{"id":39815,"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-h2.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"executive-employment-agreement-americredit-corp-and-clifton-h2","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/executive-employment-agreement-americredit-corp-and-clifton-h2.html","title":{"rendered":"Executive Employment Agreement &#8211; AmeriCredit Corp. and Clifton H. Morris Jr."},"content":{"rendered":"<pre>                AMENDMENT NO. 1 TO EXECUTIVE EMPLOYMENT AGREEMENT\n\n\n     THIS AMENDMENT NO. 1, dated as of May 1, 1997, is made and entered into by\nand between AmeriCredit Corp., a Texas corporation formerly known as 'URCARCO,\nINC.,' having an office at 200 Bailey Avenue, Fort Worth, Texas  76107\n(hereinafter referred to as 'Employer'), and Clifton H. Morris, Jr., an\nexecutive employee of Employer (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 (the 'Employment\nAgreement').\n\n     WHEREAS, since the execution of the Employment Agreement, due to the growth\nand financial success of Employer, the responsibilities and compensation of\nExecutive have increased above the provisions and levels set forth in the\nEmployment Agreement; Employer and Executive desire to amend certain provisions\nof the Employment Agreement to reflect such changes and to better specify the\nterms and conditions of Executive's employment relationship with Employer.\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 is hereby acknowledged, Employer and Executive intend by\nthis Amendment No. 1 to modify and amend the Employment Agreement as herein\nprovided.\n\n     1.   AMENDMENT TO SECTION 1.1 - 'GENERAL DUTIES OF EMPLOYER AND EMPLOYEE.' \nThe last sentence of Section 1.1 is hereby amended and modified so as to reflect\nExecutive's current position as Chairman of the Board and Chief Executive\nOfficer (until such time as such position may be changed as provided in Section\n1.1).\n\n     2.   AMENDMENT TO SECTION 2.1 - 'COMPENSATION AND BENEFITS.'  The first\nsentence of Section 2.1 is hereby amended and modified so as to reflect\nExecutive's current salary as $500,000 per annum.\n\n     3.   AMENDMENT TO SECTION 7.3 - 'EFFECT OF TERMINATION.'  The first\nsentence of Section 7.3 is hereby amended to read in its entirety as follows:\n\n     If Employer (i) terminates the employment of Executive other than pursuant\n     to Section 6.2 hereof for 'due cause' or other than for a disability or\n     death pursuant to Section 6.3 hereof, (ii) demotes the Executive to a\n     nonexecutive position, or (iii) decreases Executive's salary below its then\n     current level, as such salary level may have been increased from time to\n     time above the initial level specified in Section 2.1 hereof, as amended,\n     or reduces the employee benefits and perquisites below the levels provided\n     for by the terms of Section 2 hereof, other than as a result of any\n     amendment or termination of any employee and\/or executive benefit plan or\n     arrangement, which amendment or termination is applicable to all executives\n     of Employer, then such action by Employer, unless consented to in writing\n     by Executive, shall be deemed to be a constructive termination by Employer\n     of Executive's employment (a 'Constructive Termination').\n\n\n\n     4.   AMENDMENT TO SECTION 11.1 - 'MISCELLANEOUS - NOTICES.'  The address\nfor notices and other communications, for both Employer and for Executive, is\n200 Bailey Avenue, Fort Worth, Texas  76107.\n\n     5.   EFFECT OF AMENDMENTS; ENFORCEABILITY OF EMPLOYMENT AGREEMENT.  This\nAmendment No. 1 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. 1.  Except as otherwise expressly and\nspecifically amended or modified by this Amendment No. 1, 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\n                                       AMERICREDIT CORP.\n\n\n\n                                       By:\n                                          -------------------------------------\n                                          Michael R. Barrington, Vice Chairman,\n                                          President and Chief Operating Officer\n\n\n                                       EXECUTIVE:\n\n\n\n                                       ----------------------------------------\n                                       Clifton H. Morris, Jr.\n\n\n                                       WITNESS:\n\n                                       By:  \n                                          -------------------------------------\n                                          Gerald W. Haddock, Chairman of the\n                                          Compensation Committee\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-39815","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\/39815","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=39815"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39815"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39815"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}