Document:

Personal Property Lease Termination Agreement

 Exhibit 10.73 
  
 PERSONAL PROPERTY LEASE TERMINATION AGREEMENT 
  
 THIS PERSONAL PROPERTY LEASE TERMINATION AGREEMENT (“Agreement”), dated as of July 14, 2003 for reference purposes
only, is made by and between OPENWAVE SYSTEMS, INC., a Delaware corporation (“Sublessor”), and LIQUID AUDIO, INC., a Delaware corporation (“Sublessee”), with reference to the following facts, intentions and understandings:

  
 A. Sublessor and Sublessee entered a personal property lease
(“Personal Property Lease”), dated as of May 16, 2001, pursuant to which Sublessor leased to Sublessee certain furniture and other personal property owned by Sublessor (“Property”), and Sublessee leased the Property from
Sublessor, for use in connection with Sublessee’s sublease of that certain real property located at 800 Chesapeake Drive, Redwood City, California 94063 (“Subleased Premises”). 
  
 B. The parties wish to terminate the Personal Property Lease pursuant to the
terms and conditions set forth herein. 
  
 C. Capitalized terms
not defined in this Agreement shall have the meanings set forth in the Personal Property Lease. 
  
 NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein, the parties hereby agree as follows: 
  
 1. Termination Date: Subject to Sublessee’s performance of the
conditions contained in this Agreement, the Personal Property Lease shall terminate on the later of the dates upon which each of the following has occurred (“Termination Date”): (i) the date on which Sublessor has received from Sublessee
the Property Payment (as defined in Paragraph 4 below) by wire transfer pursuant to the instructions set forth in Paragraph 4 below; and (ii) the date on which Sublessee has surrendered possession of the Property to Sublessor in the Property
Surrender Condition (as defined in Paragraph 5 below) (both of the foregoing collectively shall be referred to as the “Conditions Precedent”). Notwithstanding the foregoing, if each of the Conditions Precedent has not been deemed satisfied
or waived in writing by July 15, 2003 (“Outside Termination Date”), this Agreement (including, without limitation, the releases contained in Paragraph 3 below) shall be null and void and of no force or effect, and the Personal Property
Lease, and the rights and obligations of Sublessor and Sublessee thereunder, shall remain unmodified and in full force and effect. 
  
 2. Termination of Personal Property Lease: On the Termination Date, the Property shall be fully and finally surrendered to Sublessor in the
Property Surrender Condition, and the Personal Property Lease shall be deemed terminated and of no further force or effect. 
  
 3. Release of Liability: 
  
 (a) Conditioned on the performance by Sublessee of the provisions of this Agreement, and except as set forth in this Paragraph 3 and in Paragraph 9 below,
on the Termination Date, Sublessor and Sublessee shall be fully and unconditionally released and discharged from their 
  

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respective obligations arising from or connected with the Personal Property Lease; provided, however, that neither Sublessor or Sublessee shall be released
from their respective indemnification obligations under the Personal Property Lease to the extent those indemnification obligations survive the expiration or earlier termination of the Personal Property Lease. 
  
 (b) Sublessee warrants and represents to Sublessor that Sublessee has not
received any notice from any person of any claim for damages with respect to the Property during the term of the Personal Property Lease. 
  
 (c) Except for (i) the obligations of Sublessee pursuant to this Agreement, and (ii) each party’s surviving indemnification obligations under the
Personal Property Lease (provided, however, that Sublessee’s obligation to indemnify Sublessor with respect to the maintenance, storage, relocation, return or condition of the Property shall not survive the termination of the Personal Property
Lease, subject, however, to Sublessee’s performance of its obligations pursuant to this Agreement), and except as otherwise expressly set forth in this Agreement (including, without limitation, this Paragraph 3 and Paragraph 9 below), Sublessor
and Sublessee for themselves and for their respective heirs, administrators, executors, trustees, agents, officers, directors, shareholders, partners, members, employees, predecessors, successors, attorneys, consultants, and assigns, do hereby
release, acquit, forever discharge each other and each other’s heirs, administrators, executors, trustees, agents, officers, directors, shareholders, partners, members, employees, predecessors, successors, attorneys, consultants, and assigns of
and from any and all claims, demands, rights, obligations, duties, losses, damages, loss of profits, costs and attorney fees, of every kind and nature, known and unknown, past, present and future that they now have or which may hereafter accrue on
account of or in any way related to the Property and the Personal Property Lease. 
  
 (d) It is the intention of both Sublessor and Sublessee in executing this Agreement that, except only with respect to those matters excepted from the releases contained in subparagraph (c), above, the releases set
forth above shall be effective as a bar to each and every claim, demand, and cause of action hereinabove specified; and Sublessor and Sublessee each hereby knowingly and voluntarily waives any and all rights and benefits otherwise conferred by the
provisions of Section 1542 of the California Civil Code, which reads in full as follows: 
  

	A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST
HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

  

	
	 	 	 	

	 Sublessor’s Initials
	 	 	 	 Sublessee’s Initials

  
 (e) Both Sublessor and
Sublessee expressly acknowledge, and take into account in determining whether to enter this Agreement, that they may in the future discover facts in addition to or different from those they now know or believe to be true with respect to the subject
matter of the claims released by this Agreement, but both Sublessor and Sublessee agree nevertheless to fully, finally and 
  

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forever settle such claims, whether or not hidden or excluded, known or unknown, without regard to the subsequent discovery or existence of different or
additional facts. Both Sublessor and Sublessee acknowledge that, except only with respect to those claims excepted from the scope of the releases set forth above, this waiver was separately bargained for and is a material element of this Agreement
of which the releases contained in this Paragraph 3 are a part. 
  
 (f) Both Sublessor and Sublessee represent and warrant that nothing which would have been released hereunder if owned by them on the date hereof has been transferred, assigned, or given away prior to the date hereof to any person, firm, or
entity which would not be bound hereby. 
  
 4. Consideration by
Sublessee: 
  
 (a) After execution of this Agreement by
Sublessee and prior to the Outside Termination Date, Sublessor shall inspect the Property to verify whether the Property is in the Property Surrender Condition. Upon such verification, Sublessor shall so notify Sublessee and Sublessee’s counsel
in writing, by facsimile and/or overnight express mail service, whether or not the Property is in the Property Surrender Condition. If the Property is in the Property Surrender Condition, promptly upon receipt of Sublessor’s notice but in any
event not later than the Outside Termination Date, Sublessee shall pay to Sublessor by wire transfer the sum of Twenty-Six Thousand Six Hundred Thirty-Four and 25/100 Dollars ($26,634.25) (“Property Payment”), to partially reimburse
Sublessor for the cost of returning the Property in the condition required by the Personal Property Lease as described in Paragraph 5 below. The Property Security shall be transferred by wire as follows: Bank of America, 1850 Gateway Boulevard,
Concord, California 94520, Routing/ABA Number 121000358, Account Number 12337-34651, for credit of Openwave Systems, Inc. 
  
 (b) If Sublessor notifies Sublessee that the Property is not in the Property Surrender Condition, and Sublessee has not placed the Property in the
Property Surrender Condition and paid the Property Payment by the Outside Termination Date, this Agreement (including, without limitation, the releases contained in Paragraph 3 above) shall be null and void and of no force or effect, and the
Personal Property Lease, and the rights and obligations of Sublessor and Sublessee thereunder, shall remain unmodified and in full force and effect. 
  
 5. Condition of Property: Not later than the Outside Termination Date, Sublessee shall surrender possession of the Property to Sublessor in the
configuration and the condition existing on the date of this Agreement (“Property Surrender Condition”). Sublessee acknowledges that Sublessor has inspected the Property prior to the date hereof and that in order to satisfy
Sublessee’s obligation to restore the Property to the condition required by the Personal Property Lease, the following work (“Property Work”) must be completed: (i) rebuilding fifty-four (54) cubes, at a cost of Fifteen Thousand Seven
Hundred Eight and No/100 Dollars ($15,708.00); (ii) reinstalling and reconfiguring Property to its original condition in eighty-one (81) offices, at a cost of Fourteen Thousand Nine Hundred Eighty-Five and No/100 Dollars ($14,985.00); (iii)
reinstalling and reconfiguring Property to its original condition in seven (7) conference rooms, at a cost of One Thousand Five Hundred and No/100 Dollars ($1,500.00), and (iv) re-installation and re-cabling of the fifty-four (54) cubes modified by
Sublessee to a configuration different from the configuration in 
  

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which the cubes were delivered to Sublessee, at a cost of Four Thousand Six Hundred Forty and No/100 Dollars ($4,640.00). The foregoing costs (“Property
Costs”) necessary to complete the Property Work, in the total amount of Thirty-Six Thousand Eight Hundred Thirty-Three and No/100 Dollars ($36,833.00), are documented on the proposals attached as Exhibit A. Sublessee acknowledges that
Sublessor holds the Cash Deposit as described in Paragraph 6 below, and that Sublessor shall apply the Cash Deposit against the Property Costs. Once applied, the balance of the outstanding Property Costs equals the Property Payment required to be
paid by Sublessee pursuant to Paragraph 4 above. Sublessor acknowledges that the retention of the Cash Deposit and Sublessor’s receipt of the Property Payment pursuant to Paragraph 4 above shall satisfy Sublessee’s restoration obligations
with respect to the surrender of the Property pursuant to the Personal Property Lease. 
  
 6. Personal Property Lease Cash Deposit: Sublessee acknowledges that, pursuant to the Personal Property Lease, Sublessor is holding a cash security deposit (“Cash Deposit”) in the amount of Ten
Thousand One Hundred Ninety-Eight and 75/100 Dollars ($10,198.75), and that Sublessor shall retain the Cash Deposit and apply it against the Property Costs described in Paragraph 5 above. 
  
 7. Representation of the Parties: Sublessor represents that it has not made any assignment, sublease, transfer,
conveyance or other disposition of the Property or the Personal Property Lease, or its interest in the Property or the Personal Property Lease, or any third party claim, demand, obligation, liability, action or cause of action arising from the
Property or the Personal Property Lease. Sublessee represents that it has not made any assignment, sublease, transfer, conveyance or other disposition of the Property or the Personal Property Lease, or its interest in the Property or the Personal
Property Lease, or any claim, demand, obligation, liability, action or cause of action arising from the Property or the Personal Property Lease. Each party represents that the person executing this Agreement on its behalf has the authority to
bind the entity in question and to execute this Agreement. 
  
 8.
Compromise and No Admission of Liability: Both Sublessor and Sublessee acknowledge and agree that (i) this Agreement constitutes a full and complete compromise of matters involving disputed issues of law and fact; (ii) neither their agreement
to these terms of this Agreement nor any statements they made during the negotiations for this Agreement shall be considered, nor shall they be, admissions by any party hereto; and (iii) no party’s decision to enter this Agreement shall be
claimed by any other party to constitute an admission of past or present wrongdoing. 
  
 9. Default: Notwithstanding anything to the contrary contained in this Agreement, should Sublessor in any manner be required to return all or any portion of the Property Payment or the Cash Deposit as a result
of any receivership, insolvency, assignment for the benefit of creditors, bankruptcy, reorganization or arrangements with creditors (whether or not pursuant to bankruptcy or other insolvency laws), then the releases provided for in Paragraph 3 above
shall have no force or effect and Sublessee’s obligations under the Personal Property Lease shall be reinstated in full, less amounts paid and retained by Sublessor hereunder, and Sublessor shall retain any and all claims under the Personal
Property Lease and/or allowable under California or any other applicable law (including, without limitation applicable bankruptcy law). 
  

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 10. Voluntary Agreement: The parties hereto have read this Agreement and the mutual releases
contained in it and, on advice of counsel, they have freely and voluntarily entered into this Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior
understandings, if any, with respect thereto. This Agreement shall not be modified, changed or supplemented, except by a written instrument executed by both parties. 
  
 11. Attorneys’ Fees: If either Sublessor or Sublessee shall bring any action or legal proceeding to enforce,
protect or establish any term or covenant of this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys’ fees, court costs and experts’ fees as may be fixed by the court. “Prevailing party” as used
in this Agreement includes a party who dismisses an action for recovery hereunder in exchange for sums allegedly due, performance of covenants allegedly breached or consideration substantially equal to the relief sought in the action. 
  
 12. Successors: This Agreement shall be binding on and inure to the
benefit of the parties hereto and their respective heirs, successors and assigns. 
  
 13. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of California. 
  
 14. Severability: If any term of this Agreement, or the application thereof to any person or circumstance, is held to
be invalid or unenforceable, then the remainder of this Agreement or the application of such term to any other person or any other circumstance shall not be thereby affected, and each term shall remain valid and enforceable to the fullest extent
permitted by law. 
  
 IN WITNESS WHEREOF, this Agreement has been
duly executed by the parties on the dates set forth below opposite their respective signatures. 
  

	 AS SUBLESSOR:
	  	 	  	AS SUBLESSEE:
			
	 OPENWAVE SYSTEMS, INC.,
	  	 	  	LIQUID AUDIO, INC.,
	 a Delaware corporation
	  	 	  	a Delaware corporation
			
	 By:
                                        
                        
	  	 	  	 By:                                      
                           

			
	 Title:
                                        
                      
	  	 	  	 By:                                      
                           

			
	 Dated:
                                        
                  
	  	 	  	Dated:                                     
                      

  

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 EXHIBIT A 
  

PROPERTY COSTS PROPOSALS 
  

 6Employment Agreement for Charles D. Walters

 Exhibit 10.1 
  
 Amended and Restated Employment Agreement 
  
 By and Between 
  
 World Acceptance Corporation 
  
 and 
  
 Charles D. Walters 
  
 Effective 
  
 June 1, 2003 

 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
  
 THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is effective as of June 1, 2003, by and between
World Acceptance Corporation (the “Company”), a South Carolina corporation, and Charles D. Walters (the “Executive”). 
  
 Statement of Purpose 
  
 Pursuant to that certain Employment Agreement, dated as of April 1, 1994 (as amended, the “Prior Employment Agreement”), the Company employs the
Executive as its Chairman of the Board and Chief Executive Officer. On October 25, 2002, the Board of Directors of the Company (the “Board”), approved a CEO Succession Plan recommended by the Compensation Committee of the Board (the
“Committee”) which provided for a transition of the role of Chief Executive Officer of the Company from the Executive to another employee effective on the earlier of (i) the conclusion of the next annual meeting of the shareholders of the
Company or (ii) August 31, 2003 (the earlier of such times being referred to herein as the “Transition Date”). As set forth in such CEO Succession Plan and pursuant to authority granted by the Board, the Committee provided written notice
to the Executive on December 30, 2002 that the Prior Employment Agreement would not be renewed for an additional three year term after March 31, 2003, but offered instead to extend the Period of Employment (as defined in the Prior Employment
Agreement) through the Transition Date. On January 7, 2003, the Executive agreed to such extension of the Period of Employment under the Prior Employment Agreement. 
  
 The Committee, as set forth in such CEO Succession Plan and pursuant to authority granted by the Board, has determined that
it would be in the best interests of the Company and its shareholders to amend and restate the Prior Employment Agreement to retain the services of the Executive as the Chairman of the Board and Chief Executive Officer of the Company through the
Transition Date and thereafter as the Chairman of the Board for the Period of Employment (as defined in Section III.3.1 below) and upon the terms provided in this Agreement. The Executive is willing to amend and restate the Prior Employment
Agreement to serve in the employ of the Company in such capacities for said Period of Employment and upon such other terms and conditions as provided in this Agreement. 
  
 In consideration of the mutual covenants and promises contained in this Agreement, the parties hereby agree as follows:

  
 SECTION I 
 EMPLOYMENT 
  
 The Company agrees to employ the Executive and the Executive agrees to be employed by the Company, for the Period of Employment as defined in Section
III.3.1 below, and based upon the other terms and conditions provided in the Agreement. 
  
 SECTION II 
 POSITION AND RESPONSIBILITIES 
  
 During the Period of Employment, as defined in Section III.3.1 below, the
Executive agrees to serve the Company in the positions set forth in this Section II. From the date hereof through the Transition Date, the Executive shall serve as the Company’s Chairman of the Board and Chief Executive Officer and be
responsible for the general affairs of the Company, reporting only to the Board. From and after the Transition Date, the Executive shall serve as the Chairman of the Board of the Company, reporting only to the Board. The Executive also agrees to
serve, if elected, during the Period of Employment as defined in Section III.3.1 below as a Director of the Company and as an Officer and 
  

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 Director of any subsidiary, affiliate, or parent corporation of the Company (“Affiliates”) which the Board
feels is appropriate. 
  
 SECTION III 
 TERMS AND DUTIES 
  

	3.1	 	PERIOD OF EMPLOYMENT 

  
 For purposes of this Agreement, the Period of Employment will commence on June 1, 2003 and shall continue through March 31, 2004, subject to extension or
termination as provided in this Agreement. Prior to March 31, 2004 or the end of each annual period thereafter, the Company shall review the performance of the Executive, and this Agreement shall be deemed to be approved and extended automatically
for an additional one (1) year period on the same terms and conditions, unless either the Company or the Executive gives contrary written notice to the other no less than sixty (60) days prior to the date on which this Agreement would otherwise be
extended. Non-renewal shall be deemed a termination of employment as of the end of the Period of Employment. Non-renewal by the Company shall be subject to the severance provisions of Section VIII.8.1, and non-renewal by the Executive shall be
subject to the severance provisions of Section VIII.8.3. 
  

	3.2	 	DUTIES 

  
 During the Period of Employment and except for illness, incapacity and reasonable vacation and holiday periods, the Executive shall devote all of his business time, attention and skill exclusively to the business and
affairs of the Company and its Affiliates. The Executive will not engage in any other business activity, and will perform faithfully the duties which may be assigned to him from time to time by the Board of Directors of the Company. After the
Transition Date, the duties assigned to Executive by the Board are expected to primarily consist of, but not be limited to, participation in finance industry trade groups and meetings of the Board and coordinating legislative affairs.
Notwithstanding the above, nothing in this Agreement shall preclude the Executive from devoting time during reasonable periods required for: 
  

	 	3.2.i.	 	Serving, with prior approval of the Board of Directors of the Company, as a Director or member of a committee or organization involving no actual or potential conflict of interest
with the Company or its Affiliates; 

  

	 	3.2.ii.	 	Delivering lectures and fulfilling speaking engagements; 

  

	 	3.2.iii.	 	Engaging in charitable and community activities; or 

  

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

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

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	4.1	 	BASE SALARY 

  
 The Company shall pay the Executive a fixed base salary (“Base Salary”) at such annual rate as the Compensation Committee deems appropriate;
provided, however, that the fixed Base Salary may not be less than $285,000 per year, which shall be the Base Salary on the effective date of this Agreement. Increases in Base Salary, once granted by the Committee, shall not be subject
to reduction. Base Salary shall be payable according to the customary payroll practices of the Company. In no event shall Base Salary be payable less frequently than once per calendar month. 
  

	4.2	 	INCENTIVE AWARDS 

  
 In recognition of the Executive’s service as Chairman of the Board and Chief Executive Officer through the Transition Date, the Company shall pay a
cash incentive compensation payment to the Executive equal to five-twelfths of the annual cash incentive compensation payment that the Executive would have earned under Company’s Executive Incentive Plan for the fiscal year ending March 31,
2004 if the Executive had remained in the position of Chairman of the Board and Chief Executive Officer of the Company through the end of such fiscal year (the “Bonus Payment”). Such compensation payment shall be made to the Executive at
the time bonuses generally are payable for such fiscal year under the Executive Incentive Plan. Except for the Bonus Payment, the Company shall have no obligation to make any incentive compensation payments to the Executive after the Transition
Date. 
  

	4.3	 	BENEFITS AND PERQUISITES 

  

	 	4.3.i	 	Salaried Employee Benefits 

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

	 	4.3. ii	 	Supplemental Benefits 

  
 The Company also agrees, during the term of this Agreement, to reimburse the Executive for premiums paid by the Executive to purchase
$1,000,000 of life insurance coverage, payable to the Executive’s designated beneficiary in the event of his death, provided that such premiums are at competitive rates for such coverage of Executive and the Company is given a reasonable
opportunity to review them before they are incurred. The amount paid by the Company to reimburse the Executive for such life insurance premiums shall be increased to completely offset any federal or state income or employment taxes that the
Executive is required to pay on such reimbursements. Any such reimbursement shall be paid within thirty (30) days after receipt by the Company of written documentation of payment of such life insurance premiums by Executive; provided, that, within
thirty days following the date of this Agreement, the Company shall also reimburse the Executive, in accordance with the foregoing terms of this Section IV.4.3.ii, for any such life insurance premiums paid by the Executive during the period from
October 1, 2002 through the date hereof. In addition, during the term of this Agreement, the Company also will provide long-term disability insurance which provides a benefit to the Executive of 60% of the Executive’s Base Salary in effect at
the time of disability. 
  

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

	4.4	 	AUTOMOBILE 

  
 The Company will provide an automobile (including maintenance and insurance expense) of a value commensurate with his position for use by the Executive. 
  
 SECTION V 
 BUSINESS EXPENSES; OFFICE AND ADMINISTRATIVE SUPPORT 
  
 The Company will reimburse the Executive for all reasonable travel, entertainment, business and other expenses incurred by the Executive in connection with the performance of his duties and obligations under this Agreement. In addition,
during the Period of Employment after the Transition Date, and thereafter through March 31, 2006 (or, if earlier, until the Executive is no longer entitled to receive severance payments under Section 8.1 or Section 11.2), the Company will provide
(i) a reasonably equipped separate office at a location agreed to by the Company and the Executive and (ii) administrative assistance, in each case, for the Executive’s use in the performance of his duties and obligations under this Agreement.

  
 SECTION VI 
 DISABILITY 
  
 6.1 In the event of disability of the Executive during the Period of Employment, the Company will continue to pay the Executive in accordance with the compensation
provisions of this Agreement during the period of his disability. However, in the event the Executive is disabled for a continuous period of ninety (90) days or more, the Company may terminate the employment of the Executive pursuant to this
Agreement, and make payments to the Executive under the terms of the long-term disability provisions of this Agreement. In the event the Company terminates the employment of the Executive pursuant to this Section VI, the Company will have no further
compensation obligations to the Executive, except for earned but unpaid Base Salary through the date of termination of employment and the Bonus Payment due, if any, pro rated based on the number of days worked between April 1, 2003 and the date of
termination of employment if the termination occurs prior to the Transition Date. 
  
 6.2 During the period the Executive is receiving payments, either regular compensation or disability payments as described in this Agreement, and as long as he is physically and mentally able to do so, the Executive will furnish
information and assistance to the Company and from time to time will make himself available to the Company to undertake assignments consistent with his prior position with the Company and his physical and mental health. During the disability period,
the Executive is responsible for reporting directly to the Board of Directors. If the Company fails to make a payment or provide a benefit required as part of the Agreement, the Executive’s obligation to fulfill information and assistance will
end. 
  
 6.3 The term “disability” will have the same meaning as
under the disability benefits to be provided pursuant to this Agreement, or such group disability plan as may be in effect for similarly situated employees at that time. In the event the definition of disability is not consistent, the definition
contained in the plan document of such group plan shall control. 
  

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 SECTION VII 
 DEATH 
  
 In the event of
the death of the Executive during the Period of Employment, the Company’s obligation to make payments under this Agreement shall cease as of the date of death, except for Base Salary through the end of the Company’s next normal payroll
period and the Bonus Payment due, if any, pro rated based on the number of days worked between April 1, 2003 and the date of death if the Executive’s death occurs prior to the Transition Date. The Executive’s designated beneficiary will be
entitled to receive the proceeds of any life or other insurance or other death benefit programs provided in this Agreement. 
  
 SECTION VIII 
 EFFECT OF TERMINATION
OF EMPLOYMENT 
  
 Except as otherwise set forth in Sections
VI, VII and IX: 
  
 8.1 If the Executive’s employment terminates due
to a Without Cause Termination, as hereafter defined in this Agreement, the Company will pay the Executive, or in the event of his death, his beneficiary or beneficiaries, severance pay at the annual rate of 100% of his Base Salary as in effect at
the time of termination for twenty-four (24) calendar months. In addition, the Company will pay any earned but unpaid Base Salary through the date of termination and the Bonus Payment due, if any, pro rated based on the number of days worked between
April 1, 2003 and the date of termination of employment if the termination occurs prior to the Transition Date. All other benefits and perquisites provided for in Section IV.4.3 of this Agreement will be continued for a period of twenty-four (24)
calendar months. 
  
 If the Executive is entitled to receive cash
compensation subject to federal income taxation, or to deferred compensation which would be taxable if not deferred, for other employment or a consulting position with another Company during the above-described period, the payments described in this
Agreement will be reduced respectively to the extent that benefits of the kind required by this Agreement are paid as a result of the other employment. In addition, the benefits resulting from the other employment shall be deemed primary coverage
for the purposes of coordination of benefits. 
  
 8.2 If the
Executive’s employment terminates due to a Termination for Cause, as hereafter defined, the Company will pay to the Executive the Base Salary as then in effect through the date of termination. No other payments will be made and the Company will
not be obligated to provide any other benefits to or on behalf of the Executive. 
  
 8.3 If Executive resigns from employment with the Company or gives notice of non-renewal in accordance with Section III.3.1 hereof, the Company will pay his Base Salary through the date of termination and the Bonus Payment due, if
any, pro rated based on the number of days worked between April 1, 2003 and the date of termination of employment if the resignation is effective prior to the Transition Date. No other payments will be made and the Company will not be obligated to
provide any other benefits to or on behalf of the Executive. 
  
 8.4 Except
as otherwise expressly provided in this Agreement, upon termination of the Executive’s employment hereunder, the Company’s obligation to make payments or provide benefits under this Agreement will cease. 
  

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 SECTION IX 
 DEFINITIONS 
  
 For this
Agreement, the following terms have the following meanings: 
  
   9.1
“Termination for Cause” means termination of the Executive’s employment by the Company, by written notice to the Executive, specifying the event relied upon for such termination, due to i. the Participant’s gross misconduct in
respect of his duties for the Company, ii. conviction for a felony or perpetration of a common law fraud, iii. failure to comply with applicable laws with respect to the execution of the Company’s business operations, iv. theft, fraud,
embezzlement, dishonesty or other conduct which has resulted or is likely to result in material economic damage to the Company or any of its Affiliates, or v. substantial dependence on or addiction to alcohol or use of drugs except those legally
prescribed by and administered pursuant to the directions of a practitioner licensed to do so under the laws of the state or country of licensure. 
  
 9.2 “Without Cause Termination” means termination of the Executive’s employment by the Company other than due to death or disability and other than
Termination for Cause and includes, without limitation, termination of the Executive’s employment by the Company’s giving notice of non-renewal in accordance with Section III.3.1 hereof. 
  
 SECTION X 
 OTHER DUTIES OF THE EXECUTIVE DURING AND 
 AFTER THE PERIOD OF EMPLOYMENT

  
 During the Period of Employment and for 24 months
thereafter: 
  
 10.1 The Executive will, with reasonable notice, furnish
information as may be in his possession and cooperate with the Company and its Affiliates as may reasonably be requested in connection with any claim or legal actions in which the Company or any of its Affiliates is or may become a party.

  
 10.2 The Executive recognizes and acknowledges that all information
pertaining to the affairs, business, clients, customers or other relationships of the Company and its Affiliates is confidential and is a unique and valuable asset of the Company. Access to and knowledge of this information are essential to the
performance of the Executive’s duties under this Agreement. 
  
 10.3
The Executive will not, except to the extent reasonably necessary in performance of the duties under this Agreement or except as required by law, give to any person, firm, company, corporation or governmental agency any information concerning the
affairs, business, clients, customers or other relationships of the Company or its Affiliates. The Executive will not make use of this type of information for his own purposes or for the benefit of any person or organization other than the Company
or its Affiliates. The Executive will also use his best efforts to prevent the disclosure of this information by others. 
  
 10.4 All records, memoranda, etc. relating to the business of the Company or its Affiliates whether made by the Executive or otherwise coming into his possession
are confidential and will remain the property of the Company. 
  
 10.5 The
Executive will not use his status with the Company or its Affiliates to obtain loans, goods or services from another organization on terms that would not be available to him in the absence of his relationship with the Company or its Affiliates.

  

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 10.6 The Executive will not make any statements or perform any acts intended to advance the interest of any
existing or prospective competitors of the Company or its Affiliates in any way that will injure the interest of the Company or its Affiliates. 
  
 10.7 The Executive, without prior express written approval by the Board, will not directly or indirectly own or hold any proprietary interest in, be employed by,
or receive compensation from any party engaged in the same business in the same geographic areas where the Company or its Affiliates conduct business. For the purposes of this Agreement, proprietary interest means legal or equitable ownership,
whether through stock holdings or otherwise of an equity interest in any privately owned business firm or entity or ownership of more than 5 % of any class of equity interest in a publicly-held corporation. 
  
 10.8 The Executive, without express written approval from the Board, will not solicit
any then current clients or employees of the Company or its Affiliates or discuss with any employee of the Company or its Affiliates information or operation of any business intended to compete with the Company. 
  
 Executive agrees that any obligation of the Company to make any payments to
the Executive under the terms of this Agreement, including, without limitation, the Bonus Payment, will cease upon any violation of the preceding paragraphs. 
  
 The parties desire that the provisions of Section X be enforced to the fullest extent permissible under the laws and public policies applied in the
jurisdictions in which enforcement is sought, and agree that the Company may specifically enforce the terms hereof. If any portion of Section X is judged to be invalid or unenforceable, Section X will be amended to conform to the legal changes so
that the remainder of the Agreement remains in effect. 
  
 SECTION XI 
 EFFECTS OF CHANGE OF CONTROL 
  
 11.1 In the event there is a Change of Control (as hereafter defined) of the ownership of the Company, the Executive may at any time
immediately resign upon written notice to the Company. In this event, the Company will pay the Executive’s Base Salary through the date of termination. 
  
 11.2 In the event there is a Change of Control of the Company, and the Executive’s employment is terminated within one year of such Change of Control due to a
Without Cause Termination, the Company will pay the Executive severance pay at the annual rate equal to the highest Base Salary of the Executive in effect at any time during the period beginning on the date immediately preceding the occurrence of
the Change of Control and ending on the date the Executive’s employment is terminated. Such severance payments shall commence immediately after termination and shall be payable over a period of twenty-four (24) calendar months. In addition, the
Company will pay the Bonus Payment due, if any, pro rated based on the number of days worked between April 1, 2003 and the date of termination of employment if the termination occurs prior to the Transition Date. All other benefits and perquisites
described in this Agreement will be continued in accordance with the Agreement for twenty-four (24) calendar months from the date of termination of employment. It is understood that, in the event that Executive is entitled to severance payments
under this Section 11.2, then such severance payments shall be in lieu of any severance payments to which the Executive would be entitled under Section 8.1. In the event there is a Change of Control of the Company and the Executive’s employment
is terminated after the first anniversary of such Change of Control, the Executive’s right to post-termination compensation and benefits shall be determined in accordance with Section VIII hereof. 
  

 7 

 11.3 Notwithstanding any of the above provisions to the contrary, in no event shall the payment in connection with
the Change in Control exceed 2.99 times the Executive’s “base period compensation” as that term is defined in section 280G of the Internal Revenue Code. In the event such payments to the Executive on account of a Change of Control
would exceed 2.99 times the Executive’s “base period compensation” then such payments shall be reduced to the extent necessary to avoid any penalty which may be imposed by virtue of section 280G. 
  
 11.4 A Change of Control shall be deemed to have occurred if i. a tender offer shall
be made and consummated resulting in a change in the ownership of 25% or more of the outstanding voting securities of the Company, ii. the Company shall be merged or consolidated with another corporation and as a result of such merger or
consolidation less than 75% of the outstanding voting securities of the surviving or resulting corporation shall be owned in the aggregate by the former shareholders of the Company, other than affiliates (within the meaning of the Securities
Exchange Act of 1934) of any party to such merger or consolidation, iii. the Company shall sell substantially all of its assets to another corporation which is not a wholly-owned subsidiary, or iv. a person, within the meaning of Section 3(a)(9) or
of Section 13(d)(3) (as in effect on the date hereof) of the Securities Exchange Act of 1934, as amended, shall acquire 25% or more of the outstanding voting securities of the Company (whether directly, indirectly, beneficially or of record). For
purposes hereof, ownership of voting securities shall take into account and shall include ownership as determined by applying the provisions of Rule 13d-3(d)(1)(i) (as in effect on the date hereof) pursuant to the Securities and Exchange Act of
1934, as amended. 
  
 SECTION XII 
 WITHHOLDING TAXES 
  
 The Company may directly or indirectly withhold from any payments under this Agreement all federal, state, city or other taxes that shall be required to
be withheld pursuant to any law or governmental regulation. 
  
 SECTION XIII 
 EFFECT OF PRIOR AGREEMENTS 
  
 This Agreement contains the entire understanding between the Company and the Executive with respect to the subject matter
herein. This Agreement amends, restates and supersedes the Prior Employment Agreement in its entirety as of the date hereof and supersedes any other prior employment agreement between the Company and the Executive, except that this Agreement shall
not affect or operate to reduce any benefits or compensation inuring to the Executive of a kind elsewhere provided and not expressly provided in this Agreement. 
  

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

 8 

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

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

 9 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed as of June 1, 2003 by its
duly authorized officer and Executive has hereunto set his hand. 
  

	 “Company”

	
	 WORLD ACCEPTANCE CORPORATION

		
	 By:
	 	 /s/    Ken R. Bramlett, Jr.

	 Name:
	 	 Ken R. Bramlett, Jr.

	 Title:
	 	 Chairman, Governance Committee
 for the Board

	
	 “Executive”

	  
 /s/    Charles D. Walters                            (SEAL)

	 Charles D. Walters

  

 10

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