Executive Employment Agreement - AmeriCredit Corp. and Clifton H. Morris Jr.
AMENDMENT NO. 1 TO EXECUTIVE EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 1, dated as of May 1, 1997, is made and entered into by
and between AmeriCredit Corp., a Texas corporation formerly known as 'URCARCO,
INC.,' having an office at 200 Bailey Avenue, Fort Worth, Texas 76107
(hereinafter referred to as 'Employer'), and Clifton H. Morris, Jr., an
executive employee of Employer (hereinafter referred to as 'Executive').
WHEREAS, Employer and Executive have previously entered into that certain
Executive Employment Agreement dated as of January 30, 1991 (the 'Employment
WHEREAS, since the execution of the Employment Agreement, due to the growth
and financial success of Employer, the responsibilities and compensation of
Executive have increased above the provisions and levels set forth in the
Employment Agreement; Employer and Executive desire to amend certain provisions
of the Employment Agreement to reflect such changes and to better specify the
terms and conditions of Executive's employment relationship with Employer.
NOW, THEREFORE, in consideration of Executive's continued employment by
Employer and the mutual promises and covenants contained herein, the receipt and
sufficiency of which is hereby acknowledged, Employer and Executive intend by
this Amendment No. 1 to modify and amend the Employment Agreement as herein
1. AMENDMENT TO SECTION 1.1 - 'GENERAL DUTIES OF EMPLOYER AND EMPLOYEE.'
The last sentence of Section 1.1 is hereby amended and modified so as to reflect
Executive's current position as Chairman of the Board and Chief Executive
Officer (until such time as such position may be changed as provided in Section
2. AMENDMENT TO SECTION 2.1 - 'COMPENSATION AND BENEFITS.' The first
sentence of Section 2.1 is hereby amended and modified so as to reflect
Executive's current salary as $500,000 per annum.
3. AMENDMENT TO SECTION 7.3 - 'EFFECT OF TERMINATION.' The first
sentence of Section 7.3 is hereby amended to read in its entirety as follows:
If Employer (i) terminates the employment of Executive other than pursuant
to Section 6.2 hereof for 'due cause' or other than for a disability or
death pursuant to Section 6.3 hereof, (ii) demotes the Executive to a
nonexecutive position, or (iii) decreases Executive's salary below its then
current level, as such salary level may have been increased from time to
time above the initial level specified in Section 2.1 hereof, as amended,
or reduces the employee benefits and perquisites below the levels provided
for by the terms of Section 2 hereof, other than as a result of any
amendment or termination of any employee and/or executive benefit plan or
arrangement, which amendment or termination is applicable to all executives
of Employer, then such action by Employer, unless consented to in writing
by Executive, shall be deemed to be a constructive termination by Employer
of Executive's employment (a 'Constructive Termination').
4. AMENDMENT TO SECTION 11.1 - 'MISCELLANEOUS - NOTICES.' The address
for notices and other communications, for both Employer and for Executive, is
200 Bailey Avenue, Fort Worth, Texas 76107.
5. EFFECT OF AMENDMENTS; ENFORCEABILITY OF EMPLOYMENT AGREEMENT. This
Amendment No. 1 replaces all previous agreements and discussions relating to the
same or similar subject matters between Executive and Employer with respect to
the subject matter of this Amendment No. 1. Except as otherwise expressly and
specifically amended or modified by this Amendment No. 1, the terms and
provisions of the Employment Agreement shall continue in full force and effect
on and after the date hereof.
IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have
executed this Agreement as of the date first written above.
Michael R. Barrington, Vice Chairman,
President and Chief Operating Officer
Clifton H. Morris, Jr.
Gerald W. Haddock, Chairman of the