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Executive Employment Agreement

 

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Title:

Executive Employment Agreement

Entities:

First Cash Financial Services Inc.

Date:

2005

Size:

Preview shows 9KB of 75KB total

Price:

$36

ID:

#1165369

 

 

► Employment ► Employment ► Executive Employment Agreements
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                        EXECUTIVE EMPLOYMENT AGREEMENT

THIS AGREEMENT IS SUBJECT TO MANDATORY AND BINDING ARBITRATION

This Employment Agreement (the "Agreement") is entered into as of
December 31, 2004 (the "Effective Date"), by and between First Cash
Financial Services, Inc. (the "Company"), a Delaware corporation, and Rick
L. Wessel (the "Executive").

WHEREAS, Executive is presently employed by the Company pursuant to an
employment agreement entered into as of September 30, 2000, between the
parties (said agreement and all previous amendments and/or addenda
hereinafter referred to as the "Old Employment Agreement"), and the parties
desire to terminate the Old Employment Agreement and enter into a new
agreement based on the terms and conditions set forth below.

NOW, THEREFORE, in consideration of the mutual covenants and
obligations hereinafter set forth, the parties agree as follows:

1. TERMINATION OF OLD EMPLOYMENT AGREEMENT.

The parties agree that the Old Employment Agreement shall be terminated
concurrently with the Effective Date of this Agreement and shall be of no
further force or effect thereafter. The parties hereto waive and release
all rights they may have under the Old Employment Agreement as of the
Effective Date.

2. EMPLOYMENT.

The Company desires to continue to employ the Executive, and the
Executive agrees to continue to work in the employ of the Company, according
to the following terms and conditions.

3. DUTIES.

(a) The Company will continue to employ the Executive as President of
the Company.

(b) The Executive will serve in the Company's employ in that position.

(c) Under the direction of either the Board of Directors of the Company
("Board") or the Chairman of the Board, the Executive shall perform
such duties, and have such powers, authority, functions, duties and
responsibilities for the Company and corporations and other entities
affiliated with the Company commensurate and consistent with his employment
in the position of President. The Executive also shall have such additional
powers, authority, functions, duties and responsibilities as may be assigned
to him by the Board; provided that, without the Executive's written consent,
those additional powers, authority, functions, duties and responsibilities
shall not be materially inconsistent or interfere with, or detract from,
those vested herein, or otherwise then being performed for the Company by
the Executive. In the event of an increase in the Executive's duties, beyond
the duties of President, the Board may review the Executive's compensation
and benefits to determine if an adjustment in compensation and employee
benefits commensurate with the Executive's new duties is warranted, in
accordance with the Company's compensation policies.

4. TERM OF EMPLOYMENT.

The term of employment of Executive is through December 31, 2009.
Subject to the provisions of Section 9, the term of the Executive's
Employment hereunder shall commence on December 31, 2004. At the discretion
of the Board, the term of employment may be extended for additional
successive periods of 1 year, each year beginning on January 1, 2006, and
each anniversary date thereafter, provided that during the previous year,
the Executive met the stipulated performance criteria established by the
Board. All such extensions, if any, must be in writing, approved by the
Board, and signed by Executive and an authorized representative of the
Company.

5. EXTENT OF SERVICES.

The Executive shall not at any time during his Employment engage in any
other business related activities unless those activities do not interfere
materially with the Executive's duties and responsibilities to the Company
at that time. The foregoing, however, shall not preclude the Executive from
engaging in appropriate civic, charitable, professional or trade association
activities or from serving on one or more other boards of directors of
public or private companies, as long as such activities and services do not
conflict with his responsibilities to the Company.

6. NO FORCED RELOCATION.

The Executive shall not be required to move his principal place of
residence from the Arlington, Texas area or to perform regular duties that
could reasonably be expected to require either such move against his wish or
to spend amounts of time each week outside the Arlington, Texas area which
are unreasonable in relation to the duties and responsibilities of the
Executive hereunder, and the Company agrees that, if it requests the
Executive to make such a move and the Executive declines that request, (a)
that declination shall not constitute any basis for a termination of the
Executive's Employment and (b) no animosity or prejudice will be held
against Executive.

7. COMPENSATION.

(a) SALARY.

An annual base salary shall be payable to the Executive by the Company
as a guaranteed minimum amount under this Agreement for each calendar year
during the period from January 1, 2005 to the termination date of the
Executive's Employment. That annual base salary shall (i) accrue daily on
the basis of a 365-day year, (ii) be payable to the Executive in the
intervals consistent with the Company's normal payroll schedules (but in no
event less frequently than semi-monthly) and (iii) be payable beginning
January 1, 2005 at an initial annual rate of $550,000. The Executive's
annual base salary shall not be decreased. The compensation committee of
the Board may determine such other adjustments, which are not inconsistent
with the foregoing terms, as may be appropriate based on the Executive's
performance during the most recent performance period, in accordance with
the Company's compensation policies.

(b) BONUS.

At the discretion of the Board's compensation committee, Executive
shall be eligible to be paid an annual bonus by the Company for each
calendar year during the period from January 1, 2005 to the termination date
of the Executive's Employment. That annual bonus shall be payable at such
rate and in such amount as is determined by the compensation committee of
the Board. The Executive's annual bonus, if any, shall be adjusted annually
in each December to reflect such adjustments, if any, as the Board's
compensation committee determines appropriate based on the Executive's
performance during the most recent performance period, in accordance with
the Company's compensation policies. A failure of the Company to pay
Executive an annual bonus shall not constitute a breach or violation of this
Agreement by the Company.

(c) OTHER COMPENSATION.

The Executive shall be entitled to participate in all Compensation
Plans from time to time in effect while in the Employment of the Company,
regardless of whether the Executive is an Executive Officer. All awards to
the Executive under all Incentive Plans shall take into account the
Executive's positions with and duties and responsibilities to the Company
and its subsidiaries and affiliates. The Company shall supply Executive
with an automobile, the make and model of which is subject to the approval
of the compensation committee of the Board, and be responsible for all
expenses related thereto throughout the term of this Agreement. Executive
may select an automobile of his own choosing which is reasonable in cost,
appearance and function, taking into account the powers, authority,
functions, duties and responsibilities of Executive, and the financial
position and condition of the Company. In consideration and in support of
Executive's duties under this Agreement, which include fostering the
goodwill, growth and earnings of the Company, the Company shall pay for a
private club membership for Executive, for such amount as is reasonable
taking into account the powers, authority, functions, duties and
responsibilities of Executive, subject to approval of the compensation
committee of the Board.


 

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