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Exhibit 10.1 CASH AMERICA INTERNATIONAL, INC.
SEVERANCE PAY PLAN FOR EXECUTIVES (A part of the Cash
America International, Inc. Group Benefit Plan) 1.
INTRODUCTION
(a) Overview. As an Eligible Employee who incurs an
Eligible Termination (both defined below), you may be entitled to
severance pay and benefits, generally in an amount and form, at
such times, and subject to the terms, described in this document.
(b) Effective Date. This
Cash America International, Inc. Severance Pay Plan for Executives
(this "Plan"), a benefit provided under the Cash America
International, Inc. Group Benefit Plan (the "Welfare Plan"), is
effective as of January 1, 2009.
(c) Participating
Companies. The Plan generally provides severance benefits for
the eligible executives of Cash America International, Inc. ("Cash
America") and its affiliates that Cash America designates as
participating companies herein (referred to collectively in this
document as the "Company").
(d) Purpose; Controlling Document. This document, along
with the Welfare Plan, serves as the plan document and summary plan
description for this Plan. This Plan replaces and supersedes with
respect to Eligible Employees any other severance policy or
severance plan in which an Eligible Employee might otherwise be
entitled to participate. All such other severance policies or
severance plans (if any) are hereby terminated with respect to
Eligible Employees, except to the extent that an Eligible Employee
and the Company have entered into an individual severance
agreement. 2. ELIGIBILITY
(a) General Requirements. You will be an "Eligible
Employee" who may be eligible to receive severance benefits under
this Plan if:
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You are an active full-time salaried executive of the Company
who has the title of "Vice President" or above and who has at least
1 year of employment with the Company, and
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You do not fall within one of the categories described in
subsection (b) below.
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(b) Excluded
Individuals. The following individuals will not be
Eligible Employees and are not eligible to participate in
this Plan:
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Part-Time or Temporary Employees – individuals who
provide services to the Company and who the Company classifies
under its customary worker classification procedures as part-time
or temporary employees.
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Employees With Less Than 1 Year of Employment –
individuals who have been employed continuously by the Company for
less than 1 year since their day of hire (or last day of
rehire).
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Employees With Written Employment Agreements –
individuals who have written employment agreements with the Company
that provide for severance benefits, except such agreements that
merely reference the Company’s general severance policy for
such benefits.
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Union Employees – individuals who are covered under
a collective bargaining agreement between a union and the Company,
if benefits were the subject of good faith
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bargaining, except to the extent that the collective bargaining
agreement requires participation in this Plan.
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Foreign Employees – individuals who are
non-resident aliens and receive no U.S. source income.
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Non-Employee Service Providers – individuals who
provide services to the Company and who the Company does not
classify under its customary worker classification procedures as
employees, even if the individuals are common law employees,
including, but not limited to, independent contractors,
contractor’s employees and leased employees.
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Individuals on Indefinite Unpaid Leaves of Absence
– individuals who are absent from work on indefinite unpaid
leaves of absence, except to the extent eligibility is required by
applicable law.
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(c) Eligible
Termination. If you are an Eligible Employee, you will incur an
"Eligible Termination," and therefore may be eligible to receive
benefits under this Plan, if your employment is involuntarily
terminated by the Company due to restructuring or job elimination
by the Company or due to other circumstances that the Company finds
warrant providing severance pay and/or benefits. The Company
retains the authority in all cases to determine whether or not a
termination is an "Eligible Termination" for purposes of this Plan;
but, as a guideline, an "Eligible Termination" does not typically
include any of the following:
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Your termination for Cause. For purposes hereof, "Cause" means
termination of your employment due to (i) what the Company
determines in its sole discretion to be fraud, malfeasance,
negligence, dishonesty, or willful misconduct with respect to the
Company; (ii) refusal or repeated failure to follow the
established reasonable and lawful policies of the Company
applicable to persons in your same or similar position;
(iii) conviction of a felony; or (iv) your inadequate
performance as determined by the sole discretion of the
Company;
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Your automatic termination due to your disability or any other
leave of absence from which you failed to return;
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Your death;
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Your voluntary termination, including retirement; or
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The sale of some or all of the stock or assets of the Company
that results in, or is related to, your termination of employment
either if (i) you are offered a position with a successor
company (either the buyer or a company related to the buyer),
regardless of whether you accept or reject the offer, or
(ii) you are not offered employment with such a successor
company because you fail any pre-employment screening or testing
(including, but not limited to, drug testing).
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Your "Last Day Worked" will be the
day your active employment ends due to your Eligible
Termination.
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3. SEVERANCE PAY AND BENEFITS
(a) Determination of Base
Amount. As an Eligible Employee who incurs an Eligible
Termination, you may be eligible for a certain amount of severance
pay and benefits. In order to receive the pay and benefits (if any)
described below, you must first sign a Release (as described in
Section 4 below). The following general guidelines for
severance pay and benefits will be used to determine benefits
available under the Plan, but in all cases, the Company will have
complete discretionary authority to award greater or lesser amounts
of severance pay and/or benefits, including no severance pay and/or
benefits. The Company will communicate to you the level of
benefits, if any, you will be offered under the Plan before you
sign your Release. Under these guidelines, the following amounts
may apply: (i) Vacation Pay. A
cash payment equal to the value of any accrued but unused vacation
and paid time off (PTO) days that you have earned and for
which you have been credited through your Last Day Worked. Value
shall be measured based on your base salary or wage level in effect
as of your Last Day Worked. This amount will be paid to you in a
single lump sum on the 30th day after your date of separation from
service (as defined below) consistent with the Company’s
vacation/PTO policy. (ii)
Severance Pay. (A)
Amount. Subject to coordination described in section
3(b) below, following your Last Day Worked, the number of months of
base salary paid as severance will be determined based on your
position and completed Years of Employment, applied to the
following chart:
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Position
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Years of
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Vice President
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Senior Vice
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Executive Vice
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Employment
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(VP)
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President (SVP)
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President (EVP)
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President
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1 but less than 5
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4 months*
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6 months
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9 months
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12 months
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5 but less than 10
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6 months
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9 months
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12 months
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18 months
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10 or more
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9 months
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12 months
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18 months
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24 months
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*
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Participants who are VP’s as of their Last Day Worked and
who were hired as, or promoted to, VP prior to January 1,
2009, will receive 6 months of severance pay.
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For this purpose, "Years of Employment" means the number of full
12-month periods of continuous employment you have worked as a
full-time, regular employee with the Company beginning on your most
recent date of hire or rehire with the Company (and, to the extent
determined by the Plan Administrator, in its sole discretion, with
predecessor employers acquired by the Company). The rate of
severance pay will be calculated by using your base weekly salary
or wage level in effect as of your Last Day Worked. For employees
not eligible for benefits under the Plan, the Company may
determine, in its sole discretion, to pay some or no severance pay.
(B) Payment. Such
amount of severance pay shall be paid in substantially equal
installments as salary continuation for the period specified above,
beginning upon the dat
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