Severance and Benefits Agreement between Rainbow and Wayland Regarding Rent-A-Center Acquisition

Summary

This letter from Rainbow to Wayland confirms that, following the company's acquisition by Rent-A-Center, Wayland's employment will end on the acquisition's effective date. In return for staying employed until that date, Rainbow will pay for Wayland's health, medical, and dental insurance premiums for 24 months after termination, and will continue to provide the company-leased automobile for the same period. The agreement outlines severance benefits tied to the acquisition and Wayland's continued service until its completion.

EX-10.6 5 l05944aexv10w6.txt EXHIBIT 10.6 Exhibit 10.6 February 4, 2004 Dear Wayland: As you are aware, the Company has announced an agreement to be acquired by Rent-A-Center, Inc. I personally want to thank you for your years of service and dedication to the Company. As contemplated by the agreement, your employment with the Company will end on the effective date of the acquisition by Rent-A-Center. In consideration of your continued employment through the effective date, Rainbow will continue to pay your health, medical and dental insurance premiums for twenty-four (24) months after your termination of employment. Further, you will continue to be furnished, at the Company's expense, the automobile currently leased to you for the same twenty-four (24) month period. I have been blessed to have been associated with you over the years. I pray for God's continued blessing on you and your family. Sincerely, /s/ Michael J. Viveiros ------------------------------------ Michael J. Viveiros, President 49