AMENDMENT
TO
EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (“Amendment”) is entered into with the intent it be effective as of August 10, 2023 (the “Amendment Effective Date”) by and between NICHOLAS FINANCIAL, INC. (“Company”) and MICHAEL ROST (“Employee”). This Amendment amends that certain Employment Agreement between Company and Employee with an effective date of August 30, 2022 (the “Agreement”). Capitalized terms used and not otherwise defined herein have the meanings set forth in the Agreement.
In consideration of the mutual covenants and agreements of the parties herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Company and Employee agree that the Agreement is hereby amended as follows:
“The employment of the Employee under this Agreement commenced on August 30, 2022, and the employment of the Employee will continue until February 29, 2024 (“Amended Employment Term”). By mutual written consent, Company and Employee may extend the Amended Employment Term with two (2) separate extensions for a period of three (3) months per extension (each, an “Extension”). For purposes of clarification only, the Amended Employment Term will not automatically extend and will only extend if Company and Employee mutually agree in writing to an Extension at least thirty (30 days) in advance of the Amended Employment Term expiration date (which will be February 29, 2024, or May 31, 2024, if the parties enter into an Extension pursuant to the terms and conditions detailed herein).”
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Section 4(b)(iv) of the Agreement is hereby deleted in its entirety and replaced with the following:
“The Employee covenants and agrees that during the Term of his employment by the Company, and thereafter for a period of one (1) year following the termination of the Employee’s employment with the Company, he will not engage in any practice the purpose of which is to evade the provisions of this Agreement or disparage the Company with the intent of harming the business or the Company.”
“Nicholas Financial, Inc.
Attention: Anthony D. Scioli, Esquire
Kutak Rock LLP
1650 Farnam Street
Omaha, NE 68102”
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties have executed this Amendment with the intent it be effective as of the Amendment Effective Date.
NICHOLAS FINANCIAL, INC. | MICHAEL ROST |
By: /s/ Jeffrey Royal Name: Jeffrey Royal Title: Chairman of the Board of Directors Date: August 15,2023
| By: /s/ Michael Rost Name: Michael Rost Title: Chief Executive Officer Date: August 15, 2023
|
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