{"id":38918,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-americredit-corp-and-edward-h-esstman3.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-americredit-corp-and-edward-h-esstman3","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-americredit-corp-and-edward-h-esstman3.html","title":{"rendered":"Employment Agreement &#8211; AmeriCredit Corp. and Edward H. Esstman"},"content":{"rendered":"<pre>         AMENDMENT NO. 2 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT\n\n\n     THIS AMENDMENT NO. 2, dated as of August 7, 2001, is made and entered into\nby and between AmeriCredit Corp. (\"Employer\"), AmeriCredit Financial Services,\nInc. (\"Subsidiary\"), and Edward H. Esstman (\"Executive\").\n\n     WHEREAS, Employer, Subsidiary and Executive have previously entered into\nthat certain Amended and Restated Employment Agreement dated as of October 15,\n1996, as amended by that certain Amendment No. 1 to Amended and Restated\nEmployment Agreement dated as of May 1, 1997 (together, the \"Employment\nAgreement\").\n\n     WHEREAS, since the execution of the Employment Agreement, due to the\ncontinued growth and financial success of Employer and Subsidiary, and to\nprovide for an orderly transition of executive management, Employer, Subsidiary\nand Executive desire to amend certain provisions of the Employment Agreement.\n\n     NOW, THEREFORE, in consideration of Executive's continued employment by\nEmployer and Subsidiary and the mutual promises and covenants contained herein,\nthe receipt and sufficiency of which are hereby acknowledged, Employer,\nSubsidiary and Executive intend by this Amendment No. 2 to modify and amend the\nEmployment Agreement as herein provided.\n\n     1.  Amendment to Section 1.1 - \"General Duties of Employer and Employee.\"\n         -------------------------------------------------------------------  \nEffective August 7, 2001, (i) Executive shall become a Vice Chairman of Employer\nand of Subsidiary (until such time as such position may be changed as provided\nin Section 1.1), and  (ii) Executive shall resign his other positions with\nEmployer and Subsidiary; provided, however, that Executive shall continue as a\nmember of the Board of Directors of Employer (but not as a member of the Board\nof Directors of Subsidiary).  Executive shall continue to be employed by\nEmployer and Subsidiary, and Executive shall remain in the employ of Employer,\npursuant to the terms of this Agreement, as amended.\n\n     2.  Amendment to Section 2.1 - \"Compensation and Benefits.\"  Effective\n         -----------------------------------------------------             \nAugust 8 , 2001, Executive's current salary shall be $225,000 per annum while\nemployed hereunder.\n\n     3.  Amendment to Section 2.5 - \"Compensation and Benefits.\"  For the fiscal\n         -----------------------------------------------------                  \nyear ending June 30, 2002, Executive shall be eligible for a maximum bonus\nopportunity of 125% of his base salary under Employer's Executive Bonus Program.\nFor subsequent fiscal years (i.e., fiscal years commencing on and after July 1,\n2002), Executive's range of bonus opportunities will be determined by the Stock\nOption\/Compensation Committee of the Board of Directors in its sole discretion.\n\n     4.  Amendment to Section 8.1 - \"Change of Control.\"  Effective as of the\n         ---------------------------------------------                       \ndate hereof, the first two (2) sentences of Section 8.1 shall be amended so as\nto read as follows:\n\n     Notwithstanding anything to the contrary otherwise provided herein, if a\n     \"change of control\" (as defined below) of Employer occurs and within twelve\n     (12) months from the date of such \"change of control\", Executive\n     voluntarily terminates the employment relationship under this Agreement by\n     giving sixty (60) days' written notice to Employer under Section 6.1 hereof\n     or within such twelve (12) month period Employer gives written notice to\n     Executive to terminate Executive's employment relationship without \"due\n\n \n     cause\" pursuant to Section 6.4, or in the event that the Executive shall\n     die or become disabled within such twelve (12) month, then, even though no\n     longer employed by Employer, Executive (or, if applicable, Executive's\n     legal representative or estate) shall be entitled to earned and vested\n     bonuses at the date of termination plus a payment equal to the amount of\n     Executive's salary (undiscounted), as \"salary\" is defined below, prorated\n     for the remainder of the fiscal year in which the \"change of control\"\n     occurs, plus the present value (employing a discount rate of 8%) of two\n             ----                                                           \n     additional years' salary, payable at the option of the Executive (or his\n     legal representative or estate) in either a lump sum within 30 days after\n     the date of termination or annually over a three-year period.  For purposes\n     of this Section 8.1, the term \"salary\" shall mean the sum of (i) the\n     highest annual rate of compensation provided to Executive in any of the\n     seven (7) fiscal years preceding the year in which there shall occur a\n     \"change of control,\" plus (ii) the highest annual cash bonus or other cash\n                          ----                                                 \n     incentive compensation paid to Executive in any of the seven (7) fiscal\n     years preceding the year in which there shall occur a \"change of control.\"\n\n     5.  Amendment to Section 11.1 - \"Miscellaneous - Notices.\"  The address for\n         ----------------------------------------------------                   \nnotices and other communications, for Employer, Subsidiary and Executive, is 801\nCherry Street, Suite 3900, Fort Worth, Texas 76102.\n\n     6.  Effect of Amendments; Enforceability of Employment Agreement.  This\n         ------------------------------------------------------------       \nAmendment No. 2 replaces all previous agreements and discussions relating to the\nsame or similar subject matters between Executive and Employer with respect to\nthe subject matter of this Amendment No. 2.  Except as otherwise expressly and\nspecifically amended or modified by this Amendment No. 2, the terms and\nprovisions of the Employment Agreement shall continue in full force and effect\non and after the date hereof.\n\n \n     IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have\nexecuted this Agreement as of the date first written above.\n\n                              AMERICREDIT CORP.\n\n\n\n                              By:___________________________\n                                 Michael R. Barrington, Vice Chairman,\n                                 Chief Executive Officer and President\n\n                              AMERICREDIT FINANCIAL SERVICES, INC.\n \n\n                              By:___________________________\n                                 Daniel E. Berce, Vice Chairman and Chief\n                                 Financial Officer\n\n                              EXECUTIVE:\n\n\n\n                              ______________________________\n                              Edward H. Esstman\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6685],"corporate_contracts_industries":[9416],"corporate_contracts_types":[9539,9544],"class_list":["post-38918","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-americredit-corp","corporate_contracts_industries-financial__credit","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/38918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=38918"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=38918"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=38918"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=38918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}