THIS CONSULTING AGREEMENT (the Agreement) is made and entered into as of the 13th day of April, 2020 (the Effective Date), by and between DANIEL J. TAGGART (Consultant) and REGIONAL MANAGEMENT CORP., a Delaware corporation (the Corporation).
WHEREAS, Consultant previously served as Executive Vice President and Chief Credit Risk Officer of the Corporation and, in connection with his employment, Consultant and the Corporation entered into that certain Employment Agreement, dated August 30, 2017 (the Employment Agreement); and
WHEREAS, Consultant terminated employment with the Corporation effective on or about February 14, 2020; and
WHEREAS, Consultant possesses valuable skills and experience and confidential business knowledge about the operation of the Corporations business; and
WHEREAS, the Corporation desires to secure for itself the benefit of Consultants ability and expertise, and Consultant has indicated his willingness to provide consulting and advisory services (the Services) to the Corporation on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and other consideration as expressly provided for herein, the parties hereto agree as follows:
1. Engagement. The Corporation hereby engages Consultant, as an independent contractor, to provide the Services more particularly described herein, and Consultant accepts such engagement, subject to the terms and conditions stated herein.
(a) Duties. Consultant shall provide such Services, including but not limited to Services related to credit risk matters, as the Chief Executive Officer, the Executive Vice President and Chief Credit Risk Officer, or the Board of Directors (the Board) of the Corporation (or any of his, its, or their designees) may reasonably request, and shall provide the Corporation with the benefit of his experience and knowledge concerning all such matters. Consultant agrees to provide the Corporation with a minimum of eighty-five (85) hours of Services in each calendar month during the term of this Agreement. Consultant agrees not to accept any other employment that would preclude him from carrying out or otherwise interfere with his responsibilities hereunder. Consultant will comply with all applicable laws, rules, regulations, and similar provisions applicable to his performance under the Agreement.
(b) Consulting Fees. In consideration for the Services to be rendered by Consultant to the Corporation hereunder, during the term of this Agreement, the Corporation agrees to pay to Consultant a consulting fee (the Consulting Fee) equal to Twenty-Five Thousand Dollars ($25,000) per calendar month, payable in advance (or, in the case of April 2020,