<SEC-DOCUMENT>0001193125-17-366363.txt : 20171211
<SEC-HEADER>0001193125-17-366363.hdr.sgml : 20171211
<ACCEPTANCE-DATETIME>20171211170504
ACCESSION NUMBER:		0001193125-17-366363
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20171208
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171211
DATE AS OF CHANGE:		20171211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NICHOLAS FINANCIAL INC
		CENTRAL INDEX KEY:			0001000045
		STANDARD INDUSTRIAL CLASSIFICATION:	SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
		IRS NUMBER:				593019317
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26680
		FILM NUMBER:		171250144

	BUSINESS ADDRESS:	
		STREET 1:		2454 MCMULLEN BOOTH RD
		STREET 2:		BLDG C SUITE 501 B
		CITY:			CLEARWATER
		STATE:			FL
		ZIP:			33759
		BUSINESS PHONE:		7277260763

	MAIL ADDRESS:	
		STREET 1:		2454 MCMULLEN BOOTH RD
		STREET 2:		BLDG C SUITE 501B
		CITY:			CLEARWATER
		STATE:			FL
		ZIP:			33759
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d504938d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): December 8, 2017 </B></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>NICHOLAS FINANCIAL, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its Charter) </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>British Columbia, Canada</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>0-26680</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>8736-3354</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Incorporation or Organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2454 McMullen Booth Road, Building C</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Clearwater, Florida</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>33759</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(727) 726-0763 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name, former address and former fiscal year, if changed since last report) </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 (see General Instruction A.2. below): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the
Securities Exchange Act of 1934. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December 8, 2017, the Board of Directors (the &#147;Board&#148;) of Nicholas Financial, Inc. (the &#147;Company&#148;) appointed Douglas Marohn as President
and Chief Executive Officer of the Company effective as of December 12, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr. Marohn most recently served as President / CEO of ML Credit Group, LLC
(dba Metrolina Credit Company) since January 2014.&nbsp;Metrolina Credit Company is a branch-based indirect subprime auto finance company doing business in the Carolinas.&nbsp;Between August 2011 and November 2013, Mr. Marohn was Senior Vice
President at TMX Finance, overseeing its consumer loan operations.&nbsp;Until July 2011, he spent 14 years with the Company in various positions, the majority of the time as Senior Vice President.&nbsp;He has a total of 25 years of experience in the
subprime auto finance industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with Mr. Marohn&#146;s appointment as President and Chief Executive Officer, the Company and Mr. Marohn
entered into an employment agreement effective as of December 12, 2017 (the &#147;Employment Agreement&#148;).&nbsp;The Employment Agreement covers an initial term of 18 months, followed by automatic renewals for successive 12-month periods unless
60 days&#146; prior written notice of non-renewal is provided.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Salary and Bonus</U>:&nbsp;Mr. Marohn&#146;s initial base salary will be $350,000 per
year.&nbsp;The Employment Agreement provides for the following bonus payments: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">For the fiscal year ending March 31, 2018, a guaranteed bonus of $30,000. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">For the fiscal year ending March 31, 2019, a bonus equal to the greater of $50,000 and the milestone bonus with respect to such fiscal year as calculated below. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">For the fiscal year ending March 31, 2020, the milestone bonus with respect to such fiscal year as calculated below. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">For the fiscal years ending March 31, 2021 and 2022, a bonus equal to the greater of the milestone bonus with respect to such fiscal year as calculated below and the sum of the cash component and the restricted stock
component of the long-term bonus with respect to such fiscal year as calculated below. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Milestone Bonuses</I>:&nbsp;For each of the
fiscal years ending March 31, 2019, 2020, 2021 and 2022, the milestone bonus earned is based on the operating margin achieved by the Company in that fiscal year compared to the relevant target operating margin set forth below.&nbsp;For these
purposes, operating margin is defined as operating income before income taxes divided by interest and fee income on finance receivables, adjusted in the sole discretion of the Compensation Committee, including without limitation for the following
items:&nbsp;1) changes resulting from a FASB Accounting Pronouncement, 2) dividends, 3) gain on sale and 4) provision for credit losses if less than charge-offs.&nbsp;The target operating margins are as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Fiscal year ending March 31, 2019&nbsp;&nbsp;&nbsp;&nbsp; 7.5% </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Fiscal year ending March 31, 2020&nbsp;&nbsp;&nbsp;&nbsp; 12.5% </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Fiscal year ending March 31, 2021&nbsp;&nbsp;&nbsp;&nbsp; 20% </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Fiscal year ending March 31, 2022&nbsp;&nbsp;&nbsp;&nbsp; 30% </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If less than 80% of the target operating margin is achieved, no milestone bonus will be earned.&nbsp;If 80% or more of the target operating margin is
achieved, the milestone bonus will equal the percentage of the target margin achieved multiplied by $150,000.&nbsp;For example, if the operating margin in the fiscal year ending March 31, 2019 is 9%, the bonus is 120% of the target margin multiplied
by $150,000, or $180,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Long Term Bonuses</I>:&nbsp;For each of the fiscal years ending March 31, 2021 and 2022, the long-term bonus earned shall be
based on the three-year rolling average annual growth in tangible book value per share over the three immediately preceding fiscal years, adjusted in the sole discretion of the Compensation Committee of the Board (the
</P>

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&#147;Compensation Committee&#148;), including without limitation for the following items:&nbsp;1) changes resulting from a FASB Accounting Pronouncement, 2) share buy-backs, 3) dividends, 4)
stock splits, 5) gain on sale and 6) provision for credit losses if less than charge-offs.&nbsp;The long-term bonus consists of two components: a cash component and a restricted stock component (valued at the average closing price of the common
stock over the 90 calendar days immediately preceding the final day of the fiscal year with respect to which the bonus is calculated).&nbsp;For example, if the Company were to grow book value per share at 12% on average over three years, Mr. Marohn
would receive 100% of his salary as a bonus in cash and 100% of his salary in restricted stock (which will cliff-vest after three years). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Three Year Average Growth</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>in Book Value per Share</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Award as Percentage of Base Salary</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(for each of the cash portion and the restricted stock portion)</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Under 6%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">6 &#150; 8%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">40%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">8 &#150; 10%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">60%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">10 &#150; 12%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">100%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">12 &#150; 14%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">150%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">15 &#150; 18%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">200%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Greater than 18%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Discretionary</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Discretionary Bonus</I>:&nbsp;For each fiscal year specified above beginning with the fiscal year ending March 31, 2018,
the Compensation Committee retains sole discretion to pay an additional bonus of up to 50% of actual salary earned for such fiscal year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Stock
Ownership and Matching Program</U>:&nbsp;Starting on March 31, 2023, Mr. Marohn is required to own common stock of the Company equal to five times his then-effective annual salary.&nbsp;During the first 12 months of his employment, the Company will
match 100% of the Company&#146;s stock purchased by Mr. Marohn (up to a cap of $500,000), with such matching stock to vest three years after purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Benefits</U>:&nbsp;Mr. Marohn will be entitled to fringe benefits and perquisites consistent with the practices of the Company for similarly situated
executives, except that premiums for Mr. Marohn&#146;s and his spouse&#146;s health insurance will be paid by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Termination without Cause
or for Good Reason</U>:&nbsp;In the event Mr. Marohn is terminated without Cause or terminates his employment for Good Reason (as such terms are defined in the Employment Agreement) he will receive a one-time, lump-sum severance payment equal to his
base salary for the remainder of the then-current employment term.&nbsp;For example, if Mr. Marohn is terminated prior to the expiration of the initial 18-month term, he will receive a severance payment equal to his salary for the remainder of that
term, and if Mr. Marohn is terminated during a 12-month renewal term, he will receive a severance payment equal to his salary for the remainder of that renewal term.&nbsp;If such termination occurs within 12 months of a Change of Control (as defined
in the Employment Agreement), Mr. Marohn will instead receive a one-time, lump-sum severance payment equal to 200% of his base salary.&nbsp;Termination for Cause or for Good Reason, whether or not it occurs within 12 months of a Change of Control,
will entitle Mr. Marohn to up to 18 months&#146; COBRA benefits and reimbursement of up to $15,000 in consultant/legal/accounting expenses, and will fully accelerate the vesting of all equity compensation except for restricted stock issued as part
of the matching program described above.&nbsp;Restricted stock issued as part of the matching program will accelerate in increments of one-third:&nbsp;one-third will accelerate if termination occurs within one year after the purchase of such stock,
two-thirds will accelerate if termination occurs within two years after the purchase of such stock, and 100% will accelerate if termination occurs two years or more after the purchase of such stock.&nbsp;&nbsp;&nbsp;&nbsp; For these purposes,
&#147;Change of Control&#148; is defined as a sale of 100% of the Company.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Non-Compete</U>:&nbsp;Mr. Marohn will be subject to a non-compete for two
years following his termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing description of Mr. Marohn&#146;s Employment Agreement is qualified in its entirety by reference to the
Employment Agreement, which is attached to this Current Report as Exhibit 10.1 and incorporated by reference in its entirety into this Item 5.02. </P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Regulation FD Disclosure. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December 11, 2017, the Company issued a press release in connection with
the events reported above.&nbsp;A copy of the press release is furnished as Exhibit 99.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with General Instruction B.2. of Form 8-K, the
information in this Item 7.01 and Exhibit 99.1 hereto is being furnished for informational purposes only and shall not be deemed &#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to
the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The statements contained in this Current Report on Form&nbsp;8-K that are not purely historical are forward-looking statements within the meaning of
Section&nbsp;27A of the Securities Act of 1933 and Section&nbsp;31E of the Securities Exchange Act of 1934, including statements regarding the Company&#146;s expectations, hopes, beliefs, intentions, or strategies regarding the future and including
the Company&#146;s operating margin and rolling average annual growth in tangible book value per share, constitute forward-looking statements.&nbsp;Investors are cautioned that any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. All forward-looking statements included in this document are based
on information available to the Company on the date hereof and the Company assumes no obligation to update any such forward-looking statement. Prospective investors should also consult the risks described from time to time in the Company&#146;s
Reports on Forms&nbsp;10-K, 10-Q and 8-K and Annual Reports to Shareholders. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:55.75pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit&nbsp;Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top">10.1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="d504938dex101.htm">Employment Agreement between Nicholas Financial, Inc. and Douglas Marohn,
 dated as of December 12, 2017. </A></P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">99.1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="d504938dex991.htm">Press Release of Nicholas Financial, Inc., dated December 11, 2017.
</A></P></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NICHOLAS FINANCIAL, INC.</B></P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date: December 11, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Katie L. MacGillivary</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Katie L. MacGillivary</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vice President, Chief Financial Officer</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Principal Financial Officer and Accounting Officer)</P></TD></TR>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d504938dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </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:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS
AGREEMENT (this &#147;Agreement&#148;) is entered into as of the 12<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of December, 2017 by NICHOLAS FINANCIAL, INC., a British Columbia, Canada corporation (the &#147;Company&#148;), and
DOUGLAS MAROHN (the &#147;Employee&#148;). </P> <P STYLE="margin-top:12pt; 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 Employee desires to be employed by the Company on the terms and conditions hereinafter set forth. </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 mutual covenants and agreements of the parties contained herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto covenant and 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;EMPLOYMENT AND DUTIES. Subject to the terms and conditions of this Agreement, the Company agrees to employ the
Employee, and the Employee hereby agrees to serve the Company, as President and Chief Executive Officer. The Employee shall report directly to the Company&#146;s Board of Directors and shall render to the Company such management and policy-making
services of the type customarily performed by persons serving in similar capacities with other employers that are similar to the Company, together with such other duties with which he is charged by the Company&#146;s Articles or Notice of Articles
(or any similar governance instruments) and subject to the overall direction and control of the Company&#146;s Board of Directors. The Employee accepts such employment and agrees to devote his best efforts and substantially all of his business time,
skill, labor and attention to the performance of such duties. The Employee agrees not to engage in or be concerned with any other commercial duties or pursuits during the Term (as hereinafter defined); provided, however, that the Employee may be
involved in a passive capacity in a <FONT STYLE="white-space:nowrap">non-competitive</FONT> business subject to the prior written approval of the Company&#146;s Board of Directors. Furthermore, the Employee shall assume and competently perform such
reasonable responsibilities and duties as may be assigned to him from time to time by the Board of Directors of the Company. To the extent that the Company shall have any parent, subsidiary, affiliated corporations, partnerships, or joint venture
(collectively &#147;Related Entities&#148;), the Employee shall perform such duties to promote these entities and their respective interests to the same extent as the interests of the Company without additional compensation. At all times, Employee
agrees that he has read and will abide by, and prospectively will read and abide by, any employee handbook, policy, or practice that the Company or Related Entities has or hereafter adopts with respect to its executive officers or its employees
generally, including without limitation, the Company&#146;s Insider Trading Policy, Code of Conduct, and Code of Ethics. </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;TERM. The employment of the Employee under this Agreement commences on the date hereof and will continue through and
including the close of business on June&nbsp;12, 2019 (the &#147;Initial Term&#148;), unless earlier terminated pursuant to the terms of this Agreement. After the end of the Initial Term, this Agreement shall continue to renew automatically on the
anniversary of the last day of the Initial Term for successive one (1)-year terms (each such one (1)-year term, a &#147;Renewal Term,&#148; and the Initial Term and any and all Renewal Terms collectively, the &#147;Term&#148;) unless the Company
provides to the Employee, at least sixty (60)&nbsp;days prior to the </P>

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expiration of any renewal Term, written notification that it intends not to renew this Agreement. Notwithstanding anything to the contrary herein, this Agreement may be terminated in accordance
with Section&nbsp;5 hereof (with the exception of the obligations of the parties hereunder that shall survive any such termination). Notwithstanding the foregoing, if a Change of Control (as defined in Appendix A hereto) occurs prior to the end of
the Initial Term or any Renewal Term, this Agreement shall be extended automatically for a one year renewal period beginning on the date of the Change of Control (a &#147;Post-Change of Control Renewal Period&#148;). Expiration of this Agreement
will not affect the rights or obligations of the parties hereunder arising out of, or relating to, circumstances occurring prior to the expiration of this Agreement, which rights and obligations will survive the expiration of this Agreement. </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;COMPENSATION. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Annual Base Salary. The Employee shall receive, and the Company shall pay, an annual base salary of such amount as
shall be determined by the Compensation Committee of the Company&#146;s Board of Directors (or other committee performing similar functions) (the &#147;Committee&#148;), but not less than $350,000 (the &#147;Base Salary&#148;). The Base Salary shall
be payable in equal installments in accordance with the policy then prevailing for the Company&#146;s Employees.&nbsp;&nbsp;&nbsp;&nbsp;Following a Change of Control, the Employee&#146;s annual base salary shall not be decreased and, during the
Post-Change of Control Renewal Period, the Employee&#146;s base salary shall be increased on an annual basis by an amount at least equal to the average base salary increase, expressed as a percentage, provided to executives of the Company of
comparable status and position to the Employee. The Employee also shall be entitled, during the Term, to participate in and receive payments from all other incentive compensation plans as may be adopted by the Company as are made available to other
Employees of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Bonus. The Employee shall receive, and the Company shall pay, such bonuses as shall
be determined by or on behalf of the Committee in accordance with the following terms and conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<I>2018
Fiscal Year</I>. With respect to the fiscal year ending March&nbsp;31, 2018, provided that the Employee is employed by the Company on the last day of such fiscal year, the Employee shall be entitled to a cash bonus equal to $30,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<I>2019 Fiscal Year.</I> With respect to the fiscal year ending March&nbsp;31, 2019, provided that the Employee
is employed by the Company on the last day of such fiscal year, the Employee shall be entitled to a cash bonus equal to the greater of (A) $50,000 and (B)&nbsp;the Milestone Bonus (as defined below) calculated with respect to such fiscal year in
accordance with Section&nbsp;2(b)(vii) hereof. <B></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;<I>2020 Fiscal Year.</I> With respect to the fiscal
year ending March&nbsp;31, 2020, provided that the Employee is employed by the Company on the last day of such fiscal year, the Employee shall be entitled to a cash bonus equal to the Milestone Bonus calculated with respect to such fiscal year in
accordance with Section&nbsp;2(b)(vii) hereof. <B></B> </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">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;<I>2021 Fiscal Year.</I> With respect to the fiscal year ending
March&nbsp;31, 2021, provided that the Employee is employed by the Company on the last day of such fiscal year, the Employee shall be entitled to a cash bonus equal to the greater of (A)&nbsp;the Milestone Bonus calculated with respect to such
fiscal year in accordance with Section&nbsp;2(b)(vii) hereof and (B)&nbsp;the sum of the Cash Component and the Restricted Stock Component of the Long-Term Bonus (with all terms as defined below) calculated with respect to such fiscal year in
accordance with Section&nbsp;2(b)(viii) hereof. <B></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;<I>2022 Fiscal Year.</I> With respect to the fiscal
year ending March&nbsp;31, 2022, provided that the Employee is employed by the Company on the last day of such fiscal year, the Employee shall be entitled to a cash bonus equal to the greater of (A)&nbsp;the Milestone Bonus calculated with respect
to such fiscal year in accordance with Section&nbsp;2(b)(vii) hereof and (B)&nbsp;the sum of the Cash Component and the Restricted Stock Component of the Long-Term Bonus calculated with respect to such fiscal year in accordance with
Section&nbsp;2(b)(viii) hereof. <B></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;<I>Discretionary Bonus</I>. With respect to each fiscal year
beginning with the fiscal year ending March&nbsp;31, 2018 and ending with the fiscal year ending March&nbsp;31, 2022, the Committee shall have sole discretion to award an additional bonus to the Employee, provided, however, that in no event shall
any such additional bonus with respect to such fiscal year exceed 50% of the Employee&#146;s Base Salary actually earned with respect to such fiscal year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Milestone Bonus.</I> Beginning with the fiscal year ending March&nbsp;31, 2019 and ending with the fiscal
year ending March&nbsp;31, 2022, the milestone bonus (the &#147;Milestone Bonus&#148;) earned with respect to a given fiscal year, provided that the Employee is employed by the Company on the last day of such fiscal year, is based on the <FONT
STYLE="white-space:nowrap">Pre-Tax</FONT> Yield (as defined below) actually achieved by the Company for such fiscal year (the &#147;Actual Yield&#148;) compared to the relevant target <FONT STYLE="white-space:nowrap">Pre-Tax</FONT> Yield for such
fiscal year set forth below (the &#147;Target Yield&#148;). For these purposes, <FONT STYLE="white-space:nowrap">&#147;Pre-Tax</FONT> Yield&#148; is defined as operating income before income taxes divided by interest and fee income on finance
receivables, adjusted in the sole discretion of the Committee, including without limitation for the following items: 1) changes resulting from a Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Pronouncement, 2) dividends, 3) gain
on sale and 4) provision for credit losses if less than charge-offs. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="48%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Fiscal Year Ending March&nbsp;31,</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Target Yield</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">7.5%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">12.5%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">20.0%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">30.0%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The percentage obtained for a fiscal year by dividing (x)&nbsp;the Actual Yield for such fiscal year by (y)&nbsp;the Target
Yield for such fiscal year shall be defined as the &#147;Performance Percentage.&#148; If the Performance Percentage is less than 80%, no Milestone Bonus is earned with respect to such fiscal year. If the Performance Percentage is 80% or higher, the
Milestone Bonus with respect to such fiscal year shall be equal to the amount obtained by multiplying the Performance Percentage by $150,000. By way of example, if the Actual Yield for the fiscal year ending March&nbsp;31, 2019 is 9.0%, the
Milestone Bonus with respect to such fiscal year will be $180,000, representing 120% multiplied by $150,000. </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">3 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Long-Term Bonus</I>. Beginning with the fiscal year ending
March&nbsp;31, 2021 and ending with the fiscal year ending March&nbsp;31, 2022, the long-term bonus (the &#147;Long-Term Bonus&#148;) earned with respect to a given fiscal year (the &#147;Determination Year&#148;), provided that the Employee is
employed by the Company on the last day of the Determination Year, is based on (A)&nbsp;the three-year rolling average annual growth in tangible book value per share of the Company&#146;s common stock over the three successive fiscal years ending on
the last day of the Determination Year, adjusted in the sole discretion of the Compensation Committee, including without limitation for the following items: 1) changes resulting from a FASB Accounting Pronouncement, 2) share <FONT
STYLE="white-space:nowrap">buy-backs,</FONT> 3) dividends, 4) stock splits, 5) gain on sale and 6) provision for credit losses if less than charge-offs, and (B)&nbsp;the Employee&#146;s Base Salary for the Determination Year. The Long-Term Bonus
earned with respect to a Determination Year shall consist of a cash component (the &#147;Cash Component&#148;) and a restricted stock component (the &#147;Restricted Stock Component&#148;) and shall be calculated as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:171.15pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">3-Year</FONT> Rolling Average Annual Growth<BR>In
Tangible Book Value Per Share</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cash Component (as % of Base Salary<BR>for Determination
Year)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Restricted Stock Component (as % of<BR>Base Salary for
Determination Year)</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Below 6%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">6-8%</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">40%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">40%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">8-10%</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">60%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">60%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">10-12%</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">100%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">100%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">12-14%</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">150%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">150%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">15-18%</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">200%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">200%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Above 18%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Discretionary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Discretionary</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The number of shares of restricted stock earned as part of the Restricted Stock Component shall be equal to (I)&nbsp;the
product of (x)&nbsp;the Base Salary for the Determination Year and (y)&nbsp;the relevant percentage set forth in the table above under the heading &#147;Restricted Stock Component&#148; (or otherwise determined by the Committee in case such growth
is higher than 18%), divided by (II)&nbsp;the average closing price of the Company&#146;s common stock on the principal exchange on which it is then traded or quoted over the 90 calendar days ending on the last day of the Determination Year. Any
shares of restricted stock so earned shall vest on the third anniversary of the last day of the Determination Year. By way of example, if the three-year rolling average annual growth in tangible book value per share of the Company&#146;s common
stock is 15%, the Cash Component would be equal to 200% of the Employee&#146;s Base Salary for the Determination Year and the Restricted Stock Component would be equal to 200% of the Employee&#146;s Base Salary for the Determination Year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman"><I>(ix)</I>&nbsp;&nbsp;&nbsp;&nbsp;<I>Short-Term Deferral</I>. Any bonus payable pursuant to Section&nbsp;3(b)(i) shall be paid to the
Employee no later than the first business day following March&nbsp;31, 2018. Any bonus payable pursuant to Sections 3(b)(ii), 3(b)(iii), 3(b)(iv) or 3(b)(v) shall be paid to the Employee within a reasonable time, but in no event later than 60
calendar days, after the last day of the applicable fiscal year or Determination Year to which the bonus relates. </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">4 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Payments. All amounts paid pursuant to this Agreement shall be subject
to withholding or deduction by reason of the Federal Insurance Contribution Act, Federal income tax, state and local income tax, if any, and comparable laws and regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Other Benefits. The Employee shall be reimbursed by the Company for all reasonable and customary travel and other
business expenses incurred by him in the performance of his duties hereunder in accordance with the Company&#146;s standard policy regarding expense verification practices. The Employee shall be entitled to that number of weeks paid vacation per
year that is available to other Employees of the Company, and shall be eligible to participate in such pension, life insurance, health insurance, disability insurance and other employee benefits plans, if any, which the Company may from time to time
make available to its employees generally on such terms as are available to such employees; <I>provided, however</I>, that premiums for the Employee&#146;s and his spouse&#146;s health insurance (i.e., medical, dental and vision coverage) shall be
paid by the Company. On and after a Change of Control, the Employee shall be included: (i)&nbsp;to the extent eligible thereunder (which eligibility shall not be conditioned on Employee&#146;s salary grade or on any other requirement which excludes
persons of comparable status to Employee unless such exclusion was in effect for such plan or an equivalent plan immediately prior to the Change of Control), in any and all plans providing benefits for the Company&#146;s salaried employees in
general (including but not limited to group life insurance, hospitalization, medical, dental, and long-term disability plans) and (ii)&nbsp;in plans provided to executives of the Company of comparable status and position to Employee (including but
not limited to deferred compensation, split-dollar life insurance, supplemental retirement, stock option, stock appreciation, stock bonus, cash bonus and similar or comparable plans); provided that in no event shall the aggregate level of benefits
under the plans described in clause (i)&nbsp;and the plans described in clause (ii), respectively, in which Employee is included be less than the aggregate level of benefits under plans of the Company of the type referred to in such clause,
respectively, in which Employee was participating immediately prior to the Change of Control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;Stock Purchase
Matching Program. The Company shall match 100% of the purchases of common stock of the Company that the Employee makes during the time period commencing on the date hereof and ending on the first anniversary of such date (so long as the Employee
remains employed through the date of such purchase); provided, however, that (i)&nbsp;such shares of common stock matched by the Company shall be restricted stock and shall not vest until the third anniversary of the date on which the Employee
purchased the common stock that triggered the matching obligation (a &#147;Triggering Purchase&#148;), provided, further, that such shares of restricted stock shall only vest if the Employee is employed by the Company on such vesting date (subject
to accelerated vesting as specified in Section&nbsp;5(g) hereof), and (ii)&nbsp;the fair market value of such shares of common stock matched by the Company shall not exceed $500,000 in the aggregate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Relocation Expenses. In connection with his relocation to the Tampa Bay area, the Company will reimburse the
Employee for reasonable relocation expenses in an amount not to exceed $25,000. </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">5 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;NONCOMPETITION, <FONT STYLE="white-space:nowrap">NON-DISCLOSURE</FONT>
AND STOCK OWNERSHIP REQUIREMENTS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Employee acknowledges that his services are of a special, unique,
extraordinary and intellectual character, and his position with the Company places him in a position of confidence and trust with customers, suppliers and employees of the Company and other Related Entities. The Employee further acknowledges that
the rendering of services under this Agreement necessarily requires the disclosure to him of confidential information (as defined below) of the Company and/or Related Entities. The Employee and the Company agree that both prior to and during his
course of employment with the Company, the Employee had, has and will continue to develop personal relationships with the Company&#146;s financiers, customers, suppliers and employees, and that the Employee holds a position of substantial trust and
confidence. As a consequence, the Employee agrees that it is reasonable and necessary for the protection of goodwill and legitimate business interests of the Company and Related Entities that the Employee make the covenants contained herein, that
the covenants are a material inducement for the Company to employ the Employee and to enter into this Agreement, and that the covenants are given as an integral part of and incident to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Employee covenants and agrees that during his employment by the Company (whether during the Term hereof or
otherwise), and thereafter for a period of two (2)&nbsp;years following the termination of the Employee&#146;s employment with the Company, he will not: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly engage in, continue in or carry on the business of the Company or any Related Entity, or
any business substantially similar thereto, including owning or controlling any financial interest in, any corporation, partnership, firm or other form of business organization which competes with or is engaged in or carries on any aspect of such
business or any business substantially similar thereto; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly, assist, promote or encourage
any employees or clients, or potential employees or clients, of the Company or Related Entities to terminate or discontinue their relationship in order to pursue opportunities or employment with any competitor of the Company or Related Entities;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;consult with, advise or assist in any way, whether or not for consideration, any corporation, partnership,
firm or other business organization which is now, becomes or may become a competitor of the Company or any Related Entity in any aspect of their respective businesses during the Employee&#146;s employment with the Company, including, but not limited
to: advertising or otherwise endorsing the products of any such competitor; soliciting customers or otherwise serving as an intermediary for any such competitor; or loaning money or rendering any other form of financial assistance to or engaging in
any form of business transaction whether or not on an arms&#146; length basis with any such competitor; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;engage in any practice the purpose of which is to evade the provisions of this Agreement or to commit any act
which is detrimental to the successful continuation of, or which adversely affects, the business or the Company; provided, however, that the foregoing shall not preclude the Employee&#146;s ownership of not more than 5% of the equity securities of a
corporation which has such securities registered under Section&nbsp;12 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). </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">6 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Employee acknowledges that the inventions, innovations, software,
trade secrets, business plans, financial strategies, finances, and all other confidential or proprietary information with respect to the business and operations of the Company and Related Entities are valuable, special and unique assets of the
Company. The Employee agrees not to, at any time during his employment by the Company (whether during the Term hereof or otherwise), disclose, directly or indirectly, to any person or entity, or use or authorize or propose to authorize any person or
entity to use any confidential or proprietary information with respect to the Company or Related Entities without the prior written consent of the Company including, without limitation, information as to the financial condition, results of
operations, identities of clients or prospective clients, products under development, acquisition strategies or acquisitions under consideration, pricing or cost information, marketing strategies or any other information relating to the Company or
any of the Related Entities which could be reasonably regarded as confidential. However, this does not include information which is or shall become generally available to the public other than as a result of disclosure by the Company or Related
Entities or any of their agents, affiliates or representatives or a person to whom any of them has provided such information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Employee agrees that the geographic scope of this covenant not to compete shall extend to (i)&nbsp;the states
of Alabama, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Missouri, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Wisconsin, which constitute the geographic area in which the Company
has operated its business at some time during the one year preceding the date of this Agreement; and (ii)&nbsp;such broader geographic area where the Company conducts business at any time during the Employee&#146;s employment by the Company (whether
during the Term hereof or otherwise). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any breach of the above covenants not to compete, the
Employee recognizes that the remedies at law will be inadequate and that in addition to any relief at law which may be available to the Company for such violation or breach and regardless of any other provision contained in this Agreement, the
Company shall be entitled to equitable remedies (including an injunction) and such other relief as a court may grant after considering the intent of this Section&nbsp;4. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;In the event a court of competent jurisdiction determines that the provisions of the above covenants not to compete
are excessively broad as to duration, geographic scope, prohibited activities or otherwise, the parties agree that such covenants shall be reduced or curtailed to the extent necessary to render them enforceable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;Beginning on March&nbsp;31, 2023, for so long as he remains employed by the Company as Chief Executive Officer, the
Employee shall maintain ownership of shares of common stock of the Company (including unvested restricted stock) with a fair market value equal to at least 500% of his Base Salary then in effect. </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">7 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Death. The Employee&#146;s employment hereunder shall terminate upon his death. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Disability. If, during the Term, the Employee becomes physically or mentally disabled in accordance with the terms
and conditions of any disability insurance policy covering the Employee or, if due to such physical or mental disability, the Employee becomes unable for a period of more than one hundred eighty (180)&nbsp;consecutive days to perform his duties
hereunder on substantially a full-time basis as determined by the Company in its sole reasonable discretion, the Company may, at its option, terminate the Employee&#146;s employment hereunder upon not less than thirty (30)&nbsp;days&#146; written
notice of termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Cause. The Company may terminate this Agreement at any time with Cause. As used in this
Agreement, &#147;Cause&#148; shall mean the following: (1)&nbsp;a material violation of the Company&#146;s policies or practices which reasonably justifies termination; (2)&nbsp;conviction of a felony, as evidenced by a binding and final judgment,
order or decree of a court of competent jurisdiction; (3)&nbsp;the commission by the Employee of any act which would reasonably be expected to materially injure the reputation, business, or business relationships of the Company or Related Entities;
or (4)&nbsp;any material breach by Employee of this Agreement. The Company may terminate this Agreement with Cause as defined in clauses (1)&nbsp;and (4) above upon fifteen (15)&nbsp;business days&#146; prior written notice (the &#147;Cause
Notification Period&#148;) to Employee, but such termination shall only become effective in the event of Employee&#146;s failure to cure the applicable breach or violation, to the reasonable satisfaction of Company, prior to the end of the Cause
Notification Period. The Company may terminate this Agreement without notice at any time with Cause as defined in clause (2)&nbsp;or (3) above. Notwithstanding anything in the foregoing to the contrary, during a Post-Change of Control Renewal
Period, the Company may terminate this Agreement with Cause only as defined in clause (2)&nbsp;or (4) above. In the event of a termination with Cause, the Company shall be relieved of all its obligations to the Employee provided for by this
Agreement, and all payments to the Employees hereunder shall immediately cease and terminate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Involuntary
Termination by Employee. The Employee may terminate his employment hereunder upon (i)&nbsp;a good faith determination by the Employee that there has been a material breach of the Agreement by the Company, (ii)&nbsp;a material adverse change in the
Employee&#146;s working conditions or status, (iii)&nbsp;a significant relocation of the Employee&#146;s principal office, or (iv)&nbsp;during a Post-Change of Control Renewal Period, a good faith determination by the Employee that there has been
any of the following: a breach of the Agreement by the Company, any adverse change in the Employee&#146;s working conditions, status, authority, duties, responsibilities (including but not limited to a requirement that the Employee report to a
corporate officer instead of reporting directly to the board of directors) or any requirement that the Employee relocate his principal office to a location that is more than ten (10)&nbsp;miles from the location of the Employee&#146;s principal
office immediately prior to the Change of Control (any one of the preceding constituting &#147;Good Reason&#148;), by delivering written notice of termination to the Company indicating in reasonable detail the facts and circumstances alleged to
provide a basis for such termination and shall cease performing the Employee&#146;s duties hereunder on the date which is ten (10)&nbsp;days after delivery of the notice, which date shall also be the date of termination of the Employee&#146;s
employment and the final day of the ten (10)&nbsp;day &#147;Good Reason Notification Period&#148;, but such termination shall only become effective in the event of the Company&#146;s failure to cure the applicable breach or violation, to the
reasonable satisfaction of the Employee, prior to the end of the Good Reason Notification Period. </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">8 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;Voluntary Termination by Employee. The Employee agrees to provide the
Company with at least twenty (20)&nbsp;business days&#146; (&#147;Termination Notice Period&#148;) prior written notice of his intent to terminate employment voluntarily. Failure to provide such notice terminates the Employee&#146;s entitlement to
payment of accrued, unused benefits, such as vacation. However, the Company reserves the right to terminate the Employee before the end of the Termination Notice Period, provided that the Company pays the Employee the salary that he would have
received from the date of the last payroll payment to the end of the Termination Notice Period. Such salary shall be paid in accordance with the Company&#146;s normal payroll procedures applicable to base salary. During the Termination Notice
Period, the Employee agrees to make a good faith effort to perform the duties described hereunder. If, during the Term, the Employee voluntarily terminates his employment with the Company, the Company&#146;s obligations, including payment
obligations, under this Agreement shall cease, except that the Company shall pay the Employee the amount of base salary that he would have received from the date of the last payroll payment to the end of the Termination Notice Period in accordance
with the Company&#146;s normal payroll procedures applicable to base salary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Regular Severance Payments. In
the event of a termination of the Employee&#146;s employment occurring other than at the end of the Initial Term or a Renewal Term and other than during a Post-Change of Control Renewal Period (x)&nbsp;by the Company other than for Cause or
(y)&nbsp;by the Employee in a manner which satisfies Section&nbsp;5(d): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay the Employee
(subject to the provisions of Section&nbsp;6 of this Agreement) a <FONT STYLE="white-space:nowrap">one-time,</FONT> <FONT STYLE="white-space:nowrap">lump-sum</FONT> severance payment equal to: (A)&nbsp;the Employee&#146;s Base Salary in effect at
the time of such termination (&#147;Regular Severance Payment&#148;) multiplied by (B)&nbsp;a fraction, the numerator of which is the number of days remaining until the end of the Initial Term (if the termination occurs during the Initial Term) or
the end of the then-running Renewal Term (if the termination occurs during such Renewal Term), and the denominator of which is the total number of days in the Initial Term or Renewal Term, as applicable. The Regular Severance Payment shall be paid
to the Employee in cash equivalent on the date that is sixty (60)&nbsp;days after the date of termination of the Employee&#146;s employment; provided that, to the extent required to comply with Section&nbsp;409A of the Internal Revenue Code of 1986,
as amended (the &#147;Code&#148;), all or a portion of the Regular Severance Payment shall be delayed until the first day of the seventh (7th) month following the month in which the termination of the Employee&#146;s employment occurs, without
interest thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;(1) All restrictions on any restricted stock or restricted stock unit awards made to the
Employee by the Company or its affiliates (except for restricted stock issued to the Employee as part of the stock matching program set forth in Section&nbsp;3(e) hereof) shall lapse such that Employee is fully and immediately vested in such awards
upon such termination of employment; (2)&nbsp;any stock options or stock appreciation rights granted to Employee pursuant to the Company&#146;s or its affiliate&#146;s equity-based incentive plan(s) shall become fully and immediately vested upon
such termination of employment; (3)&nbsp;any performance shares, performance units or similar performance-based equity awards granted to Employee pursuant to the Company&#146;s or its affiliate&#146;s equity-based incentive plan(s) shall be deemed
earned on a pro rated basis according to the portion of the performance period that has elapsed through the date of the termination of employment as if all performance requirements had been satisfied at the target level (or such higher level as
would have been achieved if performance through the date of the termination of employment had continued through the end of the performance period); and (4)&nbsp;restricted stock delivered or then deliverable by the Company to the Employee pursuant
to the stock matching program set forth in Section&nbsp;3(e) hereof (&#147;Matching Stock&#148;) shall become immediately vested in accordance with the following schedule: <FONT STYLE="white-space:nowrap">one-third</FONT> (1/3) of the number of
shares of Matching Stock shall immediately vest if the termination occurs less than one (1)&nbsp;year after the Triggering Purchase, <FONT STYLE="white-space:nowrap">two-thirds</FONT> (2/3) of the number of shares of Matching Stock shall immediately
vest if the termination occurs less than two (2)&nbsp;years, but one (1)&nbsp;year or more, after the Triggering Purchase, and one hundred percent (100%) of the number of shares of Matching Stock shall immediately vest if the termination occurs more
two (2)&nbsp;years or more after the Triggering Purchase. </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">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;Change of Control Severance Payments. In the event of a termination of
the Employee&#146;s employment occurring other than at the end of the Initial Term or a Renewal Term during a Post-Change of Control Renewal Period (x)&nbsp;by the Company other than for Cause or (y)&nbsp;by the Employee in a manner which satisfies
Section&nbsp;5(d): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay the Employee (subject to the provisions of Section&nbsp;6 of this
Agreement) a <FONT STYLE="white-space:nowrap">one-time,</FONT> <FONT STYLE="white-space:nowrap">lump-sum</FONT> severance payment equal to 200% of the Employee&#146;s Base Salary in effect at the time of such termination (&#147;Change of Control
Severance Payment&#148;). The Change of Control Severance Payment shall be paid to the Employee in cash equivalent on the date that is sixty (60)&nbsp;days after the date of termination of the Employee&#146;s employment; provided that, to the extent
required to comply with Section&nbsp;409A of the Code, all or a portion of the Change of Control Severance Payment shall be delayed until the first day of the seventh (7th) month following the month in which the termination of the Employee&#146;s
employment occurs, without interest thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;(1) All restrictions on any restricted stock or restricted
stock unit awards made to the Employee by the Company or its affiliates (except for restricted stock issued to the Employee as part of the stock matching program set forth in Section&nbsp;3(e) hereof) shall lapse such that Employee is fully and
immediately vested in such awards upon such termination of employment; (2)&nbsp;any stock options or stock appreciation rights granted to Employee pursuant to the Company&#146;s or its affiliate&#146;s equity-based incentive plan(s) shall become
fully and immediately vested upon such termination of employment; (3)&nbsp;any performance shares, performance units or similar performance-based equity awards granted to Employee pursuant to the Company&#146;s or its affiliate&#146;s equity-based
incentive plan(s) shall be deemed earned on a pro rated basis according to the portion of the performance period that has elapsed through the date of the termination of employment as if all performance requirements had been satisfied at the target
level (or such higher level as would have been achieved if performance through the date of the termination of employment had continued through the end of the performance period); and (4)&nbsp;Matching Stock shall become immediately vested in
accordance with the following schedule: <FONT STYLE="white-space:nowrap">one-third</FONT> (1/3) of the number of shares of Matching Stock shall immediately vest if the termination occurs less than one (1)&nbsp;year after the Triggering Purchase, <FONT
STYLE="white-space:nowrap">two-thirds</FONT> (2/3) of the number of shares of Matching Stock shall immediately vest if the termination occurs less than two (2)&nbsp;years, but one (1)&nbsp;year or more, after the Triggering Purchase, and one hundred
percent (100%) of the number of shares of Matching Stock shall immediately vest if the termination occurs more two (2)&nbsp;years or more after the Triggering Purchase. </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">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;Additional Benefits. In the event of a termination triggering payments
under Sections 5(f) or 5(g) above, the Employee shall be entitled to the following additional benefits: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Until
the earlier of eighteen (18)&nbsp;months after the date of Employee&#146;s termination of employment or such time as Employee has obtained new employment and is covered by benefits which in the aggregate are at least equal in value to the following
benefits, Employee shall continue to be covered, at the expense of the Company, by the same or equivalent life insurance, hospitalization, medical, dental and vision coverage as Employee received (or, if higher, as was required hereunder)
immediately prior to Employee&#146;s termination of employment, subject to the following: After the end of the COBRA continuation period, if such hospitalization, medical or dental coverage is provided under a health plan that is subject to
Section&nbsp;105(h) of the Code, benefits payable under such health plan shall comply with the requirements of Treasury regulation section <FONT STYLE="white-space:nowrap">1.409A-3(i)(1)(iv)</FONT> and, if necessary, the Company shall amend such
health plan to comply therewith; and if provision of any such health benefits would subject the Company or its benefits arrangements to a penalty or adverse tax treatment, then the Company shall provide a cash payment to Employee in an amount
reasonably determined by the Company to be equivalent to the COBRA premiums for similar benefits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall bear up to $15,000 in the aggregate of fees and expenses of consultants and/or legal or accounting advisors engaged by the Employee to advise the Employee as to matters relating to the computation of benefits due and payable under this
Section&nbsp;5. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary in this Agreement, if a Change of Control occurs and the Employee&#146;s employment with the
Company is terminated (other than a termination due to Employee&#146;s death or as a result of Disability) during the period of 180 days prior to the date on which the Change of Control occurs, and if it is reasonably demonstrated by Employee that
such termination of employment (i)&nbsp;was at the request of a third party who has taken steps reasonably calculated to effect a Change of Control or (ii)&nbsp;otherwise arose in connection with or in anticipation of a Change of Control, then for
all purposes of this Agreement such termination of employment shall be deemed a termination following such Change of Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;General Release. Notwithstanding anything to the contrary herein, the payments and benefits specified in Sections
5(f), 5(g) and 5(h) above shall be in consideration for, contingent on and subject to the Company receiving an executed general release from the Employee containing terms reasonably satisfactory to the Company that is effective and <FONT
STYLE="white-space:nowrap">non-revocable</FONT> by the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day after the date of termination of the Employee&#146;s employment. </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">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;Benefits Through Termination Date. The following shall apply upon
termination of the Employee&#146;s employment: Notwithstanding anything to the contrary herein contained, the Employee shall receive all compensation and other benefits to which he was entitled under this Agreement or otherwise as an employee of the
Company through the termination date, including payments of base salary accrued hereunder through the calendar month in which such termination occurs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;OBLIGATIONS WITH RESPECT TO FORMER EMPLOYER.&nbsp;&nbsp;&nbsp;&nbsp;Until such time as otherwise informed by the
Chairman of the Board of Directors of the Company, Employee shall (a)&nbsp;not have control over the Company&#146;s operations in North Carolina and South Carolina; (b)&nbsp;not directly or indirectly solicit, or attempt to persuade, influence or
induce, or assist any other person in so persuading, influencing or inducing (i)&nbsp;any customer, vendor or supplier of ML Credit to cease doing business with ML Credit or to reduce the amount of business it does with ML Credit, (ii)&nbsp;any
landlord of ML Credit to terminate or otherwise impair any lease agreements or landlord relationship with ML Credit, (iii)&nbsp;any employee of ML Credit to leave the employ of ML Credit, or to accept any other employment or position; (c)&nbsp;not
disclose to the Company or otherwise use on the Company&#146;s behalf any of the confidential information of ML Credit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;TAX PROVISIONS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Parachute Payments. Notwithstanding any other provision of this Agreement, if any portion of the
Severance Payment or any other payment under this Agreement, or payments to or for the benefit of the Employee under any other agreement or plan (collectively, the &#147;Change of Control Benefits&#148;), would constitute an &#147;excess parachute
payment,&#148; then the Change of Control Benefits to be made to the Employee shall be reduced such that the value of the aggregate Change of Control Benefits that the Employee is entitled to receive shall be One Dollar ($1) less than the maximum
amount which the Employee may receive without becoming subject to the tax imposed by Section&nbsp;4999 of the Code (or any successor provision) or which the Company may pay without loss of deduction under Section&nbsp;280G(a) of the Code (or any
successor provision); provided that the foregoing reduction in the amount of Change of Control Benefits shall not apply if the <FONT STYLE="white-space:nowrap">after-tax</FONT> value to the Employee of the Change of Control Benefits prior to
reduction in accordance herewith is greater than the <FONT STYLE="white-space:nowrap">after-tax</FONT> value to the Employee if the Change of Control Benefits are reduced in accordance herewith. For purposes of this Agreement, the terms &#147;excess
parachute payment&#148; and &#147;parachute payments&#148; shall have the meanings assigned to them in Code Section&nbsp;280G, and such &#147;parachute payments&#148; shall be valued as provided therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Opinion. For purposes of this Section, within thirty (30)&nbsp;days after notice by one party to the other of its
belief that there is a payment or benefit due the Employee that will result in an excess parachute payment as defined in Section&nbsp;280G of the Code or any successor provision thereto, the Employee and the Company shall obtain, at the
Company&#146;s expense, the opinion (which need not be unqualified) of nationally recognized tax counsel or tax accounting firm (&#147;Tax Counsel&#148;) selected by the Company&#146;s independent auditors and acceptable to the Employee, which sets
forth (A)&nbsp;the &#147;base amount&#148; within the meaning of Section&nbsp;280G; (B)&nbsp;the aggregate present value of the payments in the nature of compensation to the Employee as described in Section&nbsp;280G(b)(2)(A) (ii); (C) the amount
and present value of any &#147;excess parachute payment&#148; within the meaning of Section&nbsp;280G(b)(1) without regard to the limitations of this Section&nbsp;7; (D) the <FONT STYLE="white-space:nowrap">after-tax</FONT> value of the Change of
Control Benefits if the reduction in Change of Control Benefits contemplated under this Section&nbsp;7 did not apply; and (E)&nbsp;the <FONT STYLE="white-space:nowrap">after-tax</FONT> value of the Change of Control Benefits taking into account the
reduction in Change of Control Benefits contemplated under this Section&nbsp;7. For purposes of determining the <FONT STYLE="white-space:nowrap">after-tax</FONT> value of the Change of Control Benefits, the Employee shall be deemed to pay federal
income taxes and employment taxes at the highest marginal rate of federal income and employment taxation in the calendar year in which the payment is to be made and state and local income taxes at the highest marginal rates of taxation in the state
and locality of the Employee&#146;s domicile for income tax purposes on the date the payment is to be made, net of the maximum reduction in federal income taxes that may be obtained from deduction of such state and local taxes. </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">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In the event that a reduction is to be made under this Section&nbsp;7, the Change of Control
Benefits shall be reduced or eliminated by applying the following principles, in order: (i)&nbsp;the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial
assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (ii)&nbsp;the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment
date; and (iii)&nbsp;cash payments shall be reduced prior to <FONT STYLE="white-space:nowrap">non-cash</FONT> benefits; provided, however, that if the foregoing order of reduction or elimination would violate Section&nbsp;409A of the Code, then the
reduction shall be made pro rata among the payments or benefits included in the Change of Control Benefits (on the basis of the relative present value of the parachute payments). For purposes of this Agreement, the value of any noncash benefits or
any deferred payment or benefit, and all present economic values, shall be determined by the Company&#146;s independent auditors in accordance with the principles of Sections 280G, which determination shall be evidenced in a certificate of such
auditors addressed to the Company and the Employee. Such opinion shall be dated as of the date of termination of the Employee&#146;s employment and addressed to the Company and the Employee and shall be binding upon the Company and the Employee.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The provisions of this Section&nbsp;7(b), including the calculations, notices and opinions provided for herein shall be based upon the
conclusive presumption that the compensation earned by the Employee pursuant to the Company&#146;s compensation programs prior to a change of control is reasonable; provided, however, that in the event such Tax Counsel so requests in connection with
the opinion required by this Section&nbsp;7(b), the Company shall obtain at its expense, and Tax Counsel may rely on in providing the opinion, the advice of a firm of recognized Employee compensation consultants as to the reasonableness of any item
of compensation to be received by the Employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Effect of Change in Law. In the event that the provisions of
Sections 280G and 4999 of the Code (or any successor provisions) are repealed, this Section&nbsp;7 shall cease to be effective on the effective date of such repeal. The parties to this Agreement recognize that final regulations promulgated under
Section&nbsp;280G of the Code may affect the amounts that may be paid under this Agreement and agree that, upon issuance of such final regulations, this Agreement may be modified as the parties hereto may in good faith deem necessary in light of the
provisions of such regulations to achieve the purposes of this Agreement, and that consent to such modification shall not be unreasonably withheld. </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">13 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;SUCCESSORS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;If the Company sells, assigns or transfers all or substantially all of its business and assets to any Person (as
defined in Appendix A hereto) or if the Company merges into or consolidates or otherwise combines (where the Company does not survive such combination) with any Person (any such event, a &#147;Sale of Business&#148;), then the Company shall assign
all of its right, title and interest in this Agreement as of the date of such event to such Person, and the Company shall cause such Person, by written agreement in form and substance reasonably satisfactory to the Employee, to expressly assume and
agree to perform from and after the date of such assignment all of the terms, conditions and provisions imposed by this Agreement upon the Company. Failure of the Company to obtain such agreement prior to the effective date of such Sale of Business
shall be a material breach of this Agreement. In case of such assignment by the Company and of assumption and agreement by such Person, as used in this Agreement, &#147;Company&#148; shall thereafter mean such Person which executes and delivers the
agreement provided for in this Section&nbsp;8 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law, and this Agreement shall inure to the benefit of, and be enforceable by, such Person. The Employee
shall, in the Employee&#146;s discretion, be entitled to proceed against any or all of such Persons, any Person which theretofore was such a successor to the Company (as defined in the first paragraph of this Agreement) and the Company (as so
defined) in any action to enforce any rights of the Employee hereunder. Except as provided in this Subsection, this Agreement shall not be assignable by the Company. This Agreement shall not be terminated by the voluntary or involuntary dissolution
of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and all rights of the Employee shall inure to the benefit of and be enforceable
by the Employee&#146;s personal or legal representatives, executors, administrators, heirs and beneficiaries. All amounts payable to the Employee under Sections 3, 5, and 7 of this Agreement if the Employee had lived shall be paid, in the event of
the Employee&#146;s death, to the Employee&#146;s estate, heirs and representatives; provided, however, that the foregoing shall not be construed to modify any terms of any benefit plan of the Company, as such terms are in effect on the date of the
Employee&#146;s death, that expressly govern benefits under such plan in the event of the Employee&#146;s death. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;SEVERABILITY. The provisions of this Agreement shall be regarded as divisible, and the parties agree that if any of
said provisions or any part hereof shall under any circumstances be deemed or declared invalid, inoperative or unenforceable, then the validity and enforceability of the remainder of such provisions or parts hereof and the applicability thereof
shall not be affected thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT. This Agreement may not be amended or modified at any time except by
written instrument executed by the Company and the Employee. </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">14 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;WITHHOLDING. The Company shall be entitled to withhold from amounts to
be paid to the Employee hereunder any federal, state or local withholding or other taxes or charges which it is from time to time required to withhold; provided, that the amount so withheld shall not exceed the minimum amount required to be withheld
by law (unless the Employee has otherwise indicated in writing). The Company shall be entitled to rely on an opinion of nationally recognized tax counsel if any question as to the amount or requirement of any such withholding shall arise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;CLAWBACK. The Employee&nbsp;agrees that the compensation and benefits provided by the Company under this Agreement
or otherwise is subject to recoupment or&nbsp;clawback&nbsp;(a) if the Company is required to file an&nbsp;adverse restatement of earnings and the Committee determines that the&nbsp;Employee&nbsp;was involved, or had knowledge of or should have
known that the earnings at issue were false or misleading when originally filed and the false or misleading earnings resulted in compensation to&nbsp;the Employee&nbsp;that otherwise would not have been earned, vested or paid, upon any material
financial misstatements or omissions, (b)&nbsp;for loan losses improperly reserved for<B>, </B>(c)&nbsp;under any applicable Company clawback&nbsp;or recoupment policy that is generally applicable to the Company&#146;s&nbsp;executives, as may be in
effect from time to time, or (d)&nbsp;as required by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;NOTICE. For purposes of this Agreement, notices and
all other communications provided for herein shall be in writing and shall be deemed to have been duly given when actually received, whether hand-delivered, sent by telecopier, facsimile transmission or other electronic means of transmitting written
documents (as long as receipt is acknowledged) or mailed by United States certified or registered mail, return receipt requested, postage prepaid, addressed as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If to the Employee, to the Employee at the Employee&#146;s address then reflected in the records of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If to the Company, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nicholas Financial, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2454 McMullen Booth Road </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Building C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Clearwater, Florida 33759 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attn: Chairman of the Board of Directors </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other address as either party may have furnished to the other in writing in accordance herewith, except that a notice of change of address shall be
effective only upon receipt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;NO WAIVER; ENTIRE AGREEMENT. No waiver by any party hereto of any breach of this
Agreement by any other party hereto shall be deemed a waiver of any similar or dissimilar term or condition at the same or at any prior or subsequent time. This Agreement and any equity award agreements between the Company and the Employee
constitute the entire agreement between the parties hereto with respect to the Employee&#146;s employment by the Company and there are no agreements or representations, oral or otherwise, expressed or implied, with respect to or related to the
employment of the Employee which are not set forth in this Agreement or such equity award agreements. </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">15 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;NO ASSIGNMENT. Except as expressly set forth herein, no party shall
assign any of his or its rights under this Agreement without the prior written consent of the other party and any attempted assignment without such prior written consent shall be null and void and without legal effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;COUNTERPARTS; FACSIMILE SIGNATURES. This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be effective upon the execution and delivery by any party hereto of facsimile copies of signature pages hereto duly executed by such
party; provided, however, that any party delivering a facsimile signature page covenants and agrees to deliver promptly after the date hereof two (2)&nbsp;original copies to the other party hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;GOVERNING LAW. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The validity, interpretation, construction and performance of this Agreement shall be governed by the internal laws
of the State of Florida, except that Section&nbsp;16(b) shall be construed in accordance with the Federal Arbitration Act if arbitration is chosen by the Employee as the method of dispute resolution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Any dispute arising out of this Agreement shall, at the Employee&#146;s election, be determined by either
(i)&nbsp;arbitration under the rules of the American Arbitration Association then in effect (but subject to any evidentiary standards set forth in this Agreement), in which both parties shall be bound by the arbitration award, or (ii)&nbsp;by
litigation. Whether the dispute is to be settled by arbitration or litigation, the venue for such arbitration or litigation, as the case may be, shall be Tampa, Florida. The parties consent to personal jurisdiction in each trial court in the
selected venue having subject matter jurisdiction notwithstanding their residence or situs, and each party irrevocably consents to service of process in the manner provided hereunder for the giving of notices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;CERTAIN RULES OF CONSTRUCTION; CODE SECTION 409A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;No party shall be considered as being responsible for the drafting of this Agreement for the purpose of applying
any rule construing ambiguities against the drafter or otherwise. No draft of this Agreement shall be taken into account in construing this Agreement. Any provision of this Agreement which requires an agreement in writing shall be deemed to require
that the writing in question be signed by the Employee and an authorized representative of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Employee intend the terms of this Agreement to be in compliance with Section&nbsp;409A of the Code and the regulations promulgated thereunder. To the maximum extent permissible, any ambiguous terms of this Agreement shall be
interpreted in a manner that avoids a violation of Section&nbsp;409A of the Code. The phrase &#147;termination of the Employee&#146;s employment&#148; and similar phrases in this Agreement shall mean the Employee&#146;s &#147;separation from
service&#148; as defined in Section&nbsp;409A of the Code.&nbsp;&nbsp;&nbsp;&nbsp;With respect to any reimbursement or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefit arrangements of the Company provided for herein that constitute deferred
compensation for purposes of Section&nbsp;409A of the Code, the following conditions shall be applicable: (i)&nbsp;the amount eligible for reimbursement, or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided, under any such
arrangement in one calendar year may not affect the amount eligible for reimbursement, or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits to be provided, under such arrangement in any other calendar year (except that the health and dental
plans may impose a limit on the amount that may be reimbursed or paid if such limit is imposed on all participants), (ii)&nbsp;any reimbursement must be made on or before the last day of the calendar year following the calendar year in which the
expense was incurred (or such earlier deadline as may be imposed by the Company&#146;s applicable generally applicable policies and procedures), and (iii)&nbsp;the right to reimbursement or <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits is
not subject to liquidation or exchange for another benefit. </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">16 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company does not guarantee the tax treatment or tax consequences
associated with any payment or benefit, including but not limited to consequences related to Section&nbsp;409A of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;If, after the date of a Change of Control of the Company, any payment amount or the value of any benefit under this
Agreement is required to be included in the Employee&#146;s income prior to the date such amount is actually paid or the benefit provided as a result of the failure of this Agreement (or any other arrangement that is required to be aggregated with
this Agreement under Code Section&nbsp;409A) to comply with Code Section&nbsp;409A, then the Employee shall receive a distribution, in a lump sum, within 90 days after the date it is finally determined that the Agreement (or such other arrangement
that is required to be aggregated with this Agreement) fails to meet the requirements of Section&nbsp;409A of the Code; such distribution shall equal the lesser of (i)&nbsp;the amount required to be included in the Employee&#146;s income as a result
of such failure and (ii)&nbsp;the benefits otherwise due hereunder, and shall in any event reduce the amount of payments or benefits otherwise due hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19.&nbsp;&nbsp;&nbsp;&nbsp;DOLLAR AMOUNTS. All dollar amounts set forth herein refer to U.S. dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.&nbsp;&nbsp;&nbsp;&nbsp;HEADINGS. The headings herein contained are for reference only and shall not affect the meaning or interpretation
of any provision of this Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Signature Page Follows] </B></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">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above
written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">NICHOLAS FINANCIAL, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
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<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Robin Hastings</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Robin J. Hastings</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chairman of the Board</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="6"></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top" COLSPAN="5">EMPLOYEE:</TD></TR>
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<TD HEIGHT="16" COLSPAN="6"></TD></TR>
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<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Douglas Marohn</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">Douglas Marohn</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD COLSPAN="5" VALIGN="top"></TD></TR>
</TABLE>
 <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">[Signature Page:
Nicholas Financial, Inc. &#150; Douglas Marohn Employment Agreement] </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>APPENDIX A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Agreement, a Change of Control shall be deemed to have occurred upon the earlier of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The acquisition, without prior approval by the Board, by any individual, entity or group (within the meaning of
Section&nbsp;13(d)(3) or 14(d)(2) of the Exchange Act) of beneficial ownership (within the meaning of Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> promulgated under the Exchange Act) of one hundred percent (100%)&nbsp;of either: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) The then outstanding shares of common stock of the Company (the &#147;Outstanding Company Common Stock&#148;) or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) The combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the
election of directors (the &#147;Company Voting Securities&#148;); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) All individuals who, as of the date of this
Agreement, constituted the Board (the &#147;Incumbent Board&#148;) cease for any reason to constitute the Board, provided that any individual becoming a director subsequent to the date of this Agreement, whose election or nomination for election by
the Company&#146;s shareholders was approved by a unanimous vote of the directors then comprising the Incumbent Board, shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such
individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the directors of the Company (as such terms are used in Rule <FONT STYLE="white-space:nowrap">14a-11</FONT> of
Regulation 14A promulgated under the Exchange Act); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Consummation of a reorganization, merger, amalgamation,
arrangement, consolidation or other business combination (a &#147;Business Combination&#148;), in each case, with respect to which none of the individuals and entities who were the respective beneficial owners of the Outstanding Company Common Stock
and Company Voting Securities immediately prior to such Business Combination, following such Business Combination beneficially own, directly or indirectly, any of the then outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) A complete liquidation or dissolution of the Company or sale or other disposition of all or substantially all of the
assets of the Company other than to a corporation with respect to which, following such sale or disposition, any of the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors are then owned beneficially, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Company
Voting Securities immediately prior to such sale or disposition in substantially the same proportion as their ownership of the Outstanding Company Common Stock and Company Voting Securities, as the case may be, immediately prior to such sale or
disposition; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) a determination by the Board of Directors of the Company, in view of the then
current circumstances or impending events, that a change of control of the Company has occurred or is imminent, which determination shall be made for the specific purpose of triggering the operative provisions of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a payment is considered deferred compensation subject to the provisions of Code Section&nbsp;409A, then the foregoing definition shall be deemed amended to
the minimum extent necessary to comply with Code Section&nbsp;409A. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Contact: </B>Katie MacGillivary</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President,
CFO</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ph
#&#151;727-726-0763</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>FOR IMMEDIATE RELEASE</U></B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NASDAQ: NICK </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Web site:
</B>www.nicholasfinancial.com<B></B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nicholas Financial, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Corporate
Headquarters</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2454&nbsp;McMullen-Booth&nbsp;Rd.</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Building C, Suite 501</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Clearwater, FL 33759</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>Nicholas Financial Announces Appointment of New CEO Effective December 12, 2017</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Clearwater, Florida</B>&#151;December 11, 2017 &#150; On December 8, 2017, the Board of Nicholas Financial, Inc. (NASDAQ:
NICK) (the &#147;Company&#148; or &#147;Nicholas Financial&#148;) appointed Douglas Marohn as President and Chief Executive Officer of the Company effective as of December 12, 2017.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;The Company is pleased to announce its new CEO, Doug Marohn.&nbsp;This is a return home for Doug, since he spent over a decade at the Company
(1998-2011) in various roles but primarily as Senior Vice President and VP of Operations.&nbsp;As we move forward, the Company believes it has the leadership and aligned incentive system to increase value and adapt in the evolving and cyclical
indirect subprime auto finance industry&#148; said Robin Hastings, Chairperson of the Board of Directors.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr. Marohn most recently served as President /
CEO of ML Credit Group, LLC (dba Metrolina Credit Company) since January 2014.&nbsp;Metrolina Credit Company is a branch-based indirect subprime auto finance company doing business in the Carolinas.&nbsp;Previously Mr. Marohn was Senior Vice
President at TMX Finance overseeing its consumer loan operations.&nbsp;Prior to TMX he spent 14 years with Nicholas Financial.&nbsp;He has a total of 25 years of experience in the subprime auto finance industry. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with Mr. Marohn&#146;s appointment as President and Chief Executive Officer, the Company and Mr. Marohn entered into an Employment Agreement
dated as of December 12, 2017 (the &#147;Employment Agreement&#148;).&nbsp;The Employment Agreement includes the following material terms: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Contract
Term</U>:&nbsp;An initial term of 18 months, followed by automatic renewals for successive 12-month periods unless 60 days&#146; prior written notice of non-renewal is provided.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Salary</U>:&nbsp;Mr. Marohn&#146;s initial base salary will be $350,000 per year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Bonuses</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Milestone
Bonuses</I>:&nbsp;For each of the fiscal years ending March 31, 2019, 2020, 2021 and 2022, the milestone bonus earned is based on the operating margin achieved by the Company in that fiscal year compared to the relevant target operating margin set
forth below.&nbsp;For these purposes, operating margin is defined as operating income before income taxes divided by interest and fee income on finance receivables, adjusted in the sole discretion of the Compensation Committee, including without
limitation for the following items:&nbsp;1) changes resulting from a FASB Accounting Pronouncement, 2) dividends, 3) gain on sale and 4) provision for credit losses if less than charge-offs.&nbsp;The target operating margins are as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fiscal year ending March 31, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.50</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fiscal year ending March 31, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.50</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fiscal year ending March 31, 2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fiscal year ending March 31, 2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If less than 80% of the target operating margin is achieved, no milestone bonus will be earned.&nbsp;If 80% or more of the
target operating margin is achieved, the milestone bonus will equal the percentage of the target margin achieved </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">multiplied by $150,000.&nbsp;For example, if the operating margin in the fiscal year ending March 31, 2019 is 9%,
the bonus is 120% of the target margin multiplied by $150,000, or $180,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Long Term Bonuses</I>:&nbsp;For each of the fiscal years
ending March 31, 2021 and 2022, the long-term bonus earned shall be based on the three-year rolling average annual growth in tangible book value per share over the three immediately preceding fiscal years, adjusted in the sole discretion of the
Compensation Committee of the Board (the &#147;Compensation Committee&#148;), including without limitation for the following items:&nbsp;1) changes resulting from a FASB Accounting Pronouncement, 2) share buy-backs, 3) dividends, 4) stock splits, 5)
gain on sale and 6) provision for credit losses if less than charge-offs.&nbsp;The long-term bonus consists of two components: a cash component and a restricted stock component (valued at the average closing price of the common stock over the 90
calendar days immediately preceding the final day of the fiscal year with respect to which the bonus is calculated).&nbsp;For example, if the Company were to grow book value per share at 12% on average over three years, Mr. Marohn would receive 100%
of his salary as a bonus in cash and 100% of his salary in restricted stock (which will cliff-vest after three years). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Three Year Average Growth</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>in Book Value per Share</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Award as Percentage of Base Salary</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(for each of the cash portion and the restricted stock portion)</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Under 6%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">6 &#150; 8%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">40%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">8 &#150; 10%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">60%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">10 &#150; 12%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">100%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">12 &#150; 14%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">150%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">15 &#150; 18%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">200%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Greater than 18%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Discretionary</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Discretionary Bonus</I>:&nbsp;For each fiscal year specified above
beginning with the fiscal year ending March 31, 2018, the Compensation Committee retains sole discretion to pay an additional bonus of up to 50% of actual salary earned for such fiscal year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Benefits:</U>&nbsp;Mr. Marohn will be entitled to fringe benefits and perquisites consistent with the practices of the Company for similarly situated
executives, except that premiums for Mr. Marohn&#146;s and his spouse&#146;s health insurance will be paid by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Stock Ownership and
Matching Program</U>:&nbsp;Starting on March 31, 2023, Mr. Marohn is required to own common stock of the Company equal to five times his then-effective annual salary.&nbsp;During the first twelve months of his employment, the Company will match 100%
of the Company&#146;s stock purchased by Mr. Marohn (up to a cap of $500,000), with such matching stock to vest three years after purchase. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About
Nicholas Financial </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nicholas Financial, Inc. is one of the largest publicly-traded specialty consumer finance companies in North America. The Company
operates branch locations in both Southeastern and Midwestern U.S. states. For an index of Nicholas Financial, Inc.&#146;s news releases or to obtain a specific release, visit our web site at www.nicholasfinancial.com. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section&nbsp;27A of the
Securities Act of 1933 and Section&nbsp;31E of the Securities Exchange Act of 1934, including statements regarding the Company&#146;s expectations, hopes, beliefs, intentions, or strategies regarding the future, including the Company&#146;s
operating margin and rolling average annual growth in tangible book value per share, constitute forward-looking statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. All forward-looking statements included in this document are based on information
available to the Company on the date hereof and the Company assumes no obligation to update any such forward-looking statement. Prospective investors should also consult the risks described from time to time in the Company&#146;s Reports on
Forms&nbsp;10-K, 10-Q and 8-K and Annual Reports to Shareholders. </I></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">## End ## </P>
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