SEC Contract Filing

Filing Date: 2021-07-26

Document Content:
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<TYPE>EX-10.5
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<FILENAME>d93222dex105.htm
<DESCRIPTION>EX-10.5
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXECUTIVE EMPLOYMENT AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Executive Employment Agreement (the &#147;<U>Agreement</U>&#148;) is entered into this September&nbsp;16, 2015 (the &#147;<U>Effective
Date</U>&#148;), between Opportunity Financial, LLC, an Illinois limited liability company (the &#147;<U>Company</U>&#148;), and Jared S. Kaplan (the &#147;<U>Executive</U>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W I T N E S S E T H: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
the Company desires to employ the Executive as Chief Executive Officer of the Company and the Executive desires to be so employed; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and the Executive desire to enter into the Agreement as to the terms of the Executive&#146;s employment by the Company.
</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 foregoing, of the mutual promises contained herein and of other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment Period</U>. The Executive&#146;s employment under this Agreement will commence not later than
November&nbsp;9, 2015 or such earlier date as the parties may agree (&#147;<U>Effective Date</U>&#148;), and will end on upon a termination of the Executive&#146;s employment in accordance with Section&nbsp;9 below (&#147;<U>Employment
Period</U>&#148;). Prior to the Effective Date, the Executive shall be reasonably available, without compensation or benefits, to consult with the Company on strategic matters. Upon a termination of the Employment Period, this Agreement (and all
rights and obligations herein) will terminate except for those provisions that specifically survive. In the event that the Executive voluntarily fails to commence employment on the Effective Date, he shall be in breach of this Agreement. On the date
hereof, the Executive shall pay to the Company the sum of $ * * *. Such amount shall be refundable to the Executive at any time, upon his request, subject to the right of the Company to hold such amount until the Effective Date as security against a
potential breach by the Executive of this Section&nbsp;1. In the event of such breach, the full amount shall be retained by the Company as damages. Capitalized terms not defined in this Agreement have the meaning set forth in the Restated Operating
Agreement of the Company dated as of July&nbsp;14, 2011 (&#147;<U>Operating Agreement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Position</U>. The Executive will be employed as Chief Executive Officer of the Company, reporting to the Board of
Managers (&#147;Board&#148;). During the Employment Period, the Executive will serve as a member of the Board. The Executive&#146;s principal place of employment will be at the Company&#146;s corporate offices designated from time to time by the
Board. The Executive&#146;s duties shall be as may be prescribed by the Company&#146;s operating agreement and as may be assigned by the Board from time to time commensurate with the Executive&#146;s position. During the Executive&#146;s employment,
the Executive shall owe an undivided duty of loyalty to the Company and agree to devote his full business time and attention to the performance of his duties and responsibilities. The Executive shall perform his duties under this Agreement
professionally, in accordance with the applicable laws, rules and regulations and such standards, policies and procedures established by the Company and the consumer loan industry from time to time (and any other business that the Company may
hereafter commence). The Executive may serve on charitable boards or committees at his discretion without consent of the </P>
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Board and, in addition, on such corporate boards as are approved in advance by the Board in its sole discretion, so long as such activities do not interfere with performance of the
Executive&#146;s responsibilities hereunder. In addition, the Executive shall not to engage in any activity that may, in the sole discretion of the Board, be determined to be a conflict of interest with the Company. The Executive further agrees to
serve without additional compensation as an officer and director of the Company&#146;s subsidiaries, if any, and agrees that any amounts received from any such corporation may be offset against the amounts due hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Base Salary</U>. During the Employment Period, the Executive will be paid a base sala