Document:

Exhibit 10.21

 

COMMUNITY CHOICE FINANCIAL INC.

2011 MANAGEMENT EQUITY INCENTIVE PLAN

OPTION AWARD AGREEMENT

 

GRANT TO: Bridgette Roman

 

THIS AGREEMENT (the “Agreement”)  is made as of May 20, 2013, between Community Choice Financial Inc., an Ohio corporation (together with its successors, the “Company”), and Bridgette Roman, who is an employee of the Company or one of its Subsidiaries (the “Grantee”). Capitalized terms, unless defined in this Agreement, shall have the same meanings as in the Plan (as defined below).

 

WHEREAS, in connection with the Grantee’s employment with the Company or one of its Subsidiaries, the Company granted to the Grantee as of May 20, 2013 (the “Grant Date”)  an option to purchase 125,000 common shares, par value $0.01, of the Company (“Options”)  pursuant to the terms and conditions of this Agreement and the Company’s 2011 Management Equity Incentive Plan (the “Plan”).

 

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

 

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

 

SECTION 1. GRANT OF OPTIONS AWARD

 

(a)                                Grant. Subject to the terms and conditions of the Plan and this Agreement, the Company has granted to the Grantee Options for 125,000 shares, which will be earned based on the vesting provision of Section 2(a).

 

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

 

(c)                                 No Rights as Stockholder. It shall be understood that none of the terms contained herein grant to the Grantee any rights as a stockholder, and such Grantee shall not have any such rights unless and until such Grantee receives Shares in connection with the exercise of Options.

 

SECTION 2. RIGHT TO EXERCISE; VESTING

 

(a)                                 Vesting. Subject to the provisions of this Agreement, the Options granted hereunder shall vest ratably in annual one-third (1/3) increments on each of the first three anniversaries of the Grant Date.

 

 

(b)                              Effect of Vesting.  For each vested Option the Grantee may exercise such Option for one share.

 

SECTION 3. EXERCISE PROCEDURES

 

(a)                               Notice of Exercise. The Grantee may exercise its Options prior to their expiration as set forth in Section 6 to the extent they are vested by giving written notice to the Company in form and substance reasonably satisfactory to the Company (such notice, a “Notice of Exercise”) specifying the election to exercise such Options, the number of vested Options which are being exercised and the form of payment. The Notice of Exercise shall be signed by the Grantee. The Grantee shall deliver to the Company, at the time of giving the notice, payment in a form permissible under Section 4 for the full amount of the Exercise Price and, if such person is not then party to the Stockholders Agreement, such person shall be required to execute a Joinder Agreement.

 

(b)                                Issuance of Shares. After receiving a properly completed and executed Notice of Exercise and payment for the full amount of the Exercise Price as required by Section 3(a) and, if applicable, an executed Joinder Agreement, the Company shall cause to be issued a certificate or certificates for the Purchased Shares (as defined below), registered in the name of the Grantee (or in the names of such person and his spouse as community property or as joint tenants with right of survivorship), provided that as a condition to the issuance of Purchased Shares hereunder, the Grantee shall make, as of the time of issuance of such Purchased Shares, representations and warranties in a form satisfactory to the Company and substantially similar to those contained in Exhibit A. In connection with any exercise of these Options, the Person exercising these Options shall deliver to the Company a duly executed blank share power in the form attached hereto as Exhibit B. The date of the issuance of the Purchased Shares by the Company to the Grantee, the “Exercise  Date”.

 

(c)                                 Withholding Requirements. The Company may withhold any tax (or other governmental obligation) required to be withheld in connection with the exercise of the Options, and as a condition to the settlement of any exercise of the Options. Such withholding may be made from any source (including any salary or other compensation payable to the Grantee), and the Grantee shall make arrangements satisfactory to the Company to enable it to satisfy all such withholding requirements as a condition to the exercise of the Options (including by remitting to the Company an amount in cash sufficient to satisfy the withholding obligation). For the avoidance of doubt, the Company will not withhold any amounts greater than the statutory minimum.

 

SECTION 4. PAYMENT OF EXERCISE PRICE

 

(a)                                 Cash or Check. In connection with an exercise of the Options, all or part of the Exercise Price may be paid in cash or by check.

 

(b)                                 Net Exercise. Notwithstanding anything in this Agreement to the contrary, in connection with an exercise of the Options, all or part of the Exercise Price may be paid by reducing the number of Shares being purchased pursuant to such exercise by the number of such Shares having a Fair Market Value equal to the Exercise Price.

 

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(c)                               Other Methods of Payment for Shares. At the sole discretion of the Board, and subject to applicable law, all or any part of the Exercise Price and any applicable withholding requirements may be paid by any other method permissible at the time under the terms of the Plan.

 

SECTION 5. SECURITIES LAW ISSUES, TRANSFER RESTRICTIONS

 

(a)                                  Grantee Acknowledgements and Representations. The Grantee understands and agrees that: (i) the Options have not been registered under the Securities Act, (ii) the Options are restricted securities under the Securities Act and (iii) the Options may not be resold or transferred unless they are first registered under the Securities Act or unless an exemption from such registration is available. The Grantee hereby makes the representations and warranties set forth in Exhibit A hereto.

 

(b)                                  No Registration Rights. The Company may, but shall not be obligated to, register or qualify the issuance of Purchased Shares to the Grantee, or the resale of any such Purchased Shares by the Grantee under the Securities Act or any other applicable law.

 

(c)                                   Transfers. No Option shall be transferable to any Person for any reason. Any attempt to Transfer any Option shall be null and void and have no force or effect, and the Company shall not, and shall cause any transfer agent not to, give any effect in such entity’s share records to such attempted Transfer. Any Purchased Shares shall be subject to the restrictions on Transfer as set forth in Article 3 of the Stockholders Agreement, except with respect to a Transfer by will or by the laws of descent and distribution. Unless otherwise permitted pursuant to the Stockholders Agreement, the Grantee shall not Transfer any Purchased Shares (i) except in compliance with the provisions of Article 3 of the Stockholders Agreement, and (ii) unless the transferee shall have agreed in writing to be bound by the terms of this Agreement in a manner acceptable to the Board and otherwise acknowledging that such Purchased Shares are subject to the restrictions set forth in this Agreement. Any attempt to Transfer any Purchased Shares not in compliance with this Agreement shall be null and void and have no force or effect, and the Company shall not, and shall cause any transfer agent not to, give any effect in such entity’s share records to such attempted Transfer. The Grantee acknowledges that the transfer restrictions contained in this Agreement are reasonable and in the best interests of the Company.

 

SECTION 6. TERM OF GRANT.

 

The Options subject to in this Agreement shall expire 10 years from the Grant Date. In the event that the employment of the Grantee terminates, unless a Notice of Exercise has been given to the Company from the Grantee, all vested Options shall expire on the 30th day after termination of employment, except in the case of death or Disability, in which case the vested Options would terminate on the first anniversary of the date of death or Disability. Any Options which are unvested at the date of termination of employment will expire on the date of termination, and shall be forfeited.

 

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SECTION 7. RIGHT OF REPURCHASE UPON TERMINATION OF EMPLOYMENT

 

(a)                                 Repurchase Rights.

 

(i)                                    Upon the termination of employment of the Grantee by the Company or any of its Subsidiaries for any reason (the reason for the termination of such employment, the “Termination Event”  and the date of such termination, the “Termination Date”), subject to the provisions of this Section 7 and the prior approval of the Compensation Committee of the Board (or if there is no such Compensation Committee, the Board), the Company shall have the right (but not the obligation) to purchase, and if such right is exercised, the Grantee shall sell, and shall cause any Permitted Transferees of the Grantee to sell (and such Permitted Transferees shall sell), to the Company, all or any portion (as determined by the Company) of the Purchased Shares (if any) owned by the Grantee or his Permitted Transferees at a price per Settlement Share equal to an amount (the “Termination Price”)  (as determined pursuant to Section 7(b) below); provided, that the parties acknowledge that any unvested Options held by the Grantee as of the Termination Date shall be cancelled pursuant to this Agreement.

 

(ii)                                 With respect to the Purchased Shares, the Company shall notify the Grantee in writing, within the Call Period whether the Company will exercise its right to purchase the Purchased Shares (the date on which the Grantee is so notified, the “Call Notice Date”).

 

(iii)                               The closing of the purchase by the Company of Purchased Shares pursuant to this Section 7 shall take place at the principal office of the Company, on the date chosen by the Company, which date shall, except as may be reasonably necessary to determine the Termination Price, in no event be more than 45 days after the Call Notice Date. At such closing, (A) the Company shall pay the Grantee and/or such Grantee’s Permitted Transferees, as applicable, against delivery of duly endorsed certificates described below representing such Purchased Shares, the aggregate Termination Price by wire transfer of immediately available federal funds and (B) the Grantee and/or such Grantee’s Permitted Transferees, as applicable, shall deliver to the Company a certificate or certificates representing the Purchased Shares to be purchased by the Company, duly endorsed, or with share (or equivalent) powers duly endorsed, for transfer with signature guaranteed, free and clear of any lien or encumbrance, with any necessary share (or equivalent) transfer tax stamps affixed. The delivery of a certificate or certificates for the Purchased Shares by any Person selling such Purchased Shares pursuant to this Section 7(a)(iii) shall be deemed a representation and warranty by such Person that: (w) such Person has full right, title and interest in and to such Purchased Shares; (x) such Person has all necessary power and authority and has taken all necessary action to sell such Purchased Shares as contemplated; (y) such Purchased Shares are free and clear of any and all liens or encumbrances; and (z) there is no adverse claim with respect to such Purchased Shares.

 

(b)                                 Termination Pricing. The Termination Price of any Settlement Share shall be determined as follows:

 

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(i)                                    If the Termination Event was a resignation by the Grantee with Good Reason, or resignation by the Grantee without Good Reason, or termination of the employment of the Grantee by the Company or any of its Subsidiaries without Cause, the Termination Price for such Settlement Share shall be the Fair Market Value on the FMV Calculation Date,

 

(ii)                                 if the Termination Event was as a result of the death or Disability of the Grantee, the Termination Price for such Settlement Share shall be the Fair Market Value on the Termination Date, and

 

(iii)                              if the Termination Event was a termination of the employment of the Grantee by the Company or any of its Subsidiaries with Cause, or was a resignation by the Grantee without Good Reason, the Termination Price for such Settlement Share shall be the lower of (A) the Fair Market Value on the FMV Calculation Date or (B) the Exercise Price per Share.

 

(c)                                  Payment Terms. In the event that the Company exercises a Right of Repurchase pursuant to Section 7 of this Agreement, the Company shall pay the Termination Price in cash; provided, however, that if the Company is at the time of the Purchase Closing prohibited from purchasing all or any portion of such Purchased Shares (i) because restrictive covenants or other provisions contained in the documents evidencing such entity’s or any of its Affiliates’ indebtedness for borrowed money do not permit or allow such entity to make such payments in cash in whole or in part; or (ii) pursuant to applicable law, then, the portion of the Termination Price not permitted to be made in cash may be paid by the execution and delivery by the Company of a promissory note or other deferred cash payment arrangement (if applicable, any promissory note to be subordinated to the indebtedness for borrowed money of such company or any of its Affiliates) bearing interest at the prime rate, as published in the Wall Street Journal, Eastern edition, on the first Business Day immediately prior to the day on which such promissory note or other deferred cash payment is issued, with principal and accrued interest payable at such time as is required in the Board’s determination to ensure that any payment pursuant to such promissory note or other deferred cash payment arrangement is not prohibited because of any of the matters described in clauses (i) or (ii) of this Section 7(c) above.

 

SECTION 8. ADJUSTMENT OF SHARES

 

In the event of a Recapitalization, the terms of this Award (including, without limitation, the number and kind of Shares subject to this Award) shall be adjusted as set forth in Section 13 (a) of the Plan. In the event that the Company is a party to a merger or consolidation, this Award shall be subject to Section 13(b) of the Plan.

 

SECTION 9. MISCELLANEOUS PROVISIONS

 

(a)                                 No Retention Rights. Nothing in this Agreement or in the Plan shall confer upon the Grantee any right to continue in Service or interfere with or otherwise restrict in any way the rights of the Company or any Subsidiary employing the Grantee, which rights are hereby expressly reserved by the Company and any Subsidiary employing the Grantee, to terminate the Grantee’s Service at any time and for any reason, with or without Cause.

 

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

 

If to the Company, to:

 

Community Choice Financial Inc.

7001 Post Road, Suite 200 

Dublin, OH 43016

Attention:  Stock Option Administrator

 

If to the Grantee, to the address that he/she most recently provided to the Company,

 

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

 

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

 

(d)                                 Amendment; Waiver. No amendment or modification of any provision of this Agreement shall be effective unless signed in writing by or on behalf of the Company and the Grantee, except that the Company may amend or modify the Agreement without the Grantee’s consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. The failure of the Company in any instance to exercise the Right of Repurchase shall not constitute a waiver of any other repurchase rights that may subsequently arise under the provisions of this Agreement or any other agreement between the Company and the Grantee. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which made or given.

 

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

 

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

 

(g)                                  Governing Law, Venue. This Agreement and any matters or disputes related to, in connection with, or arising under this Agreement shall be governed by the laws of the State of Ohio, without regard to the conflicts of laws rules of such state. Any legal action or proceeding with respect this Agreement shall be brought in the federal or state court sitting in the State of Ohio, and, by execution and delivery of this Agreement, each party hereby irrevocably accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of such courts. Each party irrevocably waives any objection which it may now or hereafter have to the laying of venue of the aforesaid actions or proceedings arising out of or in connection with this Agreement in the courts referred to in this paragraph and hereby further irrevocably waives and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum.

 

(h)                                Waiver of Jury Trial. The Grantee hereby irrevocably waives all right of trial by jury in any legal action or proceeding (including counterclaims) relating to or arising out of or in connection with this Agreement or any of the transactions or relationships hereby contemplated or otherwise in connection with the enforcement of any rights or obligations hereunder.

 

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

 

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

 

Section References.  All references in this Agreement to any “Section” are to the corresponding Section of this Agreement.

 

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

 

(j)                                    Severability. If any provision of this Agreement is invalid, illegal, or incapable of being enforced by any law, all other provisions of this Agreement remain in full force and effect so long as the economic and legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to any party. If any provision of this Agreement is held to be invalid, illegal, or incapable of being enforced, the parties hereto shall negotiate in

 

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good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

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

 

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

 

(m)                            Plan; Stockholders Agreement; Counsel. The Grantee acknowledges and understands that material definitions and provisions concerning the Options or any Purchased Shares and the Grantee’s rights and obligations with respect thereto are set forth in the Plan and the Stockholders Agreement. The Grantee has had the opportunity to retain counsel, and has read carefully, and understands, the provisions of such documents.

 

SECTION 10.                                                                 DEFINITIONS

 

(a)                                 “Affiliate”  shall mean, with respect to any specified Person, (i) any other Person which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise); provided, however, that neither the Company nor any of its Subsidiaries shall be deemed an Affiliate of any of the Stockholders (and vice versa), and (ii) if such specified Person is an investment fund, any other investment fund the primary investment advisor to which is the primary investment advisor to such specified Person.

 

(b)                                 “Board”  means the Board of Directors of the Company, as constituted from time to time or, if a Committee has been appointed, such Committee.

 

(c)                                  “Business Day”  has the meaning ascribed to such term in the Stockholders Agreement.

 

(d)                                 “Call Period”  shall mean from the Termination Date until:

 

(i)                                       if the Termination Event is a termination of the employment of the Grantee by the Company or any of its Subsidiaries without Cause, a resignation by the Grantee with Good Reason or a resignation by the Grantee without Good Reason [after three years of Service], the later of (A) the date that is 60 days after such Termination Date and (B) the date that is 190 days after the Exercise Date,

 

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(ii)                                  if the Termination Event is a termination of the employment of the Grantee by the Company or any of its Subsidiaries as a result of the death or Disability of the Grantee, the date that is the later of (A) 60 days after the Termination Date or (B) the date which is 60 days after the Exercise Date, or

 

(iii)                               if the Termination Event is a termination of the employment of the Grantee by the Company or any of its Subsidiaries for Cause, or a resignation by the Grantee without Good Reason [within the first three years of Service] the date which is 60 days after the Exercise Date.

 

(e)                                  “Cause”  The Company shall have the right to terminate Grantee’s employment for Cause. “Cause” shall mean:

 

(i)                                     Grantees’s failure or refusal to comply, on a timely basis, with any lawful direction or instruction of the Board;

 

(ii)                                  Grantee’s gross negligence or willful misconduct in the performance of his/her duties as an employee of the Company;

 

(iii)                               Grantee’s commission of fraud, embezzlement, misappropriation of funds, breach of fiduciary duty or act of dishonesty against the Company;

 

(iv)                              Conviction of Grantee of a felony or entry by Grantee of a plea of nolo contendre or a plea of guilty under an indictment to a felony; or

 

(v)                                 Grantee’s habitual drug addiction or intoxication.

 

(f)                                   “Change of Control”  means: (i) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any person or entity that Person other than its current shareholders, their affiliates and/or the Company’s current management or (ii) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934 (“Exchange Act”), or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of merger, amalgamation, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), directly or indirectly, of 50% or more of the total voting stock of the Company or any parent of the Company, unless same is incident to an initial public offering of the Company’s or any Affiliate’s stock

 

(g)                                  “Code”  means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder.

 

(h)                                 “Committee”  means the compensation committee of the Board of Directors of the Company.

 

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(i)                                         “Disability”  means Grantee’s incapacity due to physical or mental illness such that Grantee is unable to perform his/her duties for 180 consecutive days and, within 30 days after a notice of termination, which notice of termination may not be given until the expiration of such consecutive 180 day period, is given to Grantee, Grantee has not returned to work.

 

(j)                                  “Exercise Price”  means $8.40.

 

(k)                                “Fair Market Value”  or “FMV”  with respect to a share of stock of the Company, shall mean (i) in the event that such shares are listed on an established U.S. exchange or through the NASDAQ National Market or any established over-the-counter trading system, the average of the closing prices of such Group Equity Securities on such exchange if listed or, if not so listed, the average bid and asked price of such shares reported on the NASDAQ National Market or any established over-the-counter trading system on which prices for such shares are quoted, in each case, for a period of twenty trading days prior to such date of determination, or (ii) if such shares are not publicly traded, a good faith determination by the Board through a reasonable application of a reasonable valuation method. Such determination shall be conclusive and binding on all persons.

 

(l)                                    “FMV Calculation Date”  means:

 

(i)                                     if the Termination Event is a termination by the Company or any of its Subsidiaries without Cause, a resignation by the Grantee with Good Reason or a resignation by the Grantee without Good Reason [after three years of Service]:

 

(A)                               if the Exercise Date occurred 180 days or more before the Termination Date, the Termination Date, and

 

(B)                               if the Exercise Date occurred 179 days or less before the Termination Date or occurs after the Termination Date, then the Call Notice Date;

 

(ii)                                  if the Termination Event is as a result of the death or Disability of the Grantee, then the Termination Date; and

 

(iii)                                if the Termination Event is a termination by the Company or any of its Subsidiaries with Cause, or a resignation by the Grantee without Good Reason during the Grantee’s, then the Termination Date.

 

(m)                             “Good Reason”  Grantee may resign for “Good Reason” within 30 days after Grantee has actual knowledge of the occurrence, without the written consent of Grantee, of one of the following events:

 

(i)                                      a reduction in Grantee’s base salary, or non-timely payment of base salary or earned annual bonus not cured by the Company within five business days; or

 

(ii)                                   a material diminution in Grantee’s duties or responsibilities not cured by the Company within 20 days after written notice to the Company. For the

 

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purposes of this section, a “material diminution in Grantee’s duties or responsibilities” shall not include a realignment or reorganization of executive responsibilities as the result of Company growth or contraction or the growth or contraction of the Company’s management team, but shall include the removal or withdrawal of substantially all of the Executive’s duties or responsibilities.

 

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

 

(o)                                “Permitted Transferee”  has the meaning ascribed to such term in the Stockholders Agreement.

 

(p)                                “Person”  means an individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

 

(q)                                “Purchased Shares”  means any Shares issued pursuant to the exercise of any Option in accordance with the terms of this Agreement.

 

(r)                                   “Right of Repurchase”  means the Company’s right of repurchase described in Section 7 of this Agreement.

 

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

 

(t)                                   “Service”  means service as an employee.

 

(u)                                “Share(s)”  means common share(s) of the Company.

 

(v)                                 “Stockholders Agreement”  means that certain Stockholders Agreement dated as of April 28, 2011, by and among the Company, the Grantee and the other parties thereto (as the same shall be amended, modified or supplemented from time to time).

 

(w)                               “Subsidiary”  means, with respect to the Company, any other Person in which the Company, directly or indirectly through one or more Affiliates or otherwise, beneficially owns at least 50% of either the ownership interest (determined by equity or economic interests) in, or the voting control of, such other Person.

 

(x)                                 “Transfer”  has the meaning ascribed in such term in the Stockholders Agreement.

 

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

 

	
 
    	
COMMUNITY   CHOICE FINANCIAL INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   William E. Saunders Jr. 
    
	
 
    	
 
    	
Name:
    	
William   E. Saunders Jr. 
    
	
 
    	
 
    	
Title:
    	
CEO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Bridgette Roman
    
	
 
    	
Bridgette   Roman
    

 

SIGNATURE PAGE TO OPTION AWARD AGREEMENT

 

 

EXHIBIT A

 

Investment Representations and Warranties

 

The Grantee hereby represents and warrants to the Company that:

 

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

 

2.     The Grantee understands that although the Company has a pending S-1 Registration Statement with the U.S. Securities and Exchange Commission that as of the date of this grant, the issuance of the Options and Purchased Shares have not been registered under the Securities Act or any applicable U.S. state or foreign securities laws, and that the Options and Purchased Shares are being issued in reliance on an exemption from registration, which exemption depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Grantee's representations as expressed herein.

 

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

 

4.     The Grantee has had, prior to his being granted the Options and Purchased Shares, the opportunity to ask questions of, and receive answers from, the Company concerning the terms and conditions of the transactions contemplated by the Agreement and the Grantee's holding of the Options and Purchased Shares and to obtain additional

 

 

information necessary to verify the accuracy of any information furnished to his or to which she had access. The Grantee confirms that she has satisfied himself with respect to any of the foregoing matters.

 

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

 

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

 

7.              The Grantee understands that (i) the neither the Options nor the Purchased Shares may not be sold, transferred or otherwise disposed of without registration under the Securities Act or an exemption therefrom, (ii) the Options and Purchased Shares have not been registered under the Securities Act; (iii) the Options and Purchased Shares must be held indefinitely and she must continue to bear the economic risk of holding the Options and Purchased Shares unless such Options and Purchased Shares are subsequently registered under the Securities Act or an exemption from such registration is available; (iv) the Grantee is prepared to bear the economic risk of holding the Options and Purchased Shares for an indefinite period of time; (v) it is not anticipated that there will be any public market for the Options or Purchased Shares; (vi) the Options and Purchased Shares are characterized as “restricted securities” under the U.S. federal securities laws; and (vii) the Options and Purchased Shares may not be sold, transferred or otherwise disposed of except in compliance with federal, state and local law.

 

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

 

(EXHIBIT A)

2

 

EXHIBIT B 

 

Share Power

 

IRREVOCABLE STOCK POWERS 
 COMMUNITY CHOICE FINANCIAL INC.

 

FOR VALUE RECEIVED, Bridgette Roman does hereby sell, assign and transfer unto                                         Common Shares of Community Choice Financial Inc., par value $0.01, represented by Certificate No.      herewith and does hereby irrevocably constitute and appoint                               attorney to transfer the said stock on the books of the within named corporation with full power of substitution in the premises.

 

	
Dated:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Bridgette   Roman
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    

 

(EXHIBIT B)

1Exhibit 10.22

 

COMMUNITY CHOICE FINANCIAL INC.

& AFFILIATES

LONG-TERM INCENTIVE CASH PROGRAM

EFFECTIVE MAY 15, 2013

 

I.      PURPOSE.

 

The primary objective of this Long-Term Incentive Cash Program is to link a portion of the total pay of eligible participants to the business growth success of Community Choice Financial Inc. (“Company”) and its Affiliates during a long-term Performance Period as designated by the Committee from time to time. It is contemplated that the Committee shall establish a three-year long-term Performance Period at the beginning of each calendar year.

 

II.    DEFINITIONS.

 

Capitalized terms used herein shall have the following meanings:

 

“Affiliates” means the direct and indirect subsidiaries of the Company.

 

“Award” means the total Performance Period Bonuses that a Participant has the opportunity to earn during a Performance Period as set forth in an Award Agreement.

 

“Award Agreement” shall have the meaning set forth in Article IV.

 

“Board” means the board of directors of the Company.

 

“Cause” means:  Participant’s: (i) material failure to meet the duties and responsibilities reasonably assigned to him or her and Participant’s failure to cure such breach within 20 days following written notice from the Committee to Participant of such failure; (ii) material failure or refusal to comply, on a timely basis, with any lawful direction or instruction of the Board or the Chief Executive Officer; (iii) gross negligence or willful misconduct in the performance of his or her duties as an employee of the Company; (iv)    Participant’s commission of fraud, embezzlement, misappropriation of funds, breach of fiduciary duty or act of dishonesty against the Company; (v) conviction of a felony or entry by Participant of a plea of nolo contendre or a plea of guilty under an indictment to a felony; or (vi) Participant’s habitual drug addiction or intoxication.

 

“Change in Control” means:

 

(i)                                     the sale or transfer, in one or a series of related transactions during the 12-month period ending on the date of the most recent sale or transfer, of the assets of the Company and its Affiliates that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately before such sale or transfer, taken as a whole, to any person or entity or group (within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vii)) other than its current shareholders, their affiliates and/or the Company’s current management; or

 

(ii)                                  the acquisition by any person or group (within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(v)), other than Diamond Castle Partners IV, L.P., Diamond Castle Partners IV-A, L.P. or Deal Leaders Fund, L.P., in a single transaction or in a related series of transactions, by way of merger, amalgamation, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, or any successor provision), directly or indirectly, of more than 50% of the total voting stock of the Company or any parent of the Company, provided that persons will not be considered acting as a “group” solely because they purchase or own stock of the Company or a parent of the Company incident to an initial public offering of the Company’s or any parent’s stock.

 

Notwithstanding the foregoing, a Change in Control shall not occur for purposes of this program unless such Change in Control constitutes a “change in control event” under Section 409A of the Code and the regulations thereunder.

 

 

“Code” means the Internal Revenue Code of 1986, as amended. 

 

“Committee” means the Compensation Committee of the Company’s Board.

 

“Disability” means the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under a disability or an accident and health plan covering employees of the Company. In the event of a dispute, the determination of a Disability shall be made by the Committee and shall be supported by advice of a physician competent in the treatment or cure to which such Disability relates.

 

“Employment terminates,” “employment termination,” “termination of employment” and words of similar import mean a “separation from service” within the meaning of Section 409A of the Code and the regulations thereunder.

 

“Good Reason” means if at any time within ninety (90) days following a Change in Control, a Participant voluntarily resigns his or her employment following that Participant learning of the occurrence, without the Participant’s written consent, of one of the following events:

 

(i)                                                                 a material reduction in the Participant’s base salary or other material breach by the Company of the provisions of this Program that is not cured by the Company within thirty (30) days of Participant’s written notice to the Company of such breach; or

(ii)                                                              a material diminution in the Participant’s duties or responsibilities not cured by the Company within thirty (30) days after written notice to the Company. For the purposes of this definition, a “material diminution in Participant’s duties or responsibilities” shall not include a realignment or reorganization of Participant’s responsibilities as the result of Company growth or contraction or the growth or contraction of the Company’s management team, but shall include the removal or withdrawal of substantially all of the Participant’s duties or responsibilities.

 

“Participant” means those employees of the Company or its Affiliates whom the Committee may designate from time to time to receive an Award under the Program pursuant to Article IV.

 

“Performance Goals” shall have the meaning set forth in Section 5.1.

 

“Performance Period” means a period of at least three years as designated by the Committee from time to time under the Program, which period may, in the discretion of the Committee be extended for an additional one-year period.

 

“Performance Period Bonus” means the cash bonus payable to a Participant with respect to any one of the calendar years comprising a Performance Period as determined pursuant to Article V.

 

“Program” means this Long-Term Incentive Cash Program.

 

“Vested” has the meaning set forth in Section 5.4.

 

“Vesting Year” has the meaning set forth in Section 5.4.

 

III.  ADMINISTRATION.

 

The administration and operation of the Program shall be supervised by the Committee with respect to all matters. The Committee may delegate responsibility for the day-to-day administration and operation of the Program to such employees of the Company as it shall designate from time to time. The Committee shall interpret and construe any and all provisions of the Program and any determination made by the Committee under the Program shall be final and conclusive. Neither the Board nor the Committee, nor any member of the Board or the Committee, nor any employee of the Company shall be liable for any act, omission, interpretation, construction or determination made in connection with the Program (other than acts of willful misconduct) and the members of the Board and the

 

 

Committee and the employees of the Company shall be entitled to indemnification and reimbursement by the Company to the maximum extent permitted by law in respect of any claim, loss, damage or expense (including counsel’s fees) arising from their acts, omissions and conduct in their official capacity with respect to the Program.

 

IV.   ELIGIBILITY AND PARTICIPATION.

 

The Committee shall select the employees of the Company or its Affiliates to participate in the Program. Awards may be granted to Participants who are or were previously Participants under this or other plans of the Company or its Affiliates, and the Company may continue to award bonuses and other compensation to Participants under other programs now in existence or hereafter established. The amount of any Award shall be specified in an “Award Agreement”, as determined by the Committee.  Awards shall be paid solely in the form of cash.  The Award Agreement shall be in the form attached hereto in Appendix A, as modified from time to time by the Committee.

 

V.    PERFORMANCE PERIOD BONUS.

 

5.1. Performance Goals. The Committee shall determine the Performance Goals upon which Awards shall be payable. The Performance Goals may differ from Participant to Participant, from Performance Period to Performance Period and from Award to Award.  Any criteria used may be measured in absolute terms or relative to other companies.   The Performance Goals may include, but are not limited to: earnings before interest, taxes, depreciation and amortization; revenue; profits; profit growth; profit-related return ratios; economic value added; cash flow; or other measures of performance selected by the Committee.   Performance Goals shall be established by the Committee during the first ninety (90) days of each of the calendar years comprising of the Performance Period relating to that Award.

 

5.2               Adjustments. The Committee is authorized, in its sole discretion, to adjust or modify the calculation of the Performance Goals for a Performance Period in connection with any one or more of the following events:

 

(a)     asset write-downs;

(b)     any reorganization or restructuring, other than incident to a Change in Control;

(c)     extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 (or any successor pronouncement thereto) and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to shareholders for the applicable year or period; or

(d)     acquisitions or divestitures.

 

5.3. Performance Period Bonus. The Committee shall also establish during the first ninety (90) days of a Performance Period the method for calculating the Performance Period Bonus. Awards may be expressed as a fixed dollar amount or a percentage (including multiples) of the base salary of a Participant determined at the time that the Award is established. The percentages or dollar amounts will be determined by the Committee based on the Participant’s position and responsibilities and may vary among Participants.

 

5.4. Determination of Achievement of Performance Goals and Vesting.   The Committee shall determine and certify in writing the level of achievement of the Performance Goal for each calendar year within a Performance Period as soon as practicable after the end of such calendar year within a Performance Period. The Committee may decrease the Performance Period Bonus based on the Committee’s quantitative and qualitative assessment and in its sole discretion.   A Participant will be considered “Vested” in a Performance Period Bonus if the Participant remains in the continuous employment of the Company through December 31 of the calendar year during which the Performance Goal to earn such Performance Period Bonus must be achieved (the “Vesting Year”) and to the extent the Performance Goal for such Vesting Year has been achieved, as determined by the Committee in accordance with this Section 5.4.   A Participant will be entitled to payment of a Vested Performance Period Bonus only to the extent he or she remains continuously employed by the Company until the date the Performance Period Bonus, or portion thereof, is paid, subject to Section 5.5.

 

5.5. Payment of Performance Period Bonus.  Except as otherwise provided in an Award Agreement, a Performance Period Bonus shall be paid in accordance with this Section 5.5.

 

 

(a)     If a Participant is Vested in a Performance Period Bonus for a calendar year within a Performance Period, except as otherwise provided herein, that Vested Performance Period Bonus will be paid in cash in three substantially equal annual installments (less applicable withholdings) between January 1 and February 15 of each of the first, second, and third calendar years following the Vesting Year of such Performance Period Bonus but only if the Participant remains in continuous employment with the Company until the applicable payment date of such installment.   For the avoidance of doubt, except as provided in Section 5.5(b) or (c), if the Participant’s employment with the Company terminates for any reason prior to the date an installment of a Performance Period Bonus is paid, the Participant shall forfeit and cease to be entitled to any such unpaid installment of the Performance Period Bonus as of the date of his or her termination of employment, and a Participant shall not be entitled to any payment of a Performance Period Bonus that is not Vested.

 

(b)     Subject to Section 5.5(c), if a Participant’s employment terminates (i) by reason of death, (ii) by the Company by reason of Disability, or (iii) involuntarily by the Company without Cause, prior to the payment date of any installment of a Vested Performance Period Bonus, any installment of such Vested Performance Period Bonus that has not yet been paid, will be paid to the Participant in a single lump sum payment within thirty (30) days of such termination of employment.

 

(c)     If a Participant’s employment terminates either (i) involuntarily by the Company without Cause within ninety (90) days following a Change in Control or (ii) upon resignation for Good Reason, during a Performance Period, the Participant will receive any Performance Period Bonus that has not yet been paid, without regard to actual performance, without regard to whether such Performance Period Bonus is Vested and without proration for less than the full Performance Period. A Performance Period Bonus paid pursuant to this Section 5.5(c) will be paid within thirty (30) days following the termination of employment entitling the Participant to such payment.

 

VI.   GENERAL PROVISIONS.

 

6.1. Amendment and Termination.  The Committee may at any time amend, suspend, discontinue or terminate this Program; provided, however, that no such amendment, suspension, discontinuance or termination shall adversely affect the rights of any Participant to any Performance Period Bonus without the written consent of the Participant; and provided further that any termination of this Program shall comply with Section 409A of the Code except to the extent otherwise permitted by the Committee at such time. All determinations concerning the interpretation and application of this Section 6.1 shall be made by the Committee.

 

6.2. Designation of Beneficiary. In the event a Participant dies while entitled to a payment under the Program, such payments shall be made to the Participant’s surviving spouse or, if the Participant has no surviving spouse, his or her designated beneficiary on file with the Company, or if the Participant has no surviving spouse or designated beneficiary on file with the Company, the Participant’s estate.

 

6.3. Rights Unsecured.  Nothing contained in this Program, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between the Company and any Participant, beneficiary or legal representative or any other person. To the extent that a person acquires a right to receive payments under this Program, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in this Program. This Program is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA).

 

6.4. Withholding Taxes. The Company shall have the right to deduct from each Performance Period Bonus any federal, state, local or other taxes required to be withheld with respect to any payment of the Performance Period Bonus.

 

6.5. Miscellaneous.

 

(a)  No Right of Continued Employment. Nothing in this Program shall be construed as conferring upon any Participant any right to continue in the employment of the Company or any of its subsidiaries or Affiliates.

 

 

(b)  No Limitation on Corporate Actions. Nothing contained in this Program shall be construed to prevent the Company or any Affiliate from taking any corporate action which is deemed by it to be appropriate or in its best interest, whether or not such action would have an adverse effect on this Program or any awards made hereunder. No employee, Participant or other person shall have any claim against the Company or any of its subsidiaries or Affiliates as a result of any such action.

 

(c)   Nonalienation of Benefits. Except as expressly provided herein, no Participant shall have the power or right to transfer, anticipate, or otherwise encumber the Participant’s interest under this Program. The Company’s obligations under this Program are not assignable or transferable except that the Company’s obligations hereunder shall become the obligations of a company which acquires all or substantially all of the assets of the Company or any company into which the Company may be merged or consolidated.

 

(d)  Expenses. All costs and expenses in connection with the administration of the Program shall be paid by the Company.

 

(d)  Severability. If any provision of this Program is held unenforceable, the remainder of the Program shall continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Program.

 

(e)   Governing Law. This Program shall be construed in accordance with and governed by the laws of the State of Ohio, without reference to the principles of conflict of laws.

 

(f)   Section 409A of the Code. To the extent that any Award is subject to Section 409A of the Code, any provision, application or interpretation of this Program that is inconsistent with such Section shall be disregarded with respect to such Award, as applicable. In no event shall the Company, any of its Affiliates, any of it agents, or any member of the Board have any liability for any taxes imposed in connection with a failure of the Program to comply with Section 409 A of the Code. Notwithstanding any provisions to the contrary, if a Participant is a “specified employee” (within the meaning of Section 409 A of the Code and determined pursuant to policies adopted by the Company) at the time of the Participant’s separation from service and if any portion of the payments to be received by the Participant upon a “separation from service” (within the meaning of Section 409 A of the Code) would be considered deferred compensation under Section 409 A of the Code, amounts that would otherwise be payable hereunder during the six-month period immediately following the Participant’s separation from service will instead be paid or made available on the earlier of (i) the first day of the seventh month following the date of Participant’s separation from service and (ii) Participant’s death. Each payment to be paid to a Participant under this Program is intended to be a “separate payment” and not of a series of payments for purposes of Section 409 A of the Code. Participants do not have a right to designate the taxable year of any payments due under the Program.

 

IN WITNESS WHEREOF, the Company has caused this Program to be executed on the 15th day of May, 2013.

 

	
 
    	
COMMUNITY   CHOICE FINANCIAL INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   William E. Saunders, Jr.
    
	
 
    	
Name:
    	
William   E. Saunders, Jr.
    
	
 
    	
Title:
    	
Chief   Executive Officer

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