINITIONS AND INTERPRETATION
	 	 	3	 
	 
	 	 	 	 	 	 
	2.

	 	APPOINTMENT, TERM AND NOTICE
	 	 	5	 
	 
	 	 	 	 	 	 
	3.

	 	DUTIES
	 	 	6	 
	 
	 	 	 	 	 	 
	4.

	 	PLACE OF WORK
	 	 	7	 
	 
	 	 	 	 	 	 
	5.

	 	HOURS OF WORK
	 	 	7	 
	 
	 	 	 	 	 	 
	6.

	 	SALARY
	 	 	7	 
	 
	 	 	 	 	 	 
	7.

	 	BONUS AND EQUITY
	 	 	8	 
	 
	 	 	 	 	 	 
	8.

	 	PENSION AND OTHER BENEFITS
	 	 	8	 
	 
	 	 	 	 	 	 
	9.

	 	EXPENSES
	 	 	9	 
	 
	 	 	 	 	 	 
	10.

	 	MOTOR CAR
	 	 	9	 
	 
	 	 	 	 	 	 
	11.

	 	HOLIDAYS
	 	 	9	 
	 
	 	 	 	 	 	 
	12.

	 	ABSENCE FROM WORK
	 	 	10	 
	 
	 	 	 	 	 	 
	13.

	 	OBLIGATIONS DURING EMPLOYMENT
	 	 	11	 
	 
	 	 	 	 	 	 
	14.

	 	TERMINATION OF EMPLOYMENT
	 	 	13	 
	 
	 	 	 	 	 	 
	15.

	 	SALE OR RECONSTRUCTION OF THE COMPANY
	 	 	14	 
	 
	 	 	 	 	 	 
	16.

	 	RESTRICTIONS ON THE EXECUTIVE AFTER TERMINATION OF EMPLOYMENT
	 	 	14	 
	 
	 	 	 	 	 	 
	17.

	 	REDUCTION OF LENGTH OF POST TERMINATION RESTRICTIONS
	 	 	18	 
	 
	 	 	 	 	 	 
	18.

	 	COMPANY PROPERTY
	 	 	18	 
	 
	 	 	 	 	 	 
	19.

	 	INTELLECTUAL PROPERTY
	 	 	18	 
	 
	 	 	 	 	 	 
	20.

	 	DISCIPLINARY AND GRIEVANCE PROCEDURES AND SUSPENSION
	 	 	19	 
	 
	 	 	 	 	 	 
	21.

	 	DEDUCTIONS
	 	 	19	 
	 
	 	 	 	 	 	 
	22.

	 	DATA PROTECTION
	 	 	19	 
	 
	 	 	 	 	 	 
	23.

	 	NOTICES
	 	 	20	 
	 
	 	 	 	 	 	 
	24.

	 	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
	 	 	20	 
	 
	 	 	 	 	 	 
	25.

	 	WARRANTY
	 	 	20	 
	 
	 	 	 	 	 	 
	26.

	 	COLLECTIVE AGREEMENTS
	 	 	20	 
	 
	 	 	 	 	 	 
	27.

	 	LAW AND JURISDICTION
	 	 	21	 

 

 

THIS SERVICE AGREEMENT is made on April 4, 2005

BETWEEN

	 	 	 	 	 
	(1)

	 	the Company
	 	Dollar Financial UK Ltd
	 

	 	 	 	Castlebridge Office Village, Kirtley Drive, Castle
	 

	 	 	 	Marina, Nottingham, NG7 2LD.
	 
	 	 	 	 
	(2)

	 	the Executive
	 	Paul Mildenstein
	 

	 	 	 	2 Redhouse Farm Barn, Beausale, Warwickshire CV35 7NZ.
	 
	 	 	 	 
	 	 	and includes the Particulars of Terms of Employment required by the
Employment Rights Act 1996 (as amended).

OPERATIVE PROVISIONS:

	1.	 	DEFINITIONS AND INTERPRETATION

	 	1.1.	 	In this Agreement the following words and expressions have the following
meanings:

	 	 	 	 	 
	 

	 	Confidential
Information
	 	shall include, but not be limited to, the
following (whether recorded in writing, on
computer disk or in any other manner) trade
secrets; customer data, including but not limited
to, any such information disclosing the names and
addresses of customers and suppliers of the
Company and/or any Group Company, the person at
such contact or supplier to contact, the
requirements of such customer or supplier,
discounts offered by the Company and/or any Group
Company; investment and pricing policies; product
performance data; marketing information;
technical designs or specifications of the

 

 

	 	 	 	 	 
	 

	 	 	 	Company’s products; business plans or dealings
relating to the current or future activities of
the Company and/or any Group Company, including
the timing of all or any such matters; know-how;
computer passwords; product lines; research
activities and results; internal management
accounts, any document marked “confidential” or
any information which the Executive has been told
is confidential or which the Executive might
reasonably expect the Company and/or any Group
Company would regard as confidential or which by
its very nature is confidential to the Company,
or any information which has been given to the
Company and/or any Group Company in confidence by
customers, suppliers or other persons, and
whether or not recorded in documentary form,
computer disk or tape, which the Executive shall
acquire at any time during the Executive’s
employment but which does not form part of the
Executive’s own stock in trade provided that it
shall not include any information or knowledge
which is already in the public domain or may
subsequently come into the public domain after
the Termination Date other than by way of
unauthorised disclosure by the Executive;
	 
	 	 	 	 
	 

	 	Group
	 	the Company and any Group Company;
	 
	 	 	 	 
	 

	 	Group Company
	 	means:
	 
	 	 	 	 
	 

	 	 	 	1.   a holding company of the Company as defined by
s736 of the Companies Act 1985;

 

 

	 	 	 	 	 
	 

	 	 	 	2.   a subsidiary as defined by s736 of the
Companies Act 1985 of the Company, or of its
holding company;

	 
	 	 	 	 
	 

	 	 	 	3.   a company over which the Company has control
within the meaning of s840 of the Income and
Corporation Taxes Act 1988; or

	 
	 	 	 	 
	 

	 	 	 	4.   a subsidiary undertaking of the Company as
defined by s258 of the Companies Act 1985.

	 
	 	 	 	 
	 

	 	Material Interest
	 	the holding of any position as director, officer,
employee, consultant, partner, principal or
agent;
	 
	 	 	 	 
	 

	 	Termination Date
	 	the date on which the Executive’s employment
under this Agreement terminates and references to
“from the Termination Date” mean from and
including the date of termination.

	 	1.2.	 	Unless the context otherwise requires words denoting the singular shall include
the plural and vice versa and reference to any gender shall include all other genders.
	 
	 	1.3.	 	References to the word “include” or “including” are to be construed without
limitation.
	 
	 	1.4.	 	References in this Agreement to statutory provisions include all modifications
and re-enactments of them and all subordinate legislation under them.
	 
	 	1.5.	 	Headings in this Agreement are inserted for convenience only and shall not
affect its construction.

	2.	 	APPOINTMENT, TERM AND NOTICE

	 	2.1.	 	The Company will employ the Executive and the Executive will serve the Company
as its Managing Director.

 

 

	 	2.2.	 	The Executive’s appointment shall commence on July 1, 2005 or sooner and shall
continue (subject to earlier termination as provided in this Agreement) by either party
giving to the other six calendar months’ written notice.
	 
	 	2.3.	 	The Executive agrees that at its absolute discretion the Company may terminate
the Executive’s employment under this Agreement with immediate effect by paying the
Executive in lieu of his notice period or in lieu of the remainder of his notice period
if at the Company’s request the Executive has worked during part of the notice period.
For this purpose, the Executive agrees that the payment in lieu of notice will be his
basic monthly salary and the value of contractual benefits and allowances for his
notice period, after deducting Income Tax and National Insurance contributions, and
specifically excluding from such calculation any, fee, bonus or commission referable to
his employment whether payable under this Agreement or otherwise in respect of that
period.
	 
	 	2.4.	 	The Executive’s continuous employment with the Company for the purposes of the
Employment Rights Act 1996 (as amended) will commence on of before July 1, 2005. No
employment with a previous employer counts as part of the Executive’s period of
continuous employment.

	3.	 	DUTIES

	 	3.1.	 	The Executive will carry out the duties and functions, exercise the powers and
comply with the instructions assigned or given to the Executive from time to time by
Jeff Weiss, Chairman and Chief Executive Officer or Don Gayhardt, President. Except
when prevented by illness, accident or holiday the Executive will devote his time,
attention and skill to the affairs of the Company and/or any Group Company and where
appropriate do his best to promote its interests provided that the Company may at any
time for any reason require the Executive to cease performing and exercising all or any
of the Executive’s duties, functions or powers.
	 
	 	3.2.	 	The Executive will at all times keep Jeff Weiss, Chairman and Chief Executive
Officer or Don Gayhardt, President promptly and fully informed (in writing if so
requested) of the conduct of the business or affairs of the Company and/or any

 

 

	 	 	 	Group Company and provide such explanations and assistance as Jeff Weiss, Chief
Executive Officer or Don Gayhardt, President may require in connection with such
business or affairs and the Executive’s employment under this Agreement.
	 
	 	3.3.	 	The Executive will not without the prior consent of Jeff Weiss, Chairman and
Chief Executive or Don Gayhardt, President accept or take up any other employment nor
will he accept any form of paid or unpaid consultative or other work whilst employed by
the Company (or any Group Company). Existing commitments need to be disclosed prior to
the signing of this agreement to be included and consent for future commitments will be
at the discretion of Jeff Weiss, Chairman and Chief Executive.

	4.	 	PLACE OF WORK

	 	4.1.	 	The Executive will perform the Executive’s duties at Castlebridge Office
Village, Kirtley Drive, Castle Marina, Nottingham, NG7 2LD or such other place of
business of the Company inside or outside of the United Kingdom as the Company may
require.
	 
	 	4.2.	 	In the performance of the Executive’s duties, the Executive may be required to
travel both throughout and outside the United Kingdom.

	5.	 	HOURS OF WORK

	 	5.1.	 	The Company’s normal office hours are from 9:00 am to 5:30 pm Monday to Friday
but the Executive will work such hours as are needed for the proper performance of his
duties including hours outside the Company’s normal office hours without additional
remuneration in order to meet the requirements of the business.

	6.	 	SALARY

	 	6.1.	 	The Executive’s basic annual salary is £150,000 which will accrue from day to
day and be payable monthly in arrears by BACS on the last business day of each month or
the nearest working day before that.

 

 

	 	6.2.	 	The Executive’s salary will be subject to review annually by the Company in its
absolute discretion.

	7.	 	BONUS AND EQUITY

	 	7.1.	 	The Executive may while employed by the Company be entitled to an equity
incentive and to be paid a bonus of such amount and on such terms as may be agreed
between the Company and the Executive and to be set out in a separate agreement between
the Company and the Executive.
	 
	 	7.2.	 	The Company reserves the right in its absolute discretion to vary the terms of
and/or the measurement criteria of bonus payable under this Agreement.

	8.	 	PENSION AND OTHER BENEFITS

	 	8.1.	 	The Executive will be entitled to participate in the Company’s pension scheme
subject to and upon the rules of the pension scheme from time to time in effect. A
copy of the rules of the pension scheme can be obtained from the Company on request.
	 
	 	8.2.	 	The Company will contribute in equal monthly instalments an amount equal to 5%
of the Executive’s basic salary (or, if less, the maximum amount permitted by the
Inland Revenue) during each year of his employment under this Agreement to the pension
scheme referred to in Clause 8.1; PROVIDED THAT, as a condition of making such
contribution, the Company may require the Executive to contribute 5% of his basic
salary to such pension scheme.
	 
	 	8.3.	 	There is no contracting out certificate in force in respect of the Executive’s
employment under the provisions of the Pension Schemes Act 1993.
	 
	 	8.4.	 	During the Executive’s employment the Company will provide the Executive at the
Company’s expense with Death in Service Benefit at the rate of 4 times basic salary
under the Company’s scheme subject to and upon the rules of the scheme from time to
time in force and to the Executive being eligible to participate in or benefit from the
scheme.
	 
	 	8.5.	 	During the Executive’s employment the Company will provide the Executive and
his immediate family at the Company’s expense with cover under the Company’s

 

 

	 	 	 	Private Healthcare Scheme subject to and upon the rules of the said scheme from time
to time in force and to the Executive (and where appropriate the Executive’s family)
being eligible to participate in or benefit from the scheme.
	 
	 	8.6.	 	In respect of the benefits provided to the Executive under this Clause 8 the
Company reserves the right to terminate or substitute other schemes for them or amend
the scale or level of benefits.

	9.	 	EXPENSES
	 
	 	 	The Company will reimburse to the Executive all business expenses reasonably and properly
incurred in the performance of the Executive’s duties under this Agreement on hotel,
traveling, entertainment and other similar items provided that the Executive produces to the
Company all appropriate receipts or other satisfactory evidence of expenditure.

	10.	 	MOTOR CAR

	 	10.1.	 	The Company shall provide the Executive with a car allowance in the sum of
£15,000 per annum, to be paid on a monthly schedule.

	11.	 	HOLIDAYS

	 	11.1.	 	In this clause “holiday year” means the period from January 1st to December
31’s in each year.
	 
	 	11.2.	 	In addition to statutory bank and public holidays the Executive will be
entitled to 25 working days’ paid holiday in each holiday year.
	 
	 	11.3.	 	All holidays are to be taken at such times as may be approved by Jeff Weiss,
Chairman and Chief Executive Officer or Don Gayhardt, President with two weeks notice.
	 
	 	11.4.	 	The Executive may not carry holiday forward to the following holiday year
without express permission of Jeff Weiss or Don Gayhardt.
	 
	 	11.5.	 	The Executive will not be entitled to any pay in lieu of holiday except when
employment terminates and the Executive has not taken his accrued entitlement as

 

 

	 	 	 	at the Termination Date. On termination, the Executive’s holiday entitlement will
be calculated pro-rata.
	 
	 	11.6.	 	Where the Executive has taken more or less than his holiday entitlement in the
holiday year in which the employment terminates, a proportionate adjustment will be
made by way of addition to or deduction from as appropriate the Executive’s final gross
salary calculated on a pro-rate basis. A day’s pay for the purposes of this Clause 11
will be 1/260 of the Executive’s annual basic salary.

	12.	 	ABSENCE FROM WORK

	 	12.1.	 	If the Executive is absent from work due to illness injury or other incapacity
the Executive must notify the Company as soon as possible on the first day of absence
that the Executive will be unable to attend. The Executive must then keep the Company
informed on a regular basis of his progress and when he expects to return to work.
	 
	 	12.2.	 	If the Executive is absent from work for between three to seven days
(including weekends), the Executive is required to complete a self-certification form
stating the dates and reason for absence including details of illness, injury or
incapacity on non working days as this information is required by the Company to
calculate Statutory Sick Pay (“SSP”) entitlement.
	 
	 	12.3.	 	If the Executive is absent from work due to illness or inquiry which continues
for seven or more consecutive days (including weekends) the Executive must provide the
Company with a medical certificate and give or send it immediately to the Company. If
absence is prolonged the Executive should continue to submit regular medical
certificates, on a weekly basis, to cover the entire period of his absence and to keep
the Company informed generally as to the Executive’s condition and the likely date of
return to work.
	 
	 	12.4.	 	“Qualifying days” for SSP purposes are Monday to Friday inclusive. The first
three qualifying days are waiting days for which no SSP is payable.
	 
	 	12.5.	 	Failure to comply with the above procedures may disqualify the Executive from
receiving SSP.

 

 

	 	12.6.	 	The Company will be entitled, at its expense, to require the Executive to be
examined by an independent medical practitioner of the Company’s choice at any time and
the Executive agrees that the Doctor carrying out the examination may disclose to and
discuss with the Company the results of the examination.

	13.	 	OBLIGATIONS DURING EMPLOYMENT

	 	13.1.	 	During employment by the Company the Executive shall:

	 	13.1.1.	 	abide by any relevant Company policy, rule or procedure which may be in
force from time to time;
	 
	 	13.1.2.	 	not without the Company’s prior written consent hold any Material Interest
in any person, firm, company, business or organisation which:

	 	13.1.2.1.	 	is in direct competition with the Company or the Group in
cheque cashing or pay day cash advances;
	 
	 	13.1.2.2.	 	impairs or might reasonably be thought by the Company or the
Group to impair the Executive’s ability to act at all times in the
best interests of the Company; or
	 
	 	13.1.2.3.	 	requires the Executive to disclose Confidential Information in
order properly to discharge his duties to or further his interest in
such person, firm, company, organisation or business;

	 	13.1.3.	 	not divulge Confidential Information or obtain or seek to obtain any direct
or indirect financial advantage from the disclosure of such information
provided that this obligation not to divulge Confidential Information does not
apply to disclosures made with the prior consent of the Company and/or the
Group or required by a Court Order;
	 
	 	13.1.4.	 	not directly or indirectly receive or obtain in respect of any goods or
services sold or purchased or other business transacted (whether or not by the
Executive) by or on behalf of the Company and/or the Group any discount,
rebate, commission or other inducement (whether in cash or in kind) which is
not authorised by the Company’s or Group’s rules or guidelines from time to
time and if the Executive or any

 

 

	 	 	 	person, firm, company, organisation or business in which the Executive
holds any Material Interest shall obtain any such discount, rebate,
commission or inducement the Executive shall immediately account to the
Company and/or the Group for the amount the Executive or they receive;
	 
	 	13.1.5.	 	not introduce to any person, firm or company any business of any kind with
which the Company or any Group Company for which the Executive has performed
services under this Agreement is able to deal and not have any financial
interest in, or derive any financial benefit from, contracts or transactions
entered into by the Company or any other Group Company for which the Executive
performed services under this Agreement with any third party, without first
disclosing such Interest or benefit to the Jeff Weiss or Don Gayhardt and
obtaining their approval;
	 
	 	13.1.6.	 	not make any notes or memoranda relating to any matter within the scope of
the business dealings or affairs of the Company or any Group Company otherwise
than for the benefit of the Company or the Group or without the prior consent
of Jeff Weiss or Don Gayhardt, remove from the Company premises or copy or
allow others to copy the contents of any document, disk, tape or other tangible
items which contains any Confidential Information or which belongs to the
Company or the Group;
	 
	 	13.1.7.	 	if so requested by the Company delete all Confidential Information from any
computer disks, tapes or other reusable material in the Executive’s possession
or under the Executive’s control and destroy all other documents and tangible
items in the Executive’s possession or under the Executive’s control which
contain or refer to any Confidential Information;

	 	13.2.	 	The provisions of this Clause 13 are subject to the Public Interest Disclosure
Act 1998 and the Executive’s rights under that Act are unaffected.

 

 

	14.	 	TERMINATION OF EMPLOYMENT

	 	14.1.	 	The Company may terminate the Executive’s employment immediately by notice in
writing without any entitlement to notice or payment in lieu of notice (under Clause
2.3), any compensation, damages or remuneration for subsequent periods payable by
virtue of common law or any statute if the Executive:

	 	14.1.1.	 	commits, repeats or continues (after written warning) any serious breach of
this Agreement;
	 
	 	14.1.2.	 	is guilty of gross misconduct as defined in the Company’s disciplinary
procedure)
	 
	 	14.1.3.	 	commits any act of dishonesty relating to the Company or any Group Company;
	 
	 	14.1.4.	 	is convicted of any criminal offence (other than an offence which does not
in the opinion of the Board affect the Executive’s employment under road
traffic legislation in the United Kingdom or elsewhere for which the Executive
is not sentenced to any term of imprisonment, whether immediate or suspended);
	 
	 	14.1.5.	 	becomes bankrupt or enters into or makes any arrangement or composition with
or for the benefit of his creditor generally.

	 	14.2.	 	This Agreement shall automatically terminate on the Executive reaching age 65
(the “Retirement Date”) unless the Company and the Executive agree at any time prior to
the Retirement Date that the Agreement should continue after the Retirement Date.
	 
	 	14.3.	 	Where either party gives notice to terminate this Agreement under Clause 2.2
or if the Executive resigns without notice and the Company does not accept the
resignation the Company may in its absolute discretion for all or part of the notice
period under Clause 2.2 exclude the Executive from its premises; and/or require the
Executive to resign carry out specified duties for the Company other than those
referred to in Clause 3 or to carry out no duties; and/or instruct the Executive not to
communicate with suppliers, customers, employees, agents or representatives of the
Company or any Group Company until the employment has

 

 

	 	 	 	terminated. During the notice period the Executive will be entitled to be paid
salary and all other contractual benefits in accordance with this Agreement.
	 
	 	14.4.	 	On commencement of any period of exclusion pursuant to Clause 14.3 the
Executive will deliver up to the Company in accordance with Clause 18 all property
belonging to the Company or any Group Company.

	15.	 	SALE OR RECONSTRUCTION OF THE COMPANY
	 
	 	 	The Executive will have no claim against the Company or any Group Company in respect of the
termination of his employment under this Agreement in connection with the sale of the whole
or a substantial part of the business or undertaking of the Company or on or in connection
with the sale by the Company of any Group Company or on or by reason of the liquidation of
the Company for the purposes of amalgamation or reconstruction (whether or not by reason of
insolvency) if Executive is offered employment on no less favourable terms than those
contained in this Agreement (apart from the identity of the employer) with any person, firm
or company as a result of such sale or of such amalgamation or reconstruction.
	 
	16.	 	RESTRICTIONS ON THE EXECUTIVE AFTER TERMINATION OF EMPLOYMENT

	 	16.1.	 	Definitions
	 
	 	 	 	In this Clause 16 the following words and expressions have the following meanings:

	 	 	 	 	 
	 

	 	Businesses
	 	The business of cheque cashing and pay day
cash advances
	 
	 	 	 	 
	 

	 	Critical Person
	 	any person who was an employee, director or
consultant employed or engaged by the Company
or any Group Company at any time within the
Relevant Period and with whom the Executive
had direct or indirect contact or frequent
dealings with or was responsible for and who
by reason of such employment or engagement and
in particular his seniority and the expertise
or knowledge of trade

 

 

	 	 	 	 	 
	 

	 	 	 	secrets or Confidential
Information of the Company or any Group
Company or knowledge of or influence over the
clients, customers or suppliers of the Company
or any Group Company is likely to be able to
assist or benefit the business in or proposing
to be in competition with the Company or any
Group Company;
	 
	 	 	 	 
	 

	 	Relevant Customer
	 	any person, firm or company who or which at
any time during the Relevant Period is or was
negotiating with, a client of customer of, or
in the habit of dealing with, the Company or
any Group Company for the sale or supply of
Relevant Products or Services, and with whom
the Executive had personal contact or dealings
on behalf of the Businesses or of which the
Executive had personal knowledge during the
Relevant Period in the course of the
Executive’s employment under this Agreement;
	 
	 	 	 	 
	 

	 	Relevant Period
	 	the period of one year immediately before the
Termination Date;
	 
	 	 	 	 
	 

	 	Relevant Products or
Services
	 	Cheque cashing and pay day cash advances
	 
	 	 	 	 
	 

	 	Restricted Territory
	 	Within the United Kingdom.

	 	16.2.	 	Reasonableness of Restrictions
	 
	 	 	 	The Executive acknowledges that in the ordinary course of his employment the
Executive will be exposed to Confidential Information arid the Company’s and
Group’s, customers, suppliers and employees for the purposes of the Businesses. The
Executive acknowledges that such Confidential Information and contact with
customers, suppliers and employees may not be readily available to others engaged in
a business similar to that of the Company or any Group Company or to the general
public and that a disclosure of Confidential Information and or contact with
customers, suppliers and/or employees as set out in Clause 16.5 will be liable to
cause significant harm to the Company or any Group Company. The Executive agrees
that the provisions of this Clause 16 are necessary and

 

 

	 	 	 	reasonable to protect the legitimate interests of the Company and the Group and
its/their customers.
	 
	 	16.3.	 	Confidential Information
	 
	 	 	 	After the termination of employment for whatever reason the Executive will not at
any time and in any manner use or divulge or communicate to any person, firm,
company or other organisation any Confidential Information except if such disclosure
is with the prior written consent of the Company or required by a Court Order.
	 
	 	16.4.	 	Non Competition

	 	16.4.1.	 	The Executive agrees that he will not, without the prior consent of the
Company, directly or indirectly and whether alone or in conjunction with or on
behalf of any other person and whether as principal, shareholder, director,
executive, employee, agent, consultant, independent contractor, partner or
otherwise for a period of 12 months from the Termination Date:

	 	16.4.1.1.	 	be engaged, concerned or interested in, or provide technical,
commercial, or professional advice to, any other business which
supplies cheque cashing and pay day cash advances in competition
with the Company or any Group Company in the UK

	 	16.5.	 	Non-Solicitation/Dealing/Poaching/Interference

	 	16.5.1.	 	The Executive agrees that he will not, without the prior consent of the
Company, directly or indirectly and whether alone or in conjunction with or on
behalf of any other person and whether as principal, shareholder, director,
executive, employee, agent, consultant, independent contractor, partner or
otherwise:

	 	16.5.1.1.	 	for a period of 12 months from the Termination Date so as to
compete with the Businesses, canvass, solicit or approach or cause
to be canvassed, solicited or approached any Relevant Customer for
the sale or supply of Relevant Products or Services or endeavour to
do so;

 

 

	 	16.5.1.2.	 	for a period of 12 months from the Termination Date in
connection with any business in or proposing to be in competition
with the Company, solicit, induce or entice away from the Company,
employ. seek to employ, engage or appoint or in any way cause to be
employed, engaged or appointed a Critical Person, whether or not
such a person would commit any breach of his/his contract of
employment or engagement by leaving the service of the Company;
	 
	 	16.5.1.3.	 	for a period of 12 months from the Termination Date interfere
with the continuance of supplies to the Company from any suppliers
who have been supplying materials or services to the Company at any
time during the Relevant Period and with whom the Executive has had
personal contact.

	 	16.6.	 	Notwithstanding Clause 16.7 each covenant contained in Clauses 16 shall be
construed as a separate covenant and, if one or more of the covenants is held to be
against the public interest or unlawful or in any way an unreasonable restraint of
trade, the remaining covenants shall continue to bind the Executive.
	 
	 	16.7.	 	Whilst the covenants in Clause 16 are considered by the parties to be
reasonable in all the circumstances as at the date of this Agreement the Company may by
notice in writing at any time to the Executive reduce in whole or in part the extent or
duration of the restrictions in them in such manner and to such extent as the Company
in its absolute discretion determines and the Executive then agrees to be bound by such
additional covenants in the form reduced and the validity of any other covenant and
provision contained in this Agreement shall not be affected.
	 
	 	16.8.	 	If the Executive applies for or is offered new employment, or a new
engagement, before entering into any related contract the Executive will bring the
terms of this Agreement to the attention of the third party proposing, directly or
indirectly, to appoint or engage the Executive.

 

 

	 	16.9.	 	Clause 16 of this Agreement shall apply as though references to “Group
Company” were substituted for existing references to the “Company.” The Executive’s
obligations pursuant to such clause will with respect to each Group Company, constitute
a separate and distinct covenant and the invalidity or enforceability of any such
covenant shall not affect the validity or enforceability of the covenants in favour of
the Company or any other Group Company.

	17.	 	REDUCTION OF LENGTH OF POST TERMINATION RESTRICTIONS
	 
	 	 	The parties agree that the periods referred to in Clauses 16.4 and 16.5 will be reduced by
one day for every day during which pursuant to Clause 14.3 the Executive is excluded from
the Company’s premises and/or required not to undertake the Executive’s normal duties.
	 
	18.	 	COMPANY PROPERTY
	 
	 	 	On request and in any event of the termination of his employment, the Executive will
immediately return to the Company all originals and copies of all documents, computer disks
and tapes and other tangible items in the Executive’s possession or under the Executive’s
control which belong to the Company or the Group and/or which contain or refer to any
Confidential Information or which in any other way relate or belong to the Company or the
Group.
	 
	19.	 	INTELLECTUAL PROPERTY
	 
	 	 	All present and future copyright, know-how, rights to prevent unauthorised extraction and
other intellectual property rights in any product or work developed or partly developed by
the Executive during the course of the employment with the Company shall remain the sole and
exclusive property of the Company and this Agreement does not purport to grant, assign or
transfer any rights in such products or works to the Executive.

 

 

	20.	 	DISCIPLINARY AND GRIEVANCE PROCEDURES AND SUSPENSION

	 	20.1.	 	The Company has a disciplinary procedure a copy of which is available on
request from the Company. The disciplinary procedure is not incorporated by reference
to this Agreement and does not form part of it.
	 
	 	20.2.	 	If the Executive has a grievance in relation to the employment or is
dissatisfied with a disciplinary decision against the Executive, the Executive may
apply in writing to Jeff Weiss, Chairman and Chief Executive Officer. This right to
raise a grievance does not form part of the Executive’s contract of employment.
	 
	 	20.3.	 	The Company is entitled (without prejudice to its rights consequently to
terminate this Agreement on the same or any other ground) to suspend the Executive on
full pay including bonuses, equity and allowances for so long as may be reasonably
necessary to carry out any investigation, including, but not limited to, any
investigation under the disciplinary procedure and hold a disciplinary hearing and may
require the Executive during such period: not to enter any premises of the Company or
any Group Company and to abstain from contacting any customers, suppliers or employees
of the Company or any Group Company provided that the Executive shall not be employed
by or provide services to any third party during the period for which he is suspended.

	21.	 	DEDUCTIONS
	 
	 	 	The Executive authorises the Company to deduct from his remuneration (including salary, pay
in lieu of notice, commission, bonus, and holiday pay) at any time during the employment or
in any event on termination of employment any monies owed by the Executive to the Company or
any Group Company.
	 
	22.	 	DATA PROTECTION

	 	22.1.	 	The Executive gives the Company permission to collect, retain and process
information about him, including but not limited to details of his date of birth, sex
and ethnic origin. The Company warrants that this information will only be used

 

 

	 	 	 	in order that the Company can monitor its compliance with the law and best practice
in terms of equal opportunities and non-discrimination.
	 
	 	22.2.	 	Should the Executive’s personal circumstances change such as to render out the
date the information held by the Company, he should notify the Company immediately.

	23.	 	NOTICES

	 	23.1.	 	Any notice given under this Agreement shall be in writing and shall be served
on the party (in the case of the Executive) at the above address or any other address
notified by the Executive to the Company or (in the case of the Company) at its
registered office.
	 
	 	23.2.	 	Any notice shall be taken to have been received on the date and time of its
actual receipt.

	24.	 	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
	 
	 	 	Notwithstanding any other provision of this Agreement, save in relation to Group Companies,
for the purposes of the Contracts (Rights of Third Parties) Act 1999, this Agreement is not
intended to, and does not, give any person who is not a party to it any right to enforce any
of its provisions.
	 
	25.	 	WARRANTY
	 
	 	 	The Executive warrants to the Company that by virtue of entering into this Agreement the
Executive will not be in breach of any express or implied terms of any contract with or any
obligation to any third party binding upon the Executive.
	 
	26.	 	COLLECTIVE AGREEMENTS
	 
	 	 	There are no collective agreements in place which affect the Executive’s employment with the
Company.

 

 

	27.	 	LAW AND JURISDICTION
	 
	 	 	The Agreement will be governed by and interpreted in accordance with English law and the
parties irrevocably agree to submit to the jurisdiction of the English courts over any claim
or matter or to settle any dispute which may arise out of or in connection with this
Agreement and that accordingly any proceedings may be brought in such courts.

 

 

EXECUTION AND DELIVERY

This document is executed as a deed and delivered on the date set out at the beginning of this
Agreement.

SIGNED as a DEED by

Dollar Financial UK Limited

acting by two Directors

or a Director and Secretary:

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Jeffrey Weiss, Chairman and CEO / Date
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Donald Gayhardt, President / Date
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Paul Mildenstein / Date
	 
	 	 	 	 	 	 
	SIGNED as a DEED by	 	 
	 
	 	 	 	 	 	 
	Paul Mildenstein	 	 
	 
	 	 	 	 	 	 
	in the presence of:	 	 
	 
	 	 	 	 	 	 
	Witness Signature:	 	 	 	 
	 
	 	 
	 

	 	 	 	 

	 	 
	Name:
	 	 	 	 	 	 
	 
	 	 
	 
	 	 	 	 	 	 
	Address:exv10w49

 

Exhibit 10.49

September 9, 2006

PRIVATE

Mr. Roy Hibberd

One Vista Court

Englishtown, NJ 07726

Dear Roy:

We are pleased to confirm our offer to you for the position of SVP-Franchise Relations for We The
People USA, Inc., and, SVP and General Counsel for Dollar Financial Group, Inc. (“Dollar”). Should
you accept our offer, your compensation and benefits package shall be as follows:

START DATE July 26, 2005

COMPENSATION $210,000 annual base salary. Base salary will be reviewed annually.

EQUITY Executive shall participate in all equity plans and grants commensurate with
similarly situated executives of Dollar.

BONUS As additional compensation for your services, Dollar shall pay or cause one of its
subsidiaries to pay a cash bonus with respect to each fiscal year payable within thirty (30)
days after the conclusion of the financial audit of the relevant fiscal year.

The actual bonus due shall be determined based on the achievement by Dollar of target annual
income before interest, income taxes, depreciation, amortization and management fees
(“EBITDA”) as determined by the aforesaid independent audit. EBITDA targets shall be
determined by the board of directors of Dollar, in good faith, and shall be adjusted
equitably for acquisitions, divestitures or other significant events occurring in the fiscal
year.

The amount of the bonus due shall be a percentage of your base salary, with the percentage
determined as follows: (a) if Dollar achieves EBITDA of greater than or equal to 95% of
target EBITDA, 20% of base salary plus 4% of base salary for each 1% that EBITDA exceeds 95%
of target EBITDA, up to a maximum of 20% of base salary (bringing the total cash bonus
payable under section (a) to a total of 40% of base salary if Dollar achieves 100% of target
EBITDA); plus (b) if Dollar achieves EBITDA of greater than or equal to 101% of target
EBITDA, 2% of base salary for each 1% that EBITDA exceeds 100% of target EBITDA, up to a
maximum of 10% of base salary. Thus, by way of example, if Dollar achieves EBITDA of 105%
of target, Executive’s bonus will be 20% + 20% +10% = 50% of base salary. Should your
employment terminate for any reason, no bonus compensation for the year in which termination
or resignation occurs shall be payable.

Regardless of whether an EBITDA target is achieved, no bonus compensation will be paid or
payable if Dollar has defaulted or is not current on its debt payment obligations under any
of its then outstanding credit facilities, indentures or other debt instruments; provided,
that such withheld compensation shall be paid if such default is of a technical and
non-substantive nature and is cured within thirty (30) days of notice thereof.

 

 

AUTO ALLOWANCE Dollar agrees to a monthly car allowance of $750.

RELOCATION ALLOWANCE Dollar agrees to reimburse moving-related expenses per the attached
relocation policy. This allowance will be available to Executive for at least 36 months
from date of employment, unless extended further by mutual agreement.

TERMINATION a) Change in control: In the event that your employment is
terminated by Dollar in relation to a Change of Control (as defined herein), or you
terminate your employment for Good Reason (as defined herein), you shall be paid your Base
Salary in equal installments in accordance with past payroll practices of Dollar for
eighteen months following the date of your termination, at a rate equal to 100% of your Base
Salary in effect on the last day of your employment with Dollar.

For purposes of this Agreement, a Change of Control shall be deemed to have occurred if and
when:

     i) a person or entity other than Green Equity Investors II, L.P., or any
affiliate, related party or entity controlled by Leonard Green & Partners, L.P., or
sponsored fund thereof (collectively “GEI II”) owns equity securities having at
least 51% of the voting power of Dollar (or any successor or surviving entity);

     ii) either DFG or Dollar becomes a subsidiary of an entity unaffiliated with
GEI II or shall be merged or consolidated into another entity and the voting power
of the surviving entity is owned at least 51% by a person or entity other than GEI
II; or

     iii) all or substantially all of the assets of either DFG or Dollar shall have
been sold to a party or parties the equity of which is owned at least 51% by a
person or entity other than GEI II.

b) Termination other than for cause: In the event that your employment is terminated
by Dollar, other than for Cause (as defined herein), you shall be paid your Base Salary in
equal installments in accordance with past payroll practices of Dollar for nine months
following the date of your termination, at a rate equal to 100% of your Base Salary in
effect on the last day of your employment with Dollar. In addition, you shall be paid your
Base Salary in equal installments in accordance with past payroll practices of Dollar for
nine months following the date which is nine months from your termination date at a rate
equal to 50% of your Base Salary in effect on the last day of your employment with Dollar.

For purposes of this Agreement, cause shall be defined as

     i) Executive’s failure to cure or remedy any material mismanagement or gross
negligence in the management of Employer’s business within fifteen (15) days after
written notice by Employer of such mismanagement or negligence;

     ii) Executive’s willful refusal, after written notice by Employer, to cure
within a period of fifteen (15) days any material breach of this Agreement or
failure to perform any material obligation set forth herein;

     iii) an act of fraud, theft, dishonesty or deceit committed against the
Employer, including any intentional material misrepresentation to the board of
directors of Dollar; or

     iv) a final non-appealable adjudication in a criminal or civil proceeding
(including any settlement or plea of nolo contendere) that Executive has committed a
fraud, dishonest act, an act of moral turpitude or any other felony relating to or
adversely affecting Executive’s employment, the business of the Employer or the
ability of Executive to perform his obligations herein).

 

 

c) Termination by Executive for Good Reason: Executive shall have the right to
terminate his employment upon 30 days notice to the Company for the occurrence of any of the
following events which shall all be considered “Good Reason” so Executive termination:

     i) Dolllar acts to materially reduce Executive’s duties or responsibilities
hereunder: or

     ii) Dollar acts to change the geographic location of the performance of
Executive’s duties from the Philadelphia, PA metropolitan area.

     In the event of termination for Good Reason, Executive’s severance compensation and duration
of payment will be the same as Change in Control.

RESTRICTIVE COVENANTS In consideration of your employment with WTP, you agree that you will
not, at any time during the term of your employment and for a period of two years following
the termination of your employment for any reason (or to such lesser extent and for such
lesser period as may be deemed enforceable by a court of competent jurisdiction, it being
the intent of the parties that this agreement shall be so enforced): (a) directly or
indirectly engage in the United States, Canada or any other country in which any one or more
of Dollar Financial Corp., Dollar Financial Group, Inc., WTP and any of their respective
subsidiaries and affiliates (collectively hereinafter referred to as “Dollar”) now or
hereafter conducts business, in any business in direct competition with any business
conducted by Dollar at the time of termination or any business that Dollar has a bona fide
plan to commence or enter into, either as an officer, director, employee, independent
contractor, agent, consultant, lender or as a 2% or greater owner, partner, or stockholder;
(b) directly or indirectly cause or request a curtailment or cancellation of any significant
business relationship that Dollar has with a current or prospective vendor, business
partner, supplier or other service or goods provider that would have a material adverse
impact on the business of Dollar; or (c) directly or indirectly induce or attempt to
influence any employee or consultant of Dollar to terminate his or her employment or
consultant relationship with Dollar.

In addition to and without limiting the foregoing, during the term of your employment at all
times following the termination of your employment for any reason, whether before or after
the expiration of the employment term set forth above, you shall not at any time directly or
indirectly disclose, use, transfer or sell to any person, firm or other entity any trade,
technical or technological secrets, any details of organization or business affairs, or any
confidential or proprietary information of Dollar.

INVENTIONS All patents, trademarks, trade names, copyrights, inventions, discoveries,
financial models, computer software, graphics products, advertising products, promotional
materials, market studies and business plans (collectively, the “Intellectual Property”)
relating to Dollar’s business that you may make, conceive or learn during the term of your
employment (whether before, during or after the term of employment, whether during working
hours or otherwise) or within six (6) months following the termination of your employment
for any reason shall be the exclusive property of Dollar. You agree to disclose any such
Intellectual Property to the board of directors of WTP and to do at Dollar’s expense all
lawful things necessary or useful to assist Dollar in securing their full enjoyment and
protection.

DOLLAR PROPERTY You further agree, at Dollar’s request at any time and from time to time
during the term of your employment, and upon termination of your employment for any reason,
to deliver possession of all property, including but not limited to, documents or materials
relating to Dollar’ business and all evidence of or records relating to Dollar’s customers,
all of which property, documents, materials and/or customer and business records and other
property shall be at all times property of Dollar.

 

 

In the event of any breach or threatened breach by you of any of the provisions of this
letter under the heading “Restrictive Covenants”, “Inventions” and “Dollar Property” Dollar
may apply to any court of competent jurisdiction to enjoin such breach. Any such remedy
shall be in addition to Dollar’s remedies at law under such circumstances.

BENEFITS

Health Insurance Dollar offers a choice of three medical plans at a bi-weekly payroll
deduction. Eligibility begins on your date of employment.

Dental Insurance Dollar offers dental insurance at an additional bi-weekly payroll
deduction. Eligibility begins on your date of employment.

Life Insurance All employees are automatically covered for Life Insurance. Your life
insurance coverage is equal to $100,000. Eligibility begins on your date of employment.
Additionally, you may purchase supplemental life or supplemental AD&D coverage for yourself,
your spouse or your dependent children through payroll deduction.

Short Term Disability Salaried employees are eligible for Short Term Disability Insurance
with a bi-weekly payroll deduction. Your short term disability coverage is equal to
approximately 60% of your salary but not greater than $500 weekly. There is a 14 day
elimination period and coverage extends up to 26 weeks. Eligibility begins on your date of
employment.

Long Term Disability Salaried employees are eligible for Long Term Disability Insurance with
a bi-weekly payroll deduction. Your long term disability coverage is equal to approximately
60% of your basic monthly salary (up to a maximum benefit of $10,000 monthly) after a 26
week elimination period. Eligibility begins on your date of employment.

401(k) Plan You will become eligible for this program on the open enrollment date following
6 months of service. Open enrollment in our Retirement Plan is the 1st of every
calendar quarter. Dollar matches 50% of your contributions up to a maximum employee
contribution of 8%. Company matching is vested at 20% for each year of service.

Holidays You will be eligible for eight (8) paid holidays. The holiday schedule shall be
forwarded to you during your first week of employment.

Personal Time You will be awarded 12 hours of personal time for every 3 months of full-time
service (a total of 6 days per anniversary year). You may carry over a maximum of 12
personal hours on your anniversary date. Personal time must be used in 8 hour increments.
There is no payment for personal days earned but not taken.

Vacation You will be awarded one week vacation for every
three months of service completed. Awarded
vacation must be taken within one year (12 months)
in which the vacation is awarded. There is no
payment for vacation awarded but not taken.

EXPIRATION OF BENEFITS All benefits expire on your date of termination.

REPORTING RELATIONSHIP While serving in this position, you will report directly to Don
Gayhardt, President.

Speaking for myself and everyone at DFG, we look forward to working with you.

Sincerely,

 

 

Melissa Soper

Vice President, Human Resources

Mr. Roy HIbberd

September 9, 2006

ACCEPTANCE This letter contains the entire agreement between you and Dollar. There are no
other oral or written agreements between you and Dollar. Please confirm that this letter
accurately sets forth our understanding by signing and returning this letter.

Accepted and Agreed to:

	 	 	 
	 

Name

	 	 
	 
	 	 
	 
	 	 
	 

Date

	 	 

 

 

APPROVED RELOCATION EXPENSES

FOR ROY HIBBERD

POLICY

During the relocation of executives, a considerable number of expenses may be incurred; therefore,
certain requirements are necessary to ensure that these relocation expenses are proper and have
been previously authorized.

PROCEDURES

	1.	 	Reimbursement and/or payment of relocation expenses is not automatic but will be made if the
expense or expenses are within the parameters defined herein.
	 
	2.	 	For reimbursements of approved relocation expenses, an Expense Form should be completed with
all receipts attached. All exceptions to this relocation policy must be approved by the
President of Dollar Financial Corp.
	 
	3.	 	The following expenses are allowed under this relocation policy:

	 	a.	 	House hunting trips — Two house hunting trips not to exceed two (2) persons
(executive and spouse) per trip for a total of three (3) days each.

	 	—	 	Air fare or mileage
	 
	 	—	 	Rental car
	 
	 	—	 	Hotel
	 
	 	—	 	Reimbursement of meals

	 	b.	 	Moving Expenses:

	 	—	 	Van line expenses for moving of personal belongings.

 — packing and unpacking included.
	 
	 	—	 	Insurance for moving of personal belongings on van line.
	 
	 	—	 	Maximum 30 day furniture storage.
	 
	 	—	 	$.36 per mile for relocating vehicles based on most direct
route to new location.
	 
	 	—	 	Hotel and meals while en route.

	 	c.	 	Temporary lodging at new location to include:

	 	—	 	Ninety (90) days maximum
	 
	 	—	 	Room and tax
	 
	 	—	 	Local phone and long distance phone
	 
	 	—	 	Parking
	 
	 	—	 	Car rental

	 	d.	 	Closing costs:

	 	—	 	Reimbursement for Commissions (Max. 6%) on sale of primary residence

	 
	 	NOTE: Should Executive sell the house without a Realtor, Dollar Financial Corp.
will not reimburse for what would have been paid in Realtors commission.

	 	e.	 	Any other costs above and beyond those items above, or any exceptions, must
receive the prior approval of the President of Dollar Financial Corp.

	4.	 	The executive shall not bear the additional tax burden of relocation. Should this
occur, the executive’s tax preparation firm should prepare a letter stating the

 

 

	 	 	amount of the additional tax. This should be sent to the President of Dollar Financial
Corp. for authorization of reimbursement.
	 
	6.	 	Tax reimbursement for relocation is for one time only.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]