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Document Preview Executive Employment Agreement |
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Title: |
Executive Employment Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 9KB of 82KB total |
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Price: |
$46 |
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ID: |
#1165478 |
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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
September 30, 2000 (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 dated May 31, 1992, between the parties ("Old
Employment Agreement"), and the parties desire to terminate that agreement
and enter into a new agreement based on the terms and conditions set forth
below, and
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 execution of this Agreement and shall be of no further
force or effect. The parties hereto waive and release all rights they may
have under the Old Employment Agreement as of the date hereof.
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 and
Chief Financial Officer ("CFO") of the Company.
(b) The Executive will serve in the Company's employ in that position.
(c) Under the direction of the Board of Directors of the Company (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 and CFO. 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 herein vested in, 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 and CFO, the Board shall 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.
<PAGE>
4. TERM OF EMPLOYMENT.
The term of employment of Executive is through December 31, 2005.
Subject to the provisions of Section 9, the term of the Executive's
Employment hereunder shall commence on September 30, 2000. At the
discretion of the Board, the term of employment shall be extended for
additional successive periods of 1 year, each year beginning on January 1,
2002, and each anniversary date thereafter, provided that during the
previous year, the Executive met the stipulated performance criteria
established by the Board.
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 September 30, 2000 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, 20072001 at an initial annual rate of $250,000. The Executive's
annual base salary shall not be decreased, but shall be adjusted annually in
each December to reflect such adjustments, if any, as the compensation
committee of the Board 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 increase
the Executive's annual base salary shall not constitute a breach or
violation of this Agreement by the Company.
<PAGE>
(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, 2000 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 of directors. 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
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