Document:

EX-10.4

 Exhibit 10.4 

SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (“Agreement”) is made by and between
[                    ] (“Employee”) and Organovo Holdings, Inc. (the “Company”) (collectively referred to as the
“Parties” or individually referred to as a “Party”) pursuant to the Organovo Holdings, Inc. Severance and Change in Control Plan, as amended (the “Plan”) and the Severance Plan Participation Agreement entered into
thereunder (the “Participation Agreement”). All capitalized terms used in this Agreement not otherwise defined herein shall have the meanings set forth in Section 2 of the Plan, except as otherwise specified.

RECITALS 

WHEREAS, the Company and Keith Murphy entered into a Cooperation Agreement (the “Cooperation Agreement”), dated as
of [                    ], pursuant to which, among other provisions, the Company agreed to enter into this Agreement with Employee if Employee
resigns within 12 months following the adjournment of the 2020 Annual Meeting of Stockholders in which the Advisory Nominees Proposal (as defined in the Cooperation Agreement) is approved; 

WHEREAS, the disinterested members of the Board of Directors (the “Board”) of the Company previously approved the
form of this Separation Agreement and the entering into of this Agreement by the Company in connection with a resignation of Employee as set forth herein; 

WHEREAS, Employee served as
[                    ] of the Company, [and as a member of the Board] through the Separation Date and has resigned from such positions as of the
Separation Date; 
 WHEREAS, the Company and Employee agree that (i) the Murphy Appointees (as defined in the
Cooperation Agreement) shall not be treated as “Incumbent Directors” under the Plan, (ii) if the Advisory Nominees Proposal is approved at the Annual Meeting (as defined in the Cooperation Agreement) and the Advisory Nominees (as
defined in the Cooperation Agreement) are appointed to the Board, then a Change in Control under the Plan shall be deemed to have occurred and (iii) if Employee’s resignation as a director and officer of the has occurred within 12 months
following the adjournment of the Annual Meeting (the date of such resignation, the “Separation Date”) such resignation shall constitute Good Reason for Employee to resign under the Plan, and Employee is therefore entitled to receive
Severance Benefits as set forth in the Plan and this Agreement and certain other benefits as set forth herein; 
 WHEREAS,
the Company wishes for Employee to continue to provide services as a consultant to the Company following the Separation Date, and Employee wishes to provide such services; 

WHEREAS, on the Separation Date, the Company will pay Employee all accrued salary and all accrued and unused vacation/PTO
earned through the Separation Date, subject to standard payroll deductions and withholdings, which employee is entitled to pursuant to applicable law; 

WHEREAS, the Company and Employee have entered into Incentive Award Stock Option Agreements, Incentive Award Restricted Stock
Unit Agreements, and Performance Based Restricted Stock Unit Agreements (collectively, the “Equity Award Agreements”); and 

WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and
demands that the Employee or Company may have against the other and any of the Releasees or Employee Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Employee’s employment
with or separation from the Company. 
 NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and
Employee hereby agree as follows: 

  
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 COVENANTS 

1.    Acknowledgement. The Company and Employee each acknowledge and agree that the resignation of
Employee constitutes Good Reason for Employee to resign under the Plan because both acknowledge and agree that (i) the Murphy Appointees (as defined in the Cooperation Agreement) shall not be treated as “Incumbent Directors” under the
Plan, (ii) the Advisory Nominees Proposal has been approved at the Annual Meeting and the Advisory Nominees (as defined in the Cooperation Agreement) have been appointed to the Board and therefore a Change in Control under the Plan has occurred
and (iii) the Separation Date has occurred within 12 months following such Change in Control, and acknowledge and agree that Employee is therefore entitled to receive Severance Benefits as set forth in the Plan and this Agreement and certain
other benefits as set forth herein. 
 2.    Severance. The Company will provide Employee with
the following as Employee’s sole severance benefits (the “Severance Benefits”): 

a.    Salary. The Company agrees to pay Employee a total of
$[            ] less all applicable withholding and payroll deductions, in a lump sum payment, to be paid to Employee on the Separation Date. 

b.    Pro-rated Bonus. The Company agrees to pay Employee a
lump sum, pro-rated bonus in the amount of $[            ]. This payment is subject to applicable taxes and withholding obligations and will be paid
to Employee on the Separation Date. 
 c.    Outplacement Assistance. The Company shall provide
career transition assistance through a third-party provider of its choosing, for a period of twelve months beginning after the Separation Date. 

d.    Benefits. Employee’s health insurance benefits, which includes medical, dental, and
vision, shall cease on the last day of the month of the Separation Date, and the Company will provide COBRA coverage at the Company’s cost for a period of eighteen (18) months, provided Employee timely elects continuation coverage pursuant
to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), within the time period prescribed pursuant to COBRA. If Employee becomes eligible for coverage under any other group health insurance plan at any time
between his/her Separation Date and the end of the COBRA period, Employee shall promptly notify the Company in writing, and the Company shall no longer be obligated to provide any group health coverage to him/her or his/her dependents. All other
benefits, including but not limited to any accrual of or eligibility for vesting in stock options, bonuses, paid time off (PTO), holiday, floating holiday, sick days, 401k plan, short-term and long-term disability, accidental death &
dismemberment, and health care spending accounts will cease as of the Separation Date. Any vested benefit shall be governed by the terms of the applicable benefit plan. 

e.    Acceleration and Vesting of Equity Awards. All outstanding equity awards granted by the
Company to such Employee as set forth on Exhibit A shall become fully vested effective as of the Separation Date, and to the extent such equity award is a stock option or stock appreciation right, shall be exercisable for a period of one year
following the date on which Employee ceases to be a service provider under the Consulting Agreement. The restricted stock units and performance based restricted stock units that become vested in accordance with the terms hereof will settle and
shares shall be delivered in accordance with the terms set forth on Exhibit A and all other terms and conditions set forth in the Restricted Stock Unit Agreements on the Effective Date. 

3.    Payment of Salary and Receipt of All Benefits. Employee acknowledges and represents that,
other than the consideration set forth in this Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves pursuant to the Family Medical Leave Act, the California Family Rights Act, or
otherwise, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Employee. Employee further
represents that Employee has not suffered any on-the-job injury for which Employee has not already filed a workers’ compensation claim. 

4.    Employee Release of Claims. Employee agrees that the foregoing consideration represents
settlement in full of all outstanding obligations owed to Employee by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates as defined in Rule 12b-2 promulgated by the SEC under the Exchange Act (“Affiliate(s)”), benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries, and predecessor and successor corporations and
assigns (collectively, the “Releasees”). In exchange for the 

  
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consideration provided in this Agreement, which Employee would not be entitled to receive apart from this Agreement, Employee, on his/her own behalf and on behalf of his/her respective heirs,
family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause
of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Employee may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and
including the date Employee signs this Agreement, including, without limitation: 
 a.    any and all
claims relating to or arising from Employee’s employment relationship with the Company and the termination of that relationship; 

b.    any and all claims relating to, or arising from, Employee’s right to purchase, or actual
purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law;

 c.    any and all claims for wrongful discharge of employment; termination in violation of public
policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional
distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery;
invasion of privacy; false imprisonment; conversion; and disability benefits; 
 d.    any and all
claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of
1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker
Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the Immigration Control and Reform Act; the California Family Rights Act; the California Labor Code; the California Workers’
Compensation Act; and the California Fair Employment and Housing Act; 
 e.    any and all claims for
violation of the federal or any state constitution; 
 f.    any and all claims arising out of any other
laws and regulations relating to employment or employment discrimination; 
 g.    any claim for any
loss, cost, damage, or expense arising out of any dispute over the nonwithholding or other tax treatment of any of the proceeds received by Employee as a result of this Agreement; and 

h.    any and all claims for attorneys’ fees and costs. 

Employee agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to
the matters released. This release does not extend to any obligations incurred under this Agreement or to any of the Company’s obligations to Employee that arise under this Agreement after the Effective Date. The release set forth in this
Section 4 does not release claims that cannot be released as a matter of law, including, but not limited to, Employee’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other
local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company (“Governmental Agencies”) (with the understanding that any such filing or
participation does not give Employee the right to recover any monetary damages against the Company; Employee’s release of claims herein bars Employee from recovering such monetary relief from the Company). Employee further understands this
Agreement does not limit Employee’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other
information, without notice to the Company. 
 Notwithstanding the foregoing, nothing in this Agreement shall, or is intended to, release or
impair any of the following: 
 (a) Employee’s rights to receive the consideration and benefits provided under this Agreement or the
Consulting Agreement; 
 (b) Employee’s rights and the obligations of the Company under the Equity Award Agreements; 

  
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 (c) Employee’s vested rights under any 401k, retirement, or other benefit plan of the
Company; 
 (d) Employee’s rights to be defended and indemnified pursuant to California Labor Code, Section 2802 or other law, the
Certificate of Incorporation or Bylaws of the Company, and the Indemnification Agreement entered into with Employee (including the right to receive advancements of expenses in accordance with any of the foregoing) (the “Indemnification
Agreement”), or any policy of directors’ and officers’ liability insurance. 
 Employee acknowledges that
he/she is waiving and releasing any rights he/she may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Employee agrees that this waiver and release does not
apply to any rights or claims that may arise under the ADEA after the date Employee signs this Agreement. Employee acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Employee was
already entitled. Employee further acknowledges that he/she has been advised by this writing that: (a) he/she should consult with an attorney prior to executing this Agreement; (b) he/she has
twenty-one (21) days within which to consider this Agreement; (c) he/she has seven (7) days following his/her execution of this Agreement to revoke this Agreement; (d) this Agreement shall
not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does
it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Employee signs this Agreement and returns it to the Company in less than the
21-day period identified above, Employee hereby acknowledges that he/she has freely and voluntarily chosen to waive the time period allotted for considering this Agreement. 

5.    Company Release of Claims and Company Obligations. 

a.    In exchange for Employee entering into this Agreement and agreeing to the releases set forth in
Section 4 hereof, the Company, for itself and on behalf of any other person claiming by or through Company and each of its affiliates (“Company Releasor”), hereby and forever releases and agrees to defend and hold harmless Employee
and his/her executors, spouse, heirs, estate, beneficiaries, legal representatives, assigns and agents (collectively, the “Employee Released Parties”) from, and agrees not to sue concerning, or in any manner to institute, prosecute, or
pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that the Company may possess against any of the Employee Released
Parties arising from any omissions, acts, facts, or damages that have occurred up until and including the date Employee signs this Agreement, including, without limitation, in Employee’s capacity as an officer, employee or agent of the Company
or its affiliates, whether arising under statute, common law or other law, including without limitation any claims relating to or arising from a breach of fiduciary duty or any other alleged duty or obligation of the Employee, relating to management
or oversight of the business and affairs of the Company or any of its affiliates, or relating to breach of or arising pursuant to or under the certificate of incorporation or bylaws or other governing documents of the Company and its affiliates.

 b.    The Company acknowledges and agrees that the provisions of this Section 5 are valid, fair,
adequate and reasonable and were agreed to with its full knowledge and consent, after an opportunity to consult with counsel of its choosing, were not procured through fraud, duress or mistake and have not had the effect of misleading, misinforming
or failing to inform any Company Releasor. 
 c.    The Company represents and warrants that no Company
Releasor has transferred, pledged, assigned or otherwise hypothecated to any other person all or any portion of any claims subject to the release in this section or any rights or entitlements with respect thereto and the execution and delivery of
this Agreement does not violate or conflict with the terms of any contract, agreement or other instrument to which the Company is a party or by which it otherwise is bound. 

d.    The Company (on behalf of each Company Releasor) hereby irrevocably covenants to refrain from,
directly or indirectly, asserting, commencing, instituting or causing to be commenced any claim or demand of any kind against any member of the Employee Released Parties based upon any claims released or purported to be released hereby. The Company
understands and agrees that the Company Releasors are expressly waiving all claims released or purported to be released hereby, including, but not limited to, those claims that they may not know of or suspect to exist, which if known, may have
materially affected the decision to agree to the release set forth herein, and the Company (on behalf of each Company Releasor) expressly waives any rights under applicable law that provide to the contrary. 

e.    Company acknowledges that the Employee and Company are parties to the Indemnification Agreement,
which provides for Employee’s rights to be defended and indemnified and the right to receive advancements of 

  
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expenses with respect to proceedings and other matters (including, without limitation, any proceeding relating to any investigation or inquiry by the Securities and Exchange Commission) and the
Company agrees to comply with the terms of such agreement, including without limitation, the agreement of the Company to maintain directors’ and officers’ liability insurance. 

6.    California Civil Code Section 1542. In giving the release herein, which
includes claims which may be unknown to the parties at present, each party acknowledges that such party has read and understands Section 1542 of the California Civil Code, which reads as follows: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR
HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY. 

Each party hereby expressly waives and relinquishes all rights and benefits under that section and any law of any other jurisdiction of
similar effect with respect to such party’s release of claims herein, including but not limited to such party’s release of unknown claims. 

7.    Standstill. 

a.    Employee, on behalf of himself or herself and his or her Affiliates, agrees that, from the date of
this Agreement until the date ending thirty (30) calendar days prior to the expiration of the Company’s advance notice period for the nomination of directors at the Company’s 2021 Annual Meeting of Stockholders, without the prior
consent of the majority of the Board (which shall include the affirmative approval of each of the independent directors) specifically expressed in a written resolution, neither of him or her nor any of his or her Affiliates nor any other persons
acting under his or her control or direction, whether now or hereafter existing, will, and he or she will cause each of his or her Affiliates and such other persons under his or her respective control, whether now or hereafter existing, not to,
directly or indirectly, alone or in concert with others, in any manner; 
 (i)    Propose or publicly
announce or otherwise disclose an intent to propose or enter into or agree to enter into, singly or with any other person, directly or indirectly, (A) any form of business combination or acquisition or other transaction relating to a material
amount of assets or securities of the Company or any of its subsidiaries, (B) any form of restructuring, recapitalization or similar transaction with respect to the Company or any of its subsidiaries or (C) any form of tender or exchange
offer for the Common Stock, whether or not such transaction involves a change of control of the Company; 

(ii)    engage in any solicitation of proxies or written consents to vote any voting securities of the
Company, or conduct any non-binding referendum with respect to any voting securities of the Company, or assist or participate in any other way, directly or indirectly, in any solicitation of proxies (or
written consents) with respect to any voting securities of the Company, or otherwise become a “participant” in a “solicitation,” as such terms are defined in Instruction 3 of Item 4 of Schedule 14A and Rule 14a-1 of Regulation 14A, respectively, under the Exchange Act, to vote any securities of the Company in opposition to any recommendation or proposal of the Board; 

(iii)    acquire, offer or propose to acquire, or agree to acquire, directly or indirectly, whether by
purchase, tender or exchange offer, through the acquisition of control of another person, by joining a partnership, limited partnership, syndicate or other group (including any group of persons that would be treated as a single “person”
under Section 13(d) of the Exchange Act), through swap (other than cash settled swaps) or hedging transactions or otherwise, any (A) interests in any of the Company’s indebtedness, or (B) shares of Common Stock (including any
rights decoupled from the underlying securities of the Company) that, following such acquisition, would result in, Employee, together with his or her Affiliates, being or becoming beneficial owners of 5.0% or more of the shares of the then
outstanding shares of Common Stock. 
 (iv)    seek to advise, encourage or influence any person,
including without limitation ISS or Glass Lewis, with respect to the voting of (or execution of a written consent in respect of) or disposition of any securities of the Company or recommendation thereof, other than in a manner consistent with a
recommendation made by the Board; 

  
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 (v)    sell, offer or agree to sell directly or
indirectly, through swap or hedging transactions or otherwise, the securities of the Company or any rights decoupled from the underlying securities held by Employee to any person or entity not (A) an officer of the Company, or (B) an
Affiliate of Employee (any person or entity not set forth in clauses (A)-(B) shall be referred to as a “Third Party”) that would knowingly result in such Third Party, together with its Affiliates, owning, controlling or otherwise
having any, beneficial ownership interest representing in the aggregate in excess of 5.0% of the shares of Common Stock outstanding at such time; 

(vi)    take any action in support of or make any proposal or request that constitutes:
(A) advising, controlling, changing or influencing the Board or management of the Company, including any plans or proposals to change the number or term of directors or to fill any vacancies on the Board, (B) any material change in the
capitalization, stock repurchase programs and practices or dividend policy of the Company, (C) any other material change in the Company’s management, business or corporate structure, (D) seeking to have the Company waive or make
amendments or modifications to the Company’s Amended and Restated Certificate of Incorporation or Bylaws or other actions that may impede or facilitate the acquisition of control of the Company by any person, (E) causing a class of
securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange; or (F) causing a class of securities of the Company to become eligible for termination of registration pursuant to
Section 12(g)(4) of the Exchange Act; 
 (vii)    initiate, propose or otherwise
“solicit” stockholders of the Company for the approval of any stockholder proposals (whether pursuant to Rule 14a-8 under the Exchange Act or otherwise); 

(viii)    communicate with stockholders of the Company or others pursuant to Rule 14a-1(l)(2)(iv) under the Exchange Act; 
 (ix)    engage in any
course of conduct with the purpose of causing stockholders of the Company to vote contrary to the recommendation of the Board on any matter presented to the Company’s stockholders for their vote at any meeting of the Company’s
stockholders; 
 (x)    publicly act to seek to control or influence the management, the Board, or
policies of the Company or initiate or take any action to obtain representation on the Board (other than as contemplated by this Agreement or the Consulting Agreement); 

(xi)    call or seek to call, or request the call of, alone or in concert with others, any meeting of
stockholders, whether or not such a meeting is permitted by the Company’s Amended and Restated Certificate of Incorporation or Bylaws; 

(xii)    acquire or agree, offer, seek or propose to acquire, or cause to be acquired, ownership
(including beneficial ownership) of any of the assets or business of the Company or any rights or options to acquire any such assets or business from any person; 

(xiii)    seek election or appointment to the Board or seek to place a representative on the Board (other
than as contemplated by this Agreement); 
 (xiv)    seek the removal of any director from the Board;

 (xv)    deposit any Common Stock in any voting trust or subject any Common Stock to any arrangement
or agreement (including, without limitation, any proxy) with respect to the voting of any Common Stock, other than any revocable proxy given in response to a proxy solicitation made by the Company, provided that the proxy provides instructions to
vote the shares of Common Stock in accordance with the recommendation of the Board; 

(xvi)    propose, submit, seek, or encourage any person to propose, submit or seek, nominations in
furtherance of a “contested solicitation” for the election or removal of directors with respect to the Company or seek, encourage or take any other action with respect to the election or removal of any directors; 

  
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 (xvii)    form, join or in any other way participate in
any “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to the Common Stock (other than as contemplated by this Agreement); 

(xviii)    take any action that would be deemed, pursuant to this Agreement, to be Acting in Concert (as
defined below) with another person relating to any action prohibited by this Section 7, including, without limitation, changing or influencing the control of the Company, or in connection with or as a participant in any transaction having that
purpose or effect; 
 (xix)    demand a copy of the Company’s list of stockholders or its other
books and records, whether pursuant to Section 220 of the Delaware General Corporation Law or otherwise; 

(xx)    commence, encourage, or support any derivative action in the name of the Company, or any class
action against the Company or any of its officers or directors in order to, directly or indirectly (a) effect, facilitate, further, take, or cause to take place any of the actions expressly prohibited by this Agreement, and (b) effect,
facilitate, further, take, or cause to take place any change in the composition of the Board, the strategic direction of the Company, the governance or management of the Company, the sale or purchase of any assets of or by the Company, or the
control of the Company; provided, however, that for the avoidance of doubt the foregoing shall not prevent Employee from (A) bringing litigation to enforce the provisions of this Agreement or (B) making counterclaims with respect to any
proceeding initiated by, or on behalf of, the Company against Employee; 
 (xxi)    disclose in a
manner that could reasonably be expected to become public any intent, plan or proposal with respect to the Board, the Company, its management, policies or affairs, any of its securities or assets or this Agreement that is inconsistent with the
provisions of this Agreement; 
 (xxii)    enter into any discussions, negotiations, agreements or
understandings with any person or entity with respect to any of the foregoing, or advise, assist, knowingly encourage or seek to persuade any person or entity to take any action or make any statement with respect to any of the foregoing, or
otherwise take or cause any action or make any statement inconsistent with any of the foregoing; 

(xxiii)    make any request or submit any proposal to amend the terms of this Section 7 other than
through non-public communications with the Board that would not be reasonably determined to trigger public disclosure obligations for any party; 

(xxiv)    take any action challenging the validity or enforceability of any of the provisions of this
Section 7 or publicly disclose, or cause or facilitate the public disclosure (including, without limitation, the filing of any document with the SEC or any other governmental agency or any disclosure to any journalist, member of the media or
securities analyst) of, any intent, purpose, plan or proposal to either (A) obtain any waiver or consent under, or any amendment of, any provision of this Agreement, or (B) take any action challenging the validity or enforceability of any
provisions of this Section 7; 
 (xxv)    make or cause or encourage any other person or entity to
make or permit any of their Affiliates to make any request or demand after the date of this Agreement for a stockholder list or other books and records of the Company or its subsidiaries pursuant to Section 220 of the Delaware General
Corporation Law or otherwise or otherwise pursue any rights thereunder, except in order to enforce Employee’s rights under this Agreement; 

(xxvi)    take any action that could reasonably be expected to force the Company to make any public
disclosure with respect to any of the foregoing (other than the press release announcing the execution of this Agreement); or 

(xxvii)    otherwise take, or solicit, cause or encourage others to take, any action inconsistent with
the foregoing. 
 Employee acknowledges and agrees that any action taken in violation of this Section 7 shall be void ab initio.
Notwithstanding the foregoing, nothing in this Section 4 shall prohibit or restrict Employee from: (A) communicating 

  
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privately with the Board or any officer or director of the Company, regarding any matter, so long as such communications are not intended to, and would not reasonably be expected to, require any
public disclosure of such communications, (B) communicating privately with stockholders of the Company and others in a manner that does not otherwise violate this Section 7 or (C) serving as a member of the board or employee of a
company that takes any of the actions prohibited by this Section 7, provided Employee recuses himself or herself from authorizing such actions.. 

b.    As used in this Agreement: 

(i)    For purposes of this Agreement, a person shall be deemed to be “Acting in Concert” with
another person if such persons would be deemed a “group” under Rule 13d-5(b) of the Exchange Act. 

(ii)    the terms “beneficial owner” and “beneficial ownership” shall have the same
meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act; 

(iii)    the term “Exchange Act” means the Securities Exchange Act of 1934, as amended; and

 (iv)    the terms “person” or “persons” shall mean any individual,
corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization or other
entity of any kind or nature. 
 8.    Confidentiality. Each Party agrees to maintain in complete
confidence the existence of this Agreement, the contents and terms of this Agreement, and the consideration for this Agreement (hereinafter collectively referred to as “Separation Information”). Except as required by law, each Party may
disclose Separation Information only to, as applicable, his/her immediate family members, the Court in any proceedings to enforce the terms of this Agreement, the Party’s attorney(s), and Party’s accountant and any professional tax advisor
to the extent that they need to know the Separation Information in order to provide advice on tax treatment or to prepare tax returns, and must prevent disclosure of any Separation Information to all other third parties. Each Party agrees that
he/she/it will not publicize, directly or indirectly, any Separation Information, or otherwise disclose Separation Information to current or former employees of the Company. Notwithstanding the foregoing, neither Party shall be restricted from
discussing matters of this Agreement that have been publicly disclosed. 
 9.    Trade Secrets and
Confidential Information/Company Property. Employee agrees at all times hereafter to hold in the strictest confidence, and not to use or disclose to any person, any Confidential Information of the Company. Employee understands that
“Confidential Information” means any Company proprietary information, technical data, trade secrets or know-how, including, but not limited to, research, product plans, products, services, customer
lists and customers (including, but not limited to, customers of the Company on whom Employee has called or with whom he/she became acquainted during the term of his/her employment), markets, software, developments, inventions, discoveries, ideas,
processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances, pricing information, or other business information disclosed to Employee by the Company either directly or indirectly, in
writing, orally, or by drawings or observation of parts or equipment. Employee further understands that Confidential Information does not include any of the foregoing items that have become publicly known and made generally available through no
wrongful act of Employee’s or of others who were under confidentiality obligations as to the item or items involved or improvements or new versions thereof. Employee hereby grants consent to notification by the Company to any new employer
about Employee’s obligations under this paragraph. Employee represents that he/she has not to date misused or disclosed Confidential Information to any unauthorized party. Employee’s signature below constitutes his/her
certification under penalty of perjury that he/she has returned all documents and other items provided to Employee by the Company, developed or obtained by Employee in connection with his/her employment with the Company, or otherwise
belonging to the Company. 
 Notwithstanding the foregoing, pursuant to 18 U.S.C. Section 1833(b), Employee will not be
held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that: (1) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an
attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

  
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 10.    Nondisparagement. Each Party shall at all
times refrain from taking actions or making statements, written or oral, that denigrate, disparage, or defame the goodwill or reputation of the other Party, in any manner likely to be harmful to them or their business, business reputation or
personal reputation; provided that each Party may respond accurately and fully to any question, inquiry or request for information when required by legal process. In addition, nothing in this provision or this Agreement is intended to prohibit or
restrain Employee in any manner from making disclosures that are protected under the whistleblower provisions of federal or state law or regulation. Notwithstanding the foregoing, nothing in this Agreement shall limit Employee’s right to
voluntarily communicate with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Securities and Exchange Commission, other federal government agency or similar state or local agency
or to discuss the terms and conditions of Employee’s employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act. Employee shall direct any inquiries by potential future employers to the
Company’s human resources department. 
 11.    Cooperation. Employee agrees he/she will
continue to reasonably cooperate with the Company with respect to the investigation currently being conducted by the United States Securities and Exchange Commission into certain past dealings of the Company (the “SEC Subpoena”). Upon the
effectiveness of this Agreement and full payment of the Severance as set forth in this Agreement, Employee and the Company shall enter into that certain Consulting Agreement attached hereto as Exhibit B (the “Consulting Agreement”),
which Consulting Agreement shall govern the services provided by Employee to the Company with respect to the SEC Subpoena as well as other transitional items. Company agrees to comply with its continuing obligations set forth in the Indemnification
Agreement between Company and Employee. 
 12.    Breach. Company acknowledges and agrees that
any material breach of this Agreement or the Consulting Agreement, shall entitle Employee to obtain damages, except as prohibited by law. 

13.    No Admission of Liability. Employee and the Company each understands and acknowledges that
this Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Employee on the one hand and the Company on the other. No action taken by the Company or Employee hereto, either previously or in connection
with this Agreement, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company or Employee of any fault or liability whatsoever to the
other Party or to any third party. 
 14.    Costs. The Parties shall each bear their own costs,
attorneys’ fees, and other fees incurred in connection with the preparation of this Agreement. 

15.    Arbitration. To ensure the timely and economical resolution of disputes that may arise in
connection with Employee’s employment with the Company, Employee and the Company agree that any and all disputes, claims, or causes of action arising from or relating to the enforcement, breach, performance, negotiation, execution, or
interpretation of this Agreement, Employee’s employment, or the termination of Employee’s employment, including but not limited to statutory claims, shall be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by law by final, binding and confidential arbitration, by a single arbitrator, conducted by JAMS, Inc. (“JAMS”) under the then applicable JAMS rules (which
can be found at the following web address: https://www.jamsadr.com/rules-employment-arbitration/). By agreeing to this arbitration procedure, both Employee and the Company waive the right to resolve any such dispute through a trial by jury or judge
or administrative proceeding. The Arbitrator shall administer and conduct any arbitration and conduct any arbitration in accordance with California Law, including the California Code of Civil Procedure, and the Arbitrator shall apply substantive and
procedural California Law to any dispute or claim, without reference to any conflict-of-law provisions of any jurisdiction. To the extent that the JAMS rules conflict
with California Law, California Law shall take precedence. The Company acknowledges that Employee will have the right to be represented by legal counsel at any arbitration proceeding. In addition, all claims, disputes, or causes of action under this
paragraph, whether by Employee or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding, nor joined or consolidated with the
claims of any other person. The arbitrator may not consolidate the claims of more than one person, and may not preside over any form of representative or class proceeding. To the extent that the preceding sentences regarding class claims or
proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration. This paragraph shall not apply to an action or
claim brought in court pursuant to the California Private Attorneys General Act of 2004, as amended. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would
otherwise be permitted by law; and (b) 

  
 Page 9 of 13 

 
issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award. The arbitrator shall be authorized to award any or all
remedies that Employee or the Company would be entitled to seek in a court of law. The Company shall pay all JAMS’ arbitration fees in excess of the amount of court fees that would be required of Employee if the dispute were decided in a court
of law. Nothing in this Agreement is intended to prevent either Employee or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any awards or orders in such arbitrations
may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction. 

16.    Authority. The Company represents and warrants that the undersigned has the authority to act
on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Employee represents and warrants that he/she has the capacity to act on his/her own behalf and on behalf of all who
might claim through him/her to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or
causes of action released herein. 
 17.    No Representations. Employee represents that he/she
has had an opportunity to consult, discuss fully, and review to provisions of this Agreement with an attorney of his/her choice, and has carefully read and understands the scope and effect of the provisions of this Agreement. Employee has not relied
upon any representations or statements made by the Company that are not specifically set forth in this Agreement. 

18.    Severability. In the event that any provision or any portion of any provision hereof or any
surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of
provision. 
 19.    Attorneys’ Fees. Except with regard to a legal action
challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA, in the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to
recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with such an action. 

20.    Entire Agreement. This Agreement represents the entire agreement and understanding between
the Company and Employee concerning the subject matter of this Agreement and Employee’s employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior
agreements and understandings concerning the subject matter of this Agreement and Employee’s relationship with the Company, with the exception of the Equity Awards Agreements, the Severance Plan Participation Agreement, and the Indemnification
Agreement. 
 21.    No Oral Modification. This Agreement may only be amended in a writing signed
by Employee and the Company’s Chairman, Chief Executive Officer or General Counsel. 

22.    Governing Law. This Agreement shall be governed by the laws of the State of California,
without regard for choice-of-law provisions. Employee irrevocably consents to personal and exclusive jurisdiction and venue in the State of California. 

23.    Effective Date. Employee understands that this Agreement shall be null and void if 2 the Agreement is not executed and returned by him/her, within twenty-one (21) days of the Separation Date by email, to Jeff Thacker by email at
jthacker@gunder.com. Employee has seven (7) days after Employee signs this Agreement to revoke it. This Agreement will become effective on the eighth (8th) day after Employee signs this Agreement, so long as it has not been revoked by Employee
before that date (the “Effective Date”). Company may not revoke this Agreement for any reason once it has been signed by Employee. Any attempt by Company to revoke this Agreement will be deemed a breach of the Agreement, and Employee will
be entitled to attorney’s fees in connection with any claim for such breach of the Agreement. If Employee does not sign this Agreement or revokes this Agreement prior to its effectiveness, Employee shall immediately return any and all of the
severance benefits [he/she] receives pursuant to Section 2 of this Agreement to the Company (which, for the avoidance of doubt, will include any and all equity award vesting acceleration). 

  
 Page 10 of 13 

 24.    Counterparts. This Agreement may be
executed in counterparts and by facsimile, and each counterpart and facsimile shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 

25.    Voluntary Execution of Agreement. Employee understands and agrees that he/she executed this
Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of his/her claims against the Company and any of the other Releasees. Employee acknowledges
that: 
  

	 	(a)	 he/she has read this Agreement; 

 

	 	(b)	 he/she has been represented in the preparation, negotiation, and execution of this Agreement by legal
counsel of his/her own choice or has elected not to retain legal counsel; 

  

	 	(c)	 he/she understands the terms and consequences of this Agreement and of the releases it contains; and

  

	 	(d)	 he/she is fully aware of the legal and binding effect of this Agreement. 

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 

 

							
	Dated:             , 2020	 		 	  

		 		 	[                    ]
			
		 		 	Organovo Holdings, Inc.
				
	Dated:             , 2020	 		 	By	 	
                     
                                         
                   

		 		 		 	[                    ]
		 		 		 	Chairman

  
  

Page 11 of 13 

 Exhibit A 
  

					
	 Grant and Date
	  	Number of Shares of Common Stock underlying Such
Grant	 
		  			
		  			

 Restricted stock units and performance-based restricted stock units, which will be fully vested upon the
Separation Date, will settle with share delivery [on the Effective Date].

  
 Page 12 of 13 

 Exhibit B 

Consulting Agreement 

  
 Page 13 of 13Exhibit 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.

 

     

     

    

 

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. 

 

    4

     

    

 

(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.

 

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.

 

    7

     

    

 

(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.

 

(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

 

 

    10

     

    

 

(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 1.10
	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.

 

 

 

 

 

 

 

 

 

 

    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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