{"id":39814,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/executive-employment-agreement-americredit-corp-and-clifton-h.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"executive-employment-agreement-americredit-corp-and-clifton-h","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/executive-employment-agreement-americredit-corp-and-clifton-h.html","title":{"rendered":"Executive Employment Agreement &#8211; AmeriCredit Corp. and Clifton H. Morris Jr."},"content":{"rendered":"<pre>               AMENDMENT NO. 2 TO EXECUTIVE EMPLOYMENT AGREEMENT\n\n\n     THIS AMENDMENT NO. 2, dated as of June 15, 2000, is made and entered into\nby and between AmeriCredit Corp., a Texas corporation, having an office at 801\nCherry Street, Suite 3900, Fort Worth, Texas 76102 (hereinafter referred to as\n\"Employer\"), and Clifton H. Morris, Jr., an executive employee of Employer\n(hereinafter referred to as \"Executive\").\n\n     WHEREAS, Employer and Executive have previously entered into that certain\nExecutive Employment Agreement dated as of January 30, 1991, as amended by that\ncertain Amendment No. 1 to Executive Employment Agreement dated as of May 1,\n1997 (together, the \"Employment Agreement\").\n\n     WHEREAS, since the execution of the Employment Agreement, due to the\ncontinued growth and financial success of Employer, and to provide for an\norderly transition of executive management, Employer and Executive desire to\namend certain provisions of the Employment Agreement.\n\n     NOW, THEREFORE, in consideration of Executive's continued employment by\nEmployer and the mutual promises and covenants contained herein, the receipt and\nsufficiency of which are hereby acknowledged, Employer and Executive intend by\nthis Amendment No. 2 to modify and amend the Employment Agreement as herein\nprovided.\n\n     1.   Amendment to Section 1.1 - \"General Duties of Employer and Employee.\"\n          -------------------------------------------------------------------  \nEffective July 1, 2000, Executive shall resign his position as Chief Executive\nOfficer but shall retain his position as Chairman of the Board (until such time\nas such position may be changed as provided in Section 1.1).  Executive shall\ncontinue to be employed by Employer, and Executive shall remain in the employ of\nEmployer, pursuant to the terms of this Agreement, as amended.\n\n     2.   Amendment to Section 2.1 - \"Compensation and Benefits.\"  Effective \n          -----------------------------------------------------    \nJuly 1, 2000, Executive's current salary shall be $350,000 per annum while\nemployed hereunder.\n\n     3.   Amendment to Section 2.5 - \"Compensation and Benefits.\"  Effective \n          -----------------------------------------------------    \nJuly 1, 2000, Executive shall be eligible to participate in the Employer's\nExecutive Bonus Program at such rate, level or amount as may be determined from\ntime to time by the Compensation Committee of the Board of Directors; provided,\n                                                                      --------\nhowever, that in no event will bonus amounts paid to Executive during or with \n------- \nrespect to any fiscal year be less than fifty percent (50%) of the bonus amounts\npaid during or with respect to such fiscal year to Employer's Chief Executive\nOfficer or, if higher, any other senior executive officer.\n\n     4.   Amendment to Section 8.1 - \"Change of Control.\"  Effective July 1,\n          ---------------------------------------------                     \n2000, the first two (2) sentences of Section 8.1 shall be amended so as to read\nas 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     cause\" pursuant to Section 6.4, or in the event that the Executive shall\n     die or become \n\n \n     disabled within such twelve (12) month, then, even though no longer\n     employed by Employer, Executive (or, if applicable, Executive's legal\n     representative or estate) shall be entitled to earned and vested bonuses at\n     the date of termination plus a payment equal to the amount of Executive's\n     salary (undiscounted), as \"salary\" is defined below, prorated for the\n     remainder of the fiscal year in which the \"change of control\" occurs, plus\n                                                                           ----\n     the present value (employing a discount rate of 8%) of two additional\n     years' salary, payable at the option of the Executive (or his legal\n     representative or estate) in either a lump sum within 30 days after the\n     date of termination or annually over a three-year period. For purposes of\n     this Section 8.1, the term \"salary\" shall mean the sum of (i) the highest\n     annual rate of compensation provided to Executive in any of the seven (7)\n     fiscal years preceding the year in which there shall occur a \"change of\n     control,\" plus (ii) the highest annual cash bonus or other cash incentive \n               ----                                                 \n     compensation paid to Executive in any of the seven (7) fiscal years\n     preceding the year in which there shall occur a \"change of control.\"\n\n     5.   Amendment to Section 11.1 - \"Miscellaneous - Notices.\"  The address \n          ----------------------------------------------------    \nfor notices and other communications, for both Employer and for Executive, is\n801 Cherry 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     IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have\nexecuted this Agreement as of the date first written above.\n\nWitness:                                AMERICREDIT CORP.\n\n\n\nBy:_______________________________      By:___________________________\n   Douglas K. Higgins, Chairman of         Michael R. Barrington, Vice Chairman,\n   Stock Option\/Compensation Committee     President and Chief Operating Officer\n   of the Board of Directors\n\n                                           EXECUTIVE:\n\n\n\n                                           ______________________________\n                                           Clifton H. Morris, Jr.\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-39814","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\/39814","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=39814"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39814"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39814"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}