Document:

Exhibit 10.6

 

CONTRACT
OF EMPLOYMENT

 

 

 

between

 

 

 

Immunic
AG,

 

represented
by the Chairman of the Supervisory Board

 

-
hereinafter referred to as the "Company“ -

 

 

 

and

 

 

 

Mr.
Manfred Gröppel,

 

-
hereinafter referred to as the "Management Board“ -

 

 

 

§
1

 

Scope
and duties

 

		1.	Mr. Manfred Gröppel has been appointed as a full member
of the Management Board of the Company for one year by resolution of the Supervisory Board of the Company dated 23 March 2016 (Annex
1). This appointment is to be extended until the end of 31 August 2019. He is appointed to the Management Board as COO of the Company
and represents the Company together with a member of the Management Board or an authorized signatory. The Supervisory Board may
grant the Management Board sole power of representation as well as the right to exclude the restrictions of section 181 alt. 2
of the German Civil Code (BGB).

 

		2.	The Management Board shall conduct the Company's business in
accordance with the law, the Articles of Association, the rules of procedure for the Management Board and this contract of employment.
In particular, the Management Board shall obtain the approval of the Supervisory Board for transactions and measures subject to
approval in accordance with the rules of procedure of the Management Board.

 

     

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		3.	The Management Board shall in particular be responsible for
the business areas of the operating Business Segment (COO) within the meaning of the respective distribution-of-business plan.

 

		4.	The place of employment shall be Munich/Planegg-Martinsried.

 

§
2

 

Secondary
employment

 

		1.	The Management Board will allocate all its manpower, professional knowledge and experience to the
company. The assumption of a remunerated secondary activity as well as of Supervisory Board, Advisory
Board or similar mandates requires the prior consent of the Chairman of the Supervisory
Board.

 

The Supervisory Board is aware
that the Management Board holds the mandates listed in Annex 2 at the time of signing this agreement and gives its approval to
their continuation.

 

		2.	The non-competition clause of Section 88 of the German Stock
Corporation Act applies to the Management Board. During the term of this contract, the Management Board will also not acquire shares
in companies that compete with the Company or have business relations with the Company, unless the Supervisory Board has given
its prior written consent.

 

The non-competition clause does
not apply to investments in companies in the form of securities traded on stock exchanges and acquired for the purpose of capital
investment.

 

§
3

 

Remuneration
and bonus

 

		1.	The management board receives for its work

 

		a)	a fixed annual salary ("basic remuneration") in the amount of EUR 150,000.00 gross, which
is paid in 12 equal monthly payments at the end of each month. If this agreement does not exist for the duration of an entire calendar
year, the fixed annual salary shall be paid pro rata temporis.

 

     

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		b)	an annual variable remuneration, which amounts to a maximum of EUR 24,000.00 gross if the defined
annual targets are achieved by 100 percent. The details, in particular the procedure for setting targets, determining the achievement
of targets and the due date, are set out in the framework agreement on the target agreement in its current version. The nature
of the objectives, the requirements for their achievement and their weighting in relation to each other shall be laid down in a
separate definition of objectives for the respective financial year.

 

		2.	The basic remuneration and the variable remuneration are reviewed
annually by the Supervisory Board. The Company's
economic development and the personal performance of the Management Board must be taken into account.

 

		3.	In addition, the Supervisory Board may reduce the total remuneration
of the Management Board to the reasonable amount if the situation of the Company deteriorates to such an extent that it would be
inequitable for the Company to continue to grant such remuneration; retirement pension, surviving dependants' pensions and payments
of a related kind may only be reduced in the first three years after leaving the Company (Section 87 (2) of
the German Stock Corporation Act). In this case, the Management Board may terminate
this contract of employment extraordinarily with six weeks' notice to the end of the next calendar quarter after declaration of
the reduction (Section 87 (2) sentence 3 of the German Stock Corporation Act).
The reduction shall be reversed if the Company's situation is no longer deteriorated.

 

§
4

 

Insurance
and fringe benefits

 

		1.	Although there is no statutory insurance obligation, the Company pays to the Management Board member
monthly subsidies for health and nursing care insurance of the Management Board member. The amount of the individual subsidies
corresponds to half of the contributions paid by the member of the Management Board, but not more than the maximum amount
of the employer's contribution to the statutory health and nursing care insurance scheme legally owed in each case, taking into
account the applicable income thresholds. The subsidies owed by the Company are paid to the Management Board member at the end
of each calendar month. Any income tax payable on these payments is borne by the member of the Management Board.

 

     

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		2.	The Management Board shall be reimbursed to an appropriate extent for the expenses required in
the Company's interest. Any travel expenses required will be reimbursed upon individual proof. The daily and overnight allowances
contained therein may also be settled as a lump sum within the limits of the amounts permissible for tax purposes.

 

		3.	The Company may, at its discretion, insure the Management Board for the duration of this contract
of employment under a term life insurance policy in the amount of EUR 500,000.00 for the event of death and under an accident insurance
policy in the amount of EUR 700,000.00 for the event of disability or continue an existing insurance policy. The Management Board
has the right to determine the beneficiary(s).

 

		4.	In case of the assumption of an existing direct insurance, this can be continued according to section
40 b of the German Income Tax Act in its valid version. In this case, the lump-sum taxation shall be borne by the Company.

 

		5.	The Company offers the Management Board the opportunity to participate in a pension fund, support
fund or similar company pension scheme (CPS) or to take over an existing CPS. In this context, the Management Board may convert
part of its salary entitlements into a company pension commitment. The basic remuneration paid to the Management Board pursuant
to section 3 (1) lit. a) shall be reduced by a gross monthly amount with effect from the beginning of a company pension commitment
in order to be converted into a company pension commitment of equal value. The Management Board's entitlement to payment of the
basic remuneration is reduced by this amount. If the Board of Management subsequently cancels or suspends the pension commitment
completely or partially, the corresponding entitlement to remuneration is revived.

 

		6.	The Company shall conclude a directors' and officers' liability insurance (D&O) for the Management
Board in the event that a third party or the Company brings a claim against the Management Board for financial loss due to a breach
of duty committed in the performance of its duties by virtue of statutory liability provisions under private law. The Management
Board bears a deductible in the amount of the minimum value pursuant to section 93 (2) of the German Stock Corporation Act (AktG)
(currently 10% of the loss per claim, but no more than 1 times the basic remuneration per year (annual maximum limit). If several
loss events occur in one year, the annual maximum limit applies to all loss events combined. The deductible is automatically adjusted
in the event of a change in the basic remuneration (or in the event of a change in section 93 (2) of the German Stock Corporation
Act); the Board of Management is obliged to arrange for the corresponding changes to be made to the deductible in the D&O insurance
contract and/or to make all declarations required in this connection. The reference year for the deductible to be applied is the
year of the breach of duty.

 

     

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§
5

 

Vacation

 

		1.	The Management Board is entitled to an annual leave of 30 working days. Working days are all calendar
days except Saturdays, Sundays and public holidays at the registered office of the Company. If the employment commences or ends
during the year, the annual leave in this calendar year is granted pro rata temporis.

 

		2.	The vacation period shall be coordinated with the other members of the Board of Management, taking
into account the business situation.

 

§
6

 

Remuneration
in the event of illness, incapacity for work or death

 

		1.	In the event of an impediment to service (e.g. due to illness),
the member of the Management Board is obliged to inform the Chairman of the Supervisory Board of the Company immediately of the
reason for and the duration of the impediment to service and to point out tasks to be performed urgently. If the disability lasts
longer than one week, the Management Board member must submit a medical certificate in the event of illness or a written declaration
in the event of any other disability, stating the reason for the disability and its expected duration. The Management Board member
hereby assigns to the Company any (compensation) claims in the amount of the payments made or to be made by the Company in accordance
with this provision to which he is entitled vis-à-vis third parties due to the impediment to work. The Management Board
member is obliged to provide the Company without delay with all information necessary for the assertion of such (compensation)
claims and to provide the necessary documents.

 

		2.	In the event of a temporary illness-related or other non-culpable
incapacity to work of the Management Board, the basic remuneration pursuant to section 3 (1) lit. a) shall continue to be paid
during the period of the incapacity to work up to a duration of six months, but at the latest until the termination of this contract
of employment. If the incapacity to work lasts longer than three months without interruption, the Supervisory Board may reduce
the variable remuneration in accordance with Annex 4 by a reasonable amount, taking into account the duration of the incapacity
to work.

 

     

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		3.	In the event of a permanent incapacity to work of the Management
Board, the employment contract shall end at the end of the quarter in which the permanent incapacity to work was determined.

 

If
the Management Board is unable to perform its duties for more than six months, the Supervisory Board may request that the existence
of a permanent incapacity to work be reviewed by a doctor of its choice at the Company's expense. If the Management Board fails
to meet the deadline despite two requests by the Supervisory Board, the Management Board shall be deemed to be permanently incapacitated
for work. The requests must be made at one-week time intervals.

 

No
severance payment shall be made in the event of termination of the contract of employment due to permanent incapacity to work.

 

		4.	If the Management Board dies during the term of the contract
of employment, the basic remuneration pursuant to section 3 (1) lit. a) shall be payable for the month of death and for the following
two months.

 

The
bonuses pursuant to section 3 (1) lit. b) shall be determined by the Supervisory Board in accordance with Annex 4 No. 3 and be
paid to the spouse or, in their absence, to the dependent children of the Management Board (the latter as joint creditors) or their
heirs.

 

     

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§
7

 

Special
benefits and extraordinary right of termination in the event of a change of control

 

		1.	If, after the signing of this Agreement, control is acquired
in the sense of a share purchase of more than 50% by a shareholder, third party or persons acting in concert, or if an economically
comparable transaction (e.g. sale of the business operations or a substantial part thereof by the Company, sale of substantial
associated companies of the Company, merger into another company, sale of more than 50% of the shares of the Company following
a delisting of the Company, etc) and if the Company intends in this regard or as a result thereof to terminate the contract with
the Management Board prematurely without having an material reason within the meaning of section 626 of the German Civil Code (BGB),
the Management Board shall receive, in addition to the remuneration and all benefits to which it is entitled up to the time of
such termination, a severance payment. The amount of the severance payment corresponds to the sum of the total remuneration (basic
remuneration, variable remuneration and fringe benefits) which the Management Board had received under this contract until expiry
of the term defined in section 10 (1) if the contract had not been terminated prematurely but had been fulfilled until the end
of the full term of office. For the purpose of calculating the severance payment pursuant to this paragraph (1), it is assumed
that the maximum bonus pursuant to Annex 4 (if applicable pro rata temporis until the end of the contract term) would have been
paid to the Management Board. If the ordinary term of this contract pursuant to section 10 (1) is less than 15 months at the time
the termination pursuant to this paragraph (1) takes effect, the severance payment to be paid shall be calculated on the basis
of a notional remaining term of 15 months, i.e. the severance payment shall be calculated on the basis of an assumed remaining
term of at least 15 months. Any increases in the remuneration pursuant to section 3 (1) that take place during the term of the
contract shall be taken into account in the calculations described.

 

		2.	The severance payment shall be payable in full together with
the salary for the month at the end of which the termination of the contract pursuant to paragraph (1) takes effect.

 

		3.	In the event of this paragraph (1), the Management Board shall be granted an extraordinary termination
right to this contract of employment. The extraordinary termination right may be exercised within six weeks of the Management Board
becoming aware of the legally effective execution of the change of control within the meaning of paragraph (1) with a notice period
of three months to the end of the month. In addition, the Management Board has an extraordinary termination right even if the Management
Board is dismissed within one year after completion of the change of control. In this case, the special notice period shall be
two weeks. The termination can be declared within four weeks after the dismissal by the Management Board.

 

     

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§
8

 

Service
inventions and industrial property rights

 

		1.	Service inventions of the Management Board as well as its technical or organizational suggestions
for improvement shall be treated in accordance with the applicable provisions of the Act on Employee Inventions of 25 July 1957
with the following proviso: The Management Board shall immediately notify the Company of service inventions, free inventions and
technical and organizational suggestions for improvement and offer them to the Company for exclusive, limited or unlimited use.
The company must declare the claim within four months of notification. The Company has the right, but not the obligation, to apply
for industrial property rights in Germany and abroad. In the event of a service invention or a technical or organizational suggestion
for improvement, the parties agree that any remuneration for a service invention claimed by the Company shall be paid in full upon
payment of the basic remuneration pursuant to section 3 (1) lit. a) of this Agreement. In the case of a free invention, the member
of the Management Board shall be paid a remuneration in line with market conditions.

 

		2.	The Management Board shall transfer to the Company exclusively the rights of use and exploitation,
which are unlimited in terms of time, place and content, for any and all results of activities which may be protected under copyright
law and which the Management Board member produces during the term of his contract of employment during his working hours or, insofar
as they relate to his duties under the contract of employment, also outside his working hours. The transfer of the rights of use
and exploitation under copyright law shall also include any types of use still unknown at the time of conclusion of the contract.
The transfer of the rights of use and exploitation includes in particular the permission for processing and licensing to third
parties. The member of the Management Board expressly waives any other rights to the results of his activities to which he may
be entitled as the originator, in particular the right to name, edit and make available the work.

 

		3.	Insofar as the results of activities which the Management Board produces during the term of its
service contract during its working hours or, insofar as they relate to its duties under the service contract, also outside its
working hours, have not already been transferred in accordance to paragraphs (1) and (2) above, the Management Board shall transfer
to the Company all rights to such results of activities, in particular trademark and other proprietary rights as well as registered
designs.

 

     

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		4.	The parties agree that the granting of these rights and the waiver of rights under this provision
shall be fully compensated by the payment of the basic remuneration pursuant to section 3 (1) lit. a) of this Agreement, unless
otherwise provided by mandatory statutory provisions. The Management Board is obliged to immediately notify the Company, represented
by the Supervisory Board, of any results of its activities that are eligible for protection and to support the Company to the necessary
extent, even after termination of this contract of employment, in obtaining protection rights. Insofar as the Executive Board fulfils
its duties to cooperate after termination of this service contract, the Management Board shall receive an appropriate daily rate
for this purpose as well as reimbursement of all expenses incurred as a result of its cooperation.

 

§
9

 

Confidentiality
and return of documents, conflicts of interest

 

		1.	The Management Board undertakes to inform the Supervisory
Board about all business and operational matters that come to its attention within the scope of its activities or otherwise. To
maintain the strictest confidentiality with respect to the affairs of the Company and all Affiliates, including the contents of
this Agreement and the contract negotiations underlying the conclusion of this Agreement. The Management Board further undertakes
not to use such information for its own benefit or for the benefit of others and to maintain all such business and operational
records of the Company and Affiliates confidential. For the purposes of this provision, business and operational matters shall
mean, in particular, trade and business secrets and all information and data relating to confidential matters and business-related
know-how, all information about all business plans and strategies, processes, pricing or market strategies and product, service
or development plans relating to the existing or future business of the Company and its Affiliates, planned company acquisitions
or disposals, all business figures and details of the organizational structures as well as the essential ideas and principles underlying
these strategies and plans, and all information that can reasonably be expected to lead to such strategies or plans and that has
been conceived, invented, revised, discovered, developed, assessed, tested or applied by the Company, its affiliates or the member
of the Management Board during the term of this contract of employment.

 

     

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		2.	The obligation to maintain confidentiality pursuant to paragraph
(1) above shall continue even after termination of the contract of employment. Within the scope of a professional or entrepreneurial
activity carried out by the Management Board after termination of this contract of employment, he may use the knowledge he has
acquired as a Management Board member, provided that the statutory restrictions - in particular in accordance with sections 3,
17 of the Unfair Competition Act (UWG), section 823 (1) and (2) of the German Civil Code (BGB) in conjunction with sections 3,
17 of the German Civil Code (BGB) - are complied with UWG, section 826 BGB and the data protection regulations - as well as the
restrictions arising from the post-contractual non-competition clause pursuant to section 16 of this Agreement.

 

		3.	In cases of doubt, the Management Board is obliged to clarify
the scope of the confidentiality obligation pursuant to paragraphs (1) and (2) above with the Supervisory Board of the Company.

 

		4.	The Management Board undertakes, at the request of the Company
at any time and at the latest at the end of its appointment as a governing body and without separate request, to return to the
Company without delay and in full all documents in its possession of the Company or affiliated companies, in particular all notes,
memorandums, records, minutes and reports, files and all other similar documents (including copies, photocopies, copies or other
reproductions) in connection with its activities. A right of retention is excluded. This provision shall apply mutatis mutandis
to electronically stored data and the respective data or program carriers.

 

		5.	The obligation to surrender also applies to other property
owned by the Company or its affiliates or leased by the Company or its affiliates. In particular, this obligation to surrender
also applies to a mobile telephone, laptop or other data processing devices entrusted to the Management Board, at the end of its
mandate as a governing body even if private use was permitted in this respect.

 

		6.	The Management Board shall disclose possible and actual conflicts
of interest to the Supervisory Board without delay and inform the other members of the Management Board thereof.

 

§
10

 

Term
of a contract

 

		1.	This agreement shall be concluded with effect from 1 September
2016. The contract expires at the end of 31 August 2019.

 

     

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		2.	The right of extraordinary termination remains unaffected.

 

		3.	In the event of revocation of the appointment, resignation
from office by the member of the Management Board or other termination of the Board position, this contract of employment shall
end one year after the end of the term of office, at the latest, however, at the end of the term pursuant to paragraph (1). Any
earlier termination due to paragraph (2) of this Agreement shall remain unaffected.

 

		4.	The Chairman of the Supervisory Board shall inform the Executive
Board in writing not later than nine months prior to the expiry of this contract, i.e. by 30 November 2018, whether and under what
conditions the Supervisory Board will reappoint the Management Board as a member of the Management Board and whether he is prepared
to extend the contract of employment in accordance with the duration of the new appointment or to conclude a new contract of employment
with the Management Board on at least the same terms. Within two months of receipt of the offer of the Chairman of the Supervisory
Board, the Management Board will declare whether it accepts the new appointment and is prepared to agree to the terms and conditions
offered for the continuation or renewal of the service contract.

 

		5.	The Company shall be entitled after revocation of its appointment
pursuant to section 84 (3) of the AktG or in connection with termination of the service contract, in particular after termination
or following conclusion of a termination agreement, to release the Executive Board in whole or in part from its obligation to provide
services with continued payment of the basic remuneration pursuant to section 3 (1) a) revocably or irrevocably. In the case of
irrevocable release, outstanding vacation and other time off compensation claims shall be credited and settled. The remaining provisions
of the service agreement shall not be affected by the indemnity; in this respect, the obligation to maintain confidentiality and
the contractual non-competition clause shall continue to apply until the end of the service agreement. Other earnings during the
exemption period shall be credited in accordance with section 615 sentence 2 of the German Civil Code (BGB). No credit shall be
made if and to the extent that the other earnings originate from an approved secondary activity ( section 2 (1) of this service
contract).

 

		6.	The contract of employment shall end at the latest at the
end of the calendar year in which the member of the Management Board reaches the age of 65, provided that this service contract
has not already ended before this date in accordance with paragraphs (1) to (2) of this contract.

 

     

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		7.	In the event of premature termination of a Management Board
member's contract without good cause, payments to the Management Board, including fringe benefits, shall not exceed the value of
two years' compensation (severance payment cap) and shall not exceed the total compensation (basic compensation, variable compensation
and fringe benefits) for the remaining term of the contract. In the case of an acquisition of control pursuant to section 7, a
severance payment cap of a maximum of three annual remunerations applies.

 

§
11

 

Cut-off
periods

 

		1.	Claims of the Company and the Management Board arising from
or in connection with the employment relationship shall lapse, irrespective of their legal basis, if the claimant does not assert
the claim within a period of six months, calculated from the due date and the knowledge or grossly negligent ignorance of the claimant
of the circumstances giving rise to the claim, by means of a written declaration to the respective other contracting party. For
the assessment of the timeliness of the assertion, the date of receipt of the written declaration shall be decisive. This does
not apply to the assertion of claims due to injury to life, limb or health as well as to intentional breaches of duty. Failure
to comply with the preclusive period shall result in the loss of the claim.

 

		2.	Any claims of the Company pursuant to section 93 (2) and (3)
of the German Stock Corporation Act (AktG) against the Management Board member shall remain unaffected by the above paragraph (1)
pursuant to section 93 (4) sentence 3 of the German Stock Corporation Act (AktG).

 

§
12

 

Final
provisions

 

		1.	This contract contains the entire agreement between the parties.
Agreements already made between the parties are hereby expressly cancelled.

 

		2.	Amendments or supplements to this contract, including this
written form clause, must be made in writing in order to be effective.

 

		3.	This contract is subject to the law of the Federal Republic
of Germany.

 

     

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		4.	Place of performance shall be the registered office of the
Company. The place of jurisdiction for disputes arising from this contract shall be the registered office of the Company.

 

		5.	Should any provision of this contract be or become invalid
or unenforceable in whole or in part, the validity of the remaining provisions of this contract shall not be affected. Rather,
the invalid or unenforceable provision, in whole or in part, shall be replaced by a provision which achieves as far as possible
the economic purpose intended by the invalid provision. The same shall apply in the event of loopholes in this contract.

 

	Martinsried 29 August 2016	 	Martinsried 29 August 2016
	 	 	 
	/s/ Dr. Jörg Neermann	 	/s/ Dr. Manfred Gröppel
	Immunic AG,	 	Dr. Manfred Gröppel
	represented by the	 	 
	Chairman of the supervisory board	 	 
	Dr. Jörg Neermann	 	 

 

Annexes directory

 

Annex 1: Supervisory Board resolution of 23.03.2016

Annex 2: Approved secondary activities of the Management Board

 

     

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Annex 1: Supervisory Board resolution of 23.03.2016

 

     

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Annex 2: Approved secondary activities of the Management Board

 

	·		Advisory activity for 4SC
AG until 31.12.2016 with an average maximum expenditure of 3 hours per week

 

     

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Minutes
of the meeting of the Supervisory Board of

 

Immunic
AG

 

The members of the Supervisory
Board of the Company appointed in accordance with the minutes of the Annual General Meeting of 23 March 2016 meet after acceptance
of their appointment and pass the following resolutions unanimously with all votes:

 

		1.	Dr. Jörg Neermann
is elected as Chairman of the Supervisory Board and Dr. Gerhard Ries as Deputy Chairman.
Both of them declare their acceptance of their election.

 

		2.	Members of the Management Board
of the Company are appointed for a period of 1 year:

 

		a.	Dr. Manfred Gröppel, born 06.08.1968,
resident in Munich

 

		b.	Dr. Andreas Mühler, born 21.05.1963,
resident in Grünwald

 

Dr.
Manfred Gröppel is appointed as Chairman of the Management Board. Each member of the Management Board is entitled to represent
the Company alone. Each member of the Management Board is exempted from the prohibition of multiple representation (§ 181
Alt. 2 of the German Civil Code (BGB)).

 

Dr.
Gröppel and Dr. Mühler were subsequently consulted to the meeting. They declare:

 

We accept the appointment
to the Management Board.

 

Munich, 23 March 2016

 

 

 

Dr. Jörg Neermann

 

(chairman of the supervisory board)Exhibit 10.1

 

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”)
is made effective as of May 1, 2015 between AMERICA’S CAR MART, INC., an Arkansas corporation (the “Company”)
and WILLIAM H. HENDERSON (the “Associate”).

 

W I T N E S S E T H:

 

WHEREAS, the Company is engaged in the business
of the sale and financing of used vehicles (“Company Business”); and

 

WHEREAS, the
Associate is a Senior Executive Officer of the Company, and the Company desires to continue the employment of the Associate, and
the Associate desires to provide his services to the Company upon the terms and conditions hereinafter set forth;

 

WHEREAS, the
Company periodically sells its finance receivables to Colonial Auto Finance, Inc., an Arkansas corporation (“Colonial”)
and services those loans on Colonial’s behalf (collectively, the Company and Colonial are referred to herein as “Car-Mart”);
and

 

WHEREAS, America’s
Car-Mart, Inc., a Texas corporation (the “Parent Company”), owns 100% of the outstanding common stock of the Company;

 

WHEREAS, in order to conduct its business, the
Company owns and uses trade secrets as defined under applicable law, as well as confidential and propriety information; and

 

WHEREAS, the Associate, during the term of his
employment with the Company and in order to carry out his duties with the Company, has or will have contact with the Company’s
customers and employees and has or will have access to and has or will become privy to or acquainted with certain confidential
information and trade secrets, which are owned by the Company and which are regularly used in the business of the Company and which
are generally not known to its competitors;

 

NOW, THEREFORE,
in consideration of the mutual covenants and promises contained herein, the parties hereto, each intending to be legally
bound hereby, agree as follows:

 

1.       Employment.
The Company hereby continues the employment of the Associate as a Senior Executive Officer of the Company, and the Associate accepts
such employment. During the term of employment under this Agreement (the “Employment Term”), the Associate shall perform
such duties as shall reasonably be required of a Senior Executive Officer of the Company. The Associate further agrees to perform,
without additional compensation, such other work for the Company and for any subsidiary or affiliate of the Company in which the
Company has an interest, including, without limitation, Colonial and the Parent Company, as the Board of Directors of the Company
or the Parent Company shall from time to time reasonably specify. It is expressly agreed and understood between the Company and
the Associate that the term of this Agreement is in no way dependent upon the Associate’s holding or being elected to any
office of the Company. The Associate may be deemed an employee of, and paid by the Company, Colonial, or the Parent Company, as
reasonably determined by the Company.

 

*Filed under application for confidential treatment.

     

     

    

 

2.       Performance.
The Associate agrees to devote his entire business efforts to the performance of his duties hereunder, provided, however, that
the Associate may engage in personal investment activities not involving the Company so long as they do not interfere with the
performance of his duties hereunder.

 

3.       Term.
Unless otherwise terminated in accordance with Sections 8, 9, 10 or 11, the Employment Term shall be for a term ending April 30,
2020. This Agreement shall be automatically renewed for successive additional Employment Terms of one (1) year each unless notice
of termination is given in writing by either party to the other party at least thirty (30) days prior to the expiration of the
initial Employment Term or any renewal Employment Term.

 

4.       Compensation.

 

(a)       Base
Salary and Benefits. The basic annual salary of the Associate for his employment services hereunder shall be $466,400 or such higher
annual salary, if any, as shall be approved by the Board of Directors of the Parent Company from time to time (the “Base
Salary”), which shall be payable in accordance with the Company’s payroll policy. Nothing contained herein shall affect
or in any way limit the Associate’s rights as an Associate of the Company to participate in any Company 401(k) profit sharing
plan or medical and life insurance programs offered by the Company to its employees, all of which shall be available to the Associate
to the same extent as if this Agreement had not existed, and compensation received by the Associate hereunder shall be in addition
to the foregoing. In addition, nothing contained herein shall affect or in any way limit the Associate’s eligibility to participate
in any nonqualified deferred compensation plan of the Company or the Parent.

 

(b)       Bonus.
In addition to the Base Salary and fringe benefits described above, the Associate shall be eligible to earn an annual cash bonus
(the “Bonus”) during the term hereof beginning May 1, 2015 and ending April 30, 2020. The Bonus shall be based upon
Parent Company’s projected fully diluted earnings per share calculated in accordance with GAAP for each fiscal year (“GAAP
Earnings Per Share”). The Bonus will depend on the Parent Company attaining a minimum of 95% of its projected GAAP Earnings
Per Share, as set forth in Appendix A to this Agreement. The Bonus, if any, shall be paid each fiscal year, within fifteen
(15) days following the Parent Company’s filing of its annual report on Form 10-K for such fiscal year (but no later than
two and one-half (21⁄2) months following the calendar year in which the Bonus was earned), based upon the Parent Company’s
GAAP Earnings Per Share for that fiscal year. Any Bonus shall be deemed to be earned by the Associate if the Associate was an employee
of the Company as of the last day of the fiscal year in question.

 

 

    2

     

    

 

(c)       Non-Qualified
Stock Options.

 

(i)       Subject
to Section 4(c)(iii) herein, the Parent Company will grant to the Associate, pursuant to the Parent Company’s Amended and
Restated Stock Option Plan (the “Option Plan”), non-qualified stock options to purchase an aggregate of 30,000 shares
of Parent Company Stock, as follows:

 

(A)       A
non-qualified stock option to purchase 10,000 shares of Parent Company Stock, which will vest in full (or “cliff” vest)
on April 30, 2020, subject to the Associate’s continuous service (as that term is defined in the Option Plan) as of the vesting
date; and

 

(B)       A
non-qualified stock option to purchase 20,000 shares of Parent Company Stock, with vesting of such option subject to the attainment
of certain performance conditions based on the Parent Company’s consolidated net income growth during fiscal years 2016 through
2020. If the Parent Company’s cumulative consolidated net income growth, calculated on a compound basis, for the five (5)
fiscal years ending April 30, 2020 is equal to 10% or more, the stock option will “cliff” vest in its entirety (20,000
shares) on the date which marks the fifth (5th) anniversary of the stock option grant date (the “Vesting Date”).
If the Parent Company’s cumulative consolidated net income growth, calculated on a compound basis, for the five (5) fiscal
years ending April 30, 2020 is equal to 5% or more but less than 10%, the stock option will “cliff” vest as to 10,000
shares on the Vesting Date. If the Company’s cumulative consolidated net income growth, calculated on a compound basis, for
the five (5) fiscal years ending April 30, 2020 is less than 5%, the stock option will be forfeited.

 

(ii)       For
purposes of this Section 4(c), “consolidated net income” for a given fiscal year shall mean “Net income”
as reported in the Company’s consolidated statement of operations included in the Company’s Annual Report on Form 10-K
for such fiscal year as filed with the Securities and Exchange Commission, except that if on the Vesting Date the Company has not
yet filed its Annual Report on Form 10-K for the fiscal year ending April 30, 2020, “consolidated net income” for fiscal
year 2020 shall be the Company’s “Net income” as reported in the Company’s public earnings press release
for such fiscal year. All terms used in this Section 4(c) shall have the definitions set forth in this Agreement, the Option Plan
or the applicable Stock Option Agreement, as the case may be.

 

(iii)       The
stock option grants under this Section 4(c) shall be made on August 5, 2015, the date of the Parent Company’s annual meeting
of shareholders, subject to and contingent upon the approval by such shareholders of the Option Plan.

 

    3

     

    

 

5.       Expense
Account and Vacations. Matters relating to expense accounts for the Associate, vacations and the like shall be mutually agreed
upon from time to time. However, the Company agrees to reimburse the Associate for all expenses reasonably incurred by him on behalf
of the Company in accordance with the prevailing practices and policies of the Company. In addition, the Associate shall be entitled
to that number of days of paid vacation and paid sick leave as is consistent with the prevailing practices and policies of the
Company for other employees in the same or similar position as that held by the Associate hereunder.

 

6.       Non-Competition,
Non-Solicitation, Non-Disclosure, and Confidentiality Provisions

 

(a)       Non-Solicitation:
Customers. During Associate’s employment and for one (1) year immediately following the cessation of Associate’s employment
with the Company for any reason, Associate shall not, on his own behalf or on behalf of any person, firm, partnership, association,
corporation or business organization, entity or enterprise (except the Company), solicit, call upon, or attempt to solicit or call
upon, any customer of the Company, or any representative of any customer of the Company with a view to selling or providing any
product or service competitive with any product or service sold or provided by the Company in the Company Business, as defined
herein, during the twelve (12) month period immediately preceding cessation of Associate’s employment with the Company, provided
that the restrictions set forth in this section shall apply only to customers of the Company, or representatives of customers of
the Company with whom Associate had material contact during such twelve (12) month period. “Material contact” exists
between Associate and each of the Company’s existing customers: (i) with whom Associate actually dealt for a business purpose
while employed by the Company or to further a business relationship between the customer and the Company; or (ii) whose business
dealings with the Company were handled, coordinated or supervised by Associate or performed by Associate in whole or in part.

 

(b)       Non-Solicitation:
Employees. During Associate’s employment and for one (1) year immediately following the cessation of Associate’s employment
with the Company for any reason, Associate will not solicit or in any manner encourage employees of the Company to leave the employ
of the Company. The foregoing prohibition applies only to employees with whom Associate had material contact pursuant to Associate’s
duties during the twelve (12) month period immediately preceding cessation of Associate’s employment with the Company. “Material
contact” means interaction between Associate and another employee of the Company: (i) with whom Associate actually dealt
or worked with; or (ii) whose employment or dealings with the Company or services for the Company were handled, coordinated or
supervised by Associate. 

 

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(c)       Non-Disclosure.

 

(i)       TRADE
SECRETS. Associate acknowledges that the Company owns and uses trade secrets as defined under applicable law. “Trade secret(s)”
means information, without regard to form, including, but not limited to, technical or non-technical data, a formula, a pattern,
a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans,
or a list of actual or potential customers or suppliers which is not commonly known by or available to the public and which information:
(a) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper
means by, other persons who can obtain economic value from its disclosure or use; and (b) is the subject of efforts that are reasonable
under the circumstances to maintain its secrecy. Associate further acknowledges that in the course of Associate’s employment
with the Company and in order to carry out Associate’s duties thereunder, Associate has or will become privy to the Trade
Secrets of the Company. Accordingly, Associate shall not disclose, divulge, publish to others, or use for any purpose, except
as necessary to perform Associate’s duties while employed by the Company, any Trade Secret of the Company without the prior
written consent of the Company, for so long as such information shall remain a Trade Secret under applicable law.

 

(ii)       CONFIDENTIAL
INFORMATION. Associate acknowledges that in order to conduct its business, the Company owns and uses written and unwritten confidential
information. “Confidential Information” means data and information relating to the business of the Company (which
may not rise to the level of a Trade Secret under applicable law) which is or has been disclosed to Associate or of which Associate
became aware as a consequence of or through Associate’s relationship with the Company and which has value to the Company
and is not generally known to its competitors. Confidential Information shall not include any data or information that has been
voluntarily disclosed to the public by the Company (except where such public disclosure has been made by Associate without authorization)
or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means.
Associate further acknowledges that in the course of his employment with the Company and in order to carry out his duties thereunder,
Associate has or will become privy to Confidential Information of the Company. Accordingly, Associate agrees that while employed
by the Company, and for a period of two (2) years from the conclusion of Associate’s employment with the Company for any
reason, Associate will not disclose, divulge, publish to others or use for any purpose any Confidential Information of the Company
except to the extent necessary to perform his duties and responsibilities as an Associate for the Company, without the prior written
consent of the Company.

 

(iii)       NOTICE
OF TRADE SECRETS AND CONFIDENTIAL INFORMATION. Associate acknowledges that the Company hereby designates Trade Secrets and Confidential
Information to include, by way of illustration but not limitation, confidential customer and prospective customer lists; information
provided to the Company by its customers or clients or prospective customers or clients; customer preferences; client contacts;
marketing plans, presentations and strategies; products; processes; designs; formulas; methods; clinical data; licenses; software;
computer or electronic data disks or tapes; processes; research and plans for research; computer programs; methods of operations
and costs data; contracts; personnel information; credit terms; financial information (including without limitation information
regarding fee and pricing structures, assets, status of client accounts or credit); or any other information designated as a trade
secret, confidential or proprietary by the Company.

 

    5

     

    

 

(iv)       TREATMENT
OF TRADE SECRETS AND CONFIDENTIAL INFORMATION. Associate understands and agrees to treat whatever information the Company wants
to protect from disclosure as genuinely “confidential”, i.e., restricting access by pass code, stamping hardcopies
of customer lists “confidential,” and restricting access to the customer list to designated and appropriate personnel,
and the like. Associate further agrees, as an Associate, to use his best efforts and the utmost diligence to guard and protect
the Company’s Trade Secrets and Confidential Information from disclosure to any competitor, customer or supplier of the
Company or any other person, firm, corporation or other entity, unless such disclosure has been specifically authorized by the
Company in writing.

 

(d)       Non-Competition.
Associate acknowledges that the Company is engaged in the Company Business as defined herein. Associate further acknowledges that
the Company Business is primarily concentrated in and focused in Alabama, Arkansas, Georgia, Kentucky, Mississippi, Missouri, Oklahoma,
Tennessee and Texas (hereinafter the “Territory”), and that Associate’s duties and responsibilities were not
limited to any particular area within that region but will be within and throughout the entire Territory, and rendered in connection
with Company Business. Associate further agrees and acknowledges that because of his association with the Company and his access
to Trade Secrets and confidential, proprietary information of the Company which relate to the Company Business as herein defined,
Associate’s competition with the Company as or with a direct competitor in the same line of business as the Company would
damage and impair the business of the Company. Therefore, during the term of his employment and for a period of one (1) year from
the conclusion of Associate’s employment with the Company for any reason, Associate shall not, for himself or on behalf of
any other person, firm, partnership, association, corporation, business organization, entity or enterprise, perform duties which
are substantially similar to the duties performed by Associate on behalf of Company within the Territory for any business engaged
in the Company Business as defined herein.

 

(e)       Ownership
of Work Product. For purposes of this Agreement, “Work Product” shall mean the data, materials, documentation, computer
programs, inventions (whether or not patentable), and all works of authorship, including all worldwide rights therein under patent,
copyright, trade secret, confidential information, and other property rights, created or developed in whole or in part by Associate,
relating to the Company Business whether prior to the date of this Agreement or in the future, either (i) while employed by the
Company and that have been or will be paid for by the Company, or (ii) while employed by the Company (whether developed during
working hours or not) and not otherwise the subject of a written agreement between the Company and Associate. All Work Product
shall be considered work made for hire by Associate and owned by the Company. If any of the Work Product may not, by operation
of law, be considered work made for hire by Associate for the Company, or if ownership of all rights, title, and interest of the
intellectual property rights therein shall not otherwise vest exclusively in the Company, Associate hereby assigns to the Company,
and upon the future creation thereof automatically assigns to the Company without further consideration, the ownership of all
Work Product. The Company shall have the right to obtain and hold in its own name patents, copyrights, registrations and any other
protection available in the Work Product. Associate agrees to perform, during and after his employment, such further acts as may
be necessary or desirable to transfer, perfect, and defend the Company’s ownership of the Work Product as reasonably requested
by the Company.

 

    6

     

    

 

(f)       Return
of Company Property. All Company property, including, but not limited to, equipment, devices, records, correspondence, documents,
files, reports, studies, manuals, compilations, drawings, blueprints, sketches, videos, memoranda, computer software and programs,
data or any other information, including Trade Secrets and Confidential Information as set forth herein, (whether originals, copies
or extracts, stored in any medium), whether prepared or developed by Associate or otherwise coming into Associate’s possession,
whether maintained by Associate in the facilities of the Company, at Associate’s home, or at any other location, is, and
shall remain, the exclusive property of the Company and shall be promptly delivered to the Company, with no copies or reproductions
retained by Associate, in the event of Associate’s termination for any reason, or at any other time or times the Company
may request. Upon termination of employment for any reason, Associate agrees to sign and deliver the “Termination Certification”
attached hereto as Appendix B.

 

(g)       Reasonable
Restrictions. Associate agrees and acknowledge that the restrictions contained in this Agreement are reasonable and necessary
in order to protect the valuable proprietary assets, goodwill and business of the Company and that the restrictions will not prevent
or unreasonably restrict his ability to earn a livelihood. Associate also agrees and acknowledges that if his employment with
the Company ends for any reason, Associate will be able to earn a livelihood without violating the restrictions contained in this
Agreement and that Associate’s ability to earn a livelihood without violating said restrictions is an important reason in
Associate choosing to sign this Agreement.

 

7.       Remedies.
The Associate expressly agrees that the remedy at law for any breach of the provisions of Section 6 will be inadequate and that
upon any such breach or threatened breach, the Company shall be entitled, as a matter of right, to injunctive relief in any court
of competent jurisdiction, in equity or otherwise, to enforce the specific performance of the Associate’s obligations under
these provisions without the necessity of proving the actual damage to the Company or the inadequacy of a legal remedy.

 

    7

     

    

 

8.       Termination
Without Compensation.

 

(a)       The
Employment Term will terminate as of the end of the term of this Agreement unless terminated earlier in accordance with this Section
8, Section 9, Section 10, or Section 11.

 

(b)       The
Employment Term may also be terminated by the Company for cause (“Cause”) with written notice to the Associate upon
the occurrence of any of the following:

 

(i)       the
commission by the Associate of any deliberate and premeditated act involving moral turpitude detrimental to the economic interests
of the Company;

 

(ii)       the
conviction of the Associate of a felony;

 

(iii)       the
willful failure or refusal of the Associate to perform his duties hereunder (which failure or refusal persists after written notice
from the Company to the Associate complaining of such failure or refusal) or the Associate’s gross negligence of a material
nature in connection with the performance of such duties; or

 

(iv)       the
breach by the Associate of any provision of this Agreement which is not cured within thirty (30) days subsequent to written notice
from the Company to the Associate of the breach.

 

(c)       Upon
termination of the Employment Term under subsections (a) or (b) above, the parties hereto will be relieved of any further obligations
hereunder except for any obligations set forth in Section 6.

 

9.       Termination
Without Cause. The Company shall have the right to terminate the Employment Term without Cause at any time. If the termination
is effected by the Company other than as described in Section 8, then, under such circumstances and subject to the Associate’s
continued compliance with the terms of this Agreement, (i) the Associate’s Base Salary then in effect hereunder will
continue to be payable in accordance with the Company’s payroll policy through the Employment Term, (ii) the Associate
shall be paid within sixty (60) days after termination the pro rata portion of the Bonus earned, if any, through the date of termination,
(iii) all outstanding and unvested stock options previously granted to the Associate by the Parent Company shall immediately vest
in full without regard to the achievement of any applicable performance conditions, unless otherwise prohibited by the Option Plan
(or successor plan) or the stock option agreements between the Parent Company and the Associate with respect to such stock options,
and (iv) all outstanding and unvested shares of restricted stock (if any) previously granted to the Associate by the Parent Company
shall immediately vest in full without regard to the achievement of any applicable performance conditions, unless otherwise prohibited
by the Amended and Restated Stock Incentive Plan (the “Incentive Plan”) (or successor plan) or the restricted stock
agreements between the Parent Company and the Associate with respect to such restricted stock awards; provided, however, that any
shares of restricted stock that are intended to constitute performance-based compensation within the meaning of Section 162(m)
of the Internal Revenue Code of 1986, as amended (the “Code”), shall become vested only to the extent provided pursuant
to the terms of the applicable restricted stock agreement and the provisions of this Section 9 shall not apply to any shares of
restricted stock that are intended to constitute performance-based compensation. Bonus payments to the Associate in accordance
with this Section 9 shall be paid no later than two and one-half (21⁄2) months following the calendar year in which the termination
without Cause occurred.

 

    8

     

    

 

Notwithstanding the foregoing, the Associate
shall not be entitled to receive any of the payments or benefits described in Section 9 unless, not later than sixty (60) days
after the termination date, the Associate has executed a release of claims against the Company and its affiliates (the “Release”),
and the period during which the Release may be revoked has expired without the Associate having revoked the Release. None of the
payments or benefits described in Section 9 shall be paid until the Release has been signed and become effective, and any payments,
which would otherwise be payable during such sixty-day period prior to the date the Release becomes effective, shall be accumulated
and paid to the Associate on the first payroll date following the date the Release becomes effective, without interest, or, if
such sixty-day period begins in one calendar year and ends in a second calendar year, the first payroll date during the second
calendar year following the date the Release becomes effective, as described above.

 

10.       Death
of the Associate. If the Associate dies during the Employment Term, the Employment Term shall terminate, and within 60 days
after death, or as soon thereafter as administratively practicable, the Company will pay to the Associate’s estate (i) the
Associate’s Base Salary then in effect through the end of the calendar month in which such death occurs, and (ii) the
pro rata portion of the Bonus earned, if any, through the date of death. In addition, all outstanding and unvested stock options
previously granted to the Associate by the Parent Company shall immediately vest in full, without regard to the achievement of
any applicable performance conditions, unless otherwise prohibited by the Option Plan (or successor plan) or the stock option agreements
between the Parent Company and the Associate with respect to such stock options, and all outstanding and unvested shares of restricted
stock (if any) previously granted to the Associate by the Parent Company shall immediately vest in full, without regard to the
achievement of any applicable performance conditions, unless otherwise prohibited by the Incentive Plan (or successor plan) or
the restricted stock agreements between the Parent Company and the Associate with respect to such restricted stock awards.

 

11.       Termination
Following Disability. If the Associate becomes disabled during the Employment Term, the Company may terminate the Employment
Term, in which event the Company will pay to the Associate the Associate’s Base Salary then in effect, payable in accordance
with the Company’s payroll policy through the end of the Employment Term; provided, however, any amounts payable to the Associate
under the Company’s disability insurance policy shall be deducted from the amounts payable to the Associate hereunder. For
the purposes of this Agreement, the Associate shall be deemed to be “disabled” when, by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for a period of not less than
twelve (12) consecutive months, he has received replacement income for a period of at least three (3) months under the Company’s
disability insurance policy, or if the Company does not have a disability insurance policy for the Associate, the Associate shall
be deemed disabled if he is unable to perform his services or discharge his duties as an Associate of the Company by reason of
any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for
a period of not less than twelve (12) consecutive months. Any disability, as defined herein, shall not constitute “Cause”
for purposes of Section 8(b) hereof. In addition, all outstanding and unvested stock options previously granted to the Associate
by the Parent Company shall immediately vest in full, without regard to the achievement of any applicable performance conditions,
unless otherwise prohibited by the Option Plan (or successor plan) or the stock option agreements between the Parent Company and
the Associate with respect to such stock options, and all outstanding and unvested shares of restricted stock (if any) previously
granted to the Associate by the Parent Company shall immediately vest in full, without regard to the achievement of any applicable
performance conditions, unless otherwise prohibited by the Incentive Plan (or successor plan) or the restricted stock agreements
between the Parent Company and the Associate with respect to such restricted stock awards.

 

    9

     

    

 

12.       Change
in Control of the Parent Company

 

(a)       If
a Double Trigger Event (as defined in Section 12(c) herein) occurs in connection with a Change in Control (as defined in Section
12(b) herein) of the Parent Company, on the sixty-day anniversary of the date of the Double Trigger Event, (i) the Company shall
pay to the Associate a lump sum cash payment equal to 2.99 times the Associate’s Base Salary in effect immediately prior
to the Change in Control; (ii) all outstanding and unvested stock options previously granted to the Associate by the Parent Company
shall immediately vest in full, without regard to the achievement of any applicable performance conditions, unless otherwise prohibited
by the Option Plan (or successor plan) or the stock option agreements between the Parent Company and the Associate with respect
to such stock options; and (iii) all outstanding and unvested shares of restricted stock (if any) previously granted to the Associate
by the Parent Company shall immediately vest in full, without regard to the achievement of any applicable performance conditions,
unless otherwise prohibited by the Incentive Plan (or successor plan) or the restricted stock agreements between the Parent Company
and the Associate with respect to such restricted stock awards (collectively, (i), (ii) and (iii) are referred to as the “Change
in Control Payments”).

 

Notwithstanding the foregoing, the
Associate shall not be entitled to receive any of the payments or benefits described in Section 12 unless, not later than sixty
(60) days after the termination date, the Associate has executed a release of claims against the Company and its affiliates (the
“Release”), and the period during which the Release may be revoked has expired without the Associate having revoked
the Release. None of the payments or benefits described in Section 12 shall be paid until the Release has been signed and become
effective, and any payments, which would otherwise be payable during such sixty-day period prior to the date the Release becomes
effective, shall be accumulated and paid to the Associate on the first payroll date following the date the Release becomes effective,
without interest, or, if such sixty-day period begins in one calendar year and ends in a second calendar year, the first payroll
date during the second calendar year following the date the Release becomes effective, as described above.

 

    10

     

    

 

(b)       For
purposes of this Section 12, “Change in Control” of the Parent Company shall mean:

 

(i)       Change
in Ownership. The acquisition by an individual, entity or group (within the meaning of Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”)) (a “Person”) of ownership of stock of the Parent Company that, together
with stock held by such Person, constitutes more than 50% of the total fair market value or total voting power of the stock of
the Parent Company. However, if any Person is considered to own more than 50% of the total fair market value of total voting power
of the stock of the Parent Company, the acquisition of additional stock by the same Person is not considered to cause a change
in ownership of the Parent Company (or to cause a change in the effective control of the Parent Company). An increase in the percentage
of stock owned by any one Person as a result of a transaction in which the Parent Company acquires its stock in exchange for property
will be treated as an acquisition of stock for purposes of this paragraph. This paragraph applies only when there is a transfer
of stock of the Parent Company (or issuance of stock of the Parent Company) and stock in the Parent Company remains outstanding
after the transaction; or

 

(ii)       Change
in Effective Control. (A) the acquisition by any Person during the 12-month period ending on the date of the most recent acquisition
by such Person, of ownership of stock of the Parent Company possessing 35% or more of the total voting power of the stock of the
Parent Company; or (B) the replacement of a majority of members of the Parent Company’s Board of Directors during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the members of the Parent Company’s Board
of Directors prior to the date of the appointment or election.

 

A change in effective control also may
occur in any transaction in which either of the two corporations involved in the transaction has a “Change in Ownership”
under paragraph (i) or “Change in Ownership of a Substantial Portion of the Company’s Assets” under paragraph
(iii). If any one Person is considered to effectively control the Parent Company, the acquisition of additional control of the
Parent Company by the same Person is not considered to cause a change in the effective control of the Parent Company (or to cause
a “Change in Ownership” of the Parent Company within the meaning of paragraph (i) above); or

 

(iii)       Change
in Ownership of a Substantial Portion of Assets. The acquisition by any Person during the 12-month period ending on the date of
the most recent acquisition by such Person, of assets from the Parent Company 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 Parent Company immediately prior to such acquisition(s).
For this purpose, gross fair market value means the value of the assets of the Parent Company, or the value of the assets being
disposed of, determined without regard to any liabilities associated with such assets. No Change in Control shall be deemed to
have occurred in the event of a transfer to a related person or as described in Code Section 409A.

 

    11

     

    

 

The definition of Change in Control
in this Subsection 12(b), and all other terms and provisions of this Agreement, shall be interpreted at all times in such a manner
as to comply with Code Section 409A, meaning that no additional income tax is imposed on the Associate pursuant to Code Section
409A(1)(a).

 

(c)       For
purposes of this Section 12, a “Double Trigger Event” shall be deemed to occur if, within the period beginning six
(6) months prior to a Change in Control and ending two (2) years following such Change in Control, (i) the Associate’s employment
is involuntarily terminated by the Company or the Parent Company (or the surviving or acquiring entity, as the case may be), other
than for Cause, or (ii) the Associate terminates his employment for Good Reason (as defined in Section 12(d) herein). If the termination
of the Associate’s employment, as contemplated by this Section 12(c), occurs prior to the Change in Control, then the Associate
shall be treated for purposes of this Section 12 as being employed on the date the Change in Control becomes effective and the
Associate’s Base Salary in effect immediately prior to such termination shall be deemed in effect, for purposes of this Section
12, immediately prior to the Change in Control. For purposes of this Section 12, the date of the Double Trigger Event shall be
the later of the effective date of the Change in Control and the date of the Associate’s termination of employment as contemplated
in this Section 12(c).

 

(d)       For
purposes of this Section 12, “Good Reason” shall mean:

 

(i)        If
the Associate is a party to an employment or service agreement with the Company, the Parent Company or an affiliate of the Company
that supersedes and replaces, in whole or in part, any provisions of this Agreement and such agreement provides for a definition
of Good Reason, the definition contained therein; or

 

(ii)       If
no such agreement exists, the Associate’s resignation from the Company within thirty (30) days following the occurrence of
any of the following events with respect to the Associate:

 

(A)       Without
the Associate’s express written consent, the significant reduction of the Associate’s duties, authority, responsibilities,
or reporting relationships relative to the Associate’s duties, authority, responsibilities, or reporting relationships as
in effect immediately prior to such reduction, or the assignment to the Associate of such reduced duties, authority, responsibilities,
or reporting relationships, which reduction or assigned reduction remains in effect five (5) business days after written notice
by the Associate to the Chief Executive Officer or the Chief Financial Officer of the Parent Company (or the surviving or acquiring
entity, as the case may be) of such conditions; provided, however, that the mere occurrence of a Change in Control shall not, in
and of itself, constitute a material adverse change in the Associate’s duties, authority, responsibilities or reporting relationships.

 

    12

     

    

 

(B)       A
material reduction by the Company or the Parent Company (or the surviving or acquiring entity, as the case may be) in the Base
Salary, bonus structure or benefits of the Associate as in effect immediately prior to such reduction, with the result that the
Associate’s overall benefits package is significantly reduced; or

 

(C)       The
relocation of the Associate’s principal work location to a facility or a location more than fifty (50) miles from the Associate’s
then present principal work location, without the Associate’s express written consent.

 

(e)       The
Change in Control Payments shall be in addition to any other rights and benefits for which the Associate is eligible, either by
way of contract or with respect to rights and benefits generally available to other executive officers or Associates of the Company.

 

13.       Definition
of Termination of Employment. “Termination of Employment” as used in this Agreement shall have the same meaning
as set out in, and shall occur on the date determined in accordance with, Section 1.409A-1(h) of the regulations promulgated under
Code Section 409A.

 

14.Specified Employee Delay. If the
Associate is a “specified employee” within the meaning of Code Section 409A, any benefits or payments (including installments
and insurance premiums and contributions) which (a) constitute a “deferral of compensation” under Code Section 409A,
(b) become payable as a result of the Associate’s termination of employment for reasons other than death, and (c) become
due under this Agreement during the first six (6) months (or such longer period as required by Code Section 409A) after termination
of employment shall be delayed and all such delayed payments (or delayed installments, premiums or contributions) shall be paid
to the Associate in full in the seventh (7th) month after the date of termination and all subsequent payments (or installments)
shall be paid in accordance with their original payment schedule. To the extent that any insurance premiums or other benefit contributions
constituting a “deferral of compensation” become subject to the above delay, the Associate shall be responsible for
paying such amounts directly to the insurer or other third party and shall receive reimbursement from Company for such amounts
in the seventh (7th) month as described above. This paragraph shall not apply to payments made as a result of a termination
of employment that is the result of the Associate’s death.

 

15.       Notices.
All notices, demands and requests which may be given or which are required to be given by either party to the other, and any exercise
of a right of termination provided by this Agreement, shall be in writing and shall be deemed effective when either: (a) personally
delivered to the intended recipient; (b) sent by certified or registered mail, return receipt requested, addressed to the
intended recipient at the address specified below; (c) delivered in person to the address set forth below for the party to
which the notice was given; (d) deposited into the custody of a nationally recognized overnight delivery service such as FedEx
Corporation or United Parcel Service, Inc., addressed to such party at the address specified below; or (e) sent by facsimile,
telegram or telex, provided that receipt for such facsimile, telegram or telex is verified by the sender and followed by a notice
sent in accordance with one of the other provisions set forth above. Notices shall be effective on the date of delivery, or receipt
of, if delivery is not accepted, on the earlier of the date that delivery is refused or three (3) days after the date the notice
is mailed. For purposes of this paragraph, the addresses of the parties for all notices are as follows (unless changes by similar
notice in writing are given by the particular person whose address is to be changed):

 

    13

     

    

 

If to the Associate, to William H.
Henderson, ____________________________ ________________________________________________;

 

If to the Company, to America’s
Car-Mart, Inc., 802 S. E. Plaza Avenue, Suite 200, Bentonville, Arkansas 72712, Fax #479-273-7556.

 

With a copy to W. Brett Papasan, Chief
Legal Officer, 802 S. E. Plaza Avenue, Suite 200, Bentonville, Arkansas 72712, Fax #479-271-0796;

 

And a copy to Jeffrey A. Williams,
Chief Financial Officer, 802 S. E. Plaza Avenue, Suite 200, Bentonville, Arkansas 72712, Fax #479-464-4234.

 

Any party hereto may designate a different address
by written notice given to the other parties.

 

16.       Governing
Law. This agreement shall be construed in accordance with and governed by the laws of the State of Arkansas.

 

17.       Compliance
with Section 409A. The payments due under this Agreement are intended to comply with Section 409A of the Code (“Code
Section 409A”) or an exemption thereunder and shall be construed and administered in accordance with Section 409A.
Notwithstanding any other provision of this Agreement, payments of “nonqualified deferred compensation” provided under
this Agreement may only be made upon an event and in a manner that complies with Code Section 409A or an applicable exemption.
Any payments under this Agreement that may be excluded from Code Section 409A either as separation pay due to an involuntary separation
from service or as a short-term deferral shall be excluded from Code Section 409A to the maximum extent possible. To the extent
Code Section 409A applies, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments
of “nonqualified deferred compensation” to be made under this Agreement by reason of a termination of employment shall
only be made if such termination of employment constitutes a “separation from service” under Code Section 409A. Notwithstanding
the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Code
Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses
that may be incurred by the Associate on account of non-compliance with Code Section 409A. To the extent required by Code Section
409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance with the following: (i)
the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (ii) any reimbursement of an eligible
expense shall be paid to the Associate on or before the last day of the calendar year following the calendar year in which the
expense was incurred; and (iii) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation
or exchange for another benefit.

 

    14

     

    

 

18.       Section
280G.

 

(a)       In
the event that the total amount of payments to be received by the Associate, pursuant to this Agreement or otherwise, that are
contingent upon a change in ownership or control (within the meaning of Section 280G of the Code) would, but for this Section 18(a),
be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the amount of payments
to be received by the Associate pursuant to this Agreement or otherwise shall be reduced to the maximum amount that will cause
the total amounts of the payments not to be subject to the Excise Tax, but only if the amount of such payments, after such reduction
and after payment of all applicable taxes on the reduced amount, is equal to or greater than the amount of such payments the Associate
would otherwise be entitled to retain without such reduction after the payment of all applicable taxes, including the Excise Tax.

 

(b)       The
accounting firm engaged by the Company for general audit purposes (the “Audit Firm”) shall perform any calculations
necessary in connection with this Section 18; provided that, if for any reason the Audit Firm is unable to, or declines to, perform
such calculations, the Company shall engage such other accounting firm as the Audit Firm shall recommend in writing to the Company
to perform such calculations (the Audit Firm or such other accounting firm, as applicable, being hereinafter referred to as the
“Accounting Firm”).  The Company shall bear all expenses with respect to the determinations by such Accounting
Firm required to be made hereunder. The Accounting Firm engaged to make the determinations under this Section 18 shall provide
its calculations, together with detailed supporting documentation, to the Associate and the Company within fifteen (15) calendar
days after the date on which the Associate’s right to a payment contingent on a Change in Control is triggered (if requested
at that time by Associate or the Company) or such other time as requested by the Associate or the Company.  If the Accounting
Firm determines that no Excise Tax is payable with respect to such payments, it shall furnish the Associate and the Company with
an opinion reasonably acceptable to Associate that no Excise Tax will be imposed with respect to such payments.  Any good
faith determinations of the Accounting Firm made hereunder shall be final, binding, and conclusive upon Associate and the Company.
If a reduction in payments or benefits constituting “parachute payments” is required by Section 18(a), the reduction
shall occur in the following order unless the Associate elects in writing a different order (provided, however, that such election
shall be subject to the Company’s approval if made on or after the date on which the event that triggers the payment occurs
and to the extent that such election does not violate Code Section 409A): reduction of cash payments (in reverse order of the date
on which such cash payments would otherwise be made with the cash payments that would otherwise be made last being reduced first);
cancellation of accelerated vesting of stock awards; reduction of employee benefits.  In the event that accelerated vesting
of stock awards is to be reduced, such accelerated vesting shall be cancelled in the reverse order of the grant date of the Associate’s
stock awards unless the Associate elects in writing a different order for cancellation.

 

    15

     

    

 

19. Assignability. The Associate may
not assign his interest in or delegate his duties under this Agreement. The rights and obligations of the Company hereunder may
be assigned only by operation of law in connection with a merger in which the Company is not the surviving corporation or in connection
with the sale of substantially all of the assets of the Company; and in the latter event, such assignment shall not relieve the
Company of its obligations hereunder.

 

20.       Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns.

 

21.       Entire
Agreement; Modification. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject
matter hereof and may not be modified or amended in any way except in writing by the parties hereto. This Agreement supersedes
and replaces any and all prior employment agreements between the Company and the Associate, all of which are hereby terminated
and declared null and void; provided, however, this Agreement shall not affect, in any manner, previously awarded restricted stock
or stock options, which awards shall remain in full force and effect in accordance with the terms of such previous awards.

 

22.       Duration.
Notwithstanding the termination of the Employment Term and of the Associate’s employment by the Company, this Agreement shall
continue to bind the parties for so long as any obligations remain under this Agreement, and, in particular, the Associate shall
continue to be bound by the terms of Section 6.

 

23.       Waiver.
No waiver by the Company of any breach by the Associate of this Agreement shall be construed to be a waiver as to succeeding breaches.

 

24.       Enforceability.
The covenants and provisions contained herein are severable and are to be interpreted as such to the extent permitted by applicable
law. The parties understand, acknowledge and agree that should any provision of this Agreement be declared or determined by any
court of competent jurisdiction to be unenforceable or invalid for any reason, the validity of the remaining parts, terms or provisions
of this Agreement shall not be affected thereby, and that the Agreement will be amended to delete or modify, as necessary, any
invalid or unenforceable parts, terms or provisions to the extent necessary to allow for enforcement.

 

25.       Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same agreement.

 

[SIGNATURE PAGE FOLLOWS.]

 

    16

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement on June 22, 2015, but this Agreement shall be effective as of the day and year first above written.

 

	 	COMPANY:	 
	 	 	 
	 	AMERICA’S CAR-MART, INC., an	 
	 	Arkansas corporation	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	ASSOCIATE:	 
	 	 	 	 
	 	 	 
	 	William H. Henderson	 
	 	 	 	 

 

 

 

 

 

(Signature Page to Employment Agreement of William
H. Henderson)

 

    17

     

    

 

APPENDIX A

 

Applicable to the Bonus pursuant to Section
4(b) 

of Employment Agreement

 

	 	Fiscal Year
	 	2016	2017	2018	2019	2020
	Projected GAAP Earnings Per Share	2015 Actual GAAP Earnings Per Share multiplied by 1.10	2016 Projected GAAP Earnings Per Share multiplied by 1.10	2017 Projected GAAP Earnings Per Share multiplied by 1.10	2018 Projected GAAP Earnings Per Share multiplied by 1.10	2019 Projected GAAP Earnings Per Share multiplied by [X.XX]*
	Bonus Potential:	$60,000	$70,000	$80,000	$90,000	$100,000

 

If Parent Company’s actual GAAP Earnings Per Share equals 95-99%
of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point), the Bonus for such
fiscal year shall be the Bonus Potential for such fiscal year multiplied by 0.67.

 

If Parent Company’s actual GAAP Earnings Per Share equals 100-104%
of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point), the Bonus for such
fiscal year shall be the Bonus Potential for such fiscal year multiplied by 1.00.

 

If Parent Company’s actual GAAP Earnings Per Share equals 105%
or more of Parent Company’s projected GAAP Earnings Per Share (rounded to the nearest whole percentage point), the Bonus
for such fiscal year shall be the Bonus Potential for such fiscal year multiplied by 1.33.

 

 

 

 

 

*Filed under an
application for confidential treatment.

    A-1

     

    

 

APPENDIX B

 

TERMINATION CERTIFICATION

 

The undersigned Associate certifies that he/she
does not possess and has not failed to return any property belonging to AMERICA’S CAR MART, INC., its parent, subsidiaries,
affiliates, successors or assigns (together, the “Company”) or its customers, including, but not limited to, equipment,
devices, records, correspondence, documents, files, reports, studies, manuals, compilations, drawings, blueprints, sketches, videos,
memoranda, computer software and programs, data or any other information, including Trade Secrets and Confidential Information
as set forth herein (whether originals, copies or extracts, stored in any medium), whether prepared or developed by Associate or
otherwise coming into Associate’s possession, whether maintained by Associate in the facilities of the Company, at Associate’s
home, or at any other location.

 

Associate further certifies that he/she will
comply with all the terms of his/her Non-Competition, Non-Solicitation, Non-Disclosure, and Confidentiality Agreement.

 

	Date:	 	 	 
	 	 	 	Associate
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

 

 

B-1

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