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July 15, 1999
Mr. William G. Buriak
39 River Bend Road
Clinton, NJ 08809-1044
Dear Bill:
The following will confirm the offer of employment to you with The Credit Store.
1. Employment will begin on 7/26/99 as Chief Information Officer. Your annual
salary will be $160,000, with pay periods occurring on the 15th and 31st
of each month. Should a payroll period occur on a Saturday or Sunday, the
payroll check is issued the previous Friday. You will also be eligible to
participate in all employee benefit plans effective 8/1/99.
2. Since you are relocating to Sioux Falls, South Dakota, we will pay
relocation costs per the attached policy.
3. You will receive 10,000 stock options to be issued as of your employment
date to be vested and exercisable after the 6 month anniversary of your
employment date. The options will expire the 5th year after your
anniversary date. The options will be issued on a standard form as
approved by the Board of Directors.
4. If you voluntary leave your employment at any time, no further
compensation will be due. Your employment will be on an "at will" basis.
Should your employment be terminated by the company prior to one year, you
will be given 6 months severance pay which shall be distributed to you as
salary during the severance period, as well as payment of relocation costs
to your new location.
5. You understand if you leave our employ, you will not compete with our
sub-prime credit card business for one year from the date of leaving, nor
will you use, in any way, any proprietary or confidential information
obtained in the course of your employment. A separate, non-compete
document will be provided on the date of your employment.
Please confirm our understanding, of your employment, by signing this letter, as
indicated below.
Sincerely, Confirmed and Agreed to:
/s/ Kevin T. Riordan /s/ William G. Buriak
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Kevin T. Riordan, President William G. Buriak
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THE CREDIT STORE
RELOCATION POLICY
o The Company will reimburse the employee for any necessary house hunting
trips, with the number of trips to be discussed and approved by the
President. Reimbursement will include all expenses, within reasonable
limits incurred by the employee and their family for travel, lodging, three
meals per day for the employee and their family, and car rental, if
necessary. Receipts are required for reimbursement.
o If you begin working in Sioux Falls before finding a home and moving, the
Company will pay for interim living expenses for up to eight weeks for the
employee and their family. Interim living expenses, while in Sioux Falls,
will be paid for the employee only until such time that the employee
relocates to Sioux Falls, but in no event more for more than one year
following the commencement of employment. The employee will relocate to
Sioux Falls within one year and has agreed to relocate as soon as it is
possible to do so.
o The Company will reimburse the cost of meals, lodging and mileage for the
employee and their family while enroute to the new residence. Receipts are
required. Travel will be by the most direct route, without reimbursement
for unnecessary stop overs. Mileage at the current Company rate of $.31 per
mile will be paid for one car.
o The transportation of the employee's household goods will be arranged by
the Director of Human Resources.
o The Company will pay for all reasonable charges for packing at origin and
unpacking the truck at the destination; the costs for one pick-up at origin
and one delivery at the destination; and normal appliance servicing, such
as securing motors in washers, dryers and refrigerators during packing and
unpacking.
o Expenses not eligible for reimbursement include, but are not limited to:
o Storage charges
o Unpacking of boxes at the new location;
o Cleaning services at either location;
o Transportation of an automobile by the moving company;
o Transportation of pets;
o Set-up of play equipment;
o Transportation of boats;
o Cost of special insurance or handling of items of extraordinary value;
o Overtime charges due to a week-end or holiday delivery.
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o Employees who are homeowners and who purchase a home at the new location
within one year of employment will be reimbursed for closing costs on the
purchase of a new home. Reimbursed expenses include customary and usual
fees for loan origination (for a maximum or 1% or $1,000), mortgage
registration, appraisal, recording, assumption, attorney title work, and
lender's title insurance if required by the lender.
o Employees who are homeowners and who sell their home within one year of
their employment will be reimbursed for the realtor's commission on the
sale of their home.
o Employees who are homeowners at their previous location and are buying a
home at the new location will receive a $2,500 settling in allowance to
cover miscellaneous expenses incurred in moving. The miscellaneous moving
allowance is given to assist in the cost of services and goods not
reimbursed by the Company. These services include, but are not limited to,
loan discount fees, license fees, rental deposits, utility deposits,
draperies, costs of moving automobiles on the moving van, take down and set
up of play equipment, and movement of pets and boats.
Eligibility for relocation benefits ends if the employee leaves the Company.
This includes, but is not limited to any pending payments and tax coverage.