SEC Contract Filing

Filing Date: 2019-07-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d767642dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (this &#147;<B><I>Agreement</I></B>&#148;) is entered into as of July&nbsp;10, 2019 (the &#147;<B><I>Effective
Date</I></B>&#148;), between Robert W. Beck (&#147;<B><I>Executive</I></B>&#148;) and Regional Management Corp., a Delaware corporation (the &#147;<B><I>Corporation</I></B>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. The
Corporation believes that the future growth, profitability, and success of the business of the Corporation will be significantly enhanced by the employment of Executive as Executive Vice President and Chief Financial Officer of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. The Corporation desires to provide Executive with appropriate incentives and rewards related to the performance by Executive and to
encourage the employment of Executive in the service of the Corporation, and Executive desires to accept such employment, on the terms and conditions of this Agreement, from and after the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. The Corporation and Executive desire to enter into an employment agreement, as evidenced in this Agreement, to reflect the terms of
Executive&#146;s employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which is mutually acknowledged, the parties hereto hereby agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>I. DEFINITIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1.1
<U>Definitions</U>. In addition to terms defined elsewhere in this Agreement, for purposes of this Agreement, the following terms will have the following respective meanings when used in this Agreement with initial capital letters: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#147;<B><I>2015 Plan</I></B>&#148;: as defined in Section&nbsp;2.4(c). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#147;<B><I>Affiliate</I></B>&#148;: with respect to any Person, any other Person directly or indirectly controlling,
controlled by, or under common control with such Person. For purposes of this definition, &#147;<B><I>control</I></B>,&#148; when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of any such Person, whether through the ownership of voting securities, by contract, or otherwise, and the terms &#147;<B><I>controlling</I></B>&#148; and &#147;<B><I>controlled&#148; </I></B>have the
respective meanings correlative to the foregoing. With respect to any natural Person, &#147;Affiliate&#148; will also include such Person&#146;s grandparents, any descendants of such Person&#146;s grandparents, the grandparents of such Person&#146;s
spouse, and any descendants of the grandparents of such Person&#146;s spouse (in each case, whether by blood, adoption, or marriage). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) &#147;<B><I>Agreement</I></B>&#148;: as defined in the introductory paragraph. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) &#147;<B><I>Annual Bonus</I></B>&#148;: as defined in Section&nbsp;2.4(b).<B> </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) &#147;<B><I>Annual Incentive Plan</I></B>&#148;: the Annual Incentive Plan of the Corporation or any successor plan
thereto, as amended and/or restated. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) &#147;<B><I>Average Bonus</I></B>&#148;: the average of the Annual Bonus
paid to Executive for each of the three fiscal years preceding the fiscal year in which Executive&#146;s Termination Date occurs (or the average of such lesser number of full fiscal year periods that Executive is employed if less than three full
fiscal years prior to the Termination Date); provided, however, that if Executive&#146;s employment terminates before December&nbsp;31, 2020, then the Average Bonus shall equal the Target Bonus. </P>
<P