<SEC-DOCUMENT>0000950123-11-088952.txt : 20111006
<SEC-HEADER>0000950123-11-088952.hdr.sgml : 20111006
<ACCEPTANCE-DATETIME>20111006163713
ACCESSION NUMBER:		0000950123-11-088952
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110930
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111006
DATE AS OF CHANGE:		20111006

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EZCORP INC
		CENTRAL INDEX KEY:			0000876523
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS RETAIL [5900]
		IRS NUMBER:				742540145
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19424
		FILM NUMBER:		111129795

	BUSINESS ADDRESS:	
		STREET 1:		1901 CAPITAL PKWY
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78746
		BUSINESS PHONE:		5123143400

	MAIL ADDRESS:	
		STREET 1:		1901 CAPITAL PKWY
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78746
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d84972e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<TITLE>e8vk</TITLE>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<!-- xbrl,dc -->
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Date of Report (Date of earliest event reported): September&nbsp;30, 2011</B>
</DIV>
<!-- /xbrl,dc -->

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>EZCORP, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0-19424</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>74-2540145</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>1901 Capital Parkway, Austin, Texas 78746</B><BR>
(Address of principal executive offices) (zip code)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Registrant&#146;s telephone number, including area code: (<B>512) 314-3400</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
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    <TD width="3%"></TD>
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    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>
</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!--TOC-->
<!--/TOC-->

<!-- link1 "Item&nbsp;1.01 &#151; Entry into a Material Definitive Agreement" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01 &#151; Entry into a Material Definitive Agreement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On September&nbsp;30, 2011, EZCORP, Inc. entered into an advisory services agreement with Madison Park,
LLC (&#147;Madison Park&#148;), a business and financial advisory firm wholly-owned by Phillip E. Cohen, the
beneficial owner of all of EZCORP&#146;s outstanding Class&nbsp;B Voting Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Summary of Terms &#151; </I></B>The advisory services agreement is effective as of October&nbsp;1, 2011, and the term
of the engagement runs through September&nbsp;30, 2012. Either party may terminate the agreement at any
time on thirty days&#146; written notice to the other party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the agreement, Madison Park will provide advisory services related to EZCORP&#146;s business
and long term strategic plan, including (a)&nbsp;identifying, evaluating, and negotiating potential
acquisitions and strategic alliances, (b)&nbsp;assessing operating and strategic objectives, including
new business development, (c)&nbsp;advising on investor relations and relations with investment bankers,
securities analysts, and other members of the financial services industry, (d)&nbsp;assisting in
international business development and strategic investment opportunities, and (e)&nbsp;analyzing,
evaluating, and advising on various financial matters. In exchange for those services, EZCORP will
pay Madison Park a retainer fee of $500,000 per month and will reimburse Madison Park for its
out-of-pocket expenses incurred in connection with the engagement. EZCORP will indemnify Madison
Park (and its officers, directors, employees, and affiliates) from and against all claims, costs,
liabilities, and damages related to or arising out of the engagement (except to the extent that any
claim, cost, liability, or damage results from the recklessness, willful misconduct, or bad faith
of the indemnified party).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the agreement is filed as Exhibit&nbsp;10.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Board Governance Process &#151; </I></B>The engagement of Madison Park pursuant to the advisory services
agreement was identified and acknowledged by the EZCORP Board of Directors from the outset as a
related party transaction. The Board of Directors has adopted a Policy for Review and Evaluation
of Related Party Transactions, and under that policy, the Audit Committee (comprised entirely of
independent, non-employee directors) is responsible for reviewing, evaluating, approving, or taking
other action with respect to related party transactions on behalf of, and with full power and
authority of, the Board of Directors. Acting pursuant to that policy, the Audit Committee
implemented measures designed to ensure that the advisory services agreement with Madison Park was
considered, analyzed, negotiated, and approved objectively. Those measures included the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Audit Committee engaged a qualified, independent financial advisory firm for the
purpose of evaluating the proposed advisory services agreement relative to comparable market
rates for the services contemplated by the agreement, and that firm counseled and advised the
committee in the course of its consideration and evaluation of the Madison Park relationship
and the proposed terms of the new advisory services agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Audit Committee sought, received, and relied upon an opinion from that independent
financial advisory firm to the effect that the consideration to be paid to Madison Park
pursuant to the advisory services agreement is fair to EZCORP from a financial point of view.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With those measures, the Audit Committee evaluated and considered a number of factors, including
EZCORP&#146;s need for the services to be provided under the advisory services agreement; the unique
character of EZCORP&#146;s business; the unique capabilities and expertise of Madison Park and its
principal, Mr.&nbsp;Cohen, to provide the needed services; the amount of the proposed annual retainer
fee in relation to comparable related party and other publicly disclosed advisory engagements and
in relation to various financial performance measures; and the extent to which EZCORP has
benefitted in prior years from the advisory relationship with Madison Park.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After consideration and discussion of those factors, the information and fairness opinion provided
by its independent financial advisory firm, and the relationships and the interests of Mr.&nbsp;Cohen,
the Audit Committee concluded that the advisory services agreement was fair to, and in the best
interests of, EZCORP and its stockholders and, on that basis, approved the engagement of Madison
Park pursuant to the advisory services agreement.
</DIV>

<!-- link1 "Item&nbsp;5.02 &#151; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.02 &#151; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On October&nbsp;5, 2011, Richard D. Sage, a director, notified EZCORP, Inc. that he will retire
from the Board of Directors effective October&nbsp;31, 2011. The company previously reported that
Mr.&nbsp;Sage had expressed his intention to retire after the end of the most recent fiscal year.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Daniel M. Chism, formerly Vice President and Chief Accounting Officer, has left the company,
effective October&nbsp;3, 2011. Stephen A. Stamp, Senior Vice President and Chief Financial
Officer, has assumed the role of principal accounting officer (in addition to principal
financial officer) as of October&nbsp;4, 2011. Mr. Chism&#146;s departure is not the result of any issue or concern with the company&#146;s accounting, financial reporting or internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<!-- link1 "Item&nbsp;8.01 &#151; Other Events" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01 &#151; Other Events</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The company&#146;s Board of Directors has realigned its committee assignments, effective October&nbsp;1,
2011, as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Audit Committee &#151; William C. Love (Chair), John Farrell and Thomas C. Roberts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compensation Committee &#151; Joseph J. Beal (Chair), Pablo Lagos Espinosa and Thomas C.
Roberts.</TD>
</TR>

</TABLE>
</DIV>

<!-- link1 "Item&nbsp;9.01 &#151; Financial Statements and Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01 &#151; Financial Statements and Exhibits.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Advisory Services Agreement, dated as of October&nbsp;1, 2011, between EZCORP, Inc. and
Madison Park, LLC</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">EZCORP, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date:  October 6, 2011&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Thomas H. Welch, Jr.</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Thomas H. Welch, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President,
General Counsel and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description of Exhibit</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:10px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Advisory Services Agreement, dated as of October&nbsp;1, 2011, between EZCORP, Inc. and Madison Park, LLC</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d84972exv10w1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML>
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<TITLE>exv10w1</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADVISORY SERVICES AGREEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Advisory Services Agreement (this &#147;Agreement&#148;) is made and entered into, effective
October&nbsp;1, 2011, by and between EZCORP, Inc., a Delaware corporation (&#147;EZCORP&#148;), and Madison Park,
LLC, a Delaware limited liability company (&#147;Madison Park&#148;), regarding certain advisory services to
be rendered by Madison Park to EZCORP.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Recitals</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>EZCORP desires to engage Madison Park to render strategic and financial advisory services to
EZCORP, as described herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Madison Park desires to accept such engagement subject to the terms and conditions specified
herein.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now, therefore, for and in consideration of the premises and mutual covenants and agreements
specified herein, and for other consideration the receipt and adequacy of which are hereby
acknowledged, the parties hereby agree as follow:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Advisory Services &#151; </I></B>EZCORP hereby engages Madison Park to provide, and Madison Park hereby
accepts such engagement and agrees to provide to EZCORP, advisory services related to EZCORP&#146;s
business and long term strategic plan, as modified by EZCORP from time to time. Such advisory
services (the &#147;Services&#148;) shall include the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Identifying, evaluating and negotiating potential acquisitions and strategic
alliances;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assessing operating and strategic objectives, including new business
development;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Advising on investor relations and relations with investment bankers,
securities analysis and other members of the financial services industry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assisting in international business development and strategic investment
opportunities that complement EZCORP&#146;s business lines and strategic objectives;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Analyzing financial condition and results of operations, evaluating strengths
and weaknesses of financial performance and recommending measures to improve
performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Advising on dividend policy and corporate transactions, such as stock
repurchases, splits, recapitalizations and restructurings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Providing briefings on business strategy to the Board of Directors from time to
time; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Performing such other services as are requested by EZCORP.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Compensation and Payments &#151;</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Retainer Fee &#151; </I></B>As compensation for providing the Services, EZCORP shall pay
Madison Park a retainer fee of $500,000 per month during the term of</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this engagement. Such fee shall be payable monthly in advance on or before the
fifth day of each month.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Reimbursement of Expenses &#151; </I></B>EZCORP shall reimburse Madison Park for its
out-of-pocket travel and entertainment expenses incurred in connection with providing
the Services. In order to document those expenses, Madison Park shall submit expense
reports (including supporting documentation) in accordance with EZCORP&#146;s expense
reporting policies generally applicable to its executive officers. Expenses shall be
paid within 30&nbsp;days after receipt of appropriate expense reports and supporting
documentation.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Term and Termination &#151;</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The engagement described in this Agreement shall commence on October&nbsp;1, 2011
and, unless terminated as provided in subparagraph (b)&nbsp;of this Paragraph, shall
terminate on September&nbsp;30, 2012.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Either party may terminate this Agreement, and the engagement described herein,
with or without cause upon 30&nbsp;days written notice to the other party.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon termination of this Agreement, all obligations of the parties hereunder
shall cease; provided, however that (i)&nbsp;EZCORP shall be obligated to pay any portion of
the retainer fee under Paragraph 2(a) above that has been earned but remains unpaid as
of the date of termination and shall be obligated to pay unreimbursed expenses pursuant
to Paragraph 2(b) above (subject to the provisions thereof), and (ii)&nbsp;the provisions of
Paragraphs 4 and 5 below shall survive such termination and shall continue in full
force and effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Indemnification and Contribution &#151;</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>EZCORP shall indemnify and hold harmless Madison Park, its affiliates, the
respective officers, directors, employees, consultants, associates and agents of
Madison Park and its affiliates, and any person controlling Madison Park or any of its
affiliates (each an &#147;Indemnified Person&#148;) from and against any and all claims, costs,
expenses, liabilities, losses and damages (or actions in respect thereof) related to or
arising out of this engagement or Madison Park&#146;s connection therewith; provided,
however, that EZCORP shall not be responsible for any claims, costs, expenses,
liabilities, losses or damages of an Indemnified Person to the extent that it is
finally determined by a court or other tribunal of competent jurisdiction that they
resulted primarily from actions taken or omitted to be taken by such Indemnified Person
due to such Indemnified Person&#146;s recklessness, willful misconduct or bad faith or that
they arose primarily out of or were based primarily upon any untrue statement or
omission made (i)&nbsp;in any document or writing in reliance upon and in conformity with
information furnished to EZCORP by such Indemnified Person for use in such document or
writing or (ii)&nbsp;in any document in connection with the engagement without the prior
approval of EZCORP. For purposes of this provision, a person shall be considered to be
&#147;controlling&#148; Madison Park if such person would be considered to be a &#147;controlling
person&#148; of Madison Park for purposes of either Section&nbsp;15 of the Securities Act of 1933
or Section 20(a) of the Securities Exchange Act of 1934.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any action or proceeding, including any governmental investigation, shall be
brought or asserted against an Indemnified Person in respect of which</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>indemnity may be sought from EZCORP, such Indemnified Person shall promptly notify
EZCORP in writing of an Indemnified Person&#146;s knowledge of such action or proceeding,
and EZCORP shall assume the defense thereof, including the employment of counsel
reasonably satisfactory to such Indemnified Person and the payment of all fees and
disbursements of such counsel and all other expenses related to such action or
proceeding. Such Indemnified Person shall have the right to employ separate counsel
in any such action or proceeding and to participate in defense thereof, but the fees
and expenses of such separate counsel shall be at the expense of such Indemnified
Person unless (i)&nbsp;EZCORP has agreed to pay such fees and expenses or (ii)&nbsp;EZCORP
shall have failed to timely assume the defense of such action or proceeding, to
employ counsel reasonably satisfactory to such Indemnified Person in any such action
or proceeding and if requested by such Indemnified Person, to confirm in writing
that it is obligated to indemnify such Indemnified Person against all claims, costs,
expenses, liabilities, losses and damages related to or arising out of such action
or proceeding in accordance with this Agreement or (iii)&nbsp;counsel shall determine
that there is or could reasonably be expected to be a conflict of interest by reason
of having common counsel in any action or proceeding, in which case, if such
Indemnified Person notifies EZCORP in writing that it elects to employ separate
counsel at the expense of EZCORP, EZCORP shall not have the right to assume the
defense of such action or proceeding on behalf of such Indemnified Person, it being
understood, however, that EZCORP shall not, in connection with any one such action
or proceeding or separate but substantially similar or related actions or
proceedings in the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys (together with appropriate local counsel) at any time for
such Indemnified Person, which firm shall be designated in writing by such
Indemnified Person. EZCORP shall not be liable for any settlement of any such
action or proceeding effected without EZCORP&#146;s written consent, which should not be
unreasonably withheld. If settled with EZCORP&#146;s prior written consent or if there
be a final and nonappealable judgment for the plaintiff in any such action or
proceeding, EZCORP agrees to indemnify and hold harmless such Indemnified Person
from and against any loss or liability to the extent stated above by reason of such
settlement or judgment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If for any reason the indemnification provided herein is unavailable to an
Indemnified Person under subparagraph (a)&nbsp;of this Paragraph in respect of any claims,
costs, expenses, liabilities, losses or damages referred to therein or if such
indemnification shall be insufficient to hold such Indemnified Person harmless from all
such claims, costs, expenses, liabilities, losses or damages, then EZCORP, in lieu of
indemnifying such Indemnified Person shall contribute to the amount paid or payable by
such Indemnified Person as a result of such claims, costs, expenses, liabilities,
losses, or damages (i)&nbsp;in such proportion as is appropriate to reflect the relative
benefits received by EZCORP on the one hand and such Indemnified Person on the other
hand or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i)&nbsp;but also the relative fault of EZCORP, on the one
hand, and such Indemnified Person, on the other, as well as any other relevant
equitable consideration. The amount paid or payable by a party as a result of the
claims, costs, expenses, liabilities, losses or damages referred to</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>above shall be deemed to include, subject to the limitations set forth in
subparagraph (b)&nbsp;of this Paragraph any legal or other fees or expenses reasonably
incurred by such party in connection with investigating or defending any action or
claim. Notwithstanding the provisions herein, Madison Park shall not be required to
contribute any amount in excess of the aggregate amount of retainer fees received by
Madison Park under this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Confidentiality and Securities Trading &#151;</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither party, without the express written consent of the other party, shall
disclose to any person (i)&nbsp;the information disclosed by EZCORP to Madison Park in
connection with Madison Park&#146;s performance of the Services, (ii)&nbsp;the advice provided to
EZCORP by Madison Park in connection with Madison Park&#146;s performance of the Services or
(iii)&nbsp;the terms of this Agreement; provided, however, that a party shall be entitled to
make such disclosure if, but only to the extent that, it is required to do so by reason
of a deposition, interrogatory, request for documents, subpoena, civil investigative
demand, other demand or request by a governmental agency or the application of
statutes, rules and regulations or similar process, including stock exchange
requirements. The provisions of this subparagraph shall not apply to any information
that is now or hereafter becomes generally available to the public other than as a
result of a violation this subparagraph.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Madison Park hereby acknowledges that EZCORP is a publicly traded company and
that the information EZCORP discloses to Madison Park and its representatives during
the course of this engagement may include material non-public information.
Accordingly, Madison Park agrees (for itself and on behalf of its representatives) that
it will not use any of such information for any purpose (including engaging in
transactions involving the publicly traded securities of EZCORP) other than in
connection with the performance of the Services pursuant to this engagement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Governing Law &#151; </I></B>This Agreement shall be governed by the laws of the State of New York.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Assignment &#151; </I></B>The rights and obligations under this Agreement may not be assigned by either
party without the express written consent of the other party; provided, however, that Madison
Park, with at least 30&nbsp;days&#146; written notice to EZCORP, may assign its rights and obligations
to any of its affiliates. For purposes of this provision, Madison Park&#146;s &#147;affiliates&#148; shall
include those persons who control, are controlled by or are under common control with Madison
Park.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Entire Agreement &#151; </I></B>This Agreement constitutes the entire agreement of the parties hereto
with respect to all matters contemplated hereby and supersedes all previous agreements and
understandings among them concerning such matters. No statements or agreements, oral or
written, made prior to or at the signing hereof, shall vary, waive or modify the written terms
hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(SIGNATURE PAGE FOLLOWS)
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In witness whereof, the parties have executed this Agreement, intending to be legally bound in
accordance with its terms, to be effective as of the date first written above.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>EZCORP, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="center">/s/ <FONT style="FONT-variant: SMALL-CAPS">Thomas H. Welch, Jr.</FONT>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Thomas H. Welch, Jr.,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President,
General Counsel and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>MADISON PARK, LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="center">/s/ <FONT style="FONT-variant: SMALL-CAPS">Phoebe Nolan</FONT>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Phoebe Nolan,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>



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