Midas, Inc. Special Retention Program Agreement (October 21, 2002)

Summary

This agreement outlines a special retention package offered by Midas, Inc. to a specific employee. The employee will receive two cash payments of $75,000 each if they remain employed in their current or a similar role on April 1, 2003, and October 1, 2003. Additionally, if the employee is involuntarily terminated without cause (excluding terminations after a change-in-control), they will receive one year of severance pay based on their base salary. The agreement is intended to encourage the employee to remain with the company during this period.

EX-10.16 8 dex1016.txt FORM OF RETENTION PROGRAM AGREEMENT EXHIBIT 10.16 Midas, Inc. TO: DATE: October 21, 2002 SUBJECT: Special Retention Package This note shall memorialize the details of a Special Retention Package that has been approved by the Midas Board of Directors. The details are as follows: You will be eligible to receive all of the following: 1. Cash payment of $75,000 on April 1, 2003, if employed by Midas in your present or substantially similar position as of that date (subject to required tax withholding) 2. Cash payment of $75,000 on October 1, 2003, if employed by Midas in your present or substantially similar position as of that date (subject to required tax withholding) 3. One (1) year of severance (base salary) in the event of involuntary termination without cause, exclusive of a termination following a change-in-control which is defined and covered under a separate agreement. It is my pleasure to present these details to you as an important gesture of the Board of Directors support and confidence. /S/ /S/ - ----------------------------- --------------------------- Gary B. Vonk, President / Acting CEO ; acknowledge receipt